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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) showcased its automotive-grade LiDAR technology at the ITS America conference in Grapevine, Texas, from April 24-27, 2023. At booth #1510, Innoviz demonstrated various mobility solutions, including bridge collision detection and pedestrian safety analytics. Their product, InnovizTwo, which has gained significant market interest, was awarded the Edison Award in the Smart Transportation category on April 20, 2023. Innoviz collaborates with partners like Outsight and Sensagrate to enhance data collection and safety solutions in transportation. The company aims to meet the growing demand for high-performance LiDAR systems in the autonomous vehicle sector.
Innoviz Technologies (NASDAQ: INVZ) announced it will release its first quarter earnings results for the period ending March 31, 2023 on May 17, 2023, prior to market opening. A conference call and webinar will follow at 9:00 a.m. ET, discussing operational and financial results, with a question-and-answer session for investors. Interested parties can register to attend the call online, and a replay will be available on Innoviz's website for 90 days. Innoviz specializes in LiDAR technology for autonomous vehicles, focusing on performance and safety in various applications worldwide.
Innoviz Technologies (NASDAQ: INVZ) has partnered with Ascendtek Electronics Inc. to enhance the distribution of its high-performance Lidar solutions in the Greater China region.
This agreement is part of Innoviz's strategy to expand its global ecosystem, now including over 30 partners and distributors. The partnership aims to leverage Ascendtek's existing customer base and technical expertise to meet the rising demand for Lidar technology across both automotive and non-automotive sectors.
The Asia-Pacific Lidar market is projected to grow at a compound annual growth rate of approximately 32.39% over the next three years, showcasing significant growth opportunities for Innoviz.
Innoviz Technologies (Nasdaq: INVZ) announced a significant purchase order for several hundred units of its InnovizTwo LiDAR from a commercial vehicle OEM. Deliveries will commence in Q2 2023. The order reflects the high demand for Innoviz’s products, driven by improved manufacturing yields. Innoviz already holds four production awards with notable automotive brands such as Volkswagen and BMW. The company is expanding its European presence with a new office in Munich, enhancing collaboration with key partners. This purchase order could mark Innoviz's fifth series production award, positively impacting its long-term outlook.
Innoviz Technologies (NASDAQ: INVZ) has provided significant updates regarding its business and financial performance. The company is on track for 2023 series production launches with BMW and its shuttle program, expecting increased volume in the second half of the year. The customer pipeline has expanded, now exceeding 20 million LiDAR units, leading to potential non-recurring engineering bookings of $150-$250 million. Financially, Innoviz reported a 10% revenue increase to $6 million in 2022, driven by a 99% rise in unit sales. Operating expenses decreased by 18% to $124.6 million, primarily due to reduced share-based compensation. Liquidity remains strong with $186.2 million in cash and securities.
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