WeTheMarket
2 weeks ago
Innoviz: "Manufacturers have approached us to replace their LiDAR providers"
7 August, 2024
https://techtime.co.il/2024/08/07/innoviz-57/
Reported higher-than-expected sales of $6.7 million in the second quarter. Decline in operating expenses. New agreement with a company developing a Level 4 autonomous driving system
Innoviz has signed a strategic agreement with a company developing a Level 4 autonomous driving system. As part of the agreement, the same company will integrate Innoviz's LiDAR sensors for short and long ranges. This is what the company said in its release of second quarter 2024 results. The identity of the partner will be revealed in the coming months, but Inviz said the driving system has already been selected by a number of automakers. Innoviz's sensors are already part of Mobileye's Level 4 driving system, Chauffer, which was recently reported to be embedded in Volkswagen's ID Buuz electric minibus.
Innoviz chose to reveal another interesting detail: a number of automakers and suppliers of driving systems recently approached the company to explore the possibility that it would replace their existing LiDAR provider. Among them is a car manufacturer that is expected to launch a second generation Level 3 autonomous driving system, which is currently developing a Level 4 autonomous driving system for the world of trucks, and another platform manufacturer.
Innoviz today reported another interesting collaboration, this time outside the automotive market: a project with Indoor Labs, which was founded in 2015 and develops a LiDAR-based security and supervision system. The American company will integrate Inoviz's sensor into a platform designed for monitoring passersby at airports. The system is intended to be deployed at the international airports of Denver, Nashville and Tampa, and later at additional airports in the United States.
Demand for sensors in diverse ranges
Innoviz believes that adding short-range LiDAR sensors to the company's portfolio has opened up new opportunities for it and is now preparing the sensor for production. Of the 15 projects it is currently tackling (RFQ), five also require a short-range sensor. Co-founder and CEO Omer Kilef commented: "We now offer long- and short-range sensors in one package. This significantly increases the number of sensors per vehicle and enables us to meet the complex needs of customers."
On the financial level, Inoviz delivered improved results in the second quarter: revenue amounted to $6.7 million, above the company's forecast and more than quadrupled compared to $1.5 million in the second quarter of 2023. Innoviz is also "burning cash" at a slower rate than before, reporting a 23% decline in operating expenses in the second quarter, compared to the same quarter last year. The company's coffers currently have about $104.6 million. However, the forecast for the next quarter was somewhat disappointing: sales of only $3.5-5 million.
WeTheMarket
2 weeks ago
Innoviz Reports Second Quarter 2024 Results
August 07, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/132/innoviz-reports-second-quarter-2024-results
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_de25bec76c6379e8f5ea02b1f70ae91a/innoviz/db/1111/9877/earnings_call_presentation/INVZ+Q2+2024+Earnings+Presentation_FINAL.pdf
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_dxKzv-4-QN6LgY6ToJLmqQ#/registration
Link to Previous (Q1 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174377543
Highlights
- Reached an important agreement with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs
- Q2 2024 revenues of $6.7 million exceed previous guidance range of $4-$5 million, up from $1.5 million in Q2 2023
TEL AVIV, Israel, Aug. 7, 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 quarter ended June 30, 2024, provided guidance for the third quarter of 2024, and reiterated its full year commercial and financial targets.
"The second quarter was a continuation of our strong start to the year as we again delivered revenues above the high end of our guidance range while maintaining cost discipline and efficiency in our operations," said Omer Keilaf, CEO and Co-Founder of Innoviz. "We are excited to share that today we reached a pivotal agreement with a major platform provider to supply InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. Additionally, we recently announced an agreement to supply InnovizTwo LiDARs to The Indoor Lab's airport portfolio. We are now offering both short- and long-range solutions as a bundle, which substantially increases the number of LiDARs we can offer per vehicle and allows us to better meet customers' complex needs. We believe that along with our upgraded AI Perception Software this differentiates Innoviz and positions us well to realize our vision of becoming the leading Tier-1 LiDAR supplier."
Keilaf added, "We continued to expand and mature our pipeline of RFIs and RFQs, having spent significant time with our customers around the world. We remain encouraged by the customer activity we are seeing, looking towards the second half of the year we are confident in our ability to continue adding additional programs with both new and existing customers."
Commercial and Strategic Updates
Reached an important agreement with a major platform partner – Innoviz announces it reached an important agreement today with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. The Company expects the high quantity of LiDARs per vehicle across multiple programs to lead to significant volume generation more quickly.
Added short-range LiDAR offering, unlocking additional pipeline opportunities – Leveraging the maturity of the InnovizTwo platform, the Company now offers both short- and long-range LiDAR to customers. The addition of the short-range LiDAR has unlocked several opportunities, which Innoviz is working to advance. The Company is now maturing its short-range LiDAR to be ready for production.
Continued to mature InnovizTwo B Sample with new compact configuration – The Company introduced a more compact configuration of the InnovizTwo B Sample that meets all automotive requirements. Production process updates supporting the new configuration are expected to be completed in the third quarter of 2024.
Advanced AI Perception Software was upgraded for compatibility with InnovizTwo LiDAR – With InnovizOne in production with the Advanced AI Perception Software, Innoviz upgraded the AI software to be compatible with InnovizTwo LiDARs. The Company demonstrated the hardware and software combination to U.S. customers during the second quarter and two top 10 OEMs have indicated interest in Innoviz's Advanced AI Perception Software bundled with Innoviz LiDARs.
Announced new program with The Indoor Lab LLC to supply InnovizTwo to customer's airport portfolio – The Company announced an agreement to supply InnovizTwo LiDARs for use in the Denver, Nashville and Tampa international airports, with more airports expected to be added to the program.
Increased number of programs and matured robust pipeline of RFIs and RFQs – Driven by the increase in short-range customer activity, Innoviz ended the quarter with more than 15 programs in its pipeline, all of which require long-range LiDAR and five of which also require short-range LiDAR.
Engaged in various stages of conversations with several potential customers to replace their current LiDAR providers – As part of the pipeline, Innoviz has been approached by several potential customers seeking to replace their current LiDAR solutions, including one customer that began working with the Company on an RFQ for their second-generation Level 3 platform in the second quarter of 2024, a Level 4 platform company in the trucking space and an additional platform player.
Second Quarter 2024 Financial Results
Revenues in Q2 2024 were $6.7 million, compared to revenues of $1.5 million in Q2 2023.
Operating Expenses in Q2 2024 were $23.3 million, a decrease of 23% from $30.4 million in Q2 2023. Operating expenses for Q2 2024 included $3.8 million of share-based compensation compared to $5.0 million in Q2 2023.
Liquidity as of June 30, 2024 was approximately $106.4 million, consisting of cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.
Third Quarter 2024 Financial Targets
The Company expects third quarter 2024 revenues in the range of $3.5 million to $5 million, compared to $3.5 million for Q3 2023.
FY 2024 Operational Targets
The Company reiterated its operational targets for FY 2024:
Secure 2-3 additional customer programs
Secure $20-70 million of new NRE bookings
Conference Call
Innoviz management will hold a web conference today, August 7, 2024, 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 of 2024 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 https://touchconference.zoom.us/webinar/register/WN_dxKzv-4-QN6LgY6ToJLmqQ#/registration. 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 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 weeks ago
Innoviz Technologies' LiDARs to Be Deployed Across Major International Airports in the United States by The Indoor Lab to Improve Passenger Safety and Operational Efficiency Using AI Capabilities
August 06, 2024 9:00am EDT
https://ir.innoviz.tech/news-events/press-releases/detail/131/innoviz-technologies-lidars-to-be-deployed-across-major
The Indoor Lab will begin installations of InnovizTwo at some of the fastest growing airports in the US, including Denver International Airport, Tampa International Airport, and Nashville International Airport
TEL AVIV, Israel, Aug. 6, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a world leader and Tier 1 supplier of high-performance LiDAR solutions, entered into a distribution agreement with The Indoor Lab LLC, a world leader in non-automotive LiDAR analytics, to deploy InnovizTwo LiDARs across its airport portfolio, beginning with Denver, Tampa, and Nashville International airports. This collaboration will enable airport partners with exceptional visibility and data analytics to help create a safer and more efficient environment for travelers.
As the lifeblood of global travel and with ever-growing populations and globalization, adding advanced 3D sensing tools onto airport management is essential to ensure a smooth and secure traveling experience. The Indoor Lab is pioneering the shift from cameras to LiDAR-based solutions, providing higher-quality and exceptionally accurate data for stakeholders. By utilizing InnovizTwo LiDARs for end-to-end airport operational and safety management using machine learning and AI capabilities, The Indoor Lab will be able to offer an accurate solution that identifies, classifies, and informs infrastructure and transit management professionals about potential challenges or threats that may occur. The LiDAR enables AI-based perception systems to interpret what cameras and other RF-based sensors cannot, therefore vastly improving safety across entry and exit points, tarmacs, baggage check, terminals and runways.
"As we enhance our safety portfolio of products in the transportation sector, we have found that InnovizTwo directional LiDAR sensors offer some of the highest point cloud density and frames per second. This capability enables our Artemis perception platform to deliver unparalleled products and services for our key airport partners," says Patrick Blattner, Founder and CEO of The Indoor Lab.
"Safety is paramount, not only on roads but anywhere people gather, and our partnership with The Indoor Lab will ensure peace-of-mind for travelers," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Our dynamic and adaptable InnovizTwo platform is the perfect complement to Indoor Lab's AI-based data analytics capabilities and will help to create safer and more effective airports worldwide."
About The Indoor Lab
The Indoor Lab is a privately held, wholly owned U.S. company and the only company in the world with a complete lidar-based enterprise perception platform. Founded by leaders in the queuing and flow analytics space, with over 15 years of experience in passive analytics and 10 years in lidar, The Indoor Lab has been at the forefront of innovative solutions for some of the largest airports and brands globally.
The Indoor Lab strives to be at the cutting edge of innovation, continually advancing its perception software capabilities and fostering collaboration across industries and disciplines. By leveraging cutting-edge technologies such as lidar, we aim to enhance safety, promote environmental sustainability, and empower communities to thrive in an ever-evolving global landscape
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
p0
2 weeks ago
TEL AVIV - Innoviz Technologies Ltd. (NASDAQ:INVZ), a provider of LiDAR sensors and perception software, has been notified by Nasdaq that it no longer meets the minimum bid price requirement, the company disclosed on Friday. The Nasdaq Listing Qualifications Department's notice, dated July 30, 2024, states that Innoviz's shares have closed below $1.00 for 30 consecutive days, violating Listing Rule 5450(a)(1).
The current status of Innoviz's shares on the Nasdaq Capital Market, trading under the ticker "INVZ," remains unaffected by this notification. Nasdaq has granted the company a 180-day grace period, ending on January 27, 2025, to regain compliance with the minimum bid price rule. Compliance can be achieved if the shares maintain a closing bid price of $1.00 or more for at least ten consecutive trading days within this period.
Innoviz may be eligible for an additional 180-day grace period to meet the requirement if it complies with other listing standards, subject to Nasdaq's discretion. The company plans to monitor its share price closely during the grace period and explore options to regain compliance.
Innoviz operates globally, supplying LiDAR technology to the automotive industry, and asserts its commitment to advancing safe autonomous driving. The company's technology is designed to surpass human vision capabilities and adhere to stringent industry standards for performance and safety.
In other recent news, Innoviz Technologies reported solid Q1 2024 earnings with revenues reaching $7.1 million, surpassing the projected range of $5 million to $6 million. The company also managed to decrease its cash burn compared to Q1 2023, ending the quarter with a robust cash position of approximately $128 million. Innoviz has made significant progress in its strategic realignment and collaboration with industry giants like Volkswagen (ETR:VOWG_p), Mobileye, and NVIDIA (NASDAQ:NVDA). However, Goldman Sachs has downgraded Innoviz's stock from Buy to Neutral and lowered the price target to $1.00 from the previous $2.25.
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This adjustment reflects Goldman Sachs' anticipation of a challenging environment for the lidar industry, which is expected to impact Innoviz's revenue and earnings per share (EPS) growth. The slower-than-anticipated adoption of higher levels of vehicle autonomy that incorporate lidar sensors and ongoing price declines for lidar sensors are cited as reasons for this outlook. Despite these challenges, Innoviz anticipates Q2 2024 revenues to be in the range of $4 million to $5 million, with the full-year revenue expected to be more robust in the latter half. The company has also set targets to secure two to three additional programs and $20 million to $17 million in new non-recurring engineering (NRE) bookings for 2024. These are recent developments in Innoviz's business operations.
InvestingPro Insights
Innoviz Technologies (NASDAQ:INVZ) is navigating a challenging period as it works to regain compliance with Nasdaq's minimum bid price requirement. An in-depth analysis using InvestingPro data provides a clearer picture of the company's financial health and market performance.
InvestingPro data shows that Innoviz holds a market capitalization of $116.42 million as of Q1 2024, reflecting the scale of the company within the tech sector. Despite a significant revenue growth of 411.65% over the last twelve months, the company's gross profit margin stands at -33.35%, indicating that it is currently not generating profit on its sales. Additionally, the stock price has experienced a steep decline, currently trading near its 52-week low and having fallen by over 80% over the last year.
On a positive note, analysts have revised their earnings estimates upwards for the upcoming period, suggesting a potential improvement in Innoviz's financial outlook. However, it's important to note that the company is quickly burning through cash and analysts do not anticipate it will be profitable this year. Investors should keep an eye on these dynamics as they may influence the company's ability to meet Nasdaq's listing requirements and its overall financial stability.
WeTheMarket
1 month ago
Innoviz Sets Second Quarter 2024 Conference Call for Wednesday, August 7 at 9:00 a.m. ET
July 17, 2024
https://ir.innoviz.tech/news-events/press-releases/detail/129/innoviz-sets-second-quarter-2024-conference-call-for
TEL AVIV, Israel, July 17, 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 that it will release its earnings results for the second quarter ended June 30, 2024, on Wednesday, August 7, 2024, 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
WeTheMarket
3 months ago
Innoviz Reports First-Quarter 2024 Results, Exceeds Revenue Guidance for Second Consecutive Quarter and Expands Key Partner and Customer Relationships
May 8, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/125/innoviz-reports-first-quarter-2024-results-exceeds-revenue
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_8ae26c9d62c48402f3abf3061eaa31b6/innoviz/db/1087/9875/pdf/INVZ+Q1+24+Earnings+Presentation+08+05+24_FINAL.pdf
Link to Webcast https://touchconference.zoom.us/webinar/register/WN_akLOpmKkR7uItAWCxwWb1A#/registration
Link to Previous (Q4/FY 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173938055
Q1 2024 revenues of $7.1 million exceed previous guidance range of $5 -$6 million; reiterates full year 2024 operational targets
TEL AVIV, Israel, May 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 provided commercial and strategic updates on its business, reported its financial results for the first quarter ended March 31, 2024, provided guidance for the second quarter and reiterated its full year commercial and financial targets.
"Innoviz is off to a terrific start this year. We achieved strong revenue growth, beating our expectations, once again expanded our relationships with key partners and customers, and continued to build our RFI and RFQ pipeline across multiple programs," said Omer Keilaf, CEO and Co-Founder of Innoviz. "With the BMW I7 launching in Germany, we believe we are the only pureplay LiDAR company to reach SOP with level 3, as there are vehicles currently on the road using our LiDARs and perception software. As part of expanding our relationships with our customers, we are collaborating with Volkswagen Group and Mobileye on an additional level 3 program. Overall, our pipeline is very active, with approximately half in the RFQ stage and more to come."
Keilaf added, "We remain very optimistic about the LiDAR sector as recent industry and regulatory activity reflects the continued adoption of LiDAR. We believe that as OEMs work to comply with new regulations, and as the automotive industry raises its standards, OEMs will move to implement new capabilities and features, many of which may be supported only by LiDAR. Looking ahead, we expect that Innoviz will have the runway necessary to cement our place as a leading LiDAR supplier during this important market capture phase."
Commercial and Strategic Updates
Continued supporting software development for InnovizOne deployment on BMW 5 Series in China – Innoviz is working closely with the BMW and Magna teams as they perform on-road testing and the Company is supporting software development specific to the Chinese market for a new deployment of the InnovizOne on BMW 5 Series vehicles in China.
Working on program expansion opportunities through collaboration with Mobileye and Volkswagen Group – In addition to the level 3 Cariad program, ID. Buzz long-range LiDAR, Innoviz is working on another level 3 program expansion through its collaboration with the Volkswagen Group and Mobileye. In parallel, Innoviz continued commercial discussions with the Volkswagen Group regarding additional opportunities.
Progressing collaborations with additional partners - Innoviz is working with the Qualcomm platform for the Volkswagen Cariad level 3 program and with the Mobileye platform for the ID. Buzz program and the additional level 3 program. The Company continues to progress its collaboration with Nvidia and is working with OEMs on several Nvidia based RFQs in its pipeline.
Advancing pipeline opportunities with two leading level 4 platform companies – The companies are in the trucking and ride hailing spaces and are working with various OEMs.
Reached key milestone with successful winter test of InnovizTwo B-Sample with Volkswagen – The InnovizTwo late-stage B-sample was strenuously tested over 18 days of driving in harsh winter conditions across ten countries. InnovizTwo showed resilience to different potential blockages and weather conditions, which we believe may provide the Company with a potential competitive advantage. The data and insights accumulated during the testing are being used to improve Innoviz's proprietary AI-backed software and hardware solutions.
Successfully implemented strategic realignment – The Company implemented nearly all of the initiatives of its previously announced realignment plan during the quarter.
First Quarter 2024 Financial Results
Revenues in Q1 2024 were $7.1 million, compared to revenues of $1.0 million in Q1 2023, driven by a combination of increases in NREs, production units and sample shipments.
Operating Expenses in Q1 2024 were $31.7 million, a decrease of 5% from $33.3 million in Q1 2023. Operating expenses for Q1 2024 included $5.9 million of share-based compensation compared to $5.2 million in Q1 2023.
Liquidity as of March 31, 2024 consisted of approximately $128.3 million in cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.
Second Quarter 2024 Financial Targets
The Company expects second quarter 2024 revenues in the range of $4 million to $5 million, compared to $1.5 million for Q2 2023.
FY 2024 Operational Targets
The Company reiterated its targets for FY 2024:
- Secure 2-3 additional customer programs in 2024
- Secure $20-70 million of new NRE bookings in 2024
Conference Call
Innoviz management will hold a web conference today, May 8, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the first quarter of 2024 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
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
4 months ago
Innoviz Sets First Quarter 2024 Conference Call for Wednesday, May 8 at 9:00 a.m. ET
April 17 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93673520/innoviz-sets-first-quarter-2024-conference-call-fo
TEL AVIV, Israel, April 17, 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 that it will release its earnings results for the first quarter ended March 31, 2024 on Wednesday, May 8, 2024 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
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
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WeTheMarket
4 months ago
Innoviz Reaches a Key Milestone with Successful Winter Test of InnovizTwo LiDAR and AI-Powered Perception Software, Showcasing Significant Progress and New Opportunities
April 18 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/93680262/innoviz-reaches-a-key-milestone-with-successful-wi
Innoviz successfully completed an 18-day test in the harshest winter conditions, demonstrating the robustness and reliability of the InnovizTwo LiDAR and Perception Software
TEL AVIV, Israel, April 18, 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, announced today the successful completion of a winter test for its InnovizTwo LiDAR and Perception Software, a key engineering and R&D achievement.
IInnoviz uses winter tests to measure and scrutinize the Company's products for thousands of kilometers. The data and insights accumulated are used to improve Innoviz's proprietary AI-backed software and hardware solutions. Ahead of the drive, Innoviz received TÜV SÜD Certification Mark for Roof Racks, establishing an essential industry benchmark, approving the LiDAR roof setup to operate on roads.
During an 18-day period, through more than 120 hours of driving, and across ten countries, including Germany, Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Czech Republic and Austria, the test demonstrated the effective performance of the Innoviz suite of advanced autonomous solutions in the harshest of winter conditions, including extreme temperatures, rain, snow, and heavy fog. The winter test provided invaluable data and insights for the vehicle as it traversed some of the world's most challenging driving conditions and the successful results demonstrate Innoviz's commitment to building best-in-class technology to power advanced autonomous driving.
"The winter test is the latest validation of Innoviz's ability to provide drivers with a safe, dynamic, and advanced autonomous driving experience," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Proving its efficacy in diverse conditions – from the bluest of skies to the harshest icy conditions - and enriching our software with road data will take the Innoviz AI-platform to the next level. We are confident this technology will help demonstrate our ability to meet strict timelines and showcase the robustness of our architecture."
In 2030*, approximately 10 million LiDAR scanners across various autonomy levels are expected to be sold globally in the automotive market. The number of LiDAR scanners to be sold in 2035 is likely to be more than double according to IHS.
*According to IHS data from February 2024
About InnovizTwo LiDAR
InnovizTwo is a robust solution, operating seamlessly in the harshest of weather conditions. Capable of supporting several levels of autonomy, InnovizTwo is Innoviz's next-generation LiDAR sensor featuring superior quality and bringing autonomous capabilities for automakers faster and cheaper. Click here to read more about InnovizTwo.
About Innoviz's AI-Based Perception Software
As the "Brain" behind the "Eyes" of the InnovizTwo LiDAR, the proprietary AI algorithms of Innoviz's Perception Software provide advanced object detection, classification, and tracking features, as well as collision classification, localization, and calibration capabilities, with the potential to transform how autonomous cars perceive and navigate the world. Click here to read more about Innoviz's Perception Software.
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
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WeTheMarket
5 months ago
Innoviz, Enabling the Autonomous Vehicle Revolution
Innoviz Technologies
1.18K subscribers
Posted Feb 26, 2024
With hundreds of thousands deaths from road crashes each year, #selfdriving technology has the potential not only to save lives, but to pave the way for a revolution in how we live. Innoviz's enabling LiDAR technology is guiding society into a brighter future, harnessing digital information to see far beyond what any camera or the human eye can perceive. Watch the video to learn why the world's leading manufacturers are trusting it for their automotive innovation-driven solutions.
Intersection (InnovizTwo)
Posted Jan 31, 2024
Discover the power of the InnovizTwo lidar sensor through a Point Cloud recording where you'll witness firsthand how this state-of-the-art technology captures traffic data while a vehicle stops at an intersection. Join us on this enlightening journey to understand the significance of LiDAR in revolutionizing transportation systems.
Highway Drive (InnovizTwo), Witness the magic of InnovizTwo!
Posted Jan 31, 2024
Capable of supporting several levels of autonomy, InnovizTwo is our next-generation #lidar sensor featuring superior quality at a fraction of the cost, bringing autonomous capabilities for automakers' to market faster and cheaper.
Shoreline (InnovizTwo)
Posted Jan 31, 2024
Join us as we explore the InnovizTwo lidar sensor's capabilities in mapping the dynamic shoreline environment. Through an immersive point cloud recording, you will witness the sensor's ability to capture intricate details of the surroundings, providing valuable insights for various applications.
Culture Square (InnovizTwo)
Posted Jan 17, 2024 LiDAR
Experience the extraordinary in our latest video showcasing InnovizTwo's groundbreaking technology at Culture Square, telaviv
Witness the pinnacle of LiDAR innovation with InnovizTwo's "demo mode," a focal point that captures the essence of its superior capabilities. Join us in revolutionizing #AutonomousDriving!
WeTheMarket
6 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.
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Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
WeTheMarket
6 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
6 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
7 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
7 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
8 months ago
Why did Innoviz shares surge 60% this week?
Bullish analysts expect the Israeli LiDAR developer’s stock to climb significantly, suggesting even a massive 500% upside
CTech
11:04, 15.12.23
https://www.calcalistech.com/ctechnews/article/hyi2e9k8a
Key quotes:
"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."
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