Exhibit 99.1 Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance TEL AVIV, Israel, Feb. 28, 2024 /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 fourth quarter and full year ended December 31, 2023, and set 2024 commercial a ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Innoviz delivered strong Q3 2023 results, surpassing revenue guidance and reaffirming full-year targets, with a strategic focus on securing new production awards [Q3 2023 Performance Highlights](index=1&type=section&id=Q3%202023%20Performance%20Highlights) Innoviz exceeded Q3 2023 revenue guidance with strong growth, reiterating full-year targets and expecting Q4 revenue increases - Q3 2023 revenues exceeded guidance with **138% growth quarter-over-quarter** and **297% growth year-over-year**[1](index=1&type=chunk) - Innoviz reiterates full year 2023 commercial and financial targets and expects another meaningful step-up in revenues in Q4 2023[1](index=1&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Omer Keilaf highlighted the focus on new series production awards and operational resilience, viewing the LiDAR market as 'winner takes most' - Innoviz is shifting focus towards winning the next rounds of series production awards, believing the LiDAR market will ultimately be a 'winner takes most' industry[2](index=2&type=chunk) - Despite tragic events in Israel, Innoviz's global business continued to operate as planned, with international manufacturing unaffected and Israeli headquarters operations quickly normalized due to business continuity planning[2](index=2&type=chunk) [Commercial and Strategic Updates](index=1&type=section&id=Commercial%20and%20Strategic%20Updates) Innoviz achieved key program milestones, advanced product development, and expanded market presence through strategic partnerships [Key Program Milestones](index=1&type=section&id=Key%20Program%20Milestones) Innoviz achieved significant commercial milestones, including BMW Group series production shipments and progress in other key programs - BMW Group series production unit shipments began in the third quarter of 2023, delivering InnovizOne LiDAR sensor components and perception software[3](index=3&type=chunk) - The InnovizOne-based shuttle program transitioned from a four-LiDAR to a six-LiDAR configuration, expected to increase total revenue content per vehicle[3](index=3&type=chunk) [Product Development and Innovation](index=2&type=section&id=Product%20Development%20and%20Innovation) Innoviz unveiled an upgraded InnovizTwo B-Sample with a new custom ASIC, enhancing performance and strengthening RFQ positioning, and continued BMW Group Gen 2 development - An upgraded version of InnovizTwo B-Sample (B2.0) with a new custom ASIC was shipped to multiple customers, unlocking new levels of accuracy, increased range, broader field of view, and higher resolution[7](index=7&type=chunk) - 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[7](index=7&type=chunk) - Innoviz plans to display a Level 3 BMW 7 Series with an integrated InnovizOne LiDAR at the Consumer Electronics Show (CES) in January[7](index=7&type=chunk) [Market Expansion and Partnerships](index=1&type=section&id=Market%20Expansion%20and%20Partnerships) Innoviz's capital raise strengthened its RFQ positioning, targeting two new OEMs and pursuing additional growth within the Volkswagen Group and a new light commercial vehicle program - An August capital raise strengthened Innoviz's positioning heading into RFQ decision-making, with three programs progressing to more advanced financial and operational audits[3](index=3&type=chunk) - The company continues to target adding **two new OEMs** to its customer lineup in 2023[3](index=3&type=chunk) - Innoviz is working towards additional growth opportunities with the Volkswagen Group, in addition to its initial 2022 series production award, with the program tracking towards a mid-decade SOP[7](index=7&type=chunk) - A new light commercial vehicle program remains on a rapid development path for a mid-decade SOP, with test vehicles featuring multiple InnovizTwo LiDARs expected on public roads later in 2023[7](index=7&type=chunk) [Third Quarter 2023 Financial Results](index=2&type=section&id=Third%20Quarter%202023%20Financial%20Results) Innoviz reported strong Q3 2023 revenue growth, a decrease in operating expenses, and a solid liquidity position [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Q3 2023 revenues significantly exceeded guidance, showing strong sequential and year-over-year growth, primarily due to increased InnovizTwo unit sales and NRE revenue Q3 2023 Revenue Performance | Metric | Q3 2023 | Q2 2023 | Q3 2022 | | :----- | :------ | :------ | :------ | | Revenues | $3.5 million | $1.5 million | $0.9 million | - Revenues increased **138% quarter-over-quarter**, driven by **102% sequential growth** in InnovizTwo unit sales and incremental NRE revenue[4](index=4&type=chunk) - The year-over-year growth in revenues was a combination of higher sample shipments and higher NRE revenue, partially offset by lower production-level component pricing for the BMW first generation program[4](index=4&type=chunk) - Growing non-recurring engineering (NRE) revenue contribution in Q3 2023 validated the Company's strategy to transition to a Tier 1 automotive supplier and pursue increasing amounts of pre-production NRE revenue[7](index=7&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Operating expenses decreased year-over-year in Q3 2023, primarily due to deferred NRE expenses, despite a slight increase in share-based compensation Q3 2023 Operating Expenses | Metric | Q3 2023 | Q3 2022 | YoY Change | | :--------------- | :------ | :------ | :--------- | | Operating Expenses | $27.8 million | $31.3 million | -11% | | Share-based Comp. | $5.0 million | $4.9 million | +2% | - 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[5](index=5&type=chunk) [Liquidity](index=2&type=section&id=Liquidity) As of September 30, 2023, Innoviz maintained a strong liquidity position with over $160 million in cash and equivalents Liquidity as of September 30, 2023 | Metric | Amount (USD) | | :----- | :----------- | | Cash and cash equivalents, short term deposits, short term restricted cash and marketable securities | ~$163.8 million | [2023 Financial Targets and Outlook](index=3&type=section&id=2023%20Financial%20Targets%20and%20Outlook) Innoviz projects substantial full-year 2023 growth across revenues, cash collection, and NRE bookings, alongside securing new customer programs [Full Year 2023 Guidance](index=3&type=section&id=Full%20Year%202023%20Guidance) The company expects substantial growth across key financial metrics for the full year 2023, including revenues, cash collection, and NRE bookings, alongside securing new customer programs Full Year 2023 Financial Targets | Metric | Range (USD) | YoY Growth | | :-------------------------- | :---------- | :--------- | | Revenues | $15-20 million | +150-230% | | Cash Collection from Customers | $20-30 million | +295-490% | | Net new NRE bookings | $20-70 million | +80-530% | - Innoviz targets securing **1-3 additional programs** with existing customers and **2 new series production awards** with new customers in 2023[12](index=12&type=chunk) [Q4 2023 Revenue Expectations](index=3&type=section&id=Q4%202023%20Revenue%20Expectations) Innoviz anticipates a significant increase in revenues for Q4 2023, projecting growth of 470-790% year-over-year Q4 2023 Revenue Expectations | Metric | Range (USD) | YoY Growth | | :----- | :---------- | :--------- | | Revenues | $9-14 million | +470-790% | [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Innoviz's consolidated statements of operations, balance sheets, and cash flows for the third quarter of 2023 [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q3 2023, Innoviz reported revenues of $3.5 million and a net loss of $27.0 million, with basic and diluted net loss per ordinary share of $0.18 Consolidated Statements of Operations (Q3 2023 vs Q3 2022) | Metric (USD in thousands) | Q3 2023 (Unaudited) | Q3 2022 | | :------------------------ | :------------------ | :-------- | | Revenues | 3,483 | 878 | | Cost of revenues | (5,721) | (4,593) | | Gross loss | (2,238) | (3,715) | | Operating expenses | 27,793 | 31,253 | | Operating loss | (30,031) | (34,968) | | Net loss | (27,029) | (34,205) | | Basic and diluted net loss per ordinary share | (0.18) | (0.25) | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2023, total assets were $236.6 million, with current assets at $171.5 million, total liabilities at $59.3 million, and total shareholders' equity at $177.3 million Consolidated Balance Sheets (as of Sep 30, 2023 vs Dec 31, 2022) | Metric (USD in thousands) | Sep 30, 2023 (Unaudited) | Dec 31, 202

Q2 2023 Earnings Presentation August 2, 2023 Many factors could cause actual future events, and, in the case of our forward-looking revenue, Cash Collection from Customers, and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert series production awards or other programs into definitive orders and the magnit ...

Revenue and Financial Performance - Q2 2023 revenues were $1.5 million, up 45% compared to Q1 2023 and down 18% compared to Q2 2022[6] - 2023 revenues are now expected to be in the range of $15-20 million, up from the previously disclosed range of $12-15 million[9] - Net loss for the six months ended June 30, 2023 was $65.97 million, compared to $58.35 million in the same period of 2022, a 13.1% increase[22] - Net cash used in operating activities for the six months ended June 30, 2023 was $51.43 million, slightly higher than $50.11 million in the same period of 2022[22] Operating Expenses and Costs - Operating expenses in Q2 2023 were $30.4 million, an increase of 6% compared to Q2 2022[7] Liquidity and Cash Flow - 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[8] - Cash and cash equivalents dropped from $55.7 million in December 2022 to $34.3 million in June 2023, a 38.4% decrease[20] - Investment in bank deposits increased to $62.0 million in the six months ended June 30, 2023, up from $50.0 million in the same period of 2022[22] - Withdrawal of bank deposits decreased to $79.5 million in the six months ended June 30, 2023, down from $135.0 million in the same period of 2022[22] Business Development and Partnerships - Innoviz achieved Start of Production (SOP) with its first generation BMW Group program, with first component shipments in July 2023[2] - Innoviz announced an expansion in its relationship with BMW Group, developing B-samples for an enhanced solution portfolio including InnovizTwo LiDAR and InnovizCore AI compute module[3] - Innoviz began shipping production units to BMW Group's first generation program in July 2023[4] - Innoviz is currently working with 8 of the top 10 global automakers, with more than 5 programs in the RFQ stage[5] - 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[9] Product Development and Innovation - Innoviz completed development of a new custom ASIC, potentially extending LiDAR's maximum detection range to over 450 meters[5] Asset and Equity Changes - Total assets decreased from $255.4 million in December 2022 to $198.8 million in June 2023, a decline of 22.2%[20] - Total shareholders' equity declined from $192.0 million in December 2022 to $136.7 million in June 2023, a 28.8% decrease[20] - Accumulated deficit increased from $511.8 million in December 2022 to $577.8 million in June 2023[20] Trade Receivables and Inventory - Trade receivables increased from $1.76 million in December 2022 to $2.38 million in June 2023, a 35.2% rise[20] - Inventory grew from $4.24 million in December 2022 to $4.58 million in June 2023, an 8.2% increase[20]

Innoviz Technologies Ltd. (NASDAQ:INVZ) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET Company Participants Rob Moffatt - Vice President-Business Development and Investor Relations Omer Keilaf - Co-Founder and Chief Executive Officer Eldar Cegla - Chief Financial Officer Conference Call Participants Mark Delaney - Goldman Sachs Andres Sheppard - Cantor Kevin Cassidy - Rosenblatt Securities Kevin Garrigan - WestPark Capital Samik Chatterjee - JPMorgan Operator Good morning. This is Rob Moffatt, V ...

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 – 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 fi ...

INNOVIZ" TECHNOLOGIES Q1 2023 Earnings Presentation May 17, 2023 Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, Innoviz's projected future operational and financial results, including Cash Collection from Customers, revenue and non-recurring engineerin ...

Innoviz Technologies Ltd. (NASDAQ:INVZ) Q1 2023 Earnings Conference Call May 17, 2023 9:00 AM ET Company Participants Rob Moffatt - Vice President-Business Development and Investor Relations Omer Keilaf - Co-Founder and Chief Executive Officer Eldar Cegla - Chief Financial Officer Conference Call Participants Mark Delaney - Goldman Sachs Jared Maymon - Berenberg Samik Chatterjee - JP Morgan Andres Sheppard - Cantor Kevin Garrigan - WestPark Capital Rob Moffatt Good morning. This is Rob Moffatt, Vice Preside ...

Financial Position - As of December 31, 2022, the company had approximately $186.2 million in cash and cash equivalents, short-term deposits, short-term restricted cash, and marketable securities[339]. - For the year ended December 31, 2022, the company reported a net cash used in operating activities of approximately $93.4 million, primarily due to a net loss of approximately $126.9 million[341]. - The company experienced a cash inflow from investing activities of approximately $125.4 million in 2022, mainly from the withdrawal of bank deposits of approximately $230.0 million[344]. - Cash provided by financing activities in 2022 was approximately $0.6 million, resulting from the exercise of employee stock options[346]. - The company funded its operations primarily from the proceeds of the Business Combination, amounting to approximately $370 million, during 2021 and 2022[339]. Future Outlook - The company expects to incur higher losses in future periods due to increased costs associated with ongoing research and development and commercialization efforts[349]. - The company plans to expand production capabilities for its LiDAR solutions and increase investment in research and development[352]. Revenue Recognition - As of December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $9.6 million, expected to be recognized as revenue in future years[350]. - Approximately 98% of the company's revenues for the year ended December 31, 2022, were denominated in USD, with a 13.2% appreciation of the USD against the ILS during the same period[332][333]. - Revenue is recognized under ASC Topic 606, reflecting the consideration expected to be received for products and services upon transfer of control[372]. Research and Development - As of December 31, 2022, the research and development team comprised 297 employees, making it the largest department in the company[353]. - The company is developing a solid-state, eye-safe and cost-efficient ~905nm wavelength LiDAR solution, requiring expertise in various fields including optics and software engineering[354]. - The management's estimates for accrued research and development expenses are based on historical experience and known trends, with periodic confirmations for accuracy[361]. Supply Chain and Inventory - The supply chain is currently under strain due to high demand and capacity constraints, leading to decreased availability and increased prices for certain components[357]. - The company has sufficient component inventory to meet near-term customer demands and is procuring additional stock to mitigate future supply chain issues[358]. - Inventories are stated at the lower of cost or estimated net realizable value, with write-downs for obsolete inventory based on marketability and demand forecasts[376]. Competitive Position - The company owns a portfolio of intellectual property, including registered patents and trademarks, which is crucial for maintaining competitive advantage in LiDAR technology[355]. - The company relies on design and manufacturing know-how, technological innovations, and licensing opportunities to strengthen its competitive position[356]. Dividend Policy - The company does not anticipate paying any dividends in the foreseeable future, using 0% as the expected dividend yield[368].

Revenue and Financial Performance - Revenues in 2022 were $6.0 million, up 10% compared to $5.5 million in 2021[1] - 2023 revenues are targeted in the range of $12-15 million, with new NRE bookings targeted at $20-40 million[10] LiDAR Unit Volumes and Order Book - LiDAR unit volumes increased 99% in 2022 compared to 2021[1] - The Company increased its forward-looking order book by +165% in 2022, ahead of its stated goal of +30%[10] - The Company's pipeline for potential LiDAR orders is now over 20 million units, with NRE bookings estimated at $150-250 million[15] Liquidity and Cash Position - Innoviz maintains significant liquidity with approximately $186.2 million in cash, short-term deposits, and marketable securities as of December 31, 2022[3] - Cash and cash equivalents increased to $55,718 thousand in 2022 from $23,640 thousand in 2021, a 135.7% increase[20] - Bank deposits decreased to $80,684 thousand in 2022 from $230,483 thousand in 2021, a 65% decrease[20] - Marketable securities increased to $41,681 thousand in 2022 from $11,607 thousand in 2021, a 259.1% increase[20] Operating Expenses and R&D - Operating expenses in 2022 were $124.6 million, down 18% compared to $152.6 million in 2021[16] - Research and development expenses in 2022 were $95.1 million, slightly up from $93.3 million in 2021[9] Assets and Liabilities - Total current assets decreased to $187,553 thousand in 2022 from $274,429 thousand in 2021, a 31.7% decrease[20] - Property and equipment, net increased to $30,489 thousand in 2022 from $14,502 thousand in 2021, a 110.2% increase[20] - Total long-term assets increased to $67,880 thousand in 2022 from $52,791 thousand in 2021, a 28.6% increase[20] - Total liabilities increased to $63,416 thousand in 2022 from $28,418 thousand in 2021, a 123.1% increase[20] - Total shareholders' equity decreased to $192,017 thousand in 2022 from $298,802 thousand in 2021, a 35.7% decrease[20] - Accumulated deficit increased to $(511,834) thousand in 2022 from $(384,962) thousand in 2021, a 33% increase[20] - Additional paid-in capital increased to $703,851 thousand in 2022 from $683,764 thousand in 2021, a 2.9% increase[20] Strategic Developments and Product Launches - Innoviz added Steven Schondorf as a senior strategic advisor to accelerate its evolution as a leading Tier 1 LiDAR supplier[15] - Innoviz 360 debuted at CES 2023, receiving significant customer interest for its 360-degree LiDAR solution[15]