Research and development expenses for 2021 were approximately $93.3 million, an increase from $57.0 million in 2020. Research and development expenses in 2021 included approximately $25.5 million attributable to stock-based compensation compared to $2.6 million attributable to stock-based compensation in 2020.

Guidance

• Innoviz management has increased its forward-looking order book to $2.6B, representing the cumulative projected future sales of hardware and perception software through 2030 based on current estimates of volumes and pricing. Innoviz is currently in negotiations with several automotive customers and expects to sign serial production agreements, which will increase its order book by at least 30% by the end of 2022.
• Innoviz expects to secure ten pre-production programs during 2022.

Conference Call
Innoviz management will hold a conference call today, March 2, 2022, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results. The presentation will be followed by a question-and-answer session.

All are invited to listen to the event by registering in advance here.

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 Technologies
Innoviz is a global leader in LiDAR technology, 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, meeting the automotive industry's strict expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected both by an internationally-recognized premium vehicle brand for use in consumer vehicles and by other commercial and industrial leaders for a wide range of use cases. For more information, visit www.innoviz.tech.

Cautionary Note Regarding 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, customer acquisition, Innoviz's forward-looking order book, Innoviz's projected revenue, Innoviz's future potential order book and other future financial and operational 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 identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on April 21, 2021 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.

Media Contact: Media@innoviz-tech.com

Investor Contact:

Maya Lustig
Innoviz Technologies
+972 54 677 8100
Maya.Lustig@innoviz-tech.com

Ed Trissel / Adam Pollack
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

INNOVIZ TECHNOLOGIES LTD.
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