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Innoviz Technologies Ltd. (Nasdaq: INVZ) is a global leader specializing in the development and production of high-performance LiDAR sensors and perception software. Founded in 2016 and headquartered in Israel, the company advances the autonomous vehicle revolution with its cutting-edge LiDAR technology, enabling the mass commercialization of autonomous vehicles. Innoviz's flagship products, InnovizOne™ and InnovizPro™, utilize a solid-state design that employs proprietary technology to deliver superior performance at a size and cost suitable for mass market adoption.
Innoviz caters to OEMs and Tier-1 partners in the automotive industry, supporting various markets including passenger vehicles, robotaxis, shuttles, delivery vehicles, buses, and trucks. Beyond automotive, Innoviz's solutions empower industries such as logistics, drones, robotics, construction, agriculture, smart cities, smart infrastructure, security, and mapping.
In recent developments, Innoviz has announced its participation in the Consumer Electronics Show (CES) 2024, where it will showcase live demonstrations of its latest LiDAR technologies, including the InnovizTwo and Innoviz360. The company will also feature the BMW i7 and Volkswagen ID. Buzz, both integrated with Innoviz’s LiDAR solutions. The BMW i7 with Level 3 autonomous driving capabilities will be available for order in Germany, with deliveries expected to commence in March 2024.
Financially, Innoviz has shown impressive growth. In Q1 2024, the company reported revenues of $7.1 million, a substantial increase from $1.0 million in Q1 2023. The company is focused on optimizing its cash flow and operational efficiency, recently undergoing a strategic realignment to extend its cash runway. This includes transitioning InnovizOne into series production and focusing future investments on the InnovizTwo sensor and software platform to drive profitability.
Innoviz's pursuit of excellence is further demonstrated by its recent achievement of the IATF 16949:2016 certification, a globally recognized standard for automotive quality management systems. This certification underscores Innoviz's commitment to maintaining exceptional quality and standards in the automotive industry.
With a strong presence across the U.S., Europe, and Asia, Innoviz continues to collaborate with top-tier automotive manufacturers and commercial leaders. The company's technology not only meets the automotive industry's stringent performance and safety standards but also aims to ensure that autonomous vehicles are safer than human-driven ones.
For more information, visit www.innoviz.tech. You can also follow Innoviz's latest updates on Facebook, LinkedIn, YouTube, and Twitter.
Innoviz Technologies (Nasdaq: INVZ) will host the EcoMotion Assembly 2024 at its global headquarters in Rosh Ha'ayin, Israel on June 4th. This event, themed 'Mobility innovation in times of disruption,' will feature international speakers and attendees from leading OEMs, consulting firms, business accelerators, and technology hubs. Omer Keilaf, CEO of Innoviz, will deliver a keynote on global collaboration in the mobility industry. The EcoMotion Community, with over 16,000 members and 750 startups, focuses on advancing smart mobility through technology and collaboration. This year's assembly comes as brands like Mercedes and BMW advance autonomous driving technologies, with Innoviz playing a significant role in BMW's Level 3 autonomy. Innoviz is also collaborating with Volkswagen on autonomous capabilities for the ID. Buzz light commercial vehicle. The event aims to showcase technological advancements and address global mobility ecosystem challenges.
Innoviz Technologies (Nasdaq: INVZ) exceeded revenue guidance for the second consecutive quarter, reporting Q1 2024 revenues of $7.1 million, surpassing expectations. The company expanded key partner and customer relationships, achieving strong revenue growth, and reiterated its full year 2024 operational targets. Innoviz is actively collaborating with major players like BMW, Volkswagen Group, Mobileye, and Qualcomm to advance its level 3 and level 4 LiDAR programs. The company also reached a significant milestone with a successful winter test of the InnovizTwo B-Sample with Volkswagen, showing resilience in harsh conditions. Financially, Innoviz reported a decrease in operating expenses in Q1 2024 compared to Q1 2023, with liquidity of approximately $128.3 million as of March 31, 2024. The company aims to achieve second quarter 2024 revenues in the range of $4-$5 million and reiterated its operational targets for the full year 2024.
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