- Fast-moving new program with an accelerated
timeline
- Framework agreed, pending final requirements and commercial
terms
- Strong financial contribution, expected start of production
mid-decade
- Collaboration with a major compute platform provider, may
lead to additional opportunities
TEL
AVIV, Israel, May 17, 2023
/PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the
"Company" or "Innoviz"), a leading Tier-1 supplier of
high-performance automotive grade LiDAR sensors and perception
software, today announced that a major existing leading global
automotive customer aims to expand its use of the InnovizTwo LiDAR
to an existing light commercial vehicle program. With a mid-decade
SOP target, the program is on an accelerated track, with an agreed
framework, pending finalizing technical requirements and commercial
terms. Potential financial contributions from this program are
anticipated to begin this year and played an important role in the
decision to update previously communicated 2023 commercial and
financial targets.
The Company will provide an update on its first quarter earnings
call scheduled for today, May 17,
2023.
In addition, this collaboration includes an important
integration with a major compute platform that we believe could
lead to additional expansion opportunities in the future. Innoviz
believes that working with the top autonomy platform partners
should enable a faster time to market, accelerate the customer
evaluation process, allow more seamless integration with other
parts of the software stack, and position Innoviz well in its new
customer acquisition efforts.
"Today's news marks a critical milestone in validating our
strategy and highlighting the value of our technology," said Omer
Keilaf, Innoviz Co-Founder and CEO. "An important part of our
long-term business plan has been to show that we can gain a
foothold with a large customer and earn the right to become their
LiDAR vendor for multiple vehicles in their lineup. This expected
expansion of business with one of our largest customers could
achieve that, while also offering a meaningful financial
contribution for 2023 and beyond."
Keilaf further added, "We are extremely excited by the momentum
we have seen in our pipeline year-to-date and are encouraged by a
noticeable step-up in customer activity that further reinforces our
belief that LiDAR deployments are starting to accelerate."
About Innoviz Technologies
Innoviz is a global leader
in LiDAR technology, working towards a future with safe autonomous
vehicles on the world's roads. Innoviz's LiDAR and perception
software "see" better than a human driver and reduce the
possibility of error, meeting the automotive industry's strictest
expectations for performance and safety. Operating across the U.S.,
Europe, and Asia, Innoviz has been selected by
internationally recognized premium car brands for use in consumer
vehicles as well as by other commercial and industrial leaders for
a wide range of use cases. For more information, visit
innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
(US)
Rob
Moffatt
VP, Corporate Development &
IR
Innoviz
Technologies
+1 (203)
665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya
Lustig
Director, Investor Relations
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates and Innoviz's projected future
results. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this announcement including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, and potential
changes and developments in the highly competitive LiDAR technology
and related industries. The foregoing list is not exhaustive. You
should carefully consider such risk and the other risks and
uncertainties described in Innoviz's annual report on Form 20-F
filed with the SEC on March 9, 2023
and other documents filed by Innoviz from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Innoviz assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Innoviz
gives no assurance that it will achieve its
expectations.
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