Brief: Innoviz Announces Operational Realignment To Expand Cash Runway And Optimize Path Towards Profitability And Free Cash Flow

Innoviz Technologies

31/01/2024 14:16

Jan 31 (Reuters) - Innoviz Technologies Ltd  INVZ.O :
    * INNOVIZ ANNOUNCES OPERATIONAL REALIGNMENT TO EXPAND CASH
RUNWAY
AND OPTIMIZE PATH TOWARDS PROFITABILITY AND FREE CASH FLOW
    * INNOVIZ TECHNOLOGIES LTD - COMPANY'S HEADCOUNT WILL BE
REDUCED
BY APPROXIMATELY 13%
    * INNOVIZ TECHNOLOGIES LTD - REALIGNMENT ACTIONS TO BE
IMPLEMENTED
DURING Q1 OF 2024
    * INNOVIZ TECHNOLOGIES LTD - REALIGNMENT ACTIONS EXPECTED TO
REDUCE CASH OUTLAYS BY $22-24 MILLION ON AN ANNUALIZED BASIS
    * INNOVIZ TECHNOLOGIES LTD - AS A RESULT OF STRATEGIC
REALIGNMENT
ACTIONS CASH SAVINGS ARE EXPECTED TO BEGIN IN Q1 OF 2024
    * INNOVIZ TECHNOLOGIES LTD - CASH COSTS ASSOCIATED WITH
STRATEGIC
ACTIONS ARE EXPECTED TO BE MINIMAL.
    * INNOVIZ TECHNOLOGIES LTD - IS REDUCING ITS INVESTMENTS IN
INITIATIVES THAT HAVE MEANINGFUL UPFRONT CASH OUTLAYS AND
LENGTHY TIME HORIZONS

Source text for Eikon:  ID:nPnnJXq5a 
Further company coverage:  INVZ.O 

 ((Reuters.Briefs@thomsonreuters.com;))