Financial Data and Key Metrics Changes - In 2025, the company achieved record revenues of $55.1 million, more than doubling the previous year's revenue [7][22][25] - Gross margin improved to approximately 23% from about -5% in 2024 [7][23] - Operating expenses decreased by approximately 20% to $80.6 million from $100.8 million in 2024 [7][23] - Cash used in operations and capital expenditures for the year was approximately $49.3 million, with a single-digit burn of $7.3 million in the last quarter [22][23] Business Line Data and Key Metrics Changes - The InnovizSMART product for non-automotive applications is seeing excellent traction, with deployments in critical infrastructure [6][19] - The InnovizThree, a new LiDAR product, is more affordable and designed for behind-the-windshield integration, which is expected to increase its total addressable market (TAM) [5][6][17] - The company expects LiDAR sales to grow significantly, with non-automotive applications projected to increase from approximately 1% to up to 10% of annual revenues in 2026 [8][20] Market Data and Key Metrics Changes - The company has ramped up production capacity at Fabrinet, expecting production to be three to four times higher than last year [7][20] - The partnership with Daimler Truck for Level 4 autonomous trucks positions the company favorably in the trucking market [12][15] - The company is also seeing increased interest in Level 3 applications, with multiple requests for quotes (RFQs) targeting 2028 and beyond [15][61] Company Strategy and Development Direction - The company aims to become the world's premier large-scale supplier of LiDAR solutions, focusing on both automotive and non-automotive markets [11][20] - The transition to Physical AI is a key focus, with LiDAR technology seen as critical for creating accurate, real-time world models [9][10][26] - The company plans to introduce new NRE payment plans and expects to sign additional agreements in 2026 [8][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position for 2026 and beyond, highlighting the importance of LiDAR in the rise of Physical AI [9][26] - The company anticipates significant growth in LiDAR revenue as it expands its market presence and secures new programs [8][20] - Management noted that the automotive market is moving towards higher volumes and reduced friction in LiDAR integration due to advancements in technology [61] Other Important Information - The company has no long-term debt and ended the year with approximately $72.1 million in cash equivalents [22][23] - The InnovizSMARTer, a new product integrating LiDAR with edge computing capabilities, is expected to enhance deployment in bandwidth-constrained environments [6][19] Q&A Session Summary Question: Guidance for 2-3 new wins in 2026 - Management indicated that several Level 4 and Level 3 programs are in progress, with good cadence and progress expected [28][30] Question: Status on converting SOW with a top five auto OEM - The SOW has been completed, and discussions with the OEM about next steps are ongoing [32] Question: Coverage of non-auto market revenue guidance - Part of the revenue is booked through ongoing efforts in the security market, with high demand noted [33][34] Question: Insights on the selection process for Daimler Truck - The relationship with Daimler is strong, and discussions for further expansions are ongoing [43][44] Question: Demand for functional safety and sensor fusion capabilities - Current requirements align well with what has been achieved for the automotive market, with a focus on resilience and performance [50][51] Question: Customer engagement and sampling activity - The company has seen significant growth in customer engagement, particularly in the non-automotive sector [54][55] Question: Impact of drivetrain on automotive and trucking opportunities - There is no correlation between EV or ICE vehicles and LiDAR technology; autonomous driving can be implemented on any vehicle type [75] Question: Expectations for operating expenses in 2026 - The company plans to maintain its efficient operational approach, with no dramatic changes expected [71]

Financial Data and Key Metrics Changes - In 2025, Innoviz achieved revenues of $55.1 million, more than double the previous year's revenue [7][22] - Gross margin improved to 23% from approximately -5% in 2024 [7][23] - Operating expenses decreased by 20% to $80.6 million from $100.8 million in 2024 [7][23] - Cash used in operations and capital expenditures for the year was approximately $49.3 million, with a single-digit burn of $7.3 million in the last quarter [22][23] Business Line Data and Key Metrics Changes - The InnovizThree, a new LiDAR product, is more affordable and has a smaller form factor, increasing its total addressable market (TAM) [5][6] - InnovizSMART, introduced for non-automotive applications, is seeing excellent traction in the security market [6][19] - The company expects LiDAR revenue to grow significantly, with non-automotive applications projected to increase from approximately 1% to up to 10% of annual revenues in 2026 [8][20] Market Data and Key Metrics Changes - Innoviz has ramped up production capacity at Fabrinet, expecting production to be three to four times higher than last year [7][21] - The company is experiencing strong interest in Level 4 applications, with significant engagements from automotive OEMs [12][15] - The market for Physical AI is expanding, with Innoviz positioned to benefit from the increasing demand for reliable LiDAR solutions [9][10] Company Strategy and Development Direction - Innoviz aims to become the world's premier large-scale supplier of LiDAR solutions, focusing on both automotive and non-automotive applications [11][18] - The company is actively pursuing new NRE payment plans and expects to sign additional agreements in 2026 [8][20] - Innoviz is preparing for the transition to Physical AI, emphasizing the importance of perception in creating accurate world models [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position for 2026, anticipating significant growth in LiDAR revenue and continued interest in Level 3 and Level 4 applications [9][25] - The transition to Physical AI is seen as a major opportunity, with LiDAR technology playing a critical role in this evolution [10][26] - Management highlighted the importance of meeting customer requirements for behind-the-windshield solutions, which is a key focus for Innoviz [11][63] Other Important Information - Innoviz has no long-term debt and ended the year with approximately $72.1 million in cash equivalents [22][23] - The company is actively engaged in discussions with multiple automotive OEMs regarding new programs and production timelines [31][82] Q&A Session Summary Question: Can you provide more color on the guidance for two to three new wins in 2026? - Management indicated that several Level 4 and Level 3 programs are in progress, with good cadence and progress expected [28][31] Question: Where does Innoviz stand on converting the SOW with a top five auto OEM? - The SOW has been completed, and discussions with the OEM about next steps are ongoing [32] Question: How well covered is the guidance for 10% of revenue from the non-auto market? - Part of the revenue is booked through ongoing efforts in the security market, with high demand noted [33][34] Question: What is the demand for functional safety in the Physical AI space? - Requirements for functional safety are aligned with what has been achieved for the automotive market, with a focus on sensor resilience [50] Question: Can you elaborate on the customer engagement scope and scale? - Engagements have significantly increased, particularly in the non-automotive sector, with numerous leads generated from recent conferences [54][55]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenues of $55.1 million, more than double the previous year's revenue [6][21][25] - Gross margin improved to approximately 23%, a significant increase from about -5% in 2024 [6][22] - Operating expenses decreased by approximately 20% to $80.6 million from $100.8 million in 2024 [6][23] - Cash used in operations and capital expenditures for the year was approximately $49.3 million, with a single-digit cash burn of $7.3 million in the last quarter [21][22] Business Line Data and Key Metrics Changes - The InnovizThree, a new LiDAR product, was introduced, offering a smaller form factor and lower power consumption, which is expected to increase the total addressable market (TAM) [4][5] - The InnovizSMART product for non-automotive applications is seeing excellent traction, particularly in the security market [5][18] - The company expects LiDAR sales in non-automotive applications to grow from approximately 1% to up to 10% of annual revenues in 2026 [8][19] Market Data and Key Metrics Changes - The company has ramped up production capacity at Fabrinet, expecting production to be three to four times higher than last year [6][21] - The partnership with Daimler Truck for Level 4 autonomous trucks positions the company strongly in the trucking market [12][14] - There is increasing interest in Level 3 and Level 4 applications among automotive OEMs, with multiple RFQs expected for 2028 and beyond [14][63] Company Strategy and Development Direction - The company aims to become the world's premier large-scale supplier of LiDAR solutions, focusing on both automotive and non-automotive applications [11][26] - The transition to Physical AI is seen as a significant opportunity, with LiDAR technology being critical for creating accurate world models [10][26] - The company is exploring additional opportunities with Daimler and other OEMs as it rolls out new technologies [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position for 2026 and beyond, anticipating significant growth in LiDAR revenue [9][19] - The company is well-prepared to meet the evolving requirements of automotive OEMs for behind-the-windshield solutions [11][63] - Management highlighted the importance of LiDAR in the context of AI advancements and the need for reliable data in safety-critical environments [39][42] Other Important Information - The company has approximately $72.1 million in cash equivalents and no long-term debt, providing a strong financial foundation [21][22] - The company expects to recognize almost all existing NREs in 2026 and 2027, with additional NRE payment plans anticipated [7][19] Q&A Session Summary Question: Can you provide more color on the guidance for 2-3 new wins in 2026? - The company is actively working on several Level 4 and Level 3 programs, with good progress expected [28][29] Question: Where does Innoviz stand on converting the SOW with a top five auto OEM? - The SOW has been completed, and discussions with the OEM about next steps are ongoing [32] Question: How well covered is the guidance for 10% of revenue from the non-auto market? - Part of the revenue is booked through ongoing efforts in the security market, with high demand noted [33][34] Question: Can you discuss the technology landscape and how LiDAR might benefit from AI advancements? - LiDAR is seen as critical for connecting world models to real-time data, enhancing AI capabilities [38][39] Question: Why was Innoviz selected as the preferred short-range solution for Daimler Truck? - The relationship with Daimler is strong, and discussions for further expansions are ongoing [44][45] Question: What are the requirements for functional safety and sensor fusion capabilities? - The company is aligned with automotive market requirements and is developing tools for integration with cloud platforms [50][52] Question: Can you provide insights on customer engagement and sampling activity? - The company has seen significant growth in customer engagement, particularly in the non-automotive sector [55][56]

meaning of the federal securities laws, including statements regarding the services and products offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, expected NRE payments, the anticipated scaling of production, and Innoviz's projected future operational and financial results, including revenue and NREs. These forward-looking statements generally are identified by the words "believe," likely result," and similar expressions. Forward-looki ...