Innoviz Technologies Ltd (NASDAQ:INVZ) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET
Company Participants
Rob Moffatt - VP, Corporate Development and IR
Omer Keilaf - CEO
Eldar Cegla - CFO
Conference Call Participants
Mark Delaney - Goldman Sachs
Andres Sheppard - Cantor Fitzgerald
Kevin Cassidy - Rosenblatt Securities
Kevin Garrigan - WestPark Capital
Operator
Good morning. I would like to welcome you to our Q1 2024 Earnings Conference Call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer.
Following the 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 a discussion of some 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 12th, 2024.
Omer, please.
Omer Keilaf
Thank you, Maya, and good morning everyone. Thank you for joining us. First quarter was a strong start for the fiscal year for Innoviz. We achieved revenues above our guidance range for the second consecutive quarter, once again, expanded our relationships with key partners and customers, made significant progress on our strategic realignment and continue to build on our RFI and RFQ platform.
We had another busy quarter full of activity with our teams traveling globally throughout Japan, China, Korea, Europe, and the U.S. to meet with existing and potential new customers.
Meanwhile, we've been super-focused on supporting RFQs across multiple programs. The team also made significant progress in continuing to develop and test our technology in line with our commitment to provide best-in-class technology to our customers.
Beginning with our top line performance. We delivered revenues of $7.1 million, up from $1 million in Q1 2023 and above the guidance range of $5 million to $6 million we provided last quarter. Driven by a combination of NREs, samples, and product shipments, these results demonstrate the potential power of this three-pronged approach to growing future revenue streams.