Q3 2024 Innoviz Technologies Ltd Earnings Call Transcript
Key Points
- Innoviz Technologies Ltd (INVZ) announced two new OEM programs with a major Level 4 platform partner, expected to start production in 2026.
- The company reported Q3 2024 revenues of $4.5 million, exceeding the midpoint of their guidance range.
- Innoviz achieved a significant reduction in cash used in operations and capital expenditures, decreasing by approximately 38% from the previous year.
- InnovizTwo LiDAR technology has been enhanced with improved range, resolution, and unique IR imaging capabilities, providing a competitive edge.
- The company has a robust pipeline with over 15 programs, including a potential new Level 3 program with a top 10 automotive OEM.
- The company is experiencing revenue lumpiness due to the cadence of NREs, channel fill, and customer activity.
- Despite progress, Innoviz is still in the late stages of the RFQ process with some OEMs, indicating potential delays in finalizing agreements.
- The company has not disclosed the names of its new platform partner and OEMs, which may create uncertainty among investors.
- Innoviz's financial performance is still heavily reliant on NRE revenues rather than product sales, indicating a need for more stable revenue streams.
- The company faces competition from other LiDAR providers and traditional Tier 1 suppliers, which could impact future program wins.
Good morning. I would like to welcome you to our Q3 2024 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. Following their opening remarks, we will open the call to your questions. 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. Actual results could differ materially from those anticipated in the forward-looking statements.
Forward-looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them. For a discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our Form 20-F filed with the SEC on
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