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INVZ new 52 lo
nice good luck to us! Long terms.
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
$INVZ - tasty burger. I'll have a Royale with Cheese, please....
not only JP Morgan:
CNBC Pro
Analysts love this self-driving car tech stock and give it over 400% upside
PUBLISHED SUN, DEC 10 20237:11 PM EST
Shares of Innoviz Technologies
could surge over 400% in the next 12 months, according to analysts at three investment banks.
now it's a 28% nothing burger...
$INVZ
Recent Innoviz Investor Conferences
r/MVIS
4 days ago
https://www.reddit.com/r/MVIS/comments/18d4rlq/recent_innoviz_investor_conferences/
I watched/listened to the two Innoviz Investor conferences held over the past week. For the TL;DR folks here is my summary.
Omer was very confident in winning the 2nd generation BMW Series Production opportunity, which he said would be announced in the next few months.
Omer predicts only 2 or 3 LiDAR suppliers will survive and this may be known over the course of the next 12 months.
They talked about the pricing for their InnovizTwo - it will be between $500 and $850.
For BMW second generation deal, in addition to the InnovizTwo, they are providing advanced perception software, MRM software, and a compute box for this the price will be greater than $1,000.
Omer seems to generally believe that Innoviz advantage is with L3 opportunities (as opposed to L2).
Omer may be exagerrating their on-time performance with the initial BMW InnovizOne opportunity - he claims it was on-time!
Omer claims their InnovizTwo resolution is better than HD camera resolution (1280 x 780).
Omer reiterated multiple times that having already won OEM deals, is critical to winning additonal deals.
Omer said multiple times that both OEMs and compute platform providers (Nvidia, Qualcomm, etc.) are much more educated in the LiDAR realm.
Omer articulated the differences between being a Tier 1 vs. a Tier 2 (see details below).
Here is the link to the press release containing the links to both meetings.
Innoviz Technologies Announces Participation in Upcoming Investor Conferences | Innoviz Technologies Ltd. (INVZ)
https://ir.innoviz.tech/news-events/press-releases/detail/116/innoviz-technologies-announces-participation-in-upcoming
Barclays Global Automotive and Mobility Tech Conference (Nov. 29th)
Omer started off by presenting a set of slides which depicted some detail about their customers.
BMW Tier 1
BMW L3 announced April, 2018
BMW i7 to be introduced in Germany first, other locations later.
Multiple vehicle models.
Tier 2 with Magna
Target launch in 2H 2023.
Deal includes InnovizOne and perception software.
Autonomous Shuttle
Autonomous L4 shuttle program, announced May 2021
6 LiDARs per vehicle.
Direct supplier
Target launch in 2H 2023.
Deal includes InnovizOne and perception software.
VW
VW L2+/L3 announced May, 2022. Largest win to date.
Multiple brands, multiple models.
Tier 1
Target launch mid-decade
InnovizTwo and perception software.
8 to 10 year program.
Asian Consumer Vehicle
Asian L3 Consumer Vehicle, announced Sept. 2022
Tier 1
Target launch 2024/2025
InnovizTwo and perception software
Light Commercial Vehicle
L4 Light Commercial Vehicle, announced May 2023
Tier 1
Target launch mid-decade.
Pending finalizing technical specs and commercial terms.
Displaced a development stage competitor
Accelerated timeline.
Collaboration with a compute platform provider.
May see this at CES.
BMW B-Series Development
B-Series development for 2nd generation LiDAR, announced August 2023
Tier 1
Expect series production award decision in the near term. Omer said - "soon to be official"
InnovizTwo (next gen?), more advanced perception software, compute platform, MRM software
Omer said they recently introduced a new ASIC for InnovizTwo, which created an even higher resolution. He claimed their resolution is better than HD camera, which is 1280 x 780. The InnovizTwo with the new ASIC has more than 780 lines.
Omer was asked about his previous statements that the next 12,18, 24 months are critical for the LiDAR suppliers. He said the critical aspect will actually happen sooner, perhaps over the next 12 months. He claimed that only 2 or possibly 3 LiDAR suppliers will remain.
He claimed that Innoviz currently has 15% of the market (I think this number is part of their Order Book philosophy). He said the "early adopter" market share will be captured soon. Whoever captures this "early adopter" market share will be in a better position to capture the "fast follower" market share.
He said there are several RFQs in-flight for L2+ and L3 functionality. He said the L2+ RFQs also include the capability to reach L3 in the future.
He said performance, quality, and cost are important factors.
There were 10 to 15 RFI/RFQs. He said these programs have shifted from RFIs to RFQs. (Note: Omer previously has said that more than half of the 15 are RFQs). The Innoviz VP of Corporate Development and Investor Relations, Robert Moffatt, said that these RFI/RFQs comprise the top 10 to 20 global OEMs.
Omer claimed that BMW launching on time is helping to influence other OEM decisions as the others must stay competitive. (Note: It is my understanding, and I think widely viewed in the industry, that the BMW SOP was delayed by a fair amount, possibly 2+ years. Innoviz signed the deal in 2018, which might have meant an SOP in 2021 or 2022. They are finally getting to SOP in 2024. In my opinion, this claim that BMW is launching SOP on time is a bit suspect.)
OEMs are much more educated now. Omer claims this helps Innoviz as they have effectively been through the gauntlet. He says this is a disadvantage to other vendors who have not been through a production cycle as yet.
Omer said it is clear in the industry that a LiDAR sensor is needed. In fact, he views the 2nd generation BMW deal as the LiDAR sensor is taking the primary role. He reference the fact that the camera used to be the sole sensor for the MRM function, and now it will be the LiDAR sensor.
He was asked about the consensus on tech specs. He referenced a recent visit with a customer who has had previous experience with a 1550nm LiDAR. He said now, they are only considering a 905nm LiDAR sensor, due to performance and power consumption. Omer said a 905nm LiDAR sensor has better performance, lower cost, smaller size, and lower power consumpution. He said he is not sure of any advantages for a 1550nm LiDAR sensor.
He said that range and resolution requirements are pretty consistent across the OEMs. And that Innoviz was a pioneer in introducing the specs. He said Innoviz was first to introduce a .05 angular resolution spec. He did not reference range. He said the OEMs differ with regard to FOV and frame rate requirements, which is not a problem for Innoviz to change.
The war had some impact on their operations intially, but is having no impact now. He mentioned how they had an SOP software production delivery to BMW on October 15th (one week after the war started) and they met their delivery date. Their production lines for InnovizOne is in the US (Magna) and another one in Germany. They also have an R&D production line in Israel. InnovizTwo production line will be in Asia.
He mentioned you should be able to order a BMW i7 (with InnovizOne LiDAR) soon. He said that BMW is planning to begin shipping the i7 in March. They are currently working with BMW and Magna for another model launch next year.
They are working on the InnovizTwo B-Sample with BMW and expect to transition that development agreement into a Series Production award soon. He reiterated how Innoviz and BMW have been through the proverbial war together and that Innoviz has earned the trust from BMW. (Note: I must say, he seems very confident that they will win this 2nd generation BMW opportunity. If they don't his credibilty will plummet.)
He was asked about the ASP for the Innoviz products. He said that for the InnovizOne acting as a Tier 2 for BMW, they received between $600 and $700, and Magna received more money on top of that. (Note: In the subsequent Goldman Sachs conference, he said that the total ASP was between $1500 and $1700. Therefore, Magna must have received between $600 and $1100.) For InnovizTwo, they will receive more money because they are acting as the Tier 1. However, the InnovizTwo has been greatly reduced in price. For the 2nd generation BMW deal, they are also adding more content, including advanced perception software, MRM software, and a compute box. For all of this the ASP will be greater than $1000. (Note: During the Goldman Sachs conference Omer said they plan to receive between $500 and $850 for the LiDAR sensor only). He mentioned they were able to reduce the InnovizTwo cost by 70%.
Omer mentioned that they are waiting to receive the Series Production nomination from BMW. He would not specifically comment on an SOP timeline except to say that it was mid-decade.
Omer said their current VW brands include - VW, Audi, and Porsche. When they signed the VW deal they were originally talking about L3. Now they are talking with VW about other programs, some of which are L4. Cariad is involved. Mobileye is involved (some for L3 and some L4). He reiterated that the VW platform discussions have expanded since they signed the deal (May, 2022). He considers VW as an early adopter. He reiterated that the VW deal was important to help convince other OEMs that Innoviz is capable.
He said there is a dramatic difference between being a Tier 1 vs. a Tier 2. There is the opportunity to take a larger portion of the ASP while at the same time allowing for the OEM to pay less. There is also a larger amount of NRE monies available. He said that being a Tier 1 does not really require additional steps/tasks for Innoviz, but they must meet the OEM standards and quality requirements, for which they are continually being audited.
InnovizTwo is driving a lower cost. InnovizOne had 4 lasers and 4 detectors. Due to improvements in the scanning mechanism, InnovizTwo only requires one laser and one detector. This resulted in a 70% reduction in BOM costs. This lays the path to a very low ASP with volume. The InnovizTwo also improved performance by 30% vs. the InnovizOne.
The last question was a balance sheet question. The CFO, Eldar Cegla answered this question by saying they have $165M (BTW - its actually $164M) of cash as of the end of Q3. He never spoke about the burn rate and/or runway. (Note: I have observed in the past, even when asked direclty about their burn rate and runway, Innoviz never directly answer this question. Obviously, it can be figured out. They burned $23M in Q3, if they continue on that pace, they have $164M/$23M = 7.1 quarters of cash remaining. This is better than Microvision, who (under current course and speed) have approximatley 4.1 quarters of cash remaining. I find it interesting that they don't mention it. Maybe they think Beetlejuice would show up! But they would need to say it 3 times. 
)
Goldman Sachs 15th Annual Global Automotive Conference (Dec. 7th)
Omer was asked about the $6B Order Book.
He referenced the initial design win for VW was for L3. Since then, additional platforms became an opportunity including both L3 and L4. He said there may be a possibility to see this at CES.
What differentiates Innoviz? What makes an OEM pick you? Omer referenced the OEM process. An RFI can last 6 months, and is all about the OEM gathering information. An RFQ has 1,000s of requirements. A response to the RFQ must be a defined plan of execution that can be in the 3 or 4 years timeframe. An RFQ includes pricing negotiation. A LiDAR product needs to meet the OEM's KPIs. Omer mentioned resolution and FOV as examples. The product needs to perform for 15 years. OEMs became much more educated over the years. Omer touted Innoviz Tier 1 status with VW as a strength. He touted the experience they have gained, primarily with the initial BMW deal. He touted the fact that other OEMs have already selected the Innoviz product and this was a factor in winning new business. He said the risk was too high for an OEM to pick a LiDAR vendor who has not already won a previous OEM deal.
He touted winning the BMW 2nd generation development program and implied they will win the Series Production award.
How important is the product roadmap? OEMs have specific KPIs. The faster the car travels, the higher the specs required. An emergency breaking decision must be made at 150M to 200M at 80MPH. High resolution and high range required to detect 10cm height objects at distance. Better resoluion is required and also provides more comfort (soft braking). Higher frame rate, higher resolution, longer range is required for high speeds. Innoviz keeps pushing on performance. They are also keeping the costs down. Their new InnovizTwo reduced the price of the BOM by 70%.
Requirements of OEMs are growing. For instance, for the second generation BMW project they are providing advanced perception software, MRM software, and the compute model. For L3 you need redundancy, this is the MRM system. In case the main computer fails the Innoviz MRM system will kick in and enable 10 or 15 seconds of automated drive time until the driver can take over or the car can pull off the road. MRM system is in development and is planned for launch in mid-decade (BMW controls the timeline).
First BMW deal, Innoviz was a Tier 2. Total ASP for the LiDAR was $1500 to $1700. Innoviz got $600 and Magna got the rest. Magna was also selling the compute model on top. Under the new BMW deal, where Innoviz is the Tier 1, they will get $500 to $850 for the LiDAR. They will also get revenue for the compute model and MRM software, which will increase the price to greater than $1K.
Omer was asked about the 10 to 15 RFI to RFQ programs. They had previously said that 3 of those programs were on an accelerated timeline. Omer said those programs are still moving. There are almost daily discussions. Many OEMs want to have L3 capability in 2026/2027. If the OEMs have to change something, it becomes a problem. This is why it is taking so long, they want to get everything correct and locked down up front in the contract. Omer is optimistic they will gain more market share soon, both with existing and new customers.
Innoviz is currently integrated with 2 of the 3 major compute platform providers (Nvidia, Qualcomm, and possibly NXP). Each integration is related to a specific OEM. They are working with Nvidia. He said that compute platform providers are also more educated about what is important. Compute platform players are partners with Innoviz. There are many different models in working with the compute platform players all of which are dictated by the OEM. Omer touted the fact that since they are already integrated with the compute platform players this lessens the risk for the OEM. He said they may soon be integrated with the 3rd major compute platform provider (he referenced that their customer is doing the integration with this provider now).
Omer's exposure to the OEM's roadmaps comes directly from the RFQs, both for functionality and volumes. He says the market has shifted from R&D (small volume) programs to large volume programs. China is focused on L2. Those requirements are easier, which means cheaper. Next year the Chinese market is expected to move to L3. This will push the entire market to run faster to L3. The 10 to 15 RFI/RFQs basically consists of all the relevant global OEMs. He expects every OEM will be seeking L3 solutions.
L2+ requirements are for a very average LiDAR. When an OEM is seeking L3, then Innoviz feels very comfortable and confident. Omer said, that if an OEM is not seeking L3 now they are making a mistake. They will live with that decision for the next 5 years and will be late to the market.
Regulation follows the capabilities of the industry not the other way around. Omer believes the China regulators will allow L3. He said this because he knows of a customer that is planning for L3 in China now. China is very fast. An RFQ in China can be for a car which is planned to be on the road in 1 year (vs. the 3 years it takes for the US and Europe). He expects the China market to move very fast.
Will the regulations specifically require that a LiDAR sensor is used to achieve L3? No, the regulators don't care about how the L3 level is reached.
Opportunities beyond automotive. Omer said it is very fragmented, with things like fork lifts, cranes, surveillance systems, and many other things. There is no need to develop new hardware (since the automotive market has the most demanding requirements), but the integration and UI for each market requires work. The Innoviz approach is to work with distributors to address these markets. Innoviz wants to stay focused on automotive. NREs and volumes in the automotive market dwarfs any of the other markets.
Will there be consolidation in the LiDAR market. Omer sees this happening relatively soon. He sees only 2 or 3 LiDAR suppliers remaining. He intimated that the coming OEM decisions will determine who survives. He expects the German OEMs to make decisions sooner. He said they seem to be more inclined to be market leaders and they are oriented towards the technology. He expects the decisions in the next few months. He does not see OEMs seeking a completely different solution. He doesn't think consolidation will be through mergers and acquisitions. He said that Innoviz does not have any blind spots in their solution today, therefore they have no need or desire to acquire/merge.
He was asked about revenue. He referenced the SOP with BMW. He said that several programs are providing NRE monies. Payments for NRE is based on hitting milestones. He referenced an "end of year" milestone. He also mentioned sales of samples as revenue. He had previously publicly spoken about a potential large NRE of $70M from one customer, which they expect to sign. He reiterated that they expect to win this. He said this helps tremendously regarding their capitalization. He said this kind of deal validates their move to becoming a Tier 1.
Will the NRE revenue be high moving forward. Yes. NRE varys between $20M to $70M per specific program. It is very meaningful regaridng their funding.
He was asked what he thinks about the market price/cost trending for now and into the future. Omer said they have made a dramatic reduction in cost and referenced the fact they use a 905nm laser and went from 4 lasers and receivers (InnovizOne) to 1 laser and receiver (InnovizTwo). For InnovizTwo they plan the ASP for the LiDAR to be between $500 and $850. Their software will be a high gross margin product.
Will L3 be mandated by regulation or will it be a service. Tesla FSD has muddied the waters. Is L3 a must have for 2026 or is it more like 2028? Omer said that any safety feature in a car must not have a single point of failure. Tesla is not L3, it is only L2, the redundancy for Tesla is the actual human driver. The car maker must prove there is redundancy to achieve L3. There must be multiple types of sensors.
Will LiDAR be standard hardware or optional? Omer said that based on the volumes seen in RFQs, he interprets that the LiDARs will be standard, and not optional.
What was the catalyst for Innoviz to move from being a Tier 2 to a Tier 1? The second generation for BMW has more content (perception, MRM, compute). Why did Innoviz move to a Tier 1. They wanted to be close to the table for negotiation. They were making a huge investment. It made sense to have everything under one roof. They learned a lot of lessons in the first BMW deal as a Tier 2. Many of the tasks that were expected to be executed by the Tier 1, were performed by Innoviz. They managed to convince Audi that Innoviz was very capable of becoming a Tier 1. Innoviz is audited by VW and BMW and new customers all the time.
INVZ new 52 week low
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.
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
Media@innoviz-tech.com
Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
+1 (203) 665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
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