WeTheMarket
2 months ago
Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance
February 28, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/122/innoviz-reports-fourth-quarter-and-full-year-2023-results
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_sLkgRZBaSfCn1lk-qNF3eg#/registration
Link to Investor Presentation https://d1io3yog0oux5.cloudfront.net/_6a50ad192aff5a9177c88191ea779838/innoviz/db/1111/9863/earnings_call_presentation/Slides+-+Innoviz+Technologies+4Q23+Earnings+-+2024.02.28.pdf
Link to Previous (3Q 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177195
Highlights
- Full year 2023 revenues of approximately $21M exceeded guidance with year-over-year growth of 246%
- Q4 2023 revenues of approximately $15M exceeded guidance with 328% growth quarter-over-quarter and 846% growth year-over-year
- Strong revenue growth coupled with disciplined cost management led to the lowest quarterly cash burn since becoming a public company, finishing the year with approximately $150 million in cash and equivalents
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 and financial targets.
"I am pleased with our strong finish to 2023, delivering revenues that were above the high end of both our quarterly and annual guidance range," said Innoviz CEO, Omer Keilaf. "The combination of strong revenues and disciplined cost management led to an impressive cash performance with our quarterly cash burn at just $14.5 million, a record low since Innoviz became a public company. I believe this highlights the impact that growing revenues and cost discipline can have on our longer-term financial trajectory."
Keilaf added, "So far in 2024 we have shared exciting news on the customer front, unveiling our second Volkswagen program with the ID. Buzz at CES, and today's news that we are working on an additional InnovizOne deployment with BMW on the 5 Series in China. As we look to the rest of the year ahead, we continue to be very active with our RFI and RFQ pipeline and continue to believe that several additional customer wins are within reach. We continue to believe the LiDAR market will ultimately be a 'winner takes most' industry and that the next few customer decisions could provide us with continued momentum."
Commercial and Strategic Updates
BMW i7 with InnovizOne available for sale now with deliveries planned March 2024 – The BMW i7 with the InnovizOne powered Personal Pilot L3 package is currently available for sale in Germany with deliveries expected to begin in March 2024.
Developing InnovizOne for new vehicle and geography with BMW – Innoviz has begun supporting software development specific to the Chinese market for a new deployment of the InnovizOne on BMW 5 Series vehicles in China working towards a commercial launch at a future date.
Unveiled Volkswagen ID. Buzz light commercial vehicle program at CES – Innoviz unveiled the new ID. Buzz light commercial vehicle program at CES in January, marking the company's second program with the Volkswagen Group. Volumes from this program are incremental to the original series production award announced in 2022. The ID. Buzz is a light commercial vehicle aimed at the mobility market and will be a Level 4 program with multiple LiDAR per vehicle. A test fleet of vehicles is already on the road in Austin, Texas, and we expect the program will become increasingly visible as it progresses towards a planned 2026 commercial launch.
Collaborating with Mobileye on the Volkswagen ID. Buzz – Innoviz and Mobileye both displayed the new ID. Buzz light commercial vehicle program at CES, with both companies working together on the Level 4 technology. Innoviz is supplying the InnovizTwo long-range LiDAR, while Mobileye is working with Volkswagen as the autonomy platform partner, integrating the broader sensor suite and software stack. Innoviz views Mobileye as a strong partner and hopes to find additional opportunities to work with them on new platforms.
Working towards additional growth opportunities with Volkswagen Group – Innoviz continues to work to secure additional vehicles and platforms within the Volkswagen Group, in addition to its initial 2022 series production award and the recently announced ID. Buzz program.
Customer decisions expected for late 2023 continue to progress in 2024 – Several of the Company's RFQs that were in the later stages and were expected to be completed by the end of 2023 continue to make progress, despite decision timelines having been pushed into 2024.
Strategic realignment – In late January 2024, Innoviz announced a strategic realignment that refocused the cost structure of the InnovizOne program after its transition into series production. The Company also announced a concentration of future investments on the InnovizTwo sensor and software platform and used the realignment as an opportunity to integrate its hardware and software development units into a combined R&D department. These realignment actions are expected to be completed during the first quarter of 2024 and to reduce planned cash outlays by $22-24 million on an annualized basis.
New slim profile design for InnovizTwo – Innoviz unveiled a new, slimmer profile design for the InnovizTwo that can reduce the height of the sensor from 45mm to as small as 25mm. The new design was created for a pipeline customer and can be particularly useful for customers exploring behind the windshield and rooftop LiDAR deployments.
Fourth Quarter 2023 Financial Results
Revenues in Q4 2023 were $14.9 million, up 328% compared to revenues of $3.5 million in Q3 2023 and up 846% compared to revenues of $1.6 million in Q4 2022. The strong revenue growth came from a combination of NRE services, production units and sample shipments.
Operating expenses in Q4 2023 were $29.5 million, an increase of 6% compared to operating expenses of $27.8 million in Q3 2023, and a year-over-year decrease of 12% compared to $33.5 million in Q4 2022. Operating expenses for Q4 2023 included $5.5 million of share-based compensation compared to $5.3 million of share-based compensation in Q4 2022.
Full Year 2023 Financial Results
Revenues in 2023 were $20.9 million, up 246% compared to revenues of $6.0 million in 2022. The strong revenue growth resulted from a combination of NRE services, production units and sample shipments, and was partially offset by the transition from sample pricing to production pricing with the BMW program shifting into series production.
Operating expenses in 2023 were $121.0 million, a decline of 3% compared to operating expenses of $124.6 million in 2022. Operating expenses for 2023 included $20.7 million of share-based compensation compared to $19.3 million of share-based compensation in 2022.
Liquidity as of December 31, 2023 consisted of approximately $150.2 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities. The combination of stronger revenues and disciplined cost management resulted in the lowest quarter-over-quarter cash burn in the Company's history as a public company at only $14.5 million (net cash used in operating activities and purchase of fixed assets).
2024 Financial and Operational Targets
The Company is establishing initial targets for Q1 2024 and FY 2024:
- Secure 2-3 additional customer programs in 2024
- Secure $20-70 million of new NRE bookings in 2024
- Q1 2024 revenues are expected to be in the range of $5-6 million (+395-494% YoY)
After initially guiding 2023 revenue targets too cautiously, Innoviz is shifting to quarterly revenue targets. There are many factors that can influence full year numbers that can be difficult to predict this early in the year, and the Company believes quarterly guidance will ultimately be a more prudent and accurate way to approach revenue targets at this point in the Company's growth curve.
Conference Call
Innoviz management will hold a web conference today, February 28, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the fourth quarter and full year 2023 and 2024 financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
WeTheMarket
2 months ago
Summarizing the Ride of a Lifetime at CES 2024
January 24, 2024
David Oberman, VP Asia
https://innoviz.tech/blog/summarizing-the-ride-of-a-lifetime-at-ces-2024#top
Las Vegas city is surrounded by great views of the Nevadan desert, and is best known for its gambling, shows and nightclubs, but for one week every year in early January, everything revolves around the tens of thousands of visitors from all around the world, who come to witness the latest and greatest in technology. The Consumer Electronics Show (CES) is truly the mother of all technology exhibitions, and companies both large and small invest in a booth and parade their innovation and products.
This year, CES celebrated its 100th Anniversary. The walls of the long corridors showcased the many inventions which first appeared at this feted show. Walking along the halls is like reliving the advent of the many technologies that have appeared during our lifetimes and changed them irrevocably.
In recent years, automotive-related technologies have grown their presence greatly at CES. Colleagues and partners showcased impressive innovation in the West Hall of the LVCC Las Vegas Conference Center, and much of the North Hall too.
This year at CES, we were proud to be able to present at our booth, for the very first time, vehicles from our customers BMW and Volkswagen: The BMW i7 series, which can be pre-ordered already, and will be delivered to the first customers in Germany in March this year, took pride of place at our stand. The BMWi7 will be driving autonomously on the highways of Germany, the first car from BMW to have “Level 3” autonomous function, enabled by the LiDAR developed by Innoviz’s incredible team of engineers. The BMW cars use Innoviz’s first automotive-grade LiDAR, InnovizOne. The next BMW model to appear with our LiDAR will be the BMW i5 which will be released in China in a few months from now.
Alongside the BMW was Volkswagen’s ID. Buzz. This 7-seater Long-range Electric MPV has on its roof 3 units of InnovizTwo, our latest automotive-grade LiDAR, selected by the Volkswagen Group in 2022 for their cars. Innoviz is the Tier 1 provider of LiDAR for these vehicles, and is working closely with Cariad, the VW Group’s Software company, to integrate Innoviz’s LiDAR solutions into other vehicles in the VW Group.
At our booth we also showed live demos of our latest products, and passersby enjoyed posing for the LiDAR and getting 3D magnets of themselves. Visitors were also impressed by BMW’s videos and videos created by our many partners showing their use-cases with our LiDAR and their software.
Throughout the 4-day show, the Innoviz team met with our existing OEM customers and with many potential new customers, who are preparing to issue RFIs (Requests for Information) for LiDARs for their vehicles. Meetings were also held with leading robotaxi and shuttle companies, autonomous driving platform developers, mapping companies, distributors and industrial customers, analysts and media, as well as other partners from the automated and autonomous driving sector. Despite over 60 meetings set up in advance, the impromptu meetings with many potential customers and partners who passed by our booth and were impressed with what they saw were no less an achievement.
But CES isn’t all work. It would not have been the same without our traditional “SUSHI NIGHT”. It was extremely satisfying to have all 19 members of our team gather and celebrate a very successful show. See you next year!
WeTheMarket
2 months ago
Innoviz Attains IATF 16949:2016 Certification Demonstrating Commitment to the Automotive Industry's Quality Standards
February 06 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93215074/innoviz-attains-iatf-16949-2016-certification-demo
The company received certification for its design and assembly of Lidar, Perception SW and Lidar solutions, further solidifying its position as a trusted Tier-1 supplier
TEL AVIV, Israel, Feb. 6, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced its successful achievement of the IATF 16949:2016 certification, which includes the ISO 9001:2015 requirements and is a testament to the Company's dedication to maintaining exceptional quality and standards in the automotive industry.
The International Automotive Task Force (IATF) was formed to provide improved quality products to automotive consumers worldwide and its members include world-leading automotive manufacturers. The IATF 16949:2016 is an internationally recognized standard for automotive quality management systems. It certifies that Innoviz has the process-oriented quality management systems to enable continued improvements, emphasizing defect prevention and the reduction of variation and waste in the supply chain and assembly process.
Achieving this prestigious certification is a result of Innoviz's relentless pursuit of excellence, stringent quality control measures, and continuous improvement initiatives across all facets of its operations. This milestone underscores the Company's focus on enhancing efficiency and ensuring customer satisfaction in every aspect of its design and assembly of LiDAR solutions and perception software.
"We are thrilled to have attained the IATF 16949:2016 certification, which stands as a testament to our unwavering commitment to delivering exceptional quality in everything we do," said Omer Keilaf, CEO and Co-Founder at Innoviz. "This accomplishment reflects the hard work and dedication of our team and reaffirms our promise to provide our customers with cutting-edge LiDAR solutions of high quality and reliability, while solidifying our ongoing position as a Tier-1 supplier within the automotive industry."
In addition, Innoviz received the ISO 14001:2015 certification, an internationally- recognized standard for environmental management systems (EMS) and the ISO 45001:2018 certification, an international standard that specifies requirements for an occupational health and safety (OH&S) management system.
Innoviz's certified Quality Management Systems can be viewed here.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, X , YouTube
Media Contact
Media@innoviz-tech.com
Investor Contact (US)
Investors@innoviz-tech.com
WeTheMarket
3 months ago
Innoviz Announces Operational Realignment to Expand Cash Runway and Optimize Path Towards Profitability and Free Cash Flow
January 31 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93176075/innoviz-announces-operational-realignment-to-expan
Highlights
- Realignment actions to be implemented during the first quarter of 2024 and are expected to reduce cash outlays by $22-24 million on an annualized basis
- Savings expected to be derived primarily from the transition of the InnovizOne program to series production and concentration of future investments on the InnovizTwo sensor and perception software suite
TEL AVIV, Israel, Jan. 31, 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 announced a strategic realignment of its operations to expand the Company's cash runway and optimize its path towards profitability and free cash flow generation. The realignment is expected to deliver strategic cost savings from a combination of reduced costs following the transition of InnovizOne into series production and the concentration of future investments on the InnovizTwo sensor and software platform. As a result of the strategic realignment actions, the Company's headcount will be reduced by approximately 13%.
"Innoviz is at an important point in its growth trajectory," said Omer Keilaf, Innoviz Co-Founder and CEO. "The Company is in a market capture window that has the potential to determine the market share of the LiDAR industry for the next decade or more. Today's actions are the result of a thoughtful process to optimize the Company's cost structure, increase our competitive positioning, and extend our cash runway through the expected remainder of the market capture window. Looking ahead, we remain confident in our ability to achieve our long-term goals and become a market leader in automotive LiDAR."
Transitioning InnovizOne into Series Production
Since 2021, Innoviz has simultaneously funded the development of two production path programs – the InnovizOne and InnovizTwo LiDAR sensor and perception software suites. With the InnovizOne program now successfully transitioned from the development phase into full series production, the Company will eliminate duplicative cost structures and significantly reduce its spending on InnovizOne development, while reinvesting a portion of the savings into the InnovizTwo sensor and perception software platform. All quoting and bidding activity in the Company's RFI and RFQ pipeline will now be focused on the InnovizTwo platform.
Concentrating Investments on the InnovizTwo Sensor and Perception Software Platform
The Company is reducing its investments in initiatives that have meaningful upfront cash outlays and lengthy time horizons before achieving commercialization and securing sizeable series production volumes. These initiatives include the Minimum Risk Maneuver (MRM) software solution and the InnovizCore AI compute module, along with other previously unannounced initiatives.
Going forward, investment activity will be more concentrated on the InnovizTwo sensor and software platform and commercializing it for series production awards with the world's largest automotive OEMs. The Company believes that focusing on applications with the broadest market fit will yield a better return profile and optimize its path towards profitability and free cash flow generation. Innoviz is deeply focused on leveraging the strengths of the InnovizTwo platform to win additional series production awards from its robust customer pipeline.
Projected Financial Benefits
As a result of the strategic realignment actions, Innoviz plans to decrease its employee headcount by approximately 13% and expects to reduce its 2024 planned cash outlays by $22-24 million on an annualized basis. Cash savings are expected to begin in the first quarter of 2024 with run rate savings expected to be achieved by the end of the second quarter of 2024. Cash costs associated with the strategic actions are expected to be minimal.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
WeTheMarket
3 months ago
Innoviz to Showcase All-New BMW i7 and Volkswagen ID. Buzz at CES Booth; LiDAR Capabilities Will Be Demonstrated
January 08 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/92981757/innoviz-to-showcase-all-new-bmw-i7-and-volkswagen
Highlights
- New Volkswagen ID. Buzz with InnovizTwo LiDAR to be shown at Innoviz booth (#6252) and Mobileye booth (#4600)
- 2024 BMW i7 with InnovizOne LiDAR is now available for order in Germany
TEL AVIV, Israel , Jan. 8, 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 announced its participation in the Consumer Electronics Show (CES) 2024, taking place January 9th – 12th in Las Vegas, Nevada. Visitors can experience the latest in LiDAR technology at the Innoviz booth, located at LVCC, West Hall booth #6252, where the company will present live demonstrations of its latest LiDAR technology, offer a chance to meet with Innoviz management, and showcase the BMW i7 and Volkswagen's ID. Buzz.
Autonomous Vehicles Powered by Innoviz
The BMW i7 and Volkswagen ID. Buzz will be on display at Innoviz's booth offering attendees the opportunity to see vehicles integrated with Innoviz's LiDAR solutions. The BMW i7 with level 3 autonomous driving capabilities enabled by the InnovizOne LiDAR is now available to order in Germany with deliveries expected to begin March 2024. The VW ID. Buzz is the light commercial vehicle program Innoviz referred to in its announcement in May 2023. VW and Innoviz have been working on an accelerated path utilizing InnovizTwo LiDAR for level 4 autonomous capabilities for this light commercial vehicle.
"We are thrilled to showcase our technology and our partners this year as we take great pride in the autonomous capabilities we provide our OEM customers," said Omer Keilaf, Innoviz Co-Founder and CEO. "Our partners are prioritizing safety by choosing our LiDAR technology which allows vehicles to see what humans and cameras cannot. It is our belief that our LiDAR ensures unparalleled protection for passengers, pedestrians, and other vehicles on the road. Together, we are building a safer future. This CES, we are excited to offer attendees the opportunity to experience our technology and our vision, designed to ensure autonomous vehicles drive better than humanly possible."
Live Product Demonstration at the booth
Live demonstrations of Innoviz's LiDAR technology will be offered to visitors at Innoviz's booth during show days. In addition to its second-generation, InnovizTwo LiDAR sensor, Innoviz will show a live demo of the Innoviz360, the most recent member of the high-performance Innoviz LiDAR family. Innoviz360 offers an improved performance and an innovative design that overcomes existing spinning LiDAR barriers that are limited in performance, expensive, and too large for most applications.
Test Driving the Future of Autonomy
Pre-scheduled test drives of Innoviz's LiDAR technology will showcase the real-world performance and safety enhancements provided by Innoviz in automotive applications. Attendees can experience Innoviz's prime detection and imaging capabilities and will get a firsthand look at how Innoviz's cutting-edge technology is shaping the future of autonomous driving and other solutions.
Meet the Innoviz Management Team
CES attendees will have the opportunity to meet with Innoviz's top executives and management team and receive insights into Innoviz's vision, upcoming projects, and their role in advancing LiDAR technology across industries.
Join Us at CES 2024
The excitement of CES 2024 comes as Innoviz was recently named a CES 2024 Innovation Awards Honoree for its InnovizCore all-new Compute Module integrating AI, deep learning and computer processing. Innoviz invites all attendees to visit at LVCC, West Hall booth #6252 to experience the future of LiDAR technology. For more information or to schedule a meeting with Innoviz at CES 2024, please contact us at ces@innoviz-tech.com.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com .
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
+972 54 677 8100
WeTheMarket
4 months ago
Recent Innoviz Investor Conferences
r/MVIS
4 days ago
https://www.reddit.com/r/MVIS/comments/18d4rlq/recent_innoviz_investor_conferences/
I watched/listened to the two Innoviz Investor conferences held over the past week. For the TL;DR folks here is my summary.
Omer was very confident in winning the 2nd generation BMW Series Production opportunity, which he said would be announced in the next few months.
Omer predicts only 2 or 3 LiDAR suppliers will survive and this may be known over the course of the next 12 months.
They talked about the pricing for their InnovizTwo - it will be between $500 and $850.
For BMW second generation deal, in addition to the InnovizTwo, they are providing advanced perception software, MRM software, and a compute box for this the price will be greater than $1,000.
Omer seems to generally believe that Innoviz advantage is with L3 opportunities (as opposed to L2).
Omer may be exagerrating their on-time performance with the initial BMW InnovizOne opportunity - he claims it was on-time!
Omer claims their InnovizTwo resolution is better than HD camera resolution (1280 x 780).
Omer reiterated multiple times that having already won OEM deals, is critical to winning additonal deals.
Omer said multiple times that both OEMs and compute platform providers (Nvidia, Qualcomm, etc.) are much more educated in the LiDAR realm.
Omer articulated the differences between being a Tier 1 vs. a Tier 2 (see details below).
Here is the link to the press release containing the links to both meetings.
Innoviz Technologies Announces Participation in Upcoming Investor Conferences | Innoviz Technologies Ltd. (INVZ)
https://ir.innoviz.tech/news-events/press-releases/detail/116/innoviz-technologies-announces-participation-in-upcoming
Barclays Global Automotive and Mobility Tech Conference (Nov. 29th)
Omer started off by presenting a set of slides which depicted some detail about their customers.
BMW Tier 1
BMW L3 announced April, 2018
BMW i7 to be introduced in Germany first, other locations later.
Multiple vehicle models.
Tier 2 with Magna
Target launch in 2H 2023.
Deal includes InnovizOne and perception software.
Autonomous Shuttle
Autonomous L4 shuttle program, announced May 2021
6 LiDARs per vehicle.
Direct supplier
Target launch in 2H 2023.
Deal includes InnovizOne and perception software.
VW
VW L2+/L3 announced May, 2022. Largest win to date.
Multiple brands, multiple models.
Tier 1
Target launch mid-decade
InnovizTwo and perception software.
8 to 10 year program.
Asian Consumer Vehicle
Asian L3 Consumer Vehicle, announced Sept. 2022
Tier 1
Target launch 2024/2025
InnovizTwo and perception software
Light Commercial Vehicle
L4 Light Commercial Vehicle, announced May 2023
Tier 1
Target launch mid-decade.
Pending finalizing technical specs and commercial terms.
Displaced a development stage competitor
Accelerated timeline.
Collaboration with a compute platform provider.
May see this at CES.
BMW B-Series Development
B-Series development for 2nd generation LiDAR, announced August 2023
Tier 1
Expect series production award decision in the near term. Omer said - "soon to be official"
InnovizTwo (next gen?), more advanced perception software, compute platform, MRM software
Omer said they recently introduced a new ASIC for InnovizTwo, which created an even higher resolution. He claimed their resolution is better than HD camera, which is 1280 x 780. The InnovizTwo with the new ASIC has more than 780 lines.
Omer was asked about his previous statements that the next 12,18, 24 months are critical for the LiDAR suppliers. He said the critical aspect will actually happen sooner, perhaps over the next 12 months. He claimed that only 2 or possibly 3 LiDAR suppliers will remain.
He claimed that Innoviz currently has 15% of the market (I think this number is part of their Order Book philosophy). He said the "early adopter" market share will be captured soon. Whoever captures this "early adopter" market share will be in a better position to capture the "fast follower" market share.
He said there are several RFQs in-flight for L2+ and L3 functionality. He said the L2+ RFQs also include the capability to reach L3 in the future.
He said performance, quality, and cost are important factors.
There were 10 to 15 RFI/RFQs. He said these programs have shifted from RFIs to RFQs. (Note: Omer previously has said that more than half of the 15 are RFQs). The Innoviz VP of Corporate Development and Investor Relations, Robert Moffatt, said that these RFI/RFQs comprise the top 10 to 20 global OEMs.
Omer claimed that BMW launching on time is helping to influence other OEM decisions as the others must stay competitive. (Note: It is my understanding, and I think widely viewed in the industry, that the BMW SOP was delayed by a fair amount, possibly 2+ years. Innoviz signed the deal in 2018, which might have meant an SOP in 2021 or 2022. They are finally getting to SOP in 2024. In my opinion, this claim that BMW is launching SOP on time is a bit suspect.)
OEMs are much more educated now. Omer claims this helps Innoviz as they have effectively been through the gauntlet. He says this is a disadvantage to other vendors who have not been through a production cycle as yet.
Omer said it is clear in the industry that a LiDAR sensor is needed. In fact, he views the 2nd generation BMW deal as the LiDAR sensor is taking the primary role. He reference the fact that the camera used to be the sole sensor for the MRM function, and now it will be the LiDAR sensor.
He was asked about the consensus on tech specs. He referenced a recent visit with a customer who has had previous experience with a 1550nm LiDAR. He said now, they are only considering a 905nm LiDAR sensor, due to performance and power consumption. Omer said a 905nm LiDAR sensor has better performance, lower cost, smaller size, and lower power consumpution. He said he is not sure of any advantages for a 1550nm LiDAR sensor.
He said that range and resolution requirements are pretty consistent across the OEMs. And that Innoviz was a pioneer in introducing the specs. He said Innoviz was first to introduce a .05 angular resolution spec. He did not reference range. He said the OEMs differ with regard to FOV and frame rate requirements, which is not a problem for Innoviz to change.
The war had some impact on their operations intially, but is having no impact now. He mentioned how they had an SOP software production delivery to BMW on October 15th (one week after the war started) and they met their delivery date. Their production lines for InnovizOne is in the US (Magna) and another one in Germany. They also have an R&D production line in Israel. InnovizTwo production line will be in Asia.
He mentioned you should be able to order a BMW i7 (with InnovizOne LiDAR) soon. He said that BMW is planning to begin shipping the i7 in March. They are currently working with BMW and Magna for another model launch next year.
They are working on the InnovizTwo B-Sample with BMW and expect to transition that development agreement into a Series Production award soon. He reiterated how Innoviz and BMW have been through the proverbial war together and that Innoviz has earned the trust from BMW. (Note: I must say, he seems very confident that they will win this 2nd generation BMW opportunity. If they don't his credibilty will plummet.)
He was asked about the ASP for the Innoviz products. He said that for the InnovizOne acting as a Tier 2 for BMW, they received between $600 and $700, and Magna received more money on top of that. (Note: In the subsequent Goldman Sachs conference, he said that the total ASP was between $1500 and $1700. Therefore, Magna must have received between $600 and $1100.) For InnovizTwo, they will receive more money because they are acting as the Tier 1. However, the InnovizTwo has been greatly reduced in price. For the 2nd generation BMW deal, they are also adding more content, including advanced perception software, MRM software, and a compute box. For all of this the ASP will be greater than $1000. (Note: During the Goldman Sachs conference Omer said they plan to receive between $500 and $850 for the LiDAR sensor only). He mentioned they were able to reduce the InnovizTwo cost by 70%.
Omer mentioned that they are waiting to receive the Series Production nomination from BMW. He would not specifically comment on an SOP timeline except to say that it was mid-decade.
Omer said their current VW brands include - VW, Audi, and Porsche. When they signed the VW deal they were originally talking about L3. Now they are talking with VW about other programs, some of which are L4. Cariad is involved. Mobileye is involved (some for L3 and some L4). He reiterated that the VW platform discussions have expanded since they signed the deal (May, 2022). He considers VW as an early adopter. He reiterated that the VW deal was important to help convince other OEMs that Innoviz is capable.
He said there is a dramatic difference between being a Tier 1 vs. a Tier 2. There is the opportunity to take a larger portion of the ASP while at the same time allowing for the OEM to pay less. There is also a larger amount of NRE monies available. He said that being a Tier 1 does not really require additional steps/tasks for Innoviz, but they must meet the OEM standards and quality requirements, for which they are continually being audited.
InnovizTwo is driving a lower cost. InnovizOne had 4 lasers and 4 detectors. Due to improvements in the scanning mechanism, InnovizTwo only requires one laser and one detector. This resulted in a 70% reduction in BOM costs. This lays the path to a very low ASP with volume. The InnovizTwo also improved performance by 30% vs. the InnovizOne.
The last question was a balance sheet question. The CFO, Eldar Cegla answered this question by saying they have $165M (BTW - its actually $164M) of cash as of the end of Q3. He never spoke about the burn rate and/or runway. (Note: I have observed in the past, even when asked direclty about their burn rate and runway, Innoviz never directly answer this question. Obviously, it can be figured out. They burned $23M in Q3, if they continue on that pace, they have $164M/$23M = 7.1 quarters of cash remaining. This is better than Microvision, who (under current course and speed) have approximatley 4.1 quarters of cash remaining. I find it interesting that they don't mention it. Maybe they think Beetlejuice would show up! But they would need to say it 3 times. )
Goldman Sachs 15th Annual Global Automotive Conference (Dec. 7th)
Omer was asked about the $6B Order Book.
He referenced the initial design win for VW was for L3. Since then, additional platforms became an opportunity including both L3 and L4. He said there may be a possibility to see this at CES.
What differentiates Innoviz? What makes an OEM pick you? Omer referenced the OEM process. An RFI can last 6 months, and is all about the OEM gathering information. An RFQ has 1,000s of requirements. A response to the RFQ must be a defined plan of execution that can be in the 3 or 4 years timeframe. An RFQ includes pricing negotiation. A LiDAR product needs to meet the OEM's KPIs. Omer mentioned resolution and FOV as examples. The product needs to perform for 15 years. OEMs became much more educated over the years. Omer touted Innoviz Tier 1 status with VW as a strength. He touted the experience they have gained, primarily with the initial BMW deal. He touted the fact that other OEMs have already selected the Innoviz product and this was a factor in winning new business. He said the risk was too high for an OEM to pick a LiDAR vendor who has not already won a previous OEM deal.
He touted winning the BMW 2nd generation development program and implied they will win the Series Production award.
How important is the product roadmap? OEMs have specific KPIs. The faster the car travels, the higher the specs required. An emergency breaking decision must be made at 150M to 200M at 80MPH. High resolution and high range required to detect 10cm height objects at distance. Better resoluion is required and also provides more comfort (soft braking). Higher frame rate, higher resolution, longer range is required for high speeds. Innoviz keeps pushing on performance. They are also keeping the costs down. Their new InnovizTwo reduced the price of the BOM by 70%.
Requirements of OEMs are growing. For instance, for the second generation BMW project they are providing advanced perception software, MRM software, and the compute model. For L3 you need redundancy, this is the MRM system. In case the main computer fails the Innoviz MRM system will kick in and enable 10 or 15 seconds of automated drive time until the driver can take over or the car can pull off the road. MRM system is in development and is planned for launch in mid-decade (BMW controls the timeline).
First BMW deal, Innoviz was a Tier 2. Total ASP for the LiDAR was $1500 to $1700. Innoviz got $600 and Magna got the rest. Magna was also selling the compute model on top. Under the new BMW deal, where Innoviz is the Tier 1, they will get $500 to $850 for the LiDAR. They will also get revenue for the compute model and MRM software, which will increase the price to greater than $1K.
Omer was asked about the 10 to 15 RFI to RFQ programs. They had previously said that 3 of those programs were on an accelerated timeline. Omer said those programs are still moving. There are almost daily discussions. Many OEMs want to have L3 capability in 2026/2027. If the OEMs have to change something, it becomes a problem. This is why it is taking so long, they want to get everything correct and locked down up front in the contract. Omer is optimistic they will gain more market share soon, both with existing and new customers.
Innoviz is currently integrated with 2 of the 3 major compute platform providers (Nvidia, Qualcomm, and possibly NXP). Each integration is related to a specific OEM. They are working with Nvidia. He said that compute platform providers are also more educated about what is important. Compute platform players are partners with Innoviz. There are many different models in working with the compute platform players all of which are dictated by the OEM. Omer touted the fact that since they are already integrated with the compute platform players this lessens the risk for the OEM. He said they may soon be integrated with the 3rd major compute platform provider (he referenced that their customer is doing the integration with this provider now).
Omer's exposure to the OEM's roadmaps comes directly from the RFQs, both for functionality and volumes. He says the market has shifted from R&D (small volume) programs to large volume programs. China is focused on L2. Those requirements are easier, which means cheaper. Next year the Chinese market is expected to move to L3. This will push the entire market to run faster to L3. The 10 to 15 RFI/RFQs basically consists of all the relevant global OEMs. He expects every OEM will be seeking L3 solutions.
L2+ requirements are for a very average LiDAR. When an OEM is seeking L3, then Innoviz feels very comfortable and confident. Omer said, that if an OEM is not seeking L3 now they are making a mistake. They will live with that decision for the next 5 years and will be late to the market.
Regulation follows the capabilities of the industry not the other way around. Omer believes the China regulators will allow L3. He said this because he knows of a customer that is planning for L3 in China now. China is very fast. An RFQ in China can be for a car which is planned to be on the road in 1 year (vs. the 3 years it takes for the US and Europe). He expects the China market to move very fast.
Will the regulations specifically require that a LiDAR sensor is used to achieve L3? No, the regulators don't care about how the L3 level is reached.
Opportunities beyond automotive. Omer said it is very fragmented, with things like fork lifts, cranes, surveillance systems, and many other things. There is no need to develop new hardware (since the automotive market has the most demanding requirements), but the integration and UI for each market requires work. The Innoviz approach is to work with distributors to address these markets. Innoviz wants to stay focused on automotive. NREs and volumes in the automotive market dwarfs any of the other markets.
Will there be consolidation in the LiDAR market. Omer sees this happening relatively soon. He sees only 2 or 3 LiDAR suppliers remaining. He intimated that the coming OEM decisions will determine who survives. He expects the German OEMs to make decisions sooner. He said they seem to be more inclined to be market leaders and they are oriented towards the technology. He expects the decisions in the next few months. He does not see OEMs seeking a completely different solution. He doesn't think consolidation will be through mergers and acquisitions. He said that Innoviz does not have any blind spots in their solution today, therefore they have no need or desire to acquire/merge.
He was asked about revenue. He referenced the SOP with BMW. He said that several programs are providing NRE monies. Payments for NRE is based on hitting milestones. He referenced an "end of year" milestone. He also mentioned sales of samples as revenue. He had previously publicly spoken about a potential large NRE of $70M from one customer, which they expect to sign. He reiterated that they expect to win this. He said this helps tremendously regarding their capitalization. He said this kind of deal validates their move to becoming a Tier 1.
Will the NRE revenue be high moving forward. Yes. NRE varys between $20M to $70M per specific program. It is very meaningful regaridng their funding.
He was asked what he thinks about the market price/cost trending for now and into the future. Omer said they have made a dramatic reduction in cost and referenced the fact they use a 905nm laser and went from 4 lasers and receivers (InnovizOne) to 1 laser and receiver (InnovizTwo). For InnovizTwo they plan the ASP for the LiDAR to be between $500 and $850. Their software will be a high gross margin product.
Will L3 be mandated by regulation or will it be a service. Tesla FSD has muddied the waters. Is L3 a must have for 2026 or is it more like 2028? Omer said that any safety feature in a car must not have a single point of failure. Tesla is not L3, it is only L2, the redundancy for Tesla is the actual human driver. The car maker must prove there is redundancy to achieve L3. There must be multiple types of sensors.
Will LiDAR be standard hardware or optional? Omer said that based on the volumes seen in RFQs, he interprets that the LiDARs will be standard, and not optional.
What was the catalyst for Innoviz to move from being a Tier 2 to a Tier 1? The second generation for BMW has more content (perception, MRM, compute). Why did Innoviz move to a Tier 1. They wanted to be close to the table for negotiation. They were making a huge investment. It made sense to have everything under one roof. They learned a lot of lessons in the first BMW deal as a Tier 2. Many of the tasks that were expected to be executed by the Tier 1, were performed by Innoviz. They managed to convince Audi that Innoviz was very capable of becoming a Tier 1. Innoviz is audited by VW and BMW and new customers all the time.
WeTheMarket
4 months ago
BMW and Innoviz achieve Level 3 autonomous driving with the BMW 7 Series
BMW is working with partners to ramp-up automated driving capabilities, starting with the 7
Frankie Youd
November 30, 2023
https://www.just-auto.com/interview/bmw-and-innoviz-achieve-level-3-autonomous-driving-with-the-bmw-7-series/?cf-view
The latest BMW 7 Series incorporates SAE Level 3 autonomy capabilities which means the car can perform some dynamic driving manoeuvres without human intervention.
This achievement has been made possible by the OEM working with Innoviz, a leading manufacturer of high-performance LiDAR sensors and perception software. The two companies have worked together for several years on highly automated technology and autonomous driving capabilities.
We spoke to with Oren Buskila, chief R&D officer, and co-founder of Innoviz, to discuss the partnership with BMW and to touch on how level 3 autonomous features have been achieved.
Just Auto (JA): Could you discuss the background on the company?
Oren Buskila (OB): Innoviz is a company based in Israel that is enabling the self-driving revolution in cars primarily through the development of LiDAR. LiDAR is a 3D sensor-based scanning laser that’s considered one of the three main sensors that are required and necessary to enable self-driving.
The company started some seven and a half years ago, we’ve grown significantly through several significant design wins that are amongst the biggest in the industry to date.
I am the chief R&D officer; I am also one of the co-founders of the company. As part of my position, I managed development of all of our products. R&D activity accounts for most of the workforce; there’s a total of 500 employees and around 300 of them are in R&D.
How did working with BMW come to be?
Our first work with BWM was back in 2018 on a programme that’s launching this year; the BMW 7 Series. This is launching with the InnovizOne LiDAR, enabling it to be the first car from BMW that will be L3 autonomous and amongst the first ever with L3 capability on public roads.
A few months ago, we announced another project with BMW, which is a development project for the next generation of BMW cars, and this is based on our newest LiDAR model called the InnovizTwo. This is roughly the same product, that has been nominated for supply by Volkswagen – but with some adjustments, specific to BMW.
How is the BMW 7 Series able to achieve level 3 autonomous driving?
The first programme is starting with the BMW 7 Series, or the i7 which is the EV version. This will be the first model from BMW that will be able to drive itself autonomously on highways.
Level 3 means that it does not require the attention of the driver at all, as long as the self-driving feature is enabled and activated. It might need to request the driver to take control, but it will give it ample time to respond, something like 10 or 20 seconds, meaning that the driver can rest or do whatever he or she would like to do. This is approved by the regulator in Germany. This was approved last year, and so far, it is enabled only by Mercedes Benz and BMW; these are the first two companies who are releasing this capability.
Level 3 is not binary. There’s a spectrum of features that could be called L3, but the essence of it is no monitoring by the driver.
The next generation of L3, which BMW is now developing, is going to have a more extensive feature set, meaning that it will be able to perform in a wider range of use-cases. It will be able to drive faster, also. At the moment there’s a sub-limit of speed that’s currently enabled. The next generation is planned to enable full-speed highway cruising. It’s meant to serve more platforms and models in the BMW portfolio.
This will be enabled by the improved range and performance of InnovizTwo, versus InnovizOne – in terms of range, resolution, field of view. The extension to the broader BMW line-up is made possible mostly through the cost reduction that was achieved in developing InnovizTwo. We worked very hard on being able to bring the cost down by 70%.
There’s another thing that is a first, a first for us, and maybe at first for the industry. We are delivering not just the LiDAR, but we have delivered a feature that is responsible for the control of the car itself, not just the perception, but the control and the decision making. This feature acts as a safety system when the main system is malfunctioning. This is called an MRM – a minimum risk manoeuvre system.
This is another box with a computer in it that processes the information from the LiDAR, and whenever it’s requested to do so by the car computer. It can bring the car to a safe stop while maintaining the course of the vehicle and decelerating in a safe way.
MRM – a minimum risk manoeuvre system
When is this planned to be available for customers?
The BMW 7 Series is planned to be launched soon, by the end of this year.
For us, the InnovizTwo LiDAR is going to start production in 2025 and will align with several launches from several customers through 2025, 2026 and 2027. We currently have several programmes with different timings.
What do you see the future holding for autonomous driving features?
I think that now we are in the stage of the first generation of automotive LiDAR. We’re seeing both limited functionalities of the cars, that have the Level 3 systems, and we’re seeing limited availability because these are still very expensive features that are not accessible to everyone.
Starting in 2025, 2026 we’ll start to see these features in more mid-range car models. As has happened in history with many vehicle technologies, such as safety belts, airbags and automatic transmissions, everything usually starts expensive and starts in the high-end models and from there it trickles down to all the rest of the of the models, until it’s eventually standard.
I think we will see Level 3 reaching full functionality for high-speed highway driving, which also means full responsibility of the car.
We’ll see that also with LiDAR. I don’t think it will be standard by 2026 but we will see it in a much broader range of vehicles. We will see this also introduced by OEMs and carmakers that have sat on the fence until recently, and did not go all in on Level 3, because they felt that the technology was not yet maybe mature, or low-cost enough.
I think we will see Level 3 reaching full functionality for high-speed highway driving, which also means full responsibility of the car. You won’t need to go into and out of Level 3 mode whenever there’s the traffic jam easing up, or building up; the car we were able to transition between modes on the highway.
WeTheMarket
5 months ago
Innoviz Reports Third-Quarter 2023 Results, Delivering Strong Sequential and Year-Over-Year Revenue Growth
November 08 2023
https://www.prnewswire.com/news-releases/innoviz-reports-third-quarter-2023-results-delivering-strong-sequential-and-year-over-year-revenue-growth-301981405.html
Summary
- Q3 2023 revenues exceeds guidance with 138% growth quarter-over-quarter and 297% growth year-over-year
- Innoviz reiterates full year 2023 commercial and financial targets and expects another meaningful step-up in revenues in Q4 2023
TEL AVIV, Israel, Nov. 8, 2023 /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 third quarter ended September 30, 2023 and reiterated 2023 commercial and financial targets.
"With our transition from SOP preparation to steady state manufacturing advancing day by day, we are shifting even more of our focus towards winning the next rounds of series production awards," said Omer Keilaf, Innoviz Co-Founder and CEO. "We continue to believe the LiDAR market will ultimately be a 'winner takes most' industry, and that the next few deals could provide us with additional momentum."
Keilaf added, "While the tragic events that have taken place in Israel over the past month have affected us all on a personal level, our global business has continued to operate as planned. Our international manufacturing operations in Germany, the U.S. and Asia were unaffected, and operations at our Israeli headquarters quickly normalized, aided by detailed business continuity planning coupled with a tremendous level of determination and commitment from the Innoviz team. It is in these trying times that we lift our heads and persevere."
Commercial and Strategic Updates
- BMW Group series production unit shipments began in the third quarter of 2023 – the Company began shipping production units of its InnovizOne LiDAR sensor components to the BMW Group's first generation program coupled with the final iteration of the perception software.
- Shuttle program transitioned to six LiDAR configuration, from four, and continues progress towards SOP – the InnovizOne-based shuttle program has transitioned from a four-LiDAR configuration, with a LiDAR in each corner, to a six-LiDAR configuration, adding two side LiDARs capable of producing a wide field of view. The change highlights the flexibility of the platform and is expected to increase the total revenue content per vehicle available to Innoviz. The program continues to progress towards SOP.
- August capital raise strengthened positioning heading into RFQ decision making – multiple RFQ programs progressed to various levels of testing, audits, and certification during the third quarter, with three programs moving to more advanced financial and operational audits. The strategic decision to raise capital strengthened the Company's positioning in these processes and helped it progress towards the final stages for these programs. The Company continues to target adding two new OEMs to its customer lineup this year.
- Growing non-recurring engineering (NRE) revenue contribution validates long-term strategy – incremental NRE revenue contribution in the third quarter of 2023 validated the Company's strategy to transition to a Tier 1 automotive supplier and to pursue increasing amounts of pre-production NRE revenue. The Company believes NRE revenue will become a growing contributor to its medium-term financial profile.
- Upgraded version of InnovizTwo B-Sample with new custom ASIC shipped to multiple customers and prospects – the Company unveiled a second iteration of its InnovizTwo sensor and software suite B-sample with its new and more powerful custom ASIC integrated. This latest B2.0 version unlocks new levels of accuracy, increased range, a broader field of view, and higher resolution. The increased performance and functionality are expected to further strengthen Innoviz's positioning within its RFQ pipeline.
- New light commercial vehicle program remains on a rapid development path – sample shipments for the new light commercial vehicle program announced Q1 2023 continued to grow in the quarter. The program remains on track for a mid-decade SOP and we expect test vehicles with multiple InnovizTwo LiDAR installed to be on public roads later this year.
- Working towards additional growth opportunities with Volkswagen Group – the Company continues to work on securing additional vehicles and platforms within the Volkswagen Group, in addition to its initial 2022 series production award. The program continues to track towards a mid-decade SOP.
- BMW Group Gen 2 program development continues – 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.
- Examples of Innoviz technology expected to be on display at CES – Innoviz plans to display a Level 3 BMW 7 Series with an integrated InnovizOne LiDAR at its booth at the Consumer Electronics Show in Las Vegas this January. Investors interested in coordinating a booth visit are encouraged to reach out to Investors@innoviz-tech.com.
Third Quarter 2023 Financial Results
Revenues in Q3 2023 were $3.5 million, up 138% compared to revenues of $1.5 million in Q2 2023 and up 297% compared to revenues of $0.9 million in Q3 2022. The 138% quarter-over-quarter increase in revenues was driven by strong growth in InnovizTwo unit sales, which increased 102% sequentially, coupled with incremental NRE revenue. The year-over-year growth in revenues was a combination of higher sample shipments and higher NRE revenues, partially offset by lower production-level component pricing for the BMW first generation program.
Operating expenses in Q3 2023 were $27.8 million, a decrease of 11% compared to operating expenses of $31.3 million in Q3 2022. Operating expenses for Q3 2023 included $5.0 million of share-based compensation compared to $4.9 million of share-based compensation in Q3 2022. 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.
Liquidity as of September 30, 2023 consisted of approximately $163.8 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities.
2023 Financial Targets
The Company reiterated its outlook for full year 2023:
- +1-3 additional programs with existing customers
- +2 new series production awards with new customers
- 2023 revenues are expected to be in the range of $15-20 million (+150-230% YoY)
- Q4 2023 revenues are expected to be in the range of $9-14 million (+470-790% YoY)
- 2023 Cash Collection from Customers is expected to be in the range of $20-30 million (+295-490% YoY)
- 2023 net new NRE bookings are expected to be in the range of $20-70 million (+80-530% YoY)
Conference Call
Innoviz management will hold a web conference today, November 8, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the third quarter ended September 30, 2023 and 2023 commercial and financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
Investors@innoviz-tech.com
WeTheMarket
6 months ago
Innoviz Provides Operational Update, Reiterates 2023 Financial Targets and Announces Third Quarter 2023 Earnings Details
October 24 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/92350492/innoviz-provides-operational-update-reiterates-20
TEL AVIV, Israel, Oct. 24, 2023 /PRNewswire/ -- 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 provides an operational update amidst the current conflict in Israel, reiterates its 2023 targets and shares details for its third quarter 2023 earnings call.
Innoviz Technologies has not experienced any immediate material operational or financial impact following the terrorist attacks in Israel on October 7th or the pursuant conflict thereafter. The Company's headquarters are based in Rosh Ha'Ayin, in the center of the country, away from the Southern and Northern borders. Furthermore, Innoviz is a global company, with its high-volume manufacturing sites located in the United States and Germany, and a future site planned for Asia. The Company has the ability to locate high-volume manufacturing anywhere a customer desires through its flexible and capital efficient contract manufacturing strategy. The Company continues to monitor its ongoing activities and will make any needed adjustments to ensure the continuity of its business while supporting the safety and well-being of its employees.
Additionally, Innoviz is reiterating its 2023 financial targets, including the ramp in revenue expected in the second half of the year. The Company previously communicated that third quarter revenues are expected to approximately double versus the second quarter of 2023, with an even larger increase expected in the fourth quarter of 2023.
Finally, the Company announced that it will release its earnings results for the third quarter ended September 30, 2023 on Wednesday, November 8, 2023 before the market opens. Innoviz will host a conference call and webinar on the same day at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss its operational and financial results followed by a question-and-answer session for the investment community. Operational and financial results will be issued in a press release prior to the call.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration. A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier-1 direct supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit www.innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
WeTheMarket
8 months ago
Innoviz Reiterates Value Proposition in Open Letter to Shareholders
August 16, 2023
https://ir.innoviz.tech/news-events/press-releases/detail/111/innoviz-reiterates-value-proposition-in-open-letter-to
Recently Completed Public Offering Bolsters Balance Sheet
TEL AVIV, Israel, Aug. 16, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today issued an open letter to its shareholders following its recently-completed underwritten public offering of ordinary shares, in which Co-Founder and CEO Omer Keilaf highlights the Company's strong operational execution and recent customer wins.
The full text of the letter follows:
Dear Fellow Shareholders,
Following our successful capital raise last week, I want to offer additional color on the context and strategy behind the follow-on offering and what it accomplishes for our investors.
Innoviz is currently participating in over five active RFQ sourcing processes, all with major automotive OEMs. While our previous cash balance was meaningful and gave us a substantial financial runway, the Board and management team felt that adding additional cash to the balance sheet would give us the best possible odds of securing further customer wins – an important step in the growth of our company. We believe we are in a once-in-a-lifetime market share capture window for the automotive LiDAR industry. We also believe that we have the technology that is needed to be a market leader, and now I am confident that we have the balance sheet that is needed as well.
Oren Buskila, my fellow co-founder and our Chief R&D Officer, and I both invested in last week's follow-on offering, and Amichai Steimberg, our Chairman of the Board, increased his position in the company this week as well. This reflects our strong belief in the long-term success of the business and our confidence in our ability to execute on the many catalysts that lie ahead of us this year and next. Below I will outline a few key components of the Innoviz story to give you a better sense of our vision for the company and the tremendous opportunities that lie ahead.
- Winner Takes Most Market: At Innoviz, we believe the automotive LiDAR industry is ultimately going to be a winner-takes-most market. We expect that early leaders in the LiDAR industry will be able to create high barriers to entry versus new competitors, built upon technology leadership and volume-based cost advantages. Establishing an early leadership position can be an important component to long-term success.
- The Flywheel Effect: In the LiDAR industry, we believe that wins can lead to more wins. Securing additional awards in the near-term can further drive our technology leadership, capture additional NRE funding, and enhance volume-based cost advantages, leading to the potential for additional success thereafter.
- Significant Market Share Capture Window: On our first quarter earnings call this year I spoke about how several programs with major OEMs transitioned from RFIs to RFQs during the quarter, and with roughly half of our pipeline now in the RFQ phase, we are actively quoting on more than five RFQ's in parallel. OEMs are planning for these programs now and there are a slew of decisions that I expect to come in 2023-24. Since many of these programs are 8-10 years long, this is an opportunity to capture long-term market share in an industry where growth is poised to move quickly.
- Cash Runway: The cash secured by the recent capital raise extends our financial runway beyond the market share capture window, and if we secure additional awards, we can push our cash runway even further.
- NREs can Unlock Additional Cash Runway: Part of our strategy to become a Tier 1 automotive supplier was predicated on the fact that it is the only way to unlock meaningful non-recurring engineering (NRE) bookings. We have previously disclosed that the typical NRE quote within our RFI/RFQ pipeline is for $20-40 million and we have some above the high end of that range, closer to the $60 million mark. These pre-production income streams represent a cash payment that can meaningfully offset our cash burn.
- Strong Track Record of Execution: In 2022, we hinted at a major new OEM customer and months later we delivered the Volkswagen Group. Coming into this year we hinted at a program expansion, and the next quarter we delivered the light commercial vehicle announcement. In the first quarter of 2023 we said we were working on a Minimum Risk Maneuver (MRM) solution for a customer, and on our second quarter earnings call we announced the BMW B-sample with MRM and our AI compute module. And for the last year, we've been pointing to a 2023 start of production (SOP) with the BMW 7 Series, and we began shipping the production units early in the third quarter. We want investors to recognize that we are delivering on the things that we say we are going to do. I am confident that we can continue our track record of executing.
When combined, these factors point to a strong backdrop for Innoviz in the programs that we are actively competing on. I believe that the incremental capital that we raised will position us more favorably to deliver these wins. Thank you for your continued support and ongoing belief in the Innoviz mission.
Sincerely,
Omer Keilaf
Co-Founder and CEO
Innoviz Technologies
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases.
WeTheMarket
8 months ago
FORM 6-K
August 14, 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91811400/form-6-k-report-of-foreign-issuer-rules-13a-16
Public Offering
On August 9, 2023, Innoviz Technologies Ltd. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC, as representative of the several underwriters named therein (the “Underwriters”), relating to an underwritten public offering (the “Offering”) of 26,000,000 ordinary shares, no par value per share, of the Company at a public offering price of $2.50 per share. In addition, the Company granted the Underwriters a 30-day option to purchase up to an additional 3,900,000 ordinary shares to cover over-allotments, if any. The total gross proceeds of the Offering, before underwriters' discounts and estimated offering expenses, were $65.0 million, excluding any exercise of the underwriters' option to purchase additional ordinary shares.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of us and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by such parties.
The foregoing description of the Underwriting Agreement is only a summary and is qualified in its entirety by reference to the Underwriting Agreement, a copy of which is attached as Exhibit 1.1 to this Report on Form 6-K (this “Report”).
The Offering was made pursuant to the Company’s effective registration statement on Form F-3 (File No. 333-267646), previously filed with the Securities and Exchange Commission.
A copy of the opinion of Naschitz, Brandes, Amir & Co., Advocates relating to the legality of the issuance and sale of the ordinary shares in the Offering is attached as Exhibit 5.1 to this Report.
The Offering closed on August 14, 2023.
This Report and related exhibits are incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-265170 and 333-267646) and Form S-8 (File Nos. 333-255511, 333-265169 and 333-270416), and shall be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
WeTheMarket
8 months ago
Innoviz Announces Pricing of Upsized Public Offering of Ordinary Shares
August 09 2023 - 08:46PM
PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91776665/innoviz-announces-pricing-of-upsized-public-offeri
TEL AVIV, Israel, Aug. 9, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) ("Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced the pricing of its upsized underwritten public offering of 26.0 million ordinary shares at a public offering price of $2.50 per ordinary share. Innoviz has granted the underwriters an option to purchase up to 3.9 million additional ordinary shares at the public offering price less the underwriting discount and commissions. The total gross proceeds of the offering, before underwriters' discounts and estimated offering expenses, will be $65.0 million, excluding any exercise of the underwriters' option to purchase additional ordinary shares. The offering is expected to close on August 14, 2023, subject to customary closing conditions. Innoviz intends to use the net proceeds that it will receive from the offering for general corporate purposes.
Goldman Sachs & Co. LLC is acting as lead book-runner and representative of the underwriters for the offering. Cantor and Berenberg are acting as passive book-runners for the offering. Rosenblatt is acting as co-manager for the offering.
A registration statement on Form F-3 relating to the ordinary shares to be sold in the proposed offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective on October 11, 2022. This offering is being made only by means of a prospectus. A copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, a copy of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases.
WeTheMarket
9 months ago
Innoviz Reports Second-Quarter 2023 Results and Increases 2023 Financial Targets Following Continued Commercial Momentum
August 02 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91711225/innoviz-reports-second-quarter-2023-results-and-in
SOP and expanded relationship with BMW Group combined with additional year-to-date commercial momentum underlines the strength of Innoviz's LiDAR sensor and software platform
TEL AVIV, Israel , Aug. 2, 2023 /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 second quarter ended June 30, 2023 and raised 2023 financial targets.
Innoviz has achieved Start of Production (SOP) with its first generation BMW Group program. The first component shipments intended for production vehicles were shipped in July 2023 and are expected to be installed on BMW 7 Series vehicles available later this year or early 2024. Innoviz's second SOP launch for 2023 with its shuttle program also continues to make progress, with production shipments planned for the coming months.
Additionally, Innoviz today announced an important expansion in its relationship with the BMW Group. Under a new development agreement, following BMW Group's requirements, Innoviz will develop B-samples for an enhanced solution portfolio, including the InnovizTwo LiDAR, an all-new InnovizCore AI compute module, and a suite of advanced AI-powered software solutions, which is expected to include a LiDAR-based Minimum Risk Maneuver (MRM) system. The B-sample phase of the program is expected to enable the BMW Group to decide on a serial development agreement with Innoviz that is anticipated to focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup. Innoviz is developing the solution as a Tier-1 supplier and is targeting late 2023 or early 2024.
"The opportunity for Innoviz to evolve to a Tier-1 supplier with another major OEM is an important development for Innoviz, and we are excited to move to the B-sample stage of the second generation LiDAR platform with the BMW Group," said Omer Keilaf, Innoviz Co-Founder and CEO. "We are confident that we can bring a more powerful solution with an InnovizTwo-based platform, and we are thrilled to be working on an expanded software suite."
Commercial and Strategic Updates
- Series production unit shipments began in the third quarter of 2023 – The Company began shipping production units to the BMW Group's first generation program In July 2023, and the Company's second SOP with its shuttle program also continues to make progress, with production shipments planned for the coming months.
- Strong progress with BMW Group on multiple fronts:
--- Developing B-samples of new LiDAR platform for second generation BMW Group automated vehicles – With SOP of BMW's first generation InnovizOne-based LiDAR platform underway, the Company is expanding its focus to an all-new second generation LiDAR platform for the BMW Group based on the InnovizTwo LiDAR. The new platform is targeting a more robust and higher value software suite and an expanded hardware lineup. Innoviz seeks to make the solution available to a broader range and higher volume of vehicles.
--- Additional models and variants for the first generation platform – The first generation InnovizOne LiDAR platform was qualified on several vehicle models and variants, in addition to the BMW 7 Series vehicles. Innoviz is currently working towards bringing the technology to additional vehicles and markets in the near-to-medium term.
- Innoviz is growing its software offerings and moving up the stack:
--- Began development of new Minimum Risk Maneuver system – Innoviz has begun the development of its new MRM offering in conjunction with the B-sample development program with the BMW Group.
--- More robust and higher value software suite for BMW Group development phase program – In the second generation LiDAR program for the BMW Group built around InnovizTwo, the Company will develop a more robust and higher value perception software package that can unlock expanded features and more advanced algorithms. We believe this more powerful and expanded offering will be accretive to our total dollar content per vehicle.
- New hardware component development can enable further software growth and expand Innoviz's addressable content per vehicle:
--- New InnovizCore AI Compute Module intended to become a platform for additional software growth – With the growing functionality of our software suite, Innoviz is developing a new compute module called InnovizCore. The product is designed to be a dedicated AI compute module, capable of hosting larger workloads. The increased compute power strengthens our newer software offerings and will serve as a base for future growth. Having a dedicated AI compute module with a direct connection to a vehicle's operating system will provide Innoviz with a platform to potentially do much more on the software side, including integrating data from other sensors such as the radar or camera, and integrating over-the-air (OTA) updates.
--- New Inertial Measurement Unit (IMU) can improve localization and offer more data to fuel software growth – In another example of continued innovation and product development, Innoviz has begun work to add an IMU to its LiDAR. The IMU is an electronic device capable of measuring and reporting a vehicle's acceleration, angular rate and orientation. The functionality enables specific localization of a vehicle and can help predict the future speed and trajectory of a vehicle. This data could add a new critical layer of information for Innoviz's algorithms, including its advanced Neural Networks and other artificial intelligence based tools that Innoviz uses for software development.
--- Upgraded version of custom ASIC unlocks increased functionality in InnovizTwo – Innoviz has completed the development and fabrication of the newest version of its custom ASIC. The upgraded chip unlocks higher performance, including potentially extending our LiDAR's maximum detection range to over 450 meters and delivering a more detailed, higher resolution point cloud. The first sample units with the new chip are expected to ship to our light commercial vehicle program customer in the third or fourth quarter of 2023, and following automotive qualification of the component, should be approved for mass production by mid- to late-2024. The upgraded chip enables new levels of point accuracy and an increased total number of points in the point cloud, increasing the amount of data available to feed our AI and machine learning efforts. This can result in an even stronger software product suite capable of unlocking new features such as automated driving at higher speeds and in more complex environments.
- Began shipping units to new light commercial vehicle program – Innoviz previously announced a new light commercial vehicle program customer in conjunction with the first quarter 2023 earnings announcement. Sample shipments to that customer began near the end of the second quarter and are expected to increase in the second half of 2023. The planned displacement of a development stage competitor is expected to start in the third quarter of 2023, and the program continues to track towards a mid-decade SOP.
- Ongoing strength in the Company's RFI/RFQ pipeline – The total number of programs in the Company's RFI and RFQ pipeline remains at the high end of the previously disclosed range of 10-15 programs, with more than five of the programs in the more advanced RFQ stage.
--- Currently working with 8 of the top 10 global automakers – When combined with Innoviz's existing customers, the Company has existing awards or is in an active RFI or RFQ sourcing process with eight out of the top ten global automakers.
Second Quarter 2023 Financial Results
Revenues in Q2 2023 were $1.5 million, up 45% compared to revenues of $1.0 million in Q1 2023 and down 18% compared to revenues of $1.8 million in Q2 2022. The 45% quarter-over-quarter increase in revenues, was primarily driven by increased unit sales, which grew 47% sequentially. The year-over-year decline in revenues was driven primarily by the progress in the BMW program as it transitioned to volume production at Magna, the Tier-1 on the program. The transition includes a shift from selling full LiDAR units to selling components to Magna at lower production average sales prices.
Operating expenses in Q2 2023 were $30.4 million, an increase of 6% compared to operating expenses of $28.8 million in Q2 2022. Operating expenses for Q2 2023 included $5.0 million of share-based compensation compared to $4.4 million of share-based compensation in Q2 2022. The year-over-year increase in operating expense was driven primarily by higher research and development expenses, which increased to $23.8 million in Q2 2023 versus $21.9 million in Q2 2022 and was partially offset by lower sales and marketing expenses. The increase in research and development expenses was driven primarily by a year-over-year increase in headcount, leading to higher personnel expenses and share-based compensation, with Q2 2023 share-based compensation of $3.4 million compared to $2.7 million in Q2 2022.
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.
Updating 2023 Financial Targets
The Company is providing the following updated financial outlook for full year 2023:
- 2023 revenues are now expected to be in the range of $15-20 million, up from the previously disclosed range of $12-15 million.
- 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.
Conference Call
Innoviz management will hold a web conference today, August 2, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter ended June 30, 2023 and 2023 financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact (US) Investor Contact (Israel)
Rob Moffatt Maya Lustig
VP, Corporate Development & IR Director, Investor Relations
Innoviz Technologies Innoviz Technologies
+1 (203) 665-8644 +972 54 677 8100
Investors@innoviz-tech.com Investors@innoviz-tech.com
WeTheMarket
9 months ago
Innoviz Technologies to Develop B-Samples of New LiDAR Platform for Next Generation of BMW Automated Vehicles
August 02 2023
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/91710976/innoviz-technologies-to-develop-b-samples-of-new-l
Summary
- Innoviz and the BMW Group to start first phase for new LiDAR generation
- New generation to enable Level 3 automated driving capabilities to a broader range of future vehicles
- Innoviz is developing a B-Sample for an enhanced solution portfolio, including the InnovizTwo second Generation LiDAR, an all-new InnovizCore compute box, and a suite of advanced AI-powered software solutions including an industry-first LiDAR-based MRM system
TEL AVIV, Israel, Aug. 2, 2023 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) and the BMW Group are expanding their collaboration by starting a B-sample development phase on a new generation of LiDAR. Under the new development agreement, following BMW requirements, Innoviz will develop these B-Samples based on its second generation InnovizTwo LiDAR sensor.
InnovizTwo second generation LiDAR next to the all-new InnovizCore AI compute module
After a couple of years working together on an existing program that will include the first deployment of LiDAR-enabled highly automated technology on the BMW 7 Series later this year, the BMW Group and Innoviz are beginning to focus on the next-generation of the technology by starting this first B-sample phase. The result of this first phase will enable the BMW Group to decide on a serial development agreement with Innoviz that will focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup.
"LiDAR is one of the critical technologies underpinning Level 3 or even higher automated functions. Optimizing LiDAR technologies and costs are the major challenges in order to bring Level 3 highly automated driving into the mainstream," said Nicolai Martin, SVP Driving Experience BMW Group. "We are very pleased to have Innoviz develop the first B-Samples of this new LiDAR generation and hope that the results of the B-Sample phase create a basis for a possible future extension of our collaboration."
"From our work with the BMW Group over the past several years, we know that they operate with some of the highest standards in the automotive industry," said Omer Keilaf, Innoviz Co-Founder and CEO. "We are excited to begin this new project on the second-generation LiDAR solution by working on the B-samples. BMW is at the forefront of ADAS technology, and we could not be more thrilled to have an opportunity to become an integral part of the next stage of its journey."
In addition to the LiDAR solution for the 7 Series, the BMW Group and Innoviz have started this first phase to develop an expected first-ever LiDAR based Minimal Risk Maneuver (MRM) system in the future. The MRM acts as a secondary safety driving decision platform that will leverage the advanced performance, reliability, and resiliency of the InnovizTwo LiDAR to manage real-time driving decisions.
The MRM system is part of a growing software suite from Innoviz that will also include its next-generation perception software. With roughly half of its research and development investment focused on software development, Innoviz has made rapid advances in deploying artificial intelligence (AI) and advanced machine learning to accelerate development and upgrade cycles of its software suite and to expand its core software capabilities.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
+1 (203) 665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
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