Innoviz Technologies Ltd (INVZ) 2025 Q1 法說會逐字稿

Good morning. I would like to welcome you to our Q1 2025 earnings conference call. Joining us today are Omer Keilaf, Chief Executive Officer; and Eldar Cegla, Chief Financial Officer. 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.

早安.歡迎您參加我們的 2025 年第一季財報電話會議。今天與我們一起參加的是執行長 Omer Keilaf；以及財務長 Eldar Cegla。我想提醒大家，本次電話會議將被錄音，並將在我們網站 ir.innoviz.tech 的投資者關係部分提供。

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 in 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 expect. 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 filed with the SEC on March 12, 2025. Omer, please go ahead.

在我們開始之前，我想提醒您，我們今天的討論將包括前瞻性陳述，這些陳述受與 Innoviz 未來財務業績中的未來事件有關的風險和不確定性的影響。實際結果可能與前瞻性陳述中預期的結果有重大差異。今天所做的前瞻性陳述僅代表我們的預期。截至今天，我們沒有義務公開更新或修改它們，以討論可能導致實際結果與任何前瞻性陳述存在重大差異的一些重要風險因素，請參閱我們於 2025 年 3 月 12 日向美國證券交易委員會提交的 20 號表格中的風險因素部分。奧馬爾，請繼續。

Thank you, Adam, and good morning to all of you joining us on this call.

謝謝你，亞當，大家早安，歡迎參加我們的電話會議。

Today we'll discuss our recent financial performance, tell you about some exciting new developments in our business, and outline how this position us to achieve our long term goals.

今天我們將討論我們最近的財務業績，向您介紹我們業務中的一些令人興奮的新發展，並概述這將如何幫助我們實現長期目標。

In the first quarter, Innoviz reported record revenues and gross margin.

第一季度，Innoviz 報告了創紀錄的收入和毛利率。

Q1 revenues were $17.4 million up approximately 3 times sequentially and up approximately 2.5 times year over year.

第一季營收為 1,740 萬美元，較上一季成長約 3 倍，比去年同期成長約 2.5 倍。

Gross margin was approximately 40%. Both revenue and gross margin were the highest in our company's history, demonstrating our progress in meeting our full year targets and achieving our long-term strategic and financial goals.

毛利率約40%。收入和毛利率均創下公司歷史新高，顯示我們在實現全年目標和長期策略及財務目標方面取得了進展。

As we discussed last quarter, in recent months, we've taken several significant steps to strengthen our financial position. In December, we entered into an approximately $80 million NRE payment plan with our key customers. These NREs formed a significant portion of our revenues in the quarter.

正如我們上個季度所討論的，最近幾個月，我們採取了幾項重要措施來加強我們的財務狀況。12月，我們與主要客戶達成了約8,000萬美元的NRE付款計畫。這些 NRE 構成了我們本季收入的很大一部分。

Just last week, we announced an extension of our NRE payment plan to approximately $95 million. With the bulk of cash payments expected in 2025 and 2026, a testament to our customers' continuing commitment to our technology.

就在上週，我們宣布將 NRE 支付計劃延長至約 9,500 萬美元。預計大部分現金支付將在 2025 年和 2026 年進行，證明了我們的客戶對我們技術的持續承諾。

Our performance showcases the pro the strength of our financial model.

我們的業績充分證明了我們財務模式的實力。

The recently expanded payments plan, the registered direct offering, and our prudent cash management are expected to enable us to cross SOPs and ramp volumes in 2026 and 2027.

預計最近擴大的付款計劃、註冊的直接發行以及我們審慎的現金管理將使我們能夠在 2026 年和 2027 年跨越 SOP 並提高銷售量。

We recently announced our strategic partnership with Fabrinet to launch the mass production of our Innoviz platform ahead of our upcoming customer ramps.

我們最近宣布與 Fabrinet 建立策略合作夥伴關係，以便在即將到來的客戶量產之前啟動 Innoviz 平台的大規模生產。

By working with Fabrinet, we'll be able to efficiently scale production to volume with a partner that has promotive great manufacturing capabilities around the world.

透過與 Fabrinet 合作，我們將能夠與在全球範圍內擁有強大製造能力的合作夥伴一起有效地擴大生產規模。

Our existing Level 3 and Level 4 programs are on track. We are delighted by the accelerating plans for robo taxi deployments. Yesterday we announced that we are accelerating lighter shipments to Volkswagen Autonomous mobility for the ID buzz on the mobilized drive platform ahead of the deployments by Moya and Uber.

我們現有的 3 級和 4 級計畫正在順利進行中。我們對機器人計程車部署計畫的加速推進感到高興。昨天，我們宣布，在 Moya 和 Uber 部署之前，我們將加速向大眾自動駕駛行動平台 ID buzz 的輕量化出貨。

Hundreds of ID buzz shuttles will be equipped with 19 of these two ladders each in 2025 ahead of fleet launches in 2026 in Europe and the US.

2025 年，數百輛 ID 公司的往返接駁車將分別配備 19 輛這種雲梯車，並於 2026 年在歐洲和美國投入使用。

Holon and Verne, Adele Innoviz customers through the mobilized drive platform are both expected to break ground on manufacturing facilities for their vehicles in the US and Europe.

Holon 和 Verne，以及透過行動驅動平台的 Adele Innoviz 客戶都有望在美國和歐洲為其汽車建立製造設施。

Elsewhere we continue to make progress with new customers. We are excited about our expanding collaboration and growing momentum with NVIDIA on the appearing platform as well as our progress with a major OEM evaluating the solution.

在其他方面，我們繼續與新客戶取得進展。我們對與 NVIDIA 在新平台上不斷擴大的合作和不斷增長的勢頭以及與主要 OEM 評估解決方案所取得的進展感到非常興奮。

We're also seeing strong and growing traction in an automotive where our autograde technology could generate significant value for customers.

我們也看到汽車領域正呈現強勁且不斷成長的吸引力，我們的自動升級技術可以為客戶創造巨大的價值。

We're in discussions with several integrators who are interested in deploying our ladders into their customers' applications which target smart city ground throughs and safety. We are shaping samples and have developed a specially tuned software and hardware kit for this market. All told, we are off to a very strong year.

我們正在與幾家整合商進行討論，他們有興趣將我們的梯子部署到他們客戶的應用中，這些應用程式針對的是智慧城市地面通道和安全。我們正在塑造樣品並已為這個市場開發了專門調整的軟體和硬體套件。總而言之，我們迎來了非常強勁的一年。

Before I dive into the details, I'd like to take a few minutes to talk about our mission.

在深入探討細節之前，我想花幾分鐘談談我們的使命。

Following a record breaking financial quarter marked by several significant operation, operational and business milestones, I believe now is an ideal moment to discuss innoviz origins and where we are headed.

在經歷了創紀錄的財務季度之後，在營運、經營和業務方面取得了多項重大里程碑，我相信現在是討論 innoviz 的起源和發展方向的理想時機。

When we founded this company, we wanted to enable safe autonomous driving by creating the best lay in the market and we delivered on that commitment.

當我們創立這家公司時，我們希望透過創造市場上最好的解決方案來實現安全的自動駕駛，我們兌現了這項承諾。

With the Innoviz one, we enabled BMW to offer safe autonomous driving in its I7 series vehicles. With the InnovizTwo, we are offering the market significantly improved performance and cost, and our customer engagements are a strong testament to the product's technical superiority.

借助 Innoviz one，我們幫助寶馬在其 I7 系列車輛中提供安全的自動駕駛。憑藉 InnovizTwo，我們為市場提供了性能和成本顯著提升的產品，而我們的客戶參與也有力地證明了該產品的技術優勢。

In order to truly deliver on our vision for safe autonomous driving, 4 years ago, we said as our mission, the ability to work directly with automotive OEMs as a tier one supplier.

為了真正實現安全自動駕駛的願景，4年前，我們提出了我們的使命，即作為一級供應商直接與汽車原始設備製造商合作。

We have since achieved this goal.

我們現在已實現了這一目標。

Now we partner directly with some of the world's largest automotive manufacturers as a trusted you one, clearly demonstrating our ability to collaborate with them at the highest level.

現在，我們作為值得信賴的合作夥伴直接與世界上一些最大的汽車製造商合作，清楚地展示了我們與他們進行最高水平合作的能力。

We've now come to the next stage in our evolution as a company and are ready to write the next chapter in the innovative story.

現在，我們已經進入公司發展的下一個階段，並準備寫下創新故事的下一篇章。

Becoming the world's premier large scale supplier of best in class ladder solution for autonomous driving and beyond.

成為全球領先的自動駕駛及其他領域最佳梯子解決方案的大型供應商。

As we forge forward, we are taking the steps needed to achieve this goal. As you saw from our recent announcement, our partnership with AONET should allow us to efficiently ramp up our designs to volume and meet customer demand for years to come. We have a proven record of delivering to our commitments and are excited about this next stage of our journey.

在我們不斷前進的過程中，我們正在採取必要的措施來實現這一目標。正如您從我們最近的公告中看到的，我們與 AONET 的合作將使我們能夠有效地擴大我們的設計規模並滿足未來幾年的客戶需求。我們有著履行承諾的良好記錄，並對我們旅程的下一階段感到興奮。

Now, let me begin by telling you more about our Q1 financial results. We reported revenues of $17.4 million which is an all-time record for Innoviz.

現在，讓我先向您詳細介紹我們的第一季財務表現。我們報告的收入為 1740 萬美元，創下了 Innoviz 的歷史新高。

It's almost 3 times better than the last quarter and approximately 2.5 times better than Q1 of 2024. The revenues were driven by a combination of NRA payments under the approximately $80 million payment plan that we initially announced in December and since expanding to approximately $95 million.

這幾乎比上一季好 3 倍，比 2024 年第一季好約 2.5 倍。這些收入是由我們最初在 12 月宣布的約 8000 萬美元付款計劃下的 NRA 付款組合推動的，後來該計劃的金額擴大到約 9500 萬美元。

As a reminder, the payment plan is that the outcome of development activities that Innoviz is performing for its key customers.

提醒一下，付款計劃是 Innoviz 為其主要客戶執行的開發活動的成果。

NRE support our operations ahead of these customers SOPs and the bulk of cash payment from the plan is expected in 2025 and 2026.

NRE 在這些客戶 SOP 之前支持我們的運營，該計劃的大部分現金支付預計將在 2025 年和 2026 年完成。

During the quarter, revenues also benefited from sales of sliders to new and existing customers.

本季度，營收也受惠於向新舊客戶銷售滑塊。

Reported gross margin of 40% supported by positive contributions from NREs, this gross margin level was also a record for the company.

報告顯示，由於非房地產客戶的積極貢獻，該公司的毛利率達到 40%，這一毛利率水準也創下了公司的最高紀錄。

Going forward, we'll continue to manage our spending closely and maintain our focus on profitability.

展望未來，我們將繼續密切管理支出並保持對獲利能力的關注。

We grew our cash position ending this quarter with $85.4 million in cash and cash equivalents. Our cash balance included the proceeds of the register direct offering that we completed in February.

截至本季末，我們的現金狀況增加至 8,540 萬美元的現金和現金等價物。我們的現金餘額包括我們二月完成的登記直接發行所得的收益。

Bolstered by a strength balance sheet and ongoing customer engagements, we are well positioned to support the product gramps that we expect over the next 2 years and to pursue new opportunities.

在強勁的資產負債表和持續的客戶參與的支持下，我們有能力支持未來兩年預期的產品需求並尋求新的機會。

Turning now to our production capacity expansion.

現在談談我們的生產能力擴張。

We believe our financial performance thus far in 2025, driven by a combination of NREs and lighter sales, is indicative of our customers' commitment to our products.

我們相信，在 NRE 和銷售減少的共同推動下，我們 2025 年迄今的財務表現表明了客戶對我們產品的承諾。

We recently announced that to support our volume ramp, we selected Fabrinet as our manufacturing partner for the InnovizTwo platform. Fabrinet would provide end to end manufacturing for both the InnovizTwo long-range and Innoviz to short to mid-range lighters.

我們最近宣布，為了支持我們的產量成長，我們選擇 Fabrinet 作為 InnovizTwo 平台的製造合作夥伴。Fabrinet 將為 InnovizTwo 長距離打火機和 Innoviz 短距離至中距離打火機提供端對端製造。

Fabrinet will use our production methods using the design and process flows that we developed here at Innoviz.

Fabrinet 將採用我們在 Innoviz 開發的設計和製程流程的生產方法。

Fat's expertise in automotive grade manufacturing and its global footprint of manufacturing sites spread across the US and Asia will enable innovative to cost effectively scale production to volume and accelerate revenue generation.

Fat 在汽車級製造方面的專業知識以及遍布美國和亞洲的全球製造基地將使創新能夠以經濟高效的方式擴大生產規模並加速創收。

Our collaboration will allow us to meet the demands of our current and future customers for years to come by providing flexibility.

我們的合作將使我們能夠透過提供靈活性來滿足未來幾年現有和未來客戶的需求。

Fabrinet's facilities have passed rigorous audits by several leading global OEMs under the German Automotive VDA 6.3 stand, and our customers are very pleased with our choice of manufacturing problem.

Fabrinet 的設施已經通過了德國汽車 VDA 6.3 標準下多家全球領先 OEM 的嚴格審核，我們的客戶對我們的製造問題選擇非常滿意。

They are all familiar with Abunet and view this as a further assurance of our ability to meet their volume lamp requirements.

他們都熟悉 Abunet，並將此視為我們能夠滿足其音量燈要求的進一步保證。

The Fabrinet team has been at our Israel site working alongside our staff to master our product and process.

Fabrinet 團隊一直在我們的以色列工廠與我們的員工一起努力掌握我們的產品和流程。

We expect our capacity to increase by an order of magnitude in 2025, and the production line to be fully ramped in 2026, enabling customer SOPs and volume ramps.

我們預計，到 2025 年，我們的產能將增加一個數量級，到 2026 年，生產線將全面投產，從而滿足客戶的 SOP 和產量需求。

Moving on to our programs, we continue to be deeply engaged with our Level 3 and Level 4 program partners. We are especially encouraged by the accelerating plans to deploy robo taxis around the world with production ramping at our facility, we'll be able to serve these deployments with our growing capacity.

繼續討論我們的項目，我們繼續與我們的 3 級和 4 級項目合作夥伴保持密切合作。我們尤其對在全球加速部署機器人計程車的計畫感到鼓舞，隨著我們工廠的產量不斷提高，我們將能夠利用不斷增長的產能為這些部署提供服務。

As you saw in our press release yesterday, we're accelerating the delivery of our newly designed ladder platform to Volkswagen Autonomous Mobility. We're tremendously pleased with this ramp in our collaboration with Volkswagen in support of Moya's planned expansion in multiple European and US cities starting in 2026.

正如您在我們昨天的新聞稿中看到的，我們正在加快向大眾自動駕駛汽車交付我們新設計的梯形平台。我們對與大眾汽車的合作感到非常高興，這將支持 Moya 從 2026 年開始在多個歐洲和美國城市擴張的計畫。

Ahead of the fleet launch, hundreds of ID Buzz shutters will be equipped with a newly designed suite of innovators in 2025.

在車隊推出之前，數百輛 ID Buzz 捲簾門將在 2025 年配備全新設計的創新套件。

Additionally, Uber and Volkswagen announced their partnership to deploy a fleet of ID Buzz AD vehicles in Los Angeles in 2026 and more US cities down the line.

此外，Uber 和大眾宣布合作，將於 2026 年在洛杉磯部署 ID Buzz AD 車隊，並在未來在美國更多城市部署。

Recall that the ID buzz, which is based on the mobilized drive platform, has 9 in 2 lighters per vehicle, 3 long range and 6 short range.

回想一下，基於移動式駕駛平台的 ID buzz，每輛車有 2 個打火機，其中 3 個是長距離的，6 個是短距離的。

Other expanding robo taxis programs include Holon and Verne.

其他正在擴展的機器人計程車項目包括 Holon 和 Verne。

Which our customers we previously announced on the mobilized Drive platform. Holland is breaking ground on a facility in the US to build its autonomous vehicles, which, like the ID buzz is planned to employ 9 in these two ladders each. Production is slated for 2026.

我們之前在行動 Drive 平台上向我們的客戶宣布了這一點。Holland 正在美國動工興建一座工廠，用於生產其自動駕駛汽車，與 ID buzz 一樣，該公司計劃在這兩座工廠各僱用 9 名員工。預計生產時間為 2026 年。

Bernice also started construction on a manufacturing facility for its autonomous vehicles in Europe, further highlighting the growing adoption of robotaxis around the world.

Bernice 也開始在歐洲建造自動駕駛汽車製造工廠，進一步凸顯了全球對自動駕駛計程車日益增長的普及。

As we advance our programs with our existing level 3 and level 4 customers across the different platforms, we continue to see robust [LF fi] and LFQ activity.

隨著我們與不同平台上的現有 3 級和 4 級客戶一起推進我們的計劃，我們繼續看到強勁的 [LF fi] 和 LFQ 活動。

And are in various stages of sourcing process with several OEM.

並且與多家 OEM 處於採購流程的不同階段。

Last quarter we told you about our relationship with NVIDIA.

上個季度我們向您介紹了我們與 NVIDIA 的關係。

Since then our collaboration has expanded.

從那時起我們的合作就不斷擴大。

We're seeing growing momentum with the Hyperion platform. The benefits of partnering with a platform provider with NVIDIA's capabilities are clear as multiple OEMs are evaluating the [KPI] for integration into the vehicles.

我們看到 Hyperion 平台的發展動能日益強勁。與具有 NVIDIA 能力的平台提供者合作的好處是顯而易見的，因為多家 OEM 正在評估整合到車輛中的 [KPI]。

We're extremely pleased by the recent progress we've made with major OEM on this platform.

我們對最近與主要 OEM 在該平台上取得的進展感到非常高興。

In addition to the continued traction we're seeing in the automotive space, we are now increasingly targeting automotive applications as well.

除了我們在汽車領域看到的持續成長勢頭之外，我們現在也越來越多地瞄準汽車應用​​。

The expanding capacity that we have through Fabrinet has the potential to allow us to grow our available market in a segment where we believe our lighter technology likely outpaces the existing competition.

透過 Fabrinet，我們不斷擴大的產能有可能讓我們在一個領域擴大我們的可用市場，我們相信我們的打火機技術可能會超越現有的競爭對手。

We view this as a great opportunity to generate better customer value through our short to mid-range and long range solutions which outperform the devices currently available to the non-automotive market.

我們認為這是一個絕佳的機會，透過我們的短程、中程和長程解決方案來創造更好的客戶價值，這些解決方案的性能優於目前非汽車市場上可用的設備。

Additionally, bringing auto grade products to this market gives customers a new level of reliability. This has been a pain point.

此外，將汽車級產品引入該市場可以為客戶提供更高的可靠性。這一直是個痛點。

We're in a serious, discussions with several integrators around specific projects in areas such as smart city, run through monitoring and safety.

我們正在與多家整合商就智慧城市、監控和安全等領域的具體項目進行認真的討論。

We have started shipping samples and launching a version of our products specifically tuned for these markets as well as software and hardware kit.

我們已經開始運送樣品並推出專門針對這些市場的產品版本以及軟體和硬體套件。

Several of our partners are already showcasing products featuring Innoviz designers to their customers.

我們的一些合作夥伴已經向他們的客戶展示了採用 Innoviz 設計師設計的產品。

We are very optimistic optimistic about our opportunities for growth in this segment, given the strength of our solution and look forward to updating you as the year progresses.

鑑於我們解決方案的實力，我們對這一領域的成長機會非常樂觀，並期待在未來向您更新最新情況。

I'd like now to take a few minutes to share some updates on our technological advances which are underpinning the success we're seeing with customers.

現在我想花幾分鐘時間分享我們的技術進步的最新情況，這些技術進步是我們客戶成功的基礎。

We've reached point at 3.

我們已經到達第 3 點。

And are building our first sea sample at Fabrinet.

我們正在 Fabrinet 建造我們的第一個海上樣本。

We have frozen the design of the InnovizTwo with specs that meet or exceed the requirements of the automotive OEMs.

我們已經確定了 InnovizTwo 的設計，其規格滿足或超越了汽車原始設備製造商的要求。

We've been able to demonstrate unprecedented performance compared to our previous products such as range performance of 300 m at 10% of activity under full sun conditions.

與先前的產品相比，我們已經能夠展示出前所未有的性能，例如在陽光充足的情況下，10% 的活動範圍內 300 公尺的性能。

This is a testament to our ability to continuously improve our product and maintain our technology leadership. We're now focusing on higher level KPIs related to image quality, uniformity, accuracy, reliability, always on availability and resilience that are required to enable mission critical performance in level 3 and level 4 applications.

這證明了我們不斷改進產品和保持技術領先地位的能力。我們現在專注於與影像品質、均勻性、準確性、可靠性、始終可用性和彈性相關的更高級別的 KPI，這些都是實現 3 級和 4 級應用程式中的關鍵任務效能所必需的。

These are the KPIs that our customers are now targeting.

這些是我們的客戶現在所關注的 KPI。

And when we demonstrate our capabilities around these next level KPIs, customers are deeply impressed.

當我們圍繞這些更高級別的 KPI 展示我們的能力時，客戶留下了深刻的印象。

As we never stay put.

因為我們從不停留。

And are already making progress on our next generation slim design, the innovative 3.

我們下一代超薄設計，即創新 3，已經在研發中取得進展。

We will share more with you later this year.

我們將在今年晚些時候與您分享更多資訊。

Now let's move on to our outlook. Driven by the NRE payments that we expect in 2025.

現在讓我們繼續討論我們的展望。受我們預計 2025 年的 NRE 支付推動。

Combined with sales of sliders, we continue to expect more than twofold increase in our revenues year over year for 2025, at $50 to $60 million for the full year, we expect revenues to be back and loaded due to the lumpiness of customer timelines. We also expect to see some fluctuations in margins. Our continued focus on tightly managing expenses as well as the actions we took in the first quarter is expected to drive down our cash burden over the course of the year.

結合滑桿的銷售，我們繼續預計 2025 年我們的收入將同比增長兩倍以上，全年收入將達到 5000 萬至 6000 萬美元，我們預計由於客戶時間表的不穩定性，收入將會回升。我們也預期利潤率會出現一些波動。我們繼續注重嚴格管理費用以及我們在第一季採取的行動，預計將在今年內降低我們的現金負擔。

On the operational front in 2025, we continue to target 1 to 3 new programs. Last quarter we noted that we expect $20 to $50 million in additional NRE bookings as you saw, we already locked in a nice portion of that.

在 2025 年的營運方面，我們將繼續瞄準 1 至 3 個新項目。上個季度我們指出，我們預計將有 2000 萬至 5000 萬美元的額外 NRE 訂單，正如您所見，我們已經鎖定了其中的很大一部分。

Before I turn it over to Eldar, let me briefly touch on the subject of the US tariffs. The situation remains very dynamic around how and when and even if the tariffs will be applied.

在將話題交給埃爾達爾之前，請容許我簡單談談美國關稅問題。關於如何、何時甚至是否徵收關稅，情況仍然非常不確定。

What we can tell you is that at this time we expect the tariffs impact to be limited.

我們可以告訴您的是，目前我們預計關稅的影響有限。

We are continuing to closely monitor the situation and have the flexibility to adapt as needed given the timing of RAMs, our relationship with Fabrinet, and there are multiple manufacturing locations.

我們將繼續密切關注情況，並根據 RAM 的時間表、我們與 Fabrinet 的關係以及多個製造地點靈活地進行調整。

And with that, I'll turn it over to a Eldar to talk about our financials.

說完這些，我會把話題交給一位 Eldar 來談論我們的財務狀況。

Thank you, Omar, and good morning, everyone.

謝謝你，奧馬爾，大家早安。

As we noted last quarter, in the past several months, we have strengthened the financial foundation of our company and have made meaningful strides on our path to break even and profitability.

正如我們上個季度所指出的，在過去的幾個月裡，我們加強了公司的財務基礎，並在實現收支平衡和盈利的道路上取得了有意義的進展。

The result we reported for the first quarter demonstrate the impact of the NRE payment plan on our revenues, and our balance sheet reflects the proceeds of the registered direct offering of our security that we closed in the first quarter.

我們報告的第一季業績顯示了 NRE 支付計劃對我們收入的影響，我們的資產負債表反映了我們在第一季完成的證券註冊直接發行的收益。

We ended Q1 with approximately $85.4 million in cash equivalents, short-term deposit, and marketable securities on the balance sheet.

截至第一季末，我們的資產負債表上有約 8,540 萬美元的現金等價物、短期存款和有價證券。

For Q2, we expect strong cash inflows reflecting robust rate receivers with cash expected in the single digits. We look forward to continued balance sheet strengths further aided by the effects of our operational realignment in Q1.

對於第二季度，我們預期現金流入強勁，反映出強勁的利率接收者，預計現金流入將達到個位數。我們期待在第一季營運調整的影響下，資產負債表持續保持強勁。

Gross margins in the quarter was approximately 40%, a dramatic improvement over 8.9% in the previous quarter. Going forward, we expect margins will continue to be rather lumpy. This is due to the product ramp timelines and NRE fluctuation based on our customer's milestone.

本季毛利率約40%，較上一季的8.9%大幅提升。展望未來，我們預期利潤率將持續保持不穩定狀態。這是由於基於我們客戶的里程碑的產品提升時間表和 NRE 波動造成的。

For the full year, we continue to expect gross margins to be positive.

對於全年而言，我們仍然預計毛利率將為正值。

Looking into the remainder of 2025, and beyond, we remain confident in our ability to manage our expenses effectively and keep our burn rate down on the analyzed basis.

展望 2025 年剩餘時間及以後，我們仍然有信心能夠有效地管理我們的開支，並在分析的基礎上降低我們的燒錢率。

Now turning to the income statement, our Q1 revenues of $17.4 million set a record for the company, driven by the contribution of NREs as well as sales of LiDARs. Our operating expenses for Q1 were approximately $21 million a decrease of 34% from $31.7 million in Q1 2024. This quarter's operating expenses including $3 million. Of share-based compensation compared to $5.9 million in Q1 2024. Research and development expenses for Q1 were $14.8 million a decrease from $23.8 million in Q1 2024, largely related to the allocation of direct cost to cars under the NRE payment plan.

現在來看看損益表，我們第一季的收入為 1740 萬美元，創下了公司的最高紀錄，這得益於 NRE 的貢獻以及 LiDAR 的銷售。我們第一季的營運費用約為 2,100 萬美元，比 2024 年第一季的 3,170 萬美元下降了 34%。本季的營運費用包括300萬美元。股權激勵費用為 2024 年第一季的 590 萬美元。第一季的研發費用為 1,480 萬美元，較 2024 年第一季的 2,380 萬美元有所減少，這主要與 NRE 支付計劃下直接成本分配給汽車有關。

The quarter's R&D expenses included $1.9 million of share-based compensation compared to $3.8 million in Q1 of 2024. To conclude, Q1 represents a record quarter of robust performance for both revenues and profitability perspective. We are encouraged by the ongoing strengths of our expense management and ability to consistently meet or exceed our revenue guidance.

本季的研發費用包括 190 萬美元的股權激勵費用，而 2024 年第一季為 380 萬美元。總而言之，無論從營收或獲利角度來看，第一季都是創紀錄的強勁表現。我們的費用管理持續優勢以及持續達到或超過收入預期的能力令我們感到鼓舞。

Looking into Q2, we are focusing on our future ramping InnovizTwo, and securing additional design win as we reduce cash burn and maintain a strong balance sheet.

展望第二季度，我們將專注於未來 InnovizTwo 的提升，並在減少現金消耗和維持強勁資產負債表的同時確保獲得更多的設計勝利。

And with that, I'll turn the call back to Omer for a few closing remarks.

最後，我將把電話轉回給奧馬爾，請他做最後發言。

Thank you, Adam.

謝謝你，亞當。

Hey Before I wrap up the call and open for Q&A, I wanted to recap some of the recent recent developments.

嘿，在我結束通話並開始問答之前，我想回顧一下最近的一些進展。

We reported a record financial quarter with revenues of $17.4 million and gross margin of 40%. We announced our partnership with Fabrinet, which should help us efficiently bring the Innoviz to product platform to mass production.

我們報告了一個創紀錄的財務季度，收入為 1740 萬美元，毛利率為 40%。我們宣布與 Fabrinet 建立合作夥伴關係，這將幫助我們有效地將 Innoviz 引入產品平台並進行大規模生產。

We extended our repayment plan with key customers from approximately $80 million to approximately $95 million with the majority of cash payments expected in 2025 and 2026. We are pleased by the accelerating adoption of Robotaxi is powered by innovative technologies around the world. We are accelerating delivery of our devices into the test lists as deployments ramp at a faster pace than we previously anticipated.

我們將對主要客戶的還款計畫從約 8,000 萬美元延長至約 9,500 萬美元，預計大部分現金支付將在 2025 年和 2026 年進行。我們很高興看到，由創新技術推動的 Robotaxi 在世界各地加速普及。由於部署速度比我們之前預期的要快，我們正在加速將我們的設備交付到測試清單中。

Our collaboration with NVIDIA on the platform is expanding and multiple OEMs are evaluating it for integration.

我們與 NVIDIA 在該平台上的合作正在擴大，多家 OEM 正在對其進行整合評估。

Our technology is gaining traction in automotive applications, offering customers significant value with our auto grade devices, and we are engaging with several integrators around specific projects.

我們的技術在汽車應用領域越來越受到關注，透過我們的汽車級設備為客戶提供巨大的價值，並且我們正在與多家整合商圍繞特定項目進行合作。

We continue to make excellent progress on the technological front and are enabling KPIs related to image quality, uniformity, accuracy, reliability, always on availability and resilience that enable mission critical performance in level 3 and level 4 applications.

我們在技術方面繼續取得卓越進展，並正在實現與影像品質、均勻性、準確性、可靠性、始終可用性和彈性相關的 KPI，從而實現 3 級和 4 級應用中的關鍵任務效能。

Having delivered on the goals we set for ourselves since our founding, we look forward to the next stage in our company's growth as we focus on becoming the world's premier large scale provider of best in class slider solutions for autonomous driving and beyond.

自公司成立以來，我們已實現了自己設定的目標，並期待公司發展的下一階段，致力於成為全球領先的大型自動駕駛及其他領域一流滑塊解決方案供應商。

With that operator, let's open it up for Q&A.

有了這個操作員，我們就可以開始問答了。

Thank you.

謝謝。

(Operator Instruction).

（操作員指令）。

Our first question today comes comes from the line of Mark Delaney of Goldman Sachs. Please go ahead.

我們今天的第一個問題來自高盛的馬克·德萊尼。請繼續。

Yes, thank you very much for taking the questions and congratulations on the good 1 results. First question on RoboTaxis. In addition to the VW announcement that uses Innoviz LiDAR, Uber has announced RoboTaxi plans with May mobility, Pony AI, We ride, and Momenta for programs in the US, Europe, and the Middle East. When you think about the broader set of EVs that could be deployed globally, excluding China, what kind of share and market position do you think Innoviz will have?

是的，非常感謝您回答問題，並祝賀您取得好成績。關於 RoboTaxis 的第一個問題。除了大眾宣布採用 Innoviz LiDAR 之外，Uber 還與 May mobility、Pony AI、We ride 和 Momenta 宣布了在美國、歐洲和中東開展 RoboTaxi 項目的計劃。當您考慮中國以外全球範圍內可部署的更廣泛的電動車時，您認為 Innoviz 將擁有什麼樣的份額和市場地位？

So right now we are working with the, I believe that the strongest platform players in this area. You can see the way that mobilize is able to gain more partners other than Volkswagen through partners like Holon and Verne.

所以現在我們正在與我認為該領域最強大的平台參與者合作。您可以看到，Mountainize 能夠透過 Holon 和 Verne 等合作夥伴獲得大眾以外的更多合作夥伴。

I think that the relationship, the new deal between Uber and Volkswagen.

我認為這是 Uber 和大眾之間的關係、新交易。

Is expecting to allow Volkswagen to scale faster.

期望讓大眾汽車更快擴大規模。

Having, since the Trump administration, basically removing, the barriers in terms of the amount of autonomous taxes which are allowed on the road, it was, I think increased from 2000 a year to around 100,000 a year in a way it kind of, started a race meaning that up until, a few months ago. Many, robo taxi companies were held, from scaling because of that, limitation. Now that this limitation has been removed, you'll start to see a race in which companies will try to take cities.

自從川普政府上台以來，基本上取消了道路上允許徵收的自動駕駛稅的數額方面的障礙，我認為，自動駕駛稅從每年 2000 美元增加到了每年 10 萬美元左右，這在某種程度上引發了一場競賽，直到幾個月前。許多機器人計程車公司因這個原因而無法擴大規模。現在這個限制已經取消，你將開始看到各公司爭奪城市的競賽。

There will be a point in time where companies, cities, that will be, overpopulated with, taxi services, will not allow to new, players to enter. I think the first mover advantage, is super important. The fact that the first, over taxes that are going to be on the road are going to be equipped, with innovative ladders will give us a tremendous advantage, and we expect to be a meaningful player in that area.

將來某個時候，計程車服務過剩的公司或城市將不允許新玩家進入。我認為先發優勢非常重要。事實上，首先，道路上的稅收將配備創新的階梯，這將為我們帶來巨大的優勢，我們希望成為該領域的重要參與者。

Thanks. My other question was on the financials. The growth margin in particular was very strong, much higher than we had been estimating. Hoping to better understand what type of gross margin and EI margin you think NRE programs will typically have on average, maybe over the course of 1 to 2 years, and specifically when you do see NRE revenue and with what you saw in the first quarter, was there anything unusual in one cuue in terms of when you saw costs compared to the timing of the of the revenue. Thanks.

謝謝。我的另一個問題是關於財務的。成長幅度尤其強勁，遠高於我們的預期。希望更了解您認為 NRE 專案通常平均會有什麼樣的毛利率和 EI 利潤率，可能在 1 到 2 年的時間裡，特別是當您看到 NRE 收入時，以及您在第一季度看到的情況，就您看到的成本與收入時間相比，是否存在任何異常情況。謝謝。

Yeah, so Q4, gross margins as it was 8.9% and indeed this quarter it's 40%.

是的，第四季的毛利率為 8.9%，而本季的毛利率為 40%。

I think, the NRE is always, positively influencing the gross margins, so I don't think that, over time you will see such a high gross margins, but definitely very positive, and you can, maybe not expect these levels, but you can definitely expect positive and relatively high, once NRE is kicking in, like we did this quarter.

我認為，NRE 始終對毛利率產生積極影響，因此我認為，隨著時間的推移，你不會看到如此高的毛利率，但絕對會非常積極，你可能無法預期這些水平，但一旦 NRE 開始發揮作用，你絕對可以期待積極的和相對較高的水平，就像我們本季度所做的那樣。

And others just to make sure I understand what what was unusual about the margin associated with the NRE revenue this quarter. I mean, I understand the timing will be lumpy of when you see NREs, but why the margin, unevenness?

其他人只是為了確保我了解本季與 NRE 收入相關的利潤率有何異常。我的意思是，我明白當您看到 NRE 時時間會不一致，但為什麼會有這種差距和不均勻？

Because of the relative percentage of NRE versus the units, so most of the revenues, the vast majority was the NREs, and that's why it pushed our gross margins up.

由於 NRE 與單位的相對百分比，所以大部分收入，絕大多數是 NRE，這就是它推高我們的毛利率的原因。

Okay, thank you.

好的，謝謝。

Thank you. Our next call comes from the line of Jash Patwa, JP Morgan. Please go ahead.

謝謝。我們的下一個電話來自摩根大通的 Jash Patwa。請繼續。

Hi, good morning, and thanks for taking my questions. Congratulations on all the progress during the quarter.

大家好，早安，感謝您回答我的問題。恭喜本季取得的所有進展。

I, I'd like to start a question. I'd like to start with a question on tariffs, I appreciate that you mentioned that tariffs are unlikely to have a material impact in the near term, but maybe if you could just clarify which category your test and series LiDAR shipments fall under. Are they included within the HSN category subject to the orders specific 25% tariffs, or are they affected by the reciprocal tariffs? Additionally, if you could just provide some insights into any preemptive actions the company has taken to mitigate the impact of these tariffs, that would be super helpful. Thanks and have a follow up.

我，我想提出一個問題。我想先問一個關於關稅的問題，我很感激您提到關稅不太可能在短期內產生實質影響，但也許您可以澄清一下您的測試和系列 LiDAR 出貨量屬於哪一類別。它們是否屬於 HSN 類別，需要繳納特定訂單的 25% 關稅，或是否受到互惠關稅的影響？此外，如果您能提供一些關於公司為減輕這些關稅的影響而採取的預防措施的見解，那將非常有幫助。謝謝並請繼續關注。

So as far as we are concerned or or or or so far as our knowledge and our analysis, we do not fall under this 25% tariff. We are an automotive component which does not suffer from these kinds of, or is not impacted by such a tariffs. We are monitoring it. We believe that the impact will be minimal, hopefully. Up to none, we still think these, tariffs, are in the making or it's not clear or the dust needs to settle, in order to understand where it falls, but again, we think the impact is, minimal to none.

因此，就我們而言，或或就我們所知和分析而言，我們不屬於 25% 的關稅範圍。我們是一家汽車零件企業，不會受到此類關稅的影響。我們正在監視它。我們相信，希望影響將是最小的。無論如何，我們仍然認為這些關稅正在製定中，或者尚不明確，或者需要塵埃落定，以便了解其影響，但我們再次認為其影響微乎其微。

But maybe just to add, Fabrinet has different facilities around the world. Including in the US, by the way, they also have in Israel, and then therefore, it gives us a very flexible and easy way to deal with any future, issues in this manner.

但也許只是補充一下，Fabrinet 在世界各地有不同的設施。順便說一下，包括美國在內，以色列也採取了同樣的措施，因此，這種方式為我們提供了一種非常靈活和簡單的方式來處理未來的任何問題。

Understood that's very helpful. Just as a follow up, could you provide some more insights into your partnership with NVIDIA on the Hyperion platform? What factors have positioned in a way as a leader in this collaboration, and are there any development milestones or technological challenges that still need to be addressed? Relatedly curious if you are the reference liar sensor for this platform as well. Thank ,You

明白這非常有幫助。作為後續問題，您能否提供一些有關您與 NVIDIA 在 Hyperion 平台上的合作的更多見解？哪些因素使我們在這次合作中處於領先地位？還有什麼發展里程碑或技術挑戰需要解決？相關好奇的是，您是否也是該平台的參考說謊者感測器。謝謝

Happy to explain.

很高興解釋。

-I'm asked about this topic many times and I would be happy to actually provide more color. So basically there are two platforms that people are familiar with when it relates to NVIDIA.

-我多次被問到這個主題，我很樂意提供更多內容。因此，當談到 NVIDIA 時，人們基本上熟悉兩個平台。

The more known platform which people kind of hear about it more a lot is the NVIDIA Drive.

人們更熟悉、更常聽說的平台是 NVIDIA Drive。

NVIDIA has, two business models. One is when they are providing an open source platform where they sell chips to different companies and, basically any company who wants to develop their own software stack can use the NVIDIA Drive open source and there are many liars that are part of the drive. And you probably saw many announcements about other companies partnering with NVIDIA on the Drive platform.

NVIDIA 有兩種商業模式。一種是他們提供一個開源平台，在該平台上他們將晶片出售給不同的公司，基本上任何想要開發自己的軟體堆疊的公司都可以使用 NVIDIA Drive 開源，並且該驅動器中有很多騙子。您可能已經看到許多其他公司與 NVIDIA 在 Drive 平台上合作的公告。

It's very different than the Hyperion. The Hyperion platform is a full stack solution that NVIDIA is offering themselves to customers. So whenever a customer wants to buy the full stack solution from NVIDIA, it is NVIDIA decision on which sensors are included in this, platform.

它與 Hyperion 非常不同。Hyperion 平台是 NVIDIA 為客戶提供的全端解決方案。因此，每當客戶想要從 NVIDIA 購買全端解決方案時，NVIDIA 都會決定在該平台中包含哪些感測器。

And in the cases where NVIDIA is offering a period to customers outside of China, they are offering it based on InnovizTwo, and therefore we are in basically daily discussions with with NVIDIA and customers on the integration of the InnovizTwo into the platform and into these costs. So basically, you can see this is a very important milestone for us. In terms of our ability to scale through partners, we have the same engagement with Mobili as you are aware we are part also of the Mobili Drive.

在 NVIDIA 為中國以外的客戶提供一段時間的情況下，他們是基於 InnovizTwo 提供的，因此我們基本上每天都在與 NVIDIA 和客戶討論將 InnovizTwo 整合到平台中並納入​​這些成本中。所以基本上，你可以看到這對我們來說是一個非常重要的里程碑。就我們透過合作夥伴擴大規模的能力而言，我們與 Mobili 有著同樣的合作關係，正如您所知，我們也是 Mobili Drive 的一部分。

Same name but different platform. Where mobilize is winning, deals with the mobilized drive and there's one platform that one, customer that, is, that they are alluring to in the future.

名稱相同但平台不同。動員的成功之處在於，它處理動員起來的動力，並且有一個平台可以吸引客戶，這就是他們未來所追求的。

Every time where such a customer is speaking, video, mobilized drive, we are part of it, and we expect that once, one of these customers will, do the nomination of the platform, we'll be able to benefit from it.

每當這樣的客戶發表演講、進行影片、動員活動時，我們都會參與其中，並且我們期望，一旦這些客戶中的一位能夠提名該平台，我們就能夠從中受益。

There's one specific customer which we are engaged for a very long time now and there are several that are reviewing this and we are expecting to start these discussions as soon as well.

我們與一位特定客戶合作了很長時間，還有幾位客戶正在審查此事，我們也希望盡快開始這些討論。

Understood. Thanks Omar Keilaf. Good luck.

明白了。感謝 Omar Keilaf。祝你好運。

Thank you.

謝謝。

Thank you.(Operator Instructions).

謝謝。 （操作員指示）。

Our next question today comes from the line of Ryan Casey of West Park Capital. Please go ahead.

我們今天的下一個問題來自 West Park Capital 的 Ryan Casey。請繼續。

--Hello, gentlemen. Great quarter. Your press release notes record revenues, and I know NREs are a big part of that. Would you care to comment about, even if they're, sample unit shipments, was it also a record quarter for product shipments using a broad definition of product shipment?

——先生們，你們好。很棒的一個季度。您的新聞稿記錄了收入，我知道 NRE 是其中很重要的一部分。您是否願意評論一下，即使它們是樣品單位出貨量，按照廣義的產品出貨量定義，這是否也是產品出貨量創紀錄的一個季度？

It was, I don't know if it was record, but it was a very nice number. We are. Expecting the, to ramp up Fabrinet and have units out of Fabrinet. Fabrinet is basically, increasing our capacity in order of magnitude, so this will be very impactful as we go for forward down this year and definitely next year. So.

我不知道這是否創下了紀錄，但這是一個非常好的數字。是的。期望能擴大 Fabrinet 規模並讓單位脫離 Fabrinet。Fabrinet 基本上是在數量級地提高我們的產能，因此，這對於我們今年以及明年的前進將產生很大的影響。所以。

Terrific. And when do you think, say the first product unit shipment would come out of a Fabrinet facility? Would that be before the end of 2025 or?

了不起。您認為第一批產品什麼時候會從 Fabrinet 工廠出廠？那會是在 2025 年底之前嗎？

It's going to be in a month.

一個月後就到了。

In a month, okay.

一個月後，好的。

Excellent.

出色的。

We've touched on a lot of the bigger questions in terms of your non-auto efforts. I think we've discussed before that, industry participants, people looking for solutions may be coming to Innoviz.

我們已經討論了很多關於非汽車領域努力的更大問題。我想我們之前已經討論過，行業參與者、尋求解決方案的人可能會來到 Innoviz。

Has that been the case with these new opportunities where people have come to you and asked for the solution, or are you starting to actively pursue opportunities on your own directly as well in terms of reaching out to those industries?

面對這些新機遇，人們是否已經來找您尋求解決方案，或者您也開始積極地直接尋求機會，接觸這些行業？

So basically the our go to market is through integrators and distributors that are approaching customers themselves.

因此，基本上，我們進入市場的方式是透過整合商和分銷商親自接觸客戶。

There is a long list of applications which each one requires a specific, I would say insights and user experience and basically we are providing these companies we.

有很多應用程序，每個應用程式都需要特定的見解和用戶體驗，基本上我們為這些公司提供所需的服務。

Support their needs in terms of integrating into the lighter, but they can benefit from the advantages of, higher performance, of the sensor to provide more value to their customers.

支持他們在整合到打火機方面的需求，但他們可以從感測器更高性能的優勢中受益，從而為客戶提供更多價值。

As such, we barely need to do or we don't need to do, any specific tailoring to any specific application. The latter is highly, flexible in terms of its ability to provide different configurations, and therefore it doesn't require us any meaningful effort in many cases, with, this kind of integrators. We are displacing existing solutions that are short in performance and by using our sensor they're able to provide a better value to their customers. So even in terms of educating them or training them to understand how to work with lighter, it's barely needed.

因此，我們幾乎不需要或不需要針對任何特定應用進行任何特定的客製化。後者在提供不同配置的能力方面具有高度的靈活性，因此在許多情況下，對於這種整合商，我們不需要付出任何有意義的努力。我們正在取代性能不足的現有解決方案，透過使用我們的感測器，他們能夠為客戶提供更好的價值。因此，即使教育他們或培訓他們了解如何使用打火機，也幾乎沒有必要。

Okay, terrific.

好的，太棒了。

That can be a sizable opportunity. And when you say displacing existing technologies, I'm assuming you're talking about cameras and radar and things like that, not necessarily other liar solutions today.

這可能是個相當大的機會。當您說取代現有技術時，我假設您指的是攝影機、雷達之類的東西，而不一定是當今的其他解決方案。

So actually there are we found, I would say different industries that are already well educated about the benefits of using lighters, and some of them are already using lighters, but, with the product that we can offer them they can achieve --more KPIs and better products and basically better capabilities.

因此，實際上我們發現，不同的行業已經充分了解使用打火機的好處，其中一些行業已經在使用打火機，但是，透過我們提供的產品，他們可以實現更多的 KPI、更好的產品和更好的能力。

All right, terrific.

好的，太棒了。

Thank you for clarifying and expanding on those points. It was a really terrific quarter and a great start to the year. Congratulations.

感謝您澄清並擴展這些觀點。這是一個非常棒的季度，也是今年的一個好開始。恭喜。

Thank you very much.

非常感謝。

Thank you. Our next question comes from the line of Kevin Garrigan of Rosenblatt. Please go ahead.

謝謝。我們的下一個問題來自 Rosenblatt 的 Kevin Garrigan。請繼續。

Hey Omar, hey Elder, thanks for taking my questions and congrats on the progress. Hey, going off of Mark's earlier question, looking at your pipeline, are you seeing a growing number of RoboTaxi RFQs or programs kind of in the early stages, or is a lot of your pipeline still geared toward L3 programs?

嘿，奧馬爾，嘿，長老，感謝您回答我的問題，並祝賀您的進展。嘿，根據馬克之前的問題，看看你的流程，你是否看到越來越多的 RoboTaxi RFQ 或處於早期階段的程序，或者你的許多流程仍然面向 L3 程序？

It's okay. I would describe it this way. You have the traditional OEMs generally focusing on level 3.

沒關係。我會這樣描述它。傳統 OEM 通常專注於 3 級。

And then you have, I would say, more of the technology companies who are trying to develop platforms that could fit into different types of vehicles. It could be robo taxis, it could be shuttles, it could be trucks.

然後我想說，更多的科技公司正在嘗試開發適合不同類型車輛的平台。它可能是機器人計程車，可能是班車，可能是卡車。

And it could be also off-road, vehicles, so,I would say it's kind of 50-50. There are many that as some of the programs that we're working on are expected to launch already next year and we do feel that the kind of the race has started in the sense that, once those cities will be populated with robotaxis that will create more tension and stress on some of the other players. Due to the congestion that might happen once they will start to scale.

而且它也可能是越野車，所以，我想說這是 50-50 的比例。我們正在進行的一些計畫預計將於明年啟動，我們確實感覺到，從某種意義上來說，競賽已經開始，一旦這些城市充滿了自動駕駛計程車，就會給其他一些參與者帶來更多的緊張和壓力。因為一旦它們開始擴大規模，可能會發生擁堵。

And therefore, we do see more and more level 4 players are kind of looking for a solution that the automotive grade geopolitically kind of free.

因此，我們確實看到越來越多的 4 級參與者正在尋找一種汽車級地緣政治自由的解決方案。

And providing them, I would say there are some advantages related to our sense of, I think we talked about that in previous quarters about our ability to work in very challenging environments such as, rain, contamination and some of the fleets that you might see today are using sensors that are allowing them to work in clear sky situation, and they understand that once they'll need to operate them in scale in more challenging environments, they need to find a solution that is much more robust.

為他們提供這些服務，我想說，我們在這方面有一些優勢，我想我們在前幾個季度討論過我們在非常具有挑戰性的環境中工作的能力，比如雨水、污染，你今天可能看到的一些車隊正在使用傳感器，使它們能夠在晴朗的天空下工作，他們明白，一旦他們需要在更具挑戰性的環境中大規模操作它們，他們就需要找到一個更強大的解決方案。

These are the new KPIs like we're in a new stage where, just talking about range and resolution is not enough.

這些都是新的 KPI，就像我們處於一個新階段，僅僅談論範圍和解析度是不夠的。

Customers are much more aware of industrialization, on, quality, about resiliency.

客戶對工業化、品質和彈性的認識更加深入。

It sounds like buzzwords, but you know this is kind of like real-life, thing, eventually the product needs to be super reliable and they become much more aware of these topics than they were before, and I think this is kind of where we shine and we see opportunities to display some of the sensors that were used so far for R&D purposes.

這聽起來像是流行語，但你知道這有點像現實生活中的事情，最終產品需要非常可靠，而且他們比以前更加了解這些主題，我認為這就是我們閃耀的地方，我們看到了展示一些迄今為止用於研發目的的傳感器的機會。

Yeah, that makes a ton of sense. Okay, great. And then on the growing traction smart applications, can you just talk more about, how big you expect the market for smart applications to become, and do you see and it is kind of spending more on developing software capabilities in this space?

是的，這很有道理。好的，太好了。然後，關於日益增長的智慧應用，您能否詳細談談，您預計智慧應用市場將會變得多大，您是否看到人們在該領域的軟體功能開發上投入了更多資金？

So there are different layers of software when you talk about non-automotive applications. As in the automotive sector, we are developing the perception software which is needed for, object detection classification. We actually have a product running on the road today, BMW is running the level 3 because not only with a liar, they're actually driving autonomously. Using our perception software. You can imagine the level of effort and scruity that we had to pour in to get to.

因此，當您談論非汽車應用時，軟體有不同的層次。與汽車領域一樣，我們正在開發物體檢測分類所需的感知軟體。我們今天實際上有一款產品在路上行駛，寶馬正在運行 3 級，因為他們不僅有騙子，而且實際上是自動駕駛。使用我們的感知軟體。你可以想像我們為了達到這個目標必須付出多大的努力和謹慎。

Automotive grade capabilities of such a software.

該軟體具有汽車級功能。

And that gives us a big advantage when it comes to different other different applications that wants high reliability and our our uniqueness comes in our ability to provide perception.

當涉及到需要高可靠性的其他不同應用時，這為我們提供了巨大的優勢，而我們的獨特之處在於我們提供感知的能力。

Over our sensor, I would say we try to be separated from the layers that are related to the specific KPIs that might be interesting for a very specific applications as you know bridge collision or logistics kind of maneuvering so this is, these are where we're trying to. To cut barriers between us and and the and the integrator and we try to do something that is as scalable as possible.

對於我們的感測器，我想說我們試圖將其與與特定 KPI 相關的層分開，這些 KPI 可能對於非常具​​體的應用很有趣，例如橋樑碰撞或物流類型的操縱，所以這就是我們正在嘗試的地方。為了消除我們與整合商之間的障礙，我們嘗試做一些盡可能可擴展的事情。

So I do believe that our software will continue to evolve and providing more tools that we can offer our partners to use, in their applications, so I believe that our software is still going to be a very strong, I would say offering to our partnering, to our partners who eventually doing the integration of their software to the, to their customer environment.

因此，我確實相信我們的軟體將繼續發展並提供更多的工具，供我們的合作夥伴在他們的應用程式中使用，所以我相信我們的軟體仍然會非常強大，我想說，為我們的合作夥伴提供服務，為我們的合作夥伴最終將他們的軟體整合到他們的客戶環境中。

Perfect. Thanks guys, and congrats on the results.

完美的。謝謝大家，恭喜你們所取得的成果。

Thank you very much.

非常感謝。

Thank you.

謝謝。

You have no further questions, please Proceed.

您沒有其他問題，請繼續。

Okay, and with that, thanks again to everyone for joining us today. We look forward to updating you next quarter on the continuing progress we are making here at Innoviz.

好的，再次感謝大家今天的參加。我們期待在下個季度向您通報 Innoviz 所取得的持續進展。

We'll be participating in several investor events over the next month and look forward to speaking with many of you there.

我們將在下個月參加幾場投資者活動，並期待在那裡與你們中的許多人交談。

Thank you very much.

非常感謝。