TEL
AVIV, Israel, Oct. 24,
2023 /PRNewswire/ -- Innoviz Technologies
Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1
direct supplier of high performance, automotive-grade LiDAR sensors
and perception software, today provides an operational update
amidst the current conflict in Israel, reiterates its 2023 targets and shares
details for its third quarter 2023 earnings call.
Innoviz Technologies has not experienced any immediate material
operational or financial impact following the terrorist attacks in
Israel on October 7th or the pursuant conflict
thereafter. The Company's headquarters are based in Rosh Ha'Ayin, in the center of the country,
away from the Southern and Northern borders. Furthermore, Innoviz
is a global company, with its high-volume manufacturing sites
located in the United States and
Germany, and a future site planned
for Asia. The Company has the
ability to locate high-volume manufacturing anywhere a customer
desires through its flexible and capital efficient contract
manufacturing strategy. The Company continues to monitor its
ongoing activities and will make any needed adjustments to ensure
the continuity of its business while supporting the safety and
well-being of its employees.
Additionally, Innoviz is reiterating its 2023 financial targets,
including the ramp in revenue expected in the second half of the
year. The Company previously communicated that third quarter
revenues are expected to approximately double versus the second
quarter of 2023, with an even larger increase expected in the
fourth quarter of 2023.
Finally, the Company announced that it will release its earnings
results for the third quarter ended September 30, 2023 on Wednesday, November 8, 2023 before the market
opens. Innoviz will host a conference call and webinar on the same
day at 9:00 a.m. Eastern Time
(6:00 a.m. Pacific Time) to discuss
its operational and financial results followed by a
question-and-answer session for the investment community.
Operational and financial results will be issued in a press release
prior to the call.
Investors are invited to attend by registering in advance here.
All relevant information will be sent upon registration. A replay
of the webinar will also be available shortly after the call in
the Investors section of Innoviz's website for 90
days.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a
Tier-1 direct 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. For more information, visit
www.innoviz-tech.com.
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Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates, the effects of the conflict in
Israel on the operations and
financial results of the Company and Innoviz's projected future
results. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this announcement including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, and potential
changes and developments in the highly competitive LiDAR technology
and related industries. The foregoing list is not exhaustive. You
should carefully consider such risk and the other risks and
uncertainties described in Innoviz's annual report on Form 20-F
filed with the SEC on March 9, 2023
and other documents filed by Innoviz from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Innoviz assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Innoviz
gives no assurance that it will achieve its
expectations.
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Investor contact (US):
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
investors@innoviz-tech.com
Investor contact (Israel):
Maya Lustig
Director, Investor Relations
Innoviz Technologies
investors@innoviz-tech.com
+972 54 677 8100
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SOURCE Innoviz Technologies