Q1 2026 Innoviz Technologies Ltd Earnings Call Transcript
Key Points
- Innoviz Technologies Ltd (INVZ) reached critical technical milestones with new products and made progress on existing programs.
- The company announced its entry into the defense and homeland security market, a rapidly expanding and high-margin space.
- Innoviz Technologies Ltd (INVZ) signed agreements with Kela and another large holding group to field their LiDARs in defense applications.
- The company launched the InnovizTwo ultra-long range LiDAR, delivering up to 1 kilometer sensing, enhancing capabilities across various applications.
- Innoviz Technologies Ltd (INVZ) expects significant growth in LiDAR revenues and gross margins, with a shift in revenue mix towards LiDAR sales.
- Revenues for the first quarter were USD7.1 million, with some revenues pushed into future quarters due to NRE milestone variability.
- Gross margins were approximately minus 22% due to the revenue mix and lower absorption of fixed costs associated with unit production.
- Cash used in operations and capital expenditure was approximately USD15.8 million, influenced by higher working capital needs.
- The competitive landscape in the LiDAR market remains challenging, with ongoing innovation and consolidation.
- There is no update on the top 5 auto OEM program, and Level 3 programs are progressing slower than Level 4.
Ladies and gentlemen, thank you for standing by, and welcome to Innoviz's first quarter 2026 earnings call. (Operator Instructions) I must advise you that this call is being recorded. I'd now like to hand over the call to our first speaker, Ada Menaker, Head of Investor Relations. Ada, please go ahead.
Good morning. I would like to welcome you to the Innoviz Technologies first quarter 2026 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech.
Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated
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