WeTheMarket
1日前
Innoviz Announces Optimization of Operations to Accelerate Path to Profitability
Feb 04, 2025, 08:00 ET
https://www.prnewswire.com/news-releases/innoviz-announces-optimization-of-operations-to-accelerate-path-to-profitability-302367341.html
Highlights
- Innoviz is optimizing its operations to accelerate its path towards profitability, reflecting product ramp progress and confidence in execution and business growth
- Realignment actions to be implemented during the first half of 2025 and are expected to reduce cash outlays by approximately $12 million on an annualized basis
TEL AVIV, Israel, Feb. 4, 2025 /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 an optimization of its operations to extend the Company's cash runway and accelerate its progress towards profitability and free cash flow generation. To maximize efficiencies, the company will de-emphasize segments where development efforts have reached maturity. As a result of these actions, the company's headcount will be reduced by approximately 9%; in conjunction with other opportunities, the company expects the realignment to deliver cost savings of approximately $12 million in 2025.
"Innoviz has made substantial strides in cementing its position as a market leader in the LiDAR industry," said Omer Keilaf, Innoviz Co-Founder and CEO. "Our recently announced collaborations with Mobileye, Nvidia and others highlight the progress we have made in developing and maturing solutions designed to meet the stringent requirements of OEMs worldwide now and in the future. Today's actions are the result of a thoughtful process to realign the Company's development efforts to more closely match the needs of our customers, streamline our cost structure, and extend our cash runway as we continue to target start of production for customers in 2026. Looking ahead, we remain confident in our ability to achieve our long-term goals and position Innoviz to reach profitability and deliver significant value in the years to come."
Projected Financial Benefits
As a result of the strategic realignment actions, Innoviz plans to decrease its employee headcount by approximately 9% and expects to reduce its 2025 planned cash outlays by approximately $12 million on an annualized basis. Cash savings are expected to begin in the first quarter of 2025, with run rate savings expected to be achieved by the end of the second quarter of 2025. 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 www.innoviz.tech.
georgie18
5日前
INVZ...$1.65...Hit my $1.50 range bids today...🥳...Looking for Break/Hold of recent $3.14 High...
georgie18
Member Level
Re: georgie18 post# 671824
Wednesday, January 22, 2025 7:13:46 AM
Post#
671918
of 672985
INVZ...$1.93...Off my $1.56 Alert...🥳...Just a Reminder...TEL AVIV, Israel, Jan. 7, 2025 /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, is proud to announce its latest technological advancements, which will be showcased at CES 2025. Highlighting the power of its perception software, Innoviz will demonstrate how it runs seamlessly with the NVIDIA DRIVE AGX Orin platform, offering a range of software-driven features designed to accelerate autonomous driving applications.
georgie18
Member Level
Re: georgie18 post# 282
Tuesday, January 21, 2025 9:48:00 AM
Post#
287
of 288
INVZ...$1.85...Off my $1.56 Alert...🥳
georgie18
Member Level
Re: None
Wednesday, January 15, 2025 9:56:12 AM
Post#
671354
of 671823
INVZ...$1.56...🥳...Scaling in here...
WeTheMarket
1週前
Mobileye And Innoviz Move Up On The Autonomy Scale
Jan 27, 2025
https://www.forbes.com/sites/sabbirrangwala/2025/01/27/mobileye-and-innoviz-move-up-on-the-autonomy-scale/
The Consumer Electronic Show (CES), held in Las Vegas from January 7-11, 2025, devoted significant floor space and exhibits in the area of autonomy - from the likes of Waymo and Mobileye for passenger cars and ride-hailing, autonomous racecar competitions organized by Indy Autonomous Challenge, and big machine companies like Caterpillar, John Deere, Komatsu and Oshkosh presenting autonomous solutions in mining, construction, agriculture, airport operations, lunar construction (yes!) and garbage hauling.
Mobileye, previously owned by Intel and spun out as a separate NASDAQ listed company in 2022 has a current market capitalization of ~$14B and revenues of $1.8B/year (easily the leading player in the pure play autonomy landscape). Its customers include 50 automotive OEMs who use their ADAS based solutions (cameras, chips, software) across 1200 car models and 190M cars. Mobileye’s strategy has always been to move up in the autonomy game to support L4 (complete autonomy in prescribed geographies, traffic and weather conditions) and L5 (complete autonomy, anywhere, anytime). At CES 2025, it announced collaborations for L3 (highway autonomy at prescribed speeds with human driver able to take control within 10 seconds) and L4 (no human driver required in specific Operational Design Domain or ODD) autonomy solutions. Volkswagen is one of the customers across multiple models (VW ID Buzz, Audi, etc.) that advertised the L4 capable ID Buzz vehicle.
CEO, Amnon Shashua laid out Mobileye’s vision and roadmap for revolutionizing autonomy from its current L2 offerings (hands on, eyes on, minds on) to L5 autonomy (no human driver required, autonomy everywhere). At a press briefing at CES 2025, he described the trajectory of Mobileye’s roadmap from L2 to L5 capabilities (Figure 1).
Figure 1: CEO and Founder Amnon Shashua Discusses Mobileye Pathway to Moving Up in the Autonomy ... [+]Mobileye
Dr. Shashua describes 2 key concepts in the autonomy revolution:
1) Precision - which is in essence a metric that captures the quality of the autonomy stack in terms of disengagements and safety at different autonomy levels).
2) Recall - which is a set of constraints in which the autonomy stack can work, for example, traffic and weather conditions, geography and cost effectiveness for deployment in affordable cars.
L5 is the nirvana state with 100% Precision and Recall (its great to dream, but is it really achievable???)
Waymo’s L4 robotaxi service is high on the Precision axis (Y axis, green dot)) but very expensive and constrained in terms of where it can operate. Tesla’s L2 capability on the other hand is very high in Recall (X Axis, red dot) but low on precision which means it is not really autonomous and needs constant human control. Mobileye to date has been following the Tesla path with its SV52 (SuperVision™ based on its proprietary EyeQ5 chip) launched in 2024. In 2026 the SV62 (based on the EyeQ6 chip) with higher precision is to be deployed in the Porsche and Audi product lines. The SuperVision™ capabilities are L2 systems which need constant human driver attention and control.
After this, the Mobileye roadmap zig-zags. With the Chauffeur™ (expected commercial launch in 2027), Recall will be sacrificed (only highways, up to 130 kph speeds, higher cost) but precision greatly improved to deliver affordable L3 capability. This is enabled by fusing camera, radar and a front-facing LiDAR (hence the higher cost). The final step in what Dr. Shashua describes as a revolution is the Mobileye Drive™ which is driverless, and used by robotaxi and trucking customers and integrated with a total of 13 cameras, 5 imaging radars and 3 LiDARs. Beyond 2027 as the Chauffeur™ increases Recall (more road conditions and geographies, lower cost), the addition of sensors and compute capabilities are critical for delivering L4 capabilities with higher degrees of Recall.
The keys in enabling Mobileye’s autonomy revolution are:
1) Diverse driving data collected to date across global geographies, traffic patterns and weather with its SuperVision™ camera based systems (300 PB to date covering millions of miles. This is critical for training its AI based perception and driving stacks.
2) Semiconductor capabilities, such as the EYEQ generation of chips
3) Redundancies in sensors, compute stacks and algorithms to ensure successful edge case negotiations through intelligent fusion
4) Sensor Capabilities, most notably its internally developed imaging radar chips, which draws on IP during its tenure within Intel. Mobileye believes that its imaging radar is a perfect complement to cameras, especially in bad weather and will play a big role in increasing Recall (by increasing availability when cameras and LiDAR are compromised). The resolution is twice that of other imaging radars on the market enabling small object hazard detection, segmentation and identification (at speeds of 130 km/hr, OEM requirements are 130 m, Mobileye claims it’s radar meets 136 m). Costs are expected to be in the $100 range. Adding imaging radar to achieve 360° Field of View (FoV) is a critical enabler to achieving higher Recall and delivering L4 capability through Mobileye Drive™.
The Role of LiDAR and Innoviz
Mobileye’s evolution (or revolution) to L3 and L4 capabilities through Chauffeur™ and Mobileye Drive™ include use of front and side facing LiDARs, At CES 2023, Mobileye promoted its internal development of a 1320 nm FMCW (Frequency Modulated Continuous Wave) LiDAR, leveraging Intel’s photonics capabilities. Roughly 18 months later, it wound down its internal LiDAR efforts, claiming that its internal development was less essential to its future efforts, and “that the availability of next-generation FMCW lidar is less essential to our roadmap for eyes-off systems”. It cited as reasons the progress on its EyeQ6-based computer vision perception, performance of its imaging radar, and better-than-expected cost reductions in third-party time-of-flight (ToF) LiDAR units.
Innoviz, an Israel based, ToF LiDAR company announced at CES 2025 that it had been selected as the LiDAR supplier by Mobileye. Founded in 2016, the company has been developing its MEMs (Micro-Electro-Mechanical Systems) based LiDAR for the past 8 years. It went public in 2021 through a SPAC (Special Purpose Acquisition Company) merger.
The InnovizOne has been designed into BMW’s BMW Personal Pilot and manufactured in partnership with Magna International in an automotive-grade production facility. The next generation InnovizTwo is more compact, with a higher range and resolution, designed to work through obscurants (mud, insect splatter, rain).
A few events and their timelines are important to understand Innoviz’ selection as a LiDAR partner for Mobileye and Volkswagen:
1) Early 2023: Volkswagen announced Mobileye as its autonomy stack partner for a mid-decade L4 autonomous Light Commercial Vehicles (LCV) launch in 2023. This included L4 trials with Volkswagen ID Buzz electric vans.
2) Mid-2023: Innoviz announced in a SEC filing that “a major existing global automotive customer aims to expand its use of the InnovizTwo LiDAR to a new light commercial vehicle program”. This likely means that Innoviz has been working with Mobileye on its Innoviz LiDAR integration for at least 2 years.
3) Mid-2023: The next generation InnovizTwo was selected in 2023 by Audi which designated the company as its Tier 1 supplier, following an extensive round of audits on multiple fronts - manufacturing, costs, quality and production strategy. It positions Innoviz as the primary choice for LiDAR for other Volkswagen models for supporting L3 and L4 autonomy.
4) Late 2024: Mobileye announces shutdown of its internal LiDAR effort.
5) Late 2024: Innoviz announces $80M in NRE (Non Recurring Engineering) funding for designing its InnovizTwo LiDAR into different OEM platforms.
6) Early 2025: Innoviz announced at CES 2025 that it had been selected as the LiDAR supplier by Mobileye, for the Chauffeur™ and Mobileye Drive™ programs.
According to Omer Kielaf, CEO of Innoviz, its success in getting designed into major OEM platforms “are our history of deep working relationships, disciplined project management, investing in becoming a Tier 1 designated supplier, the cost-performance-durability-size of the InnovizTwo LiDAR, and the ability for customers to source short and long range lidars from the same supplier”.
Figure 2: CEO Omer Kielaf Shows InnovizTwo LiDARInnoviz Technologies
As part of its drive to move into higher levels of autonomy (L3 and L4), Innoviz is also making investments in hardware and perception software developments.
On the hardware front, making the InnovizTwo resilient to optical path obscurations (mud, rain, insect splatter) is a critical requirement for autonomous operation. Per Mr. Kielaf, having such obscurations in an L2 system where a human operator is always in control is not a significant problem. With an L3 system, it becomes an issue because it now requires the human driver to disengage L3 capability and takeover, reducing the convenience of the feature. With L4 (no human driver), this is an absolute requirement since loss of perception at high speeds can be lethal. The optical design of the InnovizTwo LiDAR ensures redundancy in the optical path for the transmit and receive path for each pixel (see Figure 3). As an example if the window is 25% covered, no single pixel will be “dead” and some pixels will lose about 7% of the range performance.
Figure 3: Resilient Performance of InnovizTwo With Mud (LEFT) And Water Obscuration (RIGHT)Innoviz Technologies
On the software front, Innoviz announced a partnership with NVIDIA which will enable delivery of high-performance, AI-enabled perception systems to its customers. The software will be “optimized to run with the NVIDIA DRIVE Orin platform, allow for real-time processing and advanced understanding of the vehicle's environment, enabling exceptional object detection, classification, and tracking capabilities”. Per Omer Kielaf, "By leveraging the NVIDIA DRIVE Orin platform, we will be able to offer a powerful combination of cutting-edge LiDAR sensors and perception software, enabling automakers to scale from L2+ ADAS all the way to fully autonomous vehicles".
WeTheMarket
4週前
Innoviz, in Collaboration with NVIDIA, Showcasing Cutting-Edge Perception Software with NVIDIA DRIVE AGX Orin at CES 2025, Unveiling New Software-Driven Features
January 07 2025
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/95207676/innoviz-in-collaboration-with-nvidia-showcasing
Innoviz Perception Software offers key features running with the NVIDIA DRIVE AGX Orin platform
Innoviz booth at CES is on West Hall, booth #4216
TEL AVIV, Israel, Jan. 7, 2025 /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, is proud to announce its latest technological advancements, which will be showcased at CES 2025. Highlighting the power of its perception software, Innoviz will demonstrate how it runs seamlessly with the NVIDIA DRIVE AGX Orin platform, offering a range of software-driven features designed to accelerate autonomous driving applications.
To view Innoviz's cutting-edge perception software, please click here.
The collaboration with NVIDIA represents a major leap forward in the industry's shift toward high-performance, AI-enabled perception systems. Innoviz's perception software, optimized to run with the NVIDIA DRIVE Orin platform, allows for real-time processing and advanced understanding of the vehicle's environment, enabling exceptional object detection, classification, and tracking capabilities. This solution is poised to improve safety and performance across autonomous driving and advanced driver-assistance systems (ADAS).
"At Innoviz, we are relentlessly focused on pushing the boundaries of autonomous driving technology to ensure safer and more reliable systems for the future of mobility," said Omer Keilaf, CEO of Innoviz Technologies. "By leveraging the NVIDIA DRIVE Orin platform, we will be able to offer a powerful combination of cutting-edge LiDAR sensors and perception software, enabling automakers to scale from L2+ ADAS all the way to fully autonomous vehicles".
At CES 2025, Innoviz will showcase its advanced technology in a live demonstration, illustrating the power of Innoviz's robust software and hardware and the potential of the seamless integration with NVIDIA DRIVE OGX Orin. As autonomous vehicles and smart transportation continue to evolve, we believe that Innoviz's solution represents a crucial step forward in enabling fully autonomous systems that are safe, efficient, and reliable.
To schedule a demo of Innoviz's cutting-edge LiDAR technology, email 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
WeTheMarket
1月前
Innoviz Bolsters Financial Position with Approx. $80M through Multi-Year NRE Payment Plan with Key Customers
News provided by
Innoviz Technologies
Dec 23, 2024, 08:00 ET
https://www.prnewswire.com/news-releases/innoviz-bolsters-financial-position-with-approx-80m-through-multi-year-nre-payment-plan-with-key-customers-302338249.html
Highlights
- Expects to receive NREs from existing programs in 2025-2027, with cash payment of more than $40 million expected in 2025
- Ongoing sales of LiDAR products and new programs expected to generate additional revenues throughout 2025
TEL AVIV, Israel, Dec. 23, 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 multi-year NRE (Non-Recurring Engineering services) payment plan of approx. $80 million with key existing customers which is expected to bolster the Company's financial position. NREs are expected to be paid between 2025 and 2027, of which over $40 million are expected to be paid in 2025 with further amounts expected in 2026 and 2027. These payments will be incremental to revenues generated from ongoing sales of LiDAR products based on existing and new orders coming from new programs.
"We are excited to further bolster our position as a key partner for OEMs in the autonomous vehicle industry," said Omer Keilaf, CEO and Founder of Innoviz. "NREs are essential to strategically funding our operations and reaching the start of production for several customers in 2026, and with this plan with our key customers we are poised to start 2025 from a position of financial strength. We believe it is clear that our customers trust our ability to support the next generation of autonomous vehicles and meet their demands through Innoviz's superior technology and ability to bring LiDARs to production. The expected NRE payments announced today, taken together with customer programs entering production, strengthen the financial foundation of the Company and position Innoviz to deliver significant value in the years to come."
Innoviz will provide information regarding its full year 2024 financial performance and 2025 financial guidance on its fourth quarter 2024 earnings call.
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.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
WeTheMarket
2月前
Innoviz Technologies Gears Up for CES 2025: Showcasing the Future of Automotive LiDAR with Global OEM Leaders
December 17 2024
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/95111660/innoviz-technologies-gears-up-for-ces-2025-showca
Following the Company's recent agreement with Mobileye, the Volkswagen ID. Buzz equipped with Innoviz LiDARs, and the BMW i7 which is on the roads since March 2024 – will be on display at the Innoviz Booth
TEL AVIV, Israel, Dec. 17, 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 participation in the Consumer Electronics Show (CES) 2025, taking place January 7th – 10th in Las Vegas, Nevada. Visitors can experience the latest in LiDAR technology at the Innoviz booth, located at LVCC, West Hall booth #4216. The Company will present live demonstrations of its latest LiDAR technology including both short and long-range LiDARs, offer a chance to meet with management, and showcase the BMW i7 and the Volkswagen ID. Buzz equipped with Innoviz LiDARs.
VW ID. Buzz and BMW i7 at Innoviz CES booth #4216
"We're excited to return to CES and demonstrate how Innoviz is pushing the boundaries of autonomous vehicle technology," said Omer Keilaf, Co-Founder and CEO of Innoviz Technologies. "It is our belief that by equipping vehicles with unmatched sensing and perception capabilities, Innoviz empowers automotive OEMs to prioritize safety and innovation. This year, we're proud to showcase how our cutting-edge technology for both long and short distances is shaping the future of mobility and redefining what's possible for autonomous vehicles."
Autonomous Vehicles Powered by Innoviz
The BMW i7 and Volkswagen ID. Buzz will be on display at Innoviz's booth. Attendees will have the opportunity to see these vehicles integrated with the Company's LiDAR solutions: the BMW i7 with L3 autonomous driving capabilities enabled by the InnovizOne LiDAR, and the VW ID. Buzz, a L4 light commercial vehicle equipped with InnovizTwo LiDARs which are critical to enabling the sensing capabilities for navigating complex urban environments.
Mobileye and Innoviz have recently partnered to integrate Innoviz LiDARs into the Mobileye Drive™ autonomous vehicle platform, following the companies' mutual work together. The Mobileye Drive™ platform for L4 autonomous systems has been adopted by leading automakers, including Volkswagen Commercial Vehicles, Schaeffler / VDL, Holon, Verne, and are expected to be adopted by other customers.
Live Product Demonstrations at the Booth
Live demonstrations of Innoviz's LiDAR technology will be offered to visitors at Innoviz's booth during show days, including the new InnovizTwo Short-Range LiDAR, which leverages InnovizTwo's industrialization maturity and is designed to meet the requirements for light commercial vehicles, shuttles, robotaxis, and trucks.
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 2025
Innoviz invites all attendees to visit LVCC, West Hall booth #4216 to experience the future of LiDAR technology. For more information or to schedule a meeting with Innoviz at CES 2025, please contact us at ces@innoviz-tech.com.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier1 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 .
Media Contact
Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
WeTheMarket
3月前
Innoviz Reports Third Quarter 2024 Results
November 13, 2024
Link to Press Release https://ir.innoviz.tech/news-events/press-releases/detail/134/innoviz-reports-third-quarter-2024-results
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_65d153718444e334393b6399a5aefbd8/innoviz/db/1111/9883/earnings_call_presentation/INVZ+Q3+2024+Earnings+Presentation_FINAL+13.11.24.pdf
Link to Webcast https://d1io3yog0oux5.cloudfront.net/_65d153718444e334393b6399a5aefbd8/innoviz/db/1111/9883/earnings_call_recording/GMT20241113-140102_Recording_1920x1200.mp4
Link to Transcript https://d1io3yog0oux5.cloudfront.net/_65d153718444e334393b6399a5aefbd8/innoviz/db/1111/9883/transcript/INVZ+Q3+2024+Earnings+Call+Script_FINAL.pdf
Link to Previous (Q2 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174878468
Highlights
- Entered two new OEM programs through agreement with Level 4 platform partner with expected SOP in 2026; Met operational target of 2-3 additional customer - programs in 2024 and exceeded midpoint of revenue guidance of Q3 with $4.5 million in revenue
- Q3 cash used in operations and capital expenditures of $17.7 million compared to $28.6 million in Q3 2023 and $21.6 million in Q2 2024
TEL AVIV, Israel, Nov. 13, 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 September 30, 2024, provided guidance for full year 2024, and reiterated its full year NRE target.
"In the third quarter we continued to see success in both revenue and cash performance, delivering revenues above the midpoint of our guidance range while again decreasing cash burn through our operational discipline," said Omer Keilaf, CEO and Co-Founder of Innoviz. "On the commercial side, we strengthened our partnership with the Level 4 platform provider announced during the quarter. We are now supporting several different OEM programs on the Level 4 platform with the expected integration of nine of our long- and short-range LiDARs into each autonomous vehicle. This collaboration with a well-known platform provider has the potential to offer significant revenue growth and strong volumes for Innoviz, with opportunity for more OEMs to come onto the platform. Meanwhile, our work with Volkswagen Group continued to progress as planned across Level 3 and Level 4 programs."
Keilaf added, "During the quarter we advanced our pipeline of RFIs and RFQs with a number of notable global customers, including several top ten OEMs. As we near additional potential design wins, our disciplined operations and positive feedback from customers regarding our differentiated technology give us confidence we can enhance our revenue streams, build on our topline performance and achieve our goal of becoming the leading tier 1 automotive industry LiDAR supplier."
Commercial and Strategic Updates
Entered two new OEM programs through agreement reached with leading global Level 4 platform partner – During the third quarter, the Company began working with two new OEMs which have adopted the platform. Innoviz is expected to provide a bundle of nine InnovizTwo short- and long-range LiDARs per vehicle. Start of Production ("SOP") is expected in 2026. The Company expects new OEM collaborations to arise through the platform partnership which has the potential to offer significant revenue growth and favorable volumes for Innoviz.
Progressed programs with Volkswagen Group – Innoviz continued to progress its partnerships with Volkswagen Group on existing programs including the Cariad Level 3 program, Mobileye Chauffeur and ID. Buzz Level 4 light commercial vehicle program incorporating Mobileye Drive. Innoviz passed various industrialization and development audits during the quarter and expects to meet the scheduled timelines for LiDAR SOP.
ID. Buzz to be deployed in Hamburg, Germany in 2025 – MOIA recently announced that starting in mid-2025 it will deploy the ID. Buzz in Hamburg, Germany as part of Project ALIKE, a project to test autonomous on-demand ridepooling in the city. The project's aims are to make autonomous mobility accessible, to test a new form of service and to expand Hamburg's public transit system. ID. Buzz testing by Volkswagen ADMT remains ongoing in Austin, Texas.
Continued to advance potential new programs with notable OEMs – Innoviz further advanced its pipeline of RFIs and RFQs. Of the more than 15 programs in the pipeline, approximately 50% are in the RFQ stage. In particular, Innoviz advanced in the RFQ processes with notable OEMs, including several top ten automotive OEMs. Winning these programs could generate strong NRE revenues for Innoviz in the coming years as well as meaningful long-term LiDAR sales volumes. These potential customers include but are not limited to:
- A top ten OEM with which Innoviz has agreed on the technical specifications of a program. The RFQ is in the latter stages which include advanced legal discussions, and Innoviz has successfully completed production related audits;
- Leading top ten North American OEMs, which include Level 3 and Level 4 programs. Innoviz has successfully completed LiDAR technical and commercial assessments. Across these opportunities, Innoviz is expected to provide InnovizTwo LiDARs, its compute box and advanced AI perception software, which on certain programs would be customized to meet the respective platform's specifications. Innoviz expects to begin receiving decisions related to these programs in the coming months.
Third Quarter 2024 Financial Results
Revenues in Q3 2024 were $4.5 million, compared to revenues of $3.5 million in Q3 2023.
Operating Expenses in Q3 2024 were $26.0 million, a decrease of 6.4% from $27.8 million in Q3 2023. Operating expenses for Q3 2024 included $4.2 million of share-based compensation compared to $5.0 million in Q3 2023. In Q3 2024, Innoviz drove sequentially decreased cash burn with cash used in operations and capital expenditures of $17.7 million compared to $28.6 million in Q3 2023 and to $21.6 million in Q2 2024.
Liquidity as of September 30, 2024, was approximately $87.7 million, consisting of cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.
FY 2024 Financial Targets
The Company expects full year 2024 revenues in the range of $23.5 million to $25 million, compared to $20.9 million for full year 2023.
FY 2024 Operational Targets
With its collaboration with a leading Level 4 platform partner (as described above), the Company met its commercial target of securing 2-3 additional customer programs in 2024. Innoviz hopes to provide more details before the end of the year. The Company reiterates its operational target of securing $20 to $70 million of new NRE bookings.
Conference Call
Innoviz management will hold a web conference today, November 13, 2024, 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 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.
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WeTheMarket
3月前
Lyft and Mobileye Team Up to Enable Autonomous Mobility at Scale
Lyft and Mobileye announced plans to facilitate the widespread commercialization of autonomous vehicles' services by industry-leading fleet operators.
November 06, 2024
https://www.mobileye.com/news/lyft-and-mobileye-team-up-to-enable-autonomous-mobility-at-scale/
JERUSALEM, NOVEMBER 6 — Lyft, Inc. (Nasdaq: LYFT), one of the largest transportation networks in North America, and Mobileye (Nasdaq: MBLY), a leading provider of self-driving technology and advanced driver assistance systems (ADAS), announced today plans for an alliance that aims to facilitate the widespread commercialization of autonomous vehicles' services by industry-leading fleet operators.
Using the latest advancements in AI for autonomy, Mobileye provides AV technology to an ecosystem of purpose-built vehicle manufacturers, who integrate Mobileye’s AV technology in AV-ready vehicles for purchase by vehicle fleet operators and transportation service providers. The alliance of Lyft and Mobileye intends to leverage Lyft’s network of 40 million annual riders and exceptional reputation as a leading transportation network in North America to provide a seamless demand platform for Mobileye Drive™-based AV fleets.
The objective is for future AV operators who want to deploy and manage large-scale fleets in various metropolitan areas in North America to purchase Mobileye Drive equipped, “Lyft-ready” vehicles from vehicle builders, access Lyft’s rider demand and optimize utilization and profitability of their fleets.
The companies also plan to utilize Mobileye’s new cloud-based AV demand technology, which connects Mobileye Drive-equipped vehicles with AV fleet operators. Through Mobileye’s turnkey AV ecosystem and Lyft’s suite of AV Partner APIs, fleets of AVs are expected to be monetized, giving Lyft users faster and broader availability of AVs.
“Mobileye’s full-stack technology is an important part of getting autonomous fleets Lyft-ready,” said David Risher, CEO at Lyft. “As we make more AVs available to our 40 million annual riders, we’re laser-focused on building a platform where fleet owners will be proud to put their assets to work. We welcome Mobileye as an important strategic partner on the road to an autonomous future.”
“Cooperating with leading mobility providers and operators are essential steps to bring autonomous mobility services to reality,” said Prof. Amnon Shashua, President and CEO of Mobileye. “Enabling Mobileye Drive with Lyft’s network of 40 million annual riders in North America would allow our AV customers to reach new markets and geographies with autonomous services and provide the benefits of the technology through a sustainable business.”
The planned joint effort marks another milestone in Mobileye’s ambition to bring autonomous mobility to passengers across the globe. Working together with transportation network providers, vehicle operators and vehicle manufacturers, Mobileye has provided its AV technology to various mobility-as-a-service projects in Europe and North America. Mobileye Drive-equipped vehicles are currently piloted with several mobility operators in Germany, Norway, Croatia and the United States.
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