[WeTheMarket]

See the birds on the traffic light :) $INVZ pic.twitter.com/Md5SK8psKk

— Omer Keilaf (@KeilafOmer) December 5, 2023

[WeTheMarket]

BMW and Innoviz achieve Level 3 autonomous driving with the BMW 7 Series
BMW is working with partners to ramp-up automated driving capabilities, starting with the 7
Frankie Youd
November 30, 2023
https://www.just-auto.com/interview/bmw-and-innoviz-achieve-level-3-autonomous-driving-with-the-bmw-7-series/?cf-view

The latest BMW 7 Series incorporates SAE Level 3 autonomy capabilities which means the car can perform some dynamic driving manoeuvres without human intervention.

This achievement has been made possible by the OEM working with Innoviz, a leading manufacturer of high-performance LiDAR sensors and perception software. The two companies have worked together for several years on highly automated technology and autonomous driving capabilities.

We spoke to with Oren Buskila, chief R&D officer, and co-founder of Innoviz, to discuss the partnership with BMW and to touch on how level 3 autonomous features have been achieved.

Just Auto (JA): Could you discuss the background on the company?

Oren Buskila (OB): Innoviz is a company based in Israel that is enabling the self-driving revolution in cars primarily through the development of LiDAR. LiDAR is a 3D sensor-based scanning laser that’s considered one of the three main sensors that are required and necessary to enable self-driving.

The company started some seven and a half years ago, we’ve grown significantly through several significant design wins that are amongst the biggest in the industry to date.

I am the chief R&D officer; I am also one of the co-founders of the company. As part of my position, I managed development of all of our products. R&D activity accounts for most of the workforce; there’s a total of 500 employees and around 300 of them are in R&D.

How did working with BMW come to be?

Our first work with BWM was back in 2018 on a programme that’s launching this year; the BMW 7 Series. This is launching with the InnovizOne LiDAR, enabling it to be the first car from BMW that will be L3 autonomous and amongst the first ever with L3 capability on public roads.

A few months ago, we announced another project with BMW, which is a development project for the next generation of BMW cars, and this is based on our newest LiDAR model called the InnovizTwo. This is roughly the same product, that has been nominated for supply by Volkswagen – but with some adjustments, specific to BMW.

How is the BMW 7 Series able to achieve level 3 autonomous driving?

The first programme is starting with the BMW 7 Series, or the i7 which is the EV version. This will be the first model from BMW that will be able to drive itself autonomously on highways.

Level 3 means that it does not require the attention of the driver at all, as long as the self-driving feature is enabled and activated. It might need to request the driver to take control, but it will give it ample time to respond, something like 10 or 20 seconds, meaning that the driver can rest or do whatever he or she would like to do. This is approved by the regulator in Germany. This was approved last year, and so far, it is enabled only by Mercedes Benz and BMW; these are the first two companies who are releasing this capability.

Level 3 is not binary. There’s a spectrum of features that could be called L3, but the essence of it is no monitoring by the driver.

The next generation of L3, which BMW is now developing, is going to have a more extensive feature set, meaning that it will be able to perform in a wider range of use-cases. It will be able to drive faster, also. At the moment there’s a sub-limit of speed that’s currently enabled. The next generation is planned to enable full-speed highway cruising. It’s meant to serve more platforms and models in the BMW portfolio.

This will be enabled by the improved range and performance of InnovizTwo, versus InnovizOne – in terms of range, resolution, field of view. The extension to the broader BMW line-up is made possible mostly through the cost reduction that was achieved in developing InnovizTwo. We worked very hard on being able to bring the cost down by 70%.

There’s another thing that is a first, a first for us, and maybe at first for the industry. We are delivering not just the LiDAR, but we have delivered a feature that is responsible for the control of the car itself, not just the perception, but the control and the decision making. This feature acts as a safety system when the main system is malfunctioning. This is called an MRM – a minimum risk manoeuvre system.

This is another box with a computer in it that processes the information from the LiDAR, and whenever it’s requested to do so by the car computer. It can bring the car to a safe stop while maintaining the course of the vehicle and decelerating in a safe way.

MRM – a minimum risk manoeuvre system

When is this planned to be available for customers?

The BMW 7 Series is planned to be launched soon, by the end of this year.

For us, the InnovizTwo LiDAR is going to start production in 2025 and will align with several launches from several customers through 2025, 2026 and 2027. We currently have several programmes with different timings.

What do you see the future holding for autonomous driving features?

I think that now we are in the stage of the first generation of automotive LiDAR. We’re seeing both limited functionalities of the cars, that have the Level 3 systems, and we’re seeing limited availability because these are still very expensive features that are not accessible to everyone.

Starting in 2025, 2026 we’ll start to see these features in more mid-range car models. As has happened in history with many vehicle technologies, such as safety belts, airbags and automatic transmissions, everything usually starts expensive and starts in the high-end models and from there it trickles down to all the rest of the of the models, until it’s eventually standard.

I think we will see Level 3 reaching full functionality for high-speed highway driving, which also means full responsibility of the car.

We’ll see that also with LiDAR. I don’t think it will be standard by 2026 but we will see it in a much broader range of vehicles. We will see this also introduced by OEMs and carmakers that have sat on the fence until recently, and did not go all in on Level 3, because they felt that the technology was not yet maybe mature, or low-cost enough.

I think we will see Level 3 reaching full functionality for high-speed highway driving, which also means full responsibility of the car. You won’t need to go into and out of Level 3 mode whenever there’s the traffic jam easing up, or building up; the car we were able to transition between modes on the highway.

[philaya]

got some....
good trade for the day.

[WeTheMarket]

Innoviz Reports Third-Quarter 2023 Results, Delivering Strong Sequential and Year-Over-Year Revenue Growth
November 08 2023
https://www.prnewswire.com/news-releases/innoviz-reports-third-quarter-2023-results-delivering-strong-sequential-and-year-over-year-revenue-growth-301981405.html

Summary
- Q3 2023 revenues exceeds guidance with 138% growth quarter-over-quarter and 297% growth year-over-year
- Innoviz reiterates full year 2023 commercial and financial targets and expects another meaningful step-up in revenues in Q4 2023

TEL AVIV, Israel, Nov. 8, 2023 /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 third quarter ended September 30, 2023 and reiterated 2023 commercial and financial targets.

"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."

Commercial and Strategic Updates

- BMW Group series production unit shipments began in the third quarter of 2023 – the Company began shipping production units of its InnovizOne LiDAR sensor components to the BMW Group's first generation program coupled with the final iteration of the perception software.

- Shuttle program transitioned to six LiDAR configuration, from four, and continues progress towards SOP – the InnovizOne-based shuttle program has transitioned from a four-LiDAR configuration, with a LiDAR in each corner, to a six-LiDAR configuration, adding two side LiDARs capable of producing a wide field of view. The change highlights the flexibility of the platform and is expected to increase the total revenue content per vehicle available to Innoviz. The program continues to progress towards SOP.


- August capital raise strengthened positioning heading into RFQ decision making – multiple RFQ programs progressed to various levels of testing, audits, and certification during the third quarter, with three programs moving to more advanced financial and operational audits. The strategic decision to raise capital strengthened the Company's positioning in these processes and helped it progress towards the final stages for these programs. The Company continues to target adding two new OEMs to its customer lineup this year.


- Growing non-recurring engineering (NRE) revenue contribution validates long-term strategy – incremental NRE revenue contribution in the third quarter of 2023 validated the Company's strategy to transition to a Tier 1 automotive supplier and to pursue increasing amounts of pre-production NRE revenue. The Company believes NRE revenue will become a growing contributor to its medium-term financial profile.

- Upgraded version of InnovizTwo B-Sample with new custom ASIC shipped to multiple customers and prospects – the Company unveiled a second iteration of its InnovizTwo sensor and software suite B-sample with its new and more powerful custom ASIC integrated. This latest B2.0 version unlocks new levels of accuracy, increased range, a broader field of view, and higher resolution. The increased performance and functionality are expected to further strengthen Innoviz's positioning within its RFQ pipeline.


- New light commercial vehicle program remains on a rapid development path – sample shipments for the new light commercial vehicle program announced Q1 2023 continued to grow in the quarter. The program remains on track for a mid-decade SOP and we expect test vehicles with multiple InnovizTwo LiDAR installed to be on public roads later this year.

- Working towards additional growth opportunities with Volkswagen Group – the Company continues to work on securing additional vehicles and platforms within the Volkswagen Group, in addition to its initial 2022 series production award. The program continues to track towards a mid-decade SOP.

- BMW Group Gen 2 program development continues – development continued on the InnovizTwo-based second generation LiDAR sensor and software suite for the BMW Group, including the all-new InnovizCore AI compute module and Minimum Risk Maneuver (MRM) software.

- Examples of Innoviz technology expected to be on display at CES – Innoviz plans to display a Level 3 BMW 7 Series with an integrated InnovizOne LiDAR at its booth at the Consumer Electronics Show in Las Vegas this January. Investors interested in coordinating a booth visit are encouraged to reach out to [e-mail].

Third Quarter 2023 Financial Results

Revenues in Q3 2023 were $3.5 million, up 138% compared to revenues of $1.5 million in Q2 2023 and up 297% compared to revenues of $0.9 million in Q3 2022. The 138% quarter-over-quarter increase in revenues was driven by strong growth in InnovizTwo unit sales, which increased 102% sequentially, coupled with incremental NRE revenue. The year-over-year growth in revenues was a combination of higher sample shipments and higher NRE revenues, partially offset by lower production-level component pricing for the BMW first generation program.

Operating expenses in Q3 2023 were $27.8 million, a decrease of 11% compared to operating expenses of $31.3 million in Q3 2022. Operating expenses for Q3 2023 included $5.0 million of share-based compensation compared to $4.9 million of share-based compensation in Q3 2022. The year-over-year decrease in operating expense was driven primarily by $2.9 million of deferred NRE expenses, which will be matched to future NRE revenue and recognized as COGS.

Liquidity as of September 30, 2023 consisted of approximately $163.8 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities.

2023 Financial Targets

The Company reiterated its outlook for full year 2023:

- +1-3 additional programs with existing customers
- +2 new series production awards with new customers
- 2023 revenues are expected to be in the range of $15-20 million (+150-230% YoY)
- Q4 2023 revenues are expected to be in the range of $9-14 million (+470-790% YoY)
- 2023 Cash Collection from Customers is expected to be in the range of $20-30 million (+295-490% YoY)
- 2023 net new NRE bookings are expected to be in the range of $20-70 million (+80-530% YoY)

Conference Call

Innoviz management will hold a web conference today, November 8, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the third quarter ended September 30, 2023 and 2023 commercial and financial 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
[e-mail]

Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
[e-mail]

Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
[e-mail]

[WeTheMarket]

Innoviz Provides Operational Update, Reiterates 2023 Financial Targets and Announces Third Quarter 2023 Earnings Details
October 24 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/92350492/innoviz-provides-operational-update-reiterates-20

TEL AVIV, Israel, Oct. 24, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 direct supplier of high performance, automotive-grade LiDAR sensors and perception software, today provides an operational update amidst the current conflict in Israel, reiterates its 2023 targets and shares details for its third quarter 2023 earnings call.

Innoviz Technologies has not experienced any immediate material operational or financial impact following the terrorist attacks in Israel on October 7th or the pursuant conflict thereafter. The Company's headquarters are based in Rosh Ha'Ayin, in the center of the country, away from the Southern and Northern borders. Furthermore, Innoviz is a global company, with its high-volume manufacturing sites located in the United States and Germany, and a future site planned for Asia. The Company has the ability to locate high-volume manufacturing anywhere a customer desires through its flexible and capital efficient contract manufacturing strategy. The Company continues to monitor its ongoing activities and will make any needed adjustments to ensure the continuity of its business while supporting the safety and well-being of its employees.

Additionally, Innoviz is reiterating its 2023 financial targets, including the ramp in revenue expected in the second half of the year. The Company previously communicated that third quarter revenues are expected to approximately double versus the second quarter of 2023, with an even larger increase expected in the fourth quarter of 2023.

Finally, the Company announced that it will release its earnings results for the third quarter ended September 30, 2023 on Wednesday, November 8, 2023 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

[WeTheMarket]

Hoping that all Innoviz employees and their families are safe and doing well.

[Monksdream]

INVZ new 52 week low

[WeTheMarket]

Innoviz Technologies Announces Participation in Upcoming Investor Conferences
September 06 2023 - 09:00AM
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91977965/innoviz-technologies-announces-participation-in-up

TEL AVIV, Israel, Sept. 6, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced its in-person participation in the following upcoming investor conferences:

- Citi's 2023 Global Technology Conference, NYC - Senior management will attend the conference at the Hilton Hotel in New York, meet with investors in person, and participate in a fireside chat moderated by Citi, on September 8, 2023 at 9:45am ET. Registration for the live webcast of the event is available here.
- Jefferies Israel Tech Trek Conference, Israel - Senior management will attend the conference in Tel-Aviv and hold individual meetings with investors on September 13, 2023.

[WeTheMarket]

TN, apparently not a real move this time, unfortunately. However, I am convinced that one day, in the not too distant future, we will see these kind of moves for real.

[Triple nickle]

Thanks brother for the dd there

[WeTheMarket]

TN, I found the following explanation on the Stocktwits board. Sounds like a reasonable explanation to me, basically an error or oversight by a trader/investor.

[WeTheMarket]

TN, welcome to the INVZ board. I looked for info to justify the move in the warrants and haven't been able to find anything thus far. If you find anything please share it.

[WeTheMarket]

Innoviz Reiterates Value Proposition in Open Letter to Shareholders
August 16, 2023
https://ir.innoviz.tech/news-events/press-releases/detail/111/innoviz-reiterates-value-proposition-in-open-letter-to

Recently Completed Public Offering Bolsters Balance Sheet

TEL AVIV, Israel, Aug. 16, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today issued an open letter to its shareholders following its recently-completed underwritten public offering of ordinary shares, in which Co-Founder and CEO Omer Keilaf highlights the Company's strong operational execution and recent customer wins.

The full text of the letter follows:

Dear Fellow Shareholders,

Following our successful capital raise last week, I want to offer additional color on the context and strategy behind the follow-on offering and what it accomplishes for our investors.

Innoviz is currently participating in over five active RFQ sourcing processes, all with major automotive OEMs. While our previous cash balance was meaningful and gave us a substantial financial runway, the Board and management team felt that adding additional cash to the balance sheet would give us the best possible odds of securing further customer wins – an important step in the growth of our company. We believe we are in a once-in-a-lifetime market share capture window for the automotive LiDAR industry. We also believe that we have the technology that is needed to be a market leader, and now I am confident that we have the balance sheet that is needed as well.

Oren Buskila, my fellow co-founder and our Chief R&D Officer, and I both invested in last week's follow-on offering, and Amichai Steimberg, our Chairman of the Board, increased his position in the company this week as well. This reflects our strong belief in the long-term success of the business and our confidence in our ability to execute on the many catalysts that lie ahead of us this year and next. Below I will outline a few key components of the Innoviz story to give you a better sense of our vision for the company and the tremendous opportunities that lie ahead.

- Winner Takes Most Market: At Innoviz, we believe the automotive LiDAR industry is ultimately going to be a winner-takes-most market. We expect that early leaders in the LiDAR industry will be able to create high barriers to entry versus new competitors, built upon technology leadership and volume-based cost advantages. Establishing an early leadership position can be an important component to long-term success.
- The Flywheel Effect: In the LiDAR industry, we believe that wins can lead to more wins. Securing additional awards in the near-term can further drive our technology leadership, capture additional NRE funding, and enhance volume-based cost advantages, leading to the potential for additional success thereafter.
- Significant Market Share Capture Window: On our first quarter earnings call this year I spoke about how several programs with major OEMs transitioned from RFIs to RFQs during the quarter, and with roughly half of our pipeline now in the RFQ phase, we are actively quoting on more than five RFQ's in parallel. OEMs are planning for these programs now and there are a slew of decisions that I expect to come in 2023-24. Since many of these programs are 8-10 years long, this is an opportunity to capture long-term market share in an industry where growth is poised to move quickly.
- Cash Runway: The cash secured by the recent capital raise extends our financial runway beyond the market share capture window, and if we secure additional awards, we can push our cash runway even further.
- NREs can Unlock Additional Cash Runway: Part of our strategy to become a Tier 1 automotive supplier was predicated on the fact that it is the only way to unlock meaningful non-recurring engineering (NRE) bookings. We have previously disclosed that the typical NRE quote within our RFI/RFQ pipeline is for $20-40 million and we have some above the high end of that range, closer to the $60 million mark. These pre-production income streams represent a cash payment that can meaningfully offset our cash burn.
- Strong Track Record of Execution: In 2022, we hinted at a major new OEM customer and months later we delivered the Volkswagen Group. Coming into this year we hinted at a program expansion, and the next quarter we delivered the light commercial vehicle announcement. In the first quarter of 2023 we said we were working on a Minimum Risk Maneuver (MRM) solution for a customer, and on our second quarter earnings call we announced the BMW B-sample with MRM and our AI compute module. And for the last year, we've been pointing to a 2023 start of production (SOP) with the BMW 7 Series, and we began shipping the production units early in the third quarter. We want investors to recognize that we are delivering on the things that we say we are going to do. I am confident that we can continue our track record of executing.

When combined, these factors point to a strong backdrop for Innoviz in the programs that we are actively competing on. I believe that the incremental capital that we raised will position us more favorably to deliver these wins. Thank you for your continued support and ongoing belief in the Innoviz mission.

Sincerely,

Omer Keilaf
Co-Founder and CEO
Innoviz Technologies

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.

[Triple nickle]

Warrants up 130% hmmmm

[WeTheMarket]

FORM 6-K
August 14, 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91811400/form-6-k-report-of-foreign-issuer-rules-13a-16

Public Offering

On August 9, 2023, Innoviz Technologies Ltd. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, as representative of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of 26,000,000 ordinary shares, no par value per share, of the Company at a public offering price of $2.50 per share. In addition, the Company granted the Underwriters a 30-day option to purchase up to an additional 3,900,000 ordinary shares to cover over-allotments, if any. The total gross proceeds of the Offering, before underwriters' discounts and estimated offering expenses, were $65.0 million, excluding any exercise of the underwriters' option to purchase additional ordinary shares.

The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of us and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by such parties.

The foregoing description of the Underwriting Agreement is only a summary and is qualified in its entirety by reference to the Underwriting Agreement, a copy of which is attached as Exhibit 1.1 to this Report on Form 6-K (this “Report”).

The Offering was made pursuant to the Company’s effective registration statement on Form F-3 (File No. 333-267646), previously filed with the Securities and Exchange Commission.

A copy of the opinion of Naschitz, Brandes, Amir & Co., Advocates relating to the legality of the issuance and sale of the ordinary shares in the Offering is attached as Exhibit 5.1 to this Report.

The Offering closed on August 14, 2023.

This Report and related exhibits are incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-265170 and 333-267646) and Form S-8 (File Nos. 333-255511, 333-265169 and 333-270416), and shall be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

[WeTheMarket]

Innoviz Announces Pricing of Upsized Public Offering of Ordinary Shares
August 09 2023 - 08:46PM
PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91776665/innoviz-announces-pricing-of-upsized-public-offeri

TEL AVIV, Israel, Aug. 9, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced the pricing of its upsized underwritten public offering of 26.0 million ordinary shares at a public offering price of $2.50 per ordinary share. Innoviz has granted the underwriters an option to purchase up to 3.9 million additional ordinary shares at the public offering price less the underwriting discount and commissions. The total gross proceeds of the offering, before underwriters' discounts and estimated offering expenses, will be $65.0 million, excluding any exercise of the underwriters' option to purchase additional ordinary shares. The offering is expected to close on August 14, 2023, subject to customary closing conditions. Innoviz intends to use the net proceeds that it will receive from the offering for general corporate purposes.

Goldman Sachs & Co. LLC is acting as lead book-runner and representative of the underwriters for the offering. Cantor and Berenberg are acting as passive book-runners for the offering. Rosenblatt is acting as co-manager for the offering.

A registration statement on Form F-3 relating to the ordinary shares to be sold in the proposed offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective on October 11, 2022. This offering is being made only by means of a prospectus. A copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, a copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by e-mail at [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

[WeTheMarket]

Innoviz Reports Second-Quarter 2023 Results and Increases 2023 Financial Targets Following Continued Commercial Momentum
August 02 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91711225/innoviz-reports-second-quarter-2023-results-and-in

SOP and expanded relationship with BMW Group combined with additional year-to-date commercial momentum underlines the strength of Innoviz's LiDAR sensor and software platform

TEL AVIV, Israel , Aug. 2, 2023 /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 second quarter ended June 30, 2023 and raised 2023 financial targets.

Innoviz has achieved Start of Production (SOP) with its first generation BMW Group program. The first component shipments intended for production vehicles were shipped in July 2023 and are expected to be installed on BMW 7 Series vehicles available later this year or early 2024. Innoviz's second SOP launch for 2023 with its shuttle program also continues to make progress, with production shipments planned for the coming months.

Additionally, Innoviz today announced an important expansion in its relationship with the BMW Group. Under a new development agreement, following BMW Group's requirements, Innoviz will develop B-samples for an enhanced solution portfolio, including the InnovizTwo LiDAR, an all-new InnovizCore AI compute module, and a suite of advanced AI-powered software solutions, which is expected to include a LiDAR-based Minimum Risk Maneuver (MRM) system. The B-sample phase of the program is expected to enable the BMW Group to decide on a serial development agreement with Innoviz that is anticipated to focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup. Innoviz is developing the solution as a Tier-1 supplier and is targeting late 2023 or early 2024.

"The opportunity for Innoviz to evolve to a Tier-1 supplier with another major OEM is an important development for Innoviz, and we are excited to move to the B-sample stage of the second generation LiDAR platform with the BMW Group," said Omer Keilaf, Innoviz Co-Founder and CEO. "We are confident that we can bring a more powerful solution with an InnovizTwo-based platform, and we are thrilled to be working on an expanded software suite."

Commercial and Strategic Updates

- Series production unit shipments began in the third quarter of 2023 – The Company began shipping production units to the BMW Group's first generation program In July 2023, and the Company's second SOP with its shuttle program also continues to make progress, with production shipments planned for the coming months.

- Strong progress with BMW Group on multiple fronts:

--- Developing B-samples of new LiDAR platform for second generation BMW Group automated vehicles – With SOP of BMW's first generation InnovizOne-based LiDAR platform underway, the Company is expanding its focus to an all-new second generation LiDAR platform for the BMW Group based on the InnovizTwo LiDAR. The new platform is targeting a more robust and higher value software suite and an expanded hardware lineup. Innoviz seeks to make the solution available to a broader range and higher volume of vehicles.
--- Additional models and variants for the first generation platform – The first generation InnovizOne LiDAR platform was qualified on several vehicle models and variants, in addition to the BMW 7 Series vehicles. Innoviz is currently working towards bringing the technology to additional vehicles and markets in the near-to-medium term.

- Innoviz is growing its software offerings and moving up the stack:

--- Began development of new Minimum Risk Maneuver system – Innoviz has begun the development of its new MRM offering in conjunction with the B-sample development program with the BMW Group.
--- More robust and higher value software suite for BMW Group development phase program – In the second generation LiDAR program for the BMW Group built around InnovizTwo, the Company will develop a more robust and higher value perception software package that can unlock expanded features and more advanced algorithms. We believe this more powerful and expanded offering will be accretive to our total dollar content per vehicle.

- New hardware component development can enable further software growth and expand Innoviz's addressable content per vehicle:

--- New InnovizCore AI Compute Module intended to become a platform for additional software growth – With the growing functionality of our software suite, Innoviz is developing a new compute module called InnovizCore. The product is designed to be a dedicated AI compute module, capable of hosting larger workloads. The increased compute power strengthens our newer software offerings and will serve as a base for future growth. Having a dedicated AI compute module with a direct connection to a vehicle's operating system will provide Innoviz with a platform to potentially do much more on the software side, including integrating data from other sensors such as the radar or camera, and integrating over-the-air (OTA) updates.
--- New Inertial Measurement Unit (IMU) can improve localization and offer more data to fuel software growth – In another example of continued innovation and product development, Innoviz has begun work to add an IMU to its LiDAR. The IMU is an electronic device capable of measuring and reporting a vehicle's acceleration, angular rate and orientation. The functionality enables specific localization of a vehicle and can help predict the future speed and trajectory of a vehicle. This data could add a new critical layer of information for Innoviz's algorithms, including its advanced Neural Networks and other artificial intelligence based tools that Innoviz uses for software development.
--- Upgraded version of custom ASIC unlocks increased functionality in InnovizTwo – Innoviz has completed the development and fabrication of the newest version of its custom ASIC. The upgraded chip unlocks higher performance, including potentially extending our LiDAR's maximum detection range to over 450 meters and delivering a more detailed, higher resolution point cloud. The first sample units with the new chip are expected to ship to our light commercial vehicle program customer in the third or fourth quarter of 2023, and following automotive qualification of the component, should be approved for mass production by mid- to late-2024. The upgraded chip enables new levels of point accuracy and an increased total number of points in the point cloud, increasing the amount of data available to feed our AI and machine learning efforts. This can result in an even stronger software product suite capable of unlocking new features such as automated driving at higher speeds and in more complex environments.

- Began shipping units to new light commercial vehicle program – Innoviz previously announced a new light commercial vehicle program customer in conjunction with the first quarter 2023 earnings announcement. Sample shipments to that customer began near the end of the second quarter and are expected to increase in the second half of 2023. The planned displacement of a development stage competitor is expected to start in the third quarter of 2023, and the program continues to track towards a mid-decade SOP.

- Ongoing strength in the Company's RFI/RFQ pipeline – The total number of programs in the Company's RFI and RFQ pipeline remains at the high end of the previously disclosed range of 10-15 programs, with more than five of the programs in the more advanced RFQ stage.

--- Currently working with 8 of the top 10 global automakers ­– When combined with Innoviz's existing customers, the Company has existing awards or is in an active RFI or RFQ sourcing process with eight out of the top ten global automakers.

Second Quarter 2023 Financial Results

Revenues in Q2 2023 were $1.5 million, up 45% compared to revenues of $1.0 million in Q1 2023 and down 18% compared to revenues of $1.8 million in Q2 2022. The 45% quarter-over-quarter increase in revenues, was primarily driven by increased unit sales, which grew 47% sequentially. The year-over-year decline in revenues was driven primarily by the progress in the BMW program as it transitioned to volume production at Magna, the Tier-1 on the program. The transition includes a shift from selling full LiDAR units to selling components to Magna at lower production average sales prices.

Operating expenses in Q2 2023 were $30.4 million, an increase of 6% compared to operating expenses of $28.8 million in Q2 2022. Operating expenses for Q2 2023 included $5.0 million of share-based compensation compared to $4.4 million of share-based compensation in Q2 2022. The year-over-year increase in operating expense was driven primarily by higher research and development expenses, which increased to $23.8 million in Q2 2023 versus $21.9 million in Q2 2022 and was partially offset by lower sales and marketing expenses. The increase in research and development expenses was driven primarily by a year-over-year increase in headcount, leading to higher personnel expenses and share-based compensation, with Q2 2023 share-based compensation of $3.4 million compared to $2.7 million in Q2 2022.

Liquidity as of June 30, 2023 consisted of approximately $129.6 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities.

Updating 2023 Financial Targets

The Company is providing the following updated financial outlook for full year 2023:

- 2023 revenues are now expected to be in the range of $15-20 million, up from the previously disclosed range of $12-15 million.
- Total new NRE bookings are now expected to be in the range of $20-70 million, up from the previously disclosed range of $20-40 million.

Conference Call

Innoviz management will hold a web conference today, August 2, 2023, 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 ended June 30, 2023 and 2023 financial 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.

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Media Contact

[e-mail]

Investor Contact (US) Investor Contact (Israel)

Rob Moffatt Maya Lustig
VP, Corporate Development & IR Director, Investor Relations
Innoviz Technologies Innoviz Technologies
[phone] [phone]
[e-mail] [e-mail]

[WeTheMarket]

Innoviz Technologies to Develop B-Samples of New LiDAR Platform for Next Generation of BMW Automated Vehicles
August 02 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91710976/innoviz-technologies-to-develop-b-samples-of-new-l

Summary
- Innoviz and the BMW Group to start first phase for new LiDAR generation
- New generation to enable Level 3 automated driving capabilities to a broader range of future vehicles
- Innoviz is developing a B-Sample for an enhanced solution portfolio, including the InnovizTwo second Generation LiDAR, an all-new InnovizCore compute box, and a suite of advanced AI-powered software solutions including an industry-first LiDAR-based MRM system

TEL AVIV, Israel, Aug. 2, 2023 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) and the BMW Group are expanding their collaboration by starting a B-sample development phase on a new generation of LiDAR. Under the new development agreement, following BMW requirements, Innoviz will develop these B-Samples based on its second generation InnovizTwo LiDAR sensor.


InnovizTwo second generation LiDAR next to the all-new InnovizCore AI compute module

After a couple of years working together on an existing program that will include the first deployment of LiDAR-enabled highly automated technology on the BMW 7 Series later this year, the BMW Group and Innoviz are beginning to focus on the next-generation of the technology by starting this first B-sample phase. The result of this first phase will enable the BMW Group to decide on a serial development agreement with Innoviz that will focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup.

"LiDAR is one of the critical technologies underpinning Level 3 or even higher automated functions. Optimizing LiDAR technologies and costs are the major challenges in order to bring Level 3 highly automated driving into the mainstream," said Nicolai Martin, SVP Driving Experience BMW Group. "We are very pleased to have Innoviz develop the first B-Samples of this new LiDAR generation and hope that the results of the B-Sample phase create a basis for a possible future extension of our collaboration."

"From our work with the BMW Group over the past several years, we know that they operate with some of the highest standards in the automotive industry," said Omer Keilaf, Innoviz Co-Founder and CEO. "We are excited to begin this new project on the second-generation LiDAR solution by working on the B-samples. BMW is at the forefront of ADAS technology, and we could not be more thrilled to have an opportunity to become an integral part of the next stage of its journey."

In addition to the LiDAR solution for the 7 Series, the BMW Group and Innoviz have started this first phase to develop an expected first-ever LiDAR based Minimal Risk Maneuver (MRM) system in the future. The MRM acts as a secondary safety driving decision platform that will leverage the advanced performance, reliability, and resiliency of the InnovizTwo LiDAR to manage real-time driving decisions.

The MRM system is part of a growing software suite from Innoviz that will also include its next-generation perception software. With roughly half of its research and development investment focused on software development, Innoviz has made rapid advances in deploying artificial intelligence (AI) and advanced machine learning to accelerate development and upgrade cycles of its software suite and to expand its core software capabilities.

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
[e-mail]

Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
[phone]
[e-mail]

Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
[phone]
[e-mail]

[WeTheMarket]

AJF, welcome to the INVZ board. Thanks for the heads up.

[AJ Freely]

$INVZ -👆Up 4.2% Pre-Market/ Current Price $4.30
Reports Q2 '23 Results and Increases '23 Financial Targets Following Continued Commercial Momentum Expanding their relationship with BMW Group

[Monksdream]

Price rallied above the 200 day simple moving average, which is significant
The percent of listed issues trading above key simple moving averages tracked . by Barchart sends a message that the bullish sentiment remains intact
https://www.barchart.com/stocks/momentum

[WeTheMarket]

A Bull Market Is Coming -- 1 Incredible AI Growth Stock to Buy Hand Over Fist Before It Soars 300%, According to Wall Street
By Danny Vena – Jul 30, 2023
https://www.fool.com/investing/2023/07/30/a-bull-market-is-coming-1-incredible-growth-stock/

[WeTheMarket]

MD, welcome to the INVZ board. Great day for INVZ shareholders today.