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"This is an exciting moment for Innoviz as we collaborate with a major global OEM on a new product," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "As the L4 market is starting to ramp-up, we are happy to be able to provide a complete set of solutions to meet the needs of OEMs worldwide and support the acceleration of AV adoption across all sectors." About Innoviz Photo - https://mma.prnewswire.com/media/2448527/New_Short_Range_LiDAR.jpg Logo - https://mma.prnewswire.com/media/2279073/Innovi ...

For the full Impact Report and for more details, please see here. Media Contact [email protected] Photo - https://mma.prnewswire.com/media/2447375/Innoviz_Technologies.jpg Logo - https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg About Innoviz Investor Contact [email protected] SOURCE Innoviz Technologies "As a player in the automotive industry, our mission is not just to do less harm, but to do good, by creating a unique technology that is safe by design", said Omer Keilaf, CEO and Co-F ...

With over 16,000 members and 750 startups, EcoMotion is a dynamic and growing global community in the smart mobility sector which creates a platform for startups to connect and collaborate with other community members including global industry, investors, and public sector, while highlighting the latest technology innovations in mobility. EcoMotion's mission is to advance the smart mobility sector through technology by supporting startups to scale and addressing the global mobility ecosystem challenges. Inn ...

Financial Data and Key Metrics - Q1 2024 revenue was $7.1 million, an 18% increase above the guidance range and a significant jump from $1 million in Q1 2023 [46] - Cash and cash equivalents at the end of Q1 2024 stood at approximately $128 million [45] - Operating expenses for Q1 2024 were $31.7 million, a 5% decrease from $33.3 million in Q1 2023 [72] - R&D expenses for Q1 2024 were $23.8 million, down from $26.1 million in Q1 2023 [47] - Cash burn in Q1 2024 was $23 million, compared to $29 million in Q1 2023 [71] Business Line Data and Key Metrics - The majority of Q1 2024 revenue came from NRE (Non-Recurring Engineering), with significant contributions from InnovizOne components for BMW samples [5] - InnovizTwo platform is nearing design-free stage for automotive-grade applications, supported by successful winter testing [41] - The company is focusing on InnovizTwo platform for all RFI and RFP pipeline activities, moving away from InnovizOne [85] Market Data and Key Metrics - The company is actively working on 10 to 15 programs in the pipeline, with about 50% in the RFQ stage [59] - Significant progress has been made in Level 4 opportunities, particularly with two leading Level 4 platform companies in the tracking and ride-hailing spaces [68] - The company expects to see a meaningful percentage of vehicles equipped with LiDAR by 2030, with an estimated 10 million LiDAR scanners sold globally in the automotive market by that year [89] Company Strategy and Industry Competition - The company is leveraging contract manufacturing to save CapEx and accelerate time-to-market [17] - Innoviz is the only pure-play LiDAR company to reach SOP (Start of Production) with Level 3, with vehicles already on the road using its LiDAR and perception software [26] - The company is optimistic about its ability to capitalize on future opportunities for LiDAR, especially with new regulatory requirements like NHTSA's automatic emergency braking system [69] Management Commentary on Operating Environment and Future Outlook - Management highlighted the successful winter testing of InnovizTwo, which demonstrated resilience in harsh conditions, potentially giving the company a competitive edge [90] - The company expects full-year 2024 revenues to be more back-half weighted, with continued lumpiness due to the typical cadence of NREs [110] - Management is confident in meeting the targets of winning two to three additional programs and $20 million to $17 million of new NRE bookings in 2024 [70] Other Important Information - The company is hosting the EcoMotion Assembly at its headquarters on June 4th, 2024, a prestigious conference in the mobility ecosystem [74] - Innoviz is collaborating with NVIDIA and working on several NVIDIA-based RFQs, which could present additional growth opportunities [24] Q&A Session Summary Question: Breakdown of revenue between NRE and production for Q1 2024 and outlook for Q2 2024 - A significant part of Q1 2024 revenue was NRE, with three elements: InnovizOne components for BMW, growing sample shipments, and NREs, which are expected to lead revenue for the year [5] - Q2 2024 revenue is expected to be in the range of $4 million to $5 million, compared to $1.5 million in Q2 2023 [44] Question: Interest from OEMs after successful winter testing - The successful winter testing of InnovizTwo generated significant interest from OEMs, particularly due to its performance in extreme conditions [10] Question: CapEx expectations for 2024 - CapEx for 2024 is expected to be stable, similar to 2023, as the company is relatively CapEx-light and uses contract manufacturers [16][18] Question: Gross margins, OpEx, and CapEx outlook for 2024 - Gross margins are expected to improve with additional NREs, which positively affect margins [14] - OpEx is expected to remain stable or decrease slightly due to the realignment program [83] - CapEx is expected to be similar to 2023 levels [16][18] Question: Timeline for OEM agreements - The BMW i7 has launched in Germany, with user experience feedback expected soon [84] - The VW ID Buzz program is planned to launch in 2026 [22] - The company is working on additional Level 3 programs with VW and other OEMs, with timelines still under discussion [95]

IInnoviz uses winter tests to measure and scrutinize the Company's products for thousands of kilometers. The data and insights accumulated are used to improve Innoviz's proprietary AI-backed software and hardware solutions. Ahead of the drive, Innoviz received TÜV SÜD Certification Mark for Roof Racks, establishing an essential industry benchmark, approving the LiDAR roof setup to operate on roads. During an 18-day period, through more than 120 hours of driving, and across ten countries, including Germany, ...

Financial Performance - In the year ended December 31, 2023, the company reported a net loss of approximately $123.5 million, with operating activities using approximately $93.1 million[366]. - The company expects to continue incurring significant losses in future periods due to ongoing research and development and commercialization expenses[375]. - Approximately 98% of the company's revenues were denominated in USD for the year ended December 31, 2023[356]. Cash and Financing Activities - As of December 31, 2023, the company had approximately $150.2 million in cash and cash equivalents, short-term deposits, short-term restricted cash, and marketable securities[373]. - During the year ended December 31, 2023, cash provided by financing activities was approximately $61.9 million, primarily from a public offering that generated net proceeds of approximately $61.4 million[370]. - The company completed an underwritten public offering in Q3 2023, issuing 26,352,878 ordinary shares for proceeds of approximately $61.4 million[363]. Research and Development - The company invested significantly in research and development, with a team of 395 employees focused on LiDAR-based technologies as of December 31, 2023[378]. - As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.2 million, expected to be recognized as revenue in future years[376]. Cash Flow from Activities - Cash provided by investing activities in 2023 was approximately $1.1 million, primarily from the withdrawal of bank deposits of approximately $141.5 million[368]. Supply Chain Challenges - The company is currently facing supply chain challenges, including increased prices and lead times for certain product components due to higher-than-expected demand[383]. Property and Equipment - Property and equipment are stated at cost, net of accumulated depreciation and impairment[393]. - Estimated useful lives of property and equipment are determined at initial recognition and routinely reviewed[393]. - When useful life is reassessed, the remaining carrying amount is depreciated over the revised estimated useful life[393].

Financial Performance - Full year 2023 revenues reached approximately $21 million, exceeding guidance with a year-over-year growth of 246%[4] - Q4 2023 revenues were approximately $15 million, surpassing guidance with a quarter-over-quarter growth of 328% and a year-over-year growth of 846%[4] - Q1 2024 revenues are expected to be in the range of $5-6 million, representing a year-over-year increase of 395-494%[17] - Net loss for the year ended December 31, 2023, was $123,454 million, slightly improved from a net loss of $126,872 million in 2022[25] - Cash flows from operating activities resulted in a net cash used of $93,053 million in 2023, compared to $93,411 million in 2022[25] Cash and Assets - The company achieved a record low quarterly cash burn of $14.5 million, finishing the year with approximately $150 million in cash and equivalents[10] - Cash and cash equivalents dropped significantly from $55,718 million in 2022 to $26,283 million in 2023, a decrease of about 52.9%[23] - The company reported a cash balance of $26,336 million at the end of the period, down from $55,954 million at the beginning of the period[25] - Total assets decreased from $255,433 million in 2022 to $219,234 million in 2023, a decline of approximately 14.2%[23] Liabilities and Equity - Total current liabilities increased from $32,434 million in 2022 to $37,230 million in 2023, an increase of approximately 14.0%[23] - Total shareholders' equity decreased from $192,017 million in 2022 to $153,289 million in 2023, a decline of approximately 20.2%[23] Operating Expenses - Operating expenses for Q4 2023 were $29.5 million, a 6% increase compared to Q3 2023, but a 12% decrease year-over-year[7] - Share-based compensation rose to $22,320 million in 2023 from $19,449 million in 2022, reflecting an increase of about 9.6%[25] Strategic Initiatives - Innoviz is working on an additional InnovizOne deployment with BMW for the 5 Series in China, aiming for a commercial launch at a future date[5] - The company unveiled the Volkswagen ID. Buzz light commercial vehicle program at CES, marking its second program with the Volkswagen Group[5] - Innoviz aims to secure 2-3 additional customer programs and $20-70 million in new NRE bookings in 2024[17] - A strategic realignment was announced to refocus the cost structure of the InnovizOne program, expected to reduce planned cash outlays by $22-24 million annually[11] - The new InnovizTwo design reduces the sensor height from 45mm to as small as 25mm, catering to customers exploring behind the windshield and rooftop LiDAR deployments[11] Investments - Investment in bank deposits was $165,600 million in 2023, significantly higher than $79,500 million in 2022[25] - The company issued ordinary shares, generating $61,400 million in net proceeds during the year[25]

[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 ...