09:08 AM EST, 02/04/2025 (MT Newswires) -- Innoviz Technologies ( INVZ ) said Tuesday it is reducing its headcount by 9% as part of an effort to extend its cash runway and accelerate its progress toward profitability.

The staff reduction and other realignments are expected generate cost savings of about $12 million in 2025, the company said.

The cash savings are expected to begin in Q1 2025, the company said.

Innoviz ( INVZ ) shares were more than 5% higher in premarket trading.