Business
Innoviz Technologies Provides Commercial Updates and Reports Third Quarter 2022 Financial Results
New customer win in Asia expands Innoviz's geographic footprint and adds new leading autonomous driving platform partner Innoviz grew its forward-looking
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"New customer win in Asia expands Innoviz's geographic footprint and adds new leading autonomous driving platform partner\nInnoviz grew its forward-looking order book to $6.9 billion, upgraded production throughput, shipped D-Sample units to customers, and accelerated its momentum in non-automotive markets\nTEL AVIV, Israel, Nov. 9, 2022 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the \"Company\" or \"Innoviz\"), a Tier-1 supplier of high-performance, solid-state LiDAR sensors and perception software, today provided updates on commercial progress, technology leadership, and corporate developments and reported its financial results for the third quarter ended September 30, 2022.\n \nManagement Commentary\n\"Our results in the third quarter underscore our ongoing strategic execution and the substantial progress we are making to strengthen our position as a Tier-1 supplier to the world's top car makers, along with a rapidly growing list of non-automotive customers,\" said Omer Keilaf, CEO of Innoviz. \"We are proud of our latest OEM program win in Asia and our recent customer momentum, having posted a win in back-to-back quarters. We are encouraged by our robust pipeline, which includes many of the world's largest OEMs, in addition to the well-known names that are already in our order book. We are excited with where Innoviz stands today, and as we look ahead, we are confident in our ability to maintain our position as a leader in our industry as we continue to deliver for our customers.\"\nCommercial Progress\nAs previously announced on September 8, 2022, an Asia-based, emerging global EV leader selected Innoviz to serve as its direct LiDAR supplier for series production passenger vehicles. Innoviz plans to supply the emerging EV leader with the InnovizTwo LiDAR sensor for its production vehicles, further strengthening the Company's leadership in L3 automation around the world.\nThe selection represents Innoviz's first win in Asia, fourth major design win and second consecutive Tier 1 win for series production of passenger vehicles as a direct LiDAR supplier, validating the Company's strategy to become a direct supplier.We expect this new win, when combined with the two existing production launches next year, will further support the Company's ability to grow its revenues meaningfully in the coming years.From a geograp...