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AJF, welcome to the INVZ board. Thanks for the heads up.
$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
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
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/
MD, welcome to the INVZ board. Great day for INVZ shareholders today.
INVZ still rising
Innoviz Technologies Ltd NASDAQ: INVZ
GoSymbol lookup
Information Technology : Electronic Equipment, Instruments & Components | Small Cap Growth | Based in IsraelCompany profile
Innoviz Technologies Ltd is an Israel-based company. It acts as a supplier of high-performance LiDAR semiconductor sensors and perception software that provide vision in the automotive, drones, robotics, mapping and more industries that enable the mass production of autonomous vehicles.
Going to China 🇨🇳 $INVZhttps://t.co/S0VwWx3fzn
— Omer Keilaf (@KeilafOmer) July 28, 2023
Innoviz Sets Second Quarter 2023 Conference Call for Wednesday, August 2 at 9:00 a.m. ET
July 10 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91536430/innoviz-sets-second-quarter-2023-conference-call-f
TEL AVIV, Israel, July 10, 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 announced that it will release its earnings results for the second quarter ended June 30, 2023 on Wednesday, August 2, 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 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 www.innoviz-tech.com
Podcast with Innoviz CEO Omer Keilaf.
July 5, 2023
https://podcasts.apple.com/us/podcast/all-about-autonomy-omer-keilaf/id1695903492?i=1000619379125
Innoviz: Deep Dive Into LiDAR Leader Of The Future
Jun. 16, 2023
https://seekingalpha.com/article/4611903-innoviz-deep-dive-into-lidar-leader-of-the-future
Summary
- Innoviz has a strong product portfolio focused on technology and innovation.
- The integration with all top three autonomy platform players brings structural advantage to Innoviz.
- Software revenues bring incremental upside to revenues and margins.
Innoviz has an industry leading customer order book of $6.9 billion, with Volkswagen as its largest customer.
- In addition, it has 10 to 15 programs in the RFQ and RFI stage, and pre-production revenues that are key to its funding strategy.
Innoviz Reports First-Quarter 2023 Results and Updates 2023 Targets
May 17 2023
https://www.prnewswire.com/news-releases/innoviz-reports-first-quarter-2023-results-and-updates-2023-targets-301827120.html
Innoviz updates 2023 targets due to expanded relationship with a major existing customer along with other progress made year-to-date
TEL AVIV, Israel, May 17, 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 provided commercial and strategic updates on its business, reported its financial results for the first quarter ended March 31, 2023 and updated 2023 commercial and financial targets.
Innoviz today announced that a major existing global automotive customer aims to expand its use of the InnovizTwo LiDAR to a new light commercial vehicle program. With a mid-decade SOP target, development of the program is on an accelerated track, pending finalizing of technical requirements and commercial terms. Potential financial contributions from this program are anticipated to begin this year and played an important role in the decision to update previously communicated 2023 commercial and financial targets.
In addition, this collaboration includes an important integration with a major compute platform that we believe could lead to additional expansion opportunities in the future. Innoviz believes that working with the top autonomy platform partners should enable a faster time to market, accelerate the customer evaluation process, allow more seamless integration with other parts of the software stack, and position Innoviz well in its new customer acquisition efforts.
"It was another fast-moving quarter at Innoviz, and today's news marks a critical milestone in validating our strategy and highlighting the value of our technology," said Omer Keilaf, Innoviz Co-Founder and CEO. "An important part of our long-term business plan has been to show that we can gain a foothold with a large customer and earn the right to become their LiDAR vendor for multiple vehicles in their lineup. This expected expansion of business with one of our largest customers could achieve that, while also offering a meaningful financial contribution for 2023 and beyond."
Keilaf further added, "We are extremely excited by the momentum we have seen in our pipeline year-to-date and are encouraged by a noticeable step-up in customer activity that further reinforces our belief that LiDAR deployments are starting to accelerate."
Commercial and Strategic Updates
- Additional late-stage discussions with major existing customers – In addition to the significant progress on the new light commercial vehicle program, the Company is in late-stage conversations for two additional program expansions with existing major customers.
- Record levels of activity in the Company's pipeline – Innoviz added an additional program to its pipeline, this time bypassing the RFI stage and moving directly to the RFQ stage. The Company also saw multiple programs advance from the RFI to the RFQ stage during the quarter and has a record level of activity in the RFQ stage, with more than five RFQ's currently in process.
- Potential displacement of a competitor – The Company believes that part of the reason the Company's new light commercial vehicle program is on an accelerated timeline is because it is potentially displacing a development-stage competitor. Furthermore, two of the Company's advancing RFQs would possibly also displace the same development-stage competitor. Innoviz believes its 905nm solution is structurally advantaged, both in terms of technology and cost compared to 1550nm solutions.
- In discussions with NVIDIA for Hyperion platform – Innoviz is in discussions with NVIDIA about integrating into series production programs leveraging the Hyperion platform. The conversations are running in parallel with several of the RFIs and RFQs in the Company's pipeline and have the potential to bring additional programs into the process.
- Innoviz is well-positioned towards 2023 Start of Production (SOP) – The Company believes that it is well-positioned for production launches of Innoviz's BMW and shuttle programs, with volumes expected to increase in the second half of 2023.
- Innoviz moving up the software stack, quoting new Minimum Risk Maneuver (MRM) system – MRM software and hardware acts as a failsafe to the primary autonomy system within a vehicle. In the event of a complication with the primary system and a failure of the driver to take over steering control during a transition period, the MRM system can assume control of the vehicle and deliver it to safety, typically by exiting the road. Historically, these have been camera-based systems. The Company is quoting both the hardware and the software for the system, offering a higher revenue and profit potential for vehicles that ultimately could include the technology. The Company also believes that the systems could be accretive to gross margins.
- Working with 8 of the top 10 global automakers – When combined with Innoviz's existing customer order book, the Company has existing awards or is in an active sourcing process with eight out of the top ten global automakers.
First Quarter 2023 Financial Results
Revenues in Q1 2023 were $1.0 million, down 43% compared to revenues of $1.8 million in Q1 2022. The year-over-year decline in revenues was driven primarily by the progress in the BMW program as it approaches 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.
The decline of BMW program revenues was partially offset by meaningful growth in the volume of sales of InnovizTwo sample units, which we expect will to continue to grow in the coming quarters.
Operating expenses in Q1 2023 were $33.3 million, an increase of 7% compared to operating expenses of $31.1 million in Q1 2022. Operating expenses for Q1 2023 included $5.3 million of share-based compensation compared to $4.7 million of share-based compensation in Q1 2022. The year-over-year increase in operating expense was driven primarily by higher R&D expense, which increased to $26.1 million in Q1 2023 versus $22.8 million in Q1 2022 and was partially offset by lower Sales and Marketing and General and Administrative costs. The increase in R&D expense was driven primarily by a year-over-year increase in headcount, leading to higher personnel expenses and share-based compensation, with Q1 2023 share-based compensation of $3.5 million compared to $2.7 million in Q1 2022.
Liquidity in Q1 2023 was approximately $156.5 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities as of March 31, 2023.
Updating 2023 Targets
The Company is providing the following updated commercial targets for full year 2023:
- An additional one to three programs with existing customers, increasing the Company's previously announced expectations of one to two programs.
- Two series production awards with new customers.
- The new light commercial vehicle program coupled with progress on other automotive programs and new RFQs offers increased visibility into 2023 potential NRE bookings.
The Company is providing the following updated financial outlook for full year 2023:
- Total new NRE bookings in the range of $20-40 million.
- 2023 revenues in the range of $12-15 million.
- 2023 Cash Collection from Customers of $20-30 million.
Conference Call
Innoviz management will hold a web conference today, May 17, 2023, 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 ended March 31, 2023 and 2023 operational 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, 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 (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
Innoviz Expands Collaboration with a Major Customer, Adding InnovizTwo for New Light Commercial Vehicle
May 17 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91090760/innoviz-expands-collaboration-with-a-major-custome
Highlights
- Fast-moving new program with an accelerated timeline
- Framework agreed, pending final requirements and commercial terms
- Strong financial contribution, expected start of production mid-decade
- Collaboration with a major compute platform provider, may lead to additional opportunities
TEL AVIV, Israel, May 17, 2023 /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 that a major existing leading global automotive customer aims to expand its use of the InnovizTwo LiDAR to an existing light commercial vehicle program. With a mid-decade SOP target, the program is on an accelerated track, with an agreed framework, pending finalizing technical requirements and commercial terms. Potential financial contributions from this program are anticipated to begin this year and played an important role in the decision to update previously communicated 2023 commercial and financial targets.
The Company will provide an update on its first quarter earnings call scheduled for today, May 17, 2023.
In addition, this collaboration includes an important integration with a major compute platform that we believe could lead to additional expansion opportunities in the future. Innoviz believes that working with the top autonomy platform partners should enable a faster time to market, accelerate the customer evaluation process, allow more seamless integration with other parts of the software stack, and position Innoviz well in its new customer acquisition efforts.
"Today's news marks a critical milestone in validating our strategy and highlighting the value of our technology," said Omer Keilaf, Innoviz Co-Founder and CEO. "An important part of our long-term business plan has been to show that we can gain a foothold with a large customer and earn the right to become their LiDAR vendor for multiple vehicles in their lineup. This expected expansion of business with one of our largest customers could achieve that, while also offering a meaningful financial contribution for 2023 and beyond."
Keilaf further added, "We are extremely excited by the momentum we have seen in our pipeline year-to-date and are encouraged by a noticeable step-up in customer activity that further reinforces our belief that LiDAR deployments are starting to accelerate."
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, 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
Innoviz is on track to deliver LiDAR technology for CARIAD in the Coming Years
The software company and Tier 1 LiDAR supplier are also in discussions about a possible extension of their partnership
May 02 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90927557/innoviz-is-on-track-to-deliver-lidar-technology-fo
TEL AVIV, Israel, May 2, 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 announced that it is on-track to deliver LiDAR-technology for CARIAD's future advanced driver assistance systems (ADAS) and automated driving functions.
Since naming Innoviz as its direct LiDAR supplier, Innoviz and CARIAD have been working closely to understand unique engineering needs and to optimize processes that will support the use of LiDAR-enabled ADAS and automated driving systems. CARIAD and Innoviz are evaluating concepts to accelerate the integration of LiDAR systems, aiming to improve time to market and lower overall system costs.
"We are thrilled to further discuss possibilities of expanding our relationship with CARIAD and accelerating the adoption of LiDAR," said Innoviz CEO and Co-Founder, Omer Keilaf, "We are proud to serve CARIAD as a Tier-1 supplier and to collaborate as a like-minded tech leader in the space".
"CARIAD is working on the automated driving of the future as one important pillar in our strategy. For future automated driving functions, we selected Innoviz as our LiDAR partner not only because of their automotive experience and technological expertise, but also for the flexibility and creativity that their team brings to the table," said Anton Stippler, Head of LIDAR and Camera development, at CARIAD.
The companies are actively engaged in advanced testing and on-road validation and are on solid footing to deliver this milestone.
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, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Innoviz Technologies and Ascendtek Sign Distribution Agreement to Increase LiDAR Sales throughout Greater China Region
April 10 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90729892/innoviz-technologies-and-ascendtek-sign-distributi
Innoviz's Second-Generation InnovizTwo LiDAR Selected to Power Commercial Vehicle OEM's Fleet
April 05 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90705639/innovizs-second-generation-innoviztwo-lidar-select
Highlights
- Purchase order is part of advanced discussions for a new series production award
- Several hundred unit order will see deliveries beginning Q2 2023
TEL AVIV, Israel, April 5, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced that it has received a several hundred unit purchase order from a commercial vehicle original equipment manufacturer (OEM) for its InnovizTwo LiDAR as part of advanced discussions for a new series production award. The order will be delivered to the customer throughout 2023, beginning in the second quarter.
"We are extremely pleased to be selected by a commercial vehicle OEM to power its fleet with our industry leading LiDAR. As a result of our team's hard work, we have significantly improved InnovizTwo manufacturing yields and output, allowing us to deliver higher targeted volumes at a faster pace," said Omer Keilaf, Innoviz CEO and Co-Founder. "The fact that the increased product availability was quickly met with a large customer purchase order highlights the strong demand for our InnovizTwo product."
Innoviz currently has four series production awards, including major automotive platforms with Volkswagen, BMW, and an Asia-based electric vehicle OEM, along with a cutting-edge Level 4 autonomous shuttle program with a leading Tier-1 automotive supplier. As discussions for this new commercial vehicle platform are progressing, the Company believes it has the potential to represent the Company's fifth series production award and could be additive to the long-term outlook.
This news follows Innoviz's recent announcement of its new office and expanded team in Munich, Germany. The increased European footprint offers proximity to key customers and partners for greater collaboration and execution, as well as for new business opportunities, such as this new purchase order. The company expects additional ongoing benefits from its growing global presence.
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, 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
T695, welcome to the INVZ board. Only a matter of time until we see substantial and sustained upward movement in share price.
p0, welcome to the INVZ board. I took the liberty of fixing the link in your post.
Innoviz Technologies Reports Full Year 2022 Financial and Operational Results
March 01 2023
https://www.prnewswire.com/news-releases/innoviz-technologies-reports-full-year-2022-financial-and-operational-results-301759379.html
Innoviz continued its progress towards 2023 series production launches, further expanded its customer pipeline, added a key automotive industry veteran as a senior advisor, and is in discussions to expand its program award with one of its largest customers
TEL AVIV, Israel, March 1, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 direct supplier of high-performance, solid-state LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the full year ended December 31, 2022 and announced 2023 operational and financial targets.
Management Commentary
"2022 was a fast-paced and exciting year at Innoviz," said Omer Keilaf, CEO of Innoviz Technologies. "The march towards our first series production launch continues to move smoothly, and we expect unit volume growth from BMW and our shuttle program in the second half of 2023. Our RFI and RFQ pipeline continues to grow, and we are in advanced discussions to expand our program lineup with one of our largest customers. We will continue to focus on winning production level deals to deliver sustainable long-term revenue and drive enhanced shareholder value."
Commercial & Strategic Updates
- 2023 Start of Production (SOP) remains on track – the Company believes that full production launches for Innoviz's BMW and Shuttle programs remain on track, with volumes expected to increase in the second half of 2023.
Volkswagen program is on track and exploring additional business opportunities – the Company's Volkswagen CARIAD program remains on track for a mid-decade launch and is progressing well. Furthermore, the company is in advanced discussions that are exploring additional business opportunities with the Volkswagen Group.
- Continued growth and expansion in its customer pipeline – during the fourth quarter the Company saw further growth in its customer RFI/RFQ pipeline, including the addition of a multi-million unit LiDAR RFI. The Company's pipeline for potential LiDAR orders is now over 20 million LIDAR units, and the Company believes the 10-15 programs currently in the pipeline represent an estimated opportunity to quote non-recurring engineering (NRE) bookings in the range of $150 to $250 million.
- Innoviz added Steven Schondorf as a senior strategic advisor – Schondorf is an experienced leader in automotive driver assistance systems, active safety, passive safety and safety electronics. He spent 30 years at Ford Motor Company, most recently as the Chief Engineer of ADAS Systems, Hardware and Features, where he was responsible for evaluating early-stage technologies and built the company's system architecture and overall product strategy, including features like Ford's BlueCruise hands-free driving system. Innoviz believes Schondorf's expertise will help accelerate the Company's evolution towards becoming a leading Tier 1 direct supplier of LIDAR to automotive OEMs around the world.
- Innoviz 360 debuted at CES – in only one year, Innoviz progressed from announcing plans for a new 360-degree LiDAR at CES in January 2022 to exhibiting a full sample unit with a live point cloud at CES in January 2023. The Company has received significant customer interest relating to Innoviz 360 and it believes the market has a strong appetite for new solutions at Innoviz's performance levels and price points.
Full Year 2022 Financial Results
Revenues in 2022 were $6.0 million, up 10% compared to revenues of $5.5 million in 2021. Innoviz sold a record number of LiDAR units in 2022, with unit volumes increasing 99% in 2022 as compared to 2021. The difference in the increase between volume and revenue growth in 2022 as compared to 2021 primarily exists due to non-recurring items from machinery and other revenues in 2021, coupled with the evolution of average selling prices (ASPs) as the Company transitions from selling early-stage sample units to higher volumes as it gets closer to launching series production.
Operating expenses in 2022 were $124.6 million, down 18% compared to operating expenses of $152.6 million in 2021. Operating expenses for 2022 included $19.3 million of share-based compensation compared to $64.7 million of share-based compensation in 2021. The year-over-year decrease in operating expense was primarily due to the lower level of share-based compensation, partially offset by higher payroll expense, InnovizTwo development costs, depreciation and facilities costs.
Research and development expenses in 2022 were $95.1 million, a slight increase from research and development expenses of $93.3 million in 2021. The increase was primarily attributable to higher payroll expenses and was partially offset by a decrease in share-based compensation, with 2022 share-based compensation of $12.0 million compared to $25.5 million in 2021.
Liquidity: Innoviz maintains significant liquidity with approximately $186.2 million in cash, short term deposits, short term restricted cash and marketable securities as of December 31, 2022.
Reviewing 2022 Targets
The Company is pleased to announce that it met or exceeded each of its targets for 2022:
- The Company won two new series production awards in 2022, ahead of its stated goal of adding at least one.
- The Company increased its forward-looking order book by +165% in 2022, ahead of its stated goal of +30%.
- The Company announced participation in 14 pre-production programs, ahead of its stated goal of 10.
2023 Targets
The Company is establishing initial targets for 2023.
- Win at least 2 new series production awards with new customers.
- Win at least 1-2 additional programs with existing customers.
- 2023 revenues targeted in the range of $12-15 million and new NRE bookings targeted in the range of $20-40 million.
Conference Call
Innoviz management will hold a web conference today, March 1, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the full year ended December 31, 2022 and 2023 operational and financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session. Steven Schondorf will join the call as a special guest.
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 (https://ir.innoviz.tech/) for 90 days.
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 www.innoviz-tech.com
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Innoviz Expands German Footprint with New Munich Office
February 27 2023 - 08:00AM
PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90345161/innoviz-expands-german-footprint-with-new-munich-o
Innoviz Technologies and General Laser Sign Distribution Agreement to Accelerate LiDAR Adoption in Europe
February 22 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90305519/innoviz-technologies-and-general-laser-sign-distri
Highlights
- Innoviz adds General Laser to its global distributor ecosystem to accelerate LiDAR sales across European markets
- Innoviz's LiDAR products, including InnovizOne, InnovizTwo and Innoviz360, will strengthen General Laser's LiDAR portfolio, offering customers the highest-performing LiDAR products for multiple applications
- The European non-automotive LiDAR market is forecast to grow at a compounded annual growth rate of approximately 25 percent over the next six years, reaching nearly $2 billion USD by 2029
TEL AVIV, Israel and VIENNA, Feb. 22, 2023 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, automotive-grade LiDAR sensors and perception software, and General Laser, a leading European provider of products and services in the fields of lasers, robotics, special machinery and more, today announced their collaboration to drive sales for Innoviz's LiDAR solutions in the European market. This is Innoviz's first distribution agreement in Europe.
General Laser will utilize its network of over 70 resellers and direct relationships with customers across Europe to accelerate the adoption of Innoviz's LiDAR solutions in General Laser's service territory across Europe. General Laser will help expand Innoviz's sales efforts into various industrial market segments, including construction, agriculture, mobile robotics, drones, surveillance and more, driving near-term revenues.
"As Innoviz continues to disrupt and lead the LiDAR space, it is important to build out our ecosystem of distributor partners that will support our global growth," said Tali Chen, Chief Business Officer at Innoviz. "General Laser's strong customer base across European markets and industries, paired with its deep technical understanding of LiDAR products, ensures that we will meet the growing demand for high-performance LiDAR solutions across Europe."
With a network of over thirty partners and distributors, this partnership supports the company's growth as a worldwide leader in high-performance LiDAR technology. Through this new European distributor partner, Innoviz will make its full portfolio of high-performing LiDAR products available, including its first and second generation sensors, InnovizOne and InnovizTwo, as well as Innoviz's newest and revolutionary spinning sensor, Innoviz360, announced earlier this year.
"We're committed to providing our customers with best-in-class LiDAR products to meet demand across a variety of use-cases. Innoviz's LiDAR sensors fill a critical gap in our existing LiDAR product portfolio by offering enhanced range and high-resolution at a price point customers want, allowing us to engage with new customers in adjacent verticals," said Ivan Tochev, general manager at General Laser.
The European non-automotive LiDAR market is forecast to grow at a compounded annual growth rate of approximately 25 percent over the next six years, reaching nearly $2 billion USD by 2029. Innoviz has built an ecosystem of more than 30 partners and distributors across North America, Asia-Pacific, Europe, the Middle East and Africa. For more information on Innoviz worldwide distributors and global product availability, visit www.innoviz.tech/distributors.
About General Laser
General Laser was founded in 1999 by the brothers Dimitre and Ivan Tochev following many years of practice and experience with various airplanes, mechanical engineering, laser technology, and electronics. Our has been causing sensations with its range of lasers, illuminating engineering, prototypes, controls, electronics and avionics, RTK GNSS receivers, and LiDARs for twenty years. Our philosophy has always been to offer solutions as simple and elegant as possible, even for the most complicated technical tasks. This approach has led to several worldwide patents of inventions. Our know-how and versatile knowledge allow us to look from completely different points of view when trying to solve "unsolvable" problems. For more information, visit general-laser.at.
General Laser media contact:
Lalita Kumari Digwal
Chief of Business Development
+43 1 8902002 104
l.digwal@general-laser.at
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.
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Innoviz Sets Fourth Quarter and Full Year 2022 Conference Call for Wednesday, March 1 at 9:00 a.m. ET
February 09 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/90189921/innoviz-sets-fourth-quarter-and-full-year-2022-con
High-tech effort for safer streets gains city's attention
BY ANNA ALBARYAN WESTWOOD
PUBLISHED 4:10 PM PT JAN. 30, 2023
https://spectrumnews1.com/ca/la-west/public-safety/2023/01/30/high-tech-effort-for-safer-streets-gains-city-s-attention
LOS ANGELES — An Israeli-based company called Innoviz is gaining attention in Los Angeles for its efforts toward increasing public safety along crosswalks and major intersections.
The company’s high-tech Lidar sensor technology is being tested at the intersection of Charles E. Young Drive and Westwood Plaza, near the UCLA campus.
What You Need To Know
-Traffic fatalities in Los Angeles are on the rise
-In 2022, 309 people died on LA’s roads — a 5% increase compared with 2021
- While motor vehicle fatalities fell 10%, pedestrian and bicyclist fatalities increased 19% and 24%, respectively, according to LAPD data analyzed by Streets Are For Everyone
- Of those killed, 6% were DUI related, 28% were felony hit and runs, 50% were pedestrians and 6% involved a bicycle
The project is in line with a larger initiative across Los Angeles, called Twenty-eight by ‘28, which will aim to complete 28 transportation infrastructure projects before the 2028 Olympic Games. These projects will theoretically make it easier and safer to get around LA using public transportation.
The UCLA campus is also planning to host several Olympic events, which is why Innoviz is aiming to have the technology deployed at intersections around campus before the games begin.
But the company’s broader goal, according to VP of sales Scott Craig, is to “lead the world to safety.”
It’s a mission that resonates with Hawthorne resident Andrea Nah, who recently witnessed a horrific crash in front of her home that claimed the life of 13-year-old Michael Leon.
Michael was crossing El Segundo Boulevard on a Sunday evening with his father and 12-year-old sister, when they were struck by what investigators believe was a speeding and/or distracted driver. Michael was pronounced dead at the scene. His father was taken to a hospital with serious injuries but has since been released, and his sister was not hurt.
Neighbors like Andrea Nah ran out to the scene of the crash to help.
“It takes an instant,” she said. “When you see something so tragic like this, you really realize that life is so precious.”
If the street where 13-year-old Michael Leon was crossing had technology similar to the Lidar sensors that Innoviz is currently testing, the family might have been warned about the incoming driver through a loud, audible tone. It’s improvements to public safety like this that Nah says is needed — to ensure Michael’s death isn’t in vain.
“A young boy was lost... and it wasn’t in vain,” said Nah. “So I hope that change does occur.”
Automotive LiDAR - Still Alive & Kicking
Sabbir Rangwala
I write about perception, sensors and LIDAR for autonomous vehicles, drones and robots
Jan 22, 2023
https://www.forbes.com/sites/sabbirrangwala/2023/01/22/automotive-lidarstill-alive--kicking/
Innoviz CEO: "Elon Musk was wrong. The massive investment in Tesla will go down the drain"
Omer Keilaf is not bothered by Tesla abandoning LiDAR technology, nor worried when investors ask what's going on with Innoviz's stock. The prodigy of Israeli auto-tech is in a confident mood: "At the current price of LiDARs, I can sell 30 pieces to Tesla at the same cost it demands from its customers to make a vehicle autonomous"
Sophie Shulman
19.01.23
https://www.calcalistech.com/ctechnews/article/e6oncirqx
Innoviz Technologies: Large TAM And Ramping Wins Signal An Attractive Opportunity
Jan. 14, 2023
https://seekingalpha.com/article/4569942-innoviz-large-tam-wins-signal-attractive-opportunity
Summary
- Autos present the largest TAM for LiDAR, projected to exceed $100 billion in 2030.
- INVZ has a solid product line-up covering a wide range of technical specifications.
- The company is following up the early wins in automotive (BMW), a shuttle program with big volume wins (with VW), and a non-traditional auto OEM.
- I have a December 2030 price target of $140.5 on the stock, derived from 17x P/E of 2030 forecasted earnings.
Top 10 CES 2023 Automotive Announcements
JANUARY 11, 2023
https://www.counterpointresearch.com/top-10-automotive-announcements-ces-2023/
8. Innoviz launches new LiDAR, forms multiple partnerships
Innoviz, a leading player in solid-state LiDAR sensors and perception software, unveiled the Innoviz360, a cost-effective and high-performance LiDAR that will support a range of non-automotive applications such as smart cities, logistics, maritime, heavy machinery, and construction, in addition to Level 4-5 (L4 and L5) autonomy applications. Loxo, a zero-emission autonomous vehicle provider for last-mile delivery, has partnered with Innoviz to use the InnovisOne LiDAR. Deep-tech company EXways, which works in 3D LiDAR processing, has also partnered with Innoviz to leverage the technology for multiple applications.
Innoviz has previously formed partnerships with major automakers such as BMW and Volkswagen, as well as tier-1 supplier Magna. At CES, Innoviz also showcased the InnovizTwo LiDAR, which it claims offers a 30x performance improvement over the InnovizOne and a 70% cost reduction. With the growing adoption of autonomous vehicles, LiDAR technology is expected to be high in demand as major auto OEMs including Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo plan to use it.
Innoviz unveils new LiDAR system at CES
The Innoviz360 features up to 1280 scanning lines per frame, configurable frame rate, 0.05°x 0.05° resolution, and 300-meters of range
08.01.23
https://www.calcalistech.com/ctechnews/article/hkpmhbu5s
Innoviz Technologies, which develops LiDAR sensors and perception software, unveiled last week its new system, Innoviz360. The new, lightweight LiDAR offers an improved performance at a significantly lower cost.
The Innoviz360 design is based on a new approach that overcomes existing spinning LiDAR barriers that are limited in performance, expensive, and too large for most applications. Innoviz demonstrated its suite of LiDAR products at the CES exhibition in Las Vegas.
The Innoviz360 features up to 1280 scanning lines per frame, configurable frame rate, 0.05°x 0.05° resolution, and 300-meters of range. Its high resolution, high vertical field of view and reduced cost will help overcome major challenges for original equipment manufacturers (OEMs) looking to achieve Level 4-5 automation in applications such as robotaxis, shuttles, trucks, and delivery vehicles. It also enables autonomy in non-automotive applications, such as heavy machinery, smart cities, logistics, construction, maritime, and more.
Innoviz Technologies to Unveil Breakthrough Innoviz360 LiDAR at CES® 2023
January 05 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89916907/innoviz-technologies-to-unveil-breakthrough-innovi
Highlights
- Innoviz360, for automotive and non-automotive applications, offers huge performance in a tiny package
- Innoviz360 is designed for autonomous vehicles, trucks, shuttles, and non-automotive applications, including heavy machinery, smart cities, logistics, construction, and maritime
- Innoviz360 features a revolutionary 360° scanning design with maximum 64° vertical FOV and 300m range
- Just one year after its announcement, the revolutionary Innoviz360 will be demonstrated at the Consumer Electronics Show (CES) in Las Vegas, Nevada, January 5-8, 2023
TEL AVIV, Israel, Jan. 5, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance LiDAR sensors and perception software, today unveiled Innoviz360, the newest member of the high-performance Innoviz LiDAR family. Innoviz360 offers an improved performance with substantial cost reduction. The Innoviz360 innovative design is based on a new approach that overcomes existing spinning LiDAR barriers that are limited in performance, expensive, and too large for most applications.
Innoviz360 – huge performance in a tiny package
The new, lightweight, Innoviz360 LiDAR features up to 1280 scanning lines per frame, configurable frame rate, 0.05°x 0.05° resolution, and 300-meters of range. The Innooviz360 design leverages many hardware advances from InnovizTwo, including a single laser, detector and ASIC, and will benefit from the economic of scale of InnovizTwo.
Innoviz360's high resolution, high vertical field of view and reduced cost will help overcome major challenges for original equipment manufacturers (OEMs) looking to achieve Level 4-5 automation in applications such as robotaxis, shuttles, trucks, and delivery vehicles. It also enables autonomy in non-automotive applications, such as heavy machinery, smart cities, logistics, construction, maritime, and more.
"Innoviz continues to show its commitment to break through meaningful technology barriers that allow safety in mobility," said Omer Keilaf, Co-Founder and CEO of Innoviz. "The Innoviz360 adds another dimension to the company's growth by enabling Innoviz to become a one-stop shop for all types of LiDAR solutions"
"It comes as no surprise that Innoviz, which is already a key player in the automotive LiDAR market, has entered the 360 degree spinning LiDAR market," said Mark Fitzgerald, Director, Autonomous Vehicle Service at Strategy Analytics – Powered by TechInsights. "There is a market need for better-performing, lower-cost spinning LiDAR sensors, and the early specs for Innoviz360 are strong compared to other similar offerings."
Innoviz Product Demonstrations at CES 2023:
Innoviz will demonstrate its suite of LiDAR products at the upcoming CES® in Las Vegas, Nevada, from January 5-8, 2023. This will be the first opportunity for the public to view Innoviz360's performance. The company will also demonstrate the InnovizTwo LiDAR sensor on the show floor at booth #6553, as well as partners' use-cases integrating the company's first-generation InnovizOne LiDAR sensor. More on the partner activity at Innoviz booth can be found here.
To book a demo of Innoviz LiDAR sensors, please email: CES@innoviz-tech.com.
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, YouTube, Twitter.
Innoviz and Exwayz Collaborate on Turnkey LiDAR-based Perception Solutions for Global Customers
January 04 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89904129/innoviz-and-exwayz-collaborate-on-turnkey-lidar-ba
Summary
- Innoviz and Exwayz are collaborating to demonstrate new lidar-based perception solutions for various non-automotive applications.
- Innoviz is integrating its InnovizOne LiDAR with Exwayz's LiDAR-based plug-and-play perception software to enable precise 3D mapping, localization and re-localization, as well as object detection and classification.
- Exwayz will present its use-case with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 12:00pm, at Innoviz's booth #6553.
TEL AVIV, Israel and PARIS, Jan. 4, 2023 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, announced today that it is collaborating with Exwayz, a Parisian deep-tech company developing real-time 3D LiDAR processing software to demonstrate new LiDAR-based perception solutions for various non-automotive applications.
Exwayz provides plug-and-play perception software to enable LiDAR-based 3D mapping, localization and re-localization, as well as object detection and classification for autonomous system manufacturers. Innoviz's collaboration with Exwayz is intended to add Exwayz's plug-and-play perception software to Innoviz's existing perception software capabilities, creating a turnkey solution for the development and demonstration of Innoviz's LiDAR technology across a wide range of applications, including: logistics, construction, security, and last-mile delivery services, such as LOXO's zero-emission vehicles where Innoviz is the LiDAR provider.
Innoviz's suite of LiDAR products enable safe autonomy by bringing unparalleled optics, seamless design and cutting-edge technology to market at a competitive price. Innoviz's collaboration with Exwayz is expected to further unlock the potential utilization of its LiDAR technology across a wide range of global customers for near-term revenue opportunities.
"Tested using to the most rigorous automotive standards, our LiDAR sensors are purpose-built to be rugged, affordable, and seamlessly integrable into the autonomous vehicle designs of global customers," said Omer Keilaf, Co-Founder and CEO of Innoviz. "Leveraging Exwayz's customer-centric support and products, we look forward to expanding the use of superior LiDAR-based perception solutions across a wide range of applications."
"We're proud to work alongside Innoviz to demonstrate turnkey LiDAR-based perception solutions for autonomous delivery vehicles and other use-cases around the world," said Hassan Bouchiba, Co-Founder and CEO of Exwayz. "InnovizOne is an industry-leading LiDAR solution with impeccable resolution and range that our customers can leverage across multiple applications to dramatically improve efficiency and safety."
Exwayz will present its use-case with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 12:00pm, at Innoviz's booth #6553. Additional live demonstrations of Exways' SLAM technology with InnovizOne LiDAR sensor will be available in booth #5400, (Business France booth). Exwayz will perform demonstrations with InnovizOne LiDAR mounted on a cart at LVCC, as well as outside the event hall with InnovizOne LiDAR mounted on a car. These live demonstrations will show how Exwayz SLAM technology is able to accurately self-localize a mobile system and build high-resolution maps in real-time.
About Exwayz
Founded in 2021, Exwayz is a French startup currently based at Station F in the HEC incubation program. Exwayz simplifies the integration of 3D LiDAR sensors in autonomous systems by providing embedded software for mobile robots. It is the first solution to offer navigation and detection, classification and tracking of objects and obstacles in real time. The Exwayz solution is compatible with all 3D LiDAR sensors on the market and is adapted to all mobile robotics use cases. It achieves unparalleled levels of robustness and accuracy through its cutting-edge innovations in simultaneous localization and mapping (SLAM) and 3D vision. For more information, visit www.exwayz.fr.
Join the discussion: LinkedIn, YouTube
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, YouTube, Twitter
InnovizOne LiDAR Selected by LOXO for Autonomous, Zero-Emission Delivery Vehicles
January 03 2023 - 07:00AM
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89893423/innovizone-lidar-selected-by-loxo-for-autonomous
Summary
- LOXO intends to use InnovizOne LiDAR sensors to enable autonomy for its zero-emission autonomous delivery vehicles.
- LOXO will present its autonomous and zero-emission delivery vehicle with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 3:30pm, at Innoviz's booth #6553.
TEL AVIV, Israel and BERN, Switzerland, Jan. 3, 2023 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, announced today that Switzerland-based LOXO, a provider of zero-emission autonomous vehicles for last-mile delivery services, is planning to use InnovizOne LiDAR to enable autonomy for its delivery vehicles, which allow retailers to transport goods from local distribution hubs to end consumers more efficiently and with fewer emissions.
Integration of InnovizOne LiDAR sensor on LOXO’s zero-emission delivery vehicles (PRNewsfoto/Innoviz Technologies)
Innoviz's planned partnership with LOXO for autonomous delivery services in Switzerland demonstrates the company's continued global expansion. Following the initial evaluation period, LOXO plans to purchase more InnovizOne LiDAR units to support its delivery fleet, with pre-sales for the vehicle beginning as soon as 2023.
To view LOXO's zero-emission delivery vehicles equipped with InnovizOne LiDAR, please click here.
"Tested using to the most rigorous automotive standards, our InnovizOne LiDAR sensor is well-equipped to tackle challenging urban environments and make the delivery of goods more convenient, affordable, and safe," said Omer Keilaf, Co-founder and CEO at Innoviz. "In collaboration with LOXO, we look forward to enabling this critical service for users, especially during the busiest delivery days of the year, and revolutionizing the local transport of goods across cities worldwide."
InnovizOne is a high-performance solid-state LiDAR sensor specifically designed for automakers and robotaxi, shuttle and delivery companies requiring an automotive-grade, mass-producible solution to achieve autonomy. It is purpose-built to be rugged, affordable, reliable, power-efficient, lightweight, and to seamlessly integrate into unique Level 3 to Level5 autonomous vehicle designs ensuring the safety of passengers and pedestrians alike. LOXO vehicles equipped with InnovizOne will be designed to meet the demand from the autonomous last-mile delivery market, which is projected to grow from USD 57.67 billion in 2021 to USD 68.95 billion by 2028.
"At LOXO, we're working at the cutting-edge of autonomous delivery vehicles. As we look forward to deploying our solution on public road in 2023, we have rigorously selected Innoviz' solution to equip our vehicles with the industry-leading LiDAR to ensure the highest levels of safety and operational efficiency," said Amin Amini, Co-Founder & CEO of LOXO. "InnovizOne is expertly engineered to be compact and seamlessly integrate into our electric vehicle design. It's accurate and high-performing, ensuring our vehicles navigate complex and obstacle-ridden urban road networks safely."
LOXO will present its autonomous and zero-emission delivery vehicle use-case with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 3:30pm, at Innoviz's booth #6553.
About LOXO
LOXO is providing an intelligent fully automated goods transport system that solves the increasing problems of the last-mile-delivery on the provider's and customers' side: Our technology is enhancing delivery efficiency, flexibility, safety and decreasing the carbon footprint for the benefit of all. LOXO alpha, the first version of LOXO's autonomous vehicle will hit Swiss roads for the first time in early 2023.
We at LOXO, believe that we have the solution for all types and sizes of retailers across the e-food, postal and logistic sectors. For more information, visit: https://www.loxo.ch/en/
Media Contact - LOXO
Lara Amini, Co-Founder, Business & Marketing
Lara@loxo.ch
+41 79 328 30 20
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, 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
Innoviz Technologies to Host Interactive LiDAR Use-Case Demonstrations with Global Partners at the CES® 2023
December 15 2022
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89788614/innoviz-technologies-to-host-interactive-lidar-use
Summary
- Innoviz will host InnovizOne LiDAR demonstrations for non-automotive applications at its booth #6553 at the Consumer Electronics Show (CES), January 5-8, 2023, in Las Vegas, Nevada.
- Innoviz will also host partner presentations at its booth, showing how they are deploying Innoviz LiDAR products across industries.
TEL AVIV, Israel, Dec. 15, 2022 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 supplier of high-performance, solid-state LiDAR sensors and perception software, will host an exciting lineup of InnovizOne LiDAR demonstrations and presentations with its global partners at the upcoming Consumer Electronics Show (CES), January 5-8, 2023, in Las Vegas, Nevada.
InnovizOne meets the automotive industry's strictest requirements for performance and safety. It is rugged, affordable, power-efficient, lightweight, high-performing and seamlessly integratable, making it ideal for enabling a wide range of non-automotive use-cases that require mature solutions. Innoviz's global partners are piloting InnovizOne for non-automotive applications, including smart cities, ports, infrastructure and industrial applications, delivery, and more.
"We're thrilled to showcase our cutting-edge LiDAR technology enabling autonomy for a variety of non-automotive applications via our growing reach of customers and partners around the world," said Omer Keilaf, CEO and co-founder of Innoviz. "These engaging demonstrations and presentations at CES will convey the maturity of our LiDAR and highlight the breadth of applications it can support."
Partner Demonstrations with InnovizOne
Live demonstrations will run throughout the show, from January 5-8, at Innoviz's booth #6553.
Sensagrate will demo its Intelligent Transportation System solution, SensaVision, currently being piloted for smart city projects in California and Arizona to promote pedestrian and driver safety through intelligent traffic analytics and data collection. Sensagrate's Sensavision platform, enabled by InnovizOne LiDAR, will be actively capturing and processing data during the show from atop a mock-up street pole for attendees to view the hardware, as well as what the hardware is "seeing" in real-time through a tablet.
HiRain Technologies will demo its five-in-one sensor unit in action, which uses InnovizOne LiDAR and its Convolutional Neural Network to unlock operational efficiency and port safety. Monitoring traffic from a bird's eye view, this system is now being used at several ports in China to improve operational efficiency, mitigate risks and enhance worker safety.
Outsight, a European specialist in 3D spatial intelligence, will have its Spatial Intelligence Software on display at the booth, showcasing how its real-time edge processing and cloud capability is effectively integrating 3D InnovizOne LiDAR data for any infrastructure, industrial, or vehicle application.
Whale Dynamics will have its Level 4 InnovizOne LiDAR-enabled autonomous driving platform on display, which is designed for passenger vehicles, autonomous delivery vehicles, and drivable testing vehicles. Whale Dynamics team will share how the platform interprets a vehicle's surroundings to guide vehicles using full-stack autonomous driving technology.
Innoviz will also host daily presentations at CES with its global partners. These informative sessions will delve further into the applications for Innoviz LiDAR solutions, including highlighting case studies from real-world project deployments. The full schedule is below.
Partner Presentation Schedule (Pacific Time)
All presentations will be followed by a brief Q&A session.
Thursday, January 5, 2023
o 12:00 pm – Sensagrate, Darryl Keeton, Founder and President: LiDAR and Artificial Intelligence for Smart Cities
o 2:00 pm – Outsight, Brandyn Ryan, Product Specialist: LiDAR Pre-Processing Software for enabling Solution Developers and Integrators to build Robotics, Infrastructure or Industrial Applications
o 3:30 pm – Whale Dynamics, David Chang, CEO: Level 4 LiDAR-Enabled Autonomous Driving Platform for passenger vehicles, autonomous delivery vehicles, and drivable testing vehicles.
Friday, January 6, 2023
o 12:00 pm - Helm.ai Mansoor Zaman, Strategic Partnerships: LiDAR for Ground Truth Camera Calibration and Multi-Sensor Solutions for OEMs
o Only Self-Driving Vehicles.
o 3:30 pm - Whale Dynamics, David Chang, CEO: Level 4 LiDAR-Enabled Autonomous Driving Platform 2:00 pm - SpringCloud, Young-gi Song, CEO & Founder: Distributing LiDAR in the Korean Market and Integrating LiDAR for Autonomous Shuttles
o 3:30 pm - Kudan, Tian HAO, CRO & EVP of Business Development: SLAM-based 3D Digital Mapping Solutions for HD Maps, Robotics, Construction, Surveying, "Digital Twinning" and "Industrial Metaverse" Applications
Saturday, January 7, 2023
o 12:00 pm – Exwayz, Hassan Bouchiba, CEO and Mathias Corsia, CTO: Plug-and-play perception software to enable Innoviz LiDARs accompanied with 3D mapping, localization, object detection, and classification for mobility applications
o 2:00 pm - Vueron, Joseph Kim, CEO: Building an Autonomous Driving Platform for LiDAR-for passenger vehicles, autonomous delivery vehicles, and drivable testing vehicles.
o 3:30 pm - LOXO, Amin Amini, Founder & CEO: LiDAR sensors unlocking Level 5 autonomy on LOXO's zero-emission delivery vehicles
"We're happy to collaborate with partners from a variety of industries and are excited to welcome them to our booth, as they present their use-case supported by Innoviz's technology, said Tali Chen, Chief Business Officer at Innoviz. "We invite anyone who is interested to learn about the usage of LiDAR in ITS, Mapping, Maritime, smart infrastructure and so much more to join these live sessions."
To schedule a meeting with Innoviz at CES or inquire about InnovizOne LiDAR for your business, email ces@innoviz-tech.com.
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, 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
Innoviz and Outsight Announce Partnership to Accelerate LiDAR Adoption in Smart Cities and Industrial applications
December 14 2022 - 08:00AM
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89778137/innoviz-and-outsight-announce-partnership-to-accel
Partnership will combine Innoviz's high-performance LiDAR, InnovizOne, with Outsight's processing software solution, allowing seamless integration of 3D localization and perception technology for smart infrastructure, vehicle and industrial applications
PARIS and TEL AVIV, Israel, Dec. 14, 2022 /PRNewswire/ -- Innoviz Technologies (Nasdaq:?INVZ) ("Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today announced its partnership with Outsight. Outsight's Spatial Intelligence Software, the company's unique, real-time edge processing and cloud capability platform, offers a plug-and-play solution for effectively integrating 3D LiDAR data into any infrastructure, industrial or vehicle application.
Integration of InnovizOne LiDAR sensor and or Outsight’s software (PRNewsfoto/Innoviz Technologies)
Outsight's Software, together with Innoviz's LiDAR products will aim to facilitate and accelerate the adoption of 3D LiDAR technology beyond the ADAS market:
- Infrastructure applications: Intelligent transportation systems (ITS), security and people flow monitoring
- Commercial vehicle and robot applications: Construction equipment, logistics and service robotics
- Industrial applications: Volume measurement, industrial equipment, safety and agriculture
Innoviz's high-performance LiDAR sensors meet the automotive industry's strictest requirements for performance and safety. They are purpose-built to be rugged, affordable, reliable, power efficient, lightweight, high-performing and seamlessly integrable, and are ideally suited to enable a wide range of non-automotive use-cases that require mature solutions.
Outsight's Spatial Intelligence Software makes LiDAR technology easier to use in any project, both in real-time (edge processing) and the cloud, including essential features like LiDAR SLAM, object detection and tracking, classification and segmentation. As a recognized pioneer and leader of the LiDAR processing software category and a founding member of the LiDAR Coalition, of which Innoviz is also a founding member, Outsight's solutions have been widely embraced in a number of markets and dozens of different use cases throughout Europe, the United States, Asia and the Middle East.
"We aren't in the early days of LiDAR anymore. At that time demonstration-level sensor prototypes and research-level algorithms were sufficient to ignite the market and gave birth to the current leaders in LiDAR hardware and software. Non-automotive markets that will deploy LiDAR at scale require a whole new level of maturity, with high-performing and reliable hardware like Innoviz's LiDAR sensors, combined with scalable and easy to use software solutions like Outsight's." said Raul Bravo, President Co-Founder of Outsight. "We're glad to be working with Innoviz on innovative offerings thanks to the complementary technology and talent of both organizations."
"Our award-winning LiDAR technology is already being used to monitor pedestrian safety in Los Angeles, improve operational efficiency and safety across shipping ports in China, automate crane systems on construction sites in Japan and more," said Omer Keilaf, Co-Founder and CEO of Innoviz. "We're excited to partner with Outsight to continue to accelerate adoption of our LiDAR technologies and power use cases also across ITS, Smart infrastructure, smart industrial and more."
Outsight will demonstrate the collaboration with Innoviz LiDAR during CES 2023 at Innoviz's booth #6553 during the show dates, January 5-8, and will present the use-case with Innoviz LiDAR on Wednesday, January 5, 2pm, at Innoviz's booth #6553, followed by a Q&A session.
About Outsight
Outsight develops real-time 3D LiDAR perception solutions. Our mission is to make LiDAR-based spatial intelligence become plug-and-play, so it can be used by application specialists in any market. Using any LiDAR with our pre-processing capabilities allows smart machines and smart cities to achieve an unprecedented level of understanding of their environment. We believe that accelerating the adoption of LiDAR technology with easy-to-use and scalable software will highly contribute to create transformative solutions and products that will make a smarter and safer world. For more information, visit outsight.ai.
Media Contact - Outsight
Jean-François Kitten
+33 (0)6 11 29 30 28
jfk@outsight.tech
Avtansh Behal
+33 (0)7 69 53 08 25
a.behal@licencek.com
Anna Azarova
+33 (0)7 49 29 51 04
a.azarova@licencek.com
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, YouTube, Twitter?
Media Contact - Innoviz Technologies
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
Tesla says it is adding radar in its cars next month amid self-driving suite concerns
Fred Lambert, Dec 6 2022
https://electrek.co/2022/12/06/tesla-radar-car-next-month-self-driving-suite-concerns/
Tesla told the FCC that it plans to market a new radar starting next month. The move raises even more concerns about potentially needed updates to its hardware suite to achieve the promised self-driving capability.
Since 2016, Tesla has claimed that all its vehicles produced going forward have “all the needed hardware” to become self-driving with future software updates.
It turned out not to be true.
Tesla already had to upgrade its onboard computer and cameras in earlier vehicles, and it has yet to achieve self-driving capability. Its Full Self-Driving (FSD) software is still in beta and doesn’t enable fully autonomous driving.
The automaker not only had to upgrade its hardware in some cases, but it even removed some hardware. First, it was the front-facing radar and more recently the ultrasonic sensors.
It’s all part of its “Tesla Vision” approach where the automaker believes that the best way to achieve self-driving capability is through cameras being the only sensors. The logic is that the roads are designed to be operated by humans who operate cars through vision (eyes) and biological neural nets (brain).
Tesla believes that the best way to replicate that is through cameras to replace the eyes and neural nets running on a computer to replace the brain.
The company removed the radars on its vehicles last year and the ultrasonic sensors earlier this year.
That’s why it was surprising earlier this year when we reported on Tesla filing with the FCC to use a new radar in its vehicles. The FCC had granted a confidential treatment to Tesla in order not to release the details of the new radar.
Those confidential treatments are generally good for six months, and it was coming up tomorrow, but Tesla has filed an extension:
@greentheonly Tesla is requesting short term confidentiality extension in HD radar documents, as it will be marketed Mid January. Any hints about this seen in code? pic.twitter.com/XzAStuPgZh
— Tony DeLuca (@Taka87) December 6, 2022
In the request, Tesla confirms that it plans to start marketing the new device in “mid-January.”
Tesla CEO Elon Musk told Electrek in June of last year after Tesla stopped using its radar:
The probability of safety will be higher with pure vision than vision+radar, not lower. Vision has become so good that radar actually reduces signal/noise.
However, the CEO also added that Tesla might still use radar if it had a “very high-resolution radar”:
A very high resolution radar would be better than pure vision, but such a radar does not exist. I mean vision with high res radar would be better than pure vision.
We saw some indications of Tesla working on that. We previously reported on Tesla looking to add a new “4D” imaging radar with twice the range of its previous radar.
Last weekend, we also reported on a Tesla Model 3 prototype that potentially featured a new Autopilot/Full Self-Driving hardware suite.
Electrek’s Take
It looks like what Musk told us last year might be happening and Tesla is getting ready to put a more advanced radar inside its vehicles, and potentially a whole new sensor suite based on the Model 3 prototype.
There’s also the possibility that Tesla is referring to an in-cabin radar, which the company has introduced in the Model S before, but considering that the application is talking about an “HD radar,” it seems more likely that it is for driver-assist features.
Tesla was always going to keep improving its Autopilot/self-driving hardware so there’s nothing wrong with what’s happening, but it still feeds into the growing concerns that Tesla can’t achieve its promised self-driving capability with the current hardware.
So there’s a possibility that Tesla is going to unveil a new suite of self-driving hardware next month that just improves the capability and Tesla still plans to deliver self-driving on the current hardware.
But I think there’s room for concerns after Tesla has been wrong about self-driving several times already. It might be wrong about the current vehicles being able to achieve it.
Innoviz Technologies to Present at Upcoming Investor Conferences
November 23 2022
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89625297/innoviz-technologies-to-present-at-upcoming-invest
TEL AVIV, Israel, Nov. 23, 2022 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 supplier of high-performance, solid-state LiDAR sensors and perception software, today announced its participation in the following upcoming investor conferences:
Barclays Global Automotive and Mobility Tech Conference: Senior management will attend the conference and have the opportunity to hold individuals talks and meetings with investors. Management will also participate in a fireside chat moderated by Barclays on November 30, 2022, at 8:00 AM ET. The event is expected to last approximately 35 minutes. Registration for the live webcast of the event is available here.
Goldman Sachs 14th Annual Global Automotive Conference: Senior management will attend the conference, meet with investors in person, and participate in a fireside chat moderated by Goldman Sachs in London on December 8, 2022, at 9:20 AM ET / 2:20 PM GMT. The event is expected to last approximately 40 minutes. Registration for the live webcast of the event is available here.
J.P. Morgan Tech/Auto Forum as part of the 2023 International Consumer Electronics Show (CES): Senior management will participate in the J.P. Morgan Tech/Auto forum on January 5, 2023, at the Bellagio Hotel in Las Vegas, Nevada as part of the 2023 International CES. In addition to the forum, Innoviz will be attending the 2023 International CES trade show, hosting booth tours as well as group and one-on-one investor meetings on January 5-8, 2023. Interested parties are kindly invited to request a meeting by contacting Investors@innoviz-tech.com. The Company's booth can be found in West Hall, at #6553.
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 www.innoviz-tech.com
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact (US) Investor Contact (Israel)
Rob Moffatt Maya Lustig
VP, Corporate Development & IR Director, Investor Relations
Innoviz Technologies Innoviz Technologies
+1 (203) 665-8644 +972 54 677 8100
Investors@innoviz-tech.com Investors@innoviz-tech.com
View original content:https://www.prnewswire.com/news-releases/innoviz-technologies-to-present-at-upcoming-investor-conferences-301685986.html
SOURCE Innoviz Technologies
Innoviz CEO outlines LiDAR landscape, long-term opportunity
Nov. 10, 2022
https://seekingalpha.com/news/3905926-innoviz-ceo-outlines-lidar-landscape-long-term-opportunity
In a crowded space for LiDAR technology companies, Innoviz (NASDAQ:INVZ) CEO Omer Keilaf is eminently confident in his company’s ability to outcompete.
“We see the industry as in a ‘winner takes most’ situation, given it is a technology that is very complicated and each company has very differentiated technology. Automakers’ appetite for choosing simply new technology is not high, which is why you are likely to see convergence around just a few players,” he told SeekingAlpha in an interview. “Airbags, which are in every car, are only offered by two suppliers, for example, and there are similar dynamics with ADAS scanners and brakes…anything that is related to functional safety tends to consolidate around two main suppliers.”
As such, the industry that now courts names like Luminar Technologies (LAZR), Cepton (CPTN) as well as proposed merger partners Ouster (OUST) and Velodyne (VLDR) is likely to be a more sparsely populated industry in the near future. Keilaf projected a “major shakeout” to come within the next twelve months.
Key to Competition
Given this stiff competition and propensity for the industry to whittle down to fewer players, Keilaf indicated a need to focus on technologies that can be used in the near term. While L5 technology is, of course, the end-goal, it is not likely to support young companies as they seek to lead the LiDAR industry in the near term.
“You want your customer to be able to ship their products eventually, otherwise you are just selling R&D capabilities,” he said. “The more relaxed the use case is, the more comfortable the automaker is going to be with the safety and validation of the technology to actually launch these capabilities.”
He noted that the Volkswagen (OTCPK:VWAGY) Cariad unit, BMW (OTCPK:BMWYY), as well as additional German and Asian automakers to be named later as key wins for Innoviz that signify the uptake among major automakers. Keilaf said that the German automakers are usually first movers in this space and offer a great deal of credibility to Innoviz (INVZ) and its LiDAR offerings given their pre-eminent status among automakers.
During the earnings call on Wednesday, Keilaf highlighted a $6.9B order book and a pipeline that includes 12 programs in the RFI or RFQ process and “two to three expected to make a decision in the next six months.”
Musings on Musk
In conversation, a consistent critic of LiDAR in Elon Musk inevitably entered the discussion.
“Lidar is a fool's errand,” Musk said during a 2019 event. “Anyone relying on lidar is doomed.”
Instead, the Tesla (TSLA) CEO suggested that autonomous vehicles would primarily need to focus on cameras, mimicking the human eye. The idea that LiDAR is a “crutch” for autonomous vehicles was seconded by analysts at ARK Invest. More recently, former AI chief Andrej Karpathy explained the automaker's choice to eschew LiDAR as rooted in concerns on supply chain and price among other issues. In the interview he went as far as to argue that other automakers may follow Tesla's (TLSA) lead in dropping sensors.
However, Keilaf was more skeptical about the impetus for Musk and Karpathy's pronouncements.
“There is nothing behind these statements. When [Tesla] was a younger company, of course they needed to make ambitious statements and strong claims. Also there was no LiDAR available at the right price or from an industrialization point of view,” Keilaf commented. “At the time this was the right decision in terms of building the car based upon those factors.”
In the future, he expects that Musk will need to adjust his perspective on LiDAR technologies based upon both safety requirements and industry dynamics.
“Relying on an image sensor that could be blurred by a drop of water or affected by low-light conditions, these are non-rare conditions that could cause failure,” Keilaf concluded. “They will have to go to LiDAR eventually. It will be a difficult mistake for them to admit, but they will have to admit it eventually. They offer Level 2 today, which they call FSD, but in reality it is Level 2. It is in no way concerning to us because in reality there are so many automakers making the decision on LiDAR already, so [his statements] are just something that brings more attention to our technology, so that is nice.”
Shares of the Israeli technology company carried nearly 13% higher near Thursday's market close.
Link to Innoviz Q3 2022 Earnings PowerPoint Presentation https://d1io3yog0oux5.cloudfront.net/_ae52ee023d7fc142fdfedafed05341bf/innoviz/db/1111/9798/earnings_call_presentation/INVZ+IR+Presentation_Q3+2022_FINAL+09+11+22.pdf
Innoviz Technologies Provides Commercial Updates and Reports Third Quarter 2022 Financial Results
November 09 2022
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89505713/innoviz-technologies-provides-commercial-updates-a
New customer win in Asia expands Innoviz's geographic footprint and adds new leading autonomous driving platform partner
Innoviz grew its forward-looking order book to $6.9 billion, upgraded production throughput, shipped D-Sample units to customers, and accelerated its momentum in non-automotive markets
TEL AVIV, Israel, Nov. 9, 2022 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 supplier of high-performance, solid-state LiDAR sensors and perception software, today provided updates on commercial progress, technology leadership, and corporate developments and reported its financial results for the third quarter ended September 30, 2022.
Management Commentary
"Our results in the third quarter underscore our ongoing strategic execution and the substantial progress we are making to strengthen our position as a Tier-1 supplier to the world's top car makers, along with a rapidly growing list of non-automotive customers," said Omer Keilaf, CEO of Innoviz. "We are proud of our latest OEM program win in Asia and our recent customer momentum, having posted a win in back-to-back quarters. We are encouraged by our robust pipeline, which includes many of the world's largest OEMs, in addition to the well-known names that are already in our order book. We are excited with where Innoviz stands today, and as we look ahead, we are confident in our ability to maintain our position as a leader in our industry as we continue to deliver for our customers."
Commercial Progress
As previously announced on September 8, 2022, an Asia-based, emerging global EV leader selected Innoviz to serve as its direct LiDAR supplier for series production passenger vehicles. Innoviz plans to supply the emerging EV leader with the InnovizTwo LiDAR sensor for its production vehicles, further strengthening the Company's leadership in L3 automation around the world.
- The selection represents Innoviz's first win in Asia, fourth major design win and second consecutive Tier 1 win for series production of passenger vehicles as a direct LiDAR supplier, validating the Company's strategy to become a direct supplier.
- We expect this new win, when combined with the two existing production launches next year, will further support the Company's ability to grow its revenues meaningfully in the coming years.
- From a geographic standpoint, the design-win expands Innoviz's global reach and production footprint in Asia, marking an important step in the Company's platform expansion efforts. We believe it also strengthens Innoviz's position with other Asian OEM's currently in the Company's pipeline.
-The deal also marks the Company's first production win with a new technology partner. Innoviz now has production wins with two of the industry's three major autonomous driving technology platform partners, offering an important advantage over competitors in upcoming customer decision making, as we increasingly become an off-the-shelf solution for OEMs.
- Following the Company's recent quarterly business progress, Innoviz is updating its forward-looking order book to $6.9 billion.
Innoviz is accelerating its production and design efforts and positioning the business to continue growing and delivering for customers across the automotive space.
- The Company made significant progress towards series production for customers, moving to the D-sample stage, the final step before the start of production.
- The Company currently works directly with OEMs representing roughly 15% of the global market.
In Q2 2022, Innoviz disclosed 12 programs in the RFI or RFQ process. - With the Company's new Asia-based OEM converted to a full production customer, it now has 11 OEMs in the RFI and RFQ process and expects an additional one to three new decisions by OEMs in the next six months.
- Collectively, the 11 OEM's in the Company's pipeline produce approximately 40 million vehicles per year, representing an additional roughly 42% of the global market.
- The Company targeted 10 pre-production programs, one commercial agreement and a 30% increase in its forward-looking order book in 2022. As of September 30, 2022, the Company boasts 14 pre-production programs, two commercial agreements and a 165% year to date increase in its forward-looking order book.
Technology Leadership
Innoviz remains committed to investing in technology development and perception software.
- The Company remains on track to introduce the all-new Innoviz360 at CES in January 2023. This breakthrough product is expected to unlock exceptional price and performance metrics for a spinning LiDAR, opening new markets in both the automotive and non-automotive segments.
Innoviz also remains focused on leveraging the maturity of InnovizOne to benefit non-automotive segments, expanding its global market reach further beyond the automotive industry. During the quarter, Innoviz announced three new strategic projects with existing and new non-automotive partners:
- Kudan, a 3D digital mapping solutions provider for a broad range of applications including HD maps, robotics, construction, surveying, and "digital twinning" and the "industrial metaverse;"
- Sensagrate, a smart city technology provider that enables real-time traffic, pedestrian and cyclist safety via intersection monitoring and analysis; and
- HiRain Technologies, a leading technology solution provider for the transportation market in China that provides autonomous trucks and AGVs, as well as Vehicle to Anything (V2X) applications, to improve operational efficiency, mitigate risks and enhance worker safety.
Corporate Developments
To better position itself for long-term growth, Innoviz moved its corporate headquarters to a new facility in Rosh Ha'ayin, Israel. The move included the Company's Israel-based production lines, and the resulting downtime and re-installation was used for meaningful improvements in its systems. These upgrades have resulted in substantially reduced cycle times and a significant improvement in throughput for the calibration and testing processes. The move has eliminated a key bottleneck in the overall production process that will enable more InnovizOne units to be sold into non-automotive markets beginning in the fourth quarter of 2022 and ramping into 2023.
Third Quarter 2022 Financial Results
Revenues in the third quarter of 2022 were $0.9 million, compared to $2.1 million in the third quarter of 2021, with revenues impacted primarily by downtime from the Company's headquarter move and related testing and calibration system upgrades. The Company expects InnovizOne sales to normalize in the fourth quarter of 2022.
Operating expenses in the third quarter of 2022 were $31.3 million, compared to $30.0 million in the third quarter of 2021. Operating expenses in the third quarter of 2022 included $4.9 million of share-based compensation compared to $8.2 million of share-based compensation in the third quarter of 2021. The increase in operating expenses in the third quarter of 2022 compared to the third quarter of 2021 was primarily due to an increase in head count, partially offset by a decrease in share-based compensation.
Research and development expenses in the third quarter of 2022 were $24.2 million, an increase from $20.6 million in the third quarter of 2021. Research and development expenses in the third quarter of 2022 included $3.2 million attributable to share-based compensation compared to $3.7 million in the third quarter of 2021.
Innoviz maintains a high liquidity level with approximately $218 million in cash, short term deposits, short term restricted cash and marketable securities as of September 30, 2022.
Guidance
Innoviz reaffirms the following 2022 guidance it has previously provided:
- The Company has achieved its stated goal of winning at least one new series production award in 2022, and to date has delivered two.
- The Company expects to increase its forward-looking order book by more than 30% by the end of 2022 and has already delivered a 165% increase year to date.
- The Company has achieved its expected stated goal to secure 10 pre-production programs during 2022. To date, the Company has participated in 14.
Conference Call
Innoviz management will hold a web conference today, November 9, 2022, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results. 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.
Innoviz Technologies to Host a 3-Day Global Distributor Summit and Expand LiDAR Sales for Non-Automotive Markets
November 07 2022
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89481603/innoviz-technologies-to-host-a-3-day-global-distri
Highlights
-Innoviz is announcing its first Global Distributor Summit as it ramps the production of InnovizOne to meet strong demand from automotive & non-automotive markets.
- Innoviz is hosting a 3-day Global Distributor Summit in its new Israeli headquarters from November 14-17 with partners and distributors from around the world, including Europe, North America, Japan, Taiwan and Korea already registered to attend. The summit will include various strategic, product and sales leadership sessions to promote the purchase and integration of InnovizOne into different customer applications.
TEL AVIV, Israel, Nov. 7, 2022 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, announced it significantly expanded its production capability and will host a Global Distributor Summit for its worldwide distributors that help customers purchase and integrate InnovizOne LiDAR. The summit will be at the Company's new headquarters in Israel from November 14-17, 2022, and support InnovizOne LiDAR sales for non-automotive markets beginning in Q4 2022 and ramping up into 2023.
Recent Innoviz deployments have led to global partnerships ranging from InnovizOne LiDAR installations in smart cities and ports, and for heavy machinery and geospatial mapping amongst other non-automotive applications.
InnovizOne is Innoviz's first high-end automotive LiDAR and has won the Company two design wins for series production which are nearing their launch. InnovizOne is currently produced on two parallel production lines in two different sites. The first is the production line in Holly, MI, which is owned by Magna and is serving the BMW program for the upcoming 2023 BMW 7 Series. The second is a production line at a contract manufacturer in Germany, which serves to support the autonomous shuttle program with a leading tier-1 automotive supplier and other customers. As part of the Company's preparation for these two automotive program launches, Innoviz went through rigorous stabilization, production and processes improvements. These improvements were implemented on all production lines used for InnovizOne and will serve to accelerate the ramp up of newer products such as InnovizTwo and Innoviz360.
Leveraging the scale, maturity and quality of the product for the automotive market, InnovizOne can also be used for non-automotive applications such as smart junctions, security, infrastructure monitoring, cranes, construction, automated guided vehicles (AGVs), heavy machinery, agriculture, ports, boats, drones and the aftermarket. In addition, InnovizOne can be used as a ground truth sensor for both the automotive and non-automotive markets to validate other LiDARs and sensors (e.g. cameras, radars). The production upgrades enable Innoviz to increasingly compete in both the automotive and non-automotive markets simultaneously for additional revenue opportunities.
"I am excited to welcome our partners and global distributors to our 3-day summit and look forward to working together to scale the use of our automotive product InnovizOne, everywhere," said Omer Keilaf, co-Founder and CEO of Innoviz. "With this increased throughput from the production upgrades, we will be able to address the growing demand from the non-automotive market with a shortened lead time while also serving our automotive customers. Industrialization is key to succeeding in the LiDAR space, and we're continuing to automate and advance our production lines to stay ahead of the competition."
Innoviz has built an ecosystem of more than 30 partners and distributors across North America, Asia-Pacific, Europe, the Middle East and Africa. By bringing together its growing ecosystem of global distributors for the 3-day summit, Innoviz is looking to further promote LiDAR as a high-resolution and durable product to address automotive and non-automotive use cases. Innoviz is calling additional partners and distributors into its ecosystem to accelerate the adoption of InnovizOne and its other LiDAR solutions globally.
"We recognize that distributors bring great value for sales with their regional and domain-specific knowledge," said Tali Chen, chief business officer of Innoviz. "We are excited to share our vision for how InnovizOne can benefit the non-automotive market with distributors and position us all for collaborative growth and success through the Global Distributor Summit."
To consider becoming a distributor or partner for Innoviz's LiDAR solutions and attend the Global Distributor Summit, please email sales@innoviz-tech.com.
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, 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
Latest Innoviz Institutional Ownership data
https://fintel.io/so/il/invz
Cheaper Solid-State LiDAR Sensors Drive The Future Of Level 3 Autonomy
BY SAM D. SMITH | POSTED ONOCTOBER 28, 2022
https://www.carscoops.com/2022/10/cheaper-solid-state-lidar-sensors-drive-the-future-of-level-3-autonomy/
LiDAR developers are seeing rising support from the automotive industry as the technology becomes more affordable, with the likes of General Motors and Volkswagen moving to pad their order books.
Although Tesla may still be on the fence about the tech, LiDAR is seen by many as a vital component of furthering self-driving tech. It commonly works in harmony with other camera-based systems to provide vital feedback on a car’s surroundings for safe automated driving. The industry is now shifting to new LiDAR technology with fewer moving parts. These mechanisms, known as hybrid solid-state and solid-state LiDAR, not only contribute to lowering the cost of these sensors but are also more fitting to the automotive environment. Although these versions have lower capabilities than the spinning technology, combining four to eight solid-state LiDAR sensors can match the performance of their mechanical counterparts, at a lower cost to boot.
According to Transport Topics, GM has hired Cepton, a San Jose, California-based company, as their LiDAR supplier for developing their Level 3 Ultra Cruise system. It’s the next step for GM, who’s SuperCruise ADAS (advanced driver assistance systems) has been employed since late 2017. SuperCruise is a Level 2 system, which is offered in models like the Cadillac Escalade, the GMC Hummer EV and Sierra, and the Chevrolet Silverado.
According to Transport Topics, Volkswagen is another notable automaker to employ solid-state LiDAR technology. Their driver assist technology, IQ Drive, first appeared in the 2021 Atlas and Atlas Cross Sport SUVs. Now VW’s software unit Cariad is shooting to develop advanced IQ Drive systems that enable limited hands-free driving. The firm has invested $4 billion in LiDAR sensors through Innoviz Technologies, claiming that this system will be available in future models.
Meanwhile, Chinese players are adding these sensors to their production vehicles too. Baidu, Pony.ai, and WeRide, for example, are already offering hybrid solid-state and solid-state sensors as part of their latest technology packages.
Robotaxis, such as Argo AI and Waymo, continue to plump for spinning LiDAR systems, as the use-case requires sensors to be of a high caliber. However, with BloombergNEF data suggesting that the cost of such packages can range between $35,000 and $100,000 per vehicle, it’s no wonder why mainstream makers are opting for solid-state tech.
Self-Driving Startups Have Lost $40 Billion In Stock Market Valuation In 2 Years
Oct 17, 2022,03:16pm EDT
https://www.forbes.com/sites/johnkoetsier/2022/10/17/self-driving-startups-have-lost-40-billion-in-stock-market-valuation-in-2-years/
Self-driving car and truck startups have lost a combined $40 billion in stock market valuation over the last two years, according to an analysis by Crunchbase, which keeps tabs on startup valuations.
Overall, the cohort of autonomous vehicle startups that Crunchbase tracked has declined 81% in value, from just over $51 billion when each debuted on the stock market to a current book value of just $9.16 billion. That includes spectacular flame-outs like Quanergy Systems, a solid-state sensor company down 99% since IPO, Otomo, a cloud-based car connection solution that is down 97%, and Embark Technologies, a self-driving truck technology startup that is also down 97%.
What's causing the downturn?
“It appears investors have mostly given up,” Crunchbase analyst Joanna Glasner says.
That’s not too hard to believe, given that in 2019 AI experts promised full self driving vehicles, at least on certain routes. We actually are starting to see that now, so they weren’t necessarily wrong, but the problem is that technology is taking longer than expected to become widely available. Perhaps more damaging, Elon Musk famously promised full level five self driving technology “this year” way back in 2020. That never happened, and Consumer Reports detailed significant flaws in Tesla’s technology later that year.
Few if any of the valuations were built on actual shipping product and real revenues, so Glasner’s explanation makes sense. Getting the technology to market in volume has been extremely challenging, and investors are not known for their patience. In yet another example, Reuters said Apple was planning to ship a self-driving car by 2024, which seems extremely unlikely at this point.
Where we seem to be seeing more innovation is autonomous single-purpose robots, whether they’re delivery drones, warehouse robots, or farm equipment. The challenges inherent in delivering these bounded technologies, while significant, are much less daunting than the open world of possibilities on our roads.
And the bar is set very high for regulators to unleash self-driving cars or autonomous trucks. Essentially, autonomous systems in public need to be better than humans.
“Simply achieving a system that has safety levels on par with a human is actually fairly tractable, in part because human failure modes are somewhat preventable, you know, things like inattention or aggressive driving,” Vlad Voroninski, CEO of autonomous vehicle training company Helm.ai told me in a TechFirst podcast. “But in truth even achieving that level of safety is not sufficient to launch a scalable fleet. Really what you need is something that’s much safer than a human. It needs to be fully interpretable for liability reasons, highly scalable, [and have] the ability to kind of go into new places very quickly and highly cost effective. And achieving all of these things simultaneously is quite hard.”
That’s taking some time. And investors’ love affair with the space has not lasted, Glasner says.
It is important to note that there are some winners in the group, even though almost every company is down from its IPO price. LIDAR maker Innoviz, while down 53% from its IPO, continues to innovate and has consistently racked up customer after customer. Most recently that includes a $4 billion contract with Volkswagen for millions of its sensors.
So there is still innovation, and there’s still a huge amount of value available for startups that achieve product-market fit and find customers.
But it also might be a good time for vehicle manufacturers to look at distressed startups that might be available as aqui-hires, providing technology and personnel to speed up their own autonomous vehicle efforts.
Exclusive: Tesla faces U.S. criminal probe over self-driving claims
By Mike Spector and Dan Levine
October 27, 20221:38 AM EDT, Last Updated 5 hours ago
https://www.reuters.com/legal/exclusive-tesla-faces-us-criminal-probe-over-self-driving-claims-sources-2022-10-26/
Oct 25 - Tesla Inc (TSLA.O) is under criminal investigation in the United States over claims that the company's electric vehicles can drive themselves, three people familiar with the matter said.
The U.S. Department of Justice launched the previously undisclosed probe last year following more than a dozen crashes, some of them fatal, involving Tesla’s driver assistance system Autopilot, which was activated during the accidents, the people said.
Last week, Musk said on another call Tesla would soon release an upgraded version of “Full Self-Driving” software allowing customers to travel “to your work, your friend’s house, to the grocery store without you touching the wheel.”
A video currently on the company’s website says: “The person in the driver’s seat is only there for legal reasons. He is not doing anything. The car is driving itself.”
However, the company also has explicitly warned drivers that they must keep their hands on the wheel and maintain control of their vehicles while using Autopilot.
The Tesla technology is designed to assist with steering, braking, speed and lane changes but its features “do not make the vehicle autonomous,” the company says on its website.
Tesla, which disbanded its media relations department in 2020, did not respond to written questions from Reuters on Wednesday. Musk also did not respond to written questions seeking comment. A Justice Department spokesperson declined to comment.
Musk said in an interview with Automotive News in 2020 that Autopilot problems stem from customers using the system in ways contrary to Tesla’s instructions.
Federal and California safety regulators are already scrutinizing whether claims about Autopilot's capabilities and the system's design imbue customers with a false sense of security, inducing them to treat Teslas as truly driverless cars and become complacent behind the wheel with potentially deadly consequences.
The Justice Department investigation potentially represents a more serious level of scrutiny because of the possibility of criminal charges against the company or individual executives, the people familiar with the inquiry said.
As part of the latest probe, Justice Department prosecutors in Washington and San Francisco are examining whether Tesla misled consumers, investors and regulators by making unsupported claims about its driver assistance technology's capabilities, the sources said.
Officials conducting their inquiry could ultimately pursue criminal charges, seek civil sanctions or close the probe without taking any action, they said.
The Justice Department’s Autopilot probe is far from recommending any action partly because it is competing with two other DOJ investigations involving Tesla, one of the sources said. Investigators still have much work to do and no decision on charges is imminent, this source said.
The Justice Department may also face challenges in building its case, said the sources, because of Tesla’s warnings about overreliance on Autopilot.
For instance, after telling the investor call last week that Teslas would soon travel without customers touching controls, Musk added that the vehicles still needed someone in the driver’s seat. “Like we’re not saying that that’s quite ready to have no one behind the wheel,” he said.
The Tesla website also cautions that, before enabling Autopilot, the driver first needs to agree to "keep your hands on the steering wheel at all times" and to always "maintain control and responsibility for your vehicle.”
Barbara McQuade, a former U.S. attorney in Detroit who prosecuted automotive companies and employees in fraud cases and is not involved in the current probe, said investigators likely would need to uncover evidence such as emails or other internal communications showing that Tesla and Musk made misleading statements about Autopilot’s capabilities on purpose.
SEVERAL PROBES
The criminal Autopilot investigation adds to the other probes and legal issues involving Musk, who became locked in a court battle earlier this year after abandoning a $44 billion takeover of social media giant Twitter Inc, only to reverse course and proclaim excitement for the looming acquisition.
In August 2021, the U.S. National Highway Traffic Safety Administration opened an investigation into a series of crashes, one of them fatal, involving Teslas equipped with Autopilot slamming into parked emergency vehicles.
NHTSA officials in June intensified their probe, which covers 830,000 Teslas with Autopilot, identifying 16 crashes involving the company’s electric cars and stationary first-responder and road maintenance vehicles. The move is a step that regulators must take before requesting a recall. The agency had no immediate comment.
In July this year, the California Department of Motor Vehicles accused Tesla of falsely advertising its Autopilot and Full Self-Driving capability as providing autonomous vehicle control. Tesla filed paperwork with the agency seeking a hearing on the allegations and indicated it intends to defend against them. The DMV said in a statement it is currently in the discovery stage of the proceeding and declined further comment.
Innoviz and Kudan Announce Partnership for LiDAR-Based Geospatial Mapping Solution Across Various Industries and Use-Cases
October 26 2022 - 08:00AM
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89384803/innoviz-and-kudan-announce-partnership-for-lidar-b
TEL AVIV, Israel and TOKYO, Oct. 26, 2022 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, automotive-grade LiDAR sensors and perception software, today announced its partnership with Kudan (Tokyo Stock Exchange securities code: 4425, hereafter "Kudan"). Kudan's perception software allows machines to generate 3D maps of surrounding environments and gain autonomous mobility based on Innoviz LiDARs.
The cooperation between Innoviz and Kudan addresses the growing need for 3D digital mapping solutions leveraging "Simultaneous Localization and Mapping" (SLAM) technology. Since autonomous decisions depend on the quality of the information, perception of the environment is critical for machines. Coupled with Innoviz's LiDAR scanning, the SLAM technology enables a dynamic mapping of the environment with accurate, high-density, colorized 3D point cloud generation. With the global presence and strong networks of both companies, this partnership is a key enabler for a broad set of uses, including HD maps, robotics, construction, surveying, and "digital twinning" and "industrial metaverse" applications.
In addition to enabling non-automotive applications, Kudan's SLAM software also gives autonomous vehicles the ability to view and act upon changes to their environment in real-time by providing highly accurate, reliable results that allow vehicles to react to their surroundings. Innoviz's high-performing LiDARs deliver a rich 3D point cloud at distances up to 250 meters. Resilient to sunlight and weather conditions, Innoviz's LiDARs contribute to the accuracy and reliability of Kudan's SLAM software for safe automotive and non-automotive applications
"Innoviz is excited to promote our mapping collaboration both in automotive applications and beyond with the Kudan SLAM solution," said Omer Keilaf, Co-Founder and CEO of Innoviz. "Kudan's SLAM software and related tools are a great fit with Innoviz's products and we see great opportunity in a number of applications, including HD mapping for autonomous driving, robotics, geospatial mapping and surveying. We're also seeing traction in Asia that demonstrates high demand for our LiDAR technology for automotive and non-automotive applications"
"The need for LiDAR SLAM-based mapping for digital transformation in various industries has continued to grow and has never been more urgent," said Daiu Ko, CEO of Kudan. "Under this new partnership with Innoviz, we look forward to bringing the best mapping solution to the market in terms of use-case coverage and return over investment across different vertical domains."
Innoviz and Kudan will collaborate on digital mapping projects in Japan and globally. Innoviz will demonstrate its LiDAR solutions across various applications at Automotive World Nagoya, Oct 26-28, 2022.
About Kudan Inc.
Kudan is a deep tech research and development company specializing in algorithms for artificial perception (AP). As a complement to artificial intelligence (AI), AP functions allow machines to develop autonomy. Currently, Kudan is using its high-level technical innovation to explore business areas based on its own milestone models established for deep tech which provide wide-ranging impact on several major industrial fields.
For more information, please refer to Kudan's website at https://www.kudan.io/.
For more details, please contact us 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.
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Innoviz Sets Third Quarter 2022 Conference Call for Wednesday, November 9 at 9:00 a.m. ET
October 26 2022 - 07:00AM
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89384218/innoviz-sets-third-quarter-2022-conference-call-fo
TEL AVIV, Israel, Oct. 26, 2022 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ), a leading provider of high performance, solid-state LiDAR sensors and perception software, today announced that it will release its earnings results for the third quarter ended September 30, 2022 on Wednesday, November 9, 2022 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 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 www.innoviz-tech.com
Innoviz Institutional Ownership https://fintel.io/so/il/invz
Innoviz: Likely To Be The LiDAR Leader Of The Future
Sep. 27, 2022
https://seekingalpha.com/article/4543308-innoviz-likely-lidar-leader-future
Summary
- Innoviz has proven itself to be a leader in the LiDAR space as it becomes a tier 1 supplier for the second largest car manufacturer in the world.
- The Volkswagen win demonstrates Innoviz's strong value proposition with its higher performance and lower cost, especially for its new InnovizTwo.
- The company's pipeline remains robust with 12 RFIs and RFQs and 2 to 3 expected to make a decision by the end of the year.
- My 1-year target price of $8.95, implying 85% upside from current levels.
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