Innoviz Technologies Ltd. Q4 FY2024 earnings call

• In 2024, the company had strong financial performance with revenues exceeding guidance. Cash used in operations and capital expenditures were reduced.
• Entered into approximately $80 million of NRE payments plan with key customers, with over $40 million received in 2025. Completed a $40 million registered direct offering.
• Announced operational optimization expected to deliver approximately $12 million in annualized savings.
• Partnered with Mobileye, with programs involving several new OEMs, and InnovizTwo LiDARs to be in Mobileye Drive AV Level 4 platform with each vehicle planned to have 9 InnovizTwo LiDARs.
• Working closely with NVIDIA, with InnovizTwo incorporated into NVIDIA Hyperion 8.1 platform and Perception software optimized for NVIDIA DRIVE AGX OrinPlatform.
• In 2025, targeting 1 to 3 new programs and $20 million to $50 million in additional NRE bookings.

In 2024, Innoviz recorded full-year revenues of $24.3 million versus $20.1 million in 2023, exceeding the midpoint of the guidance range. Cash used in operations and capital expenditures decreased to $81.4 million from $99.6 million in 2023. As of the end of 2024, cash and cash equivalents were $68 million. For 2025, the company expects revenues to be more than twofold higher year-over-year, ranging from $50 million to $60 million with positive gross margin.

• Expect 2025 revenues to be more than twofold higher year-over-year, ranging from $50 million to $60 million with positive gross margin.
• Target 1 to 3 new programs in 2025.
• Expect $20 million to $50 million in additional NRE bookings incremental to what's already announced.

• Forward-looking statements are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz, where actual results could differ materially from anticipated.
• Potential tariff implications on production exposure and flexibility, as well as impact on RFI and RFQ procedures.

Q: Mark Delaney asked about the status of a potential nomination with a top auto OEM and cash flow expectations.

A: Omer Keilaf said they've passed legal discussions and are waiting for customer final alignment; cash burn reduction trend to continue with NREs being positive contributors.

Q: Jash Patwa inquired about tariff implications and LiDAR's role in driving decisions on Mobileye platform.

A: Omer Keilaf stated no current impact from tariffs as production partner is not in China; LiDAR's role in driving decisions is for Mobileye to comment.

Q: Casey Ryan asked about NRE bookings and gross margin expectations.

A: Omer Keilaf and Eldar Cegla explained NREs are recognized based on milestones and gross margins are expected to be positive on an annualized basis.

Q: Kevin Garrigan asked about milestones for VW ID Buzz program and BMW China.

A: Omer Keilaf said approaching C-sample for Innoviz and InnovizLiDAR is crucial for Level 3 and 4 in BMW China program.