Innoviz Technologies .(US:INVZ)2021-05-12 15:17Financial Data and Key Metrics Changes - Total revenues for Q1 2021 were $728,000, with InnovizOne related sales increasing by 48% to $682,000, representing 94% of total revenues compared to $459,000 or 55% in Q1 2020 [29] - Operating expenses increased by approximately 9% to $19.7 million from $18.1 million in Q1 2020, driven by R&D investments and G&A expenses related to becoming a public company [30] - Cash at March 31, 2021, was $199 million, up from $50 million at December 31, 2020, due to proceeds from the business combination [32] Business Line Data and Key Metrics Changes - InnovizOne sales are expected to increase as production ramps up to meet order volumes, with a focus on automotive applications [29] - The company anticipates that nearly 80% of operating expenses will be spent on R&D, with plans to increase R&D headcount by approximately 30% [30] Market Data and Key Metrics Changes - Innoviz has established partnerships with four tier 1 automotive suppliers, providing excellent visibility and access to OEM programs [19] - The forward-looking order book has been increased by 20% to $2.4 billion by 2030, accounting for a major design win announced during the call [22] Company Strategy and Development Direction - The company aims to become a leading automotive supplier by winning design wins and expanding its customer base [10] - Innoviz is focused on improving production capacity and quality, with a ramp-up of an automotive certified high-volume production facility in Michigan [12] - The introduction of InnovizTwo is expected to provide a 30 times performance improvement over InnovizOne and a 70% reduction in bill of material costs [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to grow and become a market leader, highlighting the importance of technological advancements and customer education [49] - The company is optimistic about the influx of customers into initial evaluation stages due to expanded production capacity [21] Other Important Information - Innoviz achieved ISO 27001 certification for cybersecurity and VDA 6.3 for supplier management, enhancing its credibility as an automotive supplier [13] - The company is actively working on software development, including the Innoviz App, which interfaces with sensor hardware for autonomous vehicles [18] Q&A Session Summary Question: Details about the six projects in commercial negotiations - Four are carmakers for level three programs, and two are shuttle programs [38] Question: Volume numbers and average selling price (ASP) - The ASP is above $10,000, mainly for sample units [39] Question: Transition from InnovizOne to InnovizTwo and its impact on gross margins - InnovizTwo targets a price point below $500, with a goal of maintaining a 50% gross margin [45]