Innoviz Technologies Ltd. (NASDAQ:INVZ) Q1 2022 Earnings Conference Call May 11, 2022 9:00 AM ET

Company Participants

Omer David Keilaf - Co-Founder & CEO

Eldar Cegla - CFO

Oren Buskila - Co-Founder & Chief R&D

Richard Rau - VP of Automated Driving of BMW

Conference Call Participants

Michael Pilato - Berenberg

Mark Delaney - Goldman Sachs

Andres Sheppard - Cantor Fitzgerald

Kevin Cassidy - Rosenblatt Securities

Operator

Good morning, and welcome to Innoviz First 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 a 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 David Keilaf

…our recent announcement. I want to -- can you hear me? Okay. I want to use the opportunity to thank people that reached out during the last week just to congratulate us. Definitely, we went through a very long process to make this happen and we are very, very excited.

Obviously, adding another $4 billion to our order book is a major achievement and would allow the company to do many more things. But one of the most meaningful impacts of this recent announcement of our design win and award by one of the largest car makers is not only through the fact that we won additional business, it's actually a big part of it that makes us very happy is our ability to secure this business as a dark supplier of tier one.

Becoming a tier one in the automotive market is a huge, huge step for us that will help us to run the sector and secure many more of this. This is one of the things that we've been working for a very long time. It's very difficult to become a tier one in this space, but we are sure that this will allow us to run faster and succeed in many more.