Business
Innoviz Technologies Reports Full Year 2022 Financial and Operational Results
Innoviz continued its progress towards 2023 series production launches, further expanded its customer pipeline, added a key automotive industry veteran as a
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"Innoviz continued its progress towards 2023 series production launches, further expanded its customer pipeline, added a key automotive industry veteran as a senior advisor, and is in discussions to expand its program award with one of its largest customers\nTEL AVIV, Israel, March 1, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the \"Company\" or \"Innoviz\"), a Tier-1 direct supplier of high-performance, solid-state LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the full year ended December 31, 2022 and announced 2023 operational and financial targets.\n \nManagement Commentary\n\"2022 was a fast-paced and exciting year at Innoviz,\" said Omer Keilaf, CEO of Innoviz Technologies. \"The march towards our first series production launch continues to move smoothly, and we expect unit volume growth from BMW and our shuttle program in the second half of 2023. Our RFI and RFQ pipeline continues to grow, and we are in advanced discussions to expand our program lineup with one of our largest customers. We will continue to focus on winning production level deals to deliver sustainable long-term revenue and drive enhanced shareholder value.\"\nCommercial & Strategic Updates \n2023 Start of Production (SOP) remains on track – the Company believes that full production launches for Innoviz's BMW and Shuttle programs remain on track, with volumes expected to increase in the second half of 2023.Volkswagen program is on track and exploring additional business opportunities – the Company's Volkswagen CARIAD program remains on track for a mid-decade launch and is progressing well. Furthermore, the company is in advanced discussions that are exploring additional business opportunities with the Volkswagen Group.Continued growth and expansion in its customer pipeline – during the fourth quarter the Company saw further growth in its customer RFI/RFQ pipeline, including the addition of a multi-million unit LiDAR RFI. The Company's pipeline for potential LiDAR orders is now over 20 million LIDAR units, and the Company believes the 10-15 programs currently in the pipeline represent an estimated opportunity to quote non-recurring engineering (NRE) bookings in the range of $150 to $250 million.Innoviz added Steven Schondorf as a senior strategic a...