Innoviz Technologies Ltd. · NASDAQ:INVZ
Innoviz Technologies — SPAC Merger (December 2020)
35 slides from Innoviz Technologies's SPAC merger presentation, December 2020
Slide 1: Enabling the Autonomous Vehicle Revolution Investor Presentation
Enabling the Autonomous Vehicle Revolution Investor Presentation December 2020 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: The Innoviz Team
The Innoviz Team Making the Impossible Possible › 20+ years of experience in developing complex technologies Omer Keilaf › Previously held senior management roles in start-ups, and led complex R&D projects Co-founder & Chief › Former senior officer in the Elite Technological Unit of the Intelligence
Slide 5: Antara Capital, Perception Capital Partners and Collective Growth Corp.
Antara Capital, Perception Capital Partners and Collective Growth Corp. Antara Capital › Founder and CIO, Antara Capital LP, an event driven credit and special situations hedge fund, with over $1 billion of AUM Himanshu Gulati › Antara takes a partnership approach with management teams to create sha
Slide 6: Transaction Overview
Transaction Overview › Innoviz to become publicly listed through business combination with Collective Growth Corporation (NASDAQ: CGRO) in a transaction sponsored by Antara Capital LP and Perception Capital Partners LLC › CGRO is a publicly listed special purpose acquisition company with over $150m
Slide 7: Company Overview
Company Overview eee INNOVIZ TECHNOLOGIES
Slide 8: Innoviz at a Glance
Innoviz at a Glance Tier 1 Partnership Series A Tier 1 Selection by BMW Tier 1 C Samples Founded $9 Million Partnership for Series Production Partnership Production 2016 2017 2018 2019 2020 InnovizOne Series B Tier 1 Series C InnovizTwo Announced $73 Million Partnership $169 Million Announced Global
Slide 9: 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 10: Innoviz Was First To Win An OEM Production Contract For L3 LiDAR
Innoviz Was First To Win An OEM Production Contract For L3 LiDAR Awarded BMW Series Production Program for multiple vehicle lines › Multi-year development › Hundreds of millions of dollars spent › Hundreds of top engineers › Tens of millions of kilometers driven for validation › Only selected OEMs a
Slide 11: However, Level 2+ is the Largest Opportunity in the Next 10 Years
However, Level 2+ is the Largest Opportunity in the Next 10 Years Vehicles (in millions)¹ 12 million L2 and 3 million 44 L3 vehicles by 2025 38 32 16 27 12 9 3 21 6 3 17 3 4 2 4 12 4 1 3 26 7 1 2 19 22 4 15 17 1 1 3 1 9 12 6 1 1 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Level
Slide 12: But L2+ is Still Not Safe…
But L2+ is Still Not Safe… Will not scale without solving serious safety issues first Driver trying to warn oncoming cars A LiDAR would have prevented this accident1 Truck not detected due to saturated camera1 Direct sun Rain Dark 1 Illustrative LiDAR image recreation of the incident's camera image.
Slide 13: Innoviz's L3 Technology is Also Affordable for L2+
Innoviz’s L3 Technology is Also Affordable for L2+ Current Next Generation InnovizOne InnovizTwo 70% Cost Reduction › 0.1x0.1° (256 Lines) › 0.1°x0.1° (256 Lines) › 100x25° › 115°x25° › Longer Range and Smaller Size › Price & Price fit for Level 3-5 › Price & Price fit for Level 2-5 13 © Innoviz Tec
Slide 14: L2+ Transforms Into L3 Through Software Updates
L2+ Transforms Into L3 Through Software Updates Major cost reduction in Innoviz’s high-end LiDAR to put market on track towards autonomous driving Safe & Collect Data Software Affordable L2+ & Validate Upgrade to L3 14 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential
Slide 15: Innoviz Uniquely Meets All Automotive OEM Requirements
Innoviz Uniquely Meets All Automotive OEM Requirements Real Automotive-Grade Certified by BMW and Superior Tier 1 Partners Performance Most Advanced Automotive-Grade Affordable Perception Pricing Multiple Tier 1 Partners Enabling Market Penetration 15 © Innoviz Technologies Ltd. 2020 All Rights Rese
Slide 16: Innovation Comes From Those Who Dare
Innovation Comes From Those Who Dare 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 Sensitivity › Long Range ›
Slide 17: Industry-Leading LiDAR-Based Perception Software
Industry-Leading LiDAR-Based Perception Software Built on Proprietary Innoviz’s Building Blocks Perception Software › Most Mature LiDAR-based perception software – with over 4 years of development › Automotive-Grade – automotive spice implementation › Millions of object data are collected › Ability
Slide 18: Layered Patent Structure Protects Innoviz Unique IP
Layered Patent Structure Protects Innoviz Unique IP From Chip Level to System Areas of Jurisdiction 66 In Process 17 Granted/ Allowed (US/EU/China/Japan/Korea) 5 Proprietary design of Innoviz unique silicon components with sole ownership and access, patent protected System Architecture LiDAR Algo Pe
Slide 19: © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part
19 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 19
Slide 20: "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 21: The Only LiDAR Company That Meets Both Performance AND Cost Requirements
The Only LiDAR Company That Meets Both Performance AND Cost Requirements Level 2+ Price Barrier of $500 Level 3-4 Price Barrier of $1,000 Competitor A Competitor B Competitor C InnovizTwo (Tier 1) (Tier 1) InnovizTwo InnovizSLR (Tier 2) Performance 250m 150m 40m Performance 250m 250m 250m Number of
Slide 22: Global Manufacturing Capabilities and Supply Chain Already in Place
Global Manufacturing Capabilities and Supply Chain Already in Place Efficient combination of contract manufacturing and Tier 1s coupled with global supply base for the different components 22 © Innoviz Technologies Ltd. 2019 All Rights Reserved – Proprietary & Confidential. No Part of this Document
Slide 23: 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 SLR SLR SLR Logistics & Sidewalk Delivery Industrial Drones Heavy Machinery InnovizOne InnovizOne InnovizOne InnovizTwo InnovizTwo I
Slide 24: Robust Sales Funnel Covers Entire Addressable Market
Robust Sales Funnel Covers Entire Addressable Market Tangible Opportunities › Funnel towards multi-year series production contracts › All projected revenues of Innoviz are from parties in the sales funnel › In multiple cases, RFQs are defined based on price performance balance that only Innoviz can
Slide 25: Financial Overview
Financial Overview eee INNOVIZ TECHNOLOGIES
Slide 26: 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 27: Gross Profit and EBITDA
Gross Profit and EBITDA In $M, Non-GAAP 52% 31% 50% 5% 300 45% (78)% 179 26% 118 12 10% 4% 35 (65) (63) (87) (89) 0 1 6 (363)% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gross Profit Gross Margin EBITDA EBITDA Margin Note: Preliminary management projections 27 © Innoviz Technologies
Slide 28: Transaction Overview
Transaction Overview eee INNOVIZ TECHNOLOGIES
Slide 29: Transaction Overview: Pro Forma Equity Ownership
Transaction Overview Pro Forma Equity Ownership Sources ($m) Uses ($m) Pro Forma Valuation3 Equity of Existing Innoviz Equity of Existing Innoviz $975 $975 Share Price $10.00 Shareholders Shareholders SPAC Cash in Trust1 $150 Cash to Balance Sheet $370 x Pro Forma Shares Outstanding (M) 140.3 Total
Slide 30: 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 31: 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 32: 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 33: Appendix
Appendix ———— He. INNOVIZ TECHNOLOGIES
Slide 34: Revenues Breakdown
Revenues Breakdown In $M, Non-GAAP 0.5 4 21 117 446 1,175 581 43 148 165 237 17 59 23 79 9 70 5 11 4 226 5 3 8 23 1 90 1 5 25 4 27 2020 2021 2022 2023 2024 2025 Level 2+ OEM Level 3 OEM Level 4 Robo Vehicles & Others Total Software Income Number of LiDARs in '000 Note: Preliminary management project
Slide 35: Projected Opex and Capex
Projected Opex and Capex In $M, Non-GAAP % of Total NM NM 406.8% 129.8% 48.1% 22.6% Revenues Average # 264 357 420 477 535 595 of FTEs 131 114 16 103 95 15 90 28 14 11 19 11 14 68 9 11 9 6 80 87 71 73 75 53 2020 2021 2022 2023 2024 2025 R&D S&M G&A Select Cash Flow Items Capex (4) (6) (8) (14) (19)