Arbe Robotics Ltd (ARBE) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Arbe Robotics first-quarter 2024 earnings results conference call.

大家早安，歡迎參加 Arbe Robotics 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note that today's event is being recorded.

請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Miri Segal, CEO of MS-IR.

現在，我想請 MS-IR 執行長 Miri Segal 發言。

Please go ahead.

請繼續。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

Welcome to Arbe's first-quarter 2024 financial results call.

歡迎參加 Arbe 2024 年第一季財務業績電話會議。

Before we begin, I would like to remind our listeners, that certain information provided on this call may contain forward looking harbor statement and safe harbor statement outlined in today's release also applies 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港口聲明，而今天發布的新聞稿中概述的安全港聲明也適用於本次電話會議。

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

如果您尚未收到 PR 副本，請在公司網站的投資者關係部分查看。

Kobi Marenko, Arbe's Co-Founder and CEO, will begin the call with the business update, then we will turn the call over to Karine Pinto-Flomenboim Arbe's CFO.

Arbe 聯合創辦人兼執行長 Kobi Marenko 將在電話會議中介紹業務最新情況，然後我們將電話轉給 Arbe 的財務長 Karine Pinto-Flomenboim。

Paul will review the financials in more.

保羅將在更多內容中回顧財務狀況。

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'd like to turn it over to Kobi Marenko, Kobi.

說到這裡，我想把它交給科比·馬連科，科比。

Please go ahead.

請繼續。

Thanks,

謝謝，

[Eric].

[埃里克]。

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

大家早安，感謝您加入我們。

I'd like to start by sharing some exciting updates with you.

首先我想與大家分享一些令人興奮的最新消息。

We congratulate hiring one of our Tier-1 in China and being selected to supply radar systems, followed by the Arbe chipset to a global leader in autonomous driving, which met production scheduled in 2025.

我們祝賀在中國聘用了我們的一級供應商，並被選為雷達系統供應商，隨後為自動駕駛領域的全球領先企業提供 Arbe 晶片組，並於 2025 年實現了生產計劃。

We look forward to providing more details about these announcements soon.

我們期待盡快提供有關這些公告的更多詳細資訊。

[Irene] also reached a significant milestone in Q1.

[Irene] 在第一季也達到了一個重要的里程碑。

The successful development state-of-the-art post-point cloud algorithm, including tracking classification and free space mapping.

成功開發最先進的後點雲演算法，包括追蹤分類和自由空間映射。

These algorithm have been integrated into hiring imaging radar for serial production.

這些演算法已整合到租賃成像雷達中進行批量生產。

These advanced advancements were tested by OEMs demonstrating their potential to improve automotive safety.

這些先進的進步經過了原始設備製造商的測試，證明了它們在提高汽車安全性方面的潛力。

Importantly, hiring announced it will begin mass production of the imaging readout by the end of this year.

重要的是，招募宣布將於今年底開始大規模生產成像讀出器。

During the third quarter, Arbe's Tier 1 made significant progress in reaching our goal of serial production by the end of this year, we will with major OEMs on data collection for their Level two plus and Level three solutions as well as on improving the rate of specification.

第三季度，Arbe 的 Tier 1 在實現今年年底批量生產的目標方面取得了重大進展，我們將與主要 OEM 合作，收集其二級+和三級解決方案的數據，並提高其生產速度。

As part of our progress in Japan, we'd like to update that allow Japanese automotive client is working to complete and massive data collection initiative with our radar solution this year as part of the development of the ADAS/AD architecture, there's a wide demand for next-generation radar system with a high channel count now considered essential for road safety.

作為我們在日本取得進展的一部分，我們希望更新，讓日本汽車客戶今年能夠利用我們的雷達解決方案完成大規模數據收集計劃，作為 ADAS/AD 架構開發的一部分，有廣泛的需求用於具有高通道數的下一代雷達系統，現在被認為對道路安全至關重要。

In March, age of radar and radar perception is [miloitary] emphasize publicly that Asia's radars require an array of at least 32 by 32 channel.

今年3月，雷達時代和雷達感知[軍事]公開強調，亞洲雷達需要至少32×32通道的陣列。

Few companies meet this requirement in Albert exceeds the fleet, the largest channel array on the market.

在阿爾伯特，很少有公司能夠滿足這項要求，超過了市場上最大的通路陣列。

We see similar requirements in our feed from other major OEMs.

我們在其他主要 OEM 的回饋中看到了類似的要求。

We are pleased by the outstanding progress we are making with top OEMs worldwide.

我們對與全球頂級原始設備製造商取得的顯著進展感到高興。

Despite industry delays, we are confident in our opportunity pipeline and our goal to secure full design wins this year, especially with promising time coming from leading top 10 OEMs.

儘管存在行業延遲，但我們對我們的機會管道和今年確保獲得全面設計勝利的目標充滿信心，特別是在來自領先的十大原始設備製造商的充滿希望的時間裡。

We look forward to sharing more update very soon.

我們期待很快分享更多更新。

Collaborations are key for Arbe again, the CTC conference in video share that it has brought together a select group of the TAM Penfolds from industry leaders, including Arbe's perception radar to create a rich ecosystem of simulation tools and application as part of their own leverage, cloud APIs, these are designed to accelerate the path to autonomy.

合作再次成為Arbe 的關鍵，CTC 會議以視訊形式分享，它匯集了來自行業領導者的TAM Penfolds 精選團隊，包括Arbe 的感知雷達，以創建豐富的模擬工具和應用生態系統，作為其自身影響力的一部分，雲端 API，這些旨在加速自治之路。

Additionally, 2024 Beijing International Automotive exhibition Horizon robotics, a leading provider of computing solutions for ADAS and autonomous driving in China showcased the integration of vehicles for the imaging radar, followed by the other chips that will arise and Journey six automotive AI processors as part of their partner ecosystem.

此外，在2024年北京國際汽車展上，中國領先的ADAS和自動駕駛計算解決方案提供商地平線機器人展示了用於成像雷達的車輛集成，隨後將出現的其他晶片以及征程六款汽車人工智能處理器作為其中的一部分。

As many of you know, there have been important developments within our industry and shift towards new safety standards and regulation.

正如你們許多人所知，我們的行業已經取得了重要的發展，並轉向了新的安全標準和法規。

These are needed to drive the future of flow safety.

這些都是推動流動安全的未來所必需的。

We currently believe that how that has affected us to effectively address these changes, and we are well positioned to help lead the revolution.

我們目前認為，這如何影響我們有效應對這些變化，我們有能力幫助引領這場革命。

Then you need the federal safety standards for the US mandate automatic emergency braking or ATP, including pedestrian AEB for all passenger cars and light trucks by September 2029.

那麼您需要美國聯邦安全標準強制要求自動緊急煞車或 ATP，包括到 2029 年 9 月為所有乘用車和輕型卡車提供行人 AEB。

This safety measure is set to reduce collision accidents with congestion.

這項安全措施旨在減少擁塞時發生的碰撞事故。

At the same time, Euro end cap 2030 road map aim for zero fatalities requiring proactive credit presentation in all scenarios, a key to success or failure will be in the sensors used to power the extent safety standards and requirements.

同時，歐洲 2030 年最終上限路線圖的目標是零死亡，需要在所有情況下主動進行信用報告，成功或失敗的關鍵將在於用於支援安全標準和要求的感測器。

These creates a growing opportunity for the adoption of our technology, which is the leading solution for tracking pedestrians and vehicle in challenging weather and lighting condition, even at high speed and over long distances.

這些為採用我們的技術創造了越來越多的機會，我們的技術是在惡劣的天氣和照明條件下追蹤行人和車輛的領先解決方案，即使在高速和長距離的情況下也是如此。

We expect that by the end of the decade, over 15% of new cars will feature high end imaging radars like ours, providing real safety levels we are currently.

我們預計，到本世紀末，超過 15% 的新車將配備像我們這樣的高端成像雷達，從而提供我們目前真正的安全水平。

Lastly, we are in the final stages of dual listing with an additional listing on the Tel Aviv Stock Exchange.

最後，我們正處於雙重上市的最後階段，並在特拉維夫證券交易所額外上市。

At the same time, we are advancing silver, the convertible bond issuance on the Tel Aviv Stock Exchange to secure working capital and support the expected production ramp up in 2025.

同時，我們正在推進白銀，即在特拉維夫證券交易所發行可轉換債券，以確保營運資金並支持 2025 年預期產量的成長。

We are excited about the potential opportunities for our business, and we believe that 2024 will prove to be a turning point for our company.

我們對我們業務的潛在機會感到興奮，我們相信 2024 年將成為我們公司的轉捩點。

Now I'd like to turn it over to our CFO, Karine, to go over the financials.

現在我想將其交給我們的財務長卡琳 (Karine) 來審查財務狀況。

Thank you, Kobi, and hello, everyone.

謝謝你，Kobe，大家好。

I'd like to review our financial results for the first quarter of 2024 in more detail, total revenue in the first quarter was $0.1 million, a decrease from $0.4 million in Q1 2023.

我想更詳細地回顧我們 2024 年第一季的財務業績，第一季的總收入為 10 萬美元，比 2023 年第一季的 40 萬美元有所下降。

Backlog as of March 31 was $1 million and is expected to be recognized as revenue during 2024.

截至 3 月 31 日，積壓訂單為 100 萬美元，預計將在 2024 年確認為收入。

Negative gross margin for Q1 '24 was 194% compared to a positive gross margin of 11% in Q1 2023.

24 年第一季的負毛利率為 194%，而 2023 年第一季的正毛利率為 11%。

The margin decrease was mainly related to a reduction in revenue and an increase in our workforce.

利潤率下降主要與收入減少和勞動力增加有關。

Moving on to expenses.

繼續討論支出。

In Q1 2024, we reported total operating expenses of $12.5 million compared to $10.7 million in Q1 2023.

2024 年第一季度，我們報告的總營運費用為 1,250 萬美元，而 2023 年第一季為 1,070 萬美元。

The increase in operating expenses was primarily driven by an increase in noncash share-based compensation expenses totaling $1.9 million to a lesser extent, labor cost increase was offset by bonus accrual release, favorable exchange rate and reduction in D&O insurance rates.

營運費用的增加主要是由於非現金股份補償費用增加（總額為 190 萬美元），但勞動力成本的增加被應計獎金釋放、有利的匯率以及 D&O 保險費率的降低所抵消。

Operating loss in the first quarter of 2024, it was $12.8 million compared to an operating loss of $10.6 million in the first quarter of 2023.

2024 年第一季的營運虧損為 1,280 萬美元，而 2023 年第一季的營運虧損為 1,060 萬美元。

Adjusted EBITDA, a non-GAAP measurement, which excludes expenses for share-based compensation and for nonrecurring items was a loss of $8.5 million in Q1 of 2024.

調整後 EBITDA（非 GAAP 衡量標準，不包括基於股份的薪酬和非經常性項目的費用）在 2024 年第一季虧損 850 萬美元。

In accordance with our plan, this is compared to a loss of $8.4 million in first quarter of 2023.

根據我們的計劃，相較之下 2023 年第一季虧損 840 萬美元。

Net loss in the first quarter of 2024 increased to $12.8 million compared to a net loss of $9.9 million in the first quarter of 2023.

2024 年第一季的淨虧損增至 1,280 萬美元，而 2023 年第一季的淨虧損為 990 萬美元。

Net loss in Q1 '24 included $45,000 of financial expenses, resulting mainly from exchange rates, revaluation expenses, partially offset by interest from deposits and warrants revaluation.

24 年第一季的淨虧損包括 45,000 美元的財務費用，主要來自匯率、重估費用，部分被存款利息和認股權證重估所抵銷。

This is compared to a $0.7 million in financial income in the first quarter of 2023.

相比之下，2023 年第一季的財務收入為 70 萬美元。

Moving to our balance sheet.

轉向我們的資產負債表。

As of March 31, 2024, our bank had $5.4 million in cash and cash equivalents and $30.3 million in short-term bank deposits with no debt.

截至 2024 年 3 月 31 日，我行擁有 540 萬美元現金和現金等價物以及 3,030 萬美元短期銀行存款，無債務。

With respect to our guidance for the year, we would like to reiterate what we've previously shared.

關於我們今年的指導，我們想重申我們之前分享的內容。

Our goal of achieving for design-ins with automakers remains unchanged as we observed continued strong interest in our market-leading offer.

我們與汽車製造商一起實現設計的目標保持不變，因為我們觀察到人們對我們市場領先的產品持續產生濃厚的興趣。

We have strengthened our positioning in all our RFQ engagements, even though the OEMs have shifted their decision timelines from base 2023 to 2024 to 2024.

儘管原始設備製造商已將其決策時間表從 2023 年改為 2024 年，但我們還是加強了在所有詢價活動中的定位。

Annual revenues are expected to be in line with those of 2023, followed by revenue growth in 2025.

年收入預計將與 2023 年持平，隨後 2025 年收入將成長。

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

這些收入預測是基於 2024 年下半年全面投產的意圖，以及我們專注於將晶片組投入產品的決定。

We are committed to maintaining a strong and well-managed balance sheet, focusing on cost effectiveness and our 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.

2024 年調整後 EBITDA 預計虧損在 3,000 萬美元至 3,600 萬美元之間。

Now we will be happy to take your questions.

現在我們很樂意回答您的問題。

Ladies and gentlemen, at this time, we'll begin the question-and-answer session.

女士們、先生們，現在我們開始問答環節。

(Operator Instructions)

（操作員說明）

Joshua Buchalter, TD Cowan.

約書亞‧布查爾特 (Joshua Buchalter)，TD Cowan。

Please go ahead with your question.

請繼續你的問題。

hi, team, good afternoon.

嗨，團隊，下午好。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to ask about the confidence in achieving the four design wins this year.

我想問今年獲得四項設計勝利的信心如何。

Any incremental data points or what you can give us and what gives you confidence that those are going to convert in the second half of the year and maybe what led to that?

任何增量數據點或您可以向我們提供什麼，以及是什麼讓您相信這些數據將在今年下半年實現轉變，也許是什麼導致了這一點？

We've litigated in the past, but maybe an update on the time line, given you got pushed from 2023 into 2024 any clues by geography or type of application that these wins are going to be for?

我們過去曾提起過訴訟，但考慮到您從 2023 年推遲到 2024 年，可能會更新時間線，這些勝利將針對哪些地理位置或應用類型提供任何線索？

Thank you.

謝謝。

Yeah, so basically, as we said, out of those, the opportunities were pushed from the last quarter and the are now coming to a decision point.

是的，基本上，正如我們所說，其中的機會是從上個季度推出的，現在正到一個決策點。

What we see as a name change between last year and this year is that even in the RFQs that were in the market, the conditions were changed and the threshold for the radar got much higher.

我們認為去年和今年之間的名稱變化是，即使在市場上的詢價中，條件也發生了變化，雷達的門檻也變得更高了。

And basically a majority of the opportunity is living to me only player that can provide definition.

基本上，大部分機會對我來說都是唯一能夠提供定義的球員。

And this gives us a lot of comfort that majority of the market, all of the things that top 10 OEMs, at least understand that multichannel high channel count radar is key for Level two plus plus and Level three and the fact that the regulation change and added the need for automatic braking, especially in all use cases, given our rigs are basically, I think a dramatic backwind because any OEM will need to have this kind of solution.

這讓我們感到非常欣慰的是，大多數市場，前 10 名 OEM 的所有產品，至少都明白多通道高通道數雷達是二級加級和三級的關鍵，而且法規變化和增加了自動制動的需求，特別是在所有用例中，考慮到我們的設備基本上都是這樣，我認為這是一個巨大的逆風，因為任何OEM 都需要擁有這種解決方案。

And the only way to solve it is with the high channel count, imaging, radar and camera, it seems a camera alone cannot solve those scenarios.

而解決這個問題的唯一方法就是高通道數、成像、雷達和攝像頭，似乎僅靠攝影機無法解決這些場景。

A even color and light cannot solve it.

均勻的顏色和光線無法解決這個問題。

But anyway, the [night-time] is much too expensive for a feature that is basically not something that the OEMs, can we charge the customer on it, to add to some light to the numbers.

但無論如何，對於一項基本上不屬於 OEM 的功能來說，[夜間] 太貴了，我們可以向客戶收取費用嗎，以增加一些數字。

So we are today engaged with the 11 call companies coming from Germany and from Sweden from the other countries in Europe as well as from a Japan and China in all of those RFPs and RFQs, we are already past a long process with the, of course, our Tier 1 prepared partners of evaluation of the radar, testing the radar in a [coden] and is showing its advantage of our wholesale radar based on our chipsets and high end channel counts, imaging radar based on our chipset as opposed to a solution in the market that are based on the TI or NXP chipset that are called imaging radar.

因此，我們今天在所有這些 RFP 和 RFQ 中與來自德國、瑞典、歐洲其他國家以及日本和中國的 11 家呼叫公司進行了接觸，當然，我們已經經歷了一個漫長的過程，我們的一級準備的雷達評估合作夥伴，在[coden] 中測試雷達，並展示了基於我們的晶片組和高端通道數的批發雷達的優勢，基於我們的晶片組的成像雷達而不是解決方案市場上基於TI 或NXP 晶片組的稱為成像雷達。

This is not really an imaging radar.

這並不是真正的成像雷達。

And I think all of the OEMs understand the difference between really imaging made out like the ones that are based on our chipset or one of our competitor, our main competitor that is coming also from Israel and the existing legacy positions that are based on a legacy chips that were not designed to meet the specs of tomorrow.

我認為所有原始設備製造商都了解基於我們的晶片組或我們的競爭對手之一（我們的主要競爭對手也來自以色列）製作的真正成像與基於傳統的現有傳統位置之間的區別晶片的設計並非為了滿足未來的規格。

There will be time for the spec of yesterday and taking everything all of this into consideration.

我們將有時間討論昨天的規範並考慮所有這些因素。

We are sure that out of 11 opportunities that now shortlisted, we will win at least for the coming months and then we'll be able to announce them to the market this is the reason why we are raising the loan at the loan in Tel Aviv is based on a condition that we will win a contract.

我們確信，在現在入圍的 11 個機會中，我們至少會在未來幾個月內獲勝，然後我們將能夠向市場宣布它們，這就是我們在特拉維夫貸款中籌集貸款的原因是基於我們將贏得合約的條件。

Our confidence in the fact that we are very close to winning the contract, I think allowing us to raise this money and also the confidence of the investors that we are close to that are willing to pay.

我們對我們非常接近贏得合約這一事實充滿信心，我認為這使我們能夠籌集這筆資金，而且我們接近的投資者也對他們願意支付的信心充滿信心。

It gave us a loan with a conversion price that is the or more than 30% higher than our today share price.

它為我們提供了一筆貸款，其轉換價格比我們今天的股價高出 30% 以上。

And so where I believe that we have we will have a very good year, like we said, a turning point from the company of the company coming from development to a business very soon.

因此，我相信我們將度過非常好的一年，就像我們所說的那樣，公司很快就會從發展到業務的轉折點。

Thanks for the extensive color, Kobi.

感謝科比提供的豐富色彩。

For my follow-up.

為了我的後續。

I think in the press release you mentioned you're getting close to receiving full auto grade qualification.

我認為您在新聞稿中提到您即將獲得完整的汽車級資格。

I feel like that process has been going on for a while.

我覺得這個過程已經持續了一段時間了。

Can you maybe talk about what are the last few things you need to complete to get the auto grade sign off?

您能否談談您需要完成的最後幾件事才能獲得汽車等級標誌？

And then is that are fertile and something that needs to be completed before you sign one of these OEM wins?

那麼，在您簽署這些 OEM 合約之一之前，是否需要完成這些工作？

Or is that not the case?

或者事實並非如此？

Thank you.

謝謝。

I think the our chipset and the process of taking chips to quote a qualification on automotive is the structure, the process global foundry of leading it and managing it for us together with us and together with our engineers, we are more or less all the timeframe to finish it by the end of this quarter, early next quarter.

我認為我們的晶片組和採用晶片獲得汽車資格的過程是全球代工廠的結構，是我們與我們一起領導和管理它的過程，與我們的工程師一起，我們或多或少都在時間範圍內在本季末、下季初前完成。

And as we mentioned in last quarter, basically before you're starting at full qualification yields with many qualification to make sure that there's no major items.

正如我們在上個季度提到的，基本上在您開始獲得完整的資格產量之前，需要進行許多資格認證，以確保沒有重大項目。

We passed this prequalification many qualifications and we are now in the middle of finishing the technical process which includes the thousands of hours of chips walking in high temperatures and low temperatures to make sure that the they are they will be able to stand in all conditions that the automotive market.

我們通過了多項資格預審，現在正在完成技術流程，其中包括使晶片在高溫和低溫下運行數千小時，以確保它們能夠在所有條件下工作汽車市場。

It doesn't look today that this is a showstopper in calls with our OEM partners, a global foundry giving there and objective the assessment that the chips are going to be in production in very few months from now.

今天看來，這在與我們的 OEM 合作夥伴的通話中並不引人注目，一家全球代工廠在那裡給出了晶片將在幾個月後投入生產的客觀評估。

So I think that all of the OEMs that are going to select our chipset with the [magna] with hiring with other Tier 1.

因此，我認為所有 OEM 廠商都會選擇我們的晶片組與 [magna] 並與其他一級供應商合作。

And those are really they are trusting global boundary that global will bring those chips to production.

這些確實是他們信任的全球邊界，全球將把這些晶片投入生產。

I believe it's not a major issue for us.

我相信這對我們來說不是一個主要問題。

Thank you.

謝謝。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Please go ahead with your question.

請繼續你的問題。

Hi, Kobi, hi, Karine.

嗨，科比，嗨，卡琳。

Kobi talked about some of the progress with hiring and way through in China.

科比談到了在中國招聘和發展方面取得的一些進展。

Can you just elaborate on the ramps that have time to revenue and what the how many programs that are those involved?

您能否詳細說明實現收入所需的時間以及涉及的項目有多少？

So we already stated that hiring.

所以我們已經說過招募了。

And we gave us a preliminary order for 2025 higher and it's $30 million with $10 million.

我們給了我們 2025 年更高的初步訂單，金額為 3000 萬美元，其中 1000 萬美元。

And we are now we're engaged with the fuel programs to make sure that the customers there will get and radars based on our chipset in this volume in 2025.

我們現在正在參與燃料計劃，以確保那裡的客戶能夠在 2025 年獲得基於我們晶片組的雷達。

Okay, and those are for automotive, Kobi?

好吧，那些是汽車用的，Kobe？

Yeah, some of them is, you know, is the tracks in there robo-taxis and we have a for a highway and water project in one of the ports of China full-track.

是的，其中一些是，你知道，是機器人出租車的軌道，我們在中國的一個港口有一個高速公路和水利項目的全軌道。

I would say that around 25% of it is the i's non-OEM, a well-known for passengers vehicles directly for passengers.

我想說，其中大約 25% 是 i 的非 OEM，這是一種直接面向乘客的知名乘用車。

Okay, great.

好的，太好了。

Very helpful color.

非常有用的顏色。

And then secondly, on the you mentioned the NVIDIA Omniverse element is our base radar, the kind of exclusive radar element there?

其次，您提到 NVIDIA Omniverse 元素是我們的基礎雷達，是那種專有的雷達元素？

Or are there multiple radar elements involved?

或涉及多個雷達元件？

Are they looking for imaging radar?

他們在尋找成像​​雷達嗎？

What's the color there on that partnership and inclusion?

這種夥伴關係和包容性是什麼顏色？

The only imaging radar audiology is the Albert's imaging radar filter is also low and made of their written for a rental belt, you know, with web low-end four-by-four radar out, but the high end imaging radar is only

唯一的成像雷達聽力學是艾伯特的成像雷達濾波器也低，並且是為租賃帶而寫的，你知道，用網絡低端四乘四雷達出來，但高端成像雷達只是

[hoping.]

[希望。

I think lastly, maybe beyond in China, can you talk about the significance of working with Horizon and Horizon away for working together in terms of further penetrating the China market versus OEM, working with the Tier ones like Horizon like Weifu's.

我想最後，也許在中國之外，您能否談談與Horizo​​​​n和Horizo​​​​n合作的重要性，以進一步滲透中國市場而不是OEM，與像威孚這樣的Horizo​​​​n這樣的Tier合作。

So we are not allowed to elaborate a lot about our operation there.

所以我們不被允許詳細說明我們在那裡的運作。

But what I can say is that it basically at horizon is like in NVIDIA.

但我能說的是，它基本上就像在 NVIDIA 中一樣。

So it's the ECU, they are not the Tier 1 day by the end of the day, there is the Tier 1 that's taking their chips and building the central compute and integrating our radar into this processor and the same as we have integration within NVIDIA.

因此，這是 ECU，他們最終不是 Tier 1，而是 Tier 1 使用他們的晶片構建中央計算並將我們的雷達集成到該處理器中，就像我們在 NVIDIA 中進行的集成一樣。

We have this there is this kind of integration with horizon, and we believe that this is a main condition for part of the OEMs in China.

我們和地平線有這種整合，我們認為這是中國部分整車廠的一個主要條件。

As you are probably aware, I think that the Chinese market is basically divided between and NVIDIA and horizon now controlling the steel market in China.

正如您可能知道的那樣，我認為中國市場基本上被 NVIDIA 和 Horizo​​n 瓜分，現在它們控制著中國的鋼鐵市場。

So with the fact that we are integrated with both of them, I think gives us a lot of advantage in this.

因此，由於我們與他們兩者整合，我認為這給我們帶來了許多優勢。

Okay.

好的。

Again, very helpful color.

再說一遍，非常有用的顏色。

Kobi, thanks.

科比，謝謝。

Jaime Perez, RF Lafferty.

海梅·佩雷斯，RF·拉弗蒂。

Please go ahead with your question.

請繼續你的問題。

So thank you and good day, everybody, and thanks for taking my question.

謝謝大家，大家好，也謝謝您提出我的問題。

I mean, over the last couple of quarters, we've seen a sentiment change for the EV early adopters and going more towards IT.

我的意思是，在過去的幾個季度中，我們看到電動車早期採用者的情緒發生了變化，並且更多地轉向 IT。

And I think hybrid is also gaining share.

我認為混合動力也正在獲得份額。

I mean, could you give us a little color what do you do you have any exposure to hybrids and ICE vehicles?

我的意思是，您能給我們透露一下您對混合動力汽車和內燃機汽車有什麼了解嗎？

And my follow-up question for that is a lot of EVs are focusing on affordability, especially with the Chinese relating to ship a low price Cosco.

我的後續問題是，許多電動車都關注可負擔性，特別是與中國遠洋運輸低價船有關。

Could you tell me what does that mean for your margins and pricing power?

您能告訴我這對您的利潤和定價能力意味著什麼嗎？

Thanks.

謝謝。

I think those are two great questions.

我認為這是兩個很好的問題。

So first, of all regarding the EV shift, though, I think that this is part of the reason for the delays.

首先，關於電動車的轉變，我認為這是延遲的部分原因。

So well, last year, the majority of the OEMs were focusing on moving almost totally to EV by 2030.

去年，大多數 OEM 廠商都致力於在 2030 年幾乎完全轉向電動車。

And according to that, they decided that the all of the new features, the like Level three and Level two plus would be launched a solely on EV.

據此，他們決定所有新功能，如第三級和第二級加，將僅在電動車上推出。

In last quarter in the last quarter of '23, the market strategically understood that the move to the shift to EV will take longer than expected due to price due to a customer's adoption due to the challenging problems and so on.

在2023年最後一個季度的最後一個季度，市場策略性地認識到，由於具有挑戰性的問題以及客戶採用的價格等原因，轉向電動車的轉變將比預期的時間更長。

And it basically broke all of those programs of Level 3 to be into a state that they were we evaluate and the schedule was the basically a delay as we see it by the end of Q1, maturity of the OEMs.

它基本上打破了所有 3 級計劃進入我們評估的狀態，並且時間表基本上是延遲，正如我們所看到的，到第一季末，原始設備製造商的成熟度。

A took a decision to launch those services on both EV and the regular engines as well as, of course, of the hybrid.

A 決定在電動車和普通引擎以及混合動力引擎上推出這些服務。

So from this perspective, there's no change right now.

所以從這個角度來看，現在沒有改變。

It's called the delay.

這就是所謂的延遲。

But right now we are on the go.

但現在我們正在路上。

The second question that you raised, I think is dramatically interesting.

我認為你提出的第二個問題非常有趣。

The price pressure for EV is really pushing forward essential that are cheaper and the imaging radar, I would say is dramatically cheaper than radar.

電動車的價格壓力確實推動了更便宜的技術的發展，我想說成像雷達比雷達便宜得多。

And we believe that this dramatically helps us, at least on the need to be a standout.

我們相信這對我們有很大幫助，至少在脫穎而出方面是如此。

And also for Level three, I think that our radar is the foldable better than other sensors.

對於第三級，我認為我們的雷達比其他感測器具有更好的可折疊性。

Is there basically you have a we know you have a price advantage versus radar.

我們知道您相對於雷達有價格優勢嗎？

Now, most of it like I said most of the focus has been on passenger.

現在，正如我所說，大部分焦點都集中在乘客身上。

I think on the electric vehicle, commercial market has been doing a little bit better.

我認為在電動車方面，商用市場做得更好一些。

I mean, could you maybe talk about the initiative in the commercial or transit market.

我的意思是，您能否談談商業或運輸市場的舉措。

If you have any?

如果你有的話？

Thanks.

謝謝。

We are not focusing.

我們沒有集中註意力。

It's not us, but our Tier 1 most of our Tier 1 are not focusing on that.

這不是我們的問題，但我們的第一層大多數人沒有註意到這一點。

So on a case on the western world and China, we won a project with a it, the tracks, the company and in their hiring also have some trucks the project, but outside of China to modernize and not bidding on any drug as of now.

因此，在西方世界和中國的一個案例中，我們贏得了一個項目，包括軌道、公司，並且在他們的僱用中也有一些卡車該項目，但在中國境外進行現代化改造，目前尚未投標任何藥物。

And the volume in trucks is lower adaptation and the cost of integration is higher and the volume is not merely make it economical for these kinds of solutions as of now.

卡車的體積適應性較低，整合成本較高，體積不僅使目前此類解決方案經濟。

Okay, I'll pass it back.

好的，我會傳回來的。

Thanks for the questions.

感謝您的提問。

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

Please go ahead with your question.

請繼續你的問題。

Thanks for taking my question.

感謝您提出我的問題。

I was hoping you could maybe provide a little more detail around investments.

我希望您能提供更多有關投資的細節。

Do you expect to make or need to make as you move into production in the back half of this year.

您預計在今年下半年投入生產時會製作或需要製作嗎？

And I think to your Q1 to support through the node issue?

我認為你的 Q1 是透過節點問題來支持？

Thanks.

謝謝。

So majority or basically all of our expenses towards production were already done this quarter Q1, we had less an item that was related to increasing the capacity of the burning boats.

因此，我們大部分或基本上所有的生產費用已經在第一季完成，我們減少了與增加燃燒船隻容量相關的項目。

So we will be able to supply a much higher volumes next year.

因此，我們明年將能夠供應更多的數量。

But all of the expenses that are related to production, which are majority of the CapEx already done and now behind us.

但所有與生產相關的費用，其中大部分資本支出已經完成，現在已經過去了。

And so I think we are ready for a revenue.

所以我認為我們已經準備好要獲得收入了。

Great.

偉大的。

Thank you.

謝謝。

Ladies and gentlemen, with that being our final question for today, we will be ending today's conference call as well as today's presentation.

女士們先生們，這是我們今天的最後一個問題，我們將結束今天的電話會議和今天的演講。

We thank everyone for joining.

我們感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。