Innoviz cuts workforce by 20% as Q3 revenue falls to $12.1 million

Innoviz Technologies (NASDAQ:INVZ) reported third-quarter 2026 revenue of US$12.1 million, down from US$15.3 million a year earlier, and announced a cost-reduction programme involving an approximately 20% workforce reduction.

The revenue decline followed a customer decision to shift programme timing, delaying non-recurring engineering services revenue that Innoviz expects to recognize in 2027.

The company said the operational realignment is intended to reduce costs and extend its financial runway into 2028.

The restructuring is expected to generate approximately US$17.5 million in annual savings compared with the current operating run rate, while third-quarter net loss widened to US$19.595 million from US$15.419 million and loss per share narrowed to US$0.07 from US$0.08.

Innoviz maintained its updated 2026 revenue target of US$44 million–US$46 million, while reporting approximately US$54.4 million in liquidity at September 30, 2026.

Innoviz develops lidar sensors and perception software used in automotive applications, including advanced driver assistance systems and autonomous driving technologies.

The company said initial Perciz defence orders are shipping and automotive programmes are progressing, while the delayed engineering services revenue is expected to be realized in 2027.