Innoviz Technologies Ltd (INVZ)

[MiamiGent]

INVZ +17% is kinda a nothing burger. It does manufacture something, has cash and is growing but is tiny. A decent co but v small play. Not gonna get the attention.
https://stockcharts.com/h-sc/ui?s=INVZ

[WeTheMarket]

Recent Innoviz Investor Conferences
r/MVIS
4 days ago
https://www.reddit.com/r/MVIS/comments/18d4rlq/recent_innoviz_investor_conferences/

I watched/listened to the two Innoviz Investor conferences held over the past week. For the TL;DR folks here is my summary.

Omer was very confident in winning the 2nd generation BMW Series Production opportunity, which he said would be announced in the next few months.

Omer predicts only 2 or 3 LiDAR suppliers will survive and this may be known over the course of the next 12 months.

They talked about the pricing for their InnovizTwo - it will be between $500 and $850.

For BMW second generation deal, in addition to the InnovizTwo, they are providing advanced perception software, MRM software, and a compute box for this the price will be greater than $1,000.

Omer seems to generally believe that Innoviz advantage is with L3 opportunities (as opposed to L2).

Omer may be exagerrating their on-time performance with the initial BMW InnovizOne opportunity - he claims it was on-time!

Omer claims their InnovizTwo resolution is better than HD camera resolution (1280 x 780).

Omer reiterated multiple times that having already won OEM deals, is critical to winning additonal deals.

Omer said multiple times that both OEMs and compute platform providers (Nvidia, Qualcomm, etc.) are much more educated in the LiDAR realm.

Omer articulated the differences between being a Tier 1 vs. a Tier 2 (see details below).

Here is the link to the press release containing the links to both meetings.

Innoviz Technologies Announces Participation in Upcoming Investor Conferences | Innoviz Technologies Ltd. (INVZ)

https://ir.innoviz.tech/news-events/press-releases/detail/116/innoviz-technologies-announces-participation-in-upcoming

Barclays Global Automotive and Mobility Tech Conference (Nov. 29th)
Omer started off by presenting a set of slides which depicted some detail about their customers.

BMW Tier 1

BMW L3 announced April, 2018

BMW i7 to be introduced in Germany first, other locations later.

Multiple vehicle models.

Tier 2 with Magna

Target launch in 2H 2023.

Deal includes InnovizOne and perception software.

Autonomous Shuttle

Autonomous L4 shuttle program, announced May 2021

6 LiDARs per vehicle.

Direct supplier

Target launch in 2H 2023.

Deal includes InnovizOne and perception software.

VW

VW L2+/L3 announced May, 2022. Largest win to date.

Multiple brands, multiple models.

Tier 1

Target launch mid-decade

InnovizTwo and perception software.

8 to 10 year program.

Asian Consumer Vehicle

Asian L3 Consumer Vehicle, announced Sept. 2022

Tier 1

Target launch 2024/2025

InnovizTwo and perception software

Light Commercial Vehicle

L4 Light Commercial Vehicle, announced May 2023

Tier 1

Target launch mid-decade.

Pending finalizing technical specs and commercial terms.

Displaced a development stage competitor

Accelerated timeline.

Collaboration with a compute platform provider.

May see this at CES.

BMW B-Series Development

B-Series development for 2nd generation LiDAR, announced August 2023

Tier 1

Expect series production award decision in the near term. Omer said - "soon to be official"

InnovizTwo (next gen?), more advanced perception software, compute platform, MRM software

Omer said they recently introduced a new ASIC for InnovizTwo, which created an even higher resolution. He claimed their resolution is better than HD camera, which is 1280 x 780. The InnovizTwo with the new ASIC has more than 780 lines.

Omer was asked about his previous statements that the next 12,18, 24 months are critical for the LiDAR suppliers. He said the critical aspect will actually happen sooner, perhaps over the next 12 months. He claimed that only 2 or possibly 3 LiDAR suppliers will remain.

He claimed that Innoviz currently has 15% of the market (I think this number is part of their Order Book philosophy). He said the "early adopter" market share will be captured soon. Whoever captures this "early adopter" market share will be in a better position to capture the "fast follower" market share.

He said there are several RFQs in-flight for L2+ and L3 functionality. He said the L2+ RFQs also include the capability to reach L3 in the future.

He said performance, quality, and cost are important factors.

There were 10 to 15 RFI/RFQs. He said these programs have shifted from RFIs to RFQs. (Note: Omer previously has said that more than half of the 15 are RFQs). The Innoviz VP of Corporate Development and Investor Relations, Robert Moffatt, said that these RFI/RFQs comprise the top 10 to 20 global OEMs.

Omer claimed that BMW launching on time is helping to influence other OEM decisions as the others must stay competitive. (Note: It is my understanding, and I think widely viewed in the industry, that the BMW SOP was delayed by a fair amount, possibly 2+ years. Innoviz signed the deal in 2018, which might have meant an SOP in 2021 or 2022. They are finally getting to SOP in 2024. In my opinion, this claim that BMW is launching SOP on time is a bit suspect.)

OEMs are much more educated now. Omer claims this helps Innoviz as they have effectively been through the gauntlet. He says this is a disadvantage to other vendors who have not been through a production cycle as yet.

Omer said it is clear in the industry that a LiDAR sensor is needed. In fact, he views the 2nd generation BMW deal as the LiDAR sensor is taking the primary role. He reference the fact that the camera used to be the sole sensor for the MRM function, and now it will be the LiDAR sensor.

He was asked about the consensus on tech specs. He referenced a recent visit with a customer who has had previous experience with a 1550nm LiDAR. He said now, they are only considering a 905nm LiDAR sensor, due to performance and power consumption. Omer said a 905nm LiDAR sensor has better performance, lower cost, smaller size, and lower power consumpution. He said he is not sure of any advantages for a 1550nm LiDAR sensor.

He said that range and resolution requirements are pretty consistent across the OEMs. And that Innoviz was a pioneer in introducing the specs. He said Innoviz was first to introduce a .05 angular resolution spec. He did not reference range. He said the OEMs differ with regard to FOV and frame rate requirements, which is not a problem for Innoviz to change.

The war had some impact on their operations intially, but is having no impact now. He mentioned how they had an SOP software production delivery to BMW on October 15th (one week after the war started) and they met their delivery date. Their production lines for InnovizOne is in the US (Magna) and another one in Germany. They also have an R&D production line in Israel. InnovizTwo production line will be in Asia.

He mentioned you should be able to order a BMW i7 (with InnovizOne LiDAR) soon. He said that BMW is planning to begin shipping the i7 in March. They are currently working with BMW and Magna for another model launch next year.

They are working on the InnovizTwo B-Sample with BMW and expect to transition that development agreement into a Series Production award soon. He reiterated how Innoviz and BMW have been through the proverbial war together and that Innoviz has earned the trust from BMW. (Note: I must say, he seems very confident that they will win this 2nd generation BMW opportunity. If they don't his credibilty will plummet.)

He was asked about the ASP for the Innoviz products. He said that for the InnovizOne acting as a Tier 2 for BMW, they received between $600 and $700, and Magna received more money on top of that. (Note: In the subsequent Goldman Sachs conference, he said that the total ASP was between $1500 and $1700. Therefore, Magna must have received between $600 and $1100.) For InnovizTwo, they will receive more money because they are acting as the Tier 1. However, the InnovizTwo has been greatly reduced in price. For the 2nd generation BMW deal, they are also adding more content, including advanced perception software, MRM software, and a compute box. For all of this the ASP will be greater than $1000. (Note: During the Goldman Sachs conference Omer said they plan to receive between $500 and $850 for the LiDAR sensor only). He mentioned they were able to reduce the InnovizTwo cost by 70%.

Omer mentioned that they are waiting to receive the Series Production nomination from BMW. He would not specifically comment on an SOP timeline except to say that it was mid-decade.

Omer said their current VW brands include - VW, Audi, and Porsche. When they signed the VW deal they were originally talking about L3. Now they are talking with VW about other programs, some of which are L4. Cariad is involved. Mobileye is involved (some for L3 and some L4). He reiterated that the VW platform discussions have expanded since they signed the deal (May, 2022). He considers VW as an early adopter. He reiterated that the VW deal was important to help convince other OEMs that Innoviz is capable.

He said there is a dramatic difference between being a Tier 1 vs. a Tier 2. There is the opportunity to take a larger portion of the ASP while at the same time allowing for the OEM to pay less. There is also a larger amount of NRE monies available. He said that being a Tier 1 does not really require additional steps/tasks for Innoviz, but they must meet the OEM standards and quality requirements, for which they are continually being audited.

InnovizTwo is driving a lower cost. InnovizOne had 4 lasers and 4 detectors. Due to improvements in the scanning mechanism, InnovizTwo only requires one laser and one detector. This resulted in a 70% reduction in BOM costs. This lays the path to a very low ASP with volume. The InnovizTwo also improved performance by 30% vs. the InnovizOne.

The last question was a balance sheet question. The CFO, Eldar Cegla answered this question by saying they have $165M (BTW - its actually $164M) of cash as of the end of Q3. He never spoke about the burn rate and/or runway. (Note: I have observed in the past, even when asked direclty about their burn rate and runway, Innoviz never directly answer this question. Obviously, it can be figured out. They burned $23M in Q3, if they continue on that pace, they have $164M/$23M = 7.1 quarters of cash remaining. This is better than Microvision, who (under current course and speed) have approximatley 4.1 quarters of cash remaining. I find it interesting that they don't mention it. Maybe they think Beetlejuice would show up! But they would need to say it 3 times. )

Goldman Sachs 15th Annual Global Automotive Conference (Dec. 7th)
Omer was asked about the $6B Order Book.

He referenced the initial design win for VW was for L3. Since then, additional platforms became an opportunity including both L3 and L4. He said there may be a possibility to see this at CES.

What differentiates Innoviz? What makes an OEM pick you? Omer referenced the OEM process. An RFI can last 6 months, and is all about the OEM gathering information. An RFQ has 1,000s of requirements. A response to the RFQ must be a defined plan of execution that can be in the 3 or 4 years timeframe. An RFQ includes pricing negotiation. A LiDAR product needs to meet the OEM's KPIs. Omer mentioned resolution and FOV as examples. The product needs to perform for 15 years. OEMs became much more educated over the years. Omer touted Innoviz Tier 1 status with VW as a strength. He touted the experience they have gained, primarily with the initial BMW deal. He touted the fact that other OEMs have already selected the Innoviz product and this was a factor in winning new business. He said the risk was too high for an OEM to pick a LiDAR vendor who has not already won a previous OEM deal.

He touted winning the BMW 2nd generation development program and implied they will win the Series Production award.

How important is the product roadmap? OEMs have specific KPIs. The faster the car travels, the higher the specs required. An emergency breaking decision must be made at 150M to 200M at 80MPH. High resolution and high range required to detect 10cm height objects at distance. Better resoluion is required and also provides more comfort (soft braking). Higher frame rate, higher resolution, longer range is required for high speeds. Innoviz keeps pushing on performance. They are also keeping the costs down. Their new InnovizTwo reduced the price of the BOM by 70%.

Requirements of OEMs are growing. For instance, for the second generation BMW project they are providing advanced perception software, MRM software, and the compute model. For L3 you need redundancy, this is the MRM system. In case the main computer fails the Innoviz MRM system will kick in and enable 10 or 15 seconds of automated drive time until the driver can take over or the car can pull off the road. MRM system is in development and is planned for launch in mid-decade (BMW controls the timeline).

First BMW deal, Innoviz was a Tier 2. Total ASP for the LiDAR was $1500 to $1700. Innoviz got $600 and Magna got the rest. Magna was also selling the compute model on top. Under the new BMW deal, where Innoviz is the Tier 1, they will get $500 to $850 for the LiDAR. They will also get revenue for the compute model and MRM software, which will increase the price to greater than $1K.

Omer was asked about the 10 to 15 RFI to RFQ programs. They had previously said that 3 of those programs were on an accelerated timeline. Omer said those programs are still moving. There are almost daily discussions. Many OEMs want to have L3 capability in 2026/2027. If the OEMs have to change something, it becomes a problem. This is why it is taking so long, they want to get everything correct and locked down up front in the contract. Omer is optimistic they will gain more market share soon, both with existing and new customers.

Innoviz is currently integrated with 2 of the 3 major compute platform providers (Nvidia, Qualcomm, and possibly NXP). Each integration is related to a specific OEM. They are working with Nvidia. He said that compute platform providers are also more educated about what is important. Compute platform players are partners with Innoviz. There are many different models in working with the compute platform players all of which are dictated by the OEM. Omer touted the fact that since they are already integrated with the compute platform players this lessens the risk for the OEM. He said they may soon be integrated with the 3rd major compute platform provider (he referenced that their customer is doing the integration with this provider now).

Omer's exposure to the OEM's roadmaps comes directly from the RFQs, both for functionality and volumes. He says the market has shifted from R&D (small volume) programs to large volume programs. China is focused on L2. Those requirements are easier, which means cheaper. Next year the Chinese market is expected to move to L3. This will push the entire market to run faster to L3. The 10 to 15 RFI/RFQs basically consists of all the relevant global OEMs. He expects every OEM will be seeking L3 solutions.

L2+ requirements are for a very average LiDAR. When an OEM is seeking L3, then Innoviz feels very comfortable and confident. Omer said, that if an OEM is not seeking L3 now they are making a mistake. They will live with that decision for the next 5 years and will be late to the market.

Regulation follows the capabilities of the industry not the other way around. Omer believes the China regulators will allow L3. He said this because he knows of a customer that is planning for L3 in China now. China is very fast. An RFQ in China can be for a car which is planned to be on the road in 1 year (vs. the 3 years it takes for the US and Europe). He expects the China market to move very fast.

Will the regulations specifically require that a LiDAR sensor is used to achieve L3? No, the regulators don't care about how the L3 level is reached.

Opportunities beyond automotive. Omer said it is very fragmented, with things like fork lifts, cranes, surveillance systems, and many other things. There is no need to develop new hardware (since the automotive market has the most demanding requirements), but the integration and UI for each market requires work. The Innoviz approach is to work with distributors to address these markets. Innoviz wants to stay focused on automotive. NREs and volumes in the automotive market dwarfs any of the other markets.

Will there be consolidation in the LiDAR market. Omer sees this happening relatively soon. He sees only 2 or 3 LiDAR suppliers remaining. He intimated that the coming OEM decisions will determine who survives. He expects the German OEMs to make decisions sooner. He said they seem to be more inclined to be market leaders and they are oriented towards the technology. He expects the decisions in the next few months. He does not see OEMs seeking a completely different solution. He doesn't think consolidation will be through mergers and acquisitions. He said that Innoviz does not have any blind spots in their solution today, therefore they have no need or desire to acquire/merge.

He was asked about revenue. He referenced the SOP with BMW. He said that several programs are providing NRE monies. Payments for NRE is based on hitting milestones. He referenced an "end of year" milestone. He also mentioned sales of samples as revenue. He had previously publicly spoken about a potential large NRE of $70M from one customer, which they expect to sign. He reiterated that they expect to win this. He said this helps tremendously regarding their capitalization. He said this kind of deal validates their move to becoming a Tier 1.

Will the NRE revenue be high moving forward. Yes. NRE varys between $20M to $70M per specific program. It is very meaningful regaridng their funding.

He was asked what he thinks about the market price/cost trending for now and into the future. Omer said they have made a dramatic reduction in cost and referenced the fact they use a 905nm laser and went from 4 lasers and receivers (InnovizOne) to 1 laser and receiver (InnovizTwo). For InnovizTwo they plan the ASP for the LiDAR to be between $500 and $850. Their software will be a high gross margin product.

Will L3 be mandated by regulation or will it be a service. Tesla FSD has muddied the waters. Is L3 a must have for 2026 or is it more like 2028? Omer said that any safety feature in a car must not have a single point of failure. Tesla is not L3, it is only L2, the redundancy for Tesla is the actual human driver. The car maker must prove there is redundancy to achieve L3. There must be multiple types of sensors.

Will LiDAR be standard hardware or optional? Omer said that based on the volumes seen in RFQs, he interprets that the LiDARs will be standard, and not optional.

What was the catalyst for Innoviz to move from being a Tier 2 to a Tier 1? The second generation for BMW has more content (perception, MRM, compute). Why did Innoviz move to a Tier 1. They wanted to be close to the table for negotiation. They were making a huge investment. It made sense to have everything under one roof. They learned a lot of lessons in the first BMW deal as a Tier 2. Many of the tasks that were expected to be executed by the Tier 1, were performed by Innoviz. They managed to convince Audi that Innoviz was very capable of becoming a Tier 1. Innoviz is audited by VW and BMW and new customers all the time.

[WeTheMarket]

CES 2024 INNOVATION AWARD PRODUCT
InnovizCore, By Innoviz Technologies Ltd.
https://www.ces.tech/innovation-awards/honorees/2024/honorees/i/innovizcore.aspx

Honoree, Vehicle Tech & Advanced Mobility

InnovizCore is an advanced automotive-grade hardware and AI software compute platform for Level 2+ through Level 5 autonomous vehicles. The AI-powered platform includes:
- A powerful system-on-a-chip processor for executing computer vision algorithms, 3D mapping, localization, real-time driving decisions and many more features.
- Perception Software that processes the raw point cloud data from the LiDAR and performs object and obstacle detection and classification, as well as range estimation.
- The industry’s first LiDAR-based Minimal Risk Maneuver (MRM) system that supports the transition phase between autonomous and manual driving.

[WeTheMarket]

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

— Omer Keilaf (@KeilafOmer) December 5, 2023

[WeTheMarket]

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

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

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

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

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

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

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

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

How did working with BMW come to be?

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

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

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

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

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

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

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

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

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

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

MRM – a minimum risk manoeuvre system

When is this planned to be available for customers?

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

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

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

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

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

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

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

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

[philaya]

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

[WeTheMarket]

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

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

TEL AVIV, Israel, Nov. 8, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the third quarter ended September 30, 2023 and reiterated 2023 commercial and financial targets.

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

Keilaf added, "While the tragic events that have taken place in Israel over the past month have affected us all on a personal level, our global business has continued to operate as planned. Our international manufacturing operations in Germany, the U.S. and Asia were unaffected, and operations at our Israeli headquarters quickly normalized, aided by detailed business continuity planning coupled with a tremendous level of determination and commitment from the Innoviz team. It is in these trying times that we lift our heads and persevere."

Commercial and Strategic Updates

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

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


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


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

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


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

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

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

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

Third Quarter 2023 Financial Results

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

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

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

2023 Financial Targets

The Company reiterated its outlook for full year 2023:

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

Conference Call

Innoviz management will hold a web conference today, November 8, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the third quarter ended September 30, 2023 and 2023 commercial and financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

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

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

About Innoviz Technologies

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

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
[e-mail]

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

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

[WeTheMarket]

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

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

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

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

Finally, the Company announced that it will release its earnings results for the third quarter ended September 30, 2023 on Wednesday, November 8, 2023 before the market opens. Innoviz will host a conference call and webinar on the same day at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss its operational and financial results followed by a question-and-answer session for the investment community. Operational and financial results will be issued in a press release prior to the call.

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

About Innoviz

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

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

[WeTheMarket]

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

[Monksdream]

INVZ new 52 week low

[WeTheMarket]

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

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

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

[WeTheMarket]

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

[Triple nickle]

Thanks brother for the dd there

[WeTheMarket]

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

[WeTheMarket]

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

[WeTheMarket]

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

Recently Completed Public Offering Bolsters Balance Sheet

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

The full text of the letter follows:

Dear Fellow Shareholders,

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

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

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

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

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

Sincerely,

Omer Keilaf
Co-Founder and CEO
Innoviz Technologies

About Innoviz

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

[Triple nickle]

Warrants up 130% hmmmm

[WeTheMarket]

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

Public Offering

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

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

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

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

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

The Offering closed on August 14, 2023.

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

[WeTheMarket]

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

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

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

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

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

About Innoviz

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

[WeTheMarket]

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

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

TEL AVIV, Israel , Aug. 2, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the second quarter ended June 30, 2023 and raised 2023 financial targets.

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

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

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

Commercial and Strategic Updates

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

- Strong progress with BMW Group on multiple fronts:

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

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

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

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

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

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

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

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

Second Quarter 2023 Financial Results

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

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

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

Updating 2023 Financial Targets

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

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

Conference Call

Innoviz management will hold a web conference today, August 2, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter ended June 30, 2023 and 2023 financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

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

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

About Innoviz Technologies

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

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact

[e-mail]

Investor Contact (US) Investor Contact (Israel)

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

[WeTheMarket]

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

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

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


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

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

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

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

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

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

About Innoviz Technologies

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

Join the discussion: Facebook, LinkedIn, YouTube, Twitter

Media Contact
[e-mail]

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

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

[WeTheMarket]

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

[AJ Freely]

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

[Monksdream]

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

[WeTheMarket]

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

[WeTheMarket]

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

[Monksdream]

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.

[WeTheMarket]

Going to China 🇨🇳 $INVZhttps://t.co/S0VwWx3fzn

— Omer Keilaf (@KeilafOmer) July 28, 2023

Related article https://cnevpost.com/2023/07/27/bmw-china-launches-local-rd-l3-driving/

[WeTheMarket]

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

[WeTheMarket]

Podcast with Innoviz CEO Omer Keilaf.
July 5, 2023
https://podcasts.apple.com/us/podcast/all-about-autonomy-omer-keilaf/id1695903492?i=1000619379125

[WeTheMarket]

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.

[WeTheMarket]

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
[e-mail]

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

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

[WeTheMarket]

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
[e-mail]

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

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

[WeTheMarket]

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
[e-mail]

Investor Contact
Maya Lustig
Innoviz Technologies
[phone]
[e-mail]

[WeTheMarket]

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

[WeTheMarket]

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

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

[WeTheMarket]

T695, welcome to the INVZ board. Only a matter of time until we see substantial and sustained upward movement in share price.

[WeTheMarket]

p0, welcome to the INVZ board. I took the liberty of fixing the link in your post.

[p0]

don't be afraid of the dogs

https://www.youtube.com/watch?v=TRzBk_KuIaM&t=76s

[WeTheMarket]

Omer on Twitter.

[WeTheMarket]

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

[T695]

Expecting a nice pop tomorrow

[WeTheMarket]

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

[WeTheMarket]

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
[phone]
[e-mail]

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

[WeTheMarket]

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

[WeTheMarket]

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.”

[WeTheMarket]

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/

[WeTheMarket]

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

[WeTheMarket]

Innoviz 360 at CES 2023.

[WeTheMarket]

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.