Innoviz Signs Multi-Year NRE Payment Plan with Major Customer for Approximately $80 Million

Innoviz, a developer of laser radar (LiDAR), announced on Monday that it has reached a multi-year non-recurring engineering services (NRE) payment plan with a major existing customer for approximately $80 million. The payment is expected to be paid between 2025 and 2027, with more than $40 million to be paid in 2025 and more in 2026 and 2027. Following the announcement, Innoviz's Nasdaq stock price surged 10% on Friday and rose another 17% in pre-market trading on Monday.