Innoviz Technologies Ltd. · NASDAQ:INVZ
Innoviz Technologies — SPAC Merger (February 2021)
38 slides from Innoviz Technologies's SPAC merger presentation, February 2021
Slide 1: Enabling the Autonomous Vehicle Revolution - Analyst Day
Enabling the Autonomous Vehicle Revolution Analyst Day February 2021 1 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 1
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Innoviz Technologies Ltd. (“the “Company” or “Innoviz”) and Collec
Slide 3: Disclaimer
Disclaimer Participants in Solicitation Collective Growth and Innoviz and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Collective Growth’s stockholders in connection with the proposed transaction. Information about Collective
Slide 4: Company Overview
Company Overview eee INNOVIZ TECHNOLOGIES
Slide 5: Innoviz Was Built Around the Values of “Unit 81”
Innoviz Was Built Around the Values of “Unit 81” Unparalleled Concentration of Unit 81 Talent › Unit 81 is Israel’s most elite technology unit in the Israeli Omer Keilaf Oren Rosenzweig Defense Forces Co-founder, Chief Co-founder, Chief › Complex technology across multi-disciplinary fields Executive
Slide 6: Innoviz at a Glance
Innoviz at a Glance Tier 1 $380M funding Partnership via SPAC Series A Tier 1 Selection by BMW Tier 1 C Samples to support $9 Million Partnership for Series Production Partnership Production growth plans 2016 2017 2018 2019 2020 2021 Founded InnovizOne Series B Tier 1 Series C InnovizTwo Announced $
Slide 7: The Innoviz Team
The Innoviz Team Making the Impossible Possible >280 Employees >20 Departments R&D S&M G&A Operations Sales Production R&D Omer Keilaf CEO & CO-FOUNDER Oren Rosenzweig Oren Buskila David Elooz Udy Gal-On Eldar Cegla Shiri Hilton Ido Luski CBO & CO-FOUNDER C-R&D-O & CO-FOUNDER CHIEF PHOTONICS OFFICER
Slide 8: Meet our New COO “From Thousands to Millions”
Meet our New COO “From Thousands UDY GAL-ON to Millions” Professional Expirience: Managed SolarEdge Operations activities for 9 years, from design handoff through prototyping to mass production: o Established production capacity o Purchasing and cost reduction activities o Led engineering and manufa
Slide 9: Innoviz Leads on Commercial Partnerships, Maturity, Performance and Pricing
Innoviz Leads on Commercial Partnerships, Maturity, performance and Pricing First Significant OEM Four Major Tier I Mature Automotive- Low Cost At Highest Contract with BMW Partners Grade High-Performance Performance – Best LiDAR Market Fit • Awarded BMW Series • Breaking cost barriers by • Approach
Slide 10: Winning Strategy Differentiation
Winning Strategy Differentiation Innoviz is able to offer a <$500 High Performance LiDAR to enable market adoption Safe & Collect Data Software Affordable L2+ & Validate Upgrade to L3 • Incremental SW improvements • Allow upgrade to L3 only once SW • Safer L2+ Platform • Save cost on Platform Valida
Slide 11: Innoviz Investment Highlights
Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation 11 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No
Slide 12: Innoviz’s Total Addressable Market
Innoviz’s Total Addressable Market LiDARs for Consumer Vehicles expected to be ~70% of Innoviz $55B 2030 TAM $70B ~$55B $60B $0.5k ASP1 $6B Trucking $50B $11B Robotaxis & Shuttles $40B ~$20B $15B Consumer L3 $30B $1k ASP1 $38B $20B Consumer $23B Consumer L2+ $10B $0 2020 2021 2022 2023 2024 2025 202
Slide 13: Each Industry Has Its Own Requirements
Each Industry Has Its Own Requirements Highest Market Price Range L3 HWP for Trucking Robotaxis Consumer Vehicles Industrial Drones Full L3 for Consumer Vehicles L2+ for Consumer Shuttles Parking Chauffer Vehicles Heavy Machinery Logistics & Sidewalk Delivery Lowest Market Price Field Of View 13 © I
Slide 14: Each Industry Has Its Own Requirements
Each Industry Has Its Own Requirements Highest Market Price Range L3 HWP for Trucking Robotaxis Consumer Vehicles Industrial Drones Full L3 for Consumer Vehicles L2+ for Consumer Shuttles Parking Chauffer Vehicles Heavy Machinery Logistics & Sidewalk Delivery Lowest Market Price Field Of View 14 © I
Slide 15: Innoviz Investment Highlights
Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation 15 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No
Slide 16: Proprietary and Efficient Design
Innovation Comes From Those Who Dare To Make a Difference Ground-up approach solving the performance-cost challenge High Performance Industry-Leading Proprietary Architecture LiDAR Perception › Proprietary MEMS MEMS › High Field-Of-View Scanning › Solid-State › High Resolution DETECTOR › High Sensit
Slide 17: Automotive Feature Adoption Increases with Increasing Production Volume
Automotive Feature Adoption Increases with Increasing Production Volume New Feature • Cost is the main driver for Cost Gen I adoption in the automotive space • Cost reduction occurs at greater Adoption production volume but mostly Innovation Gen II from innovation • Every cent counts in driving incr
Slide 18: Innoviz’s Superior IP Breaks Cost Barriers
Innoviz’s Superior IP Breaks Cost Barriers Stereo Camera Mono Camera Mono cameras dominated the market by saving only a few tens of dollars 1550nm Fiber Laser 905nm Diode Laser Using Innoviz 905nm technology saves hundreds of dollars by using a low-cost chipset $5K $10 905nm Diode Laser $1K @1M $4 @
Slide 19: Customers Expect Improved Performance Over Time
Customers Expect Improved Performance Over Time Others Cannot Deliver The Performance Automakers Require • FMCW has very limited Pixels/Sec performance and is not expected to reach the market until 2025 >15Mp/sec • Innoviz’s performance in 2021 exceeds FMCW’s expected 0.05°x0.05°@20Hz performance in
Slide 20: © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part
20 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 20
Slide 21: “Automotive Grade” – More Than Just a Buzzword
“Automotive Grade” – More Than Just a Buzzword The only certified automotive-grade high-performance LiDAR on the market in the near future ISO 26262 Automotive Functional Safety – Q4’20 Thermal Shock ISO 9001:2015 IATF 16949:2016 Automotive SPICE Window Resilience Q2’21 By Q4’20 Water Seal 6 Vibrati
Slide 22: Environmental testing
Environmental testing 22 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 22
Slide 23: Full automation of the entire Supply chain
Full automation of the entire Supply chain 23 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 23
Slide 24: Innoviz Expects To Be The First To Market
Innoviz Expects To Be The First To Market The Only Certified Automotive-Grade High-Performance LiDAR Expected on The Market In The Near Future 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 OM HW C1 C2 C3 C4 C5 D Configurations Pre-DV1 Pre-DV2 DV PV OM DV/PV SOP
Slide 25: Innoviz Investment Highlights
Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation 25 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No
Slide 26: Robust Sales Funnel Covers Entire Addressable Market
Robust Sales Funnel Covers Entire Addressable Market Companies Stage Order Book Evaluation $2.0B 137 Total lifetime projected ~50% Expected Conversion 3-6 months revenues from awarded accounts 25 Advanced Technical Evaluation ~40% Expected Conversion Up to 12 months 2025E Revenue Commercial and 5 $5
Slide 27: Key Strategic Advantages of Innoviz’s Perception Software
Key Strategic Advantages of Innoviz’s Perception Software 1. High Switching Costs • Millions of Kms driven by partners to generate data • Data validity strongly tied to specific LiDAR hardware used 2. Recurring Revenue Model to support SW updates after SOP • New needs may arise based on input data f
Slide 28: Innoviz Investment Highlights
Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation 28 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No
Slide 29: Summary P&L and Cash Flow
Summary P&L and Cash Flow In $M, Non-GAAP FYE December 2020E 2021E 2022E 2023E 2024E 2025E Hardware Income 5 9 23 75 220 539 Software Income - - - 4 17 43 Total Revenue 5 9 23 79 237 581 Growth (%) 90% 161% 238% 199% 146% COGS 5 8 17 44 118 281 Gross Profit 0 1 6 35 118 300 Gross Profit Margin (%) 4
Slide 30: Gross Profit and EBITDA
Gross Profit and EBITDA In $M, Non-GAAP 52% 31% 50% 5% 300 45% (78)% 179 26% 118 12 10% 4% 35 (65) (63) (87) (89) 0 1 6 (363)% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gross Profit Gross Margin EBITDA EBITDA Margin Note: Preliminary management projections 30 © Innoviz Technologies
Slide 31: Operational Benchmarking
Operational Benchmarking 2020E-2022E Revenue Growth 242.5% Median: 159.8% Median: 17.2% Median: 72.3% 171.0% 159.8% 115.2% 82.4% 72.3% 34.5% 66.0% 17.5% 17.2% 8.9% 6.0% Innoviz AEVA Luminar Velodyne Ambarella NVIDIA Xilinx Xpeng NIO Li Auto Tesla Cree 2023E-2025E 2023E-2025E 2023E-2025E 2023E-2024E
Slide 32: Valuation Benchmarking
Valuation Benchmarking EV / 2021E Revenues Median: 5.2x Median: 13.2x Median: 21.4x 36.1 x 26.2 x 21.4 x 14.0 x 20.3 x 20.8 x 14.5 x 13.2 x 5.2 x 3.2 x 8.3 x 1.8 x Innoviz Luminar Velodyne AEVA NVIDIA Ambarella Xilinx¹ Xpeng NIO Tesla Li Auto Cree 2025E 2025E 2024E 2025E EV / 2021E Revenue Growth Ad
Slide 33: Innoviz Intrinsic Value Potential Well Above Transaction Value
Innoviz Intrinsic Value Potential Well Above Transaction Value Transaction Value Comparable Valuation Sensitivity Analysis LiDAR Peers1 Broader Peer Group2 $3.5bn $3.6bn $3.0bn Midpoint EV $2.5bn $2.3bn $1.0bn Current Enterprise Value Future Enterprise Value based on LiDAR peers’ ’24E / discounted b
Slide 34: Thank You
Thank You 34 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 34
Slide 35: Business Model Built on Deeply-Rooted, Structural, Competitive Advantages
BUSINESS MODEL BUILT ON DEEPLY-ROOTED, STRUCTURAL, COMPETITIVE ADVANTAGES As a Tier-2 Supplier, Innoviz is Strategically Positioned to Benefit From Multiple Relationships of its Tier-1 Clients With Many OEMs Innoviz (Tier-2) Tier-1 Tier-1 Tier-1 Tier-1 OEM OEM OEM OEM OEM OEM OEM OEM ➢ Tier-1 relati
Slide 36: Driving Decision By BMW
Driving Decision By BMW High Level Sensor Fusion By BMW Object Detection and Classification CV by CV by CV Innoviz Mobileye Raw Data LiDAR Camera Radar BMW is the first car marker to bring a fully autonomous car The biggest challenge to mass production is within the LiDAR and its Computer Vision 36
Slide 37: Market Dynamics – High Barriers to Entry
MARKET DYNAMICS – HIGH BARRIERS TO ENTRY ➢ LiDAR sensor is a mission critical element in autonomous driving which requires the highest level of automotive functional safety compliance ➢ LiDAR automotive requirements standards are high across multitude dimensions (e.g. FoV, resolution, frame rate, co
Slide 38: Innoviz Product Portfolio Spans All Key LIDAR Markets
Innoviz Product Portfolio Spans All Key LIDAR Markets Consumer Vehicles Robotaxis & Shuttles Trucking InnovizOne InnovizOne InnovizOne InnovizTwo InnovizTwo InnovizTwo InnovizTwo+ InnovizTwo+ InnovizTwo+ Logistics & Sidewalk Delivery Industrial Drones Heavy Machinery InnovizOne InnovizOne InnovizOne