Innoviz Technologies (INVZ) can be described with the following analogies:

• Innoviz is like Mobileye for LiDAR sensors, providing the laser 'eyes' for self-driving cars where Mobileye (Intel) is known for camera-based vision systems.
• Innoviz is like Sony, but specializing in the advanced laser sensors (LiDAR) critical for self-driving cars, similar to how Sony is known for image sensors and other electronics.

• InnovizOne LiDAR Sensor: An automotive-grade solid-state LiDAR sensor designed for advanced driver-assistance systems (ADAS) and autonomous vehicles.
• InnovizTwo LiDAR Sensor: A next-generation automotive-grade solid-state LiDAR sensor offering enhanced performance and a more cost-effective solution for mass production of autonomous vehicles.
• Perception Software: Software that processes the raw data from Innoviz LiDAR sensors to provide a comprehensive 3D understanding of the vehicle's surroundings.

Innoviz Technologies (INVZ) sells primarily to other companies, specifically automotive original equipment manufacturers (OEMs) and Tier 1 suppliers who integrate Innoviz's LiDAR sensors and perception software into vehicles for autonomous driving features.

Their major publicly identified customer for series production programs is:

• BMW (Bayerische Motoren Werke AG)

Note: BMW's primary listing is on the Frankfurt Stock Exchange (FWB) under the symbol BMW or BMW.DE.

While BMW is their most prominent named customer, Innoviz has also announced significant design wins for future series production programs with two other leading automotive OEMs, one based in Asia and another in Europe. The names of these companies have not yet been publicly disclosed by Innoviz.

• Magna International (MGA)
• Samsung (005930.KS) (specifically Samsung Foundry for manufacturing)
• NVIDIA (NVDA) (for certain AI compute platforms and software integration, though not a direct raw material supplier in the traditional sense, they are a critical technology partner for some systems)

Omer Keilaf, Co-Founder and CEO

Omer Keilaf co-founded Innoviz Technologies in 2016 and has served as CEO since its inception. He has over 21 years of experience driving cutting-edge technologies from concept to commercialization. Prior to Innoviz, he held senior leadership roles at Consumer Physics, where he led system and product definition efforts. He also led system architecture and engineering teams at bTendo, which was acquired by ST Micro, and Anobit, which was acquired by Apple. Mr. Keilaf also served as an officer in an elite technological unit of the Israel Defense Forces.

Eldar Cegla, Chief Financial Officer

Eldar Cegla has served as Innoviz's CFO since June 2017, bringing over 20 years of financial and operational experience in leading Israeli high-tech companies. He was a co-founder and CFO of Browzwear International from 2000 to 2006. His previous roles include VP Finance of ConsumerPhysics from 2014 to 2015, CFO of Metrolight from 2010 to 2014, and COO of Mantis-Vision (MV4D) from 2007 to 2010.

Avishay Moscovici, Chief R&D Officer

Avishay Moscovici joined Innoviz in 2017 and was appointed Chief R&D Officer in March 2024, after leading the development of the company's software and perception technologies. He possesses over 25 years of leadership experience in advanced technology development, specializing in chip design, modem technology, image processing, and baseband development. Previously, Mr. Moscovici was Director of Engineering for Motorola Semiconductors/Freescale Semiconductors Israel from 2000 to 2016 and VP of R&D at Rachip Ltd. from 2016 to 2017.

Dana Nutkevitch, General Counsel

Dana Nutkevitch joined Innoviz in 2018 to head the Legal department. She has over 15 years of experience as a corporate and commercial lawyer, with expertise in M&A, private equity, intellectual property, venture capital, and capital market transactions.

Shiri Hilton, Chief HR Officer

Shiri Hilton brings nearly 20 years of extensive HR experience across various organizations, including startups and established companies, primarily in the high-tech sector. Her background includes leading HR aspects for complex transitions such as the integration of Golden Pages after an acquisition, the integration of Intel's recruitment processes into Oplus, and managing HR for Kontera in Israel.

• Aggressive OEM In-House Development or Multi-Sourcing of LiDAR Solutions: As automotive LiDAR transitions from premium feature to standard component in advanced driver-assistance systems (ADAS) and autonomous driving, automotive original equipment manufacturers (OEMs) are increasingly seeking to reduce costs, control intellectual property, and diversify their supply chains. There is a clear emerging risk that current or potential automotive OEM customers could invest significantly in developing their own in-house LiDAR technologies or aggressively multi-source from a broader range of suppliers, thereby reducing their reliance on independent LiDAR providers like Innoviz for future vehicle platforms. This trend is driven by OEMs' desire for greater control over critical components and cost efficiencies, as exemplified by some automotive giants' strategies for other sensor technologies.
• Rapid Commoditization and Intensifying Price Pressure in the Automotive LiDAR Market: The automotive LiDAR market is rapidly maturing and attracting numerous competitors. As the industry moves towards mass production and higher volume adoption, there is immense and accelerating pressure from automotive OEMs to drastically reduce the per-unit cost of LiDAR sensors to meet strict bill-of-materials targets. If competitors or alternative sensing technologies can offer comparable performance to Innoviz's high-performance solutions at significantly lower price points, through different manufacturing processes, economies of scale, or strategic partnerships, it could erode Innoviz's market share, impact its profitability, and hinder its ability to secure future design wins amidst a highly competitive landscape.

Global Automotive LiDAR Market

• In 2023, the global automotive LiDAR market size was estimated to be around USD 504.2 million to USD 1.3 billion.
• Projections for the global automotive LiDAR market vary by source:
  • It is projected to reach USD 942.1 million by 2030, with a CAGR of 9.4% from 2024 to 2030.
  • Another report forecasts the market to reach USD 9.59 billion in 2030, growing at a CAGR of 41.6% from USD 1.19 billion in 2024.
  • Other estimates suggest the market will surpass USD 14.75 billion by 2030, with a CAGR of 26.1% from 2020.
  • Some analyses project the market to exceed USD 16.96 billion by 2033, with a CAGR of 40.45% from 2023.
  • More optimistic outlooks predict the market to grow from USD 6.5 billion in 2024 to over USD 50 billion by 2030, and even exceeding USD 100 billion in 2030.
• North America held a significant share, accounting for 34.9% of the global automotive LiDAR market in 2023.

Global LiDAR Solutions Market (including non-automotive applications)

• The global LiDAR solutions market size was RMB 12.0 billion in 2022 and is expected to grow to RMB 1,253.7 billion (approximately USD 170 billion) in 2030, exhibiting a compound annual growth rate (CAGR) of 78.8%. Automotive applications are anticipated to constitute 79.8% of this total market by 2030.

Total Addressable Market (TAM) for ADAS and AV LiDARs (Units)

• Frost & Sullivan estimates the Total Addressable Market (TAM) for ADAS and AV LiDARs to be 197 million units globally in 2030.

• Expansion of OEM Programs and Partnerships: Innoviz is actively securing new design wins and deepening existing relationships with major automotive manufacturers. The company announced new OEM programs through a partnership with a leading Level 4 platform provider, with an expected Start of Production (SOP) in 2026. Furthermore, Innoviz has entered into a development agreement with a top five passenger automotive OEM for its InnovizTwo LiDAR, targeting a 2027 SOP. These new programs are anticipated to transition from development to series production, generating substantial revenue from LiDAR unit sales.
• Growth in Non-Recurring Engineering (NRE) Bookings: A crucial short-to-mid-term revenue driver is the increasing volume of NRE bookings. Innoviz has consistently reported strong NRE payments, which are derived from development activities performed for its key customers ahead of their SOPs. The company extended its NRE payment plan and raised its 2025 NRE booking guidance to a range of $30 million to $60 million, having already booked over $20 million year-to-date. These NREs provide a foundational revenue stream that supports operations while automotive programs mature.
• Advancement in Existing Automotive Programs: Continued progress and expansion within established partnerships, such as with the Volkswagen Group, are expected to contribute meaningfully to revenue. Innoviz's LiDAR solutions are integrated into Volkswagen's Level 3 and Level 4 programs, including the ID. Buzz for robotaxi deployments, with accelerated LiDAR shipments supporting these initiatives.
• Diversification into New Markets with InnovizSMART: Innoviz has launched InnovizSMART, extending its automotive-grade LiDAR technology to non-automotive applications. This strategic expansion targets high-margin sectors such as security, mobility, aerial, robotics, and traffic management. Collaborations in these new verticals, like the partnership with Cogniteam for a LiDAR security solution, are expected to open significant additional revenue streams.
• Technological Leadership and Product Innovation (InnovizTwo): Ongoing enhancements to its core LiDAR technology, particularly with the InnovizTwo platform, strengthen the company's competitive position and ability to win new programs. Innoviz continues to improve the performance of InnovizTwo, offering advantages in range and resolution. This continuous innovation ensures that Innoviz remains a preferred technology partner for OEMs, supporting future sales of its advanced LiDAR units.

Share Issuance

• In April 2021, Innoviz Technologies became publicly listed through a business combination with Collective Growth Corporation, which provided approximately $371 million in gross proceeds, including a $230 million Private Investment in Public Equity (PIPE) at $10.00 per share.
• In August 2023, Innoviz completed an underwritten public offering of 26.0 million ordinary shares at $2.50 per share, generating gross proceeds of $65.0 million.
• In February 2025, Innoviz announced a $40 million registered direct offering of 28,776,978 units, with each unit comprising one ordinary share and 0.8 warrants, for general business purposes.

Inbound Investments

• The SPAC merger in April 2021 included a $230 million PIPE investment from strategic investors such as Magna International, Antara Capital, and Phoenix Insurance.
• Innoviz has secured deals for $95 million in non-recurring engineering (NRE) payments, largely expected through 2026, with 2025 NRE booking guidance raised to $30 million to $60 million.

Capital Expenditures

• For the last twelve months (as of mid-2025), capital expenditures were approximately -$5.31 million.
• Annual capital expenditures were -$4.41 million in fiscal year 2024, -$6.58 million in fiscal year 2023, -$22.57 million in fiscal year 2022, and -$3.78 million in fiscal year 2021.
• These expenditures are primarily focused on accelerating solid-state LiDAR production, expanding the team, and advancing research and development for next-generation products and perception software for autonomous vehicles.