Innoviz to lay off 20% of workforce as delayed car launch hits revenue
The Israeli LiDAR maker is set to cut 80 jobs, following reductions in 2024 and 2025. The move comes as a major automotive customer's vehicle launch is pushed back by a year, delaying payments Innoviz had expected to receive.
Another round of layoffs is underway at Israeli automotive sensor company Innoviz Technologies. The company is set to lay off 80 employees, approximately 20% of its workforce, bringing its headcount to fewer than 300. The move follows workforce reductions of about 10% in 2025 and a further 13% in 2024.
Sources familiar with the situation say the latest cuts stem from delays in production ramp-up for a major automotive customer. The launch of a vehicle model equipped with Innoviz's sensors has been postponed by a year, delaying payments the company had expected to receive.
Innoviz develops LiDAR sensors for the automotive industry, primarily for autonomous driving applications. Founded and led by Omer Keilaf, the company is headquartered in Rosh HaAyin, where it also operates a production line. Innoviz went public on Wall Street through a SPAC merger at a valuation of $1.4 billion. Today, however, its market capitalization stands at just $65 million.
The company's shares have plunged 74% since the beginning of the year, amid delays in the execution of contracts with automakers including Volkswagen and BMW, and repeated failures to meet previously issued revenue forecasts. Innoviz has also been seeking to expand into the defense sector, where its LiDAR sensors could be used for threat detection. However, sales cycles in that market are also long and complex.
Innoviz is projected to generate revenue of only around $70 million in 2026, with the defense sector expected to account for approximately 10% of that total. Meanwhile, the company continues to burn through cash at a rate of about $15 million per quarter. At the end of the second quarter, it had just $48 million in cash remaining. It has since raised an additional $30 million in an effort to shore up its financial position.
