Innoviz Technologies Ltd. (NASDAQ:INVZ) Q1 2023 Earnings Conference Call May 17, 2023 9:00 AM ET

Company Participants

Rob Moffatt - Vice President-Business Development and Investor Relations

Omer Keilaf - Co-Founder and Chief Executive Officer

Eldar Cegla - Chief Financial Officer

Conference Call Participants

Mark Delaney - Goldman Sachs

Jared Maymon - Berenberg

Samik Chatterjee - JP Morgan

Andres Sheppard - Cantor

Kevin Garrigan - WestPark Capital

Rob Moffatt

Good morning. This is Rob Moffatt, Vice President of Corporate Development and Investor Relations at Innoviz. And I want to welcome you to our earnings conference call.

Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. Following their opening remarks, we will open the call to your questions. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations section of our website at ir.innoviz.tech.

Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements.

Forward-looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them. For discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our 20-F filed with the SEC on March 09, 2023.

I will now turn the call over to Omer. Please go ahead.

Omer Keilaf

Thank you, Rob, and good morning, everyone, and thank you for joining us. I'm excited to provide an update on the progress we've been making at Innoviz. This has been another fast-moving quarter with new programs, new partnerships, new product opportunities, and our steady march to 2023 production with BMW and the Shuttle program.

Let's start off with what I believe is the biggest development, our new light commercial vehicle program. Last quarter, we told you that we were in a late-state discussions with one of our major existing customers for a new program and today, we're announcing that we have delivered of that promise. This program is for a level four commercial -- light commercial vehicle and more specifically a commercial van that will include three to four LiDAR per vehicle and perhaps what is most exciting here is that the expected program is on a very accelerated timeline.