Innoviz Technologies Ltd. Ordinary shares - INVZ STOCK NEWS

Innoviz Technologies, a leading supplier of automotive-grade LiDAR sensors, has announced a collaboration with a major OEM to integrate their new short-range LiDAR into the OEM's Level 4 autonomous driving platform. This new addition, which joins the InnovizTwo product line, offers high-resolution detection with a 90-degree vertical field of view. It is designed for light commercial vehicles, shuttles, robotaxis, and trucks. This collaboration follows a six-month development phase and is expected to lead to a series production nomination soon. CEO Omer Keilaf remarked on the significance of this partnership for advancing autonomous vehicle technologies globally.

Innoviz Technologies (NASDAQ: INVZ), a leading supplier of LiDAR sensors and perception software, has released its first Impact Report, covering the company's social impact, sustainable operations, and responsible business practices from 2022 to 2023. The report highlights Innoviz's commitment to developing high-performance automotive technologies while emphasizing corporate governance and community engagement. CEO Omer Keilaf emphasized the company's mission to not only minimize harm but also contribute positively to society by enhancing vehicle safety and autonomy. The report includes detailed steps taken by Innoviz to uphold the highest standards in responsible corporate governance.

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.

Innoviz Technologies (Nasdaq: INVZ) successfully completed an 18-day winter test showcasing the robustness of its InnovizTwo LiDAR and Perception Software. The test spanned ten countries, demonstrating effective performance in extreme conditions. The company received TÜV SÜD Certification Mark for Roof Racks, a significant industry benchmark. Innoviz aims to enhance its AI-backed software and hardware solutions for advanced autonomous driving, with a projected increase in global LiDAR scanner sales by 2035.

Innoviz Technologies (NASDAQ: INVZ) has scheduled its first quarter 2024 conference call for May 8 at 9:00 a.m. ET to discuss operational and financial results. The company will release its earnings for the first quarter ended March 31, 2024 before the market opens. Investors can register in advance to attend the webinar and access relevant information. A replay will be available on the company's website for 90 days.

Innoviz Technologies Ltd. exceeded revenue guidance in 2023 with $21M, showing 246% YoY growth. Q4 2023 revenues of $15M exceeded guidance with 328% growth QoQ and 846% YoY. The company reported a record low cash burn of $14.5M, ending 2023 with $150M in cash. Innoviz provided commercial updates on partnerships with BMW and Volkswagen, highlighting growth opportunities. Financially, operating expenses decreased in 2023, while revenues surged. The company set ambitious 2024 targets for customer programs and NRE bookings.

Innoviz Technologies Ltd. (Nasdaq: INVZ) has achieved the IATF 16949:2016 certification, a testament to the company's dedication to maintaining exceptional quality and standards in the automotive industry. This milestone reflects the company's relentless pursuit of excellence, stringent quality control measures, and continuous improvement initiatives. The achievement also includes ISO 14001:2015 and ISO 45001:2018 certifications, further solidifying Innoviz's position as a Tier-1 supplier within the automotive industry.

Innoviz Technologies Ltd. (Nasdaq: INVZ) announced a strategic realignment to reduce cash outlays by $22-24 million annually, primarily through transitioning the InnovizOne program to series production and concentrating future investments on the InnovizTwo sensor and perception software suite. The realignment is expected to reduce headcount by 13% and optimize the company's path towards profitability and free cash flow generation. Innoviz plans to achieve cash savings starting in the first quarter of 2024, with run rate savings expected by the end of the second quarter of 2024.