Innoviz Technologies Ltd. (INVZ) Q3 FY2025 Earnings Call Transcript & Summary

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. [Operator Instructions] 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 Innoviz Technologies Third Quarter 2025 Earnings Conference Call. Joining us today are Omer Keilaf, Chief Executive Officer; 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. Before we begin, I would like to remind you that our discussion today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today, and we undertake no obligation to publicly update or revise them. For a discussion of some important risk factors that could cause actual results to differ materially from any forward-looking statements. Please see the Risk Factors section of our Form 20-F filed with the SEC on March 12, 2025. Omer, 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 Innoviz from a financial and business perspective. Since the last earnings call, we made meaningful progress. And recently, we announced that the major commercial vehicle OEM selected us for future series production of Level 4 autonomous trucks. This agreement, alongside our L3 and L4 automotive wins and the recent ramp of the InnovizSMART for nonautomotive applications, showcases Innoviz's expanding momentum across all segments of the latter space. From a financial standpoint, the quarter 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 2.3x 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 Fabrinet. 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 InnovizTwo, scale our operations to meet growing demand and across 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 a few competitors remaining that offer manufacturable technologies that meet OEM performance requirements. The winner takes more 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 LiDAR 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 series production of L4 autonomous trucks by a major commercial vehicle OEM. Under the terms of the engagement, Innoviz will provide LiDARs for the customer's L4 Class 8 semi-trucks. We are already shipping units to support the OEMs data collection tracking fleet. Over the past several months, we've made significant progress on this collaboration with respect to meeting customers' requirements and making software modifications to the platform. Next week, I'll be traveling to the U.S. to meet with companies on the East and West Coast, and I have several sessions scheduled with the OEM's 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 InnovizTwo platform meets the stringent requirements of the heavy trucking 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 midrange capabilities are ideally positioned to gain additional wins in the trucking space due to the resolution, range, reliability and availability. As with many customers, we hope this is the start of a collaboration that will lead to expansion over time. The tracking 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 hitting 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 Innoviz, 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 InnovizTwo scheduled for SOPs around the corner. The ramp-up in our collaboration with VW and MOIA in support of the rollout of the ID. Buzz across multiple locations is going well, and we are receiving excellent feedback from our customers on our devices performance in their programs. As Level 4 plans speed up, we are also progressing on a variety of Level 3 programs, which are targeted to S4 SOPs in '27 and beyond. In the third quarter, we continue to support the top 5 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 forefront 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 sufficient redundancy under all conditions. To prove you with more color on our Level 4 collaboration with VW and the critical role that our LiDAR place, I recently spoke with Christian Senger, the CEO of VW's Autonomous Driving, Mobility and Transport Group, ADMT, which is spearheading the Level 4 ID. Buzz urban autonomous driving project. Here is our conversation, the full version of which will be available on our website. [Presentation]

I would like to thank Christian, VW, MOIA and Mobileye for their partnership, collaborating with such talented and committed teams as we advance the industrialization of autonomous mobility is truly a privilege. While the automotive space is our main area of focus, let me touch on our progress with the InnovizSMART, which we introduced over the summer. The InnovizSMART is based on the InnovizTwo platform and optimized for nonautomotive use cases. We've already been able to announce several engagements with a variety of diverse customers. We've also completed our first perimeter security installation after ongoing significant testing. And we are expecting to install dozens more by the end of the year. The InnovizSMART was compared to a security solution that has been widely adopted around the world over the last several years. A team of professional auditors tested the pre-existing solution by emulating different types of intrusions. 4 out of 10 times, the team avoided detection. They were able to reach the fence and penetrate it by using several easy tricks that took advantage of the systems underlying weaknesses. Under the same conditions, the auditing team was not able to evade a solution based on InnovizSMART at all. After such experiments, we have seen customer interest in replacing existing camera and radar-based solutions with Innoviz-based One. As we expand our presence in the nonautomotive space, we are benefiting from a shorter path to the market and lower acquisition cost for these applications that come from engaging through distributors and integrators. In all, we are continuing to broaden the scope of use cases that we are addressing, and we are in discussion with a number of companies interested in exploring our solution the InnovizSMART. Our traction here validates our approach of first engaging the high-volume automotive end market and after developing an auto-grade production-ready product entering the established industrial market. As we talk about our business momentum, it's important to understand the advantages of our time-of-flight technology that underpin our success. After evaluating a variety of approaches, including taping out and testing our own FMCW chip, we are now more confident than ever that time of flight will remain the way forward in automotive LiDAR for the foreseeable future. Our time-of-flight LiDAR has demonstrated excellent range, resolution and field of view as well as reliability, durability and availability, which meet the requirements of the automotive OEMs versus competitors using FMCW. We offer 450 meters range with high pixel rate density, better performance in adverse conditions such as rain, fog and dust. And our LiDAR users a mature, auto-grade qualified supply chain. Especially in autonomous driving, where the sensor needs to be ready to support a variety of edge cases and have proven durability and reliability. Time-of-flight has established its advantages versus other technologies. After many years of testing and experimenting including OPA, 1550 and FMCW LiDARs, it's clear to us that 905 time-of-flight is the customer's preferred solution. This industry can only scale on the solid ground of a proven mature technology, and 905 time-of-flight has the capabilities, manufacturability and cost profile that meets customer needs in mission-critical applications. Some customers who are publicly committed to using FMCW are now expressing interest in transitioning to time-of-flight due to what we believe are the disadvantages of FMCW. As we ramp the InnovizTwo at Fabrinet and continue to strengthen our in-house capabilities, we are also looking ahead. We are now happy to unveil the InnovizThree. The InnovizTwo was revolutionary, offering a new technology and meaningful improvement in many aspects, including cost, range, resolution, et cetera, a major step forward compared to the InnovizOne. The performance of the InnovizTwo advanced rapidly since its introduction. The perfect platform enabled us to develop the InnovizTwo short- to medium range and the InnovizSMART, which were evolutions of the InnovizTwo. We believe that InnovizThree will again revolutionize the industry. It will allow us to reach a better cost structure while enabling a 60% smaller form factor for easier integration into different vehicle allocations like in the cabin and behind the. Windshield, something many of our customers have requested. It will also offer better performance and power consumption. Like the InnovizSMART and short range, the InnovizThree will enable us to develop new variants of LiDAR to better serve different and new automotive and nonautomotive applications. As we just discussed, we believe that the time-of-flight will remain the way forward for the foreseeable future. The InnovizThree will, therefore, be based on proven, reliable and manufacturable time-of-flight technology. LiDAR is an extremely complex and demanding field. Innoviz has successfully demonstrated ability to meet the most stringent requirements of the automotive industry. Installation behind the windshield adds another level of complexity. And I'm confident that Innoviz will be the one to overcome this hurdle. You can expect to learn more about this groundbreaking device at CES. Now let's move on to our outlook. Driven by the ramp of our production line and NREs, we continue to expect more than a twofold increase in our revenues year-over-year for 2025 to $50 million to $60 million. We continue to see a growing contribution from LiDAR sales versus NREs in our revenue mix. At the beginning of the year, we guided for $20 million to $50 million in NRE bookings since we had booked more than $20 million in the first half of the year. Last quarter, we increased our NRE booking guidance for 2025 to $30 million to $60 million. I'm happy to tell you that we are already within this range today. As you recall, we started the year with $80 million in NRE payments plan with the expansion of existing NRE plans and the addition of new programs. Our NRE payment plans are now above $110 million to be paid between 2025 and 2027. As we recognize revenues for these NREs, we are continuing to expand our production capabilities, meet customers' milestones and pursue new opportunities across different end markets. And with that, I'll turn it over to Eldar to talk about our financials.

Thank you, Omer, and good morning, everybody. In the third quarter, Innoviz saw continued financial and operational momentum. Revenues were $15.3 million. Year-to-date, we generated $42.4 million in revenues, 2.3x the $18.2 million in revenues we generated in the same period of 2024. We ended Q3 with approximately $74.4 million in cash, cash equivalents, short-term deposit and marketable securities on the balance sheet. And we have no long-term debt. Cash used in operation and capital expenditure in the third quarter was approximately $14 million, and we expect this number to decline sequentially, consistent with our expectations for lower year-over-year cash burn. Our strong balance sheet and operational improvements will provide us the runway to cross customers' programs into 2027. Now turning into the income statement. Our Q3 revenues of $15.3 million was 238% up year-over-year supported by NREs as well as sales of LiDAR's units. Gross margins in the quarter was approximately 15% and approximately 26% year-to-date. Margins will continue to be somewhat variable going forward based on the timing of our product ramp and fluctuation in NRE payment based on customers' milestones. Our operating expenses for Q3 were $18.1 million, a decrease of approximately 30% from $26 million in Q3 2024. This quarter's operating expenses included $2.4 million of share-based compensation compared to $4.2 million in Q3 of 2024. Research and development expenses for Q3 were $12.4 million, a decrease from $19.7 million in Q3 2024. The decrease is primarily related to allocation of costs related to sales of NRE and to the operational realignment in Q1. The quarter's R&D expenses included $1.3 million of share-based compensation compared to $3 million in Q3 of 2024. I'm very proud of our achievements this year-to-date and look forward to the opportunities ahead as we introduce the InnovizThree and secure additional automotive and nonautomotive design wins. With that, I'll turn the call back to Omer for his closing remarks.

Thank you, Eldar. Before I wrap up the call and open for Q&A, I wanted to recap some of our recent developments. We reported record year-to-date revenues while continuing to meaningfully lower our annual cash burn. We've been selected to supply LiDARs for a major global trucking OEMs series production of Level 4 autonomous trucks. Our InnovizSMART is gaining traction in a variety of applications, including perimeter security and ITS. Testing indicates that platform based on -- LiDAR outperformed leading solution. Our solution provides the safety and security required in a perimeter defense application. As in automotive, this is yet another case where our technology can save lives. We continue to make progress with Level 3 and Level 4 automotive programs. We are unveiling our next-generation revolutionary InnovizThree, which will enable us to meet mission-critical safety requirements across a variety of new and existing end markets. It is based on industry-leading time-of-flight technology, offering better performance and cost in a smaller form factor. Over the past quarter, we grew our shipments by an order of magnitude, demonstrating the manufacturability and production readiness of our platform. In all, we are tremendously proud of our progress as we work toward our goal of becoming the world's premier large-scale provider of best-in-class LiDAR solutions for autonomous driving and beyond. With that, operator, let's open it up for the Q&A.

[Operator Instructions] The first question is from Mark Delaney with Goldman Sachs.

Yes. I was hoping you could start with an update on the L3 development program for consumer vehicles with the top 5 auto OEM that you previously announced? And what do you think needs to happen for that to become a series production award?

Sure. So over the last quarter, we were working on the SODW based on what we've signed on previous quarter. We delivered on several of the items which we are still in discussion with the customer. And we are pending for the follow, we'll say, following stage of the process. Generally, there are still technical commercial discussions to be completed before it turns into a series production.

Just any sense on timing as to how long that may take to all come to completion?

I would say it's not -- I would say, it's in a very developed stage, trying to guess on how long it will further take, it's hard. But I would say it's in a very developed stage.

Okay. That's helpful. Another question was on the competitive environment. Omer, you mentioned the declining number of competitors you're now seeing. Can you zoom in on that? Has Innoviz seen any recent changes in the competitive landscape and a number of business opportunities that are available given that one of your merchant LiDAR competitors recently reported that it's facing financial pressure and then also in light of the current geopolitical backdrop?

Yes, definitely. I think that in general, we see that when we are approaching programs, our -- what we see in terms of competitive offers we have from others, it's obviously limited due to the, let's say, consequences of either geopolitical or the other solution and capable of fulfilling the needs and time line. And therefore, we expect -- we see that in reality, the competitive landscape for automotive LiDAR solutions is very limited. So this is what we are reflecting here and saying that we expect it to continue.

Our next question is from Colin Rusch from Oppenheimer.

Can you talk a little bit about the incremental investments you might need to make into sensor fusion with some of your partners as you kind of proliferate some of these applications, it seems like having some visibility into the software element of this could be useful for you. But just want to get a sense of how you're thinking about that as the market opportunity evolves.

Sure. So I think here, I would split the market between automotive and nonautomotive where the task of sensor fusion is somehow different than the softer opportunity also is in a way also in terms of commercialization and monetization is different types of opportunities. When talking about integrating into a platform such as Mobileye or NVIDIA, where we see in several cases where the OEM wants the platform player to take ownership on the sensor fusion there, our work with the customer is related to obviously providing them the details and doing the test with them. There is a certain softer components that we provide as a license for working with the overall software stack will include also a certain software layer coming from us, primarily in terms of doing some LiDAR management, weather conditions, range detection, degradation or things that are related to the LiDAR itself. And in some cases, we provide some, I would say, higher layers of the application. And when talking about nonautomotive application, this is where there are different players related to background removal, and compression, object detection and classification. This depends on the application itself. We -- some of this, we are doing ourselves, some of that we are doing with partners. And in these programs, the business model is -- also involves a certain support and maintenance because some of these programs, I would say most of these programs are 24/7 operation. It's a different, I would say, operational mode of the sensor unlike a vehicle where it drives at a certain utilization. And then it means that it's a longer, I would say, working hours in terms of number of hours that needs to work. So there is a certain element of recurrent revenues coming from support over several years. And we are working with different customers to understand their needs. And I was -- I elaborated earlier about a specific use case, which is the security -- perimeter security. I was literally blown away with how this sector is underserved. And it's not -- it's -- I would say, you would expect that such a domain will have a solution that will be hermetic. We are all aware of the situation in different places around the world and seeing that even the best solutions that are used in different cases that are super expensive, you see how easily they are compromised and far from being hermetic. And we see that we need to -- when we show our solution to different customers, they are literally, again, blown away. It's really the only way I can express it. And I think there, there's a lot of work to be done to integrate our solution to the different VMS, the video monitor systems used by the common control channels. So I think this is where we expect to see a very nice development in the coming months. Adding to it also tolls, ITS and really some other things that I hope that we'll be able to share in the coming months. So -- and a big part of it is related to the -- creating the right insights. I mean, in these applications, KPIs, the analytics that needs to be done to make use of a 3D sensor different than an automotive market. So this is where we are currently diving into. And I'm sure we'll find more opportunities where our sensors with their performance, liability can create new markets. So we'll share more. But in this bundle, it will be a mix between sensors, compute and software.

Excellent. And just as a follow-up with the next-generation product and as you start to scale up volumes. Seeing some of the maturation of the supply chain, can you talk a little bit about the potential cost reduction trajectory that you're expecting here over the next couple of years and how that may impact your opportunity to address even larger pockets of demand?

No, I can talk about -- generally, LiDARs will continue to reduce cost. It will come through revolution, parts in technology where we keep doing so. And the InnovizThree relies on the new technology development that allows us to benefit from further cost reduction and we'll keep doing so. I think on top of it, I do expect that a major part of the cost reduction will come from industrialization. When you think on really the baseline of what is a LiDAR, it's a light source, a laser chip detector, silicon-based processing units. I think that what I've just kind of described can also be described by a CD drive. There are many electronics that used to cost a lot at some point of time and today are really priced at the tens of dollars. And there is nothing fundamentally more expensive in the LiDAR than these kind of technologies that maybe 20 years ago, have cost thousands of dollars, then hundreds of dollars and then lower. Eventually, there's nothing fundamentally different. And therefore, I do expect that as the technology will continue to evolve, you will do -- eventually, you need to have investments to do the right ROI in terms of cost reduction. I wouldn't do a $10 million investment now to save $10 in the bill of material. It's not yet the time where the volume justifies it. But you can imagine that as the volume would grow these kind of opportunities are available to us. And we are no longer in a stage where we're talking about whether this technology can be enabled. We are in, I would say, industrialization stage where we need to do integration of discrete electronics into more chips. These are primarily, I would say, execution and R&D, just maybe without the R part of it. Straightforward processes that were done in other markets before starting Innoviz, I was working on several other industries such as mobile. And in these areas, we've done the same. So I expect to see LiDAR go cheaper and cheaper and eventually available even to consumer applications.

[Operator Instructions] Our next question will come from Itay Michaeli From TD Cowen.

Great. Thank you. Good afternoon, everybody. I was hoping you can walk us through more of what you're seeing in some of your L3 and L4 discussions with automakers. And specifically, if we talk about what you think it will take to accelerate sourcing decisions kind of what are automakers looking for at this point to make those decisions? And then broadly in the next few years, as you talk to automakers and look at the market, how you're seeing L3 maybe L4 penetration kind of play out in the industry?

Yes, sure. I mean obviously, that's a question that comes up many times with investors. And the way I like to address it is when you look on the Chinese market, you could look at it as kind of the crystal ball of where the automotive market is heading. And the western OEMs are aware that the Chinese cars are becoming -- they are fast moving. They are equipped with more technologies, and they understand that they need to keep the differentiation going forward. I think there is a lot of evidence seeing that Level 4 is coming to fruition. You see many players trying to move faster, understanding that it's going to be a point where seats are going to be taken around the table. Eventually, cities are going to be populated with robotaxis and there will be a limit of -- due to congestion of how many cars could actually be allowed to operate. And the race has begun because several of these players are rolling out. And therefore, we do see a sense of urgency coming from others. In terms of Level 3, I know I can also share that some of the discussions we're having right now with customers is also looking on the opportunity related to urban Level 3. As you might be aware, today, most of the Level 3 applications are targeting highway. Some OEMs are seeing the highway is a good first step, but some of the OEMs are looking to add an urban experience knowing that, that is what their customers are really interested with. So we are in discussions with OEMs around several concepts. I mean, obviously, Innoviz is very innovative companies. And we talked about InnovizThree as a new platform where we can design around the different variants. So in a way, a hint on kind of like one of the things that we are working on. So definitely, I expect to see Level 3 urban highway at some point of time and growing very fast in the West. Level 4 is definitely already coming.

Very helpful. And as a follow-up, back to the InnovizThree, can you talk a little bit more about some of the performance improvement that you're targeting? And also just remind us when the -- start production is expected for that platform?

Yes, sure. So I think the next challenge related to L3 is where we're seeing some of the customers. I can take it into 2 different paths. One is the highway, the other one is the urban. Both of them are actually related to the design of the vehicle, right? Because when you talk about highway then you see some OEMs, they want to add the LiDAR behind the windshield. And LiDAR by itself is a very complex and challenging technology, even if you don't put it behind the windshield. Putting it behind the windshield as maybe another magnitude of difficulty because it adds restrictions, constraints related to the size and power consumption and also the integration into the windshield, which has its own kind of integration challenges. So this is kind of something that, as I said in the -- earlier in the call, seeing these challenges, we are obviously working to show the customers that with InnovizThree, we can overcome these additional challenges by building a product that has a certain buffer related to the performance, significant volume reduction, 60%, and power consumption reduction. There are several additional nice design perspective that we included in InnovizThree, which we believe will give us even additional advantages related to this specific challenge. And this is why, as I said earlier, there are only maybe 2 LiDAR companies that ever got to a Level 3 on the road. There many have announced Level 3. But I think Innoviz has probably provided a solution for the best Level 3 today available. And I believe that we will be the one solving this problem as well. Taking into Level 3 urban. So again, it's a design discussion. It's also related to cost because it requires more than 1 sensor. You don't want to use 9 LiDARs as much as we would like, obviously. So it means that you do need to take into consideration design cost. And this is where another good design of the LiDAR and a good understanding also of the different use cases is where a good discussion between a LiDAR developer and the OEM is needed. So these are the two I would mention. Other than that, there are Level 3 programs will -- we have already integrated, whether it's in the roof or in the grill and the first one that is expected to launch is in '27.

Our next question is from Jash Patwa from JPMorgan.

Congrats to the team on all the progress this quarter. I wanted to start with a question on the L4 commercial OEM win. Could you maybe share any details around the SOP time line, the number of LiDARs per unit and the overall volume opportunity you expect as part of this platform? And I have a follow-up.

Sure. So we said that we expect to announce -- to do an announcement with the customer in several weeks, where we are planning to share more information. And we want to be respectful -- towards the OEM, while we are working on the -- on this announcement. There is going to be multiple sensors per visual, but I do want to be -- again, I want to wait for it. It's in the next few weeks, so we prefer to wait at this point.

Makes sense. And then curious if you could give us a preview for expectations into 2026 in terms of revenue and gross profit. How should we think about the contribution from the ramp of the contract wins under the Mobileye Drive platform and some of the ongoing development work with large automakers? Just wondering if you could give us a sense of what the strategic priority for the company looks like in 2026?

I think, obviously, we'll talk about the guidance in the next quarter. But other than that, of course, we are expecting growth with the deployment of vehicles -- Level 4 vehicles, whether it's coming from Volkswagen or other customers of Mobileye that we are working with. And we expect Mobileye also to grow their customer base, which we are already selling LiDARs to customers that are currently in those discussions. And obviously, we're waiting to see them mature to a program. And other than that, we have different customers. This truck that we were awarded that is going to be deployed and the top 5 OEM depends on how, of course, things will develop. I think the smart is where we are very excited around. We see where our solution really unlocks opportunities because when you think about the LiDARs that are currently available in the market, which are from also geopolitical elements are also very strong in those areas as well. And when you look on the available solutions for nonautomotive, they are relatively limited in their capabilities, being able to share and sell our long-range, high-resolution, automotive grade, unlocks several applications that were not available. I think security is where we see an amazing fit because we have an extraordinary product that solve problems that other LiDARs as far as I am aware of, I'm capable of with the geopolitical element is giving us a big advantage. So I think we'll continue to grow on these markets. And there are still other OEMs that we're in discussion. I mean, we talked about the top 5, et cetera, but there are actually other OEMs and Level 4 platforms, which as I said, once we announced on the award we got from a truck -- one of the largest -- truck companies in the world, obviously, it's a vote discussions with other truck companies and other Level 4 partners. There are RFQs being drafted. I believe it's -- I think we have a good fit to many of them.

There are no further questions. I'm handing the call back to Omer for closing remarks.

Thank you very much. Thank you very much for joining our call. Next week, I'll be traveling to the U.S., meeting with different customers in the East and West Coast, I'll be in New York for the Barclays New York Conference. Happy to meet you there. And of course, the CES is coming along. It's always -- for us, it's an innovation celebration opportunity, national holiday at Innoviz. We're going to show our new technologies, and we look forward to meet you there. Thank you very much.