Innoviz Technologies, Inc. (NASDAQ:INVZ) Q2 2022 Earnings Conference Call August 10, 2022 9:00 AM ET

Company Participants

Omer Keilaf - CEO

Eldar Cegla - CFO

Conference Call Participants

Mark Delaney - Goldman Sachs

Andres Sheppard - Cantor Fitzgerald

Kevin Cassidy - Rosenblatt Securities

Operator

Good morning, and welcome to Innoviz Second Quarter 2022 Earnings Conference Call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. Following the formal remarks, we will open the call for 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, we would like to remind you that our discussions 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 Form 20-F filed with the SEC on March 30, 2022.

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

Omer Keilaf

Hi, everyone and good morning. I'm very excited to have you today on our second quarter of 2022, we had a very successful quarter following recent announcement on our new customer Volkswagen which we are obviously very excited to talk about. Following the receiving of the contract from Volkswagen and reaching the first milestone of integration of our LiDAR's to the test because we were happy finally to provide and give a press release about the recent award. Other than that we have substantial progress on key programs additional, key programs, then we've actually already met or exceeded all of the targets that we have set for 2022. And now, I would be very happy to start with the formal presentation. Thank you.

Okay. Innoviz’s vision is to become the world's leading tier one supplier for LiDAR and perception software for the automotive industry. Last week, Innoviz was proud to announce that we will serve as the direct supplier of LiDAR sensors to several brands within the Volkswagen Group while integrating our perception software to carry out automated driving spec. As the program progresses, we expect more brands within the Volkswagen Group to be incorporated. BMW is the second largest car maker with more than 10 million cars sold annually with multiple brands including Audi, Porsche, Volkswagen, Skoda and many others. We are full steam ahead with our samples already integrated into CARIADs best makers.