Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | INNOVIZ TECHNOLOGIES LTD. |
Entity Central Index Key | 0001835654 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Entity File Number | 001-40310 |
Entity Address, Address Line One | Innoviz Technologies Campus |
Entity Address, Address Line Two | 5 Uri Ariav Street, Bldg. C |
Entity Address, Address Line Three | Nitzba 300 |
Entity Address, City or Town | Rosh HaAin |
Entity Address, Country | IL |
INTERIM CONSOLIDATED BALANCE SH
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 34,331 | $ 55,718 |
Short term restricted cash | 52 | 236 |
Bank deposits | 62,710 | 80,684 |
Marketable securities | 24,639 | 41,681 |
Trade receivables, net | 2,382 | 1,762 |
Inventory | 4,584 | 4,236 |
Prepaid expenses and other current assets | 2,400 | 3,236 |
Total current assets | 131,098 | 187,553 |
LONG-TERM ASSETS: | ||
Marketable securities | 7,838 | 7,840 |
Restricted deposits | 2,508 | 2,543 |
Property and equipment, net | 30,744 | 30,489 |
Operating lease right-of-use assets, net | 26,528 | 26,927 |
Other long-term assets | 83 | 81 |
Total long-term assets | 67,701 | 67,880 |
Total assets | 198,799 | 255,433 |
CURRENT LIABILITIES: | ||
Trade payables | 6,993 | 8,367 |
Advances from customers and deferred revenues | 4,219 | 4,082 |
Employees and payroll accruals | 9,379 | 8,693 |
Accrued expenses and other current liabilities | 7,170 | 7,572 |
Operating lease liabilities | 5,602 | 3,720 |
Total current liabilities | 33,363 | 32,434 |
LONG-TERM LIABILITIES: | ||
Advances from customers and deferred revenues | 121 | 61 |
Operating lease liabilities | 28,122 | 30,201 |
Warrants liability | 467 | 720 |
Total long-term liabilities | 28,710 | 30,982 |
SHAREHOLDERS' EQUITY: | ||
Ordinary Shares of no-par value: Authorized: 500,000,000 shares as of June 30, 2023 and December 31, 2022; Issued and outstanding: 137,136,395 and 136,185,264 shares as of June 30, 2023 and December 31, 2022, respectively | 0 | 0 |
Additional paid-in capital | 714,534 | 703,851 |
Accumulated deficit | (577,808) | (511,834) |
Total shareholders' equity | 136,726 | 192,017 |
Total liabilities and shareholders' equity | $ 198,799 | $ 255,433 |
INTERIM CONSOLIDATED BALANCE _2
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock shares no par value | $ 0 | $ 0 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares outstanding | 137,136,395 | 136,185,264 |
Common stock shares issued | 137,136,395 | 136,185,264 |
INTERIM CONSOLIDATED STATEMENTS
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 2,476 | $ 3,571 |
Cost of revenues | (9,572) | (6,084) |
Gross loss | (7,096) | (2,513) |
Operating expenses: | ||
Research and development | 49,888 | 44,700 |
Sales and marketing | 4,620 | 5,381 |
General and administrative | 9,169 | 9,744 |
Total operating expenses | 63,677 | 59,825 |
Operating loss | (70,773) | (62,338) |
Financial income, net | 5,267 | 4,040 |
Loss before taxes on income | (65,506) | (58,298) |
Taxes on income | (468) | (48) |
Net loss | $ (65,974) | $ (58,346) |
Basic net loss per ordinary share | $ (0.48) | $ (0.43) |
Diluted net loss per ordinary share | $ (0.48) | $ (0.43) |
Weighted average number of ordinary shares used in computing basic net loss per ordinary share | 136,640,997 | 134,607,839 |
Weighted average number of ordinary shares used in computing diluted net loss per ordinary share | 136,640,997 | 134,607,839 |
INTERIM CONSOLIDATED STATEMEN_2
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Ordinary Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Dec. 31, 2021 | $ 0 | $ 683,764 | $ (384,962) | $ 298,802 |
Beginning balance (Shares) at Dec. 31, 2021 | 134,098,120 | |||
Reclassification of warrants liability to equity | $ 0 | 15 | 0 | 15 |
Exercise of shares options | $ 0 | 311 | 0 | 311 |
Exercise of shares options (Shares) | 524,938 | |||
Exercise of public warrants | $ 0 | 1 | 0 | 1 |
Exercise of public warrants (Shares) | 100 | |||
Vesting of RSUs | $ 0 | 0 | 0 | 0 |
Vesting of RSUs (shares) | 648,611 | |||
Share-based compensation | $ 0 | 9,165 | 0 | 9,165 |
Net Loss | 0 | 0 | (58,346) | (58,346) |
Ending balance at Jun. 30, 2022 | $ 0 | 693,256 | (443,308) | 249,948 |
Ending balance (Shares) at Jun. 30, 2022 | 135,271,769 | |||
Beginning balance at Dec. 31, 2022 | $ 0 | 703,851 | (511,834) | 192,017 |
Beginning balance (Shares) at Dec. 31, 2022 | 136,185,264 | |||
Reclassification of warrants liability to equity | $ 0 | 8 | 0 | 8 |
Exercise of shares options | $ 0 | 232 | 0 | $ 232 |
Exercise of shares options (Shares) | 289,851 | 289,851 | ||
Vesting of RSUs | $ 0 | 0 | 0 | $ 0 |
Vesting of RSUs (shares) | 661,280 | |||
Share-based compensation | $ 0 | 10,443 | 0 | 10,443 |
Net Loss | 0 | 0 | (65,974) | (65,974) |
Ending balance at Jun. 30, 2023 | $ 0 | $ 714,534 | $ (577,808) | $ 136,726 |
Ending balance (Shares) at Jun. 30, 2023 | 137,136,395 |
INTERIM CONSOLIDATED STATEMEN_3
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (65,974) | $ (58,346) |
Adjustments required to reconcile net loss to net cash used in Operating Activities: | ||
Depreciation and amortization | 2,954 | 4,192 |
Remeasurement of warrants liability | (245) | (789) |
Change in accrued interest on bank deposits | 455 | (245) |
Change in marketable securities | (237) | 707 |
Share-based compensation | 10,443 | 9,165 |
Foreign exchange loss, net | 65 | 1,220 |
Change in prepaid expenses and other assets | 1,014 | (3,186) |
Change in trade receivables, net | (620) | (562) |
Change in inventory | (348) | (395) |
Changes in operating lease assets and liabilities, net | 202 | (430) |
Change in trade payables | (134) | 60 |
Change in accrued expenses and other liabilities | 110 | (1,185) |
Change in employees and payroll accruals | 686 | (558) |
Change in advances from customers and deferred revenues | 197 | 243 |
Net cash used in operating activities | (51,432) | (50,109) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (5,136) | (5,026) |
Investment in bank deposits | (62,000) | (50,000) |
Withdrawal of bank deposits | 79,500 | 135,000 |
Increase in restricted deposits | (40) | (2,580) |
Investment in marketable securities | (23,004) | (17,664) |
Proceeds from sales and maturities of marketable securities | 40,285 | 17,664 |
Net cash provided by investing activities | 29,605 | 77,394 |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 227 | 293 |
Net cash provided by financing activities | 227 | 293 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 29 | (1,122) |
Increase (decrease) in cash, cash equivalents and restricted cash | (21,571) | 26,456 |
Cash, cash equivalents and restricted cash at the beginning of the period | 55,954 | 24,541 |
Cash, cash equivalents and restricted cash at the end of the period | 34,383 | 50,997 |
Cash paid during the period for: | ||
Income taxes | 255 | 48 |
Non-cash transactions: | ||
Purchase of property and equipment | 564 | 7,582 |
Reclassification of warrants liability to equity | 8 | 15 |
Exercise of options | 5 | 19 |
Right-of-use assets recognized with corresponding lease liabilities | 749 | 29,267 |
Cash, cash equivalents and restricted cash at the end of the period: | ||
Cash and cash equivalents | 34,331 | 50,279 |
Short-term restricted cash | 52 | 718 |
Cash, cash equivalents and restricted cash at end of the year | $ 34,383 | $ 50,997 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2023 | |
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 Tier-1 direct delivery vehicles, buses b. The Company was incorporated on January 18, 2016, under the laws of the state of Israel. c. 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 Company's ordinary shares and warrants were listed on the Nasdaq Stock Market LLC under the trading symbols “INVZ” and “INVZW”, respectively, on April 5, 2021. d. As of June 30, 2023, the Company’s principal source of liquidity includes its cash and cash equivalents in the amount of $34,331, bank deposits in the amount of $62,710 and marketable securities in the amount of $32,477, which is sufficient to finance its business plan for at least the next 12 months. As the Company achieves further commercial success, it may need to obtain additional funding to support its continuing operations. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES a. I The accompanying interim consolidated balance sheet as of June 30, 2023, the interim consolidated statements of operations and the interim consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, as well as the interim statement of changes in shareholders’ equity for the six months ended June 30, 2023 and 2022, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of June 30, 2023, as well as its results of operations and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for other interim periods or for future years. b. Significant accounting policies The accompanying unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2023. There have been no changes to the significant accounting policies described in the 2022 Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes, except as mentioned below (see also Note 2e). c. Use of estimates: The preparation of interim 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 interim 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, 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. d. Concentration of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade receivables, marketable securities, bank deposits, restricted deposits and restricted cash. 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 at time of purchase. e. Recently adopted accounting pronouncement: On January 1, 2023, the Company adopted ASU No. 2016-13 (Topic 326), Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which has replaced the previous incurred loss impairment methodology. Under the new guidance an entity is required to recognize an allowance that reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument based on historical experience, current conditions and reasonable and supportable forecasts. |
CONTRACT BALANCES AND REMAINING
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS | NOTE 3:- CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS Contract liabilities consisted of the following as of June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 (Unaudited) Contract liabilities, Current Deferred revenues $ 4,151 $ 4,004 Advances from customers 68 78 Total $ 4,219 $ 4,082 Contract liabilities, Long-term Deferred revenues $ 121 $ 61 Total Contract liabilities $ 4,340 $ 4,143 During the six months ended June Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product and engineering services not yet satisfied. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $12,536 (out of which, $3,441 is recorded as short-term deferred revenues), which the Company expects to recognize as revenues. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS The below table sets forth the Company’s assets and liabilities that were measured at fair value as of June 30, 2023 and December 31, 2022 by level within the fair value hierarchy. June 30, 2023 (Unaudited) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 32,477 $ - $ 32,477 Total financial assets $ - $ 32,477 $ - $ 32,477 Liabilities: Warrants (1) $ - $ - $ 467 $ 467 Total financial liabilities $ - $ - $ 467 $ 467 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 49,521 $ - $ 49,521 Total financial assets $ - $ 49,521 $ - $ 49,521 Liabilities: Warrants (1) $ - $ - $ 720 $ 720 Total financial liabilities $ - $ - $ 720 $ 720 During the six months ended June 30, 2023, the Company recognized net trading gain of $237 which relates to marketable securities held by the Company. (1) As part of the Transactions (see Note 1c), 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 is summarized as follows: Six Months Ended June 30, 2023 2022 (Unaudited) Balance as of January 1 $ 720 $ 1,639 Change in fair value of warrants liability (245 ) (789 ) Reclassification of warrants liability to equity (8 ) (15 ) Balance as of June 30 $ 467 $ 835 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 share price volatility, expiration, risk-free interest rate and dividend yield. The Company estimates the volatility of its private warrants based on implied volatility of the publicly traded warrants and the historical volatility of the company’s share price and of a selected peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve as of the valuation date for a maturity similar to the expiration of the warrants. The dividend yield is based on the historical rate, which the Company anticipates remaining at zero. The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: June 30, December 31, 2023 2022 (Unaudited) Fair value determined per warrant $ 1.03 $ 1.57 Expected volatility 105 % 92.5 % Expected annual dividend yield 0 % 0 % Expected term (years) 2.8 3.3 Risk-free rate 4.6 % 4.2 % |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 5:- LEASES Below is a summary of the Company operating right-of-use assets, net and operating lease liabilities as of June 30, 2023: Operating lease right-of-use assets, net $ 26,528 Operating lease liabilities, current $ 5,602 Operating lease liabilities, non-current 28,122 Total operating lease liabilities $ 33,724 Weighted average remaining lease term (years) 9.37 Weighted average discount rate of operating leases 4.59 % Additional information regarding the Company’s operating leases: Six Months Ended June 30, 2023 (unaudited) Operating lease costs $ 1,894 Variable lease payments $ 118 Short term lease costs $ 6 Operating cash flows from lease incentives received, net of cash paid for operating leases $ 184 Minimum lease payments over the remaining lease periods as of June 30, 2023, are as follows: Year Ended December 31, (unaudited) 2023 $ 1,997 2024 3,876 2025 4,204 2026 4,207 2027 4,197 Thereafter 20,750 Total undiscounted lease payments $ 39,231 Less: interest (5,507 ) Present value of lease liabilities $ 33,724 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6:- COMMITMENTS AND CONTINGENCIES 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. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 7:- SHARE-BASED COMPENSATION a. Options granted: A summary of option balances as of June 30, 2023 (unaudited), and changes during the six months then ended are as follows: Number of options Weighted-average exercise price Weighted- average (in years) Aggregate intrinsic value Outstanding as of December 31, 2022 14,080,996 $ 5.24 6.00 $ 19,724 Granted 11,784 $ 4.75 - Exercised (289,851 ) $ 0.80 $ 786 Forfeited (191,460 ) $ 5.36 $ 114 Expired (67,235 ) $ 7.66 - Outstanding as of June 30, 2023 13,544,234 $ 5.33 5.45 $ 12,079 Exercisable as of June 30, 2023 9,954,056 $ 5.20 5.33 $ 10,692 b. RSUs granted: A summary of RSUs activity for the six months ended June 30, 2023 (unaudited), is as follows: Number of shares Weighted Unvested as of December 31, 2022 7,308,579 $ 5.95 Granted 960,622 $ 4.06 Vested (661,280 ) $ 5.99 Forfeited (285,596 ) $ 5.43 Unvested as of June 30, 2023 7,322,325 $ 5.72 c. Share-based compensation expenses: The total share-based compensation expenses related to all of the Company’s equity-based awards, which include options and RSUs recognized in the Company’s consolidated statements of operations for the six months ended June 30, 2023, and 2022, are as follows: Six Months Ended June 30, 2023 2022 (Unaudited) Cost of revenues $ 181 $ 76 Research and development 6,926 5,380 Sales and marketing 682 1,367 General and administrative 2,654 2,342 $ 10,443 $ 9,165 As of June 30, 2023, unrecognized compensation cost related to share options and RSUs was $42,363, which is expected to be recognized over a weighted average period of 2.55 |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER SHARE | NOTE 8:- BASIC AND DILUTED NET LOSS PER SHARE The following table sets forth the computation of the net loss per share for the period presented: Six June 30, 2023 2022 (Unaudited) Numerator: Net Loss $ (65,974 ) $ (58,346 ) Denominator: 136,640,997 134,607,839 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. 16,231,141 warrants, 2,402,178 sponsors earnout shares, 20,866,559 outstanding options to purchase Ordinary Shares and unvested RSUs as of June 30, 2023. b. 16,231,141 warrants, 2,402,178 sponsors earnout shares, 20,096,766 outstanding options to purchase Ordinary Shares and unvested RSUs as of June 30, 2022. |
GEOGRAPHIC AND CUSTOMER INFORMA
GEOGRAPHIC AND CUSTOMER INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC AND CUSTOMER INFORMATION | NOTE 9:- 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: Six Months Ended June 30, 2023 2022 (Unaudited) Europe, Middle East and Africa (*) $ 1,640 $ 2,000 Asia Pacific 260 334 North America (**) 576 1,237 $ 2,476 $ 3,571 (*) Includes revenue from Germany in the amount of $1,500 thousand and $1,926 thousand for the six months ended June 30, 2023 and 2022, respectively. (**) Includes revenues from United States only. b. Customers accounted for over 10% of revenue: As of June 30, 2023, Customer A, B and C accounted for 41%, 23%, 16% of revenues, respectively. As of June 30, 2022, Customer B accounted for 81% of revenues. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | a. I The accompanying interim consolidated balance sheet as of June 30, 2023, the interim consolidated statements of operations and the interim consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, as well as the interim statement of changes in shareholders’ equity for the six months ended June 30, 2023 and 2022, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of June 30, 2023, as well as its results of operations and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for other interim periods or for future years. |
Significant accounting policies | b. Significant accounting policies The accompanying unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2023. There have been no changes to the significant accounting policies described in the 2022 Annual Report that have had a material impact on the unaudited interim consolidated financial statements and related notes, except as mentioned below (see also Note 2e). |
Use of estimates | c. Use of estimates: The preparation of interim 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 interim 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, 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. |
Concentration of credit risk | d. Concentration of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade receivables, marketable securities, bank deposits, restricted deposits and restricted cash. 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 at time of purchase. |
Recently adopted accounting pronouncement | e. Recently adopted accounting pronouncement: On January 1, 2023, the Company adopted ASU No. 2016-13 (Topic 326), Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which has replaced the previous incurred loss impairment methodology. Under the new guidance an entity is required to recognize an allowance that reflects its current estimate of credit losses expected to be incurred over the life of the financial instrument based on historical experience, current conditions and reasonable and supportable forecasts. |
CONTRACT BALANCES AND REMAINI_2
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of contract liabilities | June 30, December 31, 2023 2022 (Unaudited) Contract liabilities, Current Deferred revenues $ 4,151 $ 4,004 Advances from customers 68 78 Total $ 4,219 $ 4,082 Contract liabilities, Long-term Deferred revenues $ 121 $ 61 Total Contract liabilities $ 4,340 $ 4,143 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities at fair value on a recurring basis | June 30, 2023 (Unaudited) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 32,477 $ - $ 32,477 Total financial assets $ - $ 32,477 $ - $ 32,477 Liabilities: Warrants (1) $ - $ - $ 467 $ 467 Total financial liabilities $ - $ - $ 467 $ 467 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Marketable securities $ - $ 49,521 $ - $ 49,521 Total financial assets $ - $ 49,521 $ - $ 49,521 Liabilities: Warrants (1) $ - $ - $ 720 $ 720 Total financial liabilities $ - $ - $ 720 $ 720 (1) As part of the Transactions (see Note 1c), 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. |
Summary of the binomial (lattice) valuation model assumptions used to record the fair value of the warrants | Six Months Ended June 30, 2023 2022 (Unaudited) Balance as of January 1 $ 720 $ 1,639 Change in fair value of warrants liability (245 ) (789 ) Reclassification of warrants liability to equity (8 ) (15 ) Balance as of June 30 $ 467 $ 835 |
Summary of change in the level 3 warrant liability | June 30, December 31, 2023 2022 (Unaudited) Fair value determined per warrant $ 1.03 $ 1.57 Expected volatility 105 % 92.5 % Expected annual dividend yield 0 % 0 % Expected term (years) 2.8 3.3 Risk-free rate 4.6 % 4.2 % |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of operating right-of-use assets and operating lease liabilities | Operating lease right-of-use assets, net $ 26,528 Operating lease liabilities, current $ 5,602 Operating lease liabilities, non-current 28,122 Total operating lease liabilities $ 33,724 Weighted average remaining lease term (years) 9.37 Weighted average discount rate of operating leases 4.59 % |
Summary of operating lease costs | Six Months Ended June 30, 2023 (unaudited) Operating lease costs $ 1,894 Variable lease payments $ 118 Short term lease costs $ 6 Operating cash flows from lease incentives received, net of cash paid for operating leases $ 184 |
Summary of minimum lease payments over the remaining lease | Year Ended December 31, (unaudited) 2023 $ 1,997 2024 3,876 2025 4,204 2026 4,207 2027 4,197 Thereafter 20,750 Total undiscounted lease payments $ 39,231 Less: interest (5,507 ) Present value of lease liabilities $ 33,724 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Summary of share-based compensation arrangements by share-based payment award | Number of options Weighted-average exercise price Weighted- average (in years) Aggregate intrinsic value Outstanding as of December 31, 2022 14,080,996 $ 5.24 6.00 $ 19,724 Granted 11,784 $ 4.75 - Exercised (289,851 ) $ 0.80 $ 786 Forfeited (191,460 ) $ 5.36 $ 114 Expired (67,235 ) $ 7.66 - Outstanding as of June 30, 2023 13,544,234 $ 5.33 5.45 $ 12,079 Exercisable as of June 30, 2023 9,954,056 $ 5.20 5.33 $ 10,692 |
Summary of restricted stock units granted | Number of shares Weighted Unvested as of December 31, 2022 7,308,579 $ 5.95 Granted 960,622 $ 4.06 Vested (661,280 ) $ 5.99 Forfeited (285,596 ) $ 5.43 Unvested as of June 30, 2023 7,322,325 $ 5.72 |
Summary of share-based payment arrangement, expensed and capitalized, amount | Six Months Ended June 30, 2023 2022 (Unaudited) Cost of revenues $ 181 $ 76 Research and development 6,926 5,380 Sales and marketing 682 1,367 General and administrative 2,654 2,342 $ 10,443 $ 9,165 |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of computation of the net loss per share | Six June 30, 2023 2022 (Unaudited) Numerator: Net Loss $ (65,974 ) $ (58,346 ) Denominator: 136,640,997 134,607,839 |
GEOGRAPHIC AND CUSTOMER INFOR_2
GEOGRAPHIC AND CUSTOMER INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of reportable segments | Six Months Ended June 30, 2023 2022 (Unaudited) Europe, Middle East and Africa (*) $ 1,640 $ 2,000 Asia Pacific 260 334 North America (**) 576 1,237 $ 2,476 $ 3,571 (*) Includes revenue from Germany in the amount of $1,500 thousand and $1,926 thousand for the six months ended June 30, 2023 and 2022, respectively. (**) Includes revenues from United States only. |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash and cash equivalents | $ 34,331 | $ 55,718 | $ 50,279 |
Bank deposits | 62,710 | $ 80,684 | |
Total financial assets | $ 32,477 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Line Items] | |
Percentage of investment portfolio not to invest more in single security | 5% |
CONTRACT BALANCES AND REMAINI_3
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS - Summary of Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Contract liabilities, Current | ||
Deferred revenues | $ 4,151 | $ 4,004 |
Advances from customers | 68 | 78 |
Total | 4,219 | 4,082 |
Contract liabilities, Long-term | ||
Deferred revenues | 121 | 61 |
Total Contract liabilities | $ 4,340 | $ 4,143 |
CONTRACT BALANCES AND REMAINI_4
CONTRACT BALANCES AND REMAINING PERFORMANCE OBLIGATIONS - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customers liability recognized | $ 42 |
Performance obligations transaction price | 12,536 |
Performance obligations transaction price recorded as short-term deferred revenues | $ 3,441 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary Of Assets And Liabilities At Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets, Fair Value Disclosure [Abstract] | |||
Total financial assets | $ 32,477 | ||
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total financial assets | 32,477 | $ 49,521 | |
Liabilities: | |||
Total financial liabilities | 467 | 720 | |
Fair Value, Recurring [Member] | Warrant [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 467 | 720 |
Fair Value, Recurring [Member] | Marketable securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Marketable securities | 32,477 | 49,521 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total financial assets | 0 | 0 | |
Liabilities: | |||
Total financial liabilities | 0 | 0 | |
Level 1 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 0 | 0 |
Level 1 [Member] | Fair Value, Recurring [Member] | Marketable securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Marketable securities | 0 | 0 | |
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total financial assets | 32,477 | 49,521 | |
Liabilities: | |||
Total financial liabilities | 0 | 0 | |
Level 2 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 0 | 0 |
Level 2 [Member] | Fair Value, Recurring [Member] | Marketable securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Marketable securities | 32,477 | 49,521 | |
Level 3 [Member] | Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total financial assets | 0 | 0 | |
Liabilities: | |||
Total financial liabilities | 467 | 720 | |
Level 3 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 467 | 720 |
Level 3 [Member] | Fair Value, Recurring [Member] | Marketable securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Marketable securities | $ 0 | $ 0 | |
[1]As part of the Transactions (see Note 1c), 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. |
FAIR VALUE MEASUREMENTS - Sum_2
FAIR VALUE MEASUREMENTS - Summary Of Change In The Level 3 Warrant Liability (Details) - Warrant [Member] - Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 720 | $ 1,639 |
Change in fair value of warrants liability | (245) | (789) |
Reclassification of warrants liability to equity | (8) | (15) |
Balance | $ 467 | $ 835 |
FAIR VALUE MEASUREMENTS - Sum_3
FAIR VALUE MEASUREMENTS - Summary Of Binomial (Lattice) Valuation Model Assumptions Used To Record The Fair Value Of The Warrants (Details) - Level 3 [Member] - Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair vale determined per warrant | $ 1.03 | $ 1.57 |
Expected volatility | 105% | 92.50% |
Expected annual dividend yield | 0% | 0% |
Expected term (years) | 2 years 9 months 18 days | 3 years 3 months 18 days |
Risk-free rate | 4.60% | 4.20% |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | |
Gain relates to marketable securities held | $ 237 |
LEASES - Summary of Operating R
LEASES - Summary of Operating Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 26,528 | $ 26,927 |
Operating lease liabilities, current | 5,602 | 3,720 |
Operating lease liabilities, non-current | 28,122 | $ 30,201 |
Total operating lease liabilities | $ 33,724 | |
Weighted average remaining lease term (years) | 9 years 4 months 13 days | |
Weighted average discount rate of operating leases | 4.59% |
LEASES - Summary of Operating L
LEASES - Summary of Operating Lease Costs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 1,894 |
Variable lease payments | 118 |
Short term lease costs | 6 |
Operating cash flows from lease incentives received, net of cash paid for operating leases | $ 184 |
LEASES - Summary of Minimum Ope
LEASES - Summary of Minimum Operating Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 1,997 |
2024 | 3,876 |
2025 | 4,204 |
2026 | 4,207 |
2027 | 4,197 |
Thereafter | 20,750 |
Total undiscounted lease payments | 39,231 |
Less: interest | (5,507) |
Present value of lease liabilities | $ 33,724 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Share-Based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | ||
Number of options Outstanding | 14,080,996 | |
Number of options Granted | 11,784 | |
Number of options Exercised | (289,851) | |
Number of options Forfeited | (191,460) | |
Number of options Expired | (67,235) | |
Number of options Outstanding at End | 13,544,234 | 14,080,996 |
Number of options Exercisable | 9,954,056 | |
Weighted- average exercise price,Outstanding | $ 5.24 | |
Weighted- average exercise price Granted | 4.75 | |
Weighted- average exercise price Exercised | 0.8 | |
Weighted- average exercise price Forfeited | 5.36 | |
Weighted- average exercise price Expired | 7.66 | |
Weighted- average exercise price Outstanding at end | 5.33 | $ 5.24 |
Weighted- average exercise price Exercisable | $ 5.2 | |
Weighted- average remaining contractual term Outstanding at end | 5 years 5 months 12 days | 6 years |
Weighted- average remaining contractual term Exercisable | 5 years 3 months 29 days | |
Aggregate intrinsic value, Outstanding | $ 19,724 | |
Aggregate intrinsic value, Granted | 0 | |
Aggregate intrinsic value, Exercised | 786 | |
Aggregate intrinsic value, Forfeited | 114 | |
Aggregate intrinsic value, Expired | 0 | |
Aggregate intrinsic value, Outstanding at end | 12,079 | $ 19,724 |
Aggregate intrinsic value Exercisable | $ 10,692 |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of Restricted Stock Unit's activity (Details) - RSUs | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested as of December 31, 2022 | shares | 7,308,579 |
Granted | shares | 960,622 |
Vested | shares | (661,280) |
Forfeited | shares | (285,596) |
Unvested as of June 30, 2023 | shares | 7,322,325 |
Weighted average grant date fair value per share, Unvested as of December 31, 2022 | $ / shares | $ 5.95 |
Weighted average grant date fair value per share, Granted | $ / shares | 4.06 |
Weighted average grant date fair value per share, Vested | $ / shares | 5.99 |
Weighted average grant date fair value per share, Forfeited | $ / shares | 5.43 |
Weighted average grant date fair value per share, Unvested as of June 30, 2023 | $ / shares | $ 5.72 |
SHARE-BASED COMPENSATION - Su_3
SHARE-BASED COMPENSATION - Summary of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payment arrangement, expense | $ 10,443 | $ 9,165 |
Cost of revenues [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payment arrangement, expense | 181 | 76 |
Research and development [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payment arrangement, expense | 6,926 | 5,380 |
Sales and marketing [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payment arrangement, expense | 682 | 1,367 |
General and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based payment arrangement, expense | $ 2,654 | $ 2,342 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Share-based Payment Arrangement [Abstract] | |
Share based compensation by share based payment arrangement options unrecognized compensation | $ 42,363 |
Share based compensation by share based payment arrangement weighted average period of recognition | 2 years 6 months 18 days |
BASIC AND DILUTED NET LOSS PE_3
BASIC AND DILUTED NET LOSS PER SHARE - Summary of Computation of the Net Loss Per Share (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||
Net loss | $ (65,974) | $ (58,346) |
Denominator: | ||
Weighted average number of ordinary shares used in computing basic net loss per ordinary share | 136,640,997 | 134,607,839 |
BASIC AND DILUTED NET LOSS PE_4
BASIC AND DILUTED NET LOSS PER SHARE - Additional Information (Details) - Options For Purchase Of Ordinary Shares [Member] - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Warrant [Member] | ||
Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded in calculation of earnings per share | 16,231,141 | 16,231,141 |
Sponsors earnout shares [Member] | ||
Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded in calculation of earnings per share | 2,402,178 | 2,402,178 |
Options and RSUs outstanding [Member] | ||
Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded in calculation of earnings per share | 20,866,559 | 20,096,766 |
GEOGRAPHIC AND CUSTOMER INFOR_3
GEOGRAPHIC AND CUSTOMER INFORMATION - Summary of Reportable Segments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,476 | $ 3,571 | |
Europe Middle East And Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 1,640 | 2,000 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 260 | 334 | |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | $ 576 | $ 1,237 |
[1]Includes revenue from Germany in the amount of $1,500 thousand and $1,926 thousand for the six months ended June 30, 2023 and 2022, respectively.[2]Includes revenues from United States only. |
GEOGRAPHIC AND CUSTOMER INFOR_4
GEOGRAPHIC AND CUSTOMER INFORMATION - Summary of Reportable Segments (Parenthetical) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 2,476 | $ 3,571 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,500 | $ 1,926 |
GEOGRAPHIC AND CUSTOMER INFOR_5
GEOGRAPHIC AND CUSTOMER INFORMATION - Additional Information (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Customer A [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 41% | |
Customer B [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 23% | 81% |
Customer C [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 16% |