The following is a summary of the InnoVizz Technologies Ltd (INVZ) Q4 2023 Earnings Call Transcript:
Financial Performance:
InnoVizz reported full-year revenues of nearly $21 million, up 246% year-over-year, with Q4 2023 revenues of nearly $15 million, or a YoY increase of 850%.
The company's disciplined cost management resulted in a quarterly cash burn of $14.5 million and left the company with approximately $150 million in cash.
Secured $12 million of new non-recurring engineering (NRE) bookings in 2023.
Projects Q1 2024 revenue of $5 to $6 million, a 400% to 500% YoY increase.
Q4 2023 operating expenses stood at $29.5 million, a 12% decrease from Q4 2022. Yearly operating expenses in 2023 were around $4 million less than 2022.
Business Progress:
Unveiled a new partnership with BMW for the deployment of InnoVizz 1 on the BMW 5 Series in China and announced their second program with Volkswagen.
Successful transition to the InnoVizz 2 sensor and perception software and integrated the hardware and software teams.
Developed a slim design sub variant for a top 10 global automaker and expects to ship InnoVizz 2 by late 2025.
Actively pursues 10-15 new programs, half of which are in the advanced RFQ stage.
The company targets 2-3 additional programs for 2024, translating to $20 to $70 million of new NRE bookings.
Ongoing discussions reveal strong collaboration with customers on elements such as cybersecurity and interfaces.
More details: Innoviz Technologies IR
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