#1INNOVIZ TECHNOLOGIES TM Q3 2023 Earnings Presentation November 8, 2023 NO#2Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, Innoviz's projected future operational and financial results, including Cash Collection from Customers, revenue and non-recurring engineering (NRE) bookings. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. "Cash Collection from Customers" is cash received by the Company from revenues, advances and NRE bookings as described in the following sentence. "NRE (Non-recurring Engineering) bookings" is booked services that may be ordered from Innoviz usually as part of a program design win and includes, among other things, application engineering, product adaptation services, testing and validation services, standards and qualification work and change requests (usually during the lifetime of a program). The commitment for a certain NRE is usually provided around the design win and may be paid based on milestones over the development phase of the project which may take a few years. Many factors could cause actual future events, and, in the case of our forward-looking revenue, Cash Collection from Customers, and NRE bookings, actual orders or actual payments, to differ materially from the forward-looking statements in this announcement including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the possibility that NRE would be set off against liabilities and indemnities, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. The foregoing list is not exhaustive. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the SEC on March 9, 2023 and other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward- looking statements speak only as of the date they are made. Viewers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations. INNOVIZ TECHNOLOGIES TM Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 2#3INNO VIZ TECHNOLOGIES TM OUR VISION Become the World's Leading Tier 1 Supplier of LiDAR & Perception Software @Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. F 15601 EXP EXPRESS INNOVIZ 3 RAISI 10 "AJ#43Q23 Agenda Operational Update SOP Update Content per Vehicle (CPV) Growth Opportunities Volkswagen & Pipeline Growth Opportunities Point Cloud Video With New Custom ASIC Financial Review Closing Remarks#5First Generation BMW Program Production Units Shipped Deploying on the BMW 7 Series INNOVIZ TECHNOLOGIES Production LiDAR components shipped July 2023 Production software shipped October 2023 Pursuing integration with additional models Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 5#6Shuttle & LCV Programs Cutting edge L4 programs that can redefine public transportation Mobility-as-a Service Autonomous Shuttle Level 4 Program Announced: May-2021 Targeted Launch: End of 2023 ● ● Autonomous Shuttle . Deployment grew from 4 to 6 LiDARS per vehicle Closed loop / fixed route people mover capable of carrying >20 passengers Capable of operating in mixed traffic with a dedicated lane Tier 1/ Direct Supplier Expected to be fully driverless, EV Potential to disrupt / massively augment legacy public transportation systems INNOVIZ TECHNOLOGIES TM INNOVIZONE Light Commercial Vehicle Level 4 Program Announced: May-2023 Targeted Launch: Mid-Decade Pending finalizing technical specs and commercial terms ● · · ● Tier 1/ Direct Supplier Displaced a development-stage competitor Launching on an accelerated timeline Collaboration with a major compute platform provider Targeting Mobility-as-a-Service (MaaS) end market Test vehicles expected on roads late 2023 IN OVIZTWO Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 6#7Growing Our Content Per Vehicle (CPV) Growing CPV while driving sensor cost lower and functionality higher System Cost >$1,500 (Tier 1 Partner) (Innoviz) Tier 2 Selling Components ~$600-700 CPV INNOVIZ TECHNOLOGIES 2018 BMW Gen 1 TM INNOVIZONE PERCEPTION SOFTWARE Lower Total Cost to OEM Drives increased adoption Increased Revenue and profit to Innoviz ~$500-1,000 CPV Tier 1 Selling Full Systems Unit prices decrease over time with rising volumes InnovizTwo bill of materials (BOM) ~70% lower than InnovizOne 2022 InnovizTwo INNOVIZTWO PERCEPTION SOFTWARE >$1,000 Total CPV ● Tier 1 Selling Full Systems With More Content INNOVIZTWO Higher performing perception software InnovizCore Al Compute Module Minimum Risk Maneuver (MRM) software Future BMW Gen 2 PERCEPTION INNOVIZCORE MRM SOFTWARE SOFTWARE Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 7#8Additional Growth Opportunities with Volkswagen Group Expanding our reach Existing program continues to progress towards a mid-decade launch Working with multiple compute platforms INNOVIZ TECHNOLOGIES TM Exploring multiple additional programs Accelerating the integration of LIDAR systems Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential No Part of this Document May be Reproduced or Disclosed in Any Manner. GL For future automated driving functions, we selected Innoviz as our LIDAR partner not only because of their automotive experience and technological expertise, but also for the flexibility and creativity that their team brings to the table. " Anton Stippler Head of LIDAR and Camera development at CARIAD, a Volkswagen Company 00#9InnovizTwo Point Cloud With New Custom ASIC Unlocking unprecedented levels of performance Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Docur#10Market Capture Window 2023-24 Opportunity to solidify clear leadership position B Innoviz Customers 6 Awards & Programs M 2 With customers representing ~15% of global automotive production INNOVIZ TECHNOLOGIES TM W Innoviz Pipeline' 10-15 Programs in RFI or RFQ With customers representing ~40% of global automotive production² >50% in RFQ stage Potential for meaningful amount of non-recurring engineering (NRE) income Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. Source: Internl Projections Global Automotive OEM Production Share² ~15% Existing Innoviz ~15% Innoviz Ongoing Conversations Customers ~30% Non-Target OEMs & Geographies ~40% Innoviz RFI / RFQ Pipeline 1. Pipeline includes business in the RFI or RFQ process and there can be no assurances that Innoviz will enter into contractual arrangements with these OEMs or customers 2. Includes content supplied by IHS Automotive; Copyright © IHS Automotive, 2023. 10#11Signs of L3/L4 Megatrend Emerging Multiple OEMs pursuing an autonomy roadmap L3/L4 Megatrend Historical Megatrends: • Passive Safety / Airbags (1990-2005) • Fuel Economy (2005-15) • Infotainment & Connectivity (2012- ● 24) L1-2 Active Safety (2015-25) EV's (S-curve now) L3-4 Autonomy (2023-35) Potential for rapid growth ● INNOVIZ TECHNOLOGIES TM Autonomy Business Model is Quickly Evolving • Most major OEMs targeting L2+/L3 programs Autonomy can be critical to brand perception & long-term market share Capable of driving incremental profit in trim packages Potential to unlock OEM recurring revenue business models Critical to an OEMs strategy Potential for a Steep S-Curve Costs can fall over time as capabilities and performance grows Adoption Time For Illustrative Purposes Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 11#12August Capital Raise Supported RFQ Progression Increased cash balance ahead of OEM financial audits Raised $65 million, extending cash runway Increased cash balance ahead of RFQ financial audits Enabled us to move into the final phases of multiple processes Keeps the RFQ focused on technology, where Innoviz believes it is most strongly positioned Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Docur ROLE TEST#13Next 1-2 Large Deals Could Shape the Industry Opportunity for Innoviz to solidify leadership position Next 1-2 Deals Could Shape the Industry • Believe the market will start to coalesce around a winner Deals are typically 7-10 years in duration Long-term market share could be decided in the next 12-18 mos. Potential for investors to also coalesce around an industry leader after the next few wins We have multiple shots on goal INNOVIZ TECHNOLOGIES TM The Flywheel Effect Wins can lead to more wins Signal value to other OEMs Autonomy platform partner integration is critical Become the less costly, less risky, faster time to market choice More test vehicles on the road = faster Al-fueled software development We've shown recent momentum A Winner Takes Most Market ● Safety critical Highly tech differentiated - best. technology wins Barriers to multi sourcing High levels of intellectual property Unique market characteristics Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 13#14The Flywheel Effect Momentum appears to be accelerating Company Founded INNOVIZ TECHNOLOGIES TM 2016 BMW L3 LV Production Award 2018 3 years L4 Shuttle Production Award May 2021 Volkswagen L2+/L3 LV Production Award 1 year BMW 2nd Gen Development Program L4 Light CV Program Asian EV OEM L3 LV Production Award May Sept May Aug 2022 2022 2023 2023 Past year Additional Potential Decisions in Pipeline O 0·00-0···> Dec 2023 Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. Disclaimer: No assurances can be given that this timeline for these products will be accomplished 14#15Raised 2023 Targets Twice YTD Reiterating revenue ramp into fourth quarter Customer Targets +1-3¹ Additional Programs with Existing Customers Previously raised from +1-2 Financial Targets $15-20M¹ 2023 Revenue ~150-230% YoY Raised from $12-15M INNO VIZ TECHNOLOGIES TM +2 New Series Production Awards with New Customers Solid progress $20-30M 2023 Cash Collection from Customers +295 - 490 % YoY ↑ $20-70M¹ New NRE Bookings ~80-530% YOY Raised from $20-40M Ⓒ Innoviz Technologies Ltd, 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. Sources of Pre- Production Income Sample Units Much higher ASPs than production units - typically $5,000-15,000 Non-Automotive Sales Much higher ASPs than automotive productions units - typically $5,000-15,000 Non-Recurring Engineering (NRE) Estimated $150-250M of NRE in Current RFI/RFQ Pipeline Multiple types of pre-production services: Application engineering (integration) Hardware modifications Software modifications Change requests Various testing, validation & qualification services ● Can be recognized as revenue or a contra-expense, but either way, it's a cash payment received from a customer 15#16INNOVIZ TECHNOLOGIES TM Q3'23 Financial Update Eldar Cegla, Chief Financial Officer#17Cash Position & Financial Update Liquidity of $164M in cash and cash equivalents, short-term deposits, short term restricted cash and marketable securities as of September 30, 2023 Innoviz operating cash burn in the third quarter of 2023 was within planned budget Revenues for Q3 2023 were $3.5M, up 138% compared to revenues of $1.5 million in Q2 2023 and up 297% compared to revenues of $0.9 million in Q3 2022. The 138% quarter-over- quarter increase was driven by strong growth in InnovizTwo unit sales, which increased 102% sequentially, coupled with incremental NRE revenue. The 297% year-over-year increase was driven by a combination of higher sample shipments and higher NRE revenues, partially offset by lower production-leve component pricing for the BMW first generation program as it transitioned to volume production at Magna. The transition includes a shift from selling full LiDAR units to selling components to Magna at lower production average sales prices. 2023 Revenue Cadence Outlook - full year revenue guidance of $15-20M (+150-230% YoY) reiterated, with $9-14M of revenue expected in Q4 2023. INNOVIZ TECHNOLOGIES TM Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. Revenues for Q3 2023 YOY $0.9M 3Q22 $3.5M 3Q23 QoQ $1.5M 2Q23 $3.5M 3Q23#18Multiple Potential Near-Term Catalysts Potential for Additional Customer Awards Targeting +1-3 program extensions with existing customers, including BMW Gen 2 and additional awards with the Volkswagen Group Targeting +2 new production awards with new customers • Over half of the 10-15 program pipeline is in the RFQ stage, and three of the programs are on more accelerated timelines and in more advanced stages Our LIDAR Should Increasingly Be On the Road and in the Public View, Including at CES BMW 7-Series launch ● Shuttle program SOP New LCV test fleet expected to be highly visible Strengthen Collaboration with NVIDIA In advanced discussions around integration with Hyperion platform Competitive Landscape Likely to Shrink We believe the competitive environment will become increasingly difficult for players without any automotive wins, and the industry is likely to consolidate around 2-3 leaders in the near- to medium-term Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. Disclaimer: No assurances can be given that such discussions will result in contractual arrangements. 18#19INNO VIZ TECHNOLOGIES TM Ⓒ Innoviz Technologies Ltd. 2023 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. Upcoming IR Calendar November 29 Barclays Global Automotive Conference, Virtual December 6 London NDR December 7 Goldman Sachs Global Automotive Conference, London January 9-12 Consumer Electronics Show (CES), Las Vegas January 16 Needham Growth Conference, Virtual Contact [email protected] 19#20Thank You! O INNOVIZ TECHNOLOGIES