Business
Innoviz Reports First-Quarter 2023 Results and Updates 2023 Targets
Innoviz updates 2023 targets due to expanded relationship with a major existing customer along with other progress made year-to-date TEL AVIV, Israel, May 17,
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"Innoviz updates 2023 targets due to expanded relationship with a major existing customer along with other progress made year-to-date \nTEL AVIV, Israel, May 17, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the \"Company\" or \"Innoviz\"), a Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the first quarter ended March 31, 2023 and updated 2023 commercial and financial targets.\nInnoviz today announced that a major existing global automotive customer aims to expand its use of the InnovizTwo LiDAR to a new light commercial vehicle program. With a mid-decade SOP target, development of the program is on an accelerated track, pending finalizing of technical requirements and commercial terms. Potential financial contributions from this program are anticipated to begin this year and played an important role in the decision to update previously communicated 2023 commercial and financial targets.\nIn addition, this collaboration includes an important integration with a major compute platform that we believe could lead to additional expansion opportunities in the future. Innoviz believes that working with the top autonomy platform partners should enable a faster time to market, accelerate the customer evaluation process, allow more seamless integration with other parts of the software stack, and position Innoviz well in its new customer acquisition efforts.\n\"It was another fast-moving quarter at Innoviz, and today's news marks a critical milestone in validating our strategy and highlighting the value of our technology,\" said Omer Keilaf, Innoviz Co-Founder and CEO. \"An important part of our long-term business plan has been to show that we can gain a foothold with a large customer and earn the right to become their LiDAR vendor for multiple vehicles in their lineup. This expected expansion of business with one of our largest customers could achieve that, while also offering a meaningful financial contribution for 2023 and beyond.\"\nKeilaf further added, \"We are extremely excited by the momentum we have seen in our pipeline year-to-date and are encouraged by a noticeable step-up in customer activity that further reinforces our belief that LiDAR deployments are starting...