Innoviz Technologies (NasdaqCM:INVZ) FY Conference November 20, 2025 10:45 AM ET Company ParticipantsOmer Keilaf - Founder and CEOConference Call ParticipantsNone - AnalystNoneOh, LinkedIn is much better.Omer KeilafOh, actually, yeah, I think LinkedIn is something I've really dealt with when COVID, when I couldn't travel. Now I can travel and talk to people.You can talk to people, and you can still post your videos on LinkedIn.Right, you're right.All right.I do that on Twitter, actually.Twitter. It is looki ...

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]