- Expects to receive NREs from existing programs in
2025-2027, with cash payment of more than $40 million expected in 2025
- Ongoing sales of LiDAR products and new programs
expected to generate additional revenues throughout 2025
TEL
AVIV, Israel, Dec. 23,
2024 /PRNewswire/ -- 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 announced a multi-year NRE
(Non-Recurring Engineering services) payment plan of
approx. $80 million with key
existing customers which is expected to bolster the Company's
financial position. NREs are expected to be paid
between 2025 and 2027, of which over $40
million are expected to be paid in 2025 with further amounts
expected in 2026 and 2027. These payments will be incremental to
revenues generated from ongoing sales of LiDAR
products based on existing and new orders coming from new
programs.
"We are excited to further bolster our position as a key partner
for OEMs in the autonomous vehicle industry," said Omer Keilaf, CEO
and Founder of Innoviz. "NREs are essential to strategically
funding our operations and reaching the start of production for
several customers in 2026, and with this plan with our key
customers we are poised to start 2025 from a position of financial
strength. We believe it is clear that our customers trust our
ability to support the next generation of autonomous vehicles and
meet their demands through Innoviz's superior technology and
ability to bring LiDARs to production. The expected NRE payments
announced today, taken together with customer programs entering
production, strengthen the financial foundation of the Company and
position Innoviz to deliver significant value in the years to
come."
Innoviz will provide information regarding its full year 2024
financial performance and 2025 financial guidance on its fourth
quarter 2024 earnings call.
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.
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Media Contact
Media@innoviz-tech.com
Investor Contact
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, expected NRE payments and
Innoviz's projected future results, including revenue and NREs.
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. "NRE (Non-recurring Engineering)"
is booked services that may be ordered from Innoviz usually as part
of a program design win and includes, among other things,
application engineering, product adaptation services, testing and
validation services, standards and qualification work and change
requests (usually during the lifetime of a program). NREs may be
paid based on milestones over the development phase of the project
which may take a few years.
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, potential changes and developments in the highly
competitive LiDAR technology and related industries, actual
orders or actual payments, and our expectations regarding
the impact of the evolving conflict in Israel to our ongoing operations. 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 12, 2024 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. There can be no
assurances that the Company will enter into definitive agreements,
orders or receive payments with respect to the NRE payment plan
referenced in this announcement. 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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