Innoviz Technologies Ltd.

Ladies and gentlemen, thank you for standing by. Our call will begin shortly. Ladies and gentlemen, thank you for standing by. Our call will begin shortly. Ladies and gentlemen, thank you for standing by and welcome to Innoviz's third quarter 2025 earnings call. Our presentation today will be followed by a Q&A session, at which time, if you wish to ask a question, you will need to either raise your hand using your mobile or desktop application or press star nine on your telephone keypad and wait for your name to be announced. I must advise you that the call is being recorded today. I'd now like to hand over the call to our first speaker today, Ada Menaker, VP of investor relations and corporate development. Ada, please go ahead.

I would like to welcome you to the Innovis Technologies 3rd Quarter 2025 Earnings Conference Call. Joining us today are Omer Kelaf, Chief Executive Officer and Eldar Tsegla, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available in the investor relations section of our website at ir.innovis.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 Innovis. 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 important risk factors that would 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 12, 2025. Mayor, please go ahead.

Thank you, Ada, and good morning to everyone joining us today on the call. The third quarter marked another strong period for Innobis from a financial and business perspective. Since the last earnings call, we made meaningful progress, and recently we announced that a major commercial vehicle, OEM, selected us for future sales production of Level 4 autonomous trucks. This agreement, alongside our L3 and L4 automotive wins, and the recent ramp of the Innobis smart for non-automotive applications, showcases Innobis' expanding momentum across all segments of the ladder space. From a financial standpoint, the Quadro continued to build on the first half trajectory. We generated $15.3 million in revenues, and year-to-date we generated $42.4 million, approximately 2.3 times more than in the same period of 2024. We are expecting to meet all of our targets for the full year. Cash burn in the quarter was $14 million, and we expect this number to decline sequentially in line with our guidance for declining year-over-year burn. On the production side, we are very pleased with the ramp at 5 minutes. In Q3, we shipped significantly more LiDAR units than in Q2, in line with our plans to ship an order of magnitude more LiDARs in the quarter. Our labs achieved the key automotive standard certification for LiDAR testing, which drives meaningful value for our customers, and we can now avoid costly and time-consuming external testing. These significant achievements confirm that we are well positioned to ramp in Ubis 2, scale our operations to meet growing demand and cost customer SOPs. Critically, we see that the LIDAR market continues to consolidate. The number of relevant automotive LIDAR players is declining. We believe that there are few competitors remaining that offer manufacturable technologies that meet OEM performance requirements. The winner-take-most scenario that we've envisioned for quite some time is emerging, as we expect to see even fewer companies participating in the space over time. As these competitive dynamics develop, we are gaining traction across multiple end markets and delivering on our mission to be the world's premier large-scale supplier of best-in-class ladder solutions for autonomous driving and beyond. Our growing number of engagements across diverse segments underscores the strength and versatility of our technology. With that, let's jump into the details. Starting with our recent tracking agreement. In September, we announced that we were selected for serious production of L4 autonomous trucks by a major commercial vehicle OEM. Under the terms of the engagement, Innobis will provide LIDARs for the customer's L4 class 8 semi-trucks. We are already shipping units to support the OEM's data collection tracking fleet. Over the past several months, we've made significant progress on this collaboration with respect to meeting the customer's requirements and making software modifications to the platform. Next week, I'll be traveling to the US to meet with companies on the East and West Coast, and I have several sessions scheduled with the OEMs management to discuss technical and business details. We expect to be able to share the name of the customer in the coming weeks, and we are tremendously excited about this partnership. It is a validation of our technology and a milestone that reflects our ability to scale across different sectors. It demonstrates that our InnoVis2 platform meets the stringent requirements of the heavy tracking industry and cements our position in the autonomous tracking market. We are confident that our time-of-flight LIDARs, which can now provide a range of up to 450 meters, as well as short and mid-range capabilities, are ideally positioned to gain additional wins in the trucking space due to their resolution, range, reliability, and availability. As with many customers, we hope this is the start of the collaboration that will lead to expansion over time. The trucking agreement we just discussed highlights a shift in gears in the industry that we've noted over the past year. The race to roll out level 4 solutions is heating up significantly. Customers are rushing to bring solutions to the market, and to do this, they need a full set of validated, auto-grade, and manufacturable LIDARs to enable true autonomy. Aside from InnoVis, we believe few of our competitors have proven to be equal the task. Plans to deploy Level 4 Robotaxis around the world are accelerating, with several programs featuring the InnoVis 2 scheduled for SOPs around the corner. The ramp up in our collaboration with VW and Moya in support of the rollout of the IDBus across multiple locations is going well, and we are receiving excellent feedback from our customers on our device's performance in their programs. As level four plans speed up, we are also progressing on a variety of level three programs, which are targeted to S4 SOPs in 27 and beyond, In the third quarter, we continue to support the top five OEM with whom we announced an SODW over the summer. As part of our automotive development and validation efforts, we are gearing up for our fourth round of winter testing in Northern Europe, where our sensor will undergo another round of comprehensive validation under a variety of extreme winter conditions such as rain, snow and fog. This testing is a critical component of enabling automation, proving that LiDAR technology provides efficient redundancy under all conditions. To prove you with more color on our Level 4 collaboration with VW and the critical role that our LiDAR plays, I recently spoke with Christian Sender, the CEO of VW's Autonomous Driving Mobility and Transport Group, ADMT, which is spearheading the Level 4 ID.Bus Urban Autonomous Driving project. Here is our conversation, the full version of which will be available on our website. Hi Christian, it's really great to see you here in Israel. Absolutely. Christian, what would you say is Moya's contribution to the transformation happening in the urban mobility?