Israeli automotive sensor maker Innoviz Technologies plans to lay off 80 employees, representing around 20 per cent of its workforce, as delays in a major automotive programme put pressure on its revenue and cash position.
The latest reduction will bring the company’s employee strength to fewer than 300. It follows two earlier rounds of workforce cuts, with Innoviz reducing its headcount by approximately 13 per cent in 2024 and another 10 per cent in 2025.
According to sources cited by CTech, the latest job cuts are linked to a delay in the production ramp-up for a major automotive customer. The launch of a vehicle model equipped with Innoviz’s sensors has reportedly been postponed by a year, pushing back payments the company had expected to receive.
Headquartered in Rosh HaAyin, Israel, Innoviz develops LiDAR sensors used in automotive applications, particularly autonomous driving systems. The company also operates a production line at its headquarters and has been working with automakers, including Volkswagen and BMW.
The delays have added to the company’s financial challenges. Its shares have fallen 74 per cent since the beginning of the year amid setbacks in contract execution and repeated shortfalls against revenue forecasts. Its market capitalisation has declined from the $1.4 billion valuation at which it went public through a SPAC merger to around $65 million.
Innoviz is projected to generate approximately $70 million in revenue in 2026, with the defence sector expected to contribute around 10 per cent. However, the company continues to spend approximately $15 million in cash each quarter.
It had $48 million in cash at the end of the second quarter and has since raised an additional $30 million to strengthen its financial position.
The latest workforce reduction marks the third consecutive year of job cuts at Innoviz, as delays in automotive programmes and pressure on its financial resources continue to affect its operations.
