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Innoviz Technologies Ltd

Innoviz Technologies Ltd (INVZ)

0.7904
-0.0084
( -1.05% )
Updated: 09:35:19

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1.000.030.050.030.040.000.00 %065,673-
1.500.000.000.000.000.000.00 %00-
2.000.000.000.000.000.000.00 %00-
2.500.050.550.050.300.000.00 %062-

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1.500.101.300.780.700.000.00 %020-
2.000.000.000.000.000.000.00 %00-
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INVZ Discussion

View Posts
WeTheMarket WeTheMarket 3 hours ago
Innoviz X (former Twitter) post, October 9, 2024.

Watch our partner LOXO's delivery vehicles in action! đźšš

Enabled by our LiDAR, the LOXO Digital Driver™ ensures smooth, efficient + safe journeys by detecting everything in the environment. See how autonomy is driving the future of last-mile delivery 👇https://t.co/ECpBNGzDsx— Innoviz Technologies (@InnovizLiDAR) October 9, 2024

👍️0
WeTheMarket WeTheMarket 1 month ago
Omer X (Twitter) post, August 28, 2024.

Innoviz is the only pure play LiDAR company reaching L3. The difference between a L2 system and L3 means that there is no driver looking out to work around the problems that come up from artefacts or lack of performance of the LiDAR the system is using. You need a really high… pic.twitter.com/niWp5W3BbW— Omer Keilaf (@KeilafOmer) August 29, 2024
👍️0
WeTheMarket WeTheMarket 1 month ago
Innoviz Technologies Q2 2024 Earnings Call Transcript.
Aug. 07, 2024
https://seekingalpha.com/article/4711733-innoviz-technologies-ltd-invz-q2-2024-earnings-call-transcript

Innoviz Technologies Ltd Q2 2024 Results Conference Call August 7, 2024 9:00 AM ET

Company Participants

Omer Keilaf - Chief Executive Officer
Eldar Cegla - Chief Financial Officer

Conference Call Participants

Mark Delaney - Goldman Sachs
Andres Sheppard - Cantor Fitzgerald
Kevin Cassidy - Rosenblatt Securities
Kevin Garrigan - WestPark Capital

Operator

Good morning. I would like to welcome you to our Q2 2024 Earnings Conference Call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. Following the opening remarks, we will open the call to your questions. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech.

Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them. For discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our Form 20-F filed with the SEC on March 12, 2024.

Omer, please go ahead.

Omer Keilaf

Thank you, Maya, and good morning, everyone. Thank you for joining us. In the second quarter, we continued our strong performance on all fronts. Revenues were $6.7 million, above the guidance range of $4 million to $5 million we provided last quarter. These strong revenues, in tandem with our ability to operate efficiently, contributed to another quarter of decreased cash burn on both a sequential and year-to-year basis.

This morning, we reached an important agreement with a major platform partner to supply our set of short- and long-range LiDARs to their Level 4 autonomous driving platform, which has already been selected by several OEM programs. You can imagine the effort that went into making this happen. We are all very excited and look forward to sharing more information about the partner and associated OEM programs in the coming months.

Yesterday, we announced an agreement with The Indoor Lab, a world leader in our automotive LiDAR analytics, to supply InnovizTwo LiDARs within their airport portfolio, beginning with Denver, Nashville and Tampa International airports, with more airports expected to be added to the program. Beyond these announcements, we are busy meeting with existing and potential customers across the globe. A few weeks ago, I was traveling throughout the U.S., and we've spent significant time in Korea, Japan and Europe as well. And I'm planning to be back in the U.S. next week to meet with additional customers.

Importantly, we continue to progress our pipeline of existing RFIs and RFQs, having bolstered our relationships with new and existing customers through the addition of new programs while engaging with prospective customers to pursue additional opportunities to provide them with our solutions. Meanwhile, we further matured the InnovizTwo platform and upgraded our Advanced AI Perception Software during the quarter. First, I'll discuss the announcement we made this morning. As you saw this morning, we announced that we have reached an important agreement with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous driving platform. Importantly, this platform has already been selected by several OEM programs. We are very excited by the potential of this platform, as Innoviz can further benefit from additional OEMs selecting this platform.

In this program, Innoviz is set to supply multiple short- and long-range LiDARs per autonomous vehicle, significantly increasing the number of LiDARs per vehicle. With a high quantity of LiDARs per vehicle across multiple OEMs, we expect to achieve significant volume generation more quickly. We expect to disclose the name of the partner in the coming months and look forward to sharing additional details. This is an important partnership for Innoviz. And we expect that being part of this platform will lead to further opportunities as more OEMs adopt the platform. We believe that our selection for this platform is a vote of confidence in our products and technology and has the potential to accelerate the growth of our business.

Now I will go into further detail on the addition of the short-range LiDAR to our portfolio and its significance. Through the introduction of this product, which features over 90 degrees of vertical field of view, we are meeting the requirements for short-range detection needed for Level 4 applications. Leveraging the maturity of the InnovizTwo platform, we are delivering both short-range and long-range solutions for customers and can now offer both to the same customer as a bundle. We can now provide a full set of solutions to customers as a one-stop shop. This delivers additional benefits for customers, as they are streamlining their supply chain by using a single supplier while lowering the time and cost invested and minimizing risk.

With the announcement of today, we are now providing a viable short- and long-range bundle through a credible partner across multiple OEMs with higher income per vehicle. Importantly, adding short-range LiDARs to our portfolio has also unlocked a new batch of RFI and RFQ opportunities with other customers which we are working to convert. As we are likely to gain more Level 4 customers, we expect our volumes to grow rapidly and our unit economics to continue to improve while cost decrease. This is because we believe we will be meaningfully increasing the number of LiDARs we can offer per vehicle, which should allow us to take advantage of synergies from working off the same InnovizTwo platform.

We believe that our track record gives prospective customers confidence that we can provide them with automotive-grade solutions in relatively short time frames and within their technological specifications. During the quarter, we continued to mature our technology and progress the industrialization of InnovizTwo. The InnovizTwo B-sample has gone through design changes to better meet SOP requirements in terms of size, performance and automotive standards. As a result, we made it more compact, and it now meets all automotive requirements. This new configuration is now being standardized across programs. This configuration requires changes to the production processes that we expect to complete during the third quarter of 2024.

Meanwhile, we are maturing the short-range LiDAR to be ready for production towards the end of this year. We already have large orders of the latest InnovizTwo configurations for long range and short-range. And once we reach full production capacity, we'll be able to ship these orders to customers. We do not expect any further changes to the product and anticipate taking this version of the InnovizTwo to SOP.

As I mentioned at the beginning of the call, we recently spent time with different potential customers, demonstrating the advantages of our Advanced AI Perception Software. InnovizOne is already in production, and in vehicles on the road with the Perception Software. We've upgraded the software to be compatible with InnovizTwo, and we just conducted our first tour to show the InnovizTwo and AI Perception Software to leading customers in the U.S. We met with a number of notable OEMs who provided positive feedback during our discussions. They were very impressed by our unique offering of long range and short-range LiDARs, coupled with our AI Perception Software, a key differentiator for Innoviz compared to outdoor-only LiDAR providers.

A significant portion of our existing and potential customer base sees the AI Perception Software as a key part of their RFP requirements. Without AI Perception Software, LiDAR companies cannot compete for this business. We're pleased to share that just recently, 2 top 10 OEMs have indicated their need for AI Perception Software as part of the requirements. Innoviz has the advantage of already having a product on the road with Perception Software. These OEMs were impressed by the demonstrations we gave them during our tour.

Another important point I'd like to call out is what we're seeing in the Level 3 and Level 4 markets. In our Level 3 programs, we are currently seeing vehicle volumes that are higher than Level 4 programs. Because with Level 3 autonomy only require 1 to 2 LiDARs per vehicle. While Level 4 vehicles volumes are growing, the multiples are very high and can vary depending on the type of vehicle. For example, in Robotaxis, there can be 6 to 9 LiDARs per vehicle, including both short and long range. While in trucks, there can be up to 12. In Level 4 programs, we are offering a combination of our short- and long-range LiDARs, while in Level 3, we are typically providing long-range only. With the combined vehicle volumes of our Level 3 and Level 4 programs, we are nearly doubling the number of LiDARs we could potentially offer to the market at a given time.

Now I'll shift to the customer we announced yesterday. The Indoor Lab, a world leader in automotive LiDAR analytics. We were pleased to share that The Indoor Lab will deploy InnovizTwo within their airport portfolio with their aims of keeping passengers safe, improving operational efficiencies at airports and mitigating damage to airport property. InnovizTwo LiDARs will be deployed in the Denver International Airport, 1 of the largest and fastest growing U.S. airports. The Nashville International Airport, also 1 of the fastest-growing U.S. airports, and the Tampa International Airport. Both Innoviz and The Indoor Lab expect more airports to be added as part of this agreement. On this program, we were told that we're displacing the previous LiDAR supplier to the program. In our discreet discussions, The Indoor Lab noted, they were highly impressed by InnovizTwo high point cloud density and high frame rate. These capabilities will enable the customer's Artemis perception platform to deliver exceptional products and services for their key airport partners, more of which are expected to be added in the near future.

Now taking a closer look at our robust pipeline of RFIs and RFQs. During the quarter, we increased the number of programs in the pipeline, and we see an uptick in interest in our short-range LiDARs. We have more than 15 programs currently in the pipeline, all of which require long range, LiDARs, and 5 of which also require short range. In total, 50% of the pipeline is currently in the RFQ stage. I wanted to call out 1 potential new customer in particular that was added to the pipeline just over the last quarter. This important potential customer is working with us on an RFQ for their second-generation Level 3 platform. The RFQ is moving along well. The program, which features strong volumes, is expected to launch in 2026.

In addition, last quarter, we mentioned that we were working with the leading Level 4 platform company in the trucking space. We are in close contact with this customer and met with them just a few weeks ago. This opportunity continues to progress with large volumes expected as we will add multiple LiDAR per Level 4 vehicle. The customer has also informed us that they may be interested in incorporating our short-range LiDAR for this broad platform. This partner has multiple customers for this platform. The next step for this program is a supplier agreement. We have much to be excited about, and we are working tirelessly to advance these opportunities as well as the ones I haven't talked about today, with the goal of converting them into new design wins.

Taking a step back and looking at the market as a whole. OEMs and other customers need technology that meets evolving safety requirements while solving their problems, ultimately delivering a seamless autonomous driving experience. Innoviz is a credible Tier 1 supplier with a proven ability to execute. As we continue to further advance our technology and expand our pipeline, Innoviz is demonstrating its capabilities to address key areas of concern across autonomy levels. For example, in our conversations, potential customer -- customers have expressed being impressed by the ability of Innoviz LiDARs to functioning conditions where water or blockages are present without noticeable degradation to visibility, a very important KPI. Potential and existing customers are noticing the advantages that our technology contributes to a safe driving experience. As a result, we are engaged in various stages of conversations with several potential customers to replace the current LiDAR solutions they are using.

In addition, right now, given the uptick we're seeing in the short range customer activity, we are offering both short and long-range LiDARs for customers in a bundle. We remain confident in our ability to position Innoviz to capitalize on future opportunities for LiDARs resulting from the regulatory and market activity we are currently observing. The past quarter represents another quarter in which we are exceeding our quarterly revenue guidance. We are delivering -- we delivered $6.7 million in revenue, above the guidance range of $4 million to $5 million. As I mentioned earlier -- and Eldar will discuss shortly, we recorded another quarter in which we achieved lower cash burn, displaying our focus on the InnovizTwo platform.

Before I hand the call over to Eldar, I'll provide our guidance. I remind you that we're continuing to implement changes to our production processes to support the latest InnovizTwo configuration as well as our short range LiDAR. We expect to complete these actions during Q3 2024. We expect third quarter revenue in the range of $3.5 million to $5 million compared to $3.5 million in Q3 2023. Last quarter, we reiterated our confidence in achieving our guidance for -- of 2 to 3 additional programs from both existing and new customers and $20 million to $70 million of new NRE bookings in 2024. With the positive customer activity we're seeing and our continued momentum through the first half of the year, we reiterate our 2024 operational targets.

And with that, I'll turn the call over to Eldar to review our Q2 2024 financials.

Eldar Cegla

Thank you, Omer, and good morning, everyone. Starting with cash. We ended Q2 2024 with approximately $106.4 million in cash, cash equivalents, bank deposit marketable securities and short-term restricted cash on the balance sheet. Cash used in operations and capital expenditure came in at $21.6 million compared to $27.6 million in Q2 2023 and compared to $23 million last quarter. This decrease in our burn, both on a quarter-over-quarter basis as well as on a year-over-year basis, demonstrates the effective implementation and efficient execution of our operational realignment, focusing the company around 1 platform, InnovizTwo, while meeting and overachieving on our revenue targets. We expect that this trend will continue, and we will keep our cash used in operations and capital expenditure under tight control.

Annually, we are expecting this year to be an improvement over last year, and we are confident in our ability to maintain decreased levels of cash burn in the future. In terms of our gross margins, while we have seen significant improvement, we expect this will continue to be lumpy as we mature the InnovizTwo platform, unit volumes fluctuate and NRE revenues continue to vary from quarter-to-quarter.

Now turning to the income statement. Revenues for Q2 were $6.7 million compared to $1.5 million in Q2 of 2023 and surpassing our guidance range of $4 million to $5 million. This represents another quarter which we have over delivered on the top line, further reinforcing Innoviz's track record of financial execution. Our operating expenses for Q2 2024 were $23.3 million, a decrease of 23% from $30.4 million in Q2 2023. This quarter's operating expenses included $3.8 million of share-based compensation compared to $5 million in Q2 2023. Research and development expenses for Q2 2024 were $16.8 million, a decrease from $23.8 million in Q2 2023. The quarter's R&D expenses included $2.6 million attributable to share-based compensation compared to $3.4 million in Q2 2023.

Overall, we are pleased by Innoviz's continued positive financial trajectory, driven by the strength's of our top line performance, coupled with our disciplined approach to expense management. Looking ahead, we will maintain operational efficiency while taking the necessary steps to bolster our market position and meet customers' immediate and long-range needs.

And with that, I'll turn the call back to Omer.

Omer Keilaf

Thank you, Eldar. As we close, I'd like to say how honored we were to host the EcoMotion Annual Assembly at our headquarters on June 4. The turnout was incredible, and we were pleased to welcome visitors from across the global industry, including leading OEMs, to Innoviz headquarters. During the quarter, we were also released -- we also released our first Impact report, highlighting Innoviz's commitment to social impact, sustainable operations and responsible business practices. I encourage you all to read the report on our Investor Relations website.

To conclude, Q2 was a momentous quarter for Innoviz in which we maintained strong performance on the top and bottom lines and further advanced our pipeline. We continued this momentum with our recent announcements of important new programs and partnerships. The announcements we've made this morning is an important 1 for Innoviz, which we expect will lead to further opportunities as more OEMs adopt the platform. Our selection for this platform is a vote of confidence in our products and technology and has the potential to accelerate the growth of our business. We are taking advantage of new opportunities that are arising in the market to provide existing and potential customers with both our short- and long-range LiDARs while expanding our pipeline to new customers.

Meanwhile, we are working hard to convert various pipeline opportunities into design wins in the near future. And we expect the second half to be meaningful in terms of further progressing these opportunities. The upcoming OEM decisions will be very decisive in determining the competitive landscape of the LiDAR market. Our next few wins will continue to build the strong momentum we already have to converge additional opportunities. We're receiving great feedback from customers about our differentiated technology, and we are confident in our ability to solidify our ambition of becoming the leading Tier 1 LiDAR supplier as the market capture phase we are in continues to play out.

And with that, operator, please open up the call for Q&A.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question today comes from the line of Mark Delaney of Goldman Sachs. Please go ahead.

Mark Delaney

Yes. With the L4 platform award announced today for both short- and long-range LiDAR, can you help us better understand if there are new firm series production awards that you're planning to add to your backlog? Given some of the design wins, it sounds like your platform partner may already have? And if so, maybe you can help us better understand the magnitude of what this might mean for your backlog or what it might mean in terms of annual vehicle unit volumes as these programs ramp up?

Omer Keilaf

Sure. And I'll start by saying today was pretty hectic for us. This was actually just done today. And we were very anxious whether we can bring it in before the call or not, you can imagine, the last 2 days were pretty crazy. This is very meaningful. All of the programs that are awarded to the platform are going to use our set of LiDARs. There are multiple. There are several customers already opt into this. There are several that we know our partner is in discussion with. It's a high multiple also of number of LiDARs, short range and long range. And as we discussed over the presentation, the number of LiDARs can vary between 6 to 12. So you can get a grasp of what are we talking about.

In terms of the order book, that's actually a very meaningful award. I would say, possibly a very -- I mean, in terms of trying to quantify it, I think I'm looking at it as something that is very similar to what we had with the VW announcement. Super important, a huge boost in front of other customers that are looking to deploy short-range and long-range LiDARs. We're stepping from here forward, I would say, very confident and satisfied.

Mark Delaney

That's great. Congratulations on getting that across the finish line and certainly looking forward to seeing how that progresses going forward. A follow-up on this award that you announced today. In June, you had announced an expanded collaboration with an OEM for L4 using short- and long-range LiDAR. I'm hoping to understand, is the news today with the platform partners, is that at all connected with the OEM award you had in -- in June? And as you talk about what the backlog is, are you talking about the new backlog from what you get today? Or are you maybe counting what you perhaps already booked previously in the L4 space?

Omer Keilaf

Sure. So the announcement we made in June is about a partner, a customer who is going to use our short-range LiDAR. That's a partner. That's a customer that is within the different customers that are using the platform. Following that award, we were working with the partner on doing the same with the rest of their customers, reaching to the commercial agreement that we got to today in order to allow the same to other customers.

Mark Delaney

Got it. Maybe just 1 last quick clarification for me and then I'll turn it over. I'm sorry, go ahead.

Omer Keilaf

It's incremental.

Eldar Cegla

Just -- Mark, it's incremental. This program adds in addition to what we announced previously.

Mark Delaney

Got it. And just to confirm, you guys are exclusive with this platform partner as they're going to market?

Omer Keilaf

We are the only LiDAR provider to this platform. We are actually displacing 2 other LiDAR companies.

Operator

Our next question comes from the line of Andres Sheppard of Cantor.

Andres Sheppard

Omer, Eldar, congratulations on another quarter. I want to touch on maybe The Indoor Lab LLC program. Wondering if you can maybe help quantify some of the details of this agreement? When might you expect deliveries to ramp up? And can you give us a sense of some of the volumes you might be expecting from this?

Omer Keilaf

So what I can share at this point that we are starting to deliver units to equip the airports that I mentioned already by the end of this year. And our partner, The Indoor Labs, are working with new airports to expand their offering. In terms of number of LiDARs per airport, I would actually let that to Indoor Lab to elaborate, if I can. That was not sharing.

Andres Sheppard

Got it. Okay. That's helpful. And then maybe coming back to the short-term and long-term LiDAR bundle announcements. Sorry, sorry, short term and long term, yes. I realize you're not disclosing the name of the partner, but just wondering if maybe you can give us a little bit more color on the type of client or the specifics of the agreement? How should we be thinking about this from a modeling perspective?

Omer Keilaf

It's a very meaningful partner. We refer to it as a major platform player. They have -- they are already, I would say, they are working with several OEMs that were already sourced and selected and actually already operating with several OEMs using their Level 4 platform. And the agreement would now replace the set of LiDARs they were using with our set of short range and long range. There is -- I gave a range of how many LiDARs, per vehicle, so you can imagine the multiples are very meaningful. And having that is -- we are referring to multiple -- already several customers that are within this platform, and we are expecting more to come. We are very much, I would say, this is a very meaningful program -- platform win for us.

Andres Sheppard

Okay. Super helpful. Maybe if I could squeeze 1 more really quick.

Omer Keilaf

Wait, I'll just say -- sorry, Andres. It is launching in 2026.

Andres Sheppard

Okay. For production is 2026. Yes. Got it. Maybe 1 last 1 for Eldar. There was significant improvement in gross margins this quarter. I'm wondering if you can maybe help break this down for us? How much of this was related to NREs and what type of margins might you expect for later this year, particularly with BMW ramping up in the second half?

Eldar Cegla

Sure. So most of our revenues today come from NREs. NREs, as I said in the past, have a very positive contribution to our gross margins. I also mentioned during the call that since the construction of our top line is consistent of both NRE samples and SOP units we ship mainly to BMW. It's still very lumpy. So you can see in 1 quarter more as higher sample rates, lower NRE, the other 1, then another raise in NRE, as you can see. So this will continue to be lumpy. But as long as the NRE factor is growing up to SOP, I think this will have a positive contribution to the margins.

Operator

Thank you. [Operator Instructions] Our next question comes from the line of Kevin Cassidy of Rosenblatt Securities. Please go ahead.

Kevin Cassidy

Yes. Thanks for letting me ask a question. Congratulations on the progress on some of the new wins. For the Robotaxi and even for your Level 4 that you've announced, using more LiDAR, I guess, it seems Robotaxis have been using rotating LiDAR -- 360-degree LiDAR. Is the concept going forward will be just to use more of your types of radar -- LiDAR, rather than the rotating?

Omer Keilaf

The answer is yes. But maybe I want to add, we're not referring only to Robotaxis applications. We're also referring to trucks, shuttles, buses. There are many kinds of Level 4 applications that can benefit from such a platform. And maybe going back to the question. So the answer is yes. We are in discussion with several OEMs that are looking -- all platform players that are looking to industrialize their platform towards their launch. Everyone is aware that once you commercialize your product, you need to meet automotive grade, you need to meet the requirements. It's not enough or any longer to work based on a solution that was possibly used for an R&D purposes. They are looking for a product that is already mature, meeting automotive grade, has industrialization plan. And that's why many of them are now reaching out to us to see how they can benefit from our solution, as we see here today, but also we talked about the trucking opportunity that we are working on, a similar situation there.

Kevin Cassidy

Okay. Great. And the Indoor Labs win is -- seems pretty significant and a step into other markets that -- in your pipeline of opportunities, are there other smart city-type of applications like this is what I would call it, or even industrial?

Omer Keilaf

So our pipeline that we are referring to in our presentation for quarter-over-quarter, we are only referring to either Level 3 or Level 4. But of course, there are a handful of applications. There is a, call it, an endless shelf of opportunities that can benefit from the 3D sensor. Innoviz is 99.9% focused on automotive. This is where we feel we stand out. The major deals in terms of volume and NREs come from there. Our advantage today is there. Of course, we always enjoy benefiting from good teams like The Indoor Labs that can penetrate different types of markets. I am very positive about The Indoor Lab team, which I met just a couple of weeks ago. I was quite amazed by their product and what they can offer to different customers. And I'm pretty sure that corporation can also grow to maybe additional platforms, I mean not just airports.

So of course, we do look for ways where we can scale through the work of good teams, such as The Indoor Lab. But in terms of Innoviz focus, we are developing LIDARs for mass production for automotive grade with our Perception Software.

Kevin Cassidy

Okay. And I guess since it's not an emphasis, but just wanted to ask if the Perception Software would go along with that Indoor Labs opportunity.

Omer Keilaf

The answer is no, meaning that Indoor Labs provides their Artemis perception software, which -- which obviously provides analytics on elements that are not related to the, I would say, on road, highway driving, which we provide to our automotive customers. This is where we benefit from working with different companies, talented companies that are using the 3D data in order to extract the KPIs they are looking for, obviously, tailored for the applications they are trying to develop.

Operator

Our next question comes from the line of Kevin Garrigan of WestPark Capital.

Kevin Garrigan

So to start, there are estimates out there that short-range LiDAR prices are estimated to be about $250 or below, nonautomotive LiDAR sensors could be in the thousands. Omer, I know you noted in your prepared remarks for the automotive market, you're selling the long range and short range in a bundle potentially. Can you just kind of expand on your pricing strategy as you look at these new markets? Are you planning on selling InnovizTwo for nonautomotive much higher than you would for long range in automotive? And how are you kind of thinking about the pricing -- pricing the bundle or just kind of pricing for the short-range LiDAR?

Omer Keilaf

Sure. I would say -- I have several things to say. InnovizTwo short range is based off -- InnovizTwo -- it's the same platform, and it benefits from all of the cost opportunities, but also our ability to offer more LiDARs now is also helping us to scale. Our ability to set the price is determined by the competitive landscape and the value we generate to our customers. I would say that right now, we sense a huge pull in the short-range space. We find very attractive market available to us in that -- in these times, and we will continue to, I would say, try to bring more deals to the table. Obviously, once for customers outside the automotive market, the prices are also determined by the value that is generated in the application value that we can provide.

Eldar Cegla

Just to emphasize this point, the partnership is for Level 4, mainly for commercial applications, like truck, shuttles, Robotaxis. The price sensitivity there is different.

Omer Keilaf

I would say for many, many years, companies, also Innoviz, we've been very focused on the Level 3, where the volumes are very high because of the number of vehicles on the road. And I would say the challenge there is related to very long range because of the highway and high resolution and very low cost. And you need to take everything, I would say, to the edge, in a way. And the competition there was around that.

Level 4 was somehow behind. And now there is an uptick really in different programs that are ready to commercialize, but are looking for automotive-grade solutions. Their sensitivity for pricing is different than the passenger vehicle because of the value they generate in terms of replacing the professional driver. The number of LiDARs is different. So for us, it's like amazing moving from a car that has 1 LiDAR to a car that might have 12 LiDARs. It's just mind-blowing how the multiples and the way that the numbers are growing very fast. This is really -- it's fun. Really, it's -- really refreshing. And we will continue to look on these applications as Level 4. We feel that we have a very strong foot now in this area, which is making fast, I would say, growth.

Kevin Garrigan

Got it. Okay. That makes sense. And then just as a follow-up. So I know you needed to make a few tweaks to the end of this 2 to go from long range to short range. Are there any changes you need to make to the InnovizTwo for The Indoor Lab agreement or kind of nonautomotive market? Or can you kind of use it as is?

Omer Keilaf

No, we use it as is. We do not make -- as I said, we're 99.9% focused on automotive. I would say, applications that are nonautomotive will benefit from the capacity of our production line, and we'll use the availability of the systems that we have. There are many, I would say, even within the long range and short range, there are also different variants that are defined by software only, which allow us to be very flexible. So this gives us also different, I would say, with propositions that we can provide to different teams.

Eldar Cegla

It's practically a precondition when we are working outside the automotive market that we don't need to have any extra efforts or different flavors of the product because the focus is somewhere else, and we do not want to have to support it and to add extra expenses around that.

Operator

Thank you. You have no further questions. You may proceed.

Omer Keilaf

Thanks again to everyone for joining us this morning. We look forward to updating you next quarter on the continued progress we are making here at Innoviz. Thank you, everyone. I appreciate you joining us. You can see it's a very exciting time for us at Innoviz. We just announced, I don't think my -- I told my team to go on the earnings call to hear the news. Nobody heard. This is -- I'm going to hug the team now. So thank you very much. Bye-bye.
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WeTheMarket WeTheMarket 1 month ago
Innoviz X (Formerly Twitter) post, August 22, 2024.

Hei to our followers in Finland! 🇫🇮

Experience the streets of Finland through the eyes of our InnovizTwo™ LiDAR, where we circle a snowy roundabout and wave to pedestrians on a morning hike. pic.twitter.com/y4xG4CZTRR— Innoviz Technologies (@InnovizLiDAR) August 22, 2024
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13strats 13strats 2 months ago
Nice little pop today. See if it holds tomorrow
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WeTheMarket WeTheMarket 2 months ago
Innoviz: "Manufacturers have approached us to replace their LiDAR providers"
7 August, 2024
https://techtime.co.il/2024/08/07/innoviz-57/

Reported higher-than-expected sales of $6.7 million in the second quarter. Decline in operating expenses. New agreement with a company developing a Level 4 autonomous driving system

Innoviz has signed a strategic agreement with a company developing a Level 4 autonomous driving system. As part of the agreement, the same company will integrate Innoviz's LiDAR sensors for short and long ranges. This is what the company said in its release of second quarter 2024 results. The identity of the partner will be revealed in the coming months, but Inviz said the driving system has already been selected by a number of automakers. Innoviz's sensors are already part of Mobileye's Level 4 driving system, Chauffer, which was recently reported to be embedded in Volkswagen's ID Buuz electric minibus.

Innoviz chose to reveal another interesting detail: a number of automakers and suppliers of driving systems recently approached the company to explore the possibility that it would replace their existing LiDAR provider. Among them is a car manufacturer that is expected to launch a second generation Level 3 autonomous driving system, which is currently developing a Level 4 autonomous driving system for the world of trucks, and another platform manufacturer.

Innoviz today reported another interesting collaboration, this time outside the automotive market: a project with Indoor Labs, which was founded in 2015 and develops a LiDAR-based security and supervision system. The American company will integrate Inoviz's sensor into a platform designed for monitoring passersby at airports. The system is intended to be deployed at the international airports of Denver, Nashville and Tampa, and later at additional airports in the United States.

Demand for sensors in diverse ranges
Innoviz believes that adding short-range LiDAR sensors to the company's portfolio has opened up new opportunities for it and is now preparing the sensor for production. Of the 15 projects it is currently tackling (RFQ), five also require a short-range sensor. Co-founder and CEO Omer Kilef commented: "We now offer long- and short-range sensors in one package. This significantly increases the number of sensors per vehicle and enables us to meet the complex needs of customers."

On the financial level, Inoviz delivered improved results in the second quarter: revenue amounted to $6.7 million, above the company's forecast and more than quadrupled compared to $1.5 million in the second quarter of 2023. Innoviz is also "burning cash" at a slower rate than before, reporting a 23% decline in operating expenses in the second quarter, compared to the same quarter last year. The company's coffers currently have about $104.6 million. However, the forecast for the next quarter was somewhat disappointing: sales of only $3.5-5 million.
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WeTheMarket WeTheMarket 2 months ago
Innoviz Reports Second Quarter 2024 Results
August 07, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/132/innoviz-reports-second-quarter-2024-results
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_de25bec76c6379e8f5ea02b1f70ae91a/innoviz/db/1111/9877/earnings_call_presentation/INVZ+Q2+2024+Earnings+Presentation_FINAL.pdf
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_dxKzv-4-QN6LgY6ToJLmqQ#/registration
Link to Previous (Q1 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174377543

Highlights
- Reached an important agreement with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs
- Q2 2024 revenues of $6.7 million exceed previous guidance range of $4-$5 million, up from $1.5 million in Q2 2023

TEL AVIV, Israel, Aug. 7, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended June 30, 2024, provided guidance for the third quarter of 2024, and reiterated its full year commercial and financial targets.

"The second quarter was a continuation of our strong start to the year as we again delivered revenues above the high end of our guidance range while maintaining cost discipline and efficiency in our operations," said Omer Keilaf, CEO and Co-Founder of Innoviz. "We are excited to share that today we reached a pivotal agreement with a major platform provider to supply InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. Additionally, we recently announced an agreement to supply InnovizTwo LiDARs to The Indoor Lab's airport portfolio. We are now offering both short- and long-range solutions as a bundle, which substantially increases the number of LiDARs we can offer per vehicle and allows us to better meet customers' complex needs. We believe that along with our upgraded AI Perception Software this differentiates Innoviz and positions us well to realize our vision of becoming the leading Tier-1 LiDAR supplier."

Keilaf added, "We continued to expand and mature our pipeline of RFIs and RFQs, having spent significant time with our customers around the world. We remain encouraged by the customer activity we are seeing, looking towards the second half of the year we are confident in our ability to continue adding additional programs with both new and existing customers."

Commercial and Strategic Updates

Reached an important agreement with a major platform partner – Innoviz announces it reached an important agreement today with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. The Company expects the high quantity of LiDARs per vehicle across multiple programs to lead to significant volume generation more quickly.

Added short-range LiDAR offering, unlocking additional pipeline opportunities – Leveraging the maturity of the InnovizTwo platform, the Company now offers both short- and long-range LiDAR to customers. The addition of the short-range LiDAR has unlocked several opportunities, which Innoviz is working to advance. The Company is now maturing its short-range LiDAR to be ready for production.

Continued to mature InnovizTwo B Sample with new compact configuration – The Company introduced a more compact configuration of the InnovizTwo B Sample that meets all automotive requirements. Production process updates supporting the new configuration are expected to be completed in the third quarter of 2024.

Advanced AI Perception Software was upgraded for compatibility with InnovizTwo LiDAR – With InnovizOne in production with the Advanced AI Perception Software, Innoviz upgraded the AI software to be compatible with InnovizTwo LiDARs. The Company demonstrated the hardware and software combination to U.S. customers during the second quarter and two top 10 OEMs have indicated interest in Innoviz's Advanced AI Perception Software bundled with Innoviz LiDARs.

Announced new program with The Indoor Lab LLC to supply InnovizTwo to customer's airport portfolio – The Company announced an agreement to supply InnovizTwo LiDARs for use in the Denver, Nashville and Tampa international airports, with more airports expected to be added to the program.

Increased number of programs and matured robust pipeline of RFIs and RFQs – Driven by the increase in short-range customer activity, Innoviz ended the quarter with more than 15 programs in its pipeline, all of which require long-range LiDAR and five of which also require short-range LiDAR.

Engaged in various stages of conversations with several potential customers to replace their current LiDAR providers – As part of the pipeline, Innoviz has been approached by several potential customers seeking to replace their current LiDAR solutions, including one customer that began working with the Company on an RFQ for their second-generation Level 3 platform in the second quarter of 2024, a Level 4 platform company in the trucking space and an additional platform player.

Second Quarter 2024 Financial Results

Revenues in Q2 2024 were $6.7 million, compared to revenues of $1.5 million in Q2 2023.

Operating Expenses in Q2 2024 were $23.3 million, a decrease of 23% from $30.4 million in Q2 2023. Operating expenses for Q2 2024 included $3.8 million of share-based compensation compared to $5.0 million in Q2 2023.

Liquidity as of June 30, 2024 was approximately $106.4 million, consisting of cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.

Third Quarter 2024 Financial Targets

The Company expects third quarter 2024 revenues in the range of $3.5 million to $5 million, compared to $3.5 million for Q3 2023.

FY 2024 Operational Targets

The Company reiterated its operational targets for FY 2024:

Secure 2-3 additional customer programs
Secure $20-70 million of new NRE bookings
Conference Call

Innoviz management will hold a web conference today, August 7, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter of 2024 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

Investors are invited to attend by registering in advance here https://touchconference.zoom.us/webinar/register/WN_dxKzv-4-QN6LgY6ToJLmqQ#/registration. All relevant information will be sent upon registration.

A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
Investors@innoviz-tech.com
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WeTheMarket WeTheMarket 2 months ago
Innoviz Technologies' LiDARs to Be Deployed Across Major International Airports in the United States by The Indoor Lab to Improve Passenger Safety and Operational Efficiency Using AI Capabilities
August 06, 2024 9:00am EDT
https://ir.innoviz.tech/news-events/press-releases/detail/131/innoviz-technologies-lidars-to-be-deployed-across-major

The Indoor Lab will begin installations of InnovizTwo at some of the fastest growing airports in the US, including Denver International Airport, Tampa International Airport, and Nashville International Airport

TEL AVIV, Israel, Aug. 6, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a world leader and Tier 1 supplier of high-performance LiDAR solutions, entered into a distribution agreement with The Indoor Lab LLC, a world leader in non-automotive LiDAR analytics, to deploy InnovizTwo LiDARs across its airport portfolio, beginning with Denver, Tampa, and Nashville International airports. This collaboration will enable airport partners with exceptional visibility and data analytics to help create a safer and more efficient environment for travelers.



As the lifeblood of global travel and with ever-growing populations and globalization, adding advanced 3D sensing tools onto airport management is essential to ensure a smooth and secure traveling experience. The Indoor Lab is pioneering the shift from cameras to LiDAR-based solutions, providing higher-quality and exceptionally accurate data for stakeholders. By utilizing InnovizTwo LiDARs for end-to-end airport operational and safety management using machine learning and AI capabilities, The Indoor Lab will be able to offer an accurate solution that identifies, classifies, and informs infrastructure and transit management professionals about potential challenges or threats that may occur. The LiDAR enables AI-based perception systems to interpret what cameras and other RF-based sensors cannot, therefore vastly improving safety across entry and exit points, tarmacs, baggage check, terminals and runways.

"As we enhance our safety portfolio of products in the transportation sector, we have found that InnovizTwo directional LiDAR sensors offer some of the highest point cloud density and frames per second. This capability enables our Artemis perception platform to deliver unparalleled products and services for our key airport partners," says Patrick Blattner, Founder and CEO of The Indoor Lab.

"Safety is paramount, not only on roads but anywhere people gather, and our partnership with The Indoor Lab will ensure peace-of-mind for travelers," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Our dynamic and adaptable InnovizTwo platform is the perfect complement to Indoor Lab's AI-based data analytics capabilities and will help to create safer and more effective airports worldwide."

About The Indoor Lab
The Indoor Lab is a privately held, wholly owned U.S. company and the only company in the world with a complete lidar-based enterprise perception platform. Founded by leaders in the queuing and flow analytics space, with over 15 years of experience in passive analytics and 10 years in lidar, The Indoor Lab has been at the forefront of innovative solutions for some of the largest airports and brands globally.

The Indoor Lab strives to be at the cutting edge of innovation, continually advancing its perception software capabilities and fostering collaboration across industries and disciplines. By leveraging cutting-edge technologies such as lidar, we aim to enhance safety, promote environmental sustainability, and empower communities to thrive in an ever-evolving global landscape

About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
Investors@innoviz-tech.com
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13strats 13strats 2 months ago
Taking a chance with this one bought a bunch this morning
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p0 p0 2 months ago
job list https://innoviz.tech/join-us
also a EU Key Account Manager Automotive Munich - Germany · Full-time is on the list
https://innoviz.tech/careers-3/co/germany/6E.544/eu-key-account-manager-automotive/all
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p0 p0 2 months ago
TEL AVIV - Innoviz Technologies Ltd. (NASDAQ:INVZ), a provider of LiDAR sensors and perception software, has been notified by Nasdaq that it no longer meets the minimum bid price requirement, the company disclosed on Friday. The Nasdaq Listing Qualifications Department's notice, dated July 30, 2024, states that Innoviz's shares have closed below $1.00 for 30 consecutive days, violating Listing Rule 5450(a)(1).

The current status of Innoviz's shares on the Nasdaq Capital Market, trading under the ticker "INVZ," remains unaffected by this notification. Nasdaq has granted the company a 180-day grace period, ending on January 27, 2025, to regain compliance with the minimum bid price rule. Compliance can be achieved if the shares maintain a closing bid price of $1.00 or more for at least ten consecutive trading days within this period.

Innoviz may be eligible for an additional 180-day grace period to meet the requirement if it complies with other listing standards, subject to Nasdaq's discretion. The company plans to monitor its share price closely during the grace period and explore options to regain compliance.

Innoviz operates globally, supplying LiDAR technology to the automotive industry, and asserts its commitment to advancing safe autonomous driving. The company's technology is designed to surpass human vision capabilities and adhere to stringent industry standards for performance and safety.

In other recent news, Innoviz Technologies reported solid Q1 2024 earnings with revenues reaching $7.1 million, surpassing the projected range of $5 million to $6 million. The company also managed to decrease its cash burn compared to Q1 2023, ending the quarter with a robust cash position of approximately $128 million. Innoviz has made significant progress in its strategic realignment and collaboration with industry giants like Volkswagen (ETR:VOWG_p), Mobileye, and NVIDIA (NASDAQ:NVDA). However, Goldman Sachs has downgraded Innoviz's stock from Buy to Neutral and lowered the price target to $1.00 from the previous $2.25.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

This adjustment reflects Goldman Sachs' anticipation of a challenging environment for the lidar industry, which is expected to impact Innoviz's revenue and earnings per share (EPS) growth. The slower-than-anticipated adoption of higher levels of vehicle autonomy that incorporate lidar sensors and ongoing price declines for lidar sensors are cited as reasons for this outlook. Despite these challenges, Innoviz anticipates Q2 2024 revenues to be in the range of $4 million to $5 million, with the full-year revenue expected to be more robust in the latter half. The company has also set targets to secure two to three additional programs and $20 million to $17 million in new non-recurring engineering (NRE) bookings for 2024. These are recent developments in Innoviz's business operations.
InvestingPro Insights

Innoviz Technologies (NASDAQ:INVZ) is navigating a challenging period as it works to regain compliance with Nasdaq's minimum bid price requirement. An in-depth analysis using InvestingPro data provides a clearer picture of the company's financial health and market performance.

InvestingPro data shows that Innoviz holds a market capitalization of $116.42 million as of Q1 2024, reflecting the scale of the company within the tech sector. Despite a significant revenue growth of 411.65% over the last twelve months, the company's gross profit margin stands at -33.35%, indicating that it is currently not generating profit on its sales. Additionally, the stock price has experienced a steep decline, currently trading near its 52-week low and having fallen by over 80% over the last year.

On a positive note, analysts have revised their earnings estimates upwards for the upcoming period, suggesting a potential improvement in Innoviz's financial outlook. However, it's important to note that the company is quickly burning through cash and analysts do not anticipate it will be profitable this year. Investors should keep an eye on these dynamics as they may influence the company's ability to meet Nasdaq's listing requirements and its overall financial stability.
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Monksdream Monksdream 2 months ago
INVZ new 52 week low
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p0 p0 2 months ago
hm, I'm around 5 $ :((
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Monksdream Monksdream 3 months ago
INVZ new 52 week low
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WeTheMarket WeTheMarket 3 months ago
Innoviz Sets Second Quarter 2024 Conference Call for Wednesday, August 7 at 9:00 a.m. ET
July 17, 2024
https://ir.innoviz.tech/news-events/press-releases/detail/129/innoviz-sets-second-quarter-2024-conference-call-for

TEL AVIV, Israel, July 17, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ), (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensors and perception software, today announced that it will release its earnings results for the second quarter ended June 30, 2024, on Wednesday, August 7, 2024, before the market opens.

Innoviz will host a conference call and webinar on the same day at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss its operational and financial results followed by a question-and-answer session for the investment community. Operational and financial results will be issued in a press release prior to the call.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration. A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier-1 direct supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit www.innoviz-tech.com
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WeTheMarket WeTheMarket 3 months ago
Innoviz Technologies and Major OEM Collaborate on New Short-Range LiDAR for L4 Autonomous Vehicles
June 26, 2024
https://ir.innoviz.tech/news-events/press-releases/detail/128/innoviz-technologies-and-major-oem-collaborate-on-new
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WeTheMarket WeTheMarket 4 months ago
Innoviz Technologies Releases its First Impact Report
June 25 2024
Link to Press Release https://www.prnewswire.com/news-releases/innoviz-technologies-releases-its-first-impact-report-302181463.html

Link to Impact Report https://innoviz.tech/wp-content/uploads/Innoviz-Impact-Report-2023_FINAL.pdf
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Monksdream Monksdream 4 months ago
INVZ new 52 week low
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WeTheMarket WeTheMarket 4 months ago
Innoviz Collaborating with Ecomotion Community to Host the Annual Assembly
May 28 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93933682/innoviz-collaborating-with-ecomotion-community-to
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glenn1919 glenn1919 5 months ago
INVZ........................................https://stockcharts.com/h-sc/ui?s=INVZ&p=W&b=5&g=0&id=p86431144783
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WeTheMarket WeTheMarket 5 months ago
Innoviz: For BMW, Level 3 autonomy is here
Elad Hofstetter, Chief Business Officer at Innoviz, updates Just Auto on the latest autonomous vehicle (AV) tech it supplies to BMW
David Leggett
May 7, 2024
https://www.just-auto.com/interview/innoviz-for-bmw-level-3-autonomy-is-here/?cf-view
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WeTheMarket WeTheMarket 5 months ago
Innoviz Reports First-Quarter 2024 Results, Exceeds Revenue Guidance for Second Consecutive Quarter and Expands Key Partner and Customer Relationships
May 8, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/125/innoviz-reports-first-quarter-2024-results-exceeds-revenue
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_8ae26c9d62c48402f3abf3061eaa31b6/innoviz/db/1087/9875/pdf/INVZ+Q1+24+Earnings+Presentation+08+05+24_FINAL.pdf
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_akLOpmKkR7uItAWCxwWb1A#/registration
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173938055

Q1 2024 revenues of $7.1 million exceed previous guidance range of $5 -$6 million; reiterates full year 2024 operational targets

TEL AVIV, Israel, May 8, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the first quarter ended March 31, 2024, provided guidance for the second quarter and reiterated its full year commercial and financial targets.

"Innoviz is off to a terrific start this year. We achieved strong revenue growth, beating our expectations, once again expanded our relationships with key partners and customers, and continued to build our RFI and RFQ pipeline across multiple programs," said Omer Keilaf, CEO and Co-Founder of Innoviz. "With the BMW I7 launching in Germany, we believe we are the only pureplay LiDAR company to reach SOP with level 3, as there are vehicles currently on the road using our LiDARs and perception software. As part of expanding our relationships with our customers, we are collaborating with Volkswagen Group and Mobileye on an additional level 3 program. Overall, our pipeline is very active, with approximately half in the RFQ stage and more to come."

Keilaf added, "We remain very optimistic about the LiDAR sector as recent industry and regulatory activity reflects the continued adoption of LiDAR. We believe that as OEMs work to comply with new regulations, and as the automotive industry raises its standards, OEMs will move to implement new capabilities and features, many of which may be supported only by LiDAR. Looking ahead, we expect that Innoviz will have the runway necessary to cement our place as a leading LiDAR supplier during this important market capture phase."

Commercial and Strategic Updates

Continued supporting software development for InnovizOne deployment on BMW 5 Series in China – Innoviz is working closely with the BMW and Magna teams as they perform on-road testing and the Company is supporting software development specific to the Chinese market for a new deployment of the InnovizOne on BMW 5 Series vehicles in China.

Working on program expansion opportunities through collaboration with Mobileye and Volkswagen Group – In addition to the level 3 Cariad program, ID. Buzz long-range LiDAR, Innoviz is working on another level 3 program expansion through its collaboration with the Volkswagen Group and Mobileye. In parallel, Innoviz continued commercial discussions with the Volkswagen Group regarding additional opportunities.

Progressing collaborations with additional partners - Innoviz is working with the Qualcomm platform for the Volkswagen Cariad level 3 program and with the Mobileye platform for the ID. Buzz program and the additional level 3 program. The Company continues to progress its collaboration with Nvidia and is working with OEMs on several Nvidia based RFQs in its pipeline.

Advancing pipeline opportunities with two leading level 4 platform companies – The companies are in the trucking and ride hailing spaces and are working with various OEMs.

Reached key milestone with successful winter test of InnovizTwo B-Sample with Volkswagen – The InnovizTwo late-stage B-sample was strenuously tested over 18 days of driving in harsh winter conditions across ten countries. InnovizTwo showed resilience to different potential blockages and weather conditions, which we believe may provide the Company with a potential competitive advantage. The data and insights accumulated during the testing are being used to improve Innoviz's proprietary AI-backed software and hardware solutions.

Successfully implemented strategic realignment – The Company implemented nearly all of the initiatives of its previously announced realignment plan during the quarter.

First Quarter 2024 Financial Results

Revenues in Q1 2024 were $7.1 million, compared to revenues of $1.0 million in Q1 2023, driven by a combination of increases in NREs, production units and sample shipments.

Operating Expenses in Q1 2024 were $31.7 million, a decrease of 5% from $33.3 million in Q1 2023. Operating expenses for Q1 2024 included $5.9 million of share-based compensation compared to $5.2 million in Q1 2023.

Liquidity as of March 31, 2024 consisted of approximately $128.3 million in cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.

Second Quarter 2024 Financial Targets

The Company expects second quarter 2024 revenues in the range of $4 million to $5 million, compared to $1.5 million for Q2 2023.

FY 2024 Operational Targets

The Company reiterated its targets for FY 2024:

- Secure 2-3 additional customer programs in 2024
- Secure $20-70 million of new NRE bookings in 2024

Conference Call

Innoviz management will hold a web conference today, May 8, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the first quarter of 2024 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.

A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact

Media@innoviz-tech.com

Investor Contact

Investors@innoviz-tech.com
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WeTheMarket WeTheMarket 5 months ago
Driving Through Historical Munich (InnovizTwo)

Innoviz Technologies
1.19K subscribers
Posted Apr 30, 2024

Join us on a mesmerizing journey as we drive through Ludwig street in #munich, capturing the awe-inspiring sights of the Victory Gate (Siegestor) and the Oden Square (Odeonsplatz). Through the lens of the InnovizTwo #lidar and our AI-powered Perception Software, witness the stunning beauty of these iconic #landmarks like never before.

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glenn1919 glenn1919 5 months ago
INVZ....................................https://stockcharts.com/h-sc/ui?s=INVZ&p=W&b=5&g=0&id=p86431144783
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WeTheMarket WeTheMarket 6 months ago
Innoviz Sets First Quarter 2024 Conference Call for Wednesday, May 8 at 9:00 a.m. ET
April 17 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93673520/innoviz-sets-first-quarter-2024-conference-call-fo

TEL AVIV, Israel, April 17, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ), (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensors and perception software, today announced that it will release its earnings results for the first quarter ended March 31, 2024 on Wednesday, May 8, 2024 before the market opens.

Innoviz will host a conference call and webinar on the same day at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss its operational and financial results followed by a question-and-answer session for the investment community. Operational and financial results will be issued in a press release prior to the call.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration. A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier-1 direct supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit www.innoviz-tech.com

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
Investors@innoviz-tech.com

Logo - https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/innoviz-sets-first-quarter-2024-conference-call-for-wednesday-may-8-at-900-am-et-302119283.html
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WeTheMarket WeTheMarket 6 months ago
Innoviz Reaches a Key Milestone with Successful Winter Test of InnovizTwo LiDAR and AI-Powered Perception Software, Showcasing Significant Progress and New Opportunities
April 18 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93680262/innoviz-reaches-a-key-milestone-with-successful-wi

Innoviz successfully completed an 18-day test in the harshest winter conditions, demonstrating the robustness and reliability of the InnovizTwo LiDAR and Perception Software

TEL AVIV, Israel, April 18, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, announced today the successful completion of a winter test for its InnovizTwo LiDAR and Perception Software, a key engineering and R&D achievement.

IInnoviz uses winter tests to measure and scrutinize the Company's products for thousands of kilometers. The data and insights accumulated are used to improve Innoviz's proprietary AI-backed software and hardware solutions. Ahead of the drive, Innoviz received TĂśV SĂśD Certification Mark for Roof Racks, establishing an essential industry benchmark, approving the LiDAR roof setup to operate on roads.

During an 18-day period, through more than 120 hours of driving, and across ten countries, including Germany, Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Czech Republic and Austria, the test demonstrated the effective performance of the Innoviz suite of advanced autonomous solutions in the harshest of winter conditions, including extreme temperatures, rain, snow, and heavy fog. The winter test provided invaluable data and insights for the vehicle as it traversed some of the world's most challenging driving conditions and the successful results demonstrate Innoviz's commitment to building best-in-class technology to power advanced autonomous driving.

"The winter test is the latest validation of Innoviz's ability to provide drivers with a safe, dynamic, and advanced autonomous driving experience," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Proving its efficacy in diverse conditions – from the bluest of skies to the harshest icy conditions - and enriching our software with road data will take the Innoviz AI-platform to the next level. We are confident this technology will help demonstrate our ability to meet strict timelines and showcase the robustness of our architecture."

In 2030*, approximately 10 million LiDAR scanners across various autonomy levels are expected to be sold globally in the automotive market. The number of LiDAR scanners to be sold in 2035 is likely to be more than double according to IHS.

*According to IHS data from February 2024

About InnovizTwo LiDAR

InnovizTwo is a robust solution, operating seamlessly in the harshest of weather conditions. Capable of supporting several levels of autonomy, InnovizTwo is Innoviz's next-generation LiDAR sensor featuring superior quality and bringing autonomous capabilities for automakers faster and cheaper. Click here to read more about InnovizTwo.

About Innoviz's AI-Based Perception Software

As the "Brain" behind the "Eyes" of the InnovizTwo LiDAR, the proprietary AI algorithms of Innoviz's Perception Software provide advanced object detection, classification, and tracking features, as well as collision classification, localization, and calibration capabilities, with the potential to transform how autonomous cars perceive and navigate the world. Click here to read more about Innoviz's Perception Software.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com .

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact

Media@innoviz-tech.com

Investor Contact

Investors@innoviz-tech.com
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Monksdream Monksdream 6 months ago
INVZ new 52 lo
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glenn1919 glenn1919 6 months ago
INVZ...................https://stockcharts.com/h-sc/ui?s=INVZ&p=W&b=5&g=0&id=p86431144783
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WeTheMarket WeTheMarket 6 months ago
BofA Securities 2024 Automotive Summit
NYC, USA, Mar 27, 2024
Link to webcast https://bofa.veracast.com/webcasts/bofa/automotive2024/idjUCg63.cfm
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WeTheMarket WeTheMarket 7 months ago
Innoviz, Enabling the Autonomous Vehicle Revolution

Innoviz Technologies
1.18K subscribers
Posted Feb 26, 2024

With hundreds of thousands deaths from road crashes each year, #selfdriving technology has the potential not only to save lives, but to pave the way for a revolution in how we live. Innoviz's enabling LiDAR technology is guiding society into a brighter future, harnessing digital information to see far beyond what any camera or the human eye can perceive. Watch the video to learn why the world's leading manufacturers are trusting it for their automotive innovation-driven solutions.



Intersection (InnovizTwo)
Posted Jan 31, 2024

Discover the power of the InnovizTwo lidar sensor through a Point Cloud recording where you'll witness firsthand how this state-of-the-art technology captures traffic data while a vehicle stops at an intersection. Join us on this enlightening journey to understand the significance of LiDAR in revolutionizing transportation systems.



Highway Drive (InnovizTwo), Witness the magic of InnovizTwo!
Posted Jan 31, 2024

Capable of supporting several levels of autonomy, InnovizTwo is our next-generation #lidar sensor featuring superior quality at a fraction of the cost, bringing autonomous capabilities for automakers' to market faster and cheaper.



Shoreline (InnovizTwo)
Posted Jan 31, 2024

Join us as we explore the InnovizTwo lidar sensor's capabilities in mapping the dynamic shoreline environment. Through an immersive point cloud recording, you will witness the sensor's ability to capture intricate details of the surroundings, providing valuable insights for various applications.



Culture Square (InnovizTwo)
Posted Jan 17, 2024 LiDAR

Experience the extraordinary in our latest video showcasing InnovizTwo's groundbreaking technology at Culture Square, telaviv

Witness the pinnacle of LiDAR innovation with InnovizTwo's "demo mode," a focal point that captures the essence of its superior capabilities. Join us in revolutionizing #AutonomousDriving!

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WeTheMarket WeTheMarket 7 months ago
Link to INVZ Q4 2023 Earnings Call Transcript https://d1io3yog0oux5.cloudfront.net/_a29730d04176dfcfa9d8e63c642145d4/innoviz/db/1111/9863/transcript/Transcript+-+Innoviz+Technologies+4Q23+Earnings+Call+-+2024.02.28_Website.pdf
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WeTheMarket WeTheMarket 7 months ago
Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance
February 28, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/122/innoviz-reports-fourth-quarter-and-full-year-2023-results
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_sLkgRZBaSfCn1lk-qNF3eg#/registration
Link to Investor Presentation https://d1io3yog0oux5.cloudfront.net/_6a50ad192aff5a9177c88191ea779838/innoviz/db/1111/9863/earnings_call_presentation/Slides+-+Innoviz+Technologies+4Q23+Earnings+-+2024.02.28.pdf
Link to Previous (3Q 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177195

Highlights
- Full year 2023 revenues of approximately $21M exceeded guidance with year-over-year growth of 246%
- Q4 2023 revenues of approximately $15M exceeded guidance with 328% growth quarter-over-quarter and 846% growth year-over-year
- Strong revenue growth coupled with disciplined cost management led to the lowest quarterly cash burn since becoming a public company, finishing the year with approximately $150 million in cash and equivalents

TEL AVIV, Israel, Feb. 28, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the fourth quarter and full year ended December 31, 2023, and set 2024 commercial and financial targets.

"I am pleased with our strong finish to 2023, delivering revenues that were above the high end of both our quarterly and annual guidance range," said Innoviz CEO, Omer Keilaf. "The combination of strong revenues and disciplined cost management led to an impressive cash performance with our quarterly cash burn at just $14.5 million, a record low since Innoviz became a public company. I believe this highlights the impact that growing revenues and cost discipline can have on our longer-term financial trajectory."

Keilaf added, "So far in 2024 we have shared exciting news on the customer front, unveiling our second Volkswagen program with the ID. Buzz at CES, and today's news that we are working on an additional InnovizOne deployment with BMW on the 5 Series in China. As we look to the rest of the year ahead, we continue to be very active with our RFI and RFQ pipeline and continue to believe that several additional customer wins are within reach. We continue to believe the LiDAR market will ultimately be a 'winner takes most' industry and that the next few customer decisions could provide us with continued momentum."

Commercial and Strategic Updates

BMW i7 with InnovizOne available for sale now with deliveries planned March 2024 – The BMW i7 with the InnovizOne powered Personal Pilot L3 package is currently available for sale in Germany with deliveries expected to begin in March 2024.

Developing InnovizOne for new vehicle and geography with BMW – Innoviz has begun supporting software development specific to the Chinese market for a new deployment of the InnovizOne on BMW 5 Series vehicles in China working towards a commercial launch at a future date.

Unveiled Volkswagen ID. Buzz light commercial vehicle program at CES – Innoviz unveiled the new ID. Buzz light commercial vehicle program at CES in January, marking the company's second program with the Volkswagen Group. Volumes from this program are incremental to the original series production award announced in 2022. The ID. Buzz is a light commercial vehicle aimed at the mobility market and will be a Level 4 program with multiple LiDAR per vehicle. A test fleet of vehicles is already on the road in Austin, Texas, and we expect the program will become increasingly visible as it progresses towards a planned 2026 commercial launch.

Collaborating with Mobileye on the Volkswagen ID. Buzz – Innoviz and Mobileye both displayed the new ID. Buzz light commercial vehicle program at CES, with both companies working together on the Level 4 technology. Innoviz is supplying the InnovizTwo long-range LiDAR, while Mobileye is working with Volkswagen as the autonomy platform partner, integrating the broader sensor suite and software stack. Innoviz views Mobileye as a strong partner and hopes to find additional opportunities to work with them on new platforms.

Working towards additional growth opportunities with Volkswagen Group – Innoviz continues to work to secure additional vehicles and platforms within the Volkswagen Group, in addition to its initial 2022 series production award and the recently announced ID. Buzz program.

Customer decisions expected for late 2023 continue to progress in 2024 – Several of the Company's RFQs that were in the later stages and were expected to be completed by the end of 2023 continue to make progress, despite decision timelines having been pushed into 2024.

Strategic realignment – In late January 2024, Innoviz announced a strategic realignment that refocused the cost structure of the InnovizOne program after its transition into series production. The Company also announced a concentration of future investments on the InnovizTwo sensor and software platform and used the realignment as an opportunity to integrate its hardware and software development units into a combined R&D department. These realignment actions are expected to be completed during the first quarter of 2024 and to reduce planned cash outlays by $22-24 million on an annualized basis.

New slim profile design for InnovizTwo – Innoviz unveiled a new, slimmer profile design for the InnovizTwo that can reduce the height of the sensor from 45mm to as small as 25mm. The new design was created for a pipeline customer and can be particularly useful for customers exploring behind the windshield and rooftop LiDAR deployments.

Fourth Quarter 2023 Financial Results

Revenues in Q4 2023 were $14.9 million, up 328% compared to revenues of $3.5 million in Q3 2023 and up 846% compared to revenues of $1.6 million in Q4 2022. The strong revenue growth came from a combination of NRE services, production units and sample shipments.

Operating expenses in Q4 2023 were $29.5 million, an increase of 6% compared to operating expenses of $27.8 million in Q3 2023, and a year-over-year decrease of 12% compared to $33.5 million in Q4 2022. Operating expenses for Q4 2023 included $5.5 million of share-based compensation compared to $5.3 million of share-based compensation in Q4 2022.

Full Year 2023 Financial Results

Revenues in 2023 were $20.9 million, up 246% compared to revenues of $6.0 million in 2022. The strong revenue growth resulted from a combination of NRE services, production units and sample shipments, and was partially offset by the transition from sample pricing to production pricing with the BMW program shifting into series production.

Operating expenses in 2023 were $121.0 million, a decline of 3% compared to operating expenses of $124.6 million in 2022. Operating expenses for 2023 included $20.7 million of share-based compensation compared to $19.3 million of share-based compensation in 2022.

Liquidity as of December 31, 2023 consisted of approximately $150.2 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities. The combination of stronger revenues and disciplined cost management resulted in the lowest quarter-over-quarter cash burn in the Company's history as a public company at only $14.5 million (net cash used in operating activities and purchase of fixed assets).

2024 Financial and Operational Targets

The Company is establishing initial targets for Q1 2024 and FY 2024:

- Secure 2-3 additional customer programs in 2024
- Secure $20-70 million of new NRE bookings in 2024
- Q1 2024 revenues are expected to be in the range of $5-6 million (+395-494% YoY)

After initially guiding 2023 revenue targets too cautiously, Innoviz is shifting to quarterly revenue targets. There are many factors that can influence full year numbers that can be difficult to predict this early in the year, and the Company believes quarterly guidance will ultimately be a more prudent and accurate way to approach revenue targets at this point in the Company's growth curve.

Conference Call

Innoviz management will hold a web conference today, February 28, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the fourth quarter and full year 2023 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.

A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.

About Innoviz Technologies

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact

Media@innoviz-tech.com

Investor Contact

Investors@innoviz-tech.com
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WeTheMarket WeTheMarket 7 months ago
Reminder Innoviz Fourth Quarter and Full Year 2023 Conference Call tomorrow Wednesday, February 28 at 9:00 a.m. ET

Investors are invited to attend by registering in advance here https://touchconference.zoom.us/webinar/register/WN_sLkgRZBaSfCn1lk-qNF3eg#/registration
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WeTheMarket WeTheMarket 8 months ago
Summarizing the Ride of a Lifetime at CES 2024
January 24, 2024
David Oberman, VP Asia
https://innoviz.tech/blog/summarizing-the-ride-of-a-lifetime-at-ces-2024#top

Las Vegas city is surrounded by great views of the Nevadan desert, and is best known for its gambling, shows and nightclubs, but for one week every year in early January, everything revolves around the tens of thousands of visitors from all around the world, who come to witness the latest and greatest in technology. The Consumer Electronics Show (CES) is truly the mother of all technology exhibitions, and companies both large and small invest in a booth and parade their innovation and products.

This year, CES celebrated its 100th Anniversary. The walls of the long corridors showcased the many inventions which first appeared at this feted show. Walking along the halls is like reliving the advent of the many technologies that have appeared during our lifetimes and changed them irrevocably.

In recent years, automotive-related technologies have grown their presence greatly at CES. Colleagues and partners showcased impressive innovation in the West Hall of the LVCC Las Vegas Conference Center, and much of the North Hall too.

This year at CES, we were proud to be able to present at our booth, for the very first time, vehicles from our customers BMW and Volkswagen: The BMW i7 series, which can be pre-ordered already, and will be delivered to the first customers in Germany in March this year, took pride of place at our stand. The BMWi7 will be driving autonomously on the highways of Germany, the first car from BMW to have “Level 3” autonomous function, enabled by the LiDAR developed by Innoviz’s incredible team of engineers. The BMW cars use Innoviz’s first automotive-grade LiDAR, InnovizOne. The next BMW model to appear with our LiDAR will be the BMW i5 which will be released in China in a few months from now.

Alongside the BMW was Volkswagen’s ID. Buzz. This 7-seater Long-range Electric MPV has on its roof 3 units of InnovizTwo, our latest automotive-grade LiDAR, selected by the Volkswagen Group in 2022 for their cars. Innoviz is the Tier 1 provider of LiDAR for these vehicles, and is working closely with Cariad, the VW Group’s Software company, to integrate Innoviz’s LiDAR solutions into other vehicles in the VW Group.

At our booth we also showed live demos of our latest products, and passersby enjoyed posing for the LiDAR and getting 3D magnets of themselves. Visitors were also impressed by BMW’s videos and videos created by our many partners showing their use-cases with our LiDAR and their software.

Throughout the 4-day show, the Innoviz team met with our existing OEM customers and with many potential new customers, who are preparing to issue RFIs (Requests for Information) for LiDARs for their vehicles. Meetings were also held with leading robotaxi and shuttle companies, autonomous driving platform developers, mapping companies, distributors and industrial customers, analysts and media, as well as other partners from the automated and autonomous driving sector. Despite over 60 meetings set up in advance, the impromptu meetings with many potential customers and partners who passed by our booth and were impressed with what they saw were no less an achievement.

But CES isn’t all work. It would not have been the same without our traditional “SUSHI NIGHT”. It was extremely satisfying to have all 19 members of our team gather and celebrate a very successful show. See you next year!
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WeTheMarket WeTheMarket 8 months ago
Innoviz Attains IATF 16949:2016 Certification Demonstrating Commitment to the Automotive Industry's Quality Standards
February 06 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93215074/innoviz-attains-iatf-16949-2016-certification-demo

The company received certification for its design and assembly of Lidar, Perception SW and Lidar solutions, further solidifying its position as a trusted Tier-1 supplier

TEL AVIV, Israel, Feb. 6, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced its successful achievement of the IATF 16949:2016 certification, which includes the ISO 9001:2015 requirements and is a testament to the Company's dedication to maintaining exceptional quality and standards in the automotive industry.

The International Automotive Task Force (IATF) was formed to provide improved quality products to automotive consumers worldwide and its members include world-leading automotive manufacturers. The IATF 16949:2016 is an internationally recognized standard for automotive quality management systems. It certifies that Innoviz has the process-oriented quality management systems to enable continued improvements, emphasizing defect prevention and the reduction of variation and waste in the supply chain and assembly process.

Achieving this prestigious certification is a result of Innoviz's relentless pursuit of excellence, stringent quality control measures, and continuous improvement initiatives across all facets of its operations. This milestone underscores the Company's focus on enhancing efficiency and ensuring customer satisfaction in every aspect of its design and assembly of LiDAR solutions and perception software.

"We are thrilled to have attained the IATF 16949:2016 certification, which stands as a testament to our unwavering commitment to delivering exceptional quality in everything we do," said Omer Keilaf, CEO and Co-Founder at Innoviz. "This accomplishment reflects the hard work and dedication of our team and reaffirms our promise to provide our customers with cutting-edge LiDAR solutions of high quality and reliability, while solidifying our ongoing position as a Tier-1 supplier within the automotive industry."

In addition, Innoviz received the ISO 14001:2015 certification, an internationally- recognized standard for environmental management systems (EMS) and the ISO 45001:2018 certification, an international standard that specifies requirements for an occupational health and safety (OH&S) management system.

Innoviz's certified Quality Management Systems can be viewed here.

About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.

Join the discussion: Facebook, LinkedIn, X , YouTube

Media Contact
Media@innoviz-tech.com

Investor Contact (US)
Investors@innoviz-tech.com
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WeTheMarket WeTheMarket 8 months ago
Innoviz Announces Operational Realignment to Expand Cash Runway and Optimize Path Towards Profitability and Free Cash Flow
January 31 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93176075/innoviz-announces-operational-realignment-to-expan

Highlights
- Realignment actions to be implemented during the first quarter of 2024 and are expected to reduce cash outlays by $22-24 million on an annualized basis
- Savings expected to be derived primarily from the transition of the InnovizOne program to series production and concentration of future investments on the InnovizTwo sensor and perception software suite

TEL AVIV, Israel, Jan. 31, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced a strategic realignment of its operations to expand the Company's cash runway and optimize its path towards profitability and free cash flow generation. The realignment is expected to deliver strategic cost savings from a combination of reduced costs following the transition of InnovizOne into series production and the concentration of future investments on the InnovizTwo sensor and software platform. As a result of the strategic realignment actions, the Company's headcount will be reduced by approximately 13%.

"Innoviz is at an important point in its growth trajectory," said Omer Keilaf, Innoviz Co-Founder and CEO. "The Company is in a market capture window that has the potential to determine the market share of the LiDAR industry for the next decade or more. Today's actions are the result of a thoughtful process to optimize the Company's cost structure, increase our competitive positioning, and extend our cash runway through the expected remainder of the market capture window. Looking ahead, we remain confident in our ability to achieve our long-term goals and become a market leader in automotive LiDAR."

Transitioning InnovizOne into Series Production

Since 2021, Innoviz has simultaneously funded the development of two production path programs – the InnovizOne and InnovizTwo LiDAR sensor and perception software suites. With the InnovizOne program now successfully transitioned from the development phase into full series production, the Company will eliminate duplicative cost structures and significantly reduce its spending on InnovizOne development, while reinvesting a portion of the savings into the InnovizTwo sensor and perception software platform. All quoting and bidding activity in the Company's RFI and RFQ pipeline will now be focused on the InnovizTwo platform.

Concentrating Investments on the InnovizTwo Sensor and Perception Software Platform

The Company is reducing its investments in initiatives that have meaningful upfront cash outlays and lengthy time horizons before achieving commercialization and securing sizeable series production volumes. These initiatives include the Minimum Risk Maneuver (MRM) software solution and the InnovizCore AI compute module, along with other previously unannounced initiatives.

Going forward, investment activity will be more concentrated on the InnovizTwo sensor and software platform and commercializing it for series production awards with the world's largest automotive OEMs. The Company believes that focusing on applications with the broadest market fit will yield a better return profile and optimize its path towards profitability and free cash flow generation. Innoviz is deeply focused on leveraging the strengths of the InnovizTwo platform to win additional series production awards from its robust customer pipeline.

Projected Financial Benefits

As a result of the strategic realignment actions, Innoviz plans to decrease its employee headcount by approximately 13% and expects to reduce its 2024 planned cash outlays by $22-24 million on an annualized basis. Cash savings are expected to begin in the first quarter of 2024 with run rate savings expected to be achieved by the end of the second quarter of 2024. Cash costs associated with the strategic actions are expected to be minimal.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
Investors@innoviz-tech.com
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WeTheMarket WeTheMarket 8 months ago
BWIGGEN, lengthy discussion on all major Lidar companies, including Innoviz, at the following link https://stocktwits.com/Dietl/message/558577019
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WeTheMarket WeTheMarket 8 months ago
Recent Linkedin post https://www.linkedin.com/posts/innoviz-technologies_lidar-autonomousvehicles-kan11-activity-7155567373792509952-DUEv/?utm_source=share&utm_medium=member_ios

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BWIGGEN BWIGGEN 9 months ago
Anyone ? Why? Come with some med contracts and show us The Money
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BWIGGEN BWIGGEN 9 months ago
Hey, what happens….? According to City we should be on out way to 10 at least…. Hopefylle we will have some new contracts comming, or at least increased income…. I appreciate some discussion about this exciting company
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WeTheMarket WeTheMarket 9 months ago
Pretty cool https://media.licdn.com/dms/image/D4D22AQFcbHUPBYa6YA/feedshare-shrink_800/0/1704736518276?e=2147483647&v=beta&t=59STGCYKqHVnvy__SpqE6v9omn7hQEeSdL7Wlz2aaqA
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WeTheMarket WeTheMarket 9 months ago
Innoviz to Showcase All-New BMW i7 and Volkswagen ID. Buzz at CES Booth; LiDAR Capabilities Will Be Demonstrated
January 08 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/92981757/innoviz-to-showcase-all-new-bmw-i7-and-volkswagen

Highlights
- New Volkswagen ID. Buzz with InnovizTwo LiDAR to be shown at Innoviz booth (#6252) and Mobileye booth (#4600)
- 2024 BMW i7 with InnovizOne LiDAR is now available for order in Germany

TEL AVIV, Israel , Jan. 8, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced its participation in the Consumer Electronics Show (CES) 2024, taking place January 9th – 12th in Las Vegas, Nevada. Visitors can experience the latest in LiDAR technology at the Innoviz booth, located at LVCC, West Hall booth #6252, where the company will present live demonstrations of its latest LiDAR technology, offer a chance to meet with Innoviz management, and showcase the BMW i7 and Volkswagen's ID. Buzz.

Autonomous Vehicles Powered by Innoviz

The BMW i7 and Volkswagen ID. Buzz will be on display at Innoviz's booth offering attendees the opportunity to see vehicles integrated with Innoviz's LiDAR solutions. The BMW i7 with level 3 autonomous driving capabilities enabled by the InnovizOne LiDAR is now available to order in Germany with deliveries expected to begin March 2024. The VW ID. Buzz is the light commercial vehicle program Innoviz referred to in its announcement in May 2023. VW and Innoviz have been working on an accelerated path utilizing InnovizTwo LiDAR for level 4 autonomous capabilities for this light commercial vehicle.

"We are thrilled to showcase our technology and our partners this year as we take great pride in the autonomous capabilities we provide our OEM customers," said Omer Keilaf, Innoviz Co-Founder and CEO. "Our partners are prioritizing safety by choosing our LiDAR technology which allows vehicles to see what humans and cameras cannot. It is our belief that our LiDAR ensures unparalleled protection for passengers, pedestrians, and other vehicles on the road. Together, we are building a safer future. This CES, we are excited to offer attendees the opportunity to experience our technology and our vision, designed to ensure autonomous vehicles drive better than humanly possible."

Live Product Demonstration at the booth

Live demonstrations of Innoviz's LiDAR technology will be offered to visitors at Innoviz's booth during show days. In addition to its second-generation, InnovizTwo LiDAR sensor, Innoviz will show a live demo of the Innoviz360, the most recent member of the high-performance Innoviz LiDAR family. Innoviz360 offers an improved performance and an innovative design that overcomes existing spinning LiDAR barriers that are limited in performance, expensive, and too large for most applications.

Test Driving the Future of Autonomy

Pre-scheduled test drives of Innoviz's LiDAR technology will showcase the real-world performance and safety enhancements provided by Innoviz in automotive applications. Attendees can experience Innoviz's prime detection and imaging capabilities and will get a firsthand look at how Innoviz's cutting-edge technology is shaping the future of autonomous driving and other solutions.

Meet the Innoviz Management Team

CES attendees will have the opportunity to meet with Innoviz's top executives and management team and receive insights into Innoviz's vision, upcoming projects, and their role in advancing LiDAR technology across industries.

Join Us at CES 2024

The excitement of CES 2024 comes as Innoviz was recently named a CES 2024 Innovation Awards Honoree for its InnovizCore all-new Compute Module integrating AI, deep learning and computer processing. Innoviz invites all attendees to visit at LVCC, West Hall booth #6252 to experience the future of LiDAR technology. For more information or to schedule a meeting with Innoviz at CES 2024, please contact us at ces@innoviz-tech.com.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com .

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
Media@innoviz-tech.com

Investor Contact
Investors@innoviz-tech.com

+972 54 677 8100
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silkmaster silkmaster 10 months ago
nice good luck to us! Long terms.
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WeTheMarket WeTheMarket 10 months ago
Omer Keilaf, Innoviz CEO, LinkedIn post.
Link https://www.linkedin.com/posts/omer-david-keilaf-53714b1_innoviztwo-is-getting-better-by-the-day-activity-7141467041726685184-kqT3

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WeTheMarket WeTheMarket 10 months ago
Why did Innoviz shares surge 60% this week?
Bullish analysts expect the Israeli LiDAR developer’s stock to climb significantly, suggesting even a massive 500% upside
CTech
11:04, 15.12.23
https://www.calcalistech.com/ctechnews/article/hyi2e9k8a

Key quotes:

"With our transition from SOP preparation to steady state manufacturing advancing day by day, we are shifting even more of our focus towards winning the next rounds of series production awards," said Omer Keilaf, Innoviz Co-Founder and CEO. "We continue to believe the LiDAR market will ultimately be a 'winner takes most' industry, and that the next few deals could provide us with additional momentum."

Keilaf added, "While the tragic events that have taken place in Israel over the past month have affected us all on a personal level, our global business has continued to operate as planned. Our international manufacturing operations in Germany, the U.S. and Asia were unaffected, and operations at our Israeli headquarters quickly normalized, aided by detailed business continuity planning coupled with a tremendous level of determination and commitment from the Innoviz team. It is in these trying times that we lift our heads and persevere."
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WeTheMarket WeTheMarket 10 months ago
BMW gains test license for L3 autonomous driving in Shanghai
Reuters
December 13, 2023
https://www.reuters.com/business/autos-transportation/bmw-gains-test-license-l3-autonomous-driving-shanghai-2023-12-14/

BEIJING, Dec 14 (Reuters) - BMW Group (BMWG.DE) has received a test license for level 3 autonomous driving on high-speed roads in Shanghai, the German automaker said on Thursday, a move closer to allowing driverless cars in the world's largest auto market.

BMW will launch products equipped with L3 self-driving functionality when they can do so in accordance with Chinese laws and regulations, it said in a statement.

The new license would expand areas for BMW to carry out tests of advanced autonomous driving technologies in Shanghai. BMW obtained a license in 2018 that allowed it to run tests on 5.6 km (3.5 miles) of public roads in the city.

China has been making policies to accelerate the mass adoption of autonomous driving technologies. Earlier in December, China also issued safety guidelines for the use of autonomous vehicles in public transport.
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WeTheMarket WeTheMarket 10 months ago
Tesla recalls nearly all 2 million of its vehicles on US roads
December 13, 2023
https://www.cnn.com/2023/12/13/tech/tesla-recall-autopilot/index.html

Tesla is recalling nearly all 2 million of its cars on US roads to limit the use of its Autopilot feature following a two-year probe by US safety regulators of roughly 1,000 crashes in which the feature was engaged.

The limitations on Autopilot serve as a blow to Tesla’s efforts to market its vehicles to buyers willing to pay extra to have their cars do the driving for them.

The National Highway Traffic Safety Administration said the Autopilot system can give drivers a false sense of security and be easily misused in certain dangerous situations when a Tesla’s technology may be unable to safely navigate the road. The over-the-air software update will give Tesla drivers more warnings when they are not paying attention to the road while the Autopilot’s “Autosteer” function is turned on. Those notifications will remind drivers to keep their hands on the wheel and pay attention to the road, according to a statement from NHTSA.

. . .
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WeTheMarket WeTheMarket 10 months ago
LMQT, welcome to the INVZ board. Great article, thanks for posting.
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LQMT_Monster LQMT_Monster 10 months ago
https://www.motortrend.com/features/lidar-technology-radar-future-cars/
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Atlanta1 Atlanta1 10 months ago
$INVZ - tasty burger. I'll have a Royale with Cheese, please....
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