Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | INNOVIZ TECHNOLOGIES LTD. |
Entity Central Index Key | 0001835654 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity File Number | 001-40310 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Entity Address, Country | IL |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Entity Voluntary Filers | No |
Trading Symbol | INVZ |
Title of 12(b) Security | Ordinary shares, no par value per share |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 0 |
Entity Incorporation, State or Country Code | L3 |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | 2 Amal Street |
Entity Address, Postal Zip Code | 4809202 |
Entity Address, City or Town | Afek Industrial Park |
Auditor Firm ID | 1281 |
Auditor Name | KOST FORER GABBAY & KASIERER |
Auditor Location | Tel-Aviv, Israel |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | IL |
Contact Personnel Name | Eldar Cegla |
Entity Address, Address Line One | 2 Amal Street |
Entity Address, Postal Zip Code | 4809202 |
Entity Address, City or Town | Afek Industrial Park |
Local Phone Number | 74-700-3692 |
City Area Code | 972 |
Warrant [Member] | |
Document Information [Line Items] | |
Trading Symbol | INVZW |
Title of 12(b) Security | Warrants to purchase ordinary shares |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 23,640 | $ 49,950 |
Short term deposits | 230,483 | 0 |
Marketable securities | 11,607 | 0 |
Short-term restricted cash | 901 | 8 |
Trade receivables | 513 | 2,506 |
Inventory | 4,256 | 2,164 |
Prepaid expenses and other current assets | 3,029 | 3,287 |
Total current assets | 274,429 | 57,915 |
LONG-TERM ASSETS: | ||
Marketable securities | 38,289 | 0 |
Restricted deposits | 0 | 864 |
Other long-term assets | 0 | 537 |
Property and equipment, net | 14,502 | 13,245 |
Total long-term assets | 52,791 | 14,646 |
Total assets | 327,220 | 72,561 |
CURRENT LIABILITIES: | ||
Trade payables | 5,764 | 7,751 |
Advances from customers and deferred revenues | 196 | 1,661 |
Employees and payroll accruals | 8,997 | 5,528 |
Accrued expenses and other current liabilities | 6,708 | 2,579 |
Short-term loan and current maturities | 0 | 275 |
Total current liabilities | 21,665 | 17,794 |
LONG-TERM LIABILITIES: | ||
Loan, net of current maturities | 0 | 2,224 |
Long-term advances from customers and deferred revenues | 4,517 | 3,473 |
Other long-term liabilities | 597 | 0 |
Warrants liability | 1,639 | 0 |
Total long-term liabilities | 6,753 | 5,697 |
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | 0 | 272,815 |
SHAREHOLDERS' EQUITY (DEFICIT): | ||
Ordinary Shares of no-par value: Authorized: 500,000,000 and 179,872,754 shares as of December 31, 2021 and 2020, respectively; Issued and outstanding: 134,098,120 and 16,948,226 shares as of December 31, 2021 and 2020, respectively | 0 | 0 |
Additional paid-in capital | 683,764 | 7,658 |
Accumulated deficit | (384,962) | (231,403) |
Total shareholders' equity (deficit) | 298,802 | (223,745) |
Total liabilities, convertible preferred shares and shareholders' equity (deficit) | 327,220 | 72,561 |
Series A Convertible Preferred Shares [Member] | ||
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | 0 | 9,000 |
Series B Convertible Preferred Shares [Member] | ||
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | 0 | 66,348 |
Series B-1 Convertible Preferred Shares [Member] | ||
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | 0 | 12,500 |
Series C Convertible Preferred Shares [Member] | ||
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | 0 | 161,233 |
Series C-1 Convertible Preferred Shares [Member] | ||
CONVERTIBLE PREFERRED SHARES: | ||
Total convertible preferred shares | $ 0 | $ 23,734 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock shares no par value | $ 0 | $ 0 | |
Common stock shares authorized | [1] | 500,000,000 | 179,872,754 |
Common stock shares issued | [1] | 134,098,120 | 16,948,226 |
Common stock shares outstanding | 134,098,120 | 16,948,226 | |
Common stock value | $ 0 | $ 0 | |
Series A Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 0 | 20,418,209 | |
Temporary equity shares issued | 0 | 20,418,209 | |
Temporary equity shares outstanding | 0 | 20,418,209 | |
Series B Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 0 | 15,906,053 | |
Temporary equity shares issued | 0 | 15,906,053 | |
Temporary equity shares outstanding | 0 | 15,906,053 | |
Series B-1 Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 0 | 3,032,940 | |
Temporary equity shares issued | 0 | 3,032,940 | |
Temporary equity shares outstanding | 0 | 3,032,940 | |
Series C Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 0 | 28,973,439 | |
Temporary equity shares issued | 0 | 28,216,005 | |
Temporary equity shares outstanding | 0 | 28,216,005 | |
Series C One Redeemable Convertible Preferred Shares [Member] | |||
Temporary equity shares having no par value | $ 0 | $ 0 | |
Temporary equity shares authorized | 0 | 15,191,550 | |
Temporary equity shares issued | 0 | 2,699,114 | |
Temporary equity shares outstanding | 0 | 2,699,114 | |
[1] | Ordinary Shares confer upon the holders the right to vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues (2020 revenues net of issuance of Preferred C-1 Shares in the amount of $14,800, see note 2i) | $ 5,466 | $ (9,364) | $ 1,575 |
Cost of revenues | (10,488) | (6,407) | (1,986) |
Gross loss | (5,022) | (15,771) | (411) |
Operating expenses: | |||
Research and development | 93,336 | 57,029 | 59,376 |
Selling and marketing | 23,735 | 5,430 | 6,481 |
General and administrative | 35,560 | 3,753 | 3,190 |
Total operating expenses | 152,631 | 66,212 | 69,047 |
Operating loss | (157,653) | (81,983) | (69,458) |
Financial income, net | 4,378 | 655 | 2,167 |
Loss before taxes on income | (153,275) | (81,328) | (67,291) |
Taxes on income | (284) | (183) | (10) |
Net loss | $ (153,559) | $ (81,511) | $ (67,301) |
Basic and diluted net loss per ordinary share | $ (1.54) | $ (5.99) | $ (5.22) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 102,859,891 | 16,514,910 | 15,524,845 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Statement [Abstract] | |
Reduction in revenue | $ 14,800 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands | Convertible Preferred Shares A [Member] | Series B Convertible Preferred Shares [Member] | Series B-1 Convertible Preferred Shares [Member] | Series C Convertible Preferred Shares [Member] | Series C-1 Convertible Preferred Shares [Member] | Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance convertible preferred shares at Dec. 31, 2018 | $ 9,000 | $ 66,348 | $ 12,500 | $ 0 | $ 0 | $ 87,848 | |||
Beginning balance convertible preferred shares (Shares) at Dec. 31, 2018 | 20,418,209 | 15,906,053 | 3,032,940 | 0 | 0 | ||||
Beginning balance at Dec. 31, 2018 | $ 0 | $ 1,934 | $ (82,591) | (80,657) | |||||
Beginning balance (Shares) at Dec. 31, 2018 | 15,078,780 | ||||||||
Issuance of Convertible Preferred Shares, net of issuance cost | $ 0 | $ 0 | $ 0 | $ 161,233 | $ 0 | 161,233 | |||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | 0 | 0 | 0 | 28,216,005 | 0 | ||||
Exercise of shares options | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 73 | 0 | 73 |
Exercise of shares options (Shares) | 0 | 0 | 0 | 0 | 0 | 776,508 | |||
Share-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 2,171 | 2,171 | |
Net Loss | 0 | 0 | 0 | 0 | 0 | 0 | (67,301) | (67,301) | |
Ending balance convertible preferred shares at Dec. 31, 2019 | $ 9,000 | $ 66,348 | $ 12,500 | $ 161,233 | $ 0 | 249,081 | |||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2019 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 0 | ||||
Ending balance at Dec. 31, 2019 | $ 0 | 4,178 | (149,892) | (145,714) | |||||
Ending balance (Shares) at Dec. 31, 2019 | 15,855,288 | ||||||||
Issuance of Convertible Preferred Shares, net of issuance cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 23,734 | 23,734 | |||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | 0 | 0 | 0 | 0 | 2,699,114 | ||||
Exercise of shares options | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 284 | 0 | 284 |
Exercise of shares options (Shares) | 0 | 0 | 0 | 0 | 0 | 1,092,938 | |||
Share-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 3,196 | 0 | 3,196 |
Net Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (81,511) | (81,511) |
Ending balance convertible preferred shares at Dec. 31, 2020 | $ 9,000 | $ 66,348 | $ 12,500 | $ 161,233 | $ 23,734 | 272,815 | |||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2020 | 20,418,209 | 15,906,053 | 3,032,940 | 28,216,005 | 2,699,114 | ||||
Ending balance at Dec. 31, 2020 | $ 0 | 7,658 | (231,403) | (223,745) | |||||
Ending balance (Shares) at Dec. 31, 2020 | 16,948,226 | ||||||||
Issuance of Convertible Preferred Shares, net of issuance cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | 0 | 0 | 0 | 0 | 346,678 | ||||
conversion of convertible preferred shares | $ (9,000) | $ (66,348) | $ (12,500) | $ (161,233) | $ (23,734) | (272,815) | |||
conversion of convertible preferred shares (Shares) | (20,418,209) | (15,906,053) | (3,032,940) | (28,216,005) | (3,045,792) | ||||
conversion of convertible preferred shares | $ 0 | 272,815 | 0 | 272,815 | |||||
conversion of convertible preferred shares (Shares) | 70,618,999 | ||||||||
Issuance of common stock in connection with PIPE offering, net of issuance costs | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 164,571 | 0 | 164,571 |
Issuance of common shares in connection with PIPE offering, net of issuance costs (Shares) | 0 | 0 | 0 | 0 | 0 | 25,952,674 | |||
Transactions, net of issuance cost | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 168,596 | 0 | 168,596 |
Transactions, net of issuance cost (shares) | 0 | 0 | 0 | 0 | 0 | 16,246,454 | |||
Reclassification of warrants liability to equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 4,436 | 0 | 4,436 |
Exercise of shares options | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 952 | 0 | $ 952 |
Exercise of shares options (Shares) | 0 | 0 | 0 | 0 | 0 | 1,918,100 | 1,918,100 | ||
Vesting of RSUs | $ 0 | 0 | 0 | $ 0 | |||||
Vesting of RSUs (shares) | 2,413,667 | ||||||||
Share-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 64,736 | 0 | 64,736 |
Net Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (153,559) | (153,559) |
Ending balance convertible preferred shares at Dec. 31, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | |||
Ending balance convertible preferred shares (Shares) at Dec. 31, 2021 | 0 | 0 | 0 | 0 | 0 | ||||
Ending balance at Dec. 31, 2021 | $ 0 | $ 683,764 | $ (384,962) | $ 298,802 | |||||
Ending balance (Shares) at Dec. 31, 2021 | 134,098,120 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (153,559) | $ (81,511) | $ (67,301) |
Adjustments required to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 3,960 | 2,661 | 1,674 |
Remeasurement of warrants liability | (1,216) | 0 | 0 |
Issuance cost allocated to warrants liability | 1,830 | 0 | 0 |
Increase in accrued interest and exchange rate on short-term and long-term deposits | (436) | 0 | 0 |
Remeasurement of marketable securities | 104 | 0 | 0 |
Share-based compensation | 64,736 | 3,196 | 2,171 |
Realization of investment in non-marketable equity securities | (2,012) | 0 | 0 |
Capital gain, net | 0 | (6) | 0 |
Share-based payment to a customer | 0 | 14,800 | 0 |
Interest and foreign exchange gain | (577) | (572) | (729) |
Decrease (increase) in prepaid expenses and other assets | 620 | (1,296) | 1,231 |
Decrease (increase) in trade receivables | 1,993 | (1,485) | (1,060) |
Increase in inventories | (2,092) | (823) | (200) |
Increase (decrease) in trade payables | (1,997) | 606 | (2,255) |
Increase (decrease) in accrued expenses and other liabilities | 3,076 | (820) | (5,566) |
Increase in employees and payroll accruals | 3,469 | 2,111 | 223 |
Increase (decrease) in advances from customers and deferred revenues | (421) | 1,198 | 2,587 |
Net cash used in operating activities | (82,522) | (61,941) | (69,225) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (3,784) | (5,120) | (5,850) |
Proceeds from sales of property and equipment | 0 | 47 | 0 |
Withdrawal of (investment in) short term deposits, net | (230,047) | 34,720 | (34,720) |
Decrease (increase) in restricted deposits | 56 | (56) | 0 |
Investment in marketable securities | (50,000) | 0 | 0 |
Proceeds from sale of non-marketable securities | 2,178 | 0 | 0 |
Net cash provided by (used in) investing activities | (281,597) | 29,591 | (40,570) |
Cash flows from financing activities: | |||
Cash received from Transactions, net of issuance cost | 121,357 | 0 | 0 |
Issuance of ordinary shares, net of issuance cost | 217,507 | 0 | 0 |
Proceeds from issuance of convertible preferred shares, net of issuance cost | 0 | 8,934 | 161,233 |
Proceeds from exercise of options | 952 | 284 | 73 |
Proceeds from loans | 0 | 0 | 2,020 |
Repayment of loans | (2,638) | (277) | (204) |
Net cash provided by financing activities | 337,178 | 8,941 | 163,122 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 716 | 748 | 900 |
Increase (decrease) in cash, cash equivalents and restricted cash | (26,225) | (22,661) | 54,227 |
Cash, cash equivalents and restricted cash at beginning of the year | 50,766 | 73,427 | 19,200 |
Cash, cash equivalents and restricted cash at end of the year | 24,541 | 50,766 | 73,427 |
Cash received during the year for: | |||
Interest | 754 | 553 | 1,279 |
Cash paid during the year for: | |||
Interest | 94 | 89 | 94 |
Income taxes | 237 | 85 | 10 |
Non-cash transactions: | |||
Non-marketable equity securities in consideration for property and equipment | 0 | 64 | 98 |
Reclassification from property and equipment, net to inventories | 0 | 512 | 0 |
Conversion of preferred shares to ordinary shares | 272,815 | 0 | 0 |
Purchase of property and equipment | 1,433 | 0 | 0 |
Reclassification of warrants liability to equity | 4,436 | 0 | 0 |
Issuance cost paid in Equity | 77,250 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of the year | |||
Cash and cash equivalents | 23,640 | 49,950 | 72,792 |
Short-term restricted deposits | 901 | 8 | 8 |
Restricted deposits | 0 | 808 | 627 |
Cash, cash equivalents and restricted cash at end of the year | $ 24,541 | $ 50,766 | $ 73,427 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1:- GENERAL a. Innoviz Technologies Ltd. and its subsidiaries (the “Company” or “Innoviz”) is a leading provider of high-performance, solid-state LiDAR and perception solutions that bring enhanced vision and superior performance to enable safe autonomous driving at a mass scale. The Company provides a complete and comprehensive solution for OEMs and Tier-1 partners that are developing and marketing autonomous driving vehicles to the passenger car and other relevant markets, such as robotaxis, shuttles and trucking. Innoviz’ unique LiDAR and perception solutions, which feature technological breakthroughs across core components, have propelled Innoviz to the first Level 3 LiDAR Automotive series production contract in its industry. In addition, Innoviz’ solutions can enable safe autonomy for other industries, including drones, robotics and mapping. b. The Company was incorporated on January 18, 2016, under the laws of the state of Israel. c. On February 17, 2021, Innoviz effected a 1-for-1.138974 reverse share split to cause the value of the outstanding legacy ordinary shares immediately prior to the closing of the Transactions (as defined below) to equal $10 per share. As a result, all ordinary shares, convertible preferred shares, options for ordinary shares, exercise price and net loss per share amounts were adjusted retroactively for all periods presented in these financial statements. d. On December 10, 2020, the Company entered into definitive agreements in connection with a merger (the “Transactions”) with Collective Growth Corporation (“Collective Growth”), a special purpose acquisition company, that resulted in Collective Growth becoming a wholly owned subsidiary of the Company upon the consummation of the Transactions on April 5, 2021 (the “Closing Date”). The Transactions were accounted for as a recapitalization in accordance with accounting principles generally accepted in the United States (“GAAP”). Upon closing of the Transactions, 20,418,209 Series A Convertible Preferred Shares, 15,906,053 Series B Convertible Preferred Shares, 3,032,940 Series B-1 Convertible Preferred Shares, 28,216,005 Series C Convertible Preferred Shares and 3,045,792 Series C-1 Convertible Preferred Shares were automatically converted into 70,618,999 Ordinary Shares of no-par value. In connection with the Transactions (i) 1,875,000 shares of Class B common shares of Collective Growth, after taking into account the forfeiture of shares by the holders of Class B common shares of Collective Growth, were each exchanged for one ordinary share of no-par value of the Company (“Company Ordinary Share”), (ii) each outstanding share of Class A common shares of Collective Growth was exchanged for one Company Ordinary Share, and (iii) each outstanding warrant of Collective Growth was assumed by the Company and became one warrant of the Company (each, a “Company Warrant”) exercisable for Company Ordinary Shares (see Note 2c). In connection with the Transactions, the Company incurred direct and incremental costs of $102,945 related to the Transactions, consisting primarily of investment banking, legal, accounting and other professional fees, out of which $101,115 were recorded to additional paid-in capital as a reduction of proceeds and $1,830 have been accounted for as General and Administrative expenses as part of the consolidated statement of operations. In addition, on the Closing Date, in connection with the consummation of the Transactions (i) the Company issued Perception Capital Partners LLC (“Perception”) an aggregate of 3,027,747 Company Warrants, (ii) the Company issued Antara Capital Master Fund LP (“Antara”) an aggregate of 3,002,674 Company Ordinary Shares and 3,784,753 Company Warrants and (iii) the Company issued Company’s Management 2,500,000 Ordinary Shares and 3,500,000 warrants (see also Note 12). In addition, in the event that the earnout Target is reached during the Earnout Period (both “Target” and “Earnout Period” as defined in the Business Combination Agreement), then: (A) Perception shall also be entitled to receive up to 2,089,882 of additional Company Ordinary Shares, (B) Antara shall also be entitled to receive up to 312,296 of additional Company Ordinary Shares and (C) certain members of the Company’s management shall be entitled to receive up to 1,250,000 of additional Company Ordinary Shares. As of December 31, 2021, the Target was not reached and therefore no additional Company Ordinary Shares have been issued (see also Note 12). Additionally, on the Closing Date, the Company completed the sale of Ordinary Shares to certain accredited investors (“Investors”), at a price per share of $10, for gross proceeds to the Company of $229,500, pursuant to a series of subscription agreements Upon closing of the Transactions, the Company has adopted, amended and restated articles of association to align such organizational documents with consistent with those of a publicly held company and has become a publicly traded company. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). a. Transactions: The Transactions were accounted for as a recapitalization as pre-combination Innoviz was determined to be the accounting acquirer under Financial Accounting Standards Board (FASB)’s Accounting Standards Codification Topic 805, Business Combinations (ASC 805). In connection with the recapitalization, outstanding share capital of the pre-combination Innoviz was converted into Company Ordinary Shares, representing a recapitalization, and the net assets of the Company remained at historical cost, with no goodwill or intangible assets recorded. The pre-combination Innoviz was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of the pre-combination Innoviz. Ordinary Share Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability under ASC 480, are indexed to the Company’s own share and whether the warrants are eligible for equity classification under ASC 815-40. This assessment is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. Warrants that meet all the criteria for equity classification, are required to be recorded as a component of additional paid-in capital. Warrants that do not meet all the criteria for equity classification, are required to be recorded as liabilities at their initial fair value on the date of issuance and remeasured to fair value through earnings at each balance sheet date thereafter. Upon the closing of the Transactions, 7,499,991 public warrants and 1,918,750 private warrants, that were both issued by Collective Growth prior to the Transactions, were assumed by the Company and became Company Warrants outstanding to purchase Company Ordinary Shares. Each warrant entitles the holder to purchase one Company Ordinary Share at a price of $11.50 per share, subject to adjustments. The warrants are exercisable at any time commencing 30 days after the completion of the Transactions and expire five years after the Closing Date or earlier upon redemption or liquidation. The Company may redeem the outstanding warrants in whole and not in part at a price of $0.01 per warrant at any time after they become exercisable, provided that the last sale price of the Company Ordinary Shares equals or exceeds $18 per share, subject to adjustments, for any 20-trading days within a 30-trading day period ending three business days prior to the date on which the Company sends the notice of redemption to the warrant holders. The private warrants have similar terms as the public warrants, except that the private warrants may be exercised for cash or on a cashless basis at the holder’s option and the private warrants will not be redeemed by the Company as long as they are held by the initial purchasers or their permitted transferees, but once they are transferred, they have the same rights as the public warrants. As the private warrants include provisions that provide for potential changes to the settlement amounts that are dependent on the characteristics of the holder of the warrant, under ASC Section 815-40, those warrants are not indexed to the Company’s ordinary shares in the manner contemplated by that Section, so long as they are held by the initial purchasers or their permitted transferees. Therefore, the private warrants were classified as a liability, initially and subsequently measured at fair value through earnings. Conversely, since the public warrants do not include provisions that provide for potential changes to the settlement amounts that are dependent on the characteristics of the holder of the warrant and since the Company has only one class of shares outstanding (after the Transactions), the public warrants are indexed to the Company's own share and qualify for equity classification under ASC Section 815-40. As of December 31, 2021, 1,444,932 private warrants are no longer held by their initial purchasers or their permitted transferees. As a result, such private warrants have the same terms as the public warrants and were classified to equity. As of December 31, 2021, 473,818 private warrants remain outstanding. b. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares before the company became public, fair value of warrants liability and useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) pandemic has created, and may continue to create, significant uncertainty in macroeconomic conditions, and the extent of its impact on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on the Company’s customers. The Company considered the impact of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial statements for the period ended December 31, 2021. As events continue to evolve and additional information becomes available, the Company’s estimates and assumptions may change materially in future periods. c. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. d. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. e. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at the Company’s financial institutions. f. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Cost of inventories is determined as follows: Raw materials and work in process - based on weighted average cost. Finished goods - based on standard cost method or actual cost method, as applicable. The Company charges cost of revenues for write-downs of inventories which are obsolete or in excess of anticipated demand based on a consideration of marketability and product life cycle stage, product development plans, component cost trends, manufacturing yields, demand forecasts, historical revenue and assumptions about future demand and market conditions. g. Property and equipment, net: Property : % Computers and software 33 Office furniture and equipment 7-15 (mainly 15) Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets h. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2021, 2020 and 2019, the Company recorded impairment losses in the amount of $599, $496 and $0, respectively. i. Revenue recognition: The Company follows the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors and critical components. Revenue from LiDAR sensors and critical components is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The In addition, during the year ended December 31, 2021, the Company received an upfront payment of $800 for optional future production which will be recognized once the production option will be exercised or expire. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 partner (“Partner”) to provide application engineering services. Revenue related to the agreement are deferred and recognized upon customer acceptance. As of December 31, 2021 and 2020, the Company recorded deferred revenue of $3.5 million (refer also to Note 16) out of its total deferred revenue. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs and Partner, is classified as non-current contract liabilities and is included in Long-term advances from customers and deferred revenues in the Company’s consolidated balance sheets. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment terms. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. Contract liabilities consisted of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Contract Liabilities, Current Deferred Revenue $ 135 $ 996 Customer Advance Payment 61 665 Total $ 196 $ 1,661 Contract Liabilities, Long-Term Deferred Revenue $ 4,517 $ 3,473 Total Contract Liabilities $ 4,713 $ 5,134 During the year ended December 31, 2021, the Company recognized $199 that was included in deferred revenues balance at December 31, 2020. During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenues not yet delivered. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $12.2 million, which the Company expects to recognize as revenues. Revenues (Reduction of Revenues) related to Magna (see also Note 16) On . In 2021, of $1,059 was recognized. Revenue from future enhancements will be recognized when such enhancements are provided to Magna. As of December 31, 2021, these enhancements were not provided, as such long-term deferred revenue in the amount of $244 was recorded. In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 Shares of no-par value, for no F urthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the "Warrant") with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares, in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Shares in the event that the Company is not registered as a public company before the issuance of the warrants. The warrants will expire at the earlier of (i) March 31, 2023, or (ii) the date of the consummation of a change of control by the Company. As of December 31, 2021, the achievement of the performance condition was not probable. Share-based payment awards granted to a customer are measured and classified in accordance with ASC 606 and reflected as a reduction of the transaction price and, therefore, of revenue unless the consideration is in exchange for a distinct good or service. Since the issuance of the Preferred C-1 Shares were not for distinct services, the fair value of which was not established, the Company reflected this amount as a reduction of net revenue . j. Warranty provision : The Company provides standard product warranties, for its pre-SOP products, for period of up to twelve months, at no extra charge, that covers the compliance of the products with agreed-upon specifications. Standard warranties are considered to be assurance type warranties and are not accounted for as separate performance obligations. A provision is recorded for estimated warranty costs based on the Company's experience. Changes in the warranty provision, presented in Accrued expenses and other current liabilities, was as follow: Year ended December 31, 2021 2020 Balance at beginning of the year $ 27 $ 61 Warranty provision 137 198 Warranty claims settled (104 ) (232 ) Balance at end of the year $ 60 $ 27 k. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company's software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. l. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. m. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company selected the Black-Scholes option pricing model as the most appropriate model for determining the fair value for its share options awards, whereas the fair value of restricted share units is based on the closing market value of the underlying shares at the date of grant. The option pricing model requires several assumptions, of which the most significant are the expected share price volatility and the expected option term. The company recognizes forfeitures of equity-based awards as they occur. For graded vesting awards subject to a service condition only, the Company recognizes compensation expenses based on the straight-line method over the requisite service period. A Monte-Carlo simulation model was used to determine the grant date fair value of the Company’s Management earn-out shares by simulating the future share price daily up to the expiration date of the award. n. Accrued post-employment benefit: Severance pay The Israeli Severance Pay Law, 1963 ("Severance Pay Law"), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month salary for each year of employment, or a portion thereof. The Company's liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law ("Section 14"). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company's balance sheet. Severance pay expenses under Section 14 for the years ended December 31, 2021, 2020 and 2019, amounted to $2,887, $2,008 and $1,735, respectively. 401(k) profit sharing plans The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2021, 2020 and 2019, the Company recorded expenses for matching contributions in the amount of $30, $14 and $35, respectively. o. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740"). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. p. Concentration of credit risk: Financial . Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. The Company invests in marketable securities with an average credit rating of “A” and a maturity of up to three years. The Company’s investment policy is not to invest more than 5% of its investment portfolio in a single security. q. Trade receivables: Trade r. The Company's investment in marketable securities consists of corporate and government debentures with quoted OTC market prices. All the Company's marketable securities are classified as trading securities pursuant to ASC 320, “Investments - Debt Securities”. Marketable securities are stated at fair value as determined by the closing price of each security at balance sheet date. Unrealized gains and losses on these securities are included in financial income, net in the consolidated statements of operations. s. Fair value of financial instruments: The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities which are required to be measured at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1 - Unadjusted quoted prices in active markets that are accessible on the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies (see also Note 6). Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. t. Loss per share: The . Prior . u. Other comprehensive loss: The v. Recently adopted accounting pronouncement: On . w. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 - Leases, requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The standard is effective for public entities for fiscal years beginning after December 15, 2018, and for the Company for fiscal years beginning after December 15, 2020. In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which defers the effective date of ASU 2016-02 for non-public entities to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company intends to adopt the ASU on January 1, 2022, and interim periods within. The Company expects adoption of the ASU to have a material impact on its consolidated balance sheet, which will result in the recognition of ROU assets and lease liabilities of approximately $33 to $35 million each on January 1, 2022. The main impact of the ASU pertains to the recognition of an ROU asset and a lease liability arising from the Company’s new office building lease agreement (see Note 9(a)). Further, the Company expects no material impact on its operating income, while its financial income, net is expected to be impacted by foreign exchange gain and losses arising from its non USD denominated lease liabilities. 2. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments— Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. 3. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures. 4. In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires entities to disclose information about certain types of government assistance they receive in the notes to the financial statements. Entities are required to provide the new disclosures prospectively for all transactions with a government entity that are accounted for under either a grant or a contribution accounting model and are reflected in the financial statements at the date of initially applying the new amendments, and to new transactions entered into after that date. Retrospective application of the guidance is permitted. The amendments in this ASU are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. The adoption of ASU No. 2021-10 is not expected to have a material impact on the consolidated financial statements. 5. In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in accounting for modifications or exchanges of freestanding equity-written call options that remain equity classified after modifications or exchanges based on the substance of the transactions. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of ASU No. 2021-04 is not expected to have a material impact on the consolidated financial statements. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 3:- INVENTORIES a. Inventories are comprised of the following: December 31, 2021 2020 Raw materials $ 1,436 $ 1,254 Work in process 1,552 447 Finished goods (1) 1,268 463 $ 4,256 $ 2,164 (1) finished goods as of December 31, 2020 includes machinery to be sold to Magna (for further information see Note 2i). b. During the years ended December 31, 2021, 2020 and 2019, the Company recorded inventory write offs in the amount of $4,359, $2,088 and $0, respectively. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 4:- PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: December 31, 2021 2020 Government authorities $ 804 $ 1,618 Prepaid expenses 1,837 461 Other receivables 97 118 Others 291 1,090 $ 3,029 $ 3,287 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 5:- PROPERTY AND EQUIPMENT, NET a. Property and equipment, net consist of the following: December 31, 2021 2020 Cost: Computers and software $ 5,623 $ 3,680 Office furniture and equipment 608 557 Electronic equipment 11,178 8,931 Leasehold improvements 4,633 4,594 22,042 17,762 Accumulated depreciation 7,540 4,517 $ 14,502 $ 13,245 b. Depreciation expenses for the years ended December 31, 2021, 2020 and 2019, amounted to $3,361, $2,165 and $1,674, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements | NOTE 6:- FAIR VALUE MEASUREMENTS As for December 31, 2020, the Company had no recurring fair value measurements in the scope of ASC 820. The below table sets forth the Company’s assets and liabilities that were measured at fair value as of December 31, 2021 by level within the fair value hierarchy. December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 49,896 $ - $ 49,896 Total financial assets $ - $ 49,896 $ - $ 49,896 Liabilities: Warrants (1) $ - $ - $ 1,639 $ 1,639 Total financial liabilities $ - $ - $ 1,639 $ 1,639 (1) As part of the Transactions (see Note 1d), the Company assumed a derivative warrants liability related to previously issued private placement warrants in connection with Collective Growth’s initial public offering. The Company utilizes a Black-Scholes option pricing model to estimate the fair value of the private placement warrants which is considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in financing income, net. The change in the fair value of the derivative private warrants liability for the year ended December 31, 2021 is summarized as follows: Year ended December 31, 2021 Balance as of December 31, 2020 $ - Private warrants liability assumed in Transactions 7,291 Change in fair value of warrants liability (1,216 ) Reclassification of warrants liability to equity (4,436 ) Balance as of December 31, 2021 $ 1,639 The estimated fair value of the private placement warrant derivative liabilities is determined using Level 3 inputs. Inherent in a Black-Scholes option pricing model are assumptions related to expected As of April 5, December 31, 2021 2021 Fair vale determined per warrant $3.8 $3.46 Expected volatility 50% 90% Expected annual dividend yield 0% 0% Expected term (years) 5.0 4.3 Risk-free rate 0.9% 1.2% |
OTHER LONG-TERM ASSETS
OTHER LONG-TERM ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER LONG-TERM ASSETS | NOTE 7:- OTHER LONG-TERM ASSETS Other long-term assets consisted of the following: December 31, 2021 2020 Investment in non-marketable securities $ - $ 166 Deferred transaction costs - 371 $ - $ 537 a. In November 2021, the Company sold its equity investment in a privately held company with no readily determinable fair value which was accounted for under the measurement alternative pursuant to ASC 320, for $2,178. The Company recognized a profit in the amount of $2,012 in financial income, net. b. Deferred transactions costs consist primarily of accounting, legal, and other fees related to the Transactions. The Company capitalized $371 of deferred transaction costs within Other long-term assets in the consolidated balance sheets as of December 31, 2020. Upon closing of the Transactions, these costs were recorded as a reduction to additional paid in capital in 2021. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 8:- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: December 31, 2021 2020 Warranty provision $ 60 $ 27 Accrued expenses 5,165 2,536 Fixed assets creditors 1,433 - Others 50 16 $ 6,708 $ 2,579 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9:- COMMITMENTS AND CONTINGENCIES a. Operating lease commitments: Lease of a new Office Building On November 1, 2021 the Company entered into a lease agreement (“New Lease Agreement”) of an office building located in Rosh Ha’ayen, Israel (“Premises”). The New Lease Agreement included a right to use office spaces and related facilities. The lease term is for 67 months, starting from July 1, 2022. However, the Company was given access to the Premises starting from November 2021 in order to allow it to construct leasehold improvements. The Company has an option to renew the lease for additional 60 months, which will be exercised automatically unless the Company informs the lessor in advance. The lease payments are linked to the Israeli consumer price index (CPI). Other lease agreements In May 2018 the Company entered into a lease agreement of a facility for its office (“Current Lease Agreement”). As a result of the New Lease Agreement, the Company informed the lessor it does not intend to extend the Current Lease Agreement beyond November 2021. In November 2021 the parties agreed to modify the existing lease agreement for an additional period, ending in August 2022. As part of the Current Lease Agreement, the Company received a loan from the owner of the Company’s office in Israel in the amount of NIS 9,700 thousand (approximately $3,119) to be used for constructing lease hold improvements. The loan bears an annual interest of 3.58% and is to be repaid in 120 fixed monthly installments of NIS 98,500 (approximately $32). As part of Company’s decision not to extend the lease, the loan was repaid in full in 2021. Financial expenses with respect to loan for the years ended December 31, 2021, 2020 and 2019, amounted to $94, $89 and $94, respectively. The Company also leases additional office spaces, mainly in USA. The minimum future lease payments under the operating leases agreements subsequent to December 31, 2021, are as follows (including relevant option periods): Year ended December 31, Total 2022 $ 1,196 2023 3,198 2024 3,932 2025 4,282 2026 and thereafter 31,725 $ 44,333 Total rent expenses for the years ended December 31, 2021, 2020 and 2019 amounted to $1,819, $956 and $777, respectively. b. Legal proceedings: The Company is currently not part, as plaintiff or defendant, to any legal proceedings that, individually or in the aggregate, are expected by the Company to have a material effect on the Company's business, financial position, results of operations or cash flows. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. These accruals are reviewed at least yearly and adjusted to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a matter. |
CONVERTIBLE PREFERRED SHARES
CONVERTIBLE PREFERRED SHARES | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
CONVERTIBLE PREFERRED SHARES | NOTE 10:- CONVERTIBLE PREFERRED SHARES a. Convertible Shares as of December 31, 2021 and 2020, are comprised of the following: December 31, Authorized Issued and outstanding Liquidation preference 2021 2020 2021 2020 2021 2020 Number of shares Preferred A Shares of no- par value (1) - 20,418,209 - 20,418,209 - $ 11,682 Preferred B Shares of no- par value (1) - 15,906,053 - 15,906,053 - $ 89,659 Preferred B-1 Shares of no- par value (1) - 3,032,940 - 3,032,940 - $ 13,693 Preferred C Shares of no- par value (1) - 28,973,439 - 28,216,005 - $ 186,954 Preferred C-1 Shares of no- par value (1) - 15,191,550 - 2,699,114 - $ 26,218 (1) Preferred shares A, B, B-1, C, and C-1 (collectively “Preferred Shares”) conferred upon their holders the same rights conferred by the Company’s legacy Ordinary Shares (for further information see Note 12a in addition to the following rights: Conversion rights - the holders of the Preferred Shares were entitled, at their option, to convert the Preferred Shares into Ordinary Shares by dividing the original issue price for such series of Preferred Share by the conversion price for such series of Preferred Share that was in effect at the time of conversion. The initial conversion price would have been the respective original issue price for such series of Preferred Share. The original issue price was $0.4408, $4.6366, $3.7093, $5.9842 and $9.5730 per share for the Preferred A, B, B-1, C and C-1 Shares, respectively. The applicable conversion price was subject to adjustment upon share splits or combinations, recapitalizations, or upon the issuance of any new securities at a price per share lower than the applicable conversion price of the Preferred Shares, as applicable, in effect immediately prior to such issuance. The Preferred Shares would have been automatically converted into Ordinary Shares, at the then effective conversion price, upon the closing of the sale of the Company's Ordinary Shares to the public in a firm commitment underwritten public offering, provided that the price per share in such offering reflected at least 200% of Series C-1 Preferred Shares and that such offering results in at least $100,000 of gross proceeds to the Company. Dividend - I. First, the holders of the Preferred C and C-1 Shares (collectively “Preferred C Shares”) were entitled to receive, prior to any distribution to any other shareholder, on a proportional basis an amount equal to the original issue price for such series of Preferred Share, plus interest at a rate of 6% of the Preferred Shares original issue price, per annum, plus (if applicable), an amount equal to any dividends declared but unpaid thereon. II. Second, the holders of the Preferred B and B-1 Shares (collectively “Preferred B Shares”) were entitled to receive, in preference to each inferior class, on a proportional basis an amount calculated in the same manner as described above with respect to the Preferred C Shares. III. Third, the holders of the Preferred A Shares were entitled to receive, in preference to each inferior class, an amount calculated in the same manner as described above with respect to the Preferred C Shares. IV. Following the full payment of the entire preferred preference to the holders of Preferred Shares, the holders of the Ordinary Shares were entitled to receive the remaining distribution proceeds (if any), pro rata based on the number of Ordinary Shares held by each such holder. No . Liquidation preference - Redemption - b. On February 24, 2019, the Company closed its initial Series C Preferred Share financing round. Pursuant to the Series C Preferred Share Purchase Agreement, the Company issued 17,186,948 series Preferred C Shares at a price of $5.9842 per share, for total consideration of $98,120, net of issuance costs in the amount of $4,730. During 2019, the Company issued additional 11,029,057 Preferred C Shares at a price of $5.9842 per share, for a total consideration of $63,113, net of issuance costs in the amount of $2,887. c. On October 1, 2020, the Company closed its initial Series C-1 Preferred Share financing round with new and existing investors, according to which the Company issued 943,148 series C-1 Preferred Shares at a price per share of $9.5730 (the "Original PPS"), for a total consideration of $8,934 net of issuance costs in the amount of $95. The transaction documents also conferred upon certain of holders of Preferred C-1 Shares the following rights: 1. In 2. In the event the closing of the Transactions contemplated under such aforementioned definitive agreements shall have taken place prior to April 30, 2021, with pre-money valuation of the Company lower than $1,300 million, the Company were to issue additional Preferred C-1 Shares for no additional consideration, such that after the issuance of the additional Preferred C-1 Shares, the aggregate number of Preferred C-1 Shares held by such investors were to equal to the aggregate investment made by the investor divided by 70% of the Original PPS. The Company concluded that the rights above are embedded within the Preferred C-1 Shares and are not eligible to be bifurcated as an embedded derivative. As such, the Company accounted for the embedded rights and the Preferred C-1 Shares as a single unit of account. On December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 Shares, for no cash consideration (for further information see Note 2i). d. On February 17, 2021, the Company effected a one-for-1.138974 reverse share split of Ordinary Shares and Preferred Shares (for further information see Note 1c). e. Immediately prior to the closing of the Transactions, and in accordance with the Preferred C-1 transaction documents, the Company issued to certain shareholders 346,678 Preferred C-1 Shares of no-par value, for no additional consideration. f. Upon closing of the Transactions, all issued and outstanding Preferred Shares were automatically converted into Ordinary Shares of no-par value. As such, the Company reclassified the preferred shares carrying amount into permanent equity (for further information see Note 1d). g. Classification: Since a deemed liquidation event is not solely within the control of the Company, the Preferred Shares were classified outside of permanent equity as temporary equity pursuant to ASC 480-10-S99. As of December 31, 2020, the Company did not adjust the carrying values of the Preferred Shares to the deemed liquidation values of such shares since a liquidation event was not probable. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 11:- SHAREHOLDERS' EQUITY a. Composition of share capital: December 31, 2021 2020 Authorized Issued and outstanding Authorized Issued and outstanding Number of Shares Number of Shares Ordinary Shares of no-par value (1) 500,000,000 134,098,120 179,872,754 16,948,226 (1) Ordinary Shares confer upon the holders the right to vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company. b. On February 17, 2021, the Company effected a one-for-1.138974 reverse share split of Ordinary Shares and Preferred Shares (for further information see Note 1c). |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 12:- SHARE-BASED COMPENSATION a. Share incentive plans: In 2016 the Company's Board of Directors adopted an Employee Shares Incentive Plan (the “2016 Plan”). Under the 2016 Plan, options may be granted to employees, officers, consultants and directors of the Company and its subsidiaries. The 2016 plan was terminated in 2021, although option awards outstanding as of that date will continue in full force in accordance with the terms under which they were granted. In 2021 The Company’s Board of Directors adopted a new Share Incentive Plan (the “2021 Plan”). According to the 2021 Plan, share awards, options to purchase shares or Restricted Share Units (RSUs) may be granted to employees, directors, consultants and other service providers of the Company or any affiliate of the Company. Under the 2021 Plan, as of December 31, 2021, a total of 4,617,720 shares were still available for future grant. Each option granted under the 2021 Plan expires no later than seven years from the date of grant. The options vest primarily over four years of employment unless the Board of Directors and the Board of Director’s Compensation Committee determines otherwise. Any option which is forfeited or cancelled before expiration becomes available for future grants. b. Options granted: The fair value of the Company’s share options granted for the years ended December 31, 2021, 2020 and 2019, was estimated using the following weighted average assumptions: Year ended December 31, 2021 2020 2019 Expected term, in years 4.40 6.25 6.25 Expected volatility 64% 65% 65% - 70% Risk-Free interest rate 0.48% - 1.01% 0.46% - 1.74% 1.77% - 2.65% Expected dividend yield 0% 0% 0% A summary of option balances as of December 31, 2021, and changes during the year then ended are as follows: Number of options Weighted-average exercise price Weighted- average remaining contractual term (in years) Aggregate intrinsic value Outstanding at January 1, 2021 8,470,761 $ 0.68 7.92 $ 43,598 Granted 10,080,000 $ 8.56 Exercised (1,918,100 ) $ 0.50 $ 2,363 Forfeited (395,313 ) $ 2.75 Expired (2 ) $ 1.14 Outstanding at December 31, 2021 16,237,346 $ 5.55 6.95 $ 12,905 Exercisable at December 31, 2021 7,897,642 $ 5.47 6.60 $ 6,902 The weighted-average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019, was $4.75, $3.01 and $1.58, respectively. Exercise price - Expected volatility - Expected term (years) - Risk-free interest rate - Expected dividend yield - . c. RSUs granted: A summary of RSUs activity for the year ended December 31, 2021, is as follows: Number of shares Weighted average grant date fair value per share Unvested as of December 31, 2020 - $ - Granted 6,361,724 $ 9.26 Vested (2,413,667 ) $ 9.92 Forfeited (37,456 ) $ 8.5 Unvested as of December 31, 2021 3,910,601 $ 8.87 d. Management earn-out shares: The May 12, 2021 Share Price $9.75 Expected volatility 77.50% Risk-Free interest rate 0.66% Threshold $12.5 Term (years) 4 Share price - Expected volatility - Risk-free interest rate - the Company determined the risk-free interest rate by using a weighted average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant. Threshold - the Company determined the earnout share price as part of the Transactions agreement. e. The total share-based compensation expense related to all of the Company's equity-based awards, which include options and RSUs recognized in the Company's consolidated statements of operations are as follow: Year ended December 31, 2021 2020 2019 Research and development $ 25,504 $ 2,649 $ 1,695 Sales and marketing 17,153 338 374 General and administrative 22,079 209 102 $ 64,736 $ 3,196 $ 2,171 As of December 31, 2021, unrecognized compensation cost related to share options and RSUs was $49,907, which is expected to be recognized over a weighted average period of 2.89 years. f. For awards issued for non-employees services, see Note 1d. These awards were accounted for as issuance costs in connection with the Transactions. |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 13:- TAXES ON INCOME a. Corporate tax rates in Israel: The corporate tax rate in Israel in 2019 and thereafter is 23%. b. Income taxes in US subsidiary: On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes, most of which are effective for tax years beginning after December 31, 2017, include several key tax provisions that might impact the Company, including, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% (top rate) to 21% (flat rate) effective for tax years beginning after December 31, 2017; (ii) a new tax deduction in the amount of 37.5% of “foreign derived intangible income” that effectively reduces the federal corporate tax on certain qualified foreign derived sales/licenses/leases and service income in excess of a base amount to 13.125% (as compared to the regular corporate income tax rate of 21%); (iii) stricter limitations on the tax deductibility of business interest expense; (iv) a participation exemption for certain repatriations of earnings to the United States (along with certain rules designed to prevent erosion of the U.S. income tax base); (v) a one-time deemed repatriation tax on accumulated offshore earnings held in cash and illiquid assets, with the latter taxed at a lower rate; and (vi) an expansion of the U.S. controlled foreign corporation (“CFC”) anti-deferral starting with the CFC’s first tax year beginning in 2018 intended to tax in the U.S. “global intangible low-taxed income” (“GILTI”). c. Carryforward tax losses and credits: As of December 31, 2021, the Company had operating loss carry forwards for Israeli income tax purposes of approximately $311,000 which may be offset indefinitely against future taxable income. d. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The principal components of the Company’s deferred tax assets are as follows: December 31, 2021 2020 Deferred tax assets: Net operating loss carryforward $ 72,116 $ 37,819 Research and development costs carryforward 18,357 15,997 Accrued Expenses 725 446 Share-based compensation 20 23 Property and equipment 155 - Other 3,925 3,348 Total deferred tax assets 95,298 57,633 Valuation allowance (95,264 ) (57,621 ) Deferred tax liabilities: Property and equipment - (12 ) Other (34 ) - Total deferred tax liabilities (34 ) (12 ) Net deferred tax $ - $ - Based on the available evidence, management believes that it is more likely than not that certain of its deferred tax assets relating to net operating loss carryforwards and other temporary differences in Israel will not be realized and accordingly a valuation allowance has been provided. As of December 31, 2021, and 2020, the Company has not provided a deferred tax liability in respect of cumulative undistributed earnings relating to the Company’s foreign subsidiaries, as the Company intends to keep these earnings permanently invested. e. Loss before taxes on income is comprised as follows: Year ended December 31, 2021 2020 2019 Domestic $ (153,091 ) $ (81,462 ) $ (67,306 ) Foreign (184 ) 134 15 Loss before taxes on income $ (153,275 ) $ (81,328 ) $ (67,291 ) f. Income taxes are comprised as follows: Year ended December 31, 2021 2020 2019 Current $ 284 $ 183 $ 10 Domestic 232 128 - Foreign 52 55 10 Income taxes $ 284 $ 183 $ 10 g. The reconciliation of the tax benefit at the Israeli statutory tax rate to the Company’s income taxes is as follows: Year ended December 31, 2021 2020 2019 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible share-based compensation (2.00 )% (0.61 )% (0.63 )% Effect of other permanent differences 0.47 % (0.01 )% (0.06 )% Change in valuation allowance (24.41 )% (22.86 )% (22.32 )% Issuance costs 3.68 % - - Other adjustments 0.93 % 0.25 % - Effective tax rate (0.19 )% (0.23 )% (0.01 )% h. Tax assessments: The Company is currently in the process of income tax audits in Israel, for the tax years 2016 through 2018. The Company's tax assessments through 2015 are considered final. As of December 31, 2021, the tax returns of the Company and its main subsidiaries are still subject to audits by the tax authorities for the tax years 2016 through 2021. i. Uncertain tax positions: The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. As of December 31, 2021 and 2020, the Company has not recorded any uncertain tax position liability. |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER SHARE | NOTE 14:- BASIC AND DILUTED NET LOSS PER SHARE The following table sets forth the computation of the net loss per share for the period presented: Year ended December 31, 2021 2020 2019 Numerator: Net loss $ (153,559 ) $ (81,511 ) $ (67,301 ) Preferred share accrued cumulative dividend rights (5,044 ) (17,473 ) (13,664 ) Total loss attributable to ordinary shares $ (158,603 ) $ (98,984 ) $ (80,965 ) Denominator: 102,859,891 16,514,910 15,524,845 The following potential ordinary shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: a. 16,231,241 warrants, 2,402,178 sponsors earnout shares, 20,147,947 outstanding options to purchase Ordinary Shares and unvested RSUs as of December 31, 2021 (in addition to 70,618,999 underlying the Company's Preferred Shares that were outstanding prior to April 5, 2021). b. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 Shares, 28,216,005 Preferred C Shares, 2,699,114 Preferred C-1 Shares and 8,470,758 options outstanding to purchase Ordinary Shares as of December 31, 2020. c. 20,418,209 Preferred A Shares, 15,906,053 Preferred B Shares, 3,032,940 Preferred B-1 Shares, 28,216,005 Preferred C Shares and 7,834,282 options outstanding to purchase Ordinary Shares as of December 31, 2019. |
GEOGRAPHIC AND CUSTOMER INFORMA
GEOGRAPHIC AND CUSTOMER INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC AND CUSTOMER INFORMATION | NOTE 15:- GEOGRAPHIC AND CUSTOMER INFORMATION a. Geographic information: Following is a summary of revenues by geographic areas. Revenues attributed to geographic areas, based on the location where the customers accept delivery of the products and services: Year ended December 31, 2021 2020 2019 Europe, Middle East and Africa (*) $ 2,570 $ 3,803 $ 1,105 Asia Pacific 538 1,078 182 North America (**) 2,358 (14,245 ) 288 $ 5,466 $ (9,364 ) $ 1,575 (*) Include revenues from Germany in the amount of $2,491, $3,635 and $983 in the years ended December 31, 2021, 2020 and 2019, respectively. (**) Include revenues from United States only. During the year ended December 31, 2020, a reduction of revenue in the amount of $14,800 was recorded (see also Note 2i). b. The Company's long-lived assets (property and equipment, net) are located as follows: Year ended December 31, 2021 2020 Israel $ 14,341 $ 13,053 United States 40 74 Germany 29 34 Belarus 92 84 $ 14,502 $ 13,245 c. Customers accounted for over 10% of revenue: As of December 31, 2021, the Company had one customer that accounted for 82% of revenues. As of December 31, 2020, the Company had three customers that accounted for 51%, 22% and 10% of revenues (excluding the reduction of revenues of issuance of Preferred C-1 Shares). As of December 31, 2019, the company had one customer that accounted for 64% of revenues |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | NOTE 16:- RELATED PARTY BALANCES AND TRANSACTIONS a. Balances with the related parties: December 31, 2021 2020 Trade receivable $ 420 $ 1,146 Long term deferred revenues $ 3,864 $ 3,473 b. Transactions with the related parties: Year ended December 31, 2021 2020 2019 Revenues (net revenues) $ 4,500 $ (12,014 ) $ 1,002 During the years ended December 31, 2021, 2020 and 2019 the Company earned $4,500, $(12,014) and $1,002 respectively, in revenues (net revenues) from the sale of services and goods to a shareholder (also refer to Note 2i). As of December 31, 2021 and 2020, the Company recorded receivables of $420 and $1,146, respectively from the same shareholder mentioned above in connection with the revenues earned, included as Trade Receivable on the accompanying consolidated balance sheets. The receivables are collected in the ordinary course of business. As of December 31, 2021 and 2020, the Company recorded deferred revenue of $3,864 and $3,473, respectively, from the same shareholder mentioned above in connection with the revenues earned, included as Long-term advances from customers and deferred revenues on the accompanying consolidated balance sheets. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Reverse recapitalization | a. Transactions: The Transactions were accounted for as a recapitalization as pre-combination Innoviz was determined to be the accounting acquirer under Financial Accounting Standards Board (FASB)’s Accounting Standards Codification Topic 805, Business Combinations (ASC 805). In connection with the recapitalization, outstanding share capital of the pre-combination Innoviz was converted into Company Ordinary Shares, representing a recapitalization, and the net assets of the Company remained at historical cost, with no goodwill or intangible assets recorded. The pre-combination Innoviz was deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the Closing Date are those of the pre-combination Innoviz. Ordinary Share Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability under ASC 480, are indexed to the Company’s own share and whether the warrants are eligible for equity classification under ASC 815-40. This assessment is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. Warrants that meet all the criteria for equity classification, are required to be recorded as a component of additional paid-in capital. Warrants that do not meet all the criteria for equity classification, are required to be recorded as liabilities at their initial fair value on the date of issuance and remeasured to fair value through earnings at each balance sheet date thereafter. Upon the closing of the Transactions, 7,499,991 public warrants and 1,918,750 private warrants, that were both issued by Collective Growth prior to the Transactions, were assumed by the Company and became Company Warrants outstanding to purchase Company Ordinary Shares. Each warrant entitles the holder to purchase one Company Ordinary Share at a price of $11.50 per share, subject to adjustments. The warrants are exercisable at any time commencing 30 days after the completion of the Transactions and expire five years after the Closing Date or earlier upon redemption or liquidation. The Company may redeem the outstanding warrants in whole and not in part at a price of $0.01 per warrant at any time after they become exercisable, provided that the last sale price of the Company Ordinary Shares equals or exceeds $18 per share, subject to adjustments, for any 20-trading days within a 30-trading day period ending three business days prior to the date on which the Company sends the notice of redemption to the warrant holders. The private warrants have similar terms as the public warrants, except that the private warrants may be exercised for cash or on a cashless basis at the holder’s option and the private warrants will not be redeemed by the Company as long as they are held by the initial purchasers or their permitted transferees, but once they are transferred, they have the same rights as the public warrants. As the private warrants include provisions that provide for potential changes to the settlement amounts that are dependent on the characteristics of the holder of the warrant, under ASC Section 815-40, those warrants are not indexed to the Company’s ordinary shares in the manner contemplated by that Section, so long as they are held by the initial purchasers or their permitted transferees. Therefore, the private warrants were classified as a liability, initially and subsequently measured at fair value through earnings. Conversely, since the public warrants do not include provisions that provide for potential changes to the settlement amounts that are dependent on the characteristics of the holder of the warrant and since the Company has only one class of shares outstanding (after the Transactions), the public warrants are indexed to the Company's own share and qualify for equity classification under ASC Section 815-40. As of December 31, 2021, 1,444,932 private warrants are no longer held by their initial purchasers or their permitted transferees. As a result, such private warrants have the same terms as the public warrants and were classified to equity. As of December 31, 2021, 473,818 private warrants remain outstanding. |
Use of estimates | b. Use of estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include inventory reserves, warranty provision, valuation allowance for deferred tax assets, share-based compensation including the fair value of the Company’s ordinary shares before the company became public, fair value of warrants liability and useful lives of property, plant, and equipment. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. The novel coronavirus (“COVID-19”) pandemic has created, and may continue to create, significant uncertainty in macroeconomic conditions, and the extent of its impact on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and the impact on the Company’s customers. The Company considered the impact of COVID-19 on the estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial statements for the period ended December 31, 2021. As events continue to evolve and additional information becomes available, the Company’s estimates and assumptions may change materially in future periods. |
Financial statements in U.S. dollars | c. Financial statements in U.S. dollars: A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar. A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency. The Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate. |
Principles of consolidation | d. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and Cash Equivalents and Restricted Cash | e. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid short-term deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in short term deposits. Restricted cash consists of long-term deposits that serves as collateral for a credit card agreement and lease agreements at the Company’s financial institutions. |
Inventories | f. Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Cost of inventories is determined as follows: Raw materials and work in process - based on weighted average cost. Finished goods - based on standard cost method or actual cost method, as applicable. The Company charges cost of revenues for write-downs of inventories which are obsolete or in excess of anticipated demand based on a consideration of marketability and product life cycle stage, product development plans, component cost trends, manufacturing yields, demand forecasts, historical revenue and assumptions about future demand and market conditions. |
Property and equipment, net | g. Property and equipment, net: Property : % Computers and software 33 Office furniture and equipment 7-15 (mainly 15) Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Impairment of long-lived assets | h. Impairment of long-lived assets: Long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” a (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment exists when the carrying value of the asset exceeds the aggregate undiscounted cash flows expected to be generated by the asset. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During the years ended December 31, 2021, 2020 and 2019, the Company recorded impairment losses in the amount of $599, $496 and $0, respectively. |
Revenue recognition | i. Revenue recognition: The Company follows the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), which applies to all contracts with customers. Under Topic 606, revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine the appropriate revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: • identify the contract(s) with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company evaluates each performance obligation to determine if it is satisfied at a point in time or over time. Nature of Products and Services The Company derives its revenues mainly from sales of LiDAR sensors and critical components. Revenue from LiDAR sensors and critical components is recognized at a point in time when the control of the goods is transferred to the customer, generally upon delivery. The In addition, during the year ended December 31, 2021, the Company received an upfront payment of $800 for optional future production which will be recognized once the production option will be exercised or expire. The Company applies the practical expedient and does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Deferred Revenue Deferred revenues, which represent a contract liability, include amounts paid by customers not yet recognized as revenues. On December 7, 2017, the Company entered into an agreement with a tier-1 partner (“Partner”) to provide application engineering services. Revenue related to the agreement are deferred and recognized upon customer acceptance. As of December 31, 2021 and 2020, the Company recorded deferred revenue of $3.5 million (refer also to Note 16) out of its total deferred revenue. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under development agreement with OEMs and Partner, is classified as non-current contract liabilities and is included in Long-term advances from customers and deferred revenues in the Company’s consolidated balance sheets. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment terms. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. Contract liabilities consisted of the following as of December 31, 2021 and 2020: December 31, 2021 2020 Contract Liabilities, Current Deferred Revenue $ 135 $ 996 Customer Advance Payment 61 665 Total $ 196 $ 1,661 Contract Liabilities, Long-Term Deferred Revenue $ 4,517 $ 3,473 Total Contract Liabilities $ 4,713 $ 5,134 During the year ended December 31, 2021, the Company recognized $199 that was included in deferred revenues balance at December 31, 2020. During the year ended December 31, 2020, the Company recognized $283 that was included in deferred revenues balance at December 31, 2019. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services revenues not yet delivered. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $12.2 million, which the Company expects to recognize as revenues. Revenues (Reduction of Revenues) related to Magna (see also Note 16) On . In 2021, of $1,059 was recognized. Revenue from future enhancements will be recognized when such enhancements are provided to Magna. As of December 31, 2021, these enhancements were not provided, as such long-term deferred revenue in the amount of $244 was recorded. In connection with the MOU, on December 10, 2020, the Company issued to Magna 1,755,966 Preferred C-1 Shares of no-par value, for no F urthermore, on December 10, 2020, the Company signed a performance-based warrant agreement (the "Warrant") with Magna, pursuant to which, upon the completion of certain milestones by Magna, the Company will issue to Magna warrants to receive up to: (i) 7,023,865 Ordinary Shares, in the event the Company will be registered as a public company before the issuance of the warrants, or (ii) 4,939,922 Preferred C-1 Shares in the event that the Company is not registered as a public company before the issuance of the warrants. The warrants will expire at the earlier of (i) March 31, 2023, or (ii) the date of the consummation of a change of control by the Company. As of December 31, 2021, the achievement of the performance condition was not probable. Share-based payment awards granted to a customer are measured and classified in accordance with ASC 606 and reflected as a reduction of the transaction price and, therefore, of revenue unless the consideration is in exchange for a distinct good or service. Since the issuance of the Preferred C-1 Shares were not for distinct services, the fair value of which was not established, the Company reflected this amount as a reduction of net revenue . |
Warranty provision | j. Warranty provision : The Company provides standard product warranties, for its pre-SOP products, for period of up to twelve months, at no extra charge, that covers the compliance of the products with agreed-upon specifications. Standard warranties are considered to be assurance type warranties and are not accounted for as separate performance obligations. A provision is recorded for estimated warranty costs based on the Company's experience. Changes in the warranty provision, presented in Accrued expenses and other current liabilities, was as follow: Year ended December 31, 2021 2020 Balance at beginning of the year $ 27 $ 61 Warranty provision 137 198 Warranty claims settled (104 ) (232 ) Balance at end of the year $ 60 $ 27 |
Research and development expenses | k. Research and development expenses: Research and development costs include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products. Such costs related to software development are included in research and development expense until the technological feasibility is reached, which for the Company's software products, is generally shortly before the products are released to production. Research and development costs are charged to the consolidated statements of operations as incurred. |
Patent costs | l. Patent costs: Legal and related patent costs are charged to general and administrative expenses in the consolidated statements of operations as incurred, since their realization is uncertain. |
Share-based compensation | m. Share-based compensation: The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation—Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service period. The Company selected the Black-Scholes option pricing model as the most appropriate model for determining the fair value for its share options awards, whereas the fair value of restricted share units is based on the closing market value of the underlying shares at the date of grant. The option pricing model requires several assumptions, of which the most significant are the expected share price volatility and the expected option term. The company recognizes forfeitures of equity-based awards as they occur. For graded vesting awards subject to a service condition only, the Company recognizes compensation expenses based on the straight-line method over the requisite service period. A Monte-Carlo simulation model was used to determine the grant date fair value of the Company’s Management earn-out shares by simulating the future share price daily up to the expiration date of the award. |
Accrued post-employment benefit | n. Accrued post-employment benefit: Severance pay The Israeli Severance Pay Law, 1963 ("Severance Pay Law"), specifies that employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one-month salary for each year of employment, or a portion thereof. The Company's liability for all of its Israeli employees is covered by the provisions of Section 14 of the Severance Pay Law ("Section 14"). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, continued on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. As a result, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company's balance sheet. Severance pay expenses under Section 14 for the years ended December 31, 2021, 2020 and 2019, amounted to $2,887, $2,008 and $1,735, respectively. 401(k) profit sharing plans The Company has a 401(k) retirement savings plan for its employees in the U.S. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. The U.S. subsidiary matches 4% of employee contributions up to the plan with no limitation. During the years ended December 31, 2021, 2020 and 2019, the Company recorded expenses for matching contributions in the amount of $30, $14 and $35, respectively. |
Income taxes | o. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (ASC 740"). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. |
Concentration of credit risk | p. Concentration of credit risk: Financial . Trade receivable of the Company are mainly derived from customers located globally. The Company mitigates its credit risks by performing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral. The Company invests in marketable securities with an average credit rating of “A” and a maturity of up to three years. The Company’s investment policy is not to invest more than 5% of its investment portfolio in a single security. |
Trade receivables | q. Trade receivables: Trade |
Marketable securities | r. The Company's investment in marketable securities consists of corporate and government debentures with quoted OTC market prices. All the Company's marketable securities are classified as trading securities pursuant to ASC 320, “Investments - Debt Securities”. Marketable securities are stated at fair value as determined by the closing price of each security at balance sheet date. Unrealized gains and losses on these securities are included in financial income, net in the consolidated statements of operations. |
Fair value of Financial Instruments | s. Fair value of financial instruments: The Company applies ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC No. 820”), with respect to fair value measurements of all financial assets and liabilities which are required to be measured at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1 - Unadjusted quoted prices in active markets that are accessible on the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying values of cash and cash equivalents, short-term and restricted deposits, trade receivables, prepaid expenses and other current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate fair values due to the short-term maturities of these instruments. The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies (see also Note 6). Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. |
Loss per share | t. Loss per share: The . Prior . |
Other comprehensive loss | u. Other comprehensive loss: The |
Recently adopted accounting pronouncement | v. Recently adopted accounting pronouncement: On . |
Recently issued accounting pronouncements not yet adopted | w. Recently issued accounting pronouncements not yet adopted: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In February 2016, the FASB issued ASU 2016-02 - Leases, requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The standard is effective for public entities for fiscal years beginning after December 15, 2018, and for the Company for fiscal years beginning after December 15, 2020. In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which defers the effective date of ASU 2016-02 for non-public entities to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company intends to adopt the ASU on January 1, 2022, and interim periods within. The Company expects adoption of the ASU to have a material impact on its consolidated balance sheet, which will result in the recognition of ROU assets and lease liabilities of approximately $33 to $35 million each on January 1, 2022. The main impact of the ASU pertains to the recognition of an ROU asset and a lease liability arising from the Company’s new office building lease agreement (see Note 9(a)). Further, the Company expects no material impact on its operating income, while its financial income, net is expected to be impacted by foreign exchange gain and losses arising from its non USD denominated lease liabilities. 2. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments— Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. 3. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures. 4. In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires entities to disclose information about certain types of government assistance they receive in the notes to the financial statements. Entities are required to provide the new disclosures prospectively for all transactions with a government entity that are accounted for under either a grant or a contribution accounting model and are reflected in the financial statements at the date of initially applying the new amendments, and to new transactions entered into after that date. Retrospective application of the guidance is permitted. The amendments in this ASU are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. The adoption of ASU No. 2021-10 is not expected to have a material impact on the consolidated financial statements. 5. In May 2021, the FASB issued ASU 2021-04—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies and reduces diversity in accounting for modifications or exchanges of freestanding equity-written call options that remain equity classified after modifications or exchanges based on the substance of the transactions. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of ASU No. 2021-04 is not expected to have a material impact on the consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Related Assets | % Computers and software 33 Office furniture and equipment 7-15 (mainly 15) Electronic equipment 15 Leasehold improvements Over the shorter of the related lease period or the useful life of the assets |
Summary of Contract Liabilities | December 31, 2021 2020 Contract Liabilities, Current Deferred Revenue $ 135 $ 996 Customer Advance Payment 61 665 Total $ 196 $ 1,661 Contract Liabilities, Long-Term Deferred Revenue $ 4,517 $ 3,473 Total Contract Liabilities $ 4,713 $ 5,134 |
Summary of Changes in Warranty Provision | Year ended December 31, 2021 2020 Balance at beginning of the year $ 27 $ 61 Warranty provision 137 198 Warranty claims settled (104 ) (232 ) Balance at end of the year $ 60 $ 27 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Summary of Inventories | December 31, 2021 2020 Raw materials $ 1,436 $ 1,254 Work in process 1,552 447 Finished goods (1) 1,268 463 $ 4,256 $ 2,164 (1) finished goods as of December 31, 2020 includes machinery to be sold to Magna (for further information see Note 2i). |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of Prepayment And Other Current Assets | December 31, 2021 2020 Government authorities $ 804 $ 1,618 Prepaid expenses 1,837 461 Other receivables 97 118 Others 291 1,090 $ 3,029 $ 3,287 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property And Equipment, Net | December 31, 2021 2020 Cost: Computers and software $ 5,623 $ 3,680 Office furniture and equipment 608 557 Electronic equipment 11,178 8,931 Leasehold improvements 4,633 4,594 22,042 17,762 Accumulated depreciation 7,540 4,517 $ 14,502 $ 13,245 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Assets and Liabilities at Fair Value on a Recurring Basis | December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 49,896 $ - $ 49,896 Total financial assets $ - $ 49,896 $ - $ 49,896 Liabilities: Warrants (1) $ - $ - $ 1,639 $ 1,639 Total financial liabilities $ - $ - $ 1,639 $ 1,639 |
Summary of the Binomial (Lattice) Valuation Model Assumptions used to Record the Fair Value of the Warrants | Year ended December 31, 2021 Balance as of December 31, 2020 $ - Private warrants liability assumed in Transactions 7,291 Change in fair value of warrants liability (1,216 ) Reclassification of warrants liability to equity (4,436 ) Balance as of December 31, 2021 $ 1,639 |
Summary of Change in the Level 3 Warrant Liability | As of April 5, December 31, 2021 2021 Fair vale determined per warrant $3.8 $3.46 Expected volatility 50% 90% Expected annual dividend yield 0% 0% Expected term (years) 5.0 4.3 Risk-free rate 0.9% 1.2% |
OTHER LONG-TERM ASSETS (Tables)
OTHER LONG-TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Summary of other long-term assets | December 31, 2021 2020 Investment in non-marketable securities $ - $ 166 Deferred transaction costs - 371 $ - $ 537 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Summary of Accrued Liabilities And Other Payable | December 31, 2021 2020 Warranty provision $ 60 $ 27 Accrued expenses 5,165 2,536 Fixed assets creditors 1,433 - Others 50 16 $ 6,708 $ 2,579 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Future Lease Payments | Year ended December 31, Total 2022 $ 1,196 2023 3,198 2024 3,932 2025 4,282 2026 and thereafter 31,725 $ 44,333 |
CONVERTIBLE PREFERRED SHARES (T
CONVERTIBLE PREFERRED SHARES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Convertible Preferred Shares | December 31, Authorized Issued and outstanding Liquidation preference 2021 2020 2021 2020 2021 2020 Number of shares Preferred A Shares of no- par value (1) - 20,418,209 - 20,418,209 - $ 11,682 Preferred B Shares of no- par value (1) - 15,906,053 - 15,906,053 - $ 89,659 Preferred B-1 Shares of no- par value (1) - 3,032,940 - 3,032,940 - $ 13,693 Preferred C Shares of no- par value (1) - 28,973,439 - 28,216,005 - $ 186,954 Preferred C-1 Shares of no- par value (1) - 15,191,550 - 2,699,114 - $ 26,218 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Summary of Composition of Share Capital | December 31, 2021 2020 Authorized Issued and outstanding Authorized Issued and outstanding Number of Shares Number of Shares Ordinary Shares of no-par value (1) 500,000,000 134,098,120 179,872,754 16,948,226 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | Year ended December 31, 2021 2020 2019 Expected term, in years 4.40 6.25 6.25 Expected volatility 64% 65% 65% - 70% Risk-Free interest rate 0.48% - 1.01% 0.46% - 1.74% 1.77% - 2.65% Expected dividend yield 0% 0% 0% |
Summary of Share-Based Compensation Arrangements by Share-based Payment Award | Number of options Weighted-average exercise price Weighted- average remaining contractual term (in years) Aggregate intrinsic value Outstanding at January 1, 2021 8,470,761 $ 0.68 7.92 $ 43,598 Granted 10,080,000 $ 8.56 Exercised (1,918,100 ) $ 0.50 $ 2,363 Forfeited (395,313 ) $ 2.75 Expired (2 ) $ 1.14 Outstanding at December 31, 2021 16,237,346 $ 5.55 6.95 $ 12,905 Exercisable at December 31, 2021 7,897,642 $ 5.47 6.60 $ 6,902 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of shares Weighted average grant date fair value per share Unvested as of December 31, 2020 - $ - Granted 6,361,724 $ 9.26 Vested (2,413,667 ) $ 9.92 Forfeited (37,456 ) $ 8.5 Unvested as of December 31, 2021 3,910,601 $ 8.87 |
Summary of Management earn-out shares | May 12, 2021 Share Price $9.75 Expected volatility 77.50% Risk-Free interest rate 0.66% Threshold $12.5 Term (years) 4 |
Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Year ended December 31, 2021 2020 2019 Research and development $ 25,504 $ 2,649 $ 1,695 Sales and marketing 17,153 338 374 General and administrative 22,079 209 102 $ 64,736 $ 3,196 $ 2,171 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of the Company's Deferred Tax Assets | December 31, 2021 2020 Deferred tax assets: Net operating loss carryforward $ 72,116 $ 37,819 Research and development costs carryforward 18,357 15,997 Accrued Expenses 725 446 Share-based compensation 20 23 Property and equipment 155 - Other 3,925 3,348 Total deferred tax assets 95,298 57,633 Valuation allowance (95,264 ) (57,621 ) Deferred tax liabilities: Property and equipment - (12 ) Other (34 ) - Total deferred tax liabilities (34 ) (12 ) Net deferred tax $ - $ - |
Summary of Loss Before Taxes on Income | Year ended December 31, 2021 2020 2019 Domestic $ (153,091 ) $ (81,462 ) $ (67,306 ) Foreign (184 ) 134 15 Loss before taxes on income $ (153,275 ) $ (81,328 ) $ (67,291 ) |
Summary of Income Taxes | Year ended December 31, 2021 2020 2019 Current $ 284 $ 183 $ 10 Domestic 232 128 - Foreign 52 55 10 Income taxes $ 284 $ 183 $ 10 |
Summary of Reconciliation of Effective Income Tax Rate | Year ended December 31, 2021 2020 2019 Israel tax provision at statutory rate 23.00 % 23.00 % 23.00 % Non-deductible share-based compensation (2.00 )% (0.61 )% (0.63 )% Effect of other permanent differences 0.47 % (0.01 )% (0.06 )% Change in valuation allowance (24.41 )% (22.86 )% (22.32 )% Issuance costs 3.68 % - - Other adjustments 0.93 % 0.25 % - Effective tax rate (0.19 )% (0.23 )% (0.01 )% |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of the Net Loss Per Share | Year ended December 31, 2021 2020 2019 Numerator: Net loss $ (153,559 ) $ (81,511 ) $ (67,301 ) Preferred share accrued cumulative dividend rights (5,044 ) (17,473 ) (13,664 ) Total loss attributable to ordinary shares $ (158,603 ) $ (98,984 ) $ (80,965 ) Denominator: 102,859,891 16,514,910 15,524,845 |
GEOGRAPHIC AND CUSTOMER INFOR_2
GEOGRAPHIC AND CUSTOMER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments | Year ended December 31, 2021 2020 2019 Europe, Middle East and Africa (*) $ 2,570 $ 3,803 $ 1,105 Asia Pacific 538 1,078 182 North America (**) 2,358 (14,245 ) 288 $ 5,466 $ (9,364 ) $ 1,575 (*) Include revenues from Germany in the amount of $2,491, $3,635 and $983 in the years ended December 31, 2021, 2020 and 2019, respectively. (**) Include revenues from United States only. During the year ended December 31, 2020, a reduction of revenue in the amount of $14,800 was recorded (see also Note 2i). |
Schedule Of Long Lived Assets Based On Location [Table Text Block] | Year ended December 31, 2021 2020 Israel $ 14,341 $ 13,053 United States 40 74 Germany 29 34 Belarus 92 84 $ 14,502 $ 13,245 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Balances | December 31, 2021 2020 Trade receivable $ 420 $ 1,146 Long term deferred revenues $ 3,864 $ 3,473 |
Schedule of Related Party Transactions | Year ended December 31, 2021 2020 2019 Revenues (net revenues) $ 4,500 $ (12,014 ) $ 1,002 |
GENERAL- Additional Information
GENERAL- Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |
Feb. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity, Reverse Stock Split | 1-for-1.138974 | ||
Business Combination, Acquisition Related Costs | $ 101,115 | ||
Common stock shares no par value | $ 0 | $ 0 | |
Business Combination Agreement [Member] | |||
Sale of Stock, Price Per Share | $ 10 | $ 10 | |
Proceeds from issuance of common stock | $ 229,500 | ||
Warrant [Member] | |||
Stock Issued During Period, Shares, New Issues | 3,027,747 | ||
Warrant [Member] | Management [Member] | |||
Number of new warrants issued during the period | 3,500,000 | ||
Warrant [Member] | Antara [Member] | |||
Stock Issued During Period, Shares, New Issues | 3,784,753 | ||
Common Stock [Member] | Business Combination Agreement [Member] | |||
Stock Issued During Period, Shares, Acquisitions | 1,250,000 | ||
Direct And Incremental Costs [Member] | |||
Business Combination, Acquisition Related Costs | $ 102,945 | ||
General and administrative [Member] | |||
Business Combination, Acquisition Related Costs | $ 1,830 | ||
Common Stock [Member] | |||
Conversion of Stock, Shares Converted | 70,618,999 | ||
Common Stock [Member] | Business Combination Agreement [Member] | |||
Stock Issued During Period, Shares, Acquisitions | 2,089,882 | ||
Common Stock [Member] | Management [Member] | |||
Stock Issued During Period, Shares, New Issues | 2,500,000 | ||
Common Stock [Member] | Antara [Member] | |||
Stock Issued During Period, Shares, New Issues | 3,002,674 | ||
Common Stock [Member] | Antara [Member] | Business Combination Agreement [Member] | |||
Stock Issued During Period, Shares, Acquisitions | 312,296 | ||
Series A Convertible Preferred Shares [Member] | |||
Conversion of Stock, Shares Converted | 20,418,209 | ||
Series B Convertible Preferred Shares [Member] | |||
Conversion of Stock, Shares Converted | 15,906,053 | ||
Series B-1 Convertible Preferred Shares [Member] | |||
Conversion of Stock, Shares Converted | 3,032,940 | ||
Series C Convertible Preferred Shares [Member] | |||
Conversion of Stock, Shares Converted | 28,216,005 | ||
Series C-1 Convertible Preferred Shares [Member] | |||
Conversion of Stock, Shares Converted | 3,045,792 | ||
Class B Common Shares Collective Growth [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,875,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Summary of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 33.00% |
Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 7.00% |
Electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment depreciation rate | 15.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment description of depreciation rate | Over the shorter of the related lease period or the useful life of the assets |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract Liabilities, Current | ||
Deferred Revenue | $ 135 | $ 996 |
Customer Advance Payment | 61 | 665 |
Total | 196 | 1,661 |
Contract Liabilities, Long-Term | ||
Deferred Revenue | 4,517 | 3,473 |
Total Contract Liabilities | $ 4,713 | $ 5,134 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Warranty Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Balance at beginning of the year | $ 27 | $ 61 |
Warranty Provision | 137 | 198 |
Warranty Claims Settled | (104) | (232) |
Balance at end of the year | $ 60 | $ 27 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 10, 2020 | Oct. 01, 2020 | Feb. 17, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Line Items] | ||||||
Impairment of long lived assets held for use | $ 599 | $ 496 | $ 0 | |||
Proceeds from redeemable convertible preferred stock | 0 | 8,934 | 161,233 | |||
Reduction in revenue | 14,800 | |||||
Performance obligations transaction price | 12,200 | |||||
Severance pay expense | 2,887 | 2,008 | $ 1,735 | |||
Contract with customers liability recognized | 199 | 283 | ||||
Upfront payment received for optional future production | 800 | |||||
Deferred Revenue | $ 3,500 | $ 3,500 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.50 | |||||
Redemption price of outstanding warrants in whole and not in part | $ 0.01 | |||||
Number of private warrants held by initial purchasers | 1,444,932 | |||||
Number of private warrants outstanding | 473,818 | |||||
Long-term deferred revenue | $ 244 | |||||
Percentage of investment portfolio not to invest more in single security | 5.00% | |||||
Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Redemption price of outstanding warrants in whole and not in part | $ 18 | |||||
Right of use assets and lease liabilities | $ 33,000 | |||||
Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Right of use assets and lease liabilities | $ 35,000 | |||||
Public warrants [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Stock shares issued during the period shares | 7,499,991 | |||||
Private warrants [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Stock shares issued during the period shares | 1,918,750 | |||||
401(k) profit sharing plans [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Employer matching contribution percentage | 4.00% | 4.00% | 4.00% | |||
Employer matching contribution to retirement plan amount | $ 30 | $ 14 | $ 35 | |||
Performance Based Agreement With Magna [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Deferred Revenue | $ 1,059 | |||||
Israel [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Severance pay percentage of monthly salary contribution to the fund | 8.33% | |||||
In Case Registered As Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 7,023,865 | |||||
Series C One Redeemable Convertible Preferred Shares [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | 943,148 | 346,678 | 346,678 | 2,699,114 | 0 | |
Proceeds from redeemable convertible preferred stock | $ 8,934 | |||||
Series C One Redeemable Convertible Preferred Shares [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Proceeds from redeemable convertible preferred stock | $ 100,000 | |||||
Series C One Redeemable Convertible Preferred Shares [Member] | Memorandum Of Understanding With Magna International [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | 1,755,966 | |||||
Proceeds from redeemable convertible preferred stock | ||||||
Series C One Redeemable Convertible Preferred Shares [Member] | In Case Not Registered As A Public Company [Member] | Performance Based Milestone [Member] | Performance Based Agreement With Magna [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Class of warrants or rights or rights excercisable into shares issuable in the future | 4,939,922 |
INVENTORIES - Summary of Invent
INVENTORIES - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory, Net [Abstract] | |||
Raw materials | $ 1,436 | $ 1,254 | |
Work in process | 1,552 | 447 | |
Finished goods | [1] | 1,268 | 463 |
Total | $ 4,256 | $ 2,164 | |
[1] | finished goods as of December 31, 2020 includes machinery to be sold to Magna (for further information see Note 2i). |
INVENTORIES - Additional Inform
INVENTORIES - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory, Net [Abstract] | |||
Inventory write-offs | $ 4,359 | $ 2,088 | $ 0 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS - Summary of Prepayment And Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Government authorities | $ 804 | $ 1,618 |
Prepaid expenses | 1,837 | 461 |
Other receivables | 97 | 118 |
Others | 291 | 1,090 |
Total | $ 3,029 | $ 3,287 |
PROPERTY AND EQUIPMENT, NET - S
PROPERTY AND EQUIPMENT, NET - Schedule of Property And Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cost: | ||
Property, Plant and Equipment, Gross | $ 22,042 | $ 17,762 |
Accumulated depreciation | 7,540 | 4,517 |
Total | 14,502 | 13,245 |
Computers and software [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 5,623 | 3,680 |
Office furniture and equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 608 | 557 |
Electronic equipment [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | 11,178 | 8,931 |
Leasehold improvements [Member] | ||
Cost: | ||
Property, Plant and Equipment, Gross | $ 4,633 | $ 4,594 |
PROPERTY AND EQUIPMENT, NET - A
PROPERTY AND EQUIPMENT, NET - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 3,361 | $ 2,165 | $ 1,674 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Assets And Liabilities At Fair Value On a Recurring Basis (Detail) - Fair Value, Recurring [Member] $ in Thousands | Dec. 31, 2021USD ($) | |
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | $ 49,896 | |
Liabilities: | ||
Total financial liabilities | 1,639 | |
Warrant [Member] | ||
Liabilities: | ||
Warrant liability | 1,639 | [1] |
Marketable securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 49,896 | |
Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 0 | |
Liabilities: | ||
Total financial liabilities | 0 | |
Level 1 [Member] | Warrant [Member] | ||
Liabilities: | ||
Warrant liability | 0 | [1] |
Level 1 [Member] | Marketable securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | |
Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 49,896 | |
Liabilities: | ||
Total financial liabilities | 0 | |
Level 2 [Member] | Warrant [Member] | ||
Liabilities: | ||
Warrant liability | 0 | [1] |
Level 2 [Member] | Marketable securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 49,896 | |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 0 | |
Liabilities: | ||
Total financial liabilities | 1,639 | |
Level 3 [Member] | Warrant [Member] | ||
Liabilities: | ||
Warrant liability | 1,639 | [1] |
Level 3 [Member] | Marketable securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | $ 0 | |
[1] | As part of the Transactions (see Note 1), the Company assumed a derivative warrant liability related to previously issued private placement warrants in connection with Collective Growth’s initial public offering. The Company utilizes a Black-Scholes option pricing model to estimate the fair value of the private placement warrants which is considered a Level 3 fair value measurement. The warrants are measured at each reporting period, with changes in fair value recognized in financing income, net. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary Of Change In The Level 3 Warrant Liability (Detail) - Warrant [Member] - Level 3 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | $ 0 |
Private warrants liability assumed in Transactions | 7,291 |
Change in fair value of warrants liability | (1,216) |
Reclassification of warrants liability to equity | (4,436) |
Balance | $ 1,639 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary Of Binomial (Lattice) Valuation Model Assumptions Used To Record The Fair Value Of The Warrants (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Apr. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Expected volatility | 64.00% | 65.00% | ||
Expected annual dividend yield | 0.00% | 0.00% | 0.00% | |
Expected term (years) | 4 years 4 months 24 days | 6 years 3 months | 6 years 3 months | |
Level 3 [Member] | Warrant [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair vale determined per warrant | $ 3.8 | $ 3.46 | ||
Expected volatility | 50.00% | 90.00% | ||
Expected annual dividend yield | 0.00% | 0.00% | ||
Expected term (years) | 5 years | 4 years 3 months 18 days | ||
Risk-free rate | 0.90% | 1.20% |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Private warrants [Member] | |
Stock shares issued during the period shares | 1,918,750 |
OTHER LONG-TERM ASSETS - Schedu
OTHER LONG-TERM ASSETS - Schedule of other long-term assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Investment in non-marketable securities | $ 0 | $ 166 |
Deferred transaction costs | 0 | 371 |
Other long-term assets | $ 0 | $ 537 |
OTHER LONG-TERM ASSETS - Additi
OTHER LONG-TERM ASSETS - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets Non Current [Line Items] | ||||
Realization of investment in non-marketable equity securities | $ (2,012) | $ 0 | $ 0 | |
Deferred transaction costs | $ 0 | $ 371 | ||
Share Purchase Agreement (the “SPA”) [Member] | ||||
Other Assets Non Current [Line Items] | ||||
Transaction cost of sale of shares | $ 2,178 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Liabilities And Other Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | |||
Warranty provision | $ 60 | $ 27 | $ 61 |
Accrued expenses | 5,165 | 2,536 | |
Fixed assets creditors | 1,433 | 0 | |
Others | 50 | 16 | |
Total | $ 6,708 | $ 2,579 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of Minimum Future Lease Payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 1,196 |
2023 | 3,198 |
2024 | 3,932 |
2025 | 4,282 |
2026 and thereafter | 31,725 |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 44,333 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | |
Other Commitments [Line Items] | |||||
Total rent expenses | $ 1,819 | $ 956 | $ 777 | ||
Financial expenses with respect to loan | 94 | $ 89 | $ 94 | ||
Israel [Member] | |||||
Other Commitments [Line Items] | |||||
Debt instruments face amount | ₪ 9,700,000 | $ 3,119 | |||
Debt Interest rate | 3.58% | 3.58% | |||
Debt payments installments amount | ₪ 98,500 | $ 32 | |||
Debt frequency of payments | 120 fixed monthly installments | 120 fixed monthly installments |
CONVERTIBLE PREFERRED SHARES -
CONVERTIBLE PREFERRED SHARES - Summary of Convertible Preferred Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Temporary Equity [Line Items] | ||
Number of shares outstanding | 2,699,114 | |
Series A Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 0 | 20,418,209 |
Number of shares issued | 0 | 20,418,209 |
Number of shares outstanding | 0 | 20,418,209 |
Liquidation preference | $ 0 | $ 11,682 |
Series B Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 0 | 15,906,053 |
Number of shares issued | 0 | 15,906,053 |
Number of shares outstanding | 0 | 15,906,053 |
Liquidation preference | $ 0 | $ 89,659 |
Series B-1 Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 0 | 3,032,940 |
Number of shares issued | 0 | 3,032,940 |
Number of shares outstanding | 0 | 3,032,940 |
Liquidation preference | $ 0 | $ 13,693 |
Series C Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 0 | 28,973,439 |
Number of shares issued | 0 | 28,216,005 |
Number of shares outstanding | 0 | 28,216,005 |
Liquidation preference | $ 0 | $ 186,954 |
Series C One Redeemable Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Number of shares Authorized | 0 | 15,191,550 |
Number of shares issued | 0 | 2,699,114 |
Number of shares outstanding | 0 | |
Liquidation preference | $ 0 | $ 26,218 |
CONVERTIBLE PREFERRED SHARES _2
CONVERTIBLE PREFERRED SHARES - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 10, 2020shares | Oct. 01, 2020USD ($)$ / sharesshares | Jun. 01, 2019USD ($)$ / sharesshares | Feb. 17, 2021 | Feb. 17, 2021Ratio | Feb. 17, 2021shares | Feb. 24, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares |
Temporary Equity [Line Items] | ||||||||||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 0 | $ 8,934 | $ 161,233 | |||||||
Reverse stock split ratio | 1.138974 | 1.138974 | ||||||||
Series A Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 0.4408 | |||||||||
Series B Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 4.6366 | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 0 | 0 | 0 | |||||||
Series B-1 Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 3.7093 | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 0 | 0 | 0 | |||||||
Series C Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 5.9842 | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 0 | 0 | 28,216,005 | |||||||
Series C Convertible Preferred Shares [Member] | Initial Series C Redeemable Preferred Shares Financing Round [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 5.9842 | |||||||||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 98,120 | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 17,186,948 | |||||||||
Temporary equity issuance costs | $ 4,730 | |||||||||
Series C Convertible Preferred Shares [Member] | Multiple Deferred Closings [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 5.9842 | |||||||||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 63,113 | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 11,029,057 | |||||||||
Temporary equity issuance costs | $ 2,887 | |||||||||
Series C One Redeemable Convertible Preferred Shares [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity original issue price | $ / shares | $ 9.5730 | $ 9.5730 | ||||||||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 8,934 | |||||||||
Temporary equity rate of interest on dividend declared but unpaid | 6.00% | |||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 943,148 | 346,678 | 346,678 | 2,699,114 | 0 | |||||
Temporary equity issuance costs | $ 95 | |||||||||
Premoney evaluation | $ 1,300,000 | |||||||||
Temporary equity predetermined issue price as percentage of original issue price | 70.00% | |||||||||
Series C One Redeemable Convertible Preferred Shares [Member] | Magna [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Issuance of Convertible Preferred Shares, net of issuance cost (Shares) | shares | 1,755,966 | |||||||||
Series C One Redeemable Convertible Preferred Shares [Member] | Minimum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of stock minimum issue price as a percentage of issue price of redeemable convertible preferred stock | 200.00% | |||||||||
Proceeds from issuance of convertible preferred shares, net of issuance cost | $ 100,000 |
SHAREHOLDERS' EQUITY - Summary
SHAREHOLDERS' EQUITY - Summary of Composition of Share Capital (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |||
Number of Shares Authorized | [1] | 500,000,000 | 179,872,754 |
Number of shares issued | [1] | 134,098,120 | 16,948,226 |
Number of shares outstanding | 134,098,120 | 16,948,226 | |
[1] | Ordinary Shares confer upon the holders the right to vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company. |
SHAREHOLDERS' EQUITY - Additio
SHAREHOLDERS' EQUITY - Additional Information (Detail) | 1 Months Ended | |||
Feb. 17, 2021 | Feb. 17, 2021Ratio | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | |
Common stock, no par value | $ 0 | $ 0 | ||
Reverse stock split ratio | 1.138974 | 1.138974 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Expected term, in years | 4 years 4 months 24 days | 6 years 3 months | 6 years 3 months |
Expected volatility | 64.00% | 65.00% | |
Expected volatility,minimum | 65.00% | ||
Expected volatility,maximum | 70.00% | ||
Risk-Free interest rate,minimum | 0.48% | 0.46% | 1.77% |
Risk-Free interest rate,maximum | 1.01% | 1.74% | 2.65% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Number of options Outstanding | 8,470,761 | |
Number of options Granted | 10,080,000 | |
Number of options Exercised | (1,918,100) | |
Number of options Forfeited | (395,313) | |
Number of options Expired | (2) | |
Number of options Outstanding at End | 16,237,346 | 8,470,761 |
Number of options Exercisable | 7,897,642 | |
Weighted- average exercise price,Outstanding | $ 0.68 | |
Weighted- average exercise price Granted | 8.56 | |
Weighted- average exercise price Exercised | 0.50 | |
Weighted- average exercise price Forfeited | 2.75 | |
Weighted- average exercise price Expired | 1.14 | |
Weighted- average exercise price Outstanding at End | 5.55 | $ 0.68 |
Weighted- average exercise price Exercisable | $ 5.47 | |
Weighted- average remaining contractual term Outstanding | 6 years 11 months 12 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Outstanding at End | 6 years 11 months 12 days | 7 years 11 months 1 day |
Weighted- average remaining contractual term Exercisable | 6 years 7 months 6 days | |
Aggregate intrinsic value, Outstanding | $ 43,598 | |
Aggregate intrinsic value, Exercised | 2,363 | |
Aggregate intrinsic value, Outstanding at End | 12,905 | $ 43,598 |
Aggregate intrinsic value Exercisable | $ 6,902 |
SHARE-BASED COMPENSATION - Su_3
SHARE-BASED COMPENSATION - Summary of Restricted Stock Unit's activity (Detail) - RSUs | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested as of December 31, 2020 | shares | 0 |
Granted | shares | 6,361,724 |
Vested | shares | (2,413,667) |
Forfeited | shares | (37,456) |
Unvested as of December 31, 2021 | shares | 3,910,601 |
Weighted average grant date fair value per share, Unvested as of December 31, 2020 | $ / shares | $ 0 |
Weighted average grant date fair value per share, Granted | $ / shares | 9.26 |
Weighted average grant date fair value per share, Vested | $ / shares | 9.92 |
Weighted average grant date fair value per share, Forfeited | $ / shares | 8.5 |
Weighted average grant date fair value per share, Unvested as of December 31, 2021 | $ / shares | $ 8.87 |
SHARE-BASED COMPENSATION - Su_4
SHARE-BASED COMPENSATION - Summary of Management earn out shares (Detail) - $ / shares | May 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 64.00% | 65.00% | ||
Expected term (years) | 4 years 4 months 24 days | 6 years 3 months | 6 years 3 months | |
Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | $ 9.75 | |||
Expected volatility | 77.50% | |||
Risk-Free interest rate | 0.66% | |||
Threshold | $ 12.5 | |||
Expected term (years) | 4 years |
SHARE-BASED COMPENSATION - Su_5
SHARE-BASED COMPENSATION - Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | $ 64,736 | $ 3,196 | $ 2,171 |
Research and development [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 25,504 | 2,649 | 1,695 |
Sales and marketing [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | 17,153 | 338 | 374 |
General and administrative [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based payment arrangement, expense | $ 22,079 | $ 209 | $ 102 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement options unrecognized compensation | $ 49,907 | ||
Share based compensation by share based payment arrangement weighted average period of recognition | 2 years 10 months 20 days | ||
Unrecognized compensation cost, weighted average period | 2 years 10 months 20 days | ||
Share based compensation by share based payment arrangement weighted average grant date fair value per share | $ 4.75 | $ 3.01 | $ 1.58 |
Two Thousand And Sixteen Share Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement contractual term | 7 years | ||
Share based compensation by share based payment arrangement service based vesting term | 4 years | ||
2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares reserved for future issuance | 4,617,720 | ||
Share based compensation by share based payment arrangement contractual term | 7 years | ||
Share based compensation by share based payment arrangement service based vesting term | 4 years |
TAXES ON INCOME - Summary of Co
TAXES ON INCOME - Summary of Components of the Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 72,116 | $ 37,819 |
Research and development costs carryforward | 18,357 | 15,997 |
Accrued Expenses | 725 | 446 |
Share-based compensation | 20 | 23 |
Property and equipment | 155 | 0 |
Other | 3,925 | 3,348 |
Gross deferred tax assets | 95,298 | 57,633 |
Valuation allowance | (95,264) | (57,621) |
Deferred tax liabilities: | ||
Property and equipment | 0 | (12) |
Other | (34) | 0 |
Total deferred tax liabilities | (34) | (12) |
Net deferred tax | $ 0 | $ 0 |
TAXES ON INCOME - Summary of Lo
TAXES ON INCOME - Summary of Loss Before Taxes on Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (153,091) | $ (81,462) | $ (67,306) |
Foreign | (184) | 134 | 15 |
Loss before taxes on income | $ (153,275) | $ (81,328) | $ (67,291) |
TAXES ON INCOME - Summary of In
TAXES ON INCOME - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 284 | $ 183 | $ 10 |
Domestic | 232 | 128 | 0 |
Foreign | 52 | 55 | 10 |
Total | $ 284 | $ 183 | $ 10 |
TAXES ON INCOME - Summary of Re
TAXES ON INCOME - Summary of Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Israel tax provision at statutory rate | 23.00% | 23.00% | 23.00% |
Non-deductible share-based compensation | (2.00%) | (0.61%) | (0.63%) |
Effect of other permanent differences | 0.47% | (0.01%) | (0.06%) |
Change in valuation allowance | (24.41%) | (22.86%) | (22.32%) |
Issuance costs | 3.68% | 0.00% | 0.00% |
Other adjustments | 0.93% | 0.25% | 0.00% |
Effective tax rate | (0.19%) | (0.23%) | (0.01%) |
TAXES ON INCOME - Additional In
TAXES ON INCOME - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 23.00% | 23.00% |
Foreign Income Tax Rate Differential | 37.50% | ||
Tax deduction percent | 13.125% | ||
Operating Loss Carryforwards | $ 311,000 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Israel Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% |
BASIC AND DILUTED NET LOSS PE_3
BASIC AND DILUTED NET LOSS PER SHARE - Summary of Computation of the Net Loss Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net loss | $ (153,559) | $ (81,511) | $ (67,301) |
Preferred share accrued cumulative dividend rights | (5,044) | (17,473) | (13,664) |
Total loss attributable to ordinary shares | $ (158,603) | $ (98,984) | $ (80,965) |
Denominator: | |||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share | 102,859,891 | 16,514,910 | 15,524,845 |
BASIC AND DILUTED NET LOSS PE_4
BASIC AND DILUTED NET LOSS PER SHARE - Additional Information (Detail) - Options For Purchase Of Ordinary Shares [Member] - shares | Apr. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 70,618,999 | 8,470,758 | 7,834,282 | |
Warrant [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 16,231,241 | |||
Sponsors earnout shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 2,402,178 | |||
Options and RSUs outstanding [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 20,147,947 | |||
Series A Convertible Preferred Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 20,418,209 | 20,418,209 | ||
Series B Convertible Preferred Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 15,906,053 | 15,906,053 | ||
Series B-1 Convertible Preferred Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 3,032,940 | 3,032,940 | ||
Series C Convertible Preferred Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 28,216,005 | 28,216,005 | ||
Series C One Redeemable Convertible Preferred Shares [Member] | ||||
Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded in calculation of earnings per share | 2,699,114 |
GEOGRAPHIC AND CUSTOMER INFOR_3
GEOGRAPHIC AND CUSTOMER INFORMATION - Summary of Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,466 | $ (9,364) | $ 1,575 | |
Europe Middle East And Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 2,570 | 3,803 | 1,105 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 538 | 1,078 | 182 | |
North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | $ 2,358 | $ (14,245) | $ 288 |
[1] | Include revenues from Germany in the amount of $2,491, $3,635 and $983 in the years ended December 31, 2021, 2020 and 2019, respectively. | |||
[2] | Include revenues from United States only. During the year ended December 31, 2020, a reduction of revenue in the amount of $14,800 was recorded (see also Note 2i). |
GEOGRAPHIC AND CUSTOMER INFOR_4
GEOGRAPHIC AND CUSTOMER INFORMATION - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 5,466 | $ (9,364) | $ 1,575 |
Reduction in revenue | 14,800 | ||
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,491 | 3,635 | $ 983 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Reduction in revenue | $ 14,800 |
GEOGRAPHIC AND CUSTOMER INFOR_5
GEOGRAPHIC AND CUSTOMER INFORMATION - Summary of long-Lived Assets Based on Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Long Lived Assets Based On Location [Line Items] | ||
Property and equipment, net | $ 14,502 | $ 13,245 |
Israel [Member] | ||
Schedule Of Long Lived Assets Based On Location [Line Items] | ||
Property and equipment, net | 14,341 | 13,053 |
United States [Member] | ||
Schedule Of Long Lived Assets Based On Location [Line Items] | ||
Property and equipment, net | 40 | 74 |
Germany [Member] | ||
Schedule Of Long Lived Assets Based On Location [Line Items] | ||
Property and equipment, net | 29 | 34 |
Belarus [Member] | ||
Schedule Of Long Lived Assets Based On Location [Line Items] | ||
Property and equipment, net | $ 92 | $ 84 |
GEOGRAPHIC AND CUSTOMER INFOR_6
GEOGRAPHIC AND CUSTOMER INFORMATION - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Number of customers | one | three | one |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 82.00% | 51.00% | 64.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 22.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Related Party Balance [Abstract] | ||
Trade receivable | $ 420 | $ 1,146 |
Long term deferred revenues | $ 3,864 | $ 3,473 |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Revenue from related party | $ 4,500 | $ (12,014) | $ 1,002 |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Revenue from related party | $ 4,500 | $ (12,014) | $ 1,002 |
Trade receivables from related party current | 420 | 1,146 | |
Revenue to be recognized in the future non current related party | 3,864 | 3,473 | |
Trade Accounts Receivable [Member] | |||
Related Party Transaction [Line Items] | |||
Trade receivables from related party current | $ 420 | $ 1,146 |