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2.00	0.00	0.05	0.03	0.03	190	-
2.50	0.00	0.05	0.05	0.05	71	-
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Replay of Innoviz CFO interview at TD Cowen 54th Annual Technology, Media & Telecom Conference, May 28, 2026 9:05 am EDT, available at the following link https://ir.innoviz.tech/news-events/ir-calendar/detail/9949/td-cowen-54th-annual-technology-media-telecom-conference.

Unedited transcript below:

Okay. Good morning everybody. Thank you so much for joining us. Very pleased to kick off day two of the TMT conference with a fireside chat session with Innovus to talk about automotive LiDAR technology, as well as physical AI from the company. We're very pleased to have the CFO, Eldar, Segler, with us today. Thank you. We'll go through some Q&A. If you do have questions in the room, feel free to raise your hand and we will certainly get to you. So great to see you. Thanks so much for being back at the conference.
Thank you. Thank you very much for having me.
Great. So maybe just to kick off as a as a broader question, maybe for those who are also maybe a bit newer, what is the state of the LiDAR industry today, both in automotive and non-automotive and kind of how is it evolved in the last few years?
Yeah. So I think you can put it all Maybe jumping directly into the physical AI theme. So in the past, we didn't know that we are doing physical AI, but it's very clear that you have these kinds of systems that move from digital systems that were residing mainly on our computers using data, images, movies, clips, and now turning into system that need to interact with the world in real time and need to do it very efficiently, safely. They need to understand the environment and under and these are basically the physical AI system that require very good perception. And for a very good perception. They require very good sensors. So you have already cameras which are at the very widely used, but today you have more and more. 3D sensors, which are the leaders and the benefit of a 3D sensor for an AI system. That wants it interacts with the world. It can give it a 3D image, pinpointing every object in the environment. So we see actually a very strong momentum for the for leaders, for the need of, of leaders. It started with the automotive industry. I think the automotive industry went through a few cycles, hype cycle and then slowed down.
And I think today we are in a much more mature state where the industry understands the problem much better. It understands what it needs to do much better. It understands the need of the different sensors in order to reach autonomously, safe, autonomously driving. And also you have the ecosystem. You have the different players like Mobileye, like Nvidia that are doing the brains are using the sensors in order to make smart decision. And this is we are seeing this momentum both in level four for commercial application, like robotaxis, shuttles, and trucks. And we do see it picking up again in level three application for consumers, for consumer cars, starting with the Europeans, mainly the German. OEMs. And we see more and more momentum. In the US. And I believe eventually it will trickle down also to Japan and Korea. Outside of the automotive space Again, under this umbrella of physical AI, we see the need of good sensory. Because basically, in every application that you think of using a camera, you actually can use a 3D camera, which is the lidar, which again gives you some benefits that a camera doesn't have, or even coupling a camera together with the LiDAR has a lot of benefits.
And we see more and more applications. And demand for that from, from application like construction, smart infrastructure, smart cities, drones, humanoids, and also security and defense, which became a hot topic again, automated systems that use different levels of AI again. Physical AI again, they need good sensors that can capture the environment in 3D and pinpoint every object that is around. So we we, for leaders, we see a lot of momentum through these kinds of applications.
Terrific. So I want to maybe deep dive a little bit here on the Non-auto physical AI. I know it's still emerging. It's still seems like it's relatively early, but of the end markets that you described, which are the ones that you're most excited about in the next 2 or 3 years? And ultimately, how can investors sort of size these opportunities?
Yeah, sure. So so we Innovis has announced over a year ago that it started to pivot or to add additional market segments to its, its marketing efforts and interests. So we were in a sort of an exploration mode, understanding what the market needs. Where can leaders do the best work or fit the best? Where is the need? Where are the low hanging fruits? We focused initially in application like smart cities. It's basically smart infrastructure, smart, smart cities. And. Then we looked at construction applications and different kinds because we are also constantly approached from different players. And lately, and this is something also we have announced publicly. We see a growing demand from security and defense application from situational awareness. Applications through perimeter security, through automated systems that need to operate. In an environment or navigating an environment. And we see that there is a real sense of urgency in these kinds of applications. And a actual. Missing link. Or sensory level, which is not accommodated for by cameras and radars because they have certain shortcomings. Not that the. World will stop using these kinds of sensors, but they need to add another sensor and. A LiDAR is a perfect fit, and we see a lot of momentum and security in defense.
Our latest partners arc are from these kinds of sectors. We are not trying to be a tier one as we are in the automotive sector and automotive sector. We are approaching. We are competing directly on programs we know how to run a program. We know how to qualify for it and so on and so forth. In the Non-automotive space, we, and specifically in security and defense, there are very strong players, integrators, and there we will play as a tier two or tier three, providing our products and solutions, coupled with software to these kinds of applications. And again, we see there the greatest sense of urgency, the biggest market. So if we try to size, it's very hard to size these kinds of market in terms of time. But if we are looking the market research is mainly on the system as a system or specifically around the well, sensors. Like cameras and radars. So our our understanding of this market is that it at least 10 billion and beyond. Tam for the next few years, up to 2030. Very fast growing a lot of interest.
Interesting. And so within defense security, maybe can we dig a little bit more in terms of what the ladder is being used for? Is it mostly perimeter? Is it a lot of drone detection, which has become obviously a greater focus kind of where is that? And I think you mentioned software as well. I'm curious, kind of your role in software with defense as well.
Yeah. So I guess. All of the above. Basically. And even more, I think. Maybe I'll address a few applications, the ones you mentioned. So for perimeter security, there are already solutions in place today that are mainly using cameras and radars. The problem is that the reason why they are using cameras and radars, the radar has a wide field of view. And. It can scan a wide area and once it detects something, it can turn the camera, which doesn't have this field of view and needs to be focused around a very specific area. It can turn the camera into. However, a radar. Unfortunately, has a lot of of shortcomings, especially when you take a radar that usually looks to the sky, which is very clean and noisy. Environment and pointed to the ground there. You have a lot of noise. You have trees, you have vegetation, you have metal objects, fences, which radars are not very good at. And if the vegetation moves or you have wind. Then you get a lot of false alarms and there are other shortcomings. And if you replace the radar with with the lidar, you solve the problem. The lidar has the resolution.
The lidar has the field of view. It has the resiliency, and it can provide for already an existing solution and much better solution. At the same price point. So we see a lot of demand in perimeter security, both for mainly for civilian applications like airport defense, utility defense, but it can go also to special government facilities. It can protect borders if needed. So and, and this is, it seems like a very potent application. And with the ability to grow very fast because they are. Making their integrators have already. The programs, the projects in place. They just need to set the right technology. In place. So this we see as a very interesting, interesting area that we are focusing today. We are working in the US. We have a special guy and team that is working in the US for that matter. Usually you don't provide just the LiDAR. You need to provide also some kind of software that interfaces with the lidar that gives meaning to what you see. So we have partners that we are using in order to provide also the software side. This means obviously that the business model can be not only selling ladder, but also selling software, recurring revenues and so on.
So this is on the security on the perimeter security, situational awareness means many things. One of the hottest topic, I think, in the world today, you see it in Ukraine. You see it in Europe, you see it in the Middle East. Is the threat of drones and the reason drones are such a great threat, because nothing can detect it effectively today, because radars, again, they are very good. If you fly high. But drones, these kinds of drones practically literally fly under the radar. It's very difficult to identify them. They are small. They fly very close to the ground. So it's a very noisy environment. How do you differentiate between a flying drone and a bird? You don't want to protect yourself against a bird. It's a false alarm. You would like to identify the drone. So again here we're all other sensing technologies fail. A ladder is a very good solution. Again, you need a very good leader with high performance resolution. Enough range frame frame rate, ability to work in outdoors rather than indoors. So we are a perfect fit for that. This is also a very hot topic. As I said. So we see also a lot of applications and a lot of companies are moving towards offering these kinds of solutions.
With a leader. So basically when. You need sensing wherever you think of a camera, think of a lidar doing a better job might do a better job.
Terrific. Maybe one more. And then we'll go to audience question. Or maybe a two part question. One sticking with defense and maybe broader non-auto maybe talk about the ASP ranges that you can have relative to auto. And of course, the margin profile. And then secondly, what does a sales cycle look like in defense? Non-auto. We know auto can take years to go from the first phone call to a production program, given the urgency, particularly in the defense, what could that sales cycle look like from the moment you're engaging with prospective customers?
Yeah. So first of. Answer on the ASPs. So in the auto. Industry, the the name of the game on one hand is volumes. You get these. Very high volumes. It's still the biggest opportunity for innovation in terms of volumes and revenues. Aggregated revenues. And with that comes a very high pressure on pricing. So the industry at the end of the day, or partially is working with consumer, a consumer vehicles, you need you cannot offer a solution that costs hundreds story thousands of dollars. It it doesn't make sense. So the industry wants to see that you scale up to high volumes, but then in return, they want to see very cost effective solutions. So there is a constant price pressure there. Once you pivot to other applications like security and defense. A, the volumes are different, at least initially. The volumes. If we are talking about in the auto industry, hundreds of thousands per year and maybe can go up even to more than that in aggregate. And currently what we are seeing in security and defense is thousands, tens of thousands. So obviously the ASP is much higher. So if in the auto industry for high volumes, you send, you sell your leaders at hundreds of dollars.
Obviously, if you. Sell. To somebody a few hundreds or few thousands, you will sell it at much higher ASPs. Maybe a few thousands. Which result in a very. Financially. Positive. Contribution to top line and a very positive contribution to the gross margin. So the margin profile is much better and basically you can sell lower volumes, have a very meaningful contribution to the top line and very meaningful contribution to the gross margin profile in terms of the cycles. Automotive yes is a very long cycle to win an automotive program may take even a few years and then the development process takes another 2 to 3 years until. So until you get to SOP, start of production may take 4 or 5 years, even from the day you meet the first time the customer in the non-automotive space, at least from what we see and the sense of urgency that we encounter today, we see much shorter cycles, even within months. The decisions are being taken from the moment you meet somebody, then you do a pilot and to do. Employment agreements. So cycles here can be shorter. Yes. In the defense industry, sometimes it takes more time. But currently what we are seeing is a great sense of urgency to bring in good solutions with good sensors and, and you must.
Remember, I'm acting as a tier two or tier three, so I'm meeting the program in a much more mature state than when I'm at tier one and I'm starting with very early with an RFI and an RFQ and so on and so forth. So we there is a good momentum also in terms of timing.
Perfect. Question.
Yeah. So you mentioned that you are serving as a tier two, tier three in these non-auto opportunities. And also mentioned that you're providing the hardware and software solutions pertaining to, to that piece within the tier supply. But when we think about like the defense and aerial opportunity that exists for you guys from a detection perspective, Point cloud, is that something that you guys are working on from a classification standpoint, or is that the integrator that was responsible for taking the point cloud and creating like the perception oriented classification around that?
So Basically in offers a wide range of software solution, basically, we can do perception. We have done it for automotive in these cases, we are not at this point of time, we are not doing it. We have announced a partnership with a company by the name of cognitive. So they are doing the perception. They are providing the software solution, but we are the tier two. They are the tier three. They are providing a solution. Their solution. And we are offering not only the LiDAR, but the leader with the software as a solution. So this is the role we are trying to to play because there are different applications. We try not to to be fast and efficient when approaching this market. And go to market strategy. So we are trying to focus on what we are good at. It's leader and some supporting software, and then bring some partners to do the the perception layer for the software..
And if you did, like you mentioned, you have obviously the capabilities to do it. If you did the tier three, tier two componentry of it, would there be an ASP inflection relative to the current offering, or would it be just more like an embedded solution downstream?
Yeah. You are correct. It's an add on. So we are pricing it as an add on as an addition. So the leader itself can can be. Few thousands of dollars. And then you have the software components. And we are selling it together. The software we provide all the regular software like services, recurring recurring revenue elements to it and it's less. Less. As a SaaS service, but more the maintenance service and so on. Yeah.
So maybe I'm switching to auto. I wanted to cover your latest observations on the kind of level three, level four sourcing pipeline. It seems like we've been kind of waiting for this sourcing inflection. It's taken a little bit longer, but we have seen some signs from at least a few automakers of starting to put L3, including LiDAR standard on some programs. I think mostly for a few EV makers. What are you seeing? What are your expectations for decisions and wins along these fronts this year?
Okay, so I think we need to differentiate between the German OEMs and the American OEMs. Basically, the Germans are usually also higher and vehicles in the German OEMs. It's already a standard. It's not a question. If there will be an auto. Enormous feature in the car, it will be it will be a level three. This is true for Mercedes. This is true for false. False vag and Audi. Porsche cars. This is true for BMW. This. This is already embedded. And as part of their offering, the. American OEMs. We are seeing now re-engaging in these kinds of offering level three. Offerings. Both for GM, Stellantis, all of them are thinking. And also the newcomers like Rivian and other players are all into it or. Thinking how. And announcing also their. Timelines in order to introduce level three applications. Maybe. Stellantis took a step back in that. In that respect, but definitely. Ford and GM have announced publicly. So. And also Rivian. So we see the momentum is back in place. There was a certain delay, a certain setback in the. In the. US market, but I see it. Reinstated. And the understanding that this is important for them.
This is a differentiator. And if they don't do it, they will lose the competition with other players from the Germans through the Chinese. So. And I think the Japanese and the Koreans will probably adopt it a bit later. We see a lot of momentum in level four applications. All over the world for. The commercial application makes sense. In terms of the business model is different. You take a vehicle. You. You convert it into a level four vehicle that can drive itself. You eliminate the need for a driver, and then you have a platform that you can monetize off 24 over seven. So it makes a lot of sense to put such to, to do the investment, because you need to load the car with a lot of sensors, you need a stronger compute model inside the car. But it makes more sense because the business model makes sense. So we see many programs we had yesterday. Round table. And we saw many players in that many new comers, new companies, new OEMs that are playing in this field like Kodiak Mobility and, and others. So we see a lot of momentum in the level four commercial application.
And this is true, by the way, for the ID base of Volkswagen, which we launch towards the end of this year, beginning of next year, together with Mobileye. So and they are. Putting a lot of strategic value in this platform.
Absolutely. And maybe sticking with the level three, the pushback sometimes one gets on level three as well. You know, the automakers will do it. But on on very low volume, like the the highest trim levels, most expensive vehicles. And we've seen at least a couple automakers sort of say, hey, you know what? We're going to do this on, on all of the next generation vehicles like, like the R2 from Rivian being one. Are you seeing any of those signs in your pipelines where the programs that are coming may have higher attach rates or even even, I mean, maybe standards going a little bit too far, but but even standard on some vehicles, or is it still the next three, four, five years going to be limited in terms of the penetration of a particular program? Volume?
So what is different today than 2 or 3 years ago? It's the maturity level and the cost. So today, in order to introduce an autonomous feature, there is a much more knowledge of what does entail. In order to put this in place, what kind of development, what kind of technology you need A, B, you have the ecosystem, the different parts, or some of them are already ready. Like Mobileye platform like Nvidia platform. So it's not that it is plug and play, but you have somebody that has sold for you. The problem. So chauffeur from the level three solution from Mobileye. Chauffeur. You can simply adopt it or integrate it into your platform. You. Have the leaders as well. Much more mature. So. The sensory is in place and with that, with the maturity. Also the cost is reduced, which means you can introduce it to more and more model, not only to high end, maybe start thinking about mid-range. Do I think that level three will be in the next two years? Very abandoned? No, but I do think it will continue to trickle from the high end down to the mid-range and down, and then to be a common standard, because volumes will go up.
Pricing will come down. And this is the regular process. I think we we are now starting to see the recovery, but it will take time as as is the case in the automotive industry, there is one exception, which is what happens in China. China can be an accelerator for all of these processes because if the. World will see that the Chinese are starting to push not only EVs, but these EVs are demonstrating autonomous level three autonomous features. I think the Western OEMs will have no choice but to accelerate their efforts. So that might happen as well.
Great.
And on this journey, maybe talk about the Innovis three. I'm curious about maybe three parts to that one. Maybe talk about the importance of the behind the windshield. How many automakers are expressing that as a really kind of a must have in the next several years to maybe the cost of Innovis three versus Innovis two? And lastly, any things you can share on recent feedback conversations as you're kind of developing that next generation?
Yeah. So we, we are saying that the behind the windshield is sort of the holy grail of the industry. They don't like to see this bump of the ladder on the rooftop. They don't like to see the ladder and the grille, which is not the best place. You want to have the LiDAR higher up. So behind the windshield is the perfect place. It doesn't change the design of the vehicle. It's behind the windshield. So you have the wipers. You have the and embedded cleaning system, and it makes the most sense. So all, all the OEMs would, if they would have had a LiDAR that can fit in behind the windshield, they would do it. The Innovis three is exactly that. The form factor is is designed in order to fit behind the windshield. We even offer to integrate the camera inside the LiDAR. So you save even additional space and the integration is simpler inside the car. Cost reduced. We reduced the cost by 35% from the Innovis two to the Innovis three. The performance is as good as the Innovis two, and we hope that as we continue to develop this platform, maybe we can improve it even more.
The form factor, the power consumption. All the resolution range, all of that is. A very good solution for the OEMs. And they are looking after it. I don't remember the other questions.
Just the the feedback From, the feedbacks are amazing. So every. Gem that we show him the three or offer him to test it. There is. There is great enthusiasm. Again, this is something that the industry is looking for and Innovis three is really a great product with many lessons learned from all our years of experience and I think it has gotten a. Great reception so far.
Great. So maybe two rapid fire in the last minute or so. First, maybe a word on the competitive landscape outside of China. In Europe and US, North America kind of. What are you seeing in right now?
So in the automotive space, I would say the the competition has diminished greatly. Many companies either disappeared or stopped serving the automotive industry. And I think there basically 2 or 3 companies that are serving, one of them being innoviz. So we always predicted that the industry will consolidate and it happened exactly as we predicted. And we hope that Innoviz can keep its seat around the table. And be one of the 2 or 3 companies that will serve the industry outside the automotive space. There are many players. Which are. Offering different solutions. I think once you bring an automotive grade LiDAR with the performance of automotive grade range resolution power. Assumption. Form factor. It's a very potent competitor in the market and I think for specifically for security and defense, there is almost no other leader that can bring the same performance as we do.
Great. And maybe at a high level and without providing guidance, how would you frame the 2030 opportunity, whether it's units penetration for investors to think about what the next few years., at least our projection is hundreds of thousands of units a year. So maybe north of half a million. But we still need to to win these programs and aggregate the volumes. But I do believe that we are on this kind of trajectory of hundreds of thousands of units towards 20, 30.
Terrific, great conversation. I think we have to leave it there, but thank you so much for being back in.

Innoviz Reports First Quarter 2026 ResultsMay 14, 2026 7:00 AM
PR Newswire (US) Entering fast-growing, high-margin defense and security market; see strong momentum via engagements with Kela Technologies and a large holding group to be announced in the coming weeks Multiple automotive programs with product launches in 2026 and beyond; announced new agreement with a leading AV company to evaluate the development of on-sensor LiDAR perception capabilities; signed LOI with LOXO Launched InnovizTwo Ultra Long-Range with up to 1km sensing, driving new capabilities in applications across automotive and non-automotive end-marketsFY2026 outlook unchanged at $67–$73M; Q1 $7.1M, reflecting NRE milestone variability TEL AVIV, Israel, May 14, 2026 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading supplier of high performance, automotive-grade LiDAR sensor platforms, today provided commercial and strategic updates on its business, reported its financial results for the quarter ended March 31, 2026, and reiterated its financial and operational targets for 2026. "In the early months of 2026, we announced our entry into the defense and homeland security market, reached critical technical milestones with our new products, made progress on existing programs, and continued to engage with automotive and non-automotive customers," said Omer Keilaf, CEO and Founder of Innoviz, "Several NRE milestones were pushed out of the first quarter, in part due to customers' requests for additional content, resulting in lower than anticipated revenues. Thanks to the hard work and dedication of our teams, we are already closing the gap, and our full-year outlook remains unchanged. Long-term, we are confident in our view that LiDAR is the most reliable method for digitizing the physical world, and is indispensable to the implementation of Physical AI. Over the past year, we've broadened our scope beyond the automotive industry and introduced our SMART products, which are now available for defense and security applications, in addition to traffic management, perimeter security, and robotics. We are seeing strong traction across these end-markets, which are fast-growing and high-margin, and yesterday, Kela, an Israeli defense company, announced its intent to field Innoviz LiDARs across their unified situational operations platform. We have also signed an agreement with a large holding group, which will offer Innoviz LiDARs in their defense and security solutions; we expect their announcement in the coming weeks. Our automotive programs with VW, Mobileye, and Daimler Truck are progressing well towards LiDAR product launches in 2026 and beyond to meet Start of Production (SOP) timelines. We recently announced an advanced development program with a leading autonomous driving technology partner to evaluate enhanced on-sensor perception software for the InnovizTwo LiDAR platform; additionally, we signed an LOI with LOXO to integrate InnovizTwo Long Range into LOXO's autonomous driving solution. The automotive ecosystem is exhibiting robust interest in both Level 3 and Level 4 automation, and we believe we can win upcoming RFQs with our suite of InnovizTwo LiDARs and our InnovizThree, whose small size, lower power consumption, and lower cost make it ideal for behind-the-windshield integration. To support our automotive and Physical AI customers, we recently launched the InnovizTwo Ultra Long-Range LiDAR, which enables up to 1km sensing and opens new capabilities across a variety of use cases. As we continue to ramp production at Fabrinet, we believe we are well-positioned to become a premier world-wide supplier of best-in-class LiDAR solutions for autonomous driving and broader sensing applications, enabling the rise of Physical AI."Commercial and Strategic UpdatesEntering the Defense and Homeland Security Markets with InnovizSMART and InnovizTwo Ultra Long-Range – Innoviz LiDARs, developed for automotive and civilian applications, offer rugged design, extended detection range, and automotive-grade reliability that make them well-suited for the rigorous requirements of the defense and security markets. They may serve a wide variety of applications, including in areas such as perimeter and facility security, mapping and situational awareness, and drone detection.Reached an Engagement with Kela – Kela Technologies, an Israeli defense company, announced its intent to field InnovizTwo LiDARs for a variety of applications, including perimeter security and drone detection, using Innoviz LiDAR solutions across its unified situational operations platform Signed Agreement to Incorporate Innoviz LiDARs into Defense/Homeland Security Offerings – We recently signed an agreement with a large holding company to incorporate Innoviz LiDARs into their defense and homeland security offerings, and we expect an announcement from the customer in the near future.Progressed on Customer Programs – Customer programs with VW, Mobileye, and Daimler Truck are progressing well toward 2026 LiDAR launches ahead of vehicle SOPs.Announced Advanced Development Program Combining LiDAR and On-Sensor Perception Software – Innoviz has entered a new agreement with a leading autonomous driving technology company to evaluate the development of enhanced on-sensor perception software.Signed LOI with LOXO – Innoviz signed an LOI with LOXO to integrate InnovizTwo Long-Range LiDAR into its Level 4 Digital Driver platform, subject to the successful completion of evaluation.Pursued Multiple Level 3 and Level 4 Opportunities – Innoviz is pursuing multiple RFQs with new and traditional OEMs as well as industrial and agricultural customers. Level 3 autonomy is viewed as a key feature for future SOPs, and InnovizThree is well-positioned to win behind-the-windshield designs with its smaller form factor, reduced power consumption, and lower cost.Launched InnovizTwo Ultra Long Range – InnovizTwo ULR delivers up to 1km sensing, addressing a gap in a variety of applications. It will enable ultra-early hazard detection and high-resolution perception for autonomous systems, including in heavy trucking, as well as border and wide area perimeter security use cases.Q1 2026 Financial ResultsRevenues in Q1 2026 were $7.1 million compared to revenues of $17.4 million in Q1 2025. The revenues resulted from a combination of sales of LiDAR units and NRE services. Operating expenses in Q1 2026 were $24.9 million, an increase of 18% compared to operating expenses of $21.0 million in Q1 2025.Liquidity as of March 31, 2026 was approximately $60.1 million, consisting of cash and cash equivalents, short term deposits, marketable securities and short-term restricted cash. FY 2026 Financial and Operational Targets
The company is reiterating its FY 2026 targets of:Revenues of $67-$73 million;2-3 new program wins;LiDAR sales for non-automotive Physical AI applications up to 10% of revenue; andNew NRE payments plans of $20-$30 million.Conference Call
Innoviz management will hold a web conference today, May 14, 2026, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss commercial and strategic updates, financial results for Q1 2026, and financial and operational targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.Investors are invited to attend by registering in advance here. All relevant information will be sent upon registration.A replay of the webinar will also be available shortly after the call in the Investors section of Innoviz's website for 90 days.About InnovizInnoviz is a leading provider of LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads.? Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Innoviz's LiDAR sensors are designed to deliver exceptional range, resolution, and reliability, providing accurate 3D sensing in harsh weather conditions. Operating across the U.S., Europe, and Asia, Innoviz designs solutions for automotive OEMs, system integrators, municipalities, commercial enterprises, and other use cases worldwide. InnovizSMART is an off-the-shelf solution for security, defense and homeland security, intelligent traffic management, mobility, robotics, and aerial applications.For more information, visit https://innoviz.tech/Join the discussion: Facebook, LinkedIn, YouTube, TwitterMedia Contact
Media@innoviz-tech.comInvestor Contact
Investors@innoviz-tech.comForward Looking StatementsThis announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services and products offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, expected NRE payments, the anticipated scaling of production, and Innoviz's projected future operational and financial results, including revenue and NREs. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties."NRE (Non-Recurring Engineering)" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). NREs may be paid based on milestones over the development phase of the project which may take a few years.    Many factors could cause actual future events, and, in the case of our forward-looking revenues and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the ability to achieve broader market adoption of Innoviz's products and solutions, the ability to maintain and scale initial deployments into long-term commercial relationships, the ability of preliminary arrangements, including evaluation engagements and letters of intent, to result in definitive supply, development, or commercial agreements on expected terms and volumes, the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of geopolitical developments in the Middle East including the evolving conflict in Israel on our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 4, 2026, and in other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The agreements and letters of intent referenced in this announcement are subject to various conditions, including, in certain cases, successful completion of evaluation phases, negotiation of definitive terms, and customer election to proceed. There can be no assurances that any such arrangement will result in definitive agreements, firm orders, payments, or series production, or that volumes, timing, or commercial terms will align with current expectations. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.  INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
(Unaudited)

Three Months Ended March 31,

2026
2025

Revenues $7,133$17,390Cost of revenues
(8,716)
(10,408)

Gross profit (loss)
(1,583)
6,982

Operating expenses:

   Research and development
16,757
14,830   Sales and marketing
2,275
1,721   General and administrative
5,857
4,455

Total operating expenses
24,889
21,006

Operating loss
(26,472)
(14,024)

Financial income, net
308
1,416

Loss before taxes on income
(26,164)
(12,608)Taxes on income
(35)
(34)

Net loss$(26,199)$(12,642)

Basic and diluted net loss per ordinary share$(0.12)$(0.07)

Weighted average number of ordinary shares used in computing basic
and diluted net loss per ordinary share
  215,511,076
  185,534,529

  INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (Unaudited)

March 31,
December 31,

2026
2025
ASSETS

CURRENT ASSETS:

Cash and cash equivalents$4,362$8,638
Short-term restricted cash
16
16
Bank deposits
46,208
54,010
Marketable securities
9,540
9,466
Trade receivables, net
5,296
9,978
Inventory
3,880
3,344
Prepaid expenses and other current assets
5,738
4,780
Total current assets
75,040
90,232

LONG-TERM ASSETS:

Restricted deposits
3,111
3,189
Property and equipment, net
19,559
19,856
Operating lease right-of-use assets, net
24,372
25,086
Other long-term assets
88
89
Total long-term assets
47,130
48,220
Total assets$122,170$138,452

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables$10,142$8,599
Deferred revenues
2,027
1,852
Employees and payroll accruals
10,170
9,027
Accrued expenses and other current liabilities
5,674
5,998
Operating lease liabilities
5,992
5,949
Total current liabilities
34,005
31,425

LONG-TERM LIABILITIES:

Operating lease liabilities
28,500
29,302
Warrants liability
1
7
Total long-term liabilities
28,501
29,309

SHAREHOLDERS' EQUITY:

Ordinary Shares of no-par value
-
-
Additional paid-in capital
883,703
875,558
Accumulated deficit
(824,039)
(797,840)
Total shareholders' equity
59,664
77,718
Total liabilities and shareholders' equity$122,170$138,452
  INNOVIZ TECHNOLOGIES LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
(Unaudited)

Three Months Ended    March 31,

2026
2025Cash flows from operating activities:

Net loss$(26,199)$(12,642)Adjustments required to reconcile net loss to net cash used in
operating activities:

Depreciation and amortization
1,327
1,377Remeasurement of warrants liability
(6)
(48)Change in accrued interest on bank deposits
485
(337)Change in marketable securities
(6)
(62)Share-based compensation
3,712
4,754Capital gain, net
(4)
-Foreign exchange loss, net
49
154Change in prepaid expenses and other assets
(700)
2,129Change in trade receivables, net
4,682
(11,618)Change in inventory
(536)
201Change in operating lease assets and liabilities, net
(45)
(712)Change in trade payables
1,866
(3,577)Change in accrued expenses and other liabilities
(394)
523Change in employees and payroll accruals
1,143
154Change in deferred revenues
175
944Net cash used in operating activities
(14,451)
(18,760)Cash flows from investing activities:

    Purchase of property and equipment
(1,356)
(1,915)    Proceeds from sales of property and equipment
4
-Investment in bank deposits
(19,930)
(44,300)Withdrawal of bank deposits
27,350
12,500Investment in marketable securities
(5,381)
(14,892)Proceeds from sales and maturities of marketable securities
5,313
17,737Net cash provided by (used in) investing activities
6,000
(30,870)Cash flows from financing activities:

Issuance of ordinary shares and warrants, net of issuance costs
-
37,596Issuance of ordinary shares, net of paid issuance costs
4,231
-Proceeds from exercise of options
18
142Net cash provided by financing activities
4,249
37,738Effect of exchange rate changes on cash, cash equivalents and restricted cash
(74)
(104)Decrease in cash, cash equivalents and restricted cash
(4,276)
(11,996)Cash, cash equivalents and restricted cash at the beginning of the period
8,654
25,381Cash, cash equivalents and restricted cash at the end of the period$4,378 $13,385

Share-based compensation expenses:

Three Months Ended March 31,

2026
2025

Cost of revenues$482$1,774Research and development expenses
1,522
1,888Sales and marketing expenses
260
207General and administrative expenses
1,448
885

$3,712$4,754 Logo: https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg View original content:https://www.prnewswire.com/news-releases/innoviz-reports-first-quarter-2026-results-302772244.htmlSOURCE Innoviz Technologies Original: Innoviz Reports First Quarter 2026 Results

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