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Innoviz Registers 78% Revenue Growth In Q2; Wins Volkswagen As Customer

Benzinga Real-time News ·  Aug 10, 2022 07:24
  • Innoviz Technologies Ltd (NASDAQ:INVZ) reported second-quarter FY22 revenue growth of 78.3% year-on-year to $1.797 million, missing the consensus of $1.93 million.
  • It expects InnovizOne sales to continue to increase and it also targets selling the first samples of InnovizTwo later this year.
  • EPS loss of $(0.21) beat the consensus loss of $(0.25).
  • Innoviz held $246 million in cash and equivalents.
  • Innoviz has been selected as Volkswagen AG's (OTC:VLKAF) CARIAD SE (Volkswagen CARIAD) direct LiDAR supplier for automated vehicles within the Volkswagen brands.
  • Related: Innoviz Secures LiDAR Supplier Spot for Top Vehicle Maker, Expects Future Order Book to Rise by $4 to $6.6B
  • Under the terms of the agreement, Innoviz will provide InnovizTwo LiDAR sensors and perception software to several Volkswagen brands and integrate its perception software with CARIAD automated driving stack, serving the different brands.
  • "We are proud to have achieved this through our selection as Volkswagen's CARIAD SE direct LiDAR supplier for automated vehicles within the Volkswagen brands," said Omer Keilaf, CEO and Co-Founder. 
  • "In addition to the milestone Volkswagen CARIAD decision, I'm confident that our Tier-1 capabilities, including our ability to manage mass production manufacturability, automotive-grade quality, hardware validation, and computer vision validation will serve as a differentiating factor as other OEMs select their direct LiDAR supplier."
  • Innoviz looks to increase its forward-looking order book guidance by more than 30% by the end of FY22.
  • Price Action: INVZ shares closed lower by 0.19% at $5.23 on Tuesday.
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