Business
Innoviz Technologies Reports First Quarter 2022 Financial Results
TEL AVIV, Israel, May 11, 2022 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance,
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"TEL AVIV, Israel, May 11, 2022 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the \"Company\" or \"Innoviz\"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported its financial results for the first quarter ended March 31, 2022 and updated its forward-looking guidance, as well as provided updates on commercial traction, technology leadership, and corporate development.\n \n \nManagement Commentary\n\"We made meaningful progress executing our strategy during the first quarter, which culminated in our recent announcement of being selected for series production with one of the world's three largest vehicle groups,\" said Omer Keilaf, CEO and Co-Founder of Innoviz. \"This marks our third design win for series production, our first for InnovizTwo, and also our first as a direct Tier1 supplier. This is a major achievement that we believe will propel us to a market leading position and accelerate our ability to potentially win many other opportunities. Being selected out of many other LiDAR and Tier 1 solutions is a vote of confidence for our technology, product and company.\"\n\"We are implementing our strategy systematically. The automotive industry is at a unique inflection point and we believe that with this win we are meeting it with the right momentum. Our objective is to secure several additional series production deals in the coming years to provide us with meaningful and sustainable revenues. We will also build our production capacity for our two new products, InnovizTwo and Innoviz360, to quickly penetrate the non-automotive market, which we believe is in great need of solutions like ours. Our strategy is designed to maximize our long-term market share as we grow our revenues short-term and deliver profitability in the coming years.\"\nCommercial Progress Resulting from First Quarter Activities\nFollowing two years of working closely with the customer, we plan to incorporate InnovizTwo LiDAR and Innoviz Perception Software into a new platform that will serve multiple auto brands over the next decade.\nFor Innoviz, this new nomination marks: \nThird major series production design win in the automotive space.First design win for series production with the new generation Innoviz product, InnovizTwo.First design win for high volume series production with Innoviz as a di...