INVZ - Earnings call transcript Q4 2024 | Innoviz Technologies Ltd.

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Operator

Good morning. I would like to welcome you to our Q4 and full year 2024 earnings conference call.

Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir innoviz.tech.

Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. materially anticipated differ statements. the could results from in those forward-looking Actual

update statements to undertake and publicly only today no revise expectations to Forward-looking speak today, our made as of obligation or them. we

results Risk XXXX. some the of SEC filed forward-looking factors cause from discussion a of to see our important materially the For differ please with XX, section that on risk could March actual Factors statements, XX-F any Form

please go Omer, ahead.

Omer Keilaf

us Thank you, some call. and on leave Leda, financial developments operational transformed joining and and all Thank these to of about out in accomplishments lay beyond. financial this everyone. I you you position like morning, recent would and for Today, business a and Innoviz how for good tell our XXXX

strong Full midpoint the recorded financial versus of million $XX.X Innoviz year were our million XXXX, in and performance. $XX.X guidance range. In another XXXX revenues of exceeded year

our expenditures million in the -- use operations year, $XX.X from cash million capital decreased and in $XX.X fell we During XXXX. to

past payment X $XX cash NRE our into of million we've to in key with We and approximately million $XX ended We strengthen cash significant financial customers. XXXX position. steps with equivalent. entered the our spend In taken months,

completed a securities in of year, approximately direct this Additionally, generated offering of February our gross million. registered we that $XX of proceeds

liquidity on announced now We to Innoviz. savings Altogether, of annualized an deliver advantage newly position in our competitive an million basis. strengthened optimization expect approximately also operations that be $XX should for we a our

NVIDIA platform that potential customers AV Mobileye new X And programs across several platforms. the side, customer OEMs. X to has partnership we means the resulted with all the recently in have serve major with On unveiled we integration with Hyperion

in expanding with to different We XXXX order a our meet magnitude of number are of continue capacity future customers' by to demands. an production and programs work

LiDAR technology. growth Innoviz an market-leading position Heading believe on and additional programs accelerate we to into pipeline with with excellent execute in XXXX, is our that our

feel outside our also enable begin as in expected 'XX. that exploring opportunities prudent believe We right position expected to us that cash and will is SOPs financial our industry to and automotive 'XX We the volumes ramp and the cross time well. management

about in that the with new working Let announced we million plan me $XX in bulk $XX and payment as million payments more December. you we by payment we expect receive We customers. in other plan multiyear Under the NRE the and totaling XXXX upsized million $XX to our over telling with XXXX this, XXXX begin and to these between already to and XXXX. are see for potential be business of expand XXXX scope approximately this

expected XXXX, to million we had million we of said NRE into Going $XX bookings. that $XX

our on on are further NREs The before to these programs. mean several fund programs amounts NREs spending. going This not efforts, the and in on LiDAR scale reduce been converted and the from the who cover are where our we increasing does customers payment our new burn. expenditures to we've have to -- commercial and we work previously us the our confidence programs. During customers the year, have and also see -- develop The where payments with We us ramp. to These and quite as production testament we have discussion a the are discussions of work in allowing and this for planned based spending programs. expected started come announced we ongoing time stated cash are some

potential existing and the incremental of NRE payments new that revenues orders -- engagements LiDAR expect generate projects. is are to to important to from the our we sales in on XXXX note It from base with

and be will advantage volumes multibillion-dollar also and operational help NRE our our competitive announced we a potential the position. to NRE significant forward. will institutions These million company's 'XX Innoviz. It The and the will resilience, financial ramp our in investments to in markets' additional enhances growth payments the gross SOPs $XX us of to of ago, should our buffer the runway investment 'XX. support lumpiness from and securities. related expected reach confidence position timing business reinforce potential provides milestones a X it registered key weeks across of Two We offering customers' enhances has moving and direct and believe market our

In recently ramp the optimization basis. plan on an meeting our expected up million payment annualized is investment and to of Innoviz' we enable optimization we SOPs mass the an In will operations result approximately and our addition strategic to InnovizTwo in production believe to NRE's that $XX our announced the trajectory operational volume. all, of NRE offering, saving and to

and to To look our have LiDAR. to reached sample to of we the that and the thus the confident and in ability decade the C deliver end, as value our remain significant the profitability of froze phase we beyond. We long-term goals, Innoviz design reach end position achieve

terminal on major Moving programs platform one several X. that discontinued major that is third-party December, LiDAR we pivoting are announce In that to partner. following that with Level entered OEM very from Earlier platform and they've time-of-flight we and last X Mobileye partner quarter, announced Drive the into year, we've engagement work Level happy Last our were disclosed provider. our of a LiDARs to new Mobileye, achievements. with a to AV Mobileye

that autonomous are feature Mobileye we We of as as world platform. be LiDARs an the Innoviz pleased working a And chose leader excited key to with industry very embraces very driving. are the

for that a ambient including engagement a testament capabilities, Mobileye is is North appreciate. America. underway Europe our leveraging LiDARs, driving planned platform to performance system their growth in and programs to unique expect this with the Each these believe drive safest the and prospects autonomous vehicle very proposition be fully XXXX Drive we will this to road Innoviz' expertise vehicles, transport from is company Testing deliver in LiDAR that the that. volumes a By is InnovizTwo in XXXX. mode comprehensive enables Mobileye built SOPs its is ride-pooling delivery. have as driverless commence testing planned with with Mobileye IR, will significant. substantial and in on We to customers in because And X already goods Drive domains. is robotaxis, platform technology LiDAR revenue InnovizTwo to public

go now some me of into details programs. of Let the these

short-range with original and booth LiDAR a The and key last the based VW both resistive range, InnovizTwo engaged platform drew of First, our the some technological the that on happening. during We on our the year, expansion Buzz. and with with the initially medium a this existing LiDARs view of short what's for this InnovizTwo the program architecture. also we've to Mobileye. of time. of InnovizTwo around CES short full the vehicle front Mobileye's program the to range lot short-range a long-range ID. long-range VW and attention. DMT demonstrated InnovizTwo was roof-mounted has and we've covers gyros in were in relationship displacing our is X booth [ capabilities It for the LiDAR ] which in After vehicle provide X This displaced vehicle

Level This no vehicles, X is because there's in critical driver.

its The operation Middle in Hamburg East. able and already SOP and be mid-XXXX. to understand for car operate in vehicles Texas; in is planned and Europe, in North expected Buzz fully Test are all ID. the so Austin, the needs operation And surroundings. independently in Hannover; directions Germany. in to America is

public mover. engagement The suite in a Germany, radars to about Buzz configuration it's the next by of people and is short- to in ID. Benteler with transportation. you X The of a for turn long-range tell I'll Holon is It's division similar here InnovizTwo cameras. very and LiDARs of made and addition Corporation the

out across East this North and in America, to slated roll SOP vehicle globally Asia. Middle Europe, We is expect XXXX. And the

Innoviz and ADAS ID. Buzz the autonomous for new other the from at LX vehicle Drive phase SOP next X, a is InnovizTwo LiDARs. a OEM. Earning. X 'XX. vehicles public out electric safety at the we last the testament look The expected the the different which X example to compound Saudi year. The end seller just from the what's is designed It's the Zagreb Mobileye system and offerings. test fully come of to I U.K. first sensor showed The suite AV Shopper, is and German by is a robotaxis are that you validation in of vehicles in It's to versatility shuttle year you, this vehicle today luxury the a this and to and I'll is with in drive European Arabia the Tier and baton scheduled it's and platform this The quite traditional that Germany, will similar with 'XX from vehicles LX then transportation quite a expanding of show for

the and to to proliferation opportunity the We're per be platform platform. X with on of per revenue for involved of Drive adoption the hundreds significant vehicle, is year, grow Drive At Innoviz. flyers thousands to of excited a expected Mobileye ongoing LiDARs

moving talked I'm level process programs the in on are continuing LX that nicely that earlier, program we've In with is programs. about addition to platform. work ID. development VW VW forward Chauffeur we Buzz share to the X happy the to

continue move start to LiDAR track development on production to the and time are We meet various lines. through planned successfully of gains

partnership I'd with to bring like to our to your is development that attention Another in regards NVIDIA.

agnostic X.X are engaging NVIDIA, is which the is OEM can porin with with With software their and the who critical We been incorporates platform, needs This At and of exploring we're NVIDIA we platform. Drive-AGX and the fully customers NVIDIA are Mobileye Hyperion now has proud CES, we that the run closely AV also and Welcome very platform OEMs Innoviz value proposition of. working to InnovizTwo. something major NVIDIA optimized of team regardless to choice. of perception our demonstrated on are meet a platform, our

robotaxis. of progression encompasses ahead and able a a us technical various X commercial we've RFIs major successfully our to process in positioning. opportunities North our and We're and completed on sourcing We're with trucks, and variety talks stages are RFQs and of technology, number confident continued OEMs Asia Level Level our multiple of by corporations. Shifting the These with now the shuttles platforms. are the X of America in of display and cars, and vehicles, technology, including Europe, product to programs pipeline. and a across been on passenger of advantages encouraged now variety of We've in assessments

to potential Detroit forward to the working wins. in design meet the a into the entire and Silicon I'll team traveling We returned be Europe, from opportunities just convert to these of additional Having weeks, have these customers. to, to many and with is Valley hard few lot look next

unique that that airports line. preferable technology as of the down smart and some development, opportunities on to automotive the applications applications automotive More outlined to We data our addition such operation. the we're I've and in the smart more, as domain. outside touch envision ground-proof I'd highly see like areas being security, infrastructure, In of a seeing to earlier, we variety

We of available on be laser-focused front targeting the opportunities continue pursuing largest the to the market number directly and automotive with of our strategy us on of in units.

aware also into robust market with security are can safety where we as and create critical. our ourselves and mature neutral products position for markets However, and that are supplier of a our geopolitically LiDAR longer-term we LiDAR

As we We about for sharing we future. you opportunities. the to is look exploring think the capacity, expand right this more our in these with time forward

believe burn. year-over-year at of XXXX twofold in expected in X million We X programs. our adding $XX to In the million, over midpoint we with increase In our XXXX. revenues for that performance will in NRE and XXXX, in revenue of with the guidance guide provide further $XX cash in expect LiDARs, were to $XX.X will to a of we our line NRE some increase Before combined I'll our more $XX down gross year. XXXX, met million and targets that our sales our revenue revenue the with Eldar, million operational positive drive our color new with bookings financial of I expectations The exceeded we payments also the margin. hand XXXX XXXX, than on for for you call to drive

On we X additional announced. X and programs new expect to operational front, million targeting the $XX million bookings already $XX in to NRE incremental to what are in XXXX, we've

call the to turn I'll XXXX our that, with Eldar review to financials. over And

Eldar Cegla

-- reach our significant the have sorry, you, our of enhances good profitability. we and with offering financial On call, Thank XX, earning XX morning, Omer, of and our Since made foundation last have funding past and company of strengthened resiliency registered and we a proceeds on breakeven trust us and in million. realignment NRE our help improves approximately demonstrates company. February February the direct concluded runway. strides $XX everyone. our of securities payment This 'XX. gross on October Omer NRE our Innoviz and and It operational and to earlier commitment discussed our our extends efforts production to SOP ongoing this key we Further, the support strategy. volume in milestones structure will the our customers' and streamline The for announced in 'XX cost

approximately the million I XXXX and with $XX balance in deals equivalents, and on bankable ended [ We cash funding ] security cash gross short-term just restricted another cash mentioned. sheet, X

continuing We and drive burn our management a our performance. to of prudent platform are decreased company single revenue focused resulting strong continued sequentially our cash from InnovizTwo on LiDAR

that over course are cash very in We our the trend of we delivered burn of proud consistent year. improvement the of

lower see continued a burn. basis, be sequential full on lumpiness considerably While to basis, a on there year expect we year-over-year may

confident ] to in for to effectively margins and ability in we our time. burn the basis. Looking And our first expenses an profit Gross remain into generated improve annualized continued keep QX, and we down move XXXX [ gross quarter-over-quarter. beyond, on

Going margins be expect on milestone. forward, as our ramp we continue quarter-to-quarter will and we as revenues from unit-to-volume customers' NRE continue fluctuate based somewhat to production lumpy to

margins For the full positive. do expect we to year, be gross

statement. the income Now turning to

Our our extending $XX.X top versus 'XX This was of delivered we million another $XX.X in above million of the revenue line, million represents midpoint revenues execution. which on XXXX. to of range record million full $XX.X of year in our the year $XX guidance

expenses million, million $XX XXXX. XX% $XXX operating were operating of Our compared year's a This for of $XX.X expenses XXXX. approximately share-based in in included XXXX million to compensation decrease $XXX million from

to for compared reflected of of to expenses R&D were million XXXX. expenses revenue from year's development reallocation million as NRE decrease the and $XX.X million, XXXX a share-based recognition of sold a goods XXXX $XX.X Research million expenses of XXXX. in included [ ] R&D The in R&D $XX.X $XX.X process. compensation part cost expenses

perspective. performance To conclude, both from a cash and XXXX represented revenue transformative of year robust

of are our ability We the encouraged ongoing exceed or to and by strength expense guidance. management consistently meet our the revenue

expect we design strong the QX, a to around for InnovizTwo into wins. the additional work Looking start year and secure further

And turn Omer back closing with the to remarks. for I'll that, call

Omer Keilaf

Eldar. you, Thank

partnership of and for Q&A, year. Before some new achievements wanted with Mobileye the I the open X our up wrap added call I through We Drive. past to amazing several the in Level recap OEMs

Far our work Level continuing We X a are on Mobileye programs.

to and vehicles bringing 'XX launches We the in solutions are test collaborating XXXX. on market with in

platform now can NVIDIA, of we across include platforms. partners serve OEMs list major Our and all

with a And and set We on X have robust pipeline of wins RFIs broad-based RFQs our a X programs. we enrich. we that and of few are Level Level believe OEMs next

standpoint, continuing and Rest we we make are to a had technology to ramp our expected $XX and that $XX we've to just cross to prudent our breakthroughs covered, From offering and of us broaden And registered million plan, all enable the competitive add, updates. 'XX financial we are in lot payments and of our couldn't a SOPs direct NRE advantages. me that million volumes cash management assured date and to let 'XX. news get the significant

sheet Our of we the that superior technology Tier gives and strengthening us goals becoming can automotive X leading balance achieve supplier. LiDAR confidence our

that, And open up please Q&A. call with for the operator,

Operator

[Operator Sachs. first today question line from Delaney Instructions] Mark Our comes Goldman of of the

Mark Delaney

see realize to able last to that company the quarter. all the Nice over the progress was

had nomination potential where with stands? a final spoke and OEM. the you that an one potential last all And Can in on that about audits call, legal earnings was us update passed you nomination negotiations. give auto you said On Innoviz the top

Omer Keilaf

Yes.

waiting passed element. actually, customer are the the discussions, for and we've final I legal So think we

once OEM update. we'll learn -- we'll steps, next about we'll So the make

Mark Delaney

around was helpful. And my flow. cash question Very other

the cash, has said actions. margins NRE positive and also for implications you're and cost-reduction You taking revenue

you So those more burn can factors, cash XXXX? this your much year can to and us you given give reduce flow on for free the XXXX compared in detail expectation how

Eldar Cegla

are burn. definitely next So this we that. to expecting this The trend year. expect said to continue year, we to NRE continue that reducing this cash trend, the we with positive And year, contributors are

Mark Delaney

the share, Okay. degree you quantification Eldar? can And any of improvement of

Eldar Cegla

definitely point and an at of improvement quarter-over-quarter year-over-year. this but time, Not

Omer Keilaf

the contribution on of $XX said realignment, basis. We is save annual course, an NRE Yes. about is for saving. cash And going help [ ] another million to us the that

Operator

line JPMorgan. Our Patwa the Jash from next today of question of comes

Jash Patwa

manufacturing I some and could direct direct was a believe around from wondering implications you Chinese indirect tariff share standpoint. Israeli if partners. insights you are From with on a perspective, engaging I potential issuant impact and domestic impact

be exposure flexibility So maybe production any would on and incremental color helpful.

been from have some I RFI/RFQ result how the you tariff then indirect for as the an manufacturers? uncertainty, North standpoint, And the a believe for more especially could about procedures of impacted be of potential and which could talk American business, disruptions meaningful

Omer Keilaf

Sure.

So things basis. on still to settle to waiting land a where and we are for see news dust the daily checking the

us. we an don't now, of impact As see on

As plan China. in our is our Asia, -- you stated, partner production partner not in

not far, we're so And any seeing impact.

RFQs, see serve that interest the is limited of terms U.S. more we of of geopolitically Innoviz market In an variety in being actually the that that Having RFIs can LiDARs neutral. with now obviously uptick and

-- serves So us believe it at actually favor actually this in point. I it's

Jash Patwa

customers Understood. are That's follow-up, road for helpful Mobileye on of involved test mentioned the the some the platform. vehicles just Drive a color. as And in you already then

if these that a any way have how on are driving in decisions the opposed perception by like sensors LiDAR you of on alternative radars? seller to LiDAR involvement insights vehicles the percentage any controlled the sure you primarily of of the and it, decisions. and to data cut would Just sense I'm wondering like to cameras get as not but driving

Omer Keilaf

Yes.

Okay.

So software. question and a to think probably that's Mobileye perception actually, I their

only of et conditions, scenarios, their complex hear in working like we analysis with of always very driving customers, the that of share weather importance LiDARs So with cetera. I kind their can experience different about I our can say you system.

As quarter, than with LiDAR, very on let I taking talking LiDAR meaning said LiDAR-centric. Waymo, think may them about from decision come they XX% I I weight when talk the last the will Mobileye, more of comment. the On

Operator

[Operator Capital. Instructions] today Ryan Our Casey Westpark the from next of comes question

Omer Keilaf

Casey. unmute, To

Casey Ryan

too You high-tech in guys now? phone. Can are the back hear me. still I'm for you me

Omer Keilaf

Yes.

Eldar Cegla

Yes.

Casey Ryan

Okay. Perfect.

thing. So I wanted to touch on one

recognized? You far like mentioned those tell it what different booked of And million that million an what could means, in Can to It X booked $XX getting you looks things. like? payments as NREs then to 'XX. actually what just $XX be briefly seems as be might be NRE triggers us

Omer Keilaf

Sure.

is in the by with an a programs and ramp-up So support the The it's whether X, could by whenever type it basically the of could between the done obviously, it program, before development, the we of those require, the it say, or OEM, of new and paid the pursuit vary business then engaged X to a Level are and we I Level length us, as between this that refer NREs. different effort is be production, customer, sum customers. different of would

within between million and be sometimes even can -- It to million even customer. more $XX per $XX

are activities, be with could are these discussed be us. we paid kick milestones. -- these that we are the NREs over It once paid customer. over nominated these paid off are and to could It things This So quarters. is

talk it how Eldar of recognized, recognize over I'll or let not we -- to I'll terms In hand about it. to

Eldar Cegla

the trying so the milestones. client, we milestones, and based as do so Basically, we we acceptance it. and we Yes. revenues. the are And Once -- recognize on recognized succeeded the can far, get from we to the have meet to all NREs we

Omer Keilaf

pay helping milestones customer we the an very this basically meet And customer between of and, on are forward. deliveries alignment are a so with we that the accordingly. year. good tangible As those are to course, an to deliveries of different $XX defined to course, million test payment example, this planning It's and then, us and us that things our teams by push alignment the used have

Casey Ryan

OEM Okay. these about if million that Well, was helpful. press think, the partners, didn't One that's thing was release remembering $XX from the I that I'm NREs. noted you say it NREs, new We correctly. existing about potential of

we might about can something come from? additional hear these NREs optimistically So where

Omer Keilaf

it but existing, the new from also from also come come ones. could would It

that program, range. by these a new such there continuous range, they new might more even So are coming just once long require LiDAR, you're engaging customer, additional not changes requirements And activities us, effort from get sometimes the want need we'll NREs which a means a and for. to as to short

million year, have this could that customers for from we target the going So we're we're be going this expect $XX new million additional customers to or tasks to book -- support. to it existing that to from that $XX or

Casey Ryan

Okay. Terrific. then just a of That's couple helpful. quickly. more And questions

about of LiDAR there Drive and we platform, always wins? the customers and associate sort If vendors potentially can infer On are of Mobileye things? we with that are wins opportunities, those talks that other can Mobileye Or Innoviz platform? part

Omer Keilaf

that the between and Mobileye Mobileye only when There as There's and and Mobileye Mobileye InnovizTwo plan that's no as -- is So us made Innoviz announcement announced using record. exclusivity we is sensors. the side. Drive either on

that's Of as we work and they the facto, the working others customers. are and right others where are allowed they LiDARs with their de Innoviz plan to case course, well. using across different Mobileye are with now But

the press customers generation a benefit InnovizTwo. lower We cost it from think of will for the And and it same get all the agreement -- that's of offload customers. Mobileye Volkswagen Mobileye, of for to other same to as And obviously, that started other from and use sides. use for platform. eventually that Mobileye our And to and future will on The I volume customers collaboration to a release both that's mean, what their expectation. -- the made same our mentioned it I platform it's the the with would it drive from to develop lot sense an -- And led platform. use

Casey Ryan

really And to sure sort wanted for fair per the in expect about we're be just year them not the whole Eldar, for positive aggregate. of but one of positive. sort us Okay. quarter, margins for make fluctuations Good. year, year the that comment realize about you have necessarily I it's in you to made, just across talking it Is quarter? production gross to we positive think then Great. 'XX, every

Eldar Cegla

do because an meeting fall on basis, might the these milestones again, that experience we It's and they quarter. which fluctuations Yes. annualized in because of

So fluctuate gross positive bit. on we a it expect But margin. a basis, an do can quite annualized

Omer Keilaf

additional on quarter and the might year. XXXX, guidance I I'll which guidance There expand year quarter guidance, difficult opportunities, we between up the it's wins also able comment cetera. foresee secure payment the many update and also to and opportunities because see always you we mean about to go several see decided wins during NREs, and things we are plans, our additional actually we'll more as out still the and happened year. We us book around. during come commit to We've our feel that for can that et again opportunities were NRE we to really will all that contemplating the put very be additional allowed us which to. revenue do that to

Casey Ryan

to think of color. inclined to sort than But that sort -- the there's maybe too is for helpful I'm saying of margin. positive agree meaningful of And that's being we're I terrific. your targets initial And guidance being like like less if That's Okay. target quarterly gross are a conservative. possibility annual

happy be we'll with think that, too. I

for very quarter, So it's update. you thank the a exciting and

Omer Keilaf

Sure. you. Thank you. Thank

Operator

Garrigan Rosenblatt line next of Our of Securities. the from question Kevin comes

Kevin Garrigan

all on congrats my echo me progress. the Let

program, if you do preparation still SOP? For the ID. in have VW any, to Buzz milestones for reach what,

Omer Keilaf

Okay.

to already for the the production terms moved design. just ramp-up completing sample which that automotive what manufacturing all of the you you from sample, customer, we're units we And in the C Basically, our to validation, you're explain is with serve is going we sample of components. requirements. all The C are the that to all The of elements, stage C-sample design C different C production is to batches the of I related testing the our sample. validation site just of of manufacturing the the tolerances are partner. sample Innoviz a means said freeze high-volume producing the where meeting B is B we're in in So approaching

of are You higher accuracy in to the stability see the producing volumes process. LiDAR-to-LiDAR and

the is completed, validation the it reason, We've reach you very a development car, And any learn cloud. critical production you which launch. we because can referred is is some already data, start to and one at are customer overall freeze, for freeze. of of actually and means us which serve the for allows program of can its for for is It's targeted basically the next the of the point, once equipping be doing It's stage start SOP, very -- of data milestone fleet that's because year. development can our the the something we've software a times point the to beginning met needs vehicles point actually last collection. that, design important you important in before the And Because and us fleet that a of the to as to maybe the up a ramp most which going what customer met point. the a changed in LiDAR, collecting cloud then in be also base milestone

program cloud expensive, I design would of freeze own at of its is test process validated. on where time you of in collection very and customer conditions, probably say, in different reaching to time, cases, in time. need basically there eventually I scrap It's develop data long environments, to collected. need a ability most the is a the use point software very very data -- therefore, And effort. eventually which freeze point critical -- Because the was to influential would that say launch You different on lot the a

a crossed customer. customers SOP on already LiDAR time, providing meet So collection, we've happy using the to with that that enabling of from I'm their for pleased very in terms our way. data our very good our very our and our quality perspective, point to LiDARs is in

we've very window. image are different all all and quality high is in very in especially really KPIs. terms -- quality, challenging, weather in range of crossed parameters LiDAR of stability, conditions, met that The have We dirty different the meeting of the

presenting show that we're point we a is reached And actually really, the just freeze. new few try that customers I've our test to that seen one we've to of them reports days ago the cloud

effort the huge from team I was different professional gives complements level think the us really done of that by customers.

the I the We that not second think cloud has is it's market really time LiDAR. We've is This first that due fact with it. Innoviz the time Innoviz importance our point. freeze brand. of met the this to with we're met going actually the know to that point

enabling in and this their of targets We user actually able terms our time, KPIs, is surpass their InnovizTwo that the point KPI. to experience fulfill of -- to cross at feel being customers even

that leaders these product, do. forward customers great thanking which, are look see I'm is the it when to how and -- InnovizTwo from think the our time from using way, time by us we customers, great is feedbacks progress of experience -- getting to me and from they getting they other are I we for the a are telling OEMs, we the demos work great either or that of Mobileye already

and It's our the road customers that are enjoying on exciting. product is it it. our to So see great

Kevin Garrigan

just out of BMW news being just and and you I appreciate as Chinese lot competitive OEMs OEMs? color how you Chinese on progress an Yes. there's a versus of Can that. give follow-up, kind No, surrounding absolutely, on platforms. the us see autonomous their this and making driving that's of been coming fantastic a platform with And China China update then

Omer Keilaf

Sure.

OEMs in think the is market. China crystal in bringing forward. terms push I more around So of always pushing that the very they that things is the to that would way also way, much capabilities the helping the of first something And say new the are car envelope are I think of world ball of, rest sensors into many of I aware a and all, the

was platform, X on basically I road approval has road, also believe Level that are the is the there I Level waiting BMW road. once now, BMW let no the using there Level announce. the that right would LiDARs. the developed Level available which say, that is BMW plans experience I'll on for with our for happens. X X for X

as far car, and our I'll the looking Level to LiDAR you eventually, huge in as you and a order There's LiDAR as and huge, by possibly to driver to X. that of Level the allow road, driver dirty X X reengage X react. the not in quality. that might he In reset be Basically, seconds it we've should car a a Level quarters, on the need are Level asked LiDAR where something, supervised say is if minutes, the dirt. a system the using can It's possibly the required nobody is With even huge, cares. where previous a for between magnitude higher still because order the as has our every driver. only LiDAR is difference asked -- time when go be resilience to not is X or of LiDARs, stated XX --

that So the experience be with X better. we believe Level Level would is sensor providing, and substantially user Innoviz the that X of

Operator

have You no questions. Please further proceed.

Omer Keilaf

are next our to forward you Okay. us Thank you we quarter on much. We Thanks, Thank updating making everyone, joining at today. here Innoviz. you. very for continued and progress look

Eldar Cegla

you Thank

Innoviz Technologies (INVZ) 26 Feb 252024 Q4 Earnings call transcript