CES attendees will have the opportunity to meet with Innoviz's top executives and management team and receive insights into Innoviz's vision, upcoming projects, and their role in advancing LiDAR technology across industries. Innoviz will be showcasing its new InnovizThree LiDAR in addition to its InnovizTwo LiDAR Platform and the InnovizSMART at CES 2026 thth TEL AVIV, Israel, Dec. 17, 2025 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplie ...

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Innoviz Technologies FY Conference Summary Company Overview - **Company**: Innoviz Technologies (NasdaqCM: INVZ) - **Industry**: LiDAR technology for automotive applications Key Points and Arguments Product Development and Roadmap - Innoviz has been evolving its product offerings, focusing on the challenges faced by LiDAR technology in real-world conditions, such as operating effectively when dirty or wet [10][11][12] - The company has introduced the Innoviz 3, designed to be compact and suitable for mounting behind windshields, addressing aesthetic and functional requirements from OEMs [12][13] - Innoviz emphasizes the importance of collaboration with OEMs to design future vehicles that integrate LiDAR technology effectively [14][15] Market Trends and Opportunities - The LiDAR market is shifting focus from Level 2 and Level 3 advanced driver-assistance systems (ADAS) to Level 4 fully autonomous driving, particularly in urban environments [19][20] - China is seen as a leading indicator for LiDAR adoption, with a significant push towards Level 3 and Level 4 systems due to the need for enhanced safety features [20][21] - Innoviz is positioned as a key player in the Level 4 market, with plans to supply LiDAR systems to major automotive manufacturers like Volkswagen and partnerships with companies like Mobileye [22][58] Competitive Landscape - The LiDAR market is consolidating, with Innoviz facing limited competition, primarily from a few players focused on specific applications [47][49] - Innoviz's technology allows for flexibility in product configurations, giving it an edge in the short-range LiDAR segment, which is currently underserved [50] Financial Outlook and Revenue Growth - Innoviz anticipates significant revenue growth driven by high average selling prices (ASPs) for Level 4 systems, despite a smaller vehicle base compared to Level 2 systems [25][27] - The company has secured over $110 million in non-recurring engineering (NRE) contracts, which will help offset development costs and support future growth [46] Cost Structure and Technology Advancements - Innoviz has achieved a 70% cost reduction and a 50-fold performance improvement with its second-generation product, Innoviz 2, and is introducing Innoviz 3 with further enhancements [67][68] - The company aims to reduce the bill of materials (BOM) costs through vertical integration and improved manufacturing processes, with a long-term goal of making LiDAR as affordable as cameras [70] Non-Automotive Applications - Innoviz is expanding into non-automotive markets, such as security and agriculture, where it sees substantial growth potential and higher ASPs compared to automotive applications [29][34] Geopolitical Considerations - The company acknowledges the political sensitivities surrounding the use of Chinese technology in the U.S. market, which may limit competition from Chinese LiDAR manufacturers [53][54] Additional Important Insights - Innoviz's approach to product development emphasizes learning from real-world challenges, which has built trust with OEMs and positioned the company favorably in the market [12][21] - The company is actively engaging with various sectors, including trucking and agriculture, to diversify its customer base and revenue streams [29][63] This summary encapsulates the key discussions and insights from the Innoviz Technologies FY Conference, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Core Viewpoint - Innoviz Technologies (INVZ) is perceived to be in a better position compared to a year ago, but the stock is currently considered fairly priced, reflecting both positive and negative aspects of the company [1]. Company Analysis - The company is securing significant contracts, indicating growth potential and operational improvements [1]. - The analysis emphasizes a focus on financial metrics and business fundamentals rather than market narratives [1].

Financial Data and Key Metrics Changes - Innoviz generated $15.3 million in revenues for Q3 2025, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024 [4][22] - Cash burn for the quarter was $14 million, expected to decline sequentially in line with guidance for lower year-over-year burn [5][22] - Gross margins for Q3 were approximately 15%, with year-to-date margins at about 26% [23] Business Line Data and Key Metrics Changes - The company reported significant progress in shipping LiDAR units, with a notable increase in shipments compared to Q2 [5] - The InnovizSmart platform is gaining traction in non-automotive applications, indicating a broadening of use cases [15] Market Data and Key Metrics Changes - The number of relevant automotive LiDAR players is declining, suggesting a consolidation in the market [6][7] - Innoviz is gaining traction across multiple end markets, reflecting the strength and versatility of its technology [7] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond [7][25] - The company is focused on ramping production capabilities and expanding its presence in both automotive and non-automotive sectors [21][25] - The upcoming InnovizThree is expected to revolutionize the industry with better performance and a smaller form factor [19][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the importance of recent agreements with major OEMs for Level 4 autonomous trucks [4][20] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, providing Innoviz with more opportunities [30][31] - The company expects to see a twofold increase in revenues year-over-year for 2025, projecting revenues between $50 million and $60 million [20] Other Important Information - Innoviz has achieved key automotive standard certification for LiDAR testing, which enhances value for customers by reducing external testing costs [5] - The company is actively engaging with various sectors, including perimeter security and intelligent transportation systems (ITS) [15][39] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with customers, and several technical and commercial discussions need to be completed before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive environment is limited due to geopolitical factors and the inability of some competitors to meet customer needs [30][31] Question: Incremental investments in Sensor Fusion - Management explained that the approach to Sensor Fusion varies between automotive and non-automotive applications, with different software opportunities and business models [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, making LiDAR more accessible [40][41] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among automakers to differentiate themselves, with expectations for rapid growth in Level 3 and Level 4 applications [46][48] Question: Details on L4 Commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, Innoviz generated revenues of $15.3 million, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024, which had revenues of $18.2 million [4][22][23] - Cash burn for the quarter was $14 million, with expectations for a sequential decline in line with guidance for lower year-over-year burn [5][22] - The company ended Q3 with approximately $74.4 million in cash and equivalents, with no long-term debt [22] Business Line Data and Key Metrics Changes - The gross margin for Q3 was approximately 15%, with a year-to-date gross margin of about 26% [23] - Operating expenses for Q3 were $18.1 million, a decrease of approximately 30% from $26 million in Q3 2024 [23] - Research and development expenses for Q3 were $12.4 million, down from $19.7 million in Q3 2024, primarily due to cost allocation related to NRE sales and operational realignment [23] Market Data and Key Metrics Changes - The LiDAR market is consolidating, with a declining number of relevant automotive LiDAR players, indicating a "winner takes more" scenario [6][7] - The company is gaining traction across multiple end markets, including non-automotive applications, which are expected to benefit from a shorter path to market and lower acquisition costs [15][16] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond, with a focus on expanding its technology across diverse segments [7][25] - The company is unveiling the Innoviz 3, which is expected to revolutionize the industry with a smaller form factor and better performance, based on proven time-of-flight technology [19][25] - Innoviz is actively pursuing collaborations with major OEMs for Level 3 and Level 4 autonomous vehicle programs, with expectations for significant growth in these areas [10][11][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the strong demand for validated auto-grade LiDARs as customers rush to bring Level 4 solutions to market [4][10] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, with fewer companies able to meet OEM performance requirements [6][31] - The company expects to see a twofold increase in revenues year-over-year for 2025 to 2026, projecting revenues between $50 million and $60 million [20][21] Other Important Information - Innoviz has been selected to supply LiDARs for a major global trucking OEM's series production of Level 4 autonomous trucks, with multiple sensors expected per vehicle [8][54] - The company is also making significant progress in non-automotive applications, particularly in perimeter security, where its technology has shown superior performance [24][58] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with the customer, and several items have been delivered, but technical and commercial discussions are still pending before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive offers are limited due to geopolitical consequences and other competitors being unable to fulfill needs and timelines, leading to a more constrained competitive environment [30][31] Question: Incremental investments in sensor fusion - Management explained that the approach differs between automotive and non-automotive applications, with various software components provided for LiDAR management and integration with platforms like Mobileye and NVIDIA [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, with LiDAR becoming more affordable over time [40][42] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among OEMs to differentiate themselves, with discussions around urban Level 3 applications gaining traction [46][48] Question: Details on L4 commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, Innoviz generated revenues of $15.3 million, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024 [6][30] - Cash burn for the quarter was $14 million, expected to decline sequentially in line with guidance for decreasing year-over-year burn [7][30] - The company ended Q3 with approximately $74.4 million in cash, cash equivalents, short-term deposits, and marketable securities, with no long-term debt [30][31] - Gross margins for Q3 were approximately 15%, with year-to-date margins around 26% [32] Business Line Data and Key Metrics Changes - The company reported significant progress in its LiDAR production, shipping more units in Q3 compared to Q2, aligning with plans to ramp up production [7][30] - The Innoviz Smart platform is gaining traction in non-automotive applications, with several engagements announced and the first perimeter security installation completed [21][22] Market Data and Key Metrics Changes - The LiDAR market is consolidating, with a declining number of relevant automotive LiDAR players, indicating a "winner takes more" scenario [8][30] - The company is experiencing increased demand for its LiDAR solutions across various end markets, including autonomous driving and perimeter security [8][21] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond, with a focus on expanding its technology across diverse segments [8][35] - The company is set to unveil the Innoviz 3, which will offer a 60% smaller form factor and improved performance, targeting both automotive and non-automotive applications [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the importance of recent agreements with major OEMs for Level 4 autonomous trucks [6][28] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, with fewer companies able to meet OEM performance requirements [8][43] - The company expects to see a twofold increase in revenues year-over-year for 2025 to 2026, driven by the ramp-up of production and new engagements [28][29] Other Important Information - The company achieved key automotive standard certification for LiDAR testing, allowing it to avoid costly external testing [7] - Innoviz's time of flight technology is positioned as the preferred solution for automotive LiDAR, with ongoing interest from customers previously committed to FMCW technology [25][26] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with the top five OEMs, with several items delivered and awaiting further stages of the process [37][38] Question: Changes in the competitive landscape - Management noted that the competitive offers are limited due to geopolitical consequences and other companies being unable to meet needs and timelines [41][43] Question: Incremental investments in sensor fusion - Management explained that the approach differs between automotive and non-automotive applications, with various software components provided for integration [47][48] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technology advancements and industrialization, making LiDAR more accessible [54][56] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among OEMs to differentiate and accelerate Level 3 and Level 4 deployments, with ongoing discussions about urban applications [61][62] Question: Details on L4 Commercial OEM win - Management stated that further details will be shared in the coming weeks, with multiple sensors expected per vehicle [72][73]

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Financial Performance - Q3 2025 revenues reached $15.3 million, a significant increase compared to $4.5 million in Q3 2024[25] - Year-to-date (YTD) revenues for 2025 totaled $42.4 million, approximately 2.3 times greater than the same period in 2024[8, 28] - Q3 2025 saw a cash burn of $14.0 million[8, 28] - Operating expenses were reduced to $18.1 million in Q3 2025, a 30% decrease from $26.0 million in Q3 2024[25] Business Development & Technology - A major commercial vehicle OEM selected Innoviz for series production of L4 autonomous class-8 semi trucks[7, 12, 29] - Innoviz has begun shipping InnovizTwo sensors for the OEM's data collection trucking fleet[12] - Innoviz is developing software modifications to address the OEM's unique vehicle integration requirements[12] - InnovizSMART-based perimeter security solution outperformed existing radar/camera systems in auditor testing[7, 16, 29] - Innoviz unveiled InnovizThree, designed for behind-the-windshield integration with a smaller form factor, better performance, and lower power consumption[8] Targets - The company is aiming for revenues between $50 million and $60 million[22] - The company is aiming for NRE Bookings between $30 million and $60 million[22]

Industry Overview - LiDAR technology is gaining traction in the automotive sector, particularly in premium vehicles and robotaxis, due to its capabilities in 3D mapping and object detection, enhancing advanced driver-assistance systems (ADAS) and autonomous driving applications [1][2] - The market for LiDAR is projected to reach a $19 billion addressable market by 2030, indicating significant growth potential [5] Company Analysis: Ouster, Inc. (OUST) - Ouster is positioned to capitalize on the increasing adoption of LiDAR across various sectors, including automotive, industrial, robotics, and smart infrastructure [4] - The 2023 merger with Velodyne has expanded Ouster's product lineup and customer base, with a target of achieving over $75 million in annual cost synergies [4] - The company is transitioning from hardware sales to software-driven solutions, aiming for recurring revenue through products like the Gemini perception platform and BlueCity analytics suite [5] - Ouster anticipates annual revenue growth of 30-50% and gross margins of 35-40%, supported by significant contracts and partnerships [5] - Despite revenue growth, Ouster remains unprofitable and expects cash burn through at least 2026, although it has a solid balance sheet with $171 million in cash and no debt [6] - OUST shares have increased by 170% year to date [6] Company Analysis: Innoviz Technologies (INVZ) - Innoviz aims to be a leading supplier of LiDAR solutions for autonomous driving, with strategic partnerships with major automotive players like BMW, Volkswagen, and Mobileye [7] - The company is focused on ramping up production of InnovizTwo and developing InnovizThree, targeting revenues of $50 million to $60 million by 2025 [8] - Innoviz is also unprofitable and expects continued cash burn, but is committed to managing expenses to improve its cash burn rate [8] - The company has launched a $75 million at-the-market program to support general business purposes, including R&D and production [10] - INVZ shares have gained 17.2% year to date [10] Financial Estimates - The Zacks Consensus Estimate for OUST's 2025 revenues and EPS indicates a year-over-year increase of 24% and 29.8%, respectively [11] - For INVZ, the estimates imply a year-over-year revenue increase of 189.8% and EPS growth of 44.7% for 2025 [12] Valuation Metrics - Ouster is trading at a forward 12-month price-to-sales multiple of 9.73, significantly above its median of 3.22 over the past three years [13] - Innoviz is trading at a forward price-to-sales multiple of 2.63, also above its median of 2.4 over the last three years [13] Conclusion - Ouster's broad product lineup and focus on software-led solutions position it well for future growth in the LiDAR market [15] - Innoviz is well-positioned in the automotive LiDAR market, particularly with the acceleration of Level 4 robotaxi deployments [15] - Both companies hold a Zacks Rank 3, but Innoviz is viewed as a safer investment option amid sector growth [16]