Expects to receive NREs from existing programs in 2025-2027, with cash payment of more than $40 million expected in 2025
Ongoing sales of LiDAR products and new programs expected to generate additional revenues throughout 2025
TEL AVIV, Israel, Dec. 23, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive-grade LiDAR sensors and perception software, today announced a multi-year NRE (Non-Recurring Engineering services) payment plan of approx. $80 million with key existing customers which is expected to bolster the Company's financial position. NREs are expected to be paid between 2025 and 2027, of which over $40 million are expected to be paid in 2025 with further amounts expected in 2026 and 2027. These payments will be incremental to revenues generated from ongoing sales of LiDAR products based on existing and new orders coming from new programs.
"We are excited to further bolster our position as a key partner for OEMs in the autonomous vehicle industry," said Omer Keilaf, CEO and Founder of Innoviz. "NREs are essential to strategically funding our operations and reaching the start of production for several customers in 2026, and with this plan with our key customers we are poised to start 2025 from a position of financial strength. We believe it is clear that our customers trust our ability to support the next generation of autonomous vehicles and meet their demands through Innoviz's superior technology and ability to bring LiDARs to production. The expected NRE payments announced today, taken together with customer programs entering production, strengthen the financial foundation of the Company and position Innoviz to deliver significant value in the years to come."
Innoviz will provide information regarding its full year 2024 financial performance and 2025 financial guidance on its fourth quarter 2024 earnings call.
About Innoviz
Innoviz is a global leader in 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. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases.
特拉维夫,以色列,2024年12月23日 /PRNewswire/ -- Innoviz Technologies Ltd. (纳斯达克:INVZ)(‘公司’或‘Innoviz’),作为高性能汽车级激光雷达传感器和感知软件的领先Tier-1直接供应商,今天宣布与关键现有客户达成约8000万美元的多年度NRE(非经常性工程服务)付款计划,这预计将增强公司的财务状况。预计NRE将在2025年至2027年之间支付,其中预计在2025年支付超过4000万美元,并在2026年和2027年进一步支付。这些付款将增加来自于现有订单和新项目的激光雷达产品的持续销售所产生的营业收入。
“我们很高兴能够进一步巩固自己作为自主驾驶汽车行业OEM的关键合作伙伴,” Innoviz的首席执行官和创始人Omer Keilaf表示。“NRE对我们的运营进行战略性资金支持至关重要,并在2026年达到几个客户的生产开始。通过与关键客户的这一计划,我们准备在2025年以财务实力的姿态起步。我们相信,客户对我们支持下一代自主驾驶汽车的能力,以及通过Innoviz卓越的科技将激光雷达投入生产的能力是显而易见的。今天宣布的预计NRE付款,加上进入生产的客户项目,将增强公司的财务基础,使Innoviz在未来几年内提供显著的价值。”
Innoviz将在其2024年第四季度业绩会上提供2024年全年财务表现和2025年财务指导的信息。
关于Innoviz
Innoviz是全球激光雷达概念的领导者,作为全球领先汽车制造商的一级供应商,致力于在全球道路上实现安全自动驾驶汽车的未来。Innoviz的激光雷达和感知软件“看”得比人类驾驶员更好,减少错误的可能性,满足汽车行业对性能和安全性的严格要求。Innoviz在美国、欧洲和亚洲开展业务,已被国际知名的高端汽车品牌选中用于消费车辆,同时也被其他商业和工业领袖选中用于广泛的应用场景。