• Currently working with 8 of the top 10 global automakers ­– When combined with Innoviz's existing customers, the Company has existing awards or is in an active RFI or RFQ sourcing process with eight out of the top ten global automakers.

Second Quarter 2023 Financial Results

Revenues in Q2 2023 were $1.5 million, up 45% compared to revenues of $1.0 million in Q1 2023 and down 18% compared to revenues of $1.8 million in Q2 2022.  The 45% quarter-over-quarter increase in revenues, was primarily driven by increased unit sales, which grew 47% sequentially. The year-over-year decline in revenues was driven primarily by the progress in the BMW program as it transitioned to volume production at Magna, the Tier-1 on the program. The transition includes a shift from selling full LiDAR units to selling components to Magna at lower production average sales prices.

Operating expenses in Q2 2023 were $30.4 million, an increase of 6% compared to operating expenses of $28.8 million in Q2 2022. Operating expenses for Q2 2023 included $5.0 million of share-based compensation compared to $4.4 million of share-based compensation in Q2 2022. The year-over-year increase in operating expense was driven primarily by higher research and development expenses, which increased to $23.8 million in Q2 2023 versus $21.9 million in Q2 2022 and was partially offset by lower sales and marketing expenses. The increase in research and development expenses was driven primarily by a year-over-year increase in headcount, leading to higher personnel expenses and share-based compensation, with Q2 2023 share-based compensation of $3.4 million compared to $2.7 million in Q2 2022.

Liquidity as of June 30, 2023 consisted of approximately $129.6 million in cash and cash equivalents, short term deposits, short term restricted cash and marketable securities.

Updating 2023 Financial Targets

The Company is providing the following updated financial outlook for full year 2023:

• 2023 revenues are now expected to be in the range of $15-20 million, up from the previously disclosed range of $12-15 million.
• Total new NRE bookings are now expected to be in the range of $20-70 million, up from the previously disclosed range of $20-40 million.

Conference Call

Innoviz management will hold a web conference today, August 2, 2023, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss commercial and strategic updates, financial results for the second quarter ended June 30, 2023 and 2023 financial targets. Innoviz CEO Omer Keilaf and CFO Eldar Cegla will host the call, followed by a question-and-answer session.

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 Technologies 

Innoviz is a global leader in LiDAR technology, serving as a Tier 1 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 innoviz-tech.com.

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Investor Contact (US)                                                                  Investor Contact (Israel)

Rob Moffatt                                                                                 Maya Lustig
VP, Corporate Development & IR                                               Director, Investor Relations
Innoviz Technologies                                                                  Innoviz Technologies
+1 (203) 665-8644                                                                       +972 54 677 8100
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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, Innoviz's projected future operational and financial results, including Cash Collection from Customers, revenue and non-recurring engineering (NRE) bookings. 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. "Cash Collection from Customers" is cash received by the Company from revenues, advances and NRE bookings as described in the following sentence. "NRE (Non-recuring Engineering) bookings" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). The commitment for a certain NRE is usually provided around the design win and may be paid based on milestones over the development phase of the project which may take a few years. 

Many factors could cause actual future events, and, in the case of our forward-looking revenue, Cash Collection from Customers, and NRE bookings, actual orders or actual payments, 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 possibility that NRE would be set off against liabilities and indemnities, 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 U.S. Securities and Exchange Commission ("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.