Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

Innoviz Technologies Ltd.

Innoviz Technologies | NASDAQ | Israeli Tech · LiDAR for Autonomous Vehicles

Data as of: April 2026 | Primary source: SEC 10-K 2025

INVZ
Research Depth · Standard Israeli Tech · LiDAR for Autonomous Vehicles
Revenue 2025
$55.1M
+127% Y/Y [to verify]
Gross Margin
23.4%
Positive for the first time!
Net Loss
($67.8M)
Improved from ($94.8M)
Market Cap
$135M
Price $0.63
Cash
$72.1M
Burn ~$48M/year
EPS
($0.34)
Improved from ($1.54) in 2021
1 Company Profile

Innoviz Technologies (INVZ) is an Israeli LiDAR company for autonomous vehicles, traded on NASDAQ. The company develops LiDAR sensors and perception algorithms for autonomous driving, with key customers including BMW, Volkswagen, and additional automotive manufacturers. Innoviz belongs to the Israeli Deep-Tech commercialisation-stage category — 2025 revenue of $55.1M (+127%), with a net loss of $67.8M. Key observation: material improvement in 2025 — positive gross margins for the first time (23.4%), but still burning ~$48M of cash per year.

ActivityCharacteristic
LiDAR SensorsCore product — InnovizTwo
Perception SoftwarePerception algorithms
OEM ProgramsBMW, VW, and others
Trucking & IndustrialExpansion across segments

Source: SEC 10-K 2025

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

2025 Performance

MetricValue
Revenue$55.1M
Gross Margin23.4%
Net Loss($67.8M)
EPS($0.34)
Cash$72.1M

Additional Metrics

MetricValue
Market Cap$135M
Shares214.5M
Cash Burn~$48M/year
Cash runway~18 months

Missing data: number of active OEM contracts, backlog value, official 2026 guidance, timing of positive EBITDA.

Financial Metrics
Activity Breakdown
Gross Margin
Profitability
Trend
Additional Metric
3 Industry & Competitive Context

LiDAR for autonomous vehicles. Competition from Luminar, Cepton, Ouster, and Chinese players (RoboSense, Hesai).

CompetitorTickerDifference
LuminarLAZRDirect US competitor
HesaiHSAIMajor Chinese competitor
RoboSense2498.HKChinese competitor
Ouster (Velodyne)OUSTIndustrial-segment competitor
4 Risk Factors
RiskContext
Cash burn$48M/year — cash for 18 months
Chinese competitionHesai, RoboSense at low price points
AV adoption delayIf autonomy slows
Shareholder dilutionIf an additional capital raise is required
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
+127% — from existing or new OEMs?
Profitability
Positive GM for the first time — when does break-even arrive?
Leverage
Weak balance sheet — runway of ~18 months
Competitive Position
Against Hesai (Chinese) — how?
Management Quality
OEM contract execution
Business Complexity
OEM contracts — not fully visible in the report
These are the questions. The specific answers for Innoviz Technologies are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

BMW production scale-up, a new OEM contract, GM to 30%+, EBITDA positive within 24 months.

Base Scenario — if current trends continue:

Revenue grows 50-80%, GM 25-30%, additional capital raise in 2027.

Adverse Scenario — if the following risks materialise:

OEM delayed, Chinese competition pressures pricing, urgent capital raise required with dilution.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Innoviz is an Israeli LiDAR company at a critical stage of transition from research to commercialisation. The idea behind analysing Innoviz is not "is the technology good" (yes — BMW + VW contracts), but rather "will the 2025 recovery (revenue +127%, positive GM for the first time) be enough to reach EBITDA breakeven before cash runs out?"
The critical variables: (a) cash runway — 18 months is the limit; (b) GM trajectory — from 23% to 35%+ is required; (c) additional OEM contracts — dependence on BMW/VW.
Where the analysis may go wrong: First error — valuing on 127% growth (from a low base). Second error — underestimating Chinese competition. Third error — assuming an additional capital raise will not arrive within two years.
Professional analysis addresses three things: (a) cash runway; (b) GM trajectory; (c) customer concentration (BMW vs VW vs others).
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1SEC EDGAR — 20-F 2025March 2026Official — SEC
2IR InnovizQuarterlyOfficial
3NASDAQ — INVZApril 2026Official

Missing: number of active OEM contracts, backlog value, official 2026 guidance, timing of positive EBITDA.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.