Business
Innoviz Reports Second Quarter 2024 Results
Reached an important agreement with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"Reached an important agreement with a major platform partner to supply a bundle of InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs\nQ2 2024 revenues of $6.7 million exceed previous guidance range of $4-$5 million, up from $1.5 million in Q2 2023\nTEL AVIV, Israel, Aug. 7, 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 provided commercial and strategic updates on its business, reported its financial results for the quarter ended June 30, 2024, provided guidance for the third quarter of 2024, and reiterated its full year commercial and financial targets.\n\n\"The second quarter was a continuation of our strong start to the year as we again delivered revenues above the high end of our guidance range while maintaining cost discipline and efficiency in our operations,\" said Omer Keilaf, CEO and Co-Founder of Innoviz. \"We are excited to share that today we reached a pivotal agreement with a major platform provider to supply InnovizTwo short- and long-range LiDARs to their Level 4 autonomous platform, which was already selected by several OEM programs. Additionally, we recently announced an agreement to supply InnovizTwo LiDARs to The Indoor Lab's airport portfolio. We are now offering both short- and long-range solutions as a bundle, which substantially increases the number of LiDARs we can offer per vehicle and allows us to better meet customers' complex needs. We believe that along with our upgraded AI Perception Software this differentiates Innoviz and positions us well to realize our vision of becoming the leading Tier-1 LiDAR supplier.\"\nKeilaf added, \"We continued to expand and mature our pipeline of RFIs and RFQs, having spent significant time with our customers around the world. We remain encouraged by the customer activity we are seeing, looking towards the second half of the year we are confident in our ability to continue adding additional programs with both new and existing customers.\"\nCommercial and Strategic Updates\nReached an important agreement with a major platform partner – Innoviz announces it reached an important agreement today with a major platform partner to suppl...