Next-generation auto tech company Innoviz Technologies (INVZ 15.69%) unveiled its latest set of quarterly earnings Wednesday morning. Happily for investors these were very encouraging, and the company's stock price zoomed almost 11% higher as a result. That surge was far more pronounced than the 0.1% bump of the S&P 500 index on the day.
Innoviz beat on both revenue and profitability in its third quarter
For its third quarter, Innoviz booked revenue of just under $3.5 million, which represented a healthy improvement over the $878,000 it earned in the same quarter of 2022. The former figure also topped the consensus analyst estimate of $3 million.
On the bottom line, the company managed to narrow its headline net loss to slightly over $27 million ($0.18 per share). Again, this bettered the result from the year-ago quarter; Innoviz lost more than $34 million in that frame. Analysts were collectively modeling a $0.22 per-share deficit for this most recent quarter.
Innoviz, which specializes in state-of-the-art LiDAR sensing devices for the automotive market, notched several important wins during the quarter. Among these were the first component shipments of its InnovizOne product to European auto major BMW Group.
In its earnings release, Innoviz quoted co-founder and CEO Omer Keilaf as saying that "We continue to believe the LiDAR market will ultimately be a 'winner takes most' industry, and that the next few deals could provide us with additional momentum."
Revenue guidance reiterated
In the release, Innoviz stuck to its existing guidance for the entirety of 2023. In terms of financials, it's anticipating annual revenue growth of at least 150%, with a top line of $15 million to $20 million for the year. It did not provide any estimates for profitability.
