INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

Three Months Ended

March 31,

2023

(Unaudited)

Cash flows from operating activities:

 Net loss

$

(34,800)

$

(30,228)

Adjustments required to reconcile net loss to net cash used in
    operating activities:

Depreciation and amortization

1,407

2,148

Remeasurement of warrants liability

-

(938)

Change in accrued interest on bank deposits

1,195

(327)

Change in marketable securities

(294)

596

Share-based compensation 

5,300

4,708

Foreign exchange gain, net

(89)

(3)

Change in prepaid expenses and other assets

424

7

Change in trade receivables, net      

(292)

(591)

Changes in inventory

103

(360)

Change in operating lease assets and liabilities, net

33

222

Change in trade payables

(1,346)

(390)

Change in accrued expenses and other liabilities

762

(1,806)

Change in employees and payroll accruals

779

170

Change in advances from customers and deferred revenues

219

84

 Net cash used in operating activities

(26,599)

(26,708)

Cash flows from investing activities:

   Purchase of property and equipment

(2,357)

(2,406)

Investment in bank deposits

-

(5,000)

Withdrawal of bank deposits

79,500

30,000

Increase in restricted deposits

(40)

-

Investment in marketable securities

(7,100)

(2,175)

Proceeds from sales and maturities of marketable securities

13,830

2,175

  Net cash provided by investing activities

83,833

22,594

Cash flows from financing activities:

Proceeds from exercise of options

120

88

  Net cash provided by financing activities

120

88

Effect of exchange rate changes on cash, cash equivalents and restricted cash

126

3

Increase (decrease) in cash, cash equivalents and restricted cash

57,480

(4,023)

Cash, cash equivalents and restricted cash at the beginning of the period

55,954

24,541

Cash, cash equivalents and restricted cash at the end of the period

$

113,434

$

20,518