Innoviz Technologies (NASDAQ:INVZ) reported first-quarter financial results on Thursday. The transcript from the company’s first-quarter earnings call has been provided below.
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Summary
Innoviz Technologies Ltd reported Q1 2026 revenues of $7.1 million, with some NRE milestones delayed but expected to be recognized in upcoming quarters.
The company reaffirmed its full-year revenue guidance of $67 to $73 million, driven by an increased focus on LiDAR sales and new strategic entries into the defense and homeland security markets.
Innoviz Technologies Ltd is seeing strong traction with new non-automotive customers, including a partnership with defense company Kela and another large holding group, indicating potential significant sales of Innoviz Smart products.
Record shipments were achieved in Q1, and the ramp-up at Fabrinet is progressing well, with expectations of accelerated shipments in the second half of the year.
Management expressed optimism about the automotive sector, highlighting agreements with VW, Mobileye, and Daimler, as well as developments with autonomous driving technology companies and Level 4 automation opportunities.
Full Transcript
Ada Menache
Good morning. I would like to welcome you to The Innoviz Technologies first quarter 2026 earnings conference call. Joining us today are Omer Kilov, Chief Executive Officer and Eldar Segal, Chief Financial Officer. I would like to remind everyone that this call is being recorded and will be available on the Investor Relations sections of our [email protected] 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 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 20F filed with the SEC on March 4, 2026. Omer, please go ahead.
Omer Kilov (Chief Executive Officer)
Thank you Ada. And good morning to everyone joining us for a first quarter earnings call. In the early months of 2026, we reached critical technical milestones with our new products, made progress on existing programs, and continue to engage with new automotive and non automotive customers. We also announced our entry into the defense and homeland security market. Some of our first quarter non-recurring engineering (NRE) milestones, which can be variable, shifted forward in part due to customer requests for additional content. As a result, we generated revenues of $7.1 million. We believe we will be able to recognize the delayed revenues, all of which have POS in place in the coming quarters. Our outlook for the full year remains unchanged as we continue to target revenues of 67 to 73 million dollars. Our long term outlook likewise remains unchanged. It is driven by our view that LiDAR is the most reliable method for digitizing the physical world and is indispensable to the rise of physical AI. Over the past year we broadened our scope beyond automotive and introduced our smart products for physical AI applications. Just a few weeks ago we announced our entry into the defense and homeland security market, a rapidly expanding and high margin space that requires performance, reliability and resilience. We are excited about what’s ahead and we are already seeing strong traction here. Yesterday, Kela, a fast growing defense company, announced its intent to field Innovis LiDARs across their unified situational operations platform with the potential to scale the engagements in the coming years. I’m also happy to share that we have reached an agreement with another large holding group which will offer Innovis LiDARs in their defense and security solutions. We will look forward to their announcement naming Innovis as their partner soon. These two opportunities with the potential to generate significant Innovis smart sales starting this year show that we are on the way to becoming a meaningful player in the defense sector. In automotive, we are advancing towards SOPs with customers including VW Group, Mobileye and Diamond Truck. On Wednesday we announced an agreement with a leading autonomous driving technology company to evaluate the development of enhancement on sensor lidar perception capabilities and last week we signed an LOI with LOXO to integrate the Innovis 2 long range into its Level 4 digital driver platform, subject to a successful combination completion of testing. Global interest in both Level four and Level three automation continue to expand and there are a number of new opportunities arising at both traditional and new automotive OEMs and in areas such as heavy equipment and agriculture. On the technology and production front, we recently launched the Innovis 2 Ultra Long Range which delivers up to 1km sensing, unlocking new capabilities across physical AI applications. The Fabrinet ramp is going well and we’re delighted to be able to tell you that we shipped a record number of units in the first quarter. Our shipments were about half of what we shipped in all of 2025 and we expect them to further accelerate in the second half of the year. In all, our product and customer pipelines are robust and we are continuing to execute on our 2026 plan. In 2025, non-recurring engineering (NRE)s made about approximately 70% of our revenues over time. We continue to expect non-recurring engineering (NRE) revenues to remain a stable part of our business on a dollar basis as our current program reaches SOPs (Start of Production) and we expect to win additional programs in our existing and new end markets, including security and defense, we believe we will see a significant step up in lighter revenues and gross margins. This will likely drive meaningful growth and a shift in our revenue mix away from non-recurring engineering (NRE)s and towards liar sales. Further, we believe that sales of LIDARs in non automotive physical AI applications will increase from approximately 1% in revenues in 2025 to up to 10% of our revenues in 2026. We expect this trend further accelerate in the coming years as LiDAR plays a key role across a variety of physical AI applications and now let’s jump into the details starting with our entry into Defense and Homeland Security. Last month we announced that the Innovis Smart and The newly launched Innovis 2 Ultra Long Range are now available for defense and security applications. This is a rapidly growing market with premium pricing and higher margins. We believe that many existing sensing solutions face limitations in this space and we see an opportunity for high performance LiDAR to address gaps in detection range, weather resilience and reliability. We’re in active discussions with tens of potential customers and system integrators to provide holistic solution including sensors, perception and analytics. We have a dedicated team focused on expanding our position and in this end market. In the defense and security space we will focus on a broad variety of use cases. We think our lidars are ideally suited to applications such as perimeter intrusion and boulder surveillance where they can offer reliable around the clock monitoring in all weather conditions. Traditional radar and camera systems can be easily evaded especially in challenging or busy terrain and their weaknesses are well known leaving them ripe for exploitation. Our lidars deliver a combination of long range 3D detection, weather resilience and ease of deployment in applications such as mapping and situational awareness. Our dense point Cloud provides rich 3D environmental data for mission planning and terrain mapping in complex environments. Our LiDAR’s fine angular resolution at long range is designed to support detection and and tracking of small, fast, low reflectivity targets that are difficult for radar and cameras to detect, adding a new layer of security when applied to drone detection. Small drones are increasingly being flown at low altitudes where radar cannot detect them literally under the radar. Lidar adds a level of protection that is now just starting to be understood as crucial. Finally, the Innovis smart and the Innovis 2 Ultra Long Range can be deployed in autonomous and defense systems, providing the perception, accuracy and reliability required for safe navigation and obstacle avoidance. We believe that our automotive grade products, performance, reliability and resilience can offer game changing capabilities to these applications. Our efforts in defense and security are already starting to pay off. We are seeing Robust Early Traction Yesterday, kela, a fast growing Israeli defense company, announced its intent to field our LIDARs in deployments across its unified situational operations platform, including applications such as drone detection and perimeter security. KELA anticipates that the cooperation may scale in the coming years. In addition to kela, we recently signed an agreement with a large holding group to incorporate Innovis LIDARs into their defense and homeland security offerings. We look forward to their upcoming announcement that we will serve as their LIDAR partner. We have already received a prepayment, completed an installation and are excited about the opportunity to continue to work with this customer in the future. The intent in both of these collaborations is that our clients will utilize a combination of our long range, short to mid range and Ultra Long Range across a variety of applications. I’m tremendously encouraged by these partnerships, which we believe demonstrate the market’s need for high performance, reliable, lighter solutions and our product suitability for these important use cases. Let me update you on our automotive business. Our programs with our existing customers are progressing well. For our Daimler Truck program in collaboration with torc, we are delivering units to support milestones through sop. Moya has announced that they will deploy the VW ID Buzz on the Uber platform in Los Angeles by the end of the year as well as with BIP in Orlando. Each of these vehicles is planned to have nine Innovis, two LiDARs, three long range and six short to mid range delivering driving meaningful content per vehicle. We expect the vehicle to be in multiple cities around the world by the end of the year, and we were happy to hear mobileye say a few weeks ago that the robotaxi ecosystem had progressed significantly during the first quarter through the same Mobileye Drive Level 4 platform. We are supporting Holon and other customers. We’re seeing strong momentum for this platform with potential for faster expansion than we expected initially. Additionally, the feedback from our customers on our sensors performance has been very positive. On level three, we are advancing on our SOPs with the mobilized chauffeur and programs such as with Audi. In addition to the advances on our existing programs, recently entered into an agreement for a development program with the leading autonomous driving technology company to evaluate combining our LIDAR with on sensor perception software for future autonomous vehicles programs. As autonomous vehicle programs advance towards serious production, OEMs require that perception capabilities extend beyond the central compute stack and execute directly on the sensor. The on sensor approach is designed to deliver standardized safety critical outputs that operate independently of the vehicle broader architecture. Finally, we just announced an LOI with LOXO a Swiss pioneer in autonomous last mile delivery. Loxo Ninoviz are currently in advanced stages of testing and evaluation of Innovis 2 long range LIDAR for Loxos autonomous vehicle platform. Subject to the successful completion of this process, Loxo intends to nominate Innoviz as its lighter supplier with multiple LiDARs per vehicle. Loxo had previously evaluated other lidars and we would potentially be replacing an FMCW LIDAR in this platform. Loxo feedback thus far has been very positive and we are excited to be working with them on the next generation of driverless delivery vehicles. Currently There are several RFQs open for both Level 3 and Level 4 around the world and we see robust interest in Level 4 from traditional and new automotive OEM as well as industrial and agriculture customers. We’re actively participating in multiple processes with a few decisions expected to be made in the second half of the year. For programs prior to 2028 SOP, we are offering our suite of Innovis 2 products. For programs with later SOPs, we are also offering the Innoviz 3, which we unveiled earlier this year and which includes an option for a color image along with the 3D data. The Holy grail for automotive LiDARs is behind the windshield installation that does not compromise vehicle design or in cabin environment. The Innovis 3, with its robust performance, smaller form factor, lower power consumption and reduced Costs meets the OEM’s most recent requirements. The reception has been outstanding and we believe that the Innovit3 is well position positioned to win a number of these upcoming programs. To support our customers needs, we’ve recently launched the Innovis 2 Ultra Long Range or ULR LIDAR. This device delivers up to 1km sensing and higher point cloud density resolution. It is designed to set a new standard for wide area sensing, covering terrain, borders, runways and large installations with the precision and reliability of our automotive grade LIDAR technology. The ULR addresses critical gaps in several applications by detecting and classifying small hazards at long ranges. It lets autonomous vehicles drive faster while maintaining safety even for heavy trucks with longer stopping distances. It can also enable perimeter security systems to identify humans, vehicles and animals over vast areas while reducing false alarms. Additionally, its long range and high resolution can support drone detection and tracking. In all, the ULR would give customers in a wide range of industries a tool that did not exist before and one that can perform reliably in harsh conditions. The first samples of the ULR has been delivered to key customers. Now let’s talk about our outlook for 26. We are reiterating the 26 targets we set earlier this year, driven by the ramp of flatter shipments and ongoing non-recurring engineering (NRE) payments. We expect to grow revenues year over year by approximately 27% to 67 to 60% to $73 million in 2026. We expect up to 10% of our revenues to come from non automotive physical AI applications, up from approximately 1% in 2025. We expect new non-recurring engineering (NRE) payments plan of 20 to $30 million in addition to our existing plans and we expect to add two to three new programs this year. And now I’ll turn it over to Eldar to discuss our financials.
Eldar Segal
Thank you Omer and good morning Everybody. In the first quarter revenues were $7.1 million as some of our revenues were pushed into the coming quarters due to non-recurring engineering (NRE) milestone variability. As Omer stated earlier, POS are in place for the delayed revenues and we are already closing the gap. A significant contribution to revenues came from unit shipments in in the quarter which were a record high. We ended the quarter with approximately $60.1 million in cash, cash equivalents, short term deposit and marketable security on the balance sheet and we continue to have no long term debt for the quarter. Cash used in operation and capital expenditure was approximately $15.8 million. The quarter over quarter increase in cash use was influenced by higher working capital needs due to our ongoing production ramp at Fabrinet as well as the shift in non-recurring engineering (NRE) payments. Gross margins in the quarter was approximately negative 22% due to the revenue mix as well as lower absorption of fixed costs associated with unit production. Fixed cost absorption is expected to significantly improve later this year as volumes ramp driving uplift in gross margins. For the full details of our operating expenses and stock based compensation please see the tables in our press release. Despite lower revenues than expected, our full year and long term outlook remains unchanged due to the existing customer demand as well as orders from new customers. We view LIDAR as indispensable to the rise of physical AI and we believe the new and end markets we entered into will further expand our reach in this area. With that, I’ll turn the call back to Omer for his closing remarks.
Omer Kilov (Chief Executive Officer)
Thank you Eldar. Before I wrap up the call in open for Q and A, I want to recap our recent developments. We are very excited about our entry into the fast growing and high margin defense and homeland security space where our performance and reliability offer significant advantages. This end market is undergoing rapid expansion and there is an enormous demand for new sensing technologies. We stand ready to address this demand. We are seeing strong traction with our offerings and in addition to our engagement with K, we expect another large customer to make an announcement naming us soon. Our automotive business is progressing well and we have products launching this year to support programs set for SOPs across Level 3 and Level 4. These include programs with VW Group and other customers on the mobileye Drive and the Chauffeur platforms, as well as with Diamond Truck and Torque. We announced a new development program to evaluate combining our LIDAR with ON sensor perception software. We also announced an LOI with LOXO where we’re in advanced stages of evaluation for inclusion in their autonomous vehicle program, potentially replacing an FMCW LiDAR. We recently launched our Innovis 2 ULR LiDAR which offers up to 1km range for a variety of applications. Our production capabilities continue to grow and after record levels in the first quarter, we expect shipments to accelerate further. The outlook for the full year remains unchanged and and we are pleased with the operational business momentum we’ve seen so far this year. And with that operator let’s begin the Q and A.
OPERATOR
To ask a question, please raise your hand using your mobile or desktop application or press star9 on your telephone keypad and wait for your name to be announced. Our first question will be for Mark Delaney with Goldman Sachs. Mark, please go ahead.
Mark Delaney (Equity Analyst)
Yes, thank you very much for taking the questions for the non automotive program that Innovis has won. I’m hoping you can help us better understand how much revenue those programs will represent when they’re fully ramped and how long that might take. And then if you could also talk about the profitability and the non automotive applications.
Omer Kilov (Chief Executive Officer)
Yeah, sure, gladly. So this is based on the Innoviz Smart solutions. Obviously the ASPS are significantly higher than the ones that we are offering in the automotive space. And in terms of the ramp up, part of the applications that we are offering today are solutions for drone detection. So really based on the application there are, I would say there are, there is a high sense of urgency in some of those topics. So those could actually grow quite fast. As far as we understand today in the world, there’s no viable solution for defense solution for drones. We are working very strongly with the different teams to offer the solution to solve this very difficult problem. And of course we are also very proud to be able to to provide a solution for this each topic over the last month or two. I don’t think there was a day I did not get a call or three calls a day on this topic. This is a very important element and I think that the sense of urgency related to that could drive fast adoption. In terms of the volume then as you can understand, there is a high demand and the ASPS are relevant to the non automotive space which are high.
Mark Delaney (Equity Analyst)
Understood. Thanks for that caller. Secondly, I was hoping you could give more of an update on the competitive environment that Innoviz is seen in the vehicle market. It sounds from your comments like the lacto engagement would potentially be a competitive win from a competitor. But can you speak more broadly on what Innoviz is seen in the competitive landscape, including with the top five auto OEM program where you had the SODW that was complete. I think you were waiting for feedback as of the last report. And just more broadly either with that OEM or more generally what innovative is seen from the competitive standpoint. Thanks.
Omer Kilov (Chief Executive Officer)
Sure. So I believe that the competitive landscape has not changed today. There are less and less solutions offered by different companies. There is also the geopolitical discussion related to that. When it comes to a solution that can set can can be set well within the design of the vehicle behind the windshield. I’m not familiar with a solution that is that is optimized as Innovis 3. I believe that on that front we are definitely in the lead when it comes to robotaxis, etc. So there are platforms where we see the desire of some of the platforms to move away from spinners to directional sensors. And Innovis 2 is, is a very strong offer in terms of our performance, our readiness, our, our full portfolio of short to mid range long range and now the ultra long range. So I think that on, on that, on that matter we are also in a very strong position. There are several programs that we are competing on. I think that in, in all of those we are in a very strong position and we are waiting to see how they are making progress.
Mark Delaney (Equity Analyst)
And just specifically to that top five auto OEM where you’d had the SODW and any any more color you can share on when you may hear back and if you think you’re going to ultimately get a serious production award.
Omer Kilov (Chief Executive Officer)
No, there’s no update to that specific program. There are many other programs that we are making good progress with. I think that generally level four programs are moving faster than level three. But even on level three opportunities we see that when programs are designed for behind the windshield, this is where we’re seeing a lot of interest and good feedback from customers.
Mark Delaney (Equity Analyst)
Okay. Just lastly for me you mentioned some timing elements of NRE revenue that affected one Q. Any more color you can share around how the scope of those programs changed. It sounds like you have to do more work, but the timing of when you’re going to be able to recognize revenue is a little bit more expanded. But if you could share a little bit more around what’s going on there, that’d be helpful. And just confirming, do you expect to get all of that back this year or would some of that be beyond 26? Thanks.
Omer Kilov (Chief Executive Officer)
First, I’ll address the second question. So we expect to be able to meet all of our targets for milestones this year. This specific milestone is actually related to an ask for from the OEM to pull in some of the activities that were planned for later because of the sense of urgency of the specific program that we are com. That we are working on that led to additional tasks that were added that went beyond the quarter. We have. We have already made deliveries on that milestone and we are working on other milestones for the rest of the year and I believe that we’ll be able to complete all of them within the year.
OPERATOR
To ask a question, please raise your hand using your mobile or desktop application or press star9 on your telephone keypad and wait for your name to be announced. Our next question is from ryan Casey for AmerX. Casey, please go ahead.
Ryan Casey (Equity Analyst)
Yeah, thank you. Good morning gentlemen. Great update. So I just wanted to ask a question about what we consider programs because it feels like you’re announcing quite a few customer wins and opportunities. But. But what are we to to think about in terms of a program? Is that something that’s very long ranging and maybe tied to, you know, automotive specifically? But can we dig into what program means in terms of your goals?
Omer Kilov (Chief Executive Officer)
Sure. So we’re referring to programs where we have an agreement, a yearly planning of ramp up primarily in the automotive space. We have also programs where we’re working on trucks and basically vehicles that are going to be on ground. Whether it also could be agriculture related or construction. Those are mostly related to automotive space.
Ryan Casey (Equity Analyst)
Okay. Okay. So automotive and maybe potentially mining and agriculture, something tied to sort of vehicles and vehicle counts. Great. There’s been a lot of discussion about the addition of color into solutions. Tell me how important color is or if color is really important for a specific market like smart cities or some other specific vertical in your view?
Omer Kilov (Chief Executive Officer)
Sure. I mean sensor fusion has been used for a very long time. We introduced color in Innovis 3 early this year, as you probably recall from our last earning when we actually showed the video live from Innovis 3 with a color point cloud. From our perspective, the decision to integrate color into Innovis 3 comes from our desire to optimize the solution for behind the windshield integration. Currently, behind the windshield are hosting cameras and behind the windshield is a packaging problem. So from that regard we decided to include color within the lighter. So the solution would be more integrated. In non automotive solutions. That level of packaging is I would say, probably less of a concern. But of course we can offer a color within the lighter for, for other applications as well.
Ryan Casey (Equity Analyst)
Okay, terrific. And then just sort of one, one question, one final question about autonomous trucking. It sounds like in talking to people in the industry that there may be two types of trucks, sort of this concept of like a lead truck and follow trucks, and that maybe their lidar configurations would be separate. Do you view the market as having two primary form factors or do you think most trucks will be equipped with the same lidar counts and technical. Technical specs? I guess.
Omer Kilov (Chief Executive Officer)
Well, eventually the, the truck programs that we’re involved with are related to long haul autonomous driving. The count of lidars is of course related to the geometry of the vehicle in terms of providing it a zero blind spot configuration. Usually there is a mix between short to mid range, long range and ultra long range. In some cases, I think that they don’t vary that much between the different players.
Ryan Casey (Equity Analyst)
Okay, all right, thank you. Well, it was a great quarter with a lot of exciting updates, so thank you. We’re looking forward to more in the coming quarters.
OPERATOR
Thank you. Our next question is from Colin Rush from Oppenheimer. Colin, please go ahead.
Colin Rush (Equity Analyst)
Hey guys, how are you? Could you talk a little bit about the evolution of the competitive landscape? Obviously there’s a lot of innovation happening right now and you guys have been, have done a lot as well. I’m just curious about consolidation in the market. Some of the functionality that’s being rolled out, you know, your ability to start looking at, you know, lidar with color integration capabilities and, and how you see that, that, you know, kind of segmentation starting to happen amongst some of the leaders in the space.
Omer Kilov (Chief Executive Officer)
Sure. Again, as I said earlier, eventually the lidar space is still evolving and you know, over the course of the last 10 years, you’ve seen lidars come from 50 meters to 1km and resolution, you know, in several orders of magnitude. Improving costs being reduced, new features are being introduced and lidars are going to serve many, many sectors, whether it’s automotive or defense or smart cities. Its and basically physical AI is overlapping everything. Now lidars will continue to evolve. You’ll see smaller form factors, you’ll see cost reduction, you’ll See integration into the LIDAR with compute, such as we are working now on this new program where we are adding brain into the lidar. I think there are many directions where lidars can evolve into. I think that it depends on the market that you are focusing on and understanding the customer needs in each of them. Where we saw recently a big gap was in the defense market. And this is why we believe that we can fill that gap and actually help in a way in the automotive space, we saw an opportunity to improve our offering by including color into the lidar. In terms of solving behind the windshield integration. I’m sure there are many applications where sensor fusion is helpful. I can also talk about perimeter security for drones where you see sensor fusion between LIDAR and radar and sometimes lidar and camera. So I think we’re still in the early days where we, you’re going to see 3D sensing going to be incorporated in physical AI. You know, physical AI is, is, is many, many things and, and, and that will be, you know, you’ll see different companies trying to optimize different areas. I think that so far Innovis has demonstrated the best optimization when it comes to the automotive space. We’re starting to do so in the defense and homeland security and, and obviously we’ll continue to do so on other markets as we see where we can provide our value in the best way.
Colin Rush (Equity Analyst)
Excellent. And then I guess on the cost side, you know, as you start to see some scale and some more maturity in the space, I’m wondering about, you know, the opportunity to start driving cost structure to more optimal levels. Obviously you guys are getting a lot of performance out of the same materials or a lot of performance improvement. I’m just curious about actual device cost reduction and the cadence of that, if there’s an opportunity to accelerate it at all.
Omer Kilov (Chief Executive Officer)
Yeah, sure. I mean, look, between the first generation, even before Innovis one, you know, every step or every generation, we were able to reduce a very significant cost reduction. Between Innovis 1 and Innovis 2. It was around 70% cost reduction. Between Innovis 2 and Inovis 3. There is another nice step of roughly 40% or 35, 35%. And you know, and, and obviously there is still much room to, to, to go. When you think about lidar fundamentally, there’s nothing expensive, you know, in the lidar. You’re talking about an emitter, a diode, a receiver, which we are using silicon based because we are using 905 and a processor and we developed our own ASIC. So there’s nothing fundamentally expensive about the LiDAR. We’re still in the early days and volumes will increase. Industrialization will help in terms of production and LiDARs will continue to be cheaper and continue to bring more value. Awesome. Thanks guys.
OPERATOR
Our next question is from Jash patois from J.P. morgan. Josh, please go ahead.
Josh Patois (Equity Analyst)
Hi, good morning and thank you for taking my questions. Congratulations on all the progress. I was wondering if you’d be able to share some early learnings from the initial ID bus test runs in LA and any insights you can provide on the role LiDAR is playing in driving decisions. Specifically whether it is being used as a primary sensor or more as a backup. That would be great. And I have a follow up. Thanks.
Omer Kilov (Chief Executive Officer)
Sure. What I can say is that the progress is really, I mean the feedback we hear is that it’s going very well and we’re hearing I would say good indications on on. On growth from this platform and you know, things that we hope to to conclude soon. There are many tests in many areas including in Oslo in terms of tough weather conditions, snow, et cetera. We’ve conducted winter testing with with the group and I I per my understanding from Volkswagen they see the ID Buzz as. And a very important asset on their future and they talk about it on any event. Just the other day I was in an event and the discussion on ID Buzz from. From the VW was the centerpiece. We are already talking about the. The next platform extension, et cetera. So looks like this is a very important I would say part of VW plans for the future. Have I missed any? Did I answer your question? Yes. No, I think in the. Oh yeah okay. Sorry yeah on the regards of the. The lighter. Yeah. The lidar is a very critical. It’s a critical component in in the, in the sensor suite Mobilize doing the. The platform software and you’re probably familiar with their architecture when you have the camera and. And the LiDAR incorporated used as redundancy to each other. So the LiDAR is a very critical component both the long range and the short range.
Josh Patois (Equity Analyst)
Understood. No, that’s very helpful color and you know I appreciate all the discussion on Innovis Smart and the end markets thereof. You know in, in the prior questions but I was curious if you were working currently working with any humanoid robotics developers. It seems like that could represent another long term volume growth opportunity and wondering if you could share any additional color on the technical or specification requirements needed to gain traction in this market and whether there are any unique nuances compared to your core automotive or industrial use cases today. Thank you.
Omer Kilov (Chief Executive Officer)
Sure. I would say we are probably, I think that any device with machine vision would, would benefit from a 3D sensor. As a company, we are trying to find the markets that are at the, at the growth stage in terms of our ability to benefit from our mature product. Of course, we are always in discussions with next generation next markets to understand the needs and understand how potentially next generation could provide value to them. In terms of where our. I said earlier on the call that we have over 100 open opportunities right now with this multiplication, maybe 150. Those are focused on applications that are already in ramp and we, you know, and there’s a sense of urgency around. The humanoid market is interesting, but I think it’s still in a very early stage. But again, whenever that market would grow, we are keeping an eye on its needs and we believe that we’ll be able to provide it with the best solution. Great. Thanks Omar and Elder, good luck. Thank you. Thank you very much for attending our earnings. I believe that our entrance to the defense and homeland security market would allow the company to share with you more and more updates also on the automotive space. We’re making good progress, especially when it comes to the Innovis 3 and we hope that we’ll be able to share with you some of that news soon. So thank you very much and see you next time.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
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