Shares of Innoviz Technologies Ltd. ( INVZ ) slumped in mid-day trading on Wednesday after the LiDAR company fell short of consensus estimates with its Q4 earnings report and set guidance below expectations.
Innoviz ( INVZ ) guided for 2023 revenue to fall the range of $12M to $15M vs. $30M consensus and 2023 non-recurring engineering bookings of $20M to $40M.
Looking ahead, Innovix expects unit volume growth from BMW and the company's shuttle program in the second half of 2023. The RFI and RFQ pipelines were also noted to be growing and advanced discussions are taking place on expanding the program lineup with one of INVZ's largest customers. 2023 targets include winning at least two new series production awards with new customers and winning at least one to two additional programs with existing customers.
Shares of Innoviz ( INVZ ) shed 14.65% to swap hands at their lowest level since the first week of the year. Other LiDAR stocks also traded weak on Wednesday with Luminar Technologies ( LAZR ) down 2.65% , Ouster ( OUST ) peeling off 7.88% , and Cepton ( CPTN ) off 7.57% . Chinese LiDAR systems maker Hesai ( HSAI ) was down 2.71% .
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Innoviz Technologies sinks after soft guidance and takes other LiDAR stocks lower