Innoviz Technologies Ltd. Ordinary shares - INVZ STOCK NEWS

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.

Innoviz Technologies (Nasdaq: INVZ) has officially opened a new office in Munich, Germany, enhancing its operational capabilities and collaboration with key customers like Volkswagen and BMW. Located strategically near a skilled workforce and equipped with a lab and vehicle testing garage, the office aims to support Innoviz's expansion in the automotive market, particularly in Germany. The company plans to hire locally to bolster its growing project portfolio. This move is part of Innoviz's strategy to strengthen relationships and increase business opportunities in a leading automotive hub.

Innoviz Technologies (Nasdaq: INVZ) has partnered with General Laser to promote its LiDAR solutions across Europe. This marks Innoviz's first distribution agreement in the region. General Laser will leverage its extensive network of over 70 resellers to enhance sales of Innoviz's products, including InnovizOne and InnovizTwo. The European non-automotive LiDAR market is projected to grow at a CAGR of 25%, reaching nearly $2 billion USD by 2029. This collaboration is expected to drive revenue growth in multiple sectors such as construction and agriculture.

Innoviz Technologies (NASDAQ: INVZ) announced it will release its Q4 and full year 2022 earnings results on March 1, 2023, before market opening. A conference call will follow at 9:00 a.m. ET to discuss operational and financial results, with a Q&A session for investors. Registration for the call is required, and a replay will be available for 90 days on their website. As a leader in LiDAR technology, Innoviz aims to enhance the safety and performance of autonomous vehicles, partnering with renowned automotive brands globally.

Innoviz Technologies has unveiled Innoviz360, a high-performance LiDAR sensor designed for both automotive and non-automotive applications, expected to be showcased at CES 2023 in Las Vegas from January 5-8. The Innoviz360 features 1280 scanning lines per frame, a range of 300 meters, and impressive vertical FOV of 64°. The device aims to address major challenges for OEMs in achieving Level 4-5 automation, offering significant cost reductions. Innoviz's ongoing commitment to technological advancements positions it as a leading player in the LiDAR market.

Innoviz Technologies (NASDAQ: INVZ) has announced a collaboration with Exwayz to showcase new lidar-based perception solutions for non-automotive applications. The integration of InnovizOne LiDAR with Exwayz's plug-and-play software enables advanced 3D mapping, localization, and object detection. Exwayz will demonstrate this technology at CES on January 7, 2023. This partnership aims to expand Innoviz's market reach across various sectors, including logistics and security, highlighting its commitment to developing innovative LiDAR solutions for diverse global customers.