- Record revenues and gross margins showcase the Company's progress toward achieving full-year targets and long-term goals
- Accelerating LiDAR shipments to Volkswagen Autonomous Mobility for ID. Buzz AD on the Mobileye Drive™ platform ahead of fleet deployments by MOIA and Uber; Fabrinet partnership to support volume production
- Expansion of NRE payment plan to approximately $95M underscores customer commitment to the InnovizTwo platform
- Growing momentum with NVIDIA and Hyperion platform, and progress with a major OEM evaluating Hyperion for potential integration
TEL AVIV, Israel, May 14, 2025 -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high performance, automotive-grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended March 31, 2025 and reiterated its full year commercial and financial targets.
"I am very pleased with our strong start to 2025. Our record financial performance in the quarter, as well as recent developments in our customer and production partnerships, demonstrate that we are well on our way to meeting our full-year 2025 and long-term goals," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Following Uber and VW's recent announcement around autonomous fleet deployments in 2026, Innoviz is accelerating deliveries of LiDAR units to VW in 2025 to equip hundreds of ID. Buzz AD shuttles with 9 InnovizTwo LiDARs each, ahead of project launches. Recently, we shared that we selected Fabrinet as our manufacturing partner for the InnovizTwo product platform. By working with Fabrinet, we will be able to cost-effectively scale the production of our LiDARs with a partner that has a global footprint and expertise in automotive-grade manufacturing. Additionally, last week we announced the expansion of our NRE payment plan with key customers to approximately $95 million from approximately $80 million. With our strengthened financial footing, optimized operations, newly added manufacturing capacity, and deep customer relationships, we believe that we are well-positioned to achieve our goal of becoming the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond."
Keilaf added, "During the quarter, we were pleased to see an acceleration of planned robotaxi launches around the world, with many models based on Innoviz technology. We have strong traction with new customers in both automotive and non-automotive applications, and we are particularly excited about growing momentum in our relationships with NVIDIA and Mobileye, the two leading autonomous driving platform providers. We are thrilled to be able to advance the future of automotive safety and autonomous driving as we pursue multiple opportunities using our differentiated LiDAR technology and expanding capacity."
Commercial and Strategic Updates
- Delivering LiDAR Platform units to Volkswagen Autonomous Mobility – expanded our collaboration with VW to accelerate the integration of InnovizTwo LiDARs into the ID. Buzz AD, VW's L4 autonomous shuttle, in support of planned market deployment in multiple European and US cities beginning in 2026.
- Partnered with Fabrinet to launch InnovizTwo Mass Production – this partnership will allow Innoviz to ramp its LiDARs to volume with a manufacturing partner that has automotive-grade facilities around the world, allowing for flexible and cost-effective production. We expect that the ramp at Fabrinet will accelerate revenue generation from LiDAR sales.
- Further bolstered financial position by expanding NRE payment plan – Innoviz announced that it has expanded the NRE payment plan with key customers announced in December 2024 to approximately $95 million from approximately $80 million; cash payments are expected between 2025 and 2027. These payments will be incremental to revenues generated from ongoing sales of LiDAR products.
- Developing opportunities with new OEMs – we are in various stages of the sourcing process with several OEMs; in particular, we see growing momentum in our relationship with NVIDIA and its Hyperion platform, and are making progress with a major OEM evaluating Hyperion for potential integration.
- Growing traction in non-automotive applications – with its automotive-grade LiDARs, Innoviz has an opportunity to generate significant value for customers outside the automotive sector, and expand its available market. We are shipping samples and launching a version of our product specially tuned for this market.
- Limited current impact from new US tariff regime – Innoviz continues to carefully monitor the ongoing and highly dynamic tariff situation in the US. We believe we have the flexibility to adapt as needed given the timing of our customer ramps and our manufacturing relationship with Fabrinet.
First Quarter 2025 Financial Results
Revenues in Q1 2025 were $17.4 million compared to revenues of $7.1 million in Q1 2024. The revenue growth resulted from a combination of NRE services, production units and sample shipments.
Operating expenses in Q1 2025 were $21.0 million, a decrease of 34% compared to operating expenses of $31.7 million in Q1 2024. Operating expenses for Q1 2025 included $3.0 million of share-based compensation compared to $5.9 million of share-based compensation in Q1 2024.
Liquidity as of March 31, 2025 was approximately $85.4 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash.
FY 2025 Financial and Operational Targets
The company is reiterating its FY 2025 targets of:
- Revenues of $50-$60 million, more than 2x 2024 levels;
- An additional $20-$50 million of NRE bookings in 2025, a portion of which has already been booked; and
- 1-3 new program wins
Conference Call
Innoviz management will hold a web conference today, May 14, 2025, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for the first quarter 2025, and financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.
Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.
A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier-1 supplier to the world's leading automotive manufacturers and 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 US, 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 https://innoviz.tech/
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