Innoviz 1Q Miss on NRE Milestone Changes Albeit FY26 Guidance Reaffirmed; Commercial Progress Remains Steady; Remain OW

研报英文原文证据摘录

Innoviz 1Q Miss on NRE Milestone Changes Albeit FY26 Guidance Reaffirmed; Commercial Progress Remains Steady; Remain OW

J P M O R G A N North America Equity Research

15 May 2026

Innoviz

1Q Miss on NRE Milestone Changes Albeit FY26 Overweight

Guidance Reaffirmed; Commercial Progress Remains INVZ, INVZ US

Steady; Remain OW Price (14 May 26):$0.75

Autos & Auto Parts

We remain Overweight on INVZ, viewing the risk-reward as distinctly Jash Patwa AC

asymmetric, particularly as the company’s shares continue to get little credit for (1-212) 622-5472

its exposure to secular growth themes like defense tech, physical AI, and jash.patwa@jpmchase.com

autonomous vehicles. In our view, the disconnect is rooted in persistent delays in Rajat Gupta

ramping series production with OEMs (albeit driven by external factors), ongoing (1-212) 622-6382

dilution, and limited balance sheet flexibility. Re-rating from here in our view will rajat.gupta@jpmorgan.com

hinge upon tangible progress on the Mobileye Drive platform series production, Yash Beswala

expected in late 2026, which should help cushion dilution, although conversely, any (1-212) 622-0028

yash.beswala@jpmchase.com

pushouts in the Mobileye platform rollouts (currently targeted for 2026/2027) would J.P. Morgan Securities LLC

likely augment ongoing dilution and tip the risk-reward balance to the downside.

On the state of the autonomous vehicle industry, INVZ flagged that L3/L4 program Key Changes (FYE Dec)

activity remains robust across both legacy OEMs and new platform players, with L4 Prev Cur Δ

momentum outpacing L3 and sourcing decisions for many of these programs likely Adj. EPS - 26E ($) (0.22) (0.26) -19.1%

to be finalized in 2H26. Most OEMs are leaning toward behind-the-windshield Adj. EPS - 27E ($) (0.15) (0.14) 6.4%