"The second quarter was a continuation of our strong start to the year as we again delivered revenues above the high end of our guidance range while maintaining cost discipline and efficiency in our operations," said Omer Keilaf, CEO and Co-Founder of Innoviz. "We are excited to share that today we reached a pivotal agreement with a major platform provider to supply InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. Additionally, we recently announced an agreement to supply InnovizTwo LiDARs to The Indoor Lab's airport portfolio. We are now offering both short- and long-range solutions as a bundle, which substantially increases the number of LiDARs we can offer per vehicle and allows us to better meet customers' complex needs. We believe that along with our upgraded AI Perception Software this differentiates Innoviz and positions us well to realize our vision of becoming the leading Tier-1 LiDAR supplier."
Keilaf added, "We continued to expand and mature our pipeline of RFIs and RFQs, having spent significant time with our customers around the world. We remain encouraged by the customer activity we are seeing, looking towards the second half of the year we are confident in our ability to continue adding additional programs with both new and existing customers."
Commercial and Strategic Updates
- Reached an important agreement with a major platform partner – Innoviz announces it reached an important agreement today with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. The Company expects the high quantity of LiDARs per vehicle across multiple programs to lead to significant volume generation more quickly.
- Added short-range LiDAR offering, unlocking additional pipeline opportunities – Leveraging the maturity of the InnovizTwo platform, the Company now offers both short- and long-range LiDAR to customers. The addition of the short-range LiDAR has unlocked several opportunities, which Innoviz is working to advance. The Company is now maturing its short-range LiDAR to be ready for production.
- Continued to mature InnovizTwo B Sample with new compact configuration – The Company introduced a more compact configuration of the InnovizTwo B Sample that meets all automotive requirements. Production process updates supporting the new configuration are expected to be completed in the third quarter of 2024.
- Advanced AI Perception Software was upgraded for compatibility with InnovizTwo LiDAR – With InnovizOne in production with the Advanced AI Perception Software, Innoviz upgraded the AI software to be compatible with InnovizTwo LiDARs. The Company demonstrated the hardware and software combination to U.S. customers during the second quarter and two top 10 OEMs have indicated interest in Innoviz's Advanced AI Perception Software bundled with Innoviz LiDARs.
- Announced new program with The Indoor Lab LLC to supply InnovizTwo to customer's airport portfolio – The Company announced an agreement to supply InnovizTwo LiDARs for use in the Denver, Nashville and Tampa international airports, with more airports expected to be added to the program.
- Increased number of programs and matured robust pipeline of RFIs and RFQs – Driven by the increase in short-range customer activity, Innoviz ended the quarter with more than 15 programs in its pipeline, all of which require long-range LiDAR and five of which also require short-range LiDAR.
- Engaged in various stages of conversations with several potential customers to replace their current LiDAR providers – As part of the pipeline, Innoviz has been approached by several potential customers seeking to replace their current LiDAR solutions, including one customer that began working with the Company on an RFQ for their second-generation Level 3 platform in the second quarter of 2024, a Level 4 platform company in the trucking space and an additional platform player.
Second Quarter 2024 Financial Results
Revenues in Q2 2024 were $6.7 million, compared to revenues of $1.5 million in Q2 2023.
Operating Expenses in Q2 2024 were $23.3 million, a decrease of 23% from $30.4 million in Q2 2023. Operating expenses for Q2 2024 included $3.8 million of share-based compensation compared to $5.0 million in Q2 2023.
Liquidity as of June 30, 2024 was approximately $106.4 million, consisting of cash and cash equivalents, bank deposits, marketable securities and short-term restricted cash.
Third Quarter 2024 Financial Targets
The Company expects third quarter 2024 revenues in the range of $3.5 million to $5 million, compared to $3.5 million for Q3 2023.
FY 2024 Operational Targets
The Company reiterated its operational targets for FY 2024:
- Secure 2-3 additional customer programs
- Secure $20-70 million of new NRE bookings
Conference Call
Innoviz management will hold a web conference today, August 7, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter of 2024 and 2024 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 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.
