TEL
AVIV, Israel, Feb. 7, 2025
/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 that it will release its earnings results
for the fourth quarter and full year ended December 31, 2024 on Wednesday, February 26, 2025 before the market
opens.
Innoviz will host a conference call and webinar on the same day
at 9:00 a.m. Eastern Time
(6:00 a.m. Pacific Time) to discuss
its operational and financial results followed by a
question-and-answer session for the investment community.
Operational and financial results will be issued in a press release
prior to the call.
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.
On the conference call, Innoviz intends to review several recent
key corporate developments. Since its last conference call, the
Company has announced it entered into a multi-year, approximately
$80 million NRE (Non-Recurring
Engineering services) payment plan with key customers; cash
payments of more than $40 million are
expected in 2025, with incremental revenues from ongoing sales of
LiDAR products and new programs. The Company also announced that
Mobileye will integrate Innoviz LiDARs into its Mobileye Drive™
platform, which has been adopted by significant vehicle producers
globally, and Innoviz's perception software has been optimized to
run with the NVIDIA DRIVE AGX Orin platform. On the call, the
Company will also provide an update of its improved commercial
position, which includes a cash position of $68.0 million* as of December 31, 2024. Additionally, the Company
recently announced an optimization of its operations, to be
implemented during the first half of 2025, to accelerate its path
to profitability and free cash flow generation.
* Cash position is defined as cash and cash equivalents, bank
deposits, marketable securities and short-term restricted cash.
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
https://innoviz.tech.
Join the discussion: Facebook, LinkedIn, YouTube,
Twitter
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, Innoviz's projected future
operational and financial results, including revenue, NRE bookings
and NRE projections, and the expected financial benefits of
realignment and optimization actions. 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,"
"potential", 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. "NRE bookings"
are booked services that may be ordered from Innoviz usually as
part of a series production award or other program 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). The commitment for a certain NRE is usually provided
around the initiation of the program and may be paid based on
milestones over the development phase of the project which may take
a few years.
Many factors could cause actual future events, and, in the
case of our forward-looking revenue, actual orders or actual
payments, 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 series production awards or other programs into
definitive orders and the magnitude of such orders, the possibility
that NRE would be set off against liabilities and indemnities, the
ability to identify and realize additional opportunities, and
potential changes and developments in the highly competitive LiDAR
technology and related industries, 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 presentation. 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.
Logo:
https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg
Media Contact
media@innoviz-tech.com
Investor Contact
investors@innoviz-tech.com
View original
content:https://www.prnewswire.com/news-releases/innoviz-sets-fourth-quarter-and-full-year-2024-conference-call-for-wednesday-february-26-at-900-am-et-302371196.html
SOURCE Innoviz Technologies
