Innoviz Technologies (INVZ) 1 Mar 232022 Q4 Earnings call transcript

Welcome to Innoviz Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this call is being recorded.

It is now my pleasure to introduce your host, Rob Moffatt, VP Business Development and IR of Innoviz. begin. may you Rob,

is Relations Vice want at our you This Development to of and to call. conference Investor Innoviz. earnings Rob morning. President Moffatt, Corporate welcome Good And I

Officer. Chief today us and Chief are Keilaf, Joining Executive Omer Eldar Officer; Cegla, Financial

opening recorded the for Following Relations available the and I will remarks, your this that section will remind website Investor to be like everyone we at of call questions. open their call would is ir.innoviz.tech. our being on

would I today statements are uncertainties begin, forward-looking Before of remind discussion differ results subject and to and Innoviz. we that our events could the performance statements. materially like will you risks future future include that financial from relating Actual in the those forward-looking to to anticipated

today expectations Forward-looking we update speak today and to our no them. or revise only of to undertake as obligation publicly statements made

some of section the differ March discussion could to factors risk results XXXX. SEC see For Risk actual please any the cause filed with of statements, XX, our XX-F the from that materially on important forward-looking of Factors

the over I turn ahead. call now to go Omer. will Please

pipeline, to is of recently the today, advisor our just book with ADAS guest Thank about has another a our been joining with on Ford existing to Chief And customers, excited side. at the us. progress you expanding provide who automotive that’s march as towards a steady you, our And joined senior special additions thank excited This for our I'm I order good and new morning, everyone Schondorf, on particularly we've systems has Innoviz. to making the Rob. something quarter at the been company. update Steven us and fast-moving production, XXXX am strategic former Engineer

our the at Innoviz On the non-automotive since of distributors in important and the the non-automotive with CES addition Summit XXX Distributor last January we hit unveiling milestones November. of side,

be something SOP. XXXX years, update right a said, our towards our a and key focus on solid excited of for BMW are which we've we Both close our be are working track, program, program things to of on the XXXX towards the off over year. and the should march and This towards it. let's start their It volume Shuttle continues with back making to of been that launches, company is quick are in to With progress come we half now. ramp, the so five achieving

a our the see You even nice for doing one winter vehicles some launch. can of test final ready here of testing, getting photo

existing to that one we additional our let And agreement InnovizTwo I we under has communicated. are commercial with discussions been already know to design-in our customers, you wanted that platforms beyond on expand discussing while are Volkswagen, currently existing to the

include one brands was awarded is being win Our for initial was and and and a XXXX Group. vehicle with discussed to to in LIDAR multiple were production award within platform models in be InnovizTwo with LIDAR. one would multiple expansion the that our currently bring would platforms Volkswagen to potentially multiple Volkswagen addition earlier with initially not meaningful The that two ADAS new models and the autonomy to designed

each set an potential new our are win. and years, more as select entire programs, Overall, on with their believe easier easier we them for has of book if largest a you not shelf and a order OEM, across the our OEM decade Expanding footprint. This growth customers the utilized more we to therefore on additional LIDAR a We for stage becomes of for component widely or to will vehicle becomes key adopted with once you launch. are that it for mid-decade one our of validate investment track the long-term with thesis.

winning And know, of that through you who the potentially industry world We announced of the business. to. makes believe this This with reduces us, those friction it as the much are opportunity for the that footprint why we to OEMs additional growing platforms to for platform is are our Germany. And easier of share. win to week we our ahead a close view first lens and automotive in growth office like Volkswagen many us added earlier expanding be that have we and Munich OEM

we because us already this is there Europe in additional the for we have. doing for believe growth are beyond Germany pathway a and long We customers

one interested important space, group, is For will want relationship EcoMotion and more about with the May. held up be Aviv much-anticipated the the event soon. learning in to I coming Tel in are in a most important the in platforms Week our industry investors Volkswagen highlight mobility of EcoMotion conference that very smart

of about talk Gero Vice As I by give Executive to a a of and and is me President for our to at conversation autonomous invited visit will and that EcoMotion ADAS anticipation at part In better a our fireside Kempf, engineering event, driving our joint chat for effort and the listeners going. for we that where partnership the come will headquarters conference. Audi join

addition, Moving RFI had the RFI be can we I excited, for you over some obviously say at will the point, describe multi-million this about a it of our surprised entire to a during hard the are addition That’s next working our as very including quarter, but and growth I year. from about. can the team in on and potentially pipeline what be and unit the exciting RFQ new the we excited all customer pipeline, brand will

hundreds- thousands OEMs standard rates the level over RFQ in at companies that car to One instead RFI’s order that’s mid-sized be LIDAR trends trending appear increasingly coming units especially increasingly units. this of We sizes, time, some for reflects the of on even or vehicles. as tens- believe is fact with equipment, higher of worth and out of exploring moving millions of pointing install the higher-end higher, and and small- planned RFI

also of true Level multiple is exploring OEM’s utilizing with that programs, opposed to per programs. The an as believe that X forwardfacing this early LIDAR to very these in still in vehicle, pipeline are ultimately I both the and our give go. in industry X It's where we into single but a Level is Level is look uplift trend bit LIDARs the developments going second trends, some that a decent of a there seeing little X+

light a as volume at that higher are there are at things Looking on end though these are we in and program just Level are described programs additions, are are XX-XX it few But X. call total, from of Since and majority at the of also currently shuttle count RFI can that range. as it RFQ the pipeline perspective. There infer vehicle we the in the programs that looking especially to that mentioned a X disclosing programs Level our you truck vehicle or is XX of for range. for X few last light Most the programs well. commercial programs, Robotaxi the when and Level are several automotive, program

of also with the are programs The new customers. majority

fact, on of programs expansions two the this side only of customers In are with the graph. existing left-hand

represent these for long-term new with RFQs our So, to new us could and footholds RFI penetration. grow the customers majority of entirely

are the on ASP’s top and we for of scope pipeline. put into and of help information those conservatism a context, took to our on To added layer the customer the anticipated additional of volumes size providing We opportunity out numbers. information requested the expectations

proposals, total sum of it units. you the XX over If is LIDAR the million

order And forward-looking In the is north book. be to that. current that than multiple of end well times high fact, value the larger has the the potential anticipate of we pipeline the

for important more Another became of that Tier factor have is you NRE’s. to meaningful And many a we lot. now us have about X, heard opportunity we quote talk a the this

story, who the begins those we engineering. cash for receive before newer design other that For for non-recurring we is that stands It may be engineering, and Innoviz provide. to services NRE production

recognized the sometimes as world that way recognized but are can funded as to to cash contra be automotive designed-in our gets is it the through finance a NREs. four costs, the and launches, business. period it typically Sometimes roughly before either vehicle In revenue, that during project we and item three is payment primarily is years a meaningfully it

are a before services costs that existing and come to from our profit they a These staff. performed they have of production. mostly offering flow-through the and means existing start on earlier, our high This perspective, offset by very cash meaningfully, potential the

ahead So, of part NRE’s can the production of securing company inflection. be volume important of NRE’s And an why that’s the strategy. funding important an part such our is overall

talk across three For total $XXX our negotiating of to the We’ll seeking NRE of meaningful get years. we we towards and current NRE’s more will four projections million be XXXX it the Summed in near-term the our long-term our our the our in pipeline, the an NRE’s. the are range we part over is to are for when If majority trajectory outlook path breakeven. $XXX achieve can important shortly. about potentially we pipeline, next that to financial for programs this,

But space. automotive of and from slide, can on in a the activity you to summarize, lot this deal as is now, there right see particularly going

leader majority be our awarded in exit year to clear LIDAR. share to continue and XXXX the in believe automotive the that likely We market OEM of this as goal is to is

retired senior focus am pre-eminent market as that his role from we that added Steven Engineer is to a as on excited Chief industry position I Schondorf have share deep Ford. how our advisor. in to strategic systems automotive executive the of recently Given opportunity LIDAR, the at the unique a capture leading the we and ADAS industry

he Ford’s reached expert strategy, on like for has evaluating system, including of and technologies, He he system overall was hands-free which that built Ford’s many and BlueCruise subject product internal as served architecture customers. early-stage the company’s In driving responsible matter ADAS-related. position, millions everything features

under just growth. to his XX around and profitability Steven business of down think tremendous ability an strategically also case automotive and experience with he centered years and but Importantly, drill XX Engineer isn’t belt, on has a a patents

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some I’ll thoughts a Steven for to hand on quick and an LIDAR OEM’s introduction from industry the perspective. it

say LIDAR I’ve my things to of about begun Level the to X working I’m since growth Thank in we’ve couple significant in together with asked of and an and that whole of a be excited me it. working the ahead clear Omer talk in a done really Innoviz, exponential you, the early an role. importance leader on industry from advisory words team. Innoviz to has Omer OEM’s perspective, market systems

has is for succeed. and compute camera these an Autonomous world’s designed driving system infrastructure computers to cars. It solve. than been sophisticated robots to hasn’t capabilities problem for brains and The incredibly with available driving mind. more eyes are Human much designed any in been and complex

It essence. capabilities are These in, by expensive and cases. make Most deal to endeavors autonomous the your amount with time and system sensory as corner limiting is autonomous the of and people want the edge team ultimate are possible of as input. jeopardize to sensing that your design success doesn’t engaged systems trying many to teams sense constrain over trickiest of the

have they I’ve with working from to Innoviz using consider three people course, cost, my cameras, to but most in on visit just returned I’ve attack the and the are overall system and Israel. problem. focused to now onsite read been Of and LIDAR I’ve for months about radar first talked

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team had In some team the all cutting-edge. mindset. leadership, a mature technology strongly many Innoviz technologies, Success technology, and head with the has I’ve of opportunity a working I’ve some pack is last suppliers strong perspective. amazing the from I the on the that to much amazing the and is a skilled look good and of at depends and top notch feel right closer The years company on potential. XX behind those. get highly curtain, met the design

design robust, far. have well-considered, and them place The is the in will they take is manufacturing the strategies process

with me a you opportunity to the team and to the speak for Omer, your you chance thank investors giving with as well. So, work and for

working back it hand I I’ll together. you. to forward look to

a Steven. valuable mindset of you, someone bring more forward. for Thank an directly who into Innoviz OEM Having going the will be can asset the company

from at very of Now, the innovation world, has automotive team moving non-automotive into work from year a XXX our more an the product the to past to the over aimed done that’s I’m a proud idea that turn Innoviz side the reality.

a hard to XXXX. the to with announced ambitious It’s from goal XXXX first performance before it compact world. nights intention the the a the design this setting such to to a XXX goal of put show, to year in meet involved working Innoviz develop ahead exceptional its to as ambitious final at the consumer was, following one We the work deadline. concept how the always, explain of electronics and launch a sample honestly, But year. final an the And team unveiling Innoviz and the late month through show in tweaks a only making of lot such the in going came

aimed use trucks, very industry, heavy strong is on of and across cities, logistics, the with product largely industries. This rail, commercial non-automotive the machinery, cases shuttles, smart maritime side

a points. in heard and scale automotive with for have major customers these is We opportunity for here directly specs new that disruption from solutions price automotive industries there grade

space. is We opportunity product’s are in still in believe to there the an a days, disruptor meaningful XXX but become the we early

the components non-automotive space. means including single cost automotive design the XXX in hardware a be benefit in the coming the highest from as products very single leverages side, become of economies laser, advances InnovizTwo the the produced of – will InnovizTwo, both that particularly a performance will many and ASIC, and This years, from price could same the leader scale, components. on price at volumes rapidly And the share as many and is detector, the InnoovizXXX

space, of I a recap And distributor while we non-automotive are on to the wanted give the quick

earnings in industrial four-day hosted third and call. previewed our quarter focused we distribution was channels. that first-ever, November our summit long non-automotive on and summit on This

educated them platform. from them in event Asia, technology, logistics North joining ordering success, armed marketing introduced and distributors and We our a our tools, with and Israel, big our nine America. to The coming with at on us our Europe was them headquarters across

We’ve prepared event. a the short video to highlight

Presentation] [Video

our staff, and reach a lower-cost also quickly distributors As afterwards. in at non-automotive to strategy. video, of you fixed meaningful step can our a our headcount the distribution additional These go-to-market out building our distributors for leveraging sales see expanding one-on-one engagements The from are an our part the way the to It’s efforts is catalyst amplify and important was costs. and without in increases event CES meetings with additional interactions of channel. first

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bring Our for top customers. with the new goal all-new at two to production year series in is least awards

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an base programs accelerate rapidly are and NRE’s important we at the the of which the performance each indicator because take XXXX finish rate business. for role production the our offer from the deal line go a across by Many line runway. the the phase. within performed materially would we top-line could Securing once growth new to compound existing revenues enter our our top of our The NREs could be a high our also our major very will that services costs, flow-through engineering would in fixed offset existing funding headcount. cash play offering extend NREs could the largely meaningful

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it Eldar that, to the I’ll over to turn With go over financials.

Omer, you, Thank everyone. and good morning,

unit I moment the deep on quarter. update take an wanted too into a the going from give our fourth to Before to financials, first sales

As lines. by company third the quarter and impacted and of you of revenue headquarters our was calibration our the associated downtime remember, our move testing

third year our full the up announce volumes am units capabilities of the These numbers At quarter an have QX. the later on basis, made XX%. we progress as XXX% were of ramp units in at when SOP sold And coming year. that pleased versus the communicated manufacturing growth highlight into of the fourth XXX% call, up we recovering I XQ of time impressive our quarter our ahead nicely year. shy the doubling, looked to the impressive last were of side were just from last and year at we this over launches on

to we cash cash, deposits, the financials. XXXX short-term sheet. million XXXX Moving with restricted securities Starting short-term and in approximately balance the on ended cash, marketable with $XXX.X

remained and outlays cost operating stable during with matured structure largely and our mostly our Our in-line cash the were budget. XXXX quarter

natural XXXX pricing unit for year-over-year. in XXXX of other million, volume we XX% the of a the revenues, in pivot ASPs revenues coupled compared Moving and the machinery from customers. to to $X growth of the of our of came million, $X.X production-level XX.X% statement, largest comes revenues representing XXXX to with between as difference decline income pricing sample revenue growth and XX% The at non-repeat unit over from in growth

we program the move our program. into phenomenon This BMW XXXX towards as to likely shuttle continue with and production full is

selling transition sold unit $XX,XXX put manufacture at very we turn often For to help BMW. full the who to to the will selling sell broad LIDARs can $X,XXX specifically, volumes will below sample production-level sample BMW whereas components Magna, into in $X,XXX. strokes. in LIDAR from components this in into are components context for program units To range, A the

first half be unit should occur the thereafter higher of of volumes quarter half said, trough That by in in offset ASPs ramp. with lower should the come quarter of year. these those begin with on, back XXXX, looking should stronger the each consecutive bigger the as volumes, expected Naturally, which as volumes inflection the revenues XXXX in back

of it’s be than the headwinds revenues there look step-up here, to a overall net important meaningful doubling million parts a range the moving $XX year. more lot from Even in at While $XX million the expect for with picture. ASPs, the to are to positive with volume we to the growth

Moving further down the income statement.

XXXX amortization in year-over-year an decrease $XXX.X for million expenses XXXX. compensation, due a included operating were XXXX. primarily operating The InnovizTwo depreciation and to increase side, facilities partially costs. was expenses compensation $XX.X headcount, to in by of million cost lower operating million compared decrease the of costs, development in XXXX share-based expenses $XX.X offset million, $XXX.X On levels in and share-based costs, from

generate our $XX expenses in for were XXXX. throughput Non-Automotive and we conclusion, BMW to later meaningful manufacturing segment. SOP share-based with $XX.X leverage and we million is And grew additional a to $XX.X march We an number the and record units clients, on the can automotive The development in our $XX.X year. at million, mature attributable our from XXXX. shuttle the in can increase Research products launching million believe million included In from of to on. revenues, XXXX improved revenues delivered space there year compared momentum hand, strong this we programs with a compensation towards progress made

will much. I the back that, with you And call very Thank turn to Omer.

item Thank I transition we before over Q&A. have Eldar. housekeeping one to just you,

we’ve changes in be As past, as real the as this a of order in can pushback time book on some competitive forward-looking are we’ve source communicating intelligence. customer announced, the indicated deals had to

total new the call. our NRE amounts, we annually, going to to So, order in year-end forward awards, going transition XXXX, on are including communicating

to change in wanted advance. that flag just I

as focusing pipeline book from as year be launch the into for ahead the team today, for order is year possible. already the to heard you’ve Innoviz milestones. a customers heads As our multiple The down, with on our converting we XXXX going excited and and many entire is SOP big have

call to Q&A. over that, into to take turn the us the the operator With I’ll

today Delaney Sachs. first ahead. Our Instructions] from line Goldman the [Operator go you. of Thank question with Please comes Mark

was for you my you hoping Thank the taking start with I to first Yes. the questions. NRE updates commentary. appreciate and

spoke to a years If will could that in is achieve we XXXX. bookings it company to that think $XX that, million you [indiscernible] recognized as of be mostly $XX coming target that several the in or as XXXX? of over something about mostly And You revenue in million NRE vary. were bookings should said or cars of

start and every let fund Sure. we the also this NRE, cost which Eldar program, program, continue. not a Generally, part I’ll the across when the quoting is only which time tooling This include we to or denomination big from are we’re paid for quoting, is of activity. SOP. traditionally price

we So, years three years related of the knowledge. paid roughly program, be which of to the the course to four the it in expect to is recognition

So on milestones we meet. goes that the recognition based the

it of So, we will will means if this certain this with a of we recognized year, potentially milestone win part and it it’ll this a will the program NREs, we target top if that revenues, on be that be and be the this recognize there year mentioned. converge – NRE will is and

I Maybe target one still are NRE. to now We quite is overlooked our that which the do a you funding. to $XX NREs be could now eventually the million on very year-over-year, business. that recurrent meaningful importing very meaningful part, could we one about this we’re can a $XX realized and say we from million add $XX to million this would those imagine to Having programs, be become meaningful that base I report the fact, million our to want talking fact as $XX those,

in full samples shifting coming gross some some COGS. that discussion through round trying providing think to Perhaps That’s mean, I good. And to maybe selling there’s about are you out, XXXX, NREs talked to margin from that components. contract in

XXXX, you point implications giving some you about on of perhaps margin at full guidance, margins gross the of you some year? margin? gross some for but positive positive do So, factors, specific gross and realize you’re even think be when what cross for growth those into in can I margin are the maybe think not

positive, better in not gross want margins. outlook. gross on expect become on margins we we don’t do think or whether year improvements I guidance overall to give should we see I but the

have And just Okay. on those OEM one to three call how next months. you think of six about is update decided me, been the and any spoke one the them do last been then taking us last progressing? Have you one on decisions can doing? place Maybe for this over you how Thanks.

pending several very No, happen. really to we’re accurate still It’s an difficult give of for things when estimate decisions.

So from doing we and and about we that. decisions toward books this feel and our to I’m several time and NRE. trying working that strengthen we’ll are refrain order will But positive hope them that

Thank you.

Thank you, Mark.

the from Please Our next Berenberg. Jared question ahead. today comes from go Maymon

help out guys That’s guys. the the Thanks and morning to good questions Hey, the taking level and you’re hear expertise from at guess so me, for stuff. Innoviz. Omer, kind Ford, meet update, for Eldar, going just, great. high Steven, two good to I you. Happy of to

First one’s on China.

a expansion, recently, other global the there’s competitors Chinese OEM. one and of news footprint few So ward a a production for one in obviously been for, subsidiary then IPO with the

So, market changed wondering has Chinese competitors just your I view maybe at this the point, on if segment. for in especially kind of Omer, of guess the threat mass

to So maybe anything in you of procurement teams is, more frame global the is beyond there question have or right way guys purchasing these to this planning you’re market, and seen fight And OEMs? the ADAS with recent you take Innoviz with Asian do award the is in Asian think can based the China OEM? or better out the production the to do then to already up often

question. happy asked I’m you Yes, great.

ladder is seeing companies I see that them. So China-based big And offered not solutions actually, that currently why talking higher this non-Chinese when requirements the is on a are we based the that about the fact far, My are of on by much OEMs, competing do we part the than assumption competing. assume we’re that. not

strategy a On way a three on China. had customers in InnovizOne opportunity and when quite in good the had of or It for by time the visiting of reinstalled our in difficulties hand, the team competing up Innoviz feedback our just impressed was actually many China product. got InnovizTwo we from very the a programs, and half first visit past. would that from we China catch I different after good a to say solves we position the other years. were

the in too it bit And a China. for competitive the a in was it way in the think us production made two business more from win be were line But We second is success part China. to China, to landscape in in of was, those our decided topics expensive. not difficult that

also, Now cheaper InnovizTwo so up China are significantly all InnovizTwo better. opportunity significantly And targeting so that with in opens line a production we again. over is and that that

are in and a China activity success for great InnovizTwo So we hoping there. are with our we revisiting

are recently to commentary. own or guys it. autonomy traffic not your And from each on the with the guess use as three requirements versus second use just kind you [ph] genesis Great. LiDAR And and the then system the of both of Thanks, one, level on in Got whether competitors nicely well. some silicon of useful of and But I there’s talk this Omer. been the three actually level going open some up case in their highly right. kind then is case of full

largely won’t That be highway of at kilometers autonomy and competitors able XXX technology your per level three said, one publicly to deliver said your recently hour. that unopposed

platform talk the of the what’s you contracts? with and working you’re by both wondering, OEMs with programs partners [indiscernible] the about that based BMW, you OEM just kind being targeted I’m on have can those Volkswagen, So and

higher is Well, than say currently Yes, say, the providing many I definitely. technology would innovative in requirements really ways.

way [ph] market. through are we have the possible to today in the the XX requirements LiDAR, the where explain InnovizTwo copied excuses and introduced of different is our level I workshop one or barrier can for rest hour our of how an are specification providing. that well XXX is three hour to and a miles an I a size, with actually, kilometers a and one which go requirements session very happy data certain very set from seeing sheets. are And long are that our happy did We we I the I’m

actually parameters exceeding of see you and are meeting one And that go all our it. one, if that by you’ll

mentioned that to comments, companies and companies rate. and raise an other they with I’m their are requirements And that kilometers that. setting are reach have The happy very I’m below that they XXX that their in hour, the frame working When is actually the question. by target far car have surprised for we clearly they

operating XX are XX. frame at as at operate they it I understand per second, We

It’s that is able the say reaction to I that the rate element the in that huge a have. resolution degree nearly scenarios. advantage solution that a resolution of important provide. driving car field other than field is not. very wide across very that, the Other Innoviz X.XX view, for different of of something Frame is uniform would time is which capable, with the very very view vertical this Innoviz while is a And would

anyone I’m So wrote for I in happy the is I’m that capable glad. the Innoviz are white matter. any on from find on specifications the Very actually anyone happy direct that is I believe not. to one rest that. to And challenge the those paper while definitely providing

Omer. Thanks,

Thank you.

the question of today next from Sheppard line Andres Cantor. go comes from ahead. Our Please

thanks taking to morning that Hey quarter the should on on Good million the a see Eldar. say. Congrats afternoon, Hey revenue $XX $XX maybe XXXX, for more so I just for I wanted I million. right, get little guidance to Omer. our and clarity questions. or good

is revenues that the just correct? if both correct shuttle Is is mistaken second of here, that the the maybe will startup of this the half but BMW begin comprised So please program, production with to from partnership understand in predominantly from which comprised and year. ramping I'm predominantly up me of and

correct. partially It's

the we shuttle program a as revenues significant our have course, that selling of into. additional and operating BMW are part from the non-automotive we but for year, well are we this Of that have as program opportunities the expectation market

So it'll be a mixture.

year, But it's the right? weighted it. be of the what guess on Okay. Got little wondering I'm a going is, to I second bit probably half more

correct. That's correct. That's

That's with that XXXX? maybe – where into Thank million. total you. just needs, your helpful. up Is again And right, things so is gets quick Have SOP through Okay. is the expectation you or that follow just What about liquidity stand about you remind that a is through? capital talked that? us $XXX is

expectation SOP get additional manner. and subsidize to to would of to year course I programs in us meaningful our is actually our that even it'll that. a win to allow this say So, that allow beyond will also us activity

companies going the funding add help you collect If two we we in also us least sale then grow to activities car forward. to it launches the have that over all and believe year different at the this that – year, from going the will will we that that an automotive next will into will

it. Got

just if one. maybe could sorry, one And last I squeeze

mentioned Volkswagen conversations are You in opportunities explore that with potentially relationship. that from today additional you to

bluntly, ask that if other mean, Maybe your just help Is for other that one me for products? right? vehicles? So Is exactly? understand does I what of that guess another what that I means

Innoviz to parallel to It's that also between computing platform And nominated the includes decision decided et this the with going these reach platform one This possibly way brands sensors was and that sensors platform include the and about integration other possibly vehicle. with there set platforms collaborate platform. discussions than and include for of where a where We LiDAR having multiple and different X. to is There platform, LiDAR. and sell different Sure. we Level would a supporting the other computing allows cetera. that different follow possibly Volkswagen and and the X+ Level design launch to X the recently are them other LiDAR – a were Level could us and more platforms CARIAD, are LiDAR to two that different them single different

not Volkswagen opportunity Obviously, platform. a than see a reflect the meaningful into does Volkswagen we car of if the book the older us our win, is also Volkswagen. first company, more group, opportunity way. you the the bigger very growing this potentially And look we it eventually entire at from and in behind first of big hold original that

congrats the quarter. again very on it I’ll pass helpful. Thanks Understood. and Very, on.

Thank you, Andres.

Our Rosenblatt Securities. next ahead. question comes Please from the line of go Kevin from Cassidy

Yes, And you thank having taking update. for question. thanks for my this

last question types of on there, it expand different to into sensors? there for you’re see, saying are Just to other moving moving is other or platform, more LiDARs sensors, when are a you’re those

I’m different a we of want means. designed is this That’s LiDAR which what to sensors integrate there’s It’s that is different today, awarded to aware Not LiDAR. different no serve, the include a it platform actually the without decision the No. Generally, just platform initially, that platform eventually not launching I’m into. the need a to it’s and we saying of were LiDAR other there. to now they LiDAR.

happening. XX Great. to year Okay. a looks And pointing be bids out, there like it are Thanks. critical going XXXX is more as you’re

That’s what, like that…

will Yes. pace or we’ll you’re clearly of, this, of you they the even Maybe, in some looking their you’re as for the major be your at is probably got would off what competitors but as your as and, customer base? acquiring companies off their survive, view wins some that pace fall maybe and other fall these interested technology

develop we And will we building ourselves. there path will we to we winning you very Not as of we would much it. see, that believe the And I such mean, for right we believe a continue interesting, are If the technology And that fitting as content, at a there obviously word market. find right very; look technologies are as be we’re can the might currently necessarily. InnovizXXX. our with doing. are is is we new that say the now technology long technology what we the,

Thank you. understood. Okay,

question-and-answer Thank like for the to Would add closing session you. today. you remarks? concludes That

think aware year out although Kevin come and said, becoming, very we’re we confidence are for along. Thank and Innoviz. very they exciting it’s – the opportunities as that of success. continue we and that will a as pleased we year good for Well, grow even that I’m of. you year always I start we very Innoviz more And us, every not is have year find our also, excited cost exciting to know – And we to that that like where can’t and that today the joining we

you. Thank

bye. Good