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TEL AVIV - Innoviz Technologies Ltd. (NASDAQ:INVZ), a prominent supplier of LiDAR sensors and perception software for the automotive industry, has expanded its Non-Recurring Engineering (NRE) payment plan, initially set in December 2024. This revision is poised to elevate the company’s financial standing by increasing the anticipated cash payments from $80 million to approximately $95 million over the period of 2025 to 2027.
The company, which is directly engaged with leading automotive manufacturers, sees the NRE payment plan as a strategic move to fund its operations leading up to the start of production for several projects in 2026. CEO and Founder Omer Keilaf expressed confidence in the expanded agreement, which he believes reflects customer trust in Innoviz’s technology and production capabilities, crucial for the demands of next-generation autonomous vehicles.
Innoviz has also recently partnered with Fabrinet (NYSE:FN) to initiate mass production of its InnovizTwo LiDAR platform, which is expected to support the company’s project start of productions (SOPs) and volume ramps in 2026 and 2027. Fabrinet, with a market capitalization of $7.91 billion and impressive revenue growth of ~15% over the last twelve months, brings strong manufacturing capabilities to this partnership. According to InvestingPro analysis, Fabrinet maintains excellent financial health with more cash than debt on its balance sheet, positioning it well for large-scale production commitments. The collaboration with Fabrinet, which has a strong global manufacturing presence, is intended to help Innoviz scale efficiently and cost-effectively. InvestingPro research reveals that Fabrinet’s manufacturing excellence is supported by strong operational metrics and healthy profit margins. Investors can access 12 additional ProTips and comprehensive analysis through the Pro Research Report, offering deeper insights into Fabrinet’s manufacturing capabilities and financial strength.
The company is set to release its earnings results for the first quarter of 2025 on Wednesday, May 14, 2025, before the market opens. Innoviz is recognized for its high-performance LiDAR technology and perception software, which are integral to the development of safe autonomous vehicles. The technology is designed to exceed human driving capabilities and meet the stringent safety and performance standards of the automotive industry.
The information provided in this article is based on a press release statement from Innoviz Technologies. It’s important to note that forward-looking statements involve risks and uncertainties, and there can be no assurance that the anticipated NRE payments will translate into definitive orders or payments. Based on InvestingPro’s Fair Value analysis, Fabrinet is currently trading near its Fair Value, suggesting balanced market pricing for this manufacturing partnership. Innoviz has cautioned readers not to place undue reliance on these forward-looking statements, which only reflect the company’s position as of the date they were made.
In other recent news, Fabrinet reported third-quarter earnings that fell short of analyst expectations, although revenue exceeded estimates. The company posted adjusted earnings per share of $2.52, slightly below the consensus forecast of $2.54, while revenue reached $871.8 million, surpassing the anticipated $858.3 million and marking a 19.2% year-over-year increase. Despite the revenue beat, higher costs impacted profitability, leading to investor disappointment. Looking ahead, Fabrinet expects fourth-quarter revenue between $860 million and $900 million, with adjusted EPS projected between $2.55 and $2.70, compared to analyst expectations of $2.65.
In other developments, Rosenblatt analysts raised their price target for Fabrinet to $250, maintaining a Buy rating, citing positive market share gains and strategic moves. They anticipate growth in Datacom and Telecom revenues in the fourth quarter of 2025, driven by new deals with Amazon and Ciena. JPMorgan also adjusted its price target to $235, maintaining a Neutral rating. They noted a surge in Telecom revenues but observed a decline in Datacom revenues, attributing it to a shift to next-generation products. Both firms express optimism about Fabrinet’s fiscal year 2026, with expectations for strong revenue growth supported by new contracts and expansion plans.
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