Arbe Robotics Ltd (ARBE) 2023 Q4 法說會逐字稿

Hello and welcome to the Arbe Robotics Fourth Quarter and Full Year 2023 earnings results conference call and webcast.

您好，歡迎來到 Arbe Robotics 2023 年第四季和全年財報電話會議和網路廣播。

(Operator Instructions)I would like to hand the call over to Miri Segal of MSIR.

（操作員指示）我想將電話轉交給 MSIR 的 Miri Segal。

Please go ahead.

請繼續。

Thank you, everyone, for joining us today and welcome to Arbe's Fourth Quarter and Full Year 2023 financial results conference call.

感謝大家今天加入我們，歡迎參加 Arbe 2023 年第四季和全年財務業績電話會議。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements and the safe harbor statement outlined in today's earnings release also pertains to this call.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，今天的收益發布中概述的安全港聲明也與本次電話會議有關。

If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

如果您尚未收到新聞稿的副本，請在公司網站的投資者關係部分查看。

Today, we are joined by Kobi Marenko, Arbe's Co-Founder and CEO, who will begin the call with the business update.

今天，Arbe 聯合創始人兼執行長 Kobi Marenko 也加入了我們的行列，他將首先介紹業務最新情況。

Then we will turn the call over to Karine Pinto Flomenboim, CFO, who will review the financials.

然後我們將把電話轉給財務長卡琳·平托·弗洛門博伊姆 (Karine Pinto Flomenboim)，她將審查財務狀況。

Finally, we will open the call for the question and answer session.

最後，我們將開始問答環節。

With that, I would like to turn it over to Kobi Marenkoo, Kobi, Please go ahead.

說到這裡，我想把它交給 Kobi Marenkoo，Kobi，請繼續。

Good morning to everyone, and thank you for joining us.

大家早安，感謝您加入我們。

I will begin by reviewing some of our recent business highlights, then Karine Pinto Flomenboim, Arbe's CFO, will review the financials in more detail and share our outlook.

我將首先回顧我們最近的一些業務亮點，然後 Arbe 財務長 Karine Pinto Flomenboim 將更詳細地回顧財務狀況並分享我們的前景。

Finally, we will open the call for the question and answer session.

最後，我們將開始問答環節。

Throughout the year, we focused on driving a radar evolution with our industry-leading solutions.

全年，我們專注於透過業界領先的解決方案推動雷達發展。

We are pleased with the progress we have made, as we continued to innovate and develop our offerings in 2023.

我們對所取得的進展感到高興，因為我們將在 2023 年繼續創新和開發我們的產品。

Although some OEMs push their decision time lines into later this year.

儘管一些原始設備製造商將他們的決策時間推遲到今年稍後。

The anticipation surrounding our offering is high, and we expect to announce significant customer win in 2024.

人們對我們的產品抱有很高的期望，我們預計在 2024 年宣布贏得重大客戶。

Industry timelines have been extended, as the auto industry realigns its autonomous driving ambitions with a focus on enabling meaningful level two plus and level three application to differentiate their offering and meet customers' needs.

隨著汽車行業重新調整其自動駕駛雄心，重點關注實現有意義的二級+和三級應用，以區分其產品並滿足客戶的需求，行業時間表已延長。

As a result, OEMs have redirected their engineering resources and adjusted product road map.

因此，整車廠重新調整了工程資源並調整了產品路線圖。

The dream of safe hands-free driving is we didn't reach according to ever call analyst in 2028 around 30% of all new vehicles will offer hands free driving.

安全免持駕駛的夢想是我們尚未實現的，根據分析師的預測，到 2028 年，大約 30% 的新車將提供免持駕駛功能。

The industry is currently selecting the next-generation sensor solution to fuel this revolution.

業界目前正在選擇下一代感測器解決方案來推動這場革命。

We see that the core central needed to solve the problem is the high channel count imaging radar like albids.

我們看到解決問題所需的核心是像阿爾比茲這樣的高通道數成像雷達。

This demand is well reflected in all our bids we encounter in the market.

我們在市場上遇到的所有出價都很好地反映了這種需求。

One of the more exciting developments of Q4 was our announcement of the production version of our radar processor.

第四季最令人興奮的進展之一是我們宣布推出雷達處理器的量產版本。

It's the both the processing of a reach point cloud, that is 10 times more detail than any other rate of the market offering the first radar based solution that is detailed enough to support OEM's ambition to launch Level three and higher autonomy applications.

它是到達點雲的處理，比市場上提供第一個基於雷達的解決方案的任何其他速率詳細 10 倍，該解決方案的詳細程度足以支持 OEM 推出三級及更高級別自主應用的雄心。

Our sophisticated perception radar supports the needs of hands free driving at an affordable price, providing unmatched safety that we believe can scale the industry to full autonomy.

我們先進的感知雷達以實惠的價格滿足免提駕駛的需求，提供無與倫比的安全性，我們相信可以將行業擴展到完全自動駕駛。

Also on the product front, we recently announced the availability of our production in 10 chips, which includes the transmitter receiver and processor for the manufacturing of perception radar.

同樣在產品方面，我們最近宣布推出 10 款晶片，其中包括用於製造感知雷達的發射器接收器和處理器。

This is an important test leading to the production and the revenue base.

這是對產量和收入基礎的重要考驗。

Now our chips in, sorry.

現在我們開始籌碼了，抱歉。

Now our chip set is in the automotive qualification phase, which is the final step before mass production this year.

現在我們的晶片組正處於汽車認證階段，這是今年量產前的最後一步。

The production in 10 chips is already in use by all the Tier ones in their big sample system and has been delivered to OEMs for data collection and algorithm development.

10 顆晶片的生產已被所有 Tier 晶片在其大樣本系統中使用，並已交付給 OEM 進行數據收集和演算法開發。

In January, we were proud to announce an important milestone.

一月份，我們自豪地宣布了一個重要的里程碑。

Hiram, one of our long time Chinese [steel] one announced that it will begin the mass production of state of the art for the imaging radars, followed by all the chip sets by the end of this year.

Hiram，我們長期的中國鋼鐵企業之一，宣布將在今年年底開始大規模生產最先進的成像雷達，隨後是所有晶片組。

In addition, Hiram announced, it will start a data collection phase using a vehicle fleet equipment with all the power of the imaging radars with plans to cover 1 million kilometers.

此外，Hiram 也宣布，將使用配備成像雷達全部功能的車隊設備開始資料收集階段，計劃涵蓋 100 萬公里。

The goal of the data collection project is to optimize diffusion and perception systems to enable key safety and comfort features.

資料收集專案的目標是優化擴散和感知系統，以實現關鍵的安全和舒適功能。

On top of high rate, five other leading OEMs selected Arbe's chipset for perception projects.

除了高速率之外，其他五家領先的 OEM 廠商也選擇了 Arbe 的晶片組來感知專案。

Additionally, our (inaudible) received a second order for evaluation systems from a leading west of rock company.

此外，我們的（聽不清楚）還收到了一家領先的西方搖滾公司的第二份評估系統訂單。

This level of commitment from Tier ones and OEMs marks an important final step before moving into the commercial phase.

一級供應商和原始設備製造商的這種程度的承諾標誌著進入商業階段之前的重要最後一步。

Shifting gears, as part of our growth strategy, we are also targeting the nonautomotive market, which is moving faster than the traditional auto market.

換檔，作為我們成長策略的一部分，我們也瞄準了比傳統汽車市場發展更快的非汽車市場。

One of our Tier one sense(inaudible) recently announced that it has significant customer order for (inaudible) imaging radar which is based on our chipset.

我們的一級感測器之一（聽不清楚）最近宣布，它有大量客戶訂單（聽不清楚）基於我們晶片組的成像雷達。

These orders include an American autonomous transportation, global manufacturer, robotized professional outdoor power equipment manufacturer, as well as a key player in the transportation sector.

這些訂單包括一家美國自主交通、全球製造商、機器人專業戶外動力設備製造商，以及交通領域的關鍵參與者。

We view this achievement as a strong validation of our technology.

我們認為這項成就是對我們技術的有力驗證。

Collaborating with Sensrad in the non-automotive market increases our total addressable market and accelerates our time to market.

與 Sensrad 在非汽車市場的合作增加了我們的潛在市場總量並加快了我們的上市時間。

Finally, we are initiating a dual listing on the Tel Aviv Stock Exchange to enhance our trading volume.

最後，我們正在特拉維夫證券交易所啟動雙重上市，以提高我們的交易量。

At the same time, we plan to issue bonds to the public (technical difficulty) secure working capital to support a predicted production ramp-ups in 2025.

同時，我們計劃向公眾發行債券（技術難度）以保障營運資金，以支持預計在 2025 年實現的產量提升。

This proactive and strategic approach underscore our commitment to optimizing investor value and fortifying our financial position in a dynamic market landscape.

這種積極主動的策略方法強調了我們在動態市場環境中優化投資者價值並鞏固我們財務狀況的承諾。

In summary, we are encouraged by our progress during the past year, as well as the progress of our Tier one.

總而言之，我們對過去一年的進步以及一級的進步感到鼓舞。

Despite selection process and OEM program delays that are out of our control, we see that customers are excited about our solution and the possibilities we can achieve together.

儘管選擇流程和 OEM 計劃延遲超出了我們的控制範圍，但我們看到客戶對我們的解決方案以及我們可以共同實現的可能性感到興奮。

We believe that Arbe remain strongly positioned as a long leading radar supplier in those OEMs, and we expect to announce four customers win in 2025, in 2024.

我們相信，Arbe 在這些 OEM 中仍處於長期領先雷達供應商的地位，我們預計將在 2025 年和 2024 年宣布贏得四家客戶。

Additionally, our efforts in targeting new areas around the non- automotive industry is providing to be successful and we see faster go to market opportunities in these markets.

此外，我們針對非汽車行業新領域的努力正在取得成功，我們看到了這些市場更快的進入市場的機會。

Arbe continues to innovate, and we believe we can lead the safe and fluid evolution.

Arbe 不斷創新，我們相信我們能夠引領安全、流暢的發展。

Now I would like to turn the call over to our CFO, Karine, to go over the financials.

現在我想將電話轉給我們的財務長卡琳 (Karine)，讓她檢查財務狀況。

Thank you, Kobi, and hello, everyone.

謝謝你，Kobe，大家好。

Let me review our financial results for the fourth quarter and full year of 2023 in more detail.

讓我更詳細地回顧一下我們 2023 年第四季和全年的財務表現。

Total revenue in the fourth quarter was $0.35 million compared to $0.15 million in the fourth quarter of 2022.

第四季的總收入為 35 萬美元，而 2022 年第四季的總收入為 15 萬美元。

For the full year of 2023, total revenue was $1.5 million compared to $3.5 million in 2022.

2023 年全年總收入為 150 萬美元，而 2022 年為 350 萬美元。

Backlog as of December 31, 2023 is $1 million and is expected to be recognized as revenue during 2024.

截至 2023 年 12 月 31 日，積壓訂單為 100 萬美元，預計在 2024 年確認為收入。

Negative gross margin for Q4 2023 was 54.5% compared to a negative gross margin of 45.6% in Q4 2022.

2023 年第四季的負毛利率為 54.5%，而 2022 年第四季的負毛利率為 45.6%。

Gross margin for the full year of 2023 decreased to negative 2.6% compared to a positive 63.5% in 2022.

2023 年全年毛利率降至負 2.6%，而 2022 年為正 63.5%。

The margin decrease was primarily related to low annual revenue as we shifted our focus onto chips or production.

利潤率下降主要與年收入較低有關，因為我們將重點轉向了晶片或生產。

Moving on to expenses.

繼續討論支出。

In Q4 2023, we reported total operating expenses of $11.9 million compared to $14 million in Q4 2022.

2023 年第四季度，我們報告的總營運費用為 1,190 萬美元，而 2022 年第四季為 1,400 萬美元。

The decrease in Q4 2023 was primarily driven by a reduction in research and development expenses, favorable exchange rate offset with an increase in share-based compensation.

2023 年第四季的下降主要是由於研發費用的減少、有利的匯率和股權激勵的增加所抵銷。

Operating expenses for the full year totaled to $46.8 million compared to$50 million in 2022.

全年營運支出總計 4,680 萬美元，而 2022 年為 5,000 萬美元。

The decrease reflected our advanced production stage and the finalization of costs related to this production maturity stage.

這一下降反映了我們的高級生產階段以及與該生產成熟階段相關的成本的最終確定。

And to a lesser extent, favorable exchange rate and the reduction in D&O insurance rates, partially offset by an increase in share-based compensation.

在較小程度上，有利的匯率和 D&O 保險費率的降低被股權薪酬的增加部分抵消。

Operating loss for the fourth quarter of 2023 was $12.1 million compared to $14.1 million in the fourth quarter of 2022.

2023 年第四季的營運虧損為 1,210 萬美元，而 2022 年第四季的營運虧損為 1,410 萬美元。

Operating loss for the full year of 2023 was $46.9 million, improvement of $0.8 million compared to 2022.

2023 年全年營運虧損為 4,690 萬美元，比 2022 年減少 80 萬美元。

Looking at adjusted EBITDA in Q4 of 2023, a non-GAAP measurement, which excludes expenses for non-cash share based compensation and for nonrecurring items was a loss of $8.2 million compared to a loss of $11.5 million in the fourth quarter of 2022.

看看 2023 年第四季調整後的 EBITDA，以非 GAAP 衡量標準（不包括非現金股份薪酬和非經常性項目的費用），虧損 820 萬美元，而 2022 年第四季虧損 1,150 萬美元。

Adjusted EBITDA for the full year of 2023 amounted to a loss of $32.5 million, a $5.5 million improvement from 2022 and with in our projected guidance.

2023 年全年調整後 EBITDA 虧損 3,250 萬美元，比 2022 年和我們預計的指導值減少 550 萬美元。

Net loss in the fourth quarter of 2023 decreased to $9.3 million compared to a net loss of $11.1 million in the fourth quarter of 2022.

2023 年第四季的淨虧損降至 930 萬美元，而 2022 年第四季的淨虧損為 1,110 萬美元。

Net loss for the full year of 2023 was $43.5 million compared to $40.5 million in 2022. 2023 net loss includes financial income of $3.4 million resulted mainly from deposit interest and foreign exchange revaluation.

2023 年全年淨虧損為 4,350 萬美元，而 2022 年為 4,050 萬美元。2023 年淨虧損包括主要來自存款利息和外匯重估的 340 萬美元財務收入。

Moving to our balance sheet.

轉向我們的資產負債表。

As of December 31, 2023, Arbe has $44 million in cash, cash equivalents and short-term bank deposits with no debt.

截至2023年12月31日，Arbe擁有4,400萬美元現金、現金等價物及短期銀行存款，無債務。

With respect to our 2024 guidance, our goal of achieving for design ends with automakers remain unchanged as we observed continued strong interest in our market leading offering.

關於我們的 2024 年指導，我們與汽車製造商實現設計目標的目標保持不變，因為我們觀察到人們對我們的市場領先產品持續產生濃厚的興趣。

We have strengthened our positioning in all our RSQ engagements, even though the OEMs have shifted their decision time lines from late 2023 to 2024.

儘管原始設備製造商已將決策時間軸從 2023 年底推遲到 2024 年，但我們還是加強了在所有 RSQ 活動中的定位。

The 2024, annual revenue are expected to be in line with those of 2023, followed by revenue growth in 2025.

2024年的年收入預計將與2023年持平，隨後2025年營收將成長。

These revenue projections are based on the cash and the intention to be in full production in the second half of 2024, as well as our decision to exclusively focus on getting our chipset into production.

這些收入預測是基於現金和 2024 年下半年全面投產的計劃，以及我們專門專注於將晶片組投入生產的決定。

We are committed to maintaining a strong and well-managed balance sheet focusing on cost effectiveness and ability to fund our revenue growth.

我們致力於維持強大且管理良好的資產負債表，重點關注成本效益和為收入成長提供資金的能力。

Adjusted EBITDA for 2024 is projected to be in the range of $30 million loss to $36 million loss.

2024 年調整後 EBITDA 預計將損失 3,000 萬美元至 3,600 萬美元。

Now we will be happy to take your questions.

現在我們很樂意回答您的問題。

Operator?

操作員？

Thank you very much.

非常感謝。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Gary Mobley, Wells Fargo Securities.

加里‧莫布里，富國銀行證券公司。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I think last quarter, you highlighted how perhaps, as much as 20% of your workforce was called the military duty (inaudible) If you can give us an update on where that stands today and how that's affecting your own your R&D activity?

我想上個季度，您強調了可能有多達20% 的勞動力被稱為軍事義務（聽不清）。您能否向我們介紹一下目前情況的最新情況以及這對您自己的研發活動有何影響？

Yes.

是的。

So, during Q4, we had around 20% of our in military reserve.

因此，在第四季度，我們大約有 20% 的軍事儲備。

In January, most of them came back home and came back to work.

一月份，他們中的大多數人回到家並重返工作崗位。

And right now we have a less than 5% of our employees on reserve duty.

目前，我們只有不到 5% 的員工處於預備役狀態。

Definitely.

確實。

Q4, I would say was our less productive quarter ever.

我想說的是，第四季是我們有史以來生產力最低的季度。

But people tried to compensate the in house work, when overall we were able to achieve all of our milestones with the customers.

但是，當總體而言我們能夠與客戶一起實現所有里程碑時，人們試圖補償內部工作。

And right now we are back to almost normal, at least to the new normal.

現在我們幾乎恢復正常，至少恢復到新正常。

Okay.

好的。

I will go back to the last earnings call.

我將回到上次的財報電話會議。

I believe you highlighted 11 major OEMs that were in the final stages of selection and you expected about five or six cities to conclude with the final decisions.

我相信您重點介紹了 11 家處於最後選擇階段的主要整車廠，您預計大約有五到六個城市會做出最終決定。

Sounds like now you are counting on for those to go to final decision in calendar year '24.

聽起來現在你指望那些人在 24 日曆年做出最終決定。

So, maybe you can give us sort of an update there in terms of like the total pool of OEMs that are still in various stages of selection?

那麼，也許您可以向我們提供一些最新信息，例如仍處於不同選擇階段的 OEM 廠商總數？

They are putting a didn't change.

他們把一個沒有改變。

So, where we spoke about the 11 OEMs on Q4, actually, it's now 12 another(inaudible) way it was open.

所以，我們在第四季度談到了 11 家 OEM，實際上，現在已經有 12 家以另一種（聽不清楚）方式開放了。

We didn't, OEM that last year did not stop this process yet.

我們沒有，去年的OEM還沒有停止這個過程。

We haven't lost any RSP since without the participating in RSPs or since our Tier ones began submitting proposals with our chipsets and the other way around, I think we are very, very close to major wins during end of this quarter, early next quarter, as time goes by the decisions are in the final stages, and we hope to be able to announce the major news before end of Q1, at least before we will report our Q1.

自從沒有參與 RSP 以來，或者自從我們的 Tier 開始使用我們的晶片組提交提案以來，我們沒有失去任何 RSP，反之亦然，我認為我們非常非常接近在本季度末、下季度初取得重大勝利隨著時間的推移，決策已進入最後階段，我們希望能夠在第一季結束之前宣布重大消息，至少在我們報告第一季之前。

Okay.

好的。

Last question for me, if I can.

最後一個問題問我，如果可以的話。

It sounds like more or the same with respect to China, that is China will be the first geography to really adopt and embrace L2 plus (inaudible) driving.

對中國來說，這聽起來更多或相同，那就是中國將成為第一個真正採用和擁抱 L2+（聽不清楚）駕駛的地區。

Maybe you can just speak to some of the impediments that you are seeing in terms of direct customer or consumer adoption for L2 plus the time is driving outside of China?

也許您可以談談您在直接客戶或消費者採用 L2 方面遇到的一些障礙，加上時間正在離開中國？

Yes.

是的。

So, China, I think there are right now looking on this market in two segments.

因此，我認為中國目前正在關注兩個細分市場。

There is the luxury car segment that, of course, would be launched first in 2025, but this is very, very narrow volume.

當然，豪華車細分市場將在 2025 年首先推出，但數量非常非常狹窄。

And most of those OEMs are focusing on launching a radar together with light out sometimes even two lightout for L2 plus L3.

大多數 OEM 廠商都專注於發射雷達和燈光，有時甚至為 L2 加 L3 提供兩個燈光。

But the main segment, I would say is the mainstream in China, and they are trying to launch this kinds of services only with radar.

但我想說，主要部分是中國的主流，他們正試圖僅透過雷達推出此類服務。

We spoke about hiring fusion project.

我們談到了招募融合項目。

We can say that at least two major OEMs are doing these kinds of projects as well.

可以說至少有兩家主要的整車廠也在做這類專案。

Fusion of radar, imaging radar with cameras in order to support Level two plus plus Level three application without a light [out] because, on the mainstream of China, the light (inaudible) is too expensive, even the Chinese radar are too expensive and we believe that imaging radar will have a significant role in those launches.

雷達、成像雷達與攝影機的融合，以支援二級加三級應用，無需燈光[退出]，因為在中國的主流上，燈光（聽不清楚）太貴了，甚至中國的雷達也太貴了我們相信成像雷達將在這些發射中發揮重要作用。

Thanks, Kobi.

謝謝，Kobe。

Thank you very much.

非常感謝。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hello everyone, this is (inaudible) Josh Buchalter, just a few questions from me.

大家好，我是（聽不清楚）喬許·布查爾特（Josh Buchalter），我想問幾個問題。

I will start (inaudible)drivers for adoption and push outs.

我將啟動（聽不清楚）採用和推出的驅動程式。

It is slower for, are they imaging radar in general?

速度較慢，是因為它們是一般成像雷達嗎？

And then are there any implications to this lower 2024 on your expectations for '25 and '26?

那麼，這個較低的 2024 年對您對「25」和「26」的預期有何影響？

(inaudible)

（聽不清楚）

Can you repeat your close to the microphone?

你能重複一遍靠近麥克風的動作嗎？

So can you repeat your question, please?

那你能重複一下你的問題嗎？

Thank you.

謝謝。

Yes, sure.

是的，當然。

Can you hear me better now?

現在你能聽得更清楚了嗎？

Yes, now it's much better.

是的，現在好多了。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

Just to start.

剛開始。

First, can you walk through the main drivers of slower adoption and push-outs at the OEM level?

首先，您能否介紹一下 OEM 層面採用速度放緩和淘汰的主要驅動因素？

We have seen this across are there sensors like LiDAR, but is it slower for RFA or imaging radar in general?

我們已經看到是否有像 LiDAR 這樣的感測器，但 RFA 或成像雷達一般來說速度是否較慢？

And then can you talk about the implications of a slower '24 and '23 on your 2025 and 2026 expectations?

然後您能談談「24」和「23」放緩對您 2025 年和 2026 年預期的影響嗎？

Okay.

好的。

So, I think that we are suffering from the same problem, the main problem of the industry.

所以，我認為我們面臨著同樣的問題，這是業界的主要問題。

So, the full stack of Level two plus plus, Level three define vehicle that can run this kind of software spend, do over-the-air update and improve the Ader systems over the, over time.

因此，二級加加級、三級的完整堆疊定義了可以運行此類軟體的車輛，隨著時間的推移，可以進行無線更新並改進 Ader 系統。

This all stack is pushed because, it's too complicated then the OEMs basically sold at the beginning.

所有堆疊都被推送，因為它太複雜了，以至於 OEM 基本上在一開始就出售了。

But what we see clearly is that may majority of the OEMs putting a lot of R&D effort on this area, maybe more than before.

但我們清楚地看到，大多數整車廠可能會在這方面投入大量研發精力，甚至可能比以前更多。

They are shifting part of their investments in EVs into those R&D projects.

他們正在將部分電動車投資轉移到這些研發項目中。

All of them wants to control this stack and to compete on this stack and offer the customers a better and safer experience for a highway autopilot and then for (inaudible)autopilot.

他們所有人都希望控制這個堆疊並在這個堆疊上競爭，為客戶提供更好、更安全的高速公路自動駕駛體驗，然後是（聽不清楚）自動駕駛體驗。

We see that this push in the industry is across the board, even it's influencing the ramp-up of the central compute and other sensors.

我們看到產業的這種推動是全面的，甚至影響了中央運算和其他感測器的發展。

As of our revenue, our '25 revenues are built mainly from China, which say, we believe that ramp up earlier and we know it will ramp up earlier and from non-automotive applications.

就我們的收入而言，我們的 25 收入主要來自中國，我們相信中國的收入會更早增加，我們知道它會更早增加，並且來自非汽車應用。

So, we don't see a real influence on our '25 revenues, if may, on the shift in 2014.

因此，我們認為 2014 年的轉變不會對我們 25 年的收入產生真正的影響（如果可能的話）。

And also, we believe that in '26, we will see major wins that we will have this quarter and next quarter, will be in in our revenues in '26.

而且，我們相信，在 26 年，我們將看到本季和下季的重大勝利，這些勝利將計入我們 26 年的收入中。

So, overall, I think that the main shift is the main delay is in '24 revenue, which were, which have shifted a bit to '25.

因此，總的來說，我認為主要的轉變是主要的延遲是在 24 年的收入中，這些收入已經稍微轉移到了 25 年。

We have enough cash to pass this pickup and we believe that on the long run out there will be a leader player and a very strong company.

我們有足夠的現金來透過這次收購，我們相信從長遠來看，將會出現一個領導者和一個非常強大的公司。

Okay.

好的。

Thank you for that color.

謝謝你的那個顏色。

I guess on that, you have previously mentioned a preliminary order for about $11.6 million from (inaudible) and the 304,000 chipsets from Hiram, I think were tens of millions of dollars.

我想關於這一點，您之前提到過（聽不清楚）大約 1160 萬美元的初步訂單以及 Hiram 的 304,000 個晶片組，我認為是數千萬美元。

Are these expected to like, when can we expect these (inaudible) model and are they waiting final OEM decisions before revenue recognition?

這些是否預期會喜歡，我們什麼時候可以期待這些（聽不清楚）模型？他們是否在收入確認之前等待最終的 OEM 決策？

Yes, we are waiting for final OEM approval for the full recognition.

是的，我們正在等待最終 OEM 批准以獲得全面認可。

And also, you know in chips that you need to deliver (inaudible) deliver the chipset in order to be able to recognize it.

而且，您知道在晶片中您需要提供（聽不清楚）提供晶片組以便能夠識別它。

We expect that, as Hiram stated by the end of this year, the last quarter of '24, there will be in full production with our radar.

我們預計，正如 Hiram 所說，到今年年底，即 24 年最後一個季度，我們的雷達將全面投入生產。

So, it means that they will start, we will start shipping the chip and majority of the revenues from those preliminary orders, we believe going to be recognized in '25.

因此，這意味著他們將開始，我們將開始運送晶片以及這些初步訂單的大部分收入，我們相信將在 25 年得到認可。

Great.

偉大的。

Thank you and that's all for me.

謝謝你，這就是我的全部了。

Suji Desilva, ROTH MKM.

蘇吉·德席爾瓦，羅斯·MKM。

Hi, Kobi, Hi, Karine.

嗨，科比，嗨，卡琳。

In the press release you talk about a production and 10 chipset and there is an auto qual being conducted.

在新聞稿中，您談到了生產和 10 晶片組，並且正在進行自動品質測試。

Is that being conducted by you or a Tier one or a potential customer?

這是由您、一級客戶或潛在客戶進行的嗎？

No.

不。

Basically, if you know our fab in GlobalFoundries with GlobalFoundries or Blue Cross also a full turnkey solution of taking the chips to production of the chips that are in final stage of automotive qualification.

基本上，如果您知道我們位於格羅方德(GlobalFoundries) 的晶圓廠，格羅方德(GlobalFoundries) 或Blue Cross 也是一個完整的交鑰匙解決方案，可將晶片投入到汽車認證最後階段的晶片生產中。

They are running their global automotive quel in the prequel.

他們正在前傳中進行他們的全球汽車後傳。

We saw that they are fine and there we finished all of the preliminary tests, and we are now riding on the formal stage of last stage of the automotive qualification.

我們看到它們很好，我們完成了所有的初步測試，現在我們正處於汽車資格賽最後階段的正式階段。

And we hope to start shipping full qualified production chip by end of Q2.

我們希望在第二季末開始出貨完全合格的生產晶片。

Of course, in the beginning, in the first few two, three months, the volume will be low because, it takes time for ramp-up in automotive.

當然，一開始，在最初的兩三個月內，銷量會很低，因為汽車產業的提升需要時間。

But in '25, we will be in full capacity and be able to supply any volume that is needed in the market.

但到了 25 年，我們將滿載生產，能夠供應市場所需的任何數量。

Okay.

好的。

Thanks, Kobi.

謝謝，Kobe。

And then my other question is on the competitive landscape, if you could update us on the traditional radar competitors and maybe some of the more software centric models and where you are seeing in various geographies and OEMs in terms of the competition?

然後我的另一個問題是關於競爭格局，您是否可以向我們介紹傳統雷達競爭對手的最新情況，也許還有一些更以軟體為中心的模型，以及您在不同地區和原始設備製造商中看到的競爭狀況？

We are not seeing those kinds of companies in the competition.

我們在競爭中沒有看到這類公司。

The other way around what we see more and more is OEM, this stating that in the RFP, the minimum requirement is the minimum high channel count, that as much as we know, there is the other than us, maybe one or two players that are able to meet this qualification and all of those software centric or software radars are not qualified to those RFPs and RFQs.

我們越來越多地看到的另一種方式是 OEM，這表明在 RFP 中，最低要求是最低高通道數，據我們所知，除了我們之外還有其他玩家，也許是一兩個玩家能夠滿足此資格，且所有以軟體為中心的軟體或軟體雷達都不符合這些RFP 和RFQ。

That wants to support Level two plus plus Level three.

那要支援二級加三級。

Those solutions are very good for a low end (inaudible)to meet the challenges of the income.

這些解決方案非常適合低端（聽不清楚）收入的挑戰。

It, but not for a real solving the problems of radar.

它，但並不是真正解決雷達的問題。

So, if we are looking on the competitive landscape, I think that in the last quarter, our situation improved dramatically.

因此，如果我們專注於競爭格局，我認為上個季度我們的情況有了顯著改善。

So, from one hand, there is no new competitors, from the other end, there is clear understanding almost in every OEM that we are meeting that high channel count above 16 by 16 is a must for a year more than 27 and a half.

因此，一方面，沒有新的競爭對手，另一方面，幾乎每個 OEM 都清楚地認識到，超過 16 x 16 的高通路數量對於超過 27 年半的一年來說是必須的。

So, right now as it was announced, there is a radar up, but that is based on how chipset and the radar that is based on the success of

因此，現在正如它所宣布的那樣，有一個雷達，但這是基於晶片組和雷達的成功

[Mobileye's].

[Mobileye]。

Those are the only solution that we know that available in the market.

這些是我們所知市場上唯一可用的解決方案。

It might be that someone is working on something through this, we don't know.

可能有人正在透過這個做某事，我們不知道。

But all of the solutions (inaudible)channel are not qualified for next-generation solutions.

但所有解決方案（聽不清楚）管道都不符合下一代解決方案的條件。

Okay, thanks, Kobi.

好的，謝謝，Kobe。

Jamie Perez, RF Lafferty.

傑米·佩雷斯，RF·拉弗蒂。

Hi, everybody, good day.

大家好，美好的一天。

Thanks for taking my question.

感謝您提出我的問題。

The order we received from the Western truck company.

我們從西方卡車公司收到的訂單。

Can you give us a little bit color?

你能給我們一點顏色嗎？

Is it a pre-production order, task order?

是預生產訂單、任務訂單嗎？

So, if you could give us, I appreciate if you give a little bit color on that.

因此，如果您能給我們一些信息，我將不勝感激。

So, the pre-production and a preliminary order that we got from Hiram is mainly focused on OEM that Hiram already worn their central issue and they assume that the best radar to connect to this central processing unit is our radar and are in the final stages of the nomination with the OEM for this project.

因此，我們從 Hiram 獲得的預生產和初步訂單主要集中在 OEM，Hiram 已經磨損了他們的核心問題，他們認為連接到該中央處理單元的最佳雷達是我們的雷達，並且處於最後階段該項目的OEM 提名。

Is this going to be a main radar or back or redundant system?

這是主雷達還是後置雷達或冗餘系統？

No, it would be the main radar.

不，這將是主雷達。

Main radar.

主雷達。

Okay, thanks.

好的謝謝。

Now I mean, give also focusing on your automotive market since the automotive e market, it's been a little bit choppy lately to weak demand.

現在我的意思是，自從汽車電子市場以來，還要關注汽車市場，由於需求疲軟，最近有點波動。

And I mean, your press release, you mentioned you are going to look for other markets, that may be have a short lead time and less choppiness.

我的意思是，在您的新聞稿中，您提到您將尋找其他市場，這些市場的交貨時間可能較短且波動較小。

Could you give a little color on your non automotive strategy?

您能否介紹一下您的非汽車策略？

Yes, there is so(inaudible) non-automotive strategy was there from the beginning.

是的，從一開始就有這樣的（聽不清楚）非汽車策略。

But what we see is the sense that they are gaining a lot of traction with their product, mainly in robotics, in transportation and even in homeland security.

但我們看到的是，他們的產品正在獲得很大的吸引力，主要是在機器人技術、交通運輸甚至國土安全領域。

And we believe that we will see a major revenues from this nonautomotive market already in '24 and of course, in '25.

我們相信，我們將在 24 年，當然，在 25 年看到這個非汽車市場的主要收入。

Alright, okay.

好吧，好吧。

That's all the questions I have.

這就是我的所有問題。

Thanks.

謝謝。

Thanks for taking my question.

感謝您提出我的問題。

Thank you very much.

非常感謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the call back over Kobi Marenko for any closing remarks.

我想將電話轉回給 Kobi Marenko，讓其發表結束語。

Thank you.

謝謝。

We were very pleased to have you join us today to all employees and partners for your continued dedication is deeply appreciated.

我們很高興您今天加入我們，對所有員工和合作夥伴的持續奉獻深表感謝。

We look forward to updating you on all this progress in the coming months.

我們期待在未來幾個月向您通報所有這些進展的最新情況。

Look out for updates as we prepare for several investor events.

當我們為多項投資者活動做準備時，請留意最新動態。

With us to meet you in person for additional discussion, please contact us at investorsarberobotics.com or visit our sites to schedule a meeting.

如需與您面對面進行進一步討論，請透過 Investorarberobotics.com 聯絡我們或造訪我們的網站安排會議。

Thank you all.

謝謝你們。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。