Achieved record 2025 revenue of $55.1 million, more than doubling year-over-year, driven by a mix of NRE payments and increased LiDAR unit shipments.

Secured a major Level 4 series production agreement with Daimler Truck and Torc Robotics, providing multiple LiDARs per vehicle for the Freightliner Cascadia platform.

Introduced InnovizThree, a next-generation sensor designed specifically for behind-the-windshield integration, addressing the 'holy grail' of automotive design by reducing size, power consumption, and cost by 35% compared to InnovizTwo.

Successfully transitioned gross margin from approximately -5% in 2024 to 23% in 2025, reflecting improved operational efficiency and a more favorable revenue mix.

Expanded into the 'Physical AI' market, leveraging high-resolution LiDAR to provide ground-truth data for world models in security, infrastructure, and robotics where cameras and radar face limitations.

Reduced annual operating expenses by 20% through operational realignment and disciplined R&D allocation, achieving two quarters of single-digit cash burn.

Projecting 2026 revenue growth of approximately 27% to a range of $67 million to $73 million, supported by the ramp of automotive SOPs and non-automotive expansion.

Expect non-automotive revenue to scale from 1% to up to 10% of total annual revenue in 2026, targeting high-margin security and defense applications.

Anticipate production volumes at Fabrinet to increase 3x to 4x over 2025 levels to meet demand for Level 4 robotaxi fleets and trucking deployments.

Targeting the addition of 2 to 3 new program wins in 2026, with a focus on Level 3 and Level 4 applications across both InnovizTwo and InnovizThree platforms.

Planning to recognize almost all of the remaining $66 million in existing NRE agreements through 2026 and 2027, while targeting $20 million to $30 million in new NRE contracts.

The VW ID. Buzz robotaxi program is entering automated series production, with fleets expected to launch in six cities across the U.S. and Europe in the second half of 2026.

InnovizSMARTer was introduced as a 'one-box' edge solution integrating NVIDIA Jetson Orin for real-time 3D perception in bandwidth-constrained environments.

Management highlighted market consolidation risks, noting that many competitors are being driven out as technical requirements for behind-the-windshield and Level 3/4 maturity become more stringent.

Maintained a strong liquidity position with $72.1 million in cash and no long-term debt, providing a projected runway into 2027.

Management is actively pursuing several Level 4 programs and Level 3 RFQs for 2028+ vehicle designs.

InnovizTwo is being offered for near-term launches due to its maturity, while InnovizThree is the primary candidate for OEMs requiring behind-the-windshield aesthetics.

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The SoDW has been completed, but management noted it is currently unclear how or when this will convert into a formal series production award.

Management argues LiDAR is essential for 'Physical AI' because it provides physics-based ground truth that prevents the bias and errors found in AI models trained solely on simulated or 2D data.

LiDAR is positioned as the 'eyes' that connect digital world models to real-time physical reality.

Innoviz was selected for the short-range solution because they were not in the initial process for the long-range component.

The company is now developing an ultra-long-range LiDAR to compete for future expansions within Daimler's portfolio.

The security and defense markets offer significantly higher ASPs (around $10,000 per sensor) compared to automotive.

Demand is driven by the sensor's ability to see through obstacles like fences and trees, which traditional cameras and radar cannot do reliably.

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