Innoviz Technologies Ltd (INVZ)

[WeTheMarket]

Innoviz: "Manufacturers have approached us to replace their LiDAR providers"
7 August, 2024
https://techtime.co.il/2024/08/07/innoviz-57/

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

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

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

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

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

On the financial level, Inoviz delivered improved results in the second quarter: revenue amounted to $6.7 million, above the company's forecast and more than quadrupled compared to $1.5 million in the second quarter of 2023. Innoviz is also "burning cash" at a slower rate than before, reporting a 23% decline in operating expenses in the second quarter, compared to the same quarter last year. The company's coffers currently have about $104.6 million. However, the forecast for the next quarter was somewhat disappointing: sales of only $3.5-5 million.