Arbe Robotics Ltd (ARBE) 2024 Q2 法說會逐字稿

Good day, and welcome to the Arbe Robotics second quarter 2024 financial results conference call.

美好的一天，歡迎參加 Arbe Robotics 2024 年第二季財務業績電話會議。

(Operator Instructions).

（操作員說明）。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Miri Segal, CEO of MS-IR.

我現在想將會議交給 MS-IR 執行長 Miri Segal。

Please go ahead.

請繼續。

Thank you, operator, and everyone, for joining us today.

感謝運營商和大家今天加入我們。

Welcome to Arbe's second quarter 2024 financial results conference call.

歡迎參加 Arbe 2024 年第二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 statements, and the safe harbor statement outlined in today's earnings 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陳述，今天的收益發布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 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 a 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 in more detail.

然後我們將電話轉給財務長 Karine Pinto-Flomenboim，她將更詳細地審查財務狀況。

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'd like to turn it over to Kobi Marenko, Arbe's CEO.

說到這裡，我想將其交給 Arbe 執行長 Kobi Marenko。

Kobi, please go ahead.

科比，請繼續。

Thank you, Miri.

謝謝你，米里。

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

大家早安，感謝您加入我們。

This conference call, we are happy to share significant progress and market endorsement from major industry players.

在這次電話會議中，我們很高興分享主要行業參與者的重大進展和市場認可。

We've hit a major milestone by securing two key customers for the development of our imaging radar for production.

透過確保兩個關鍵客戶來開發我們的成像雷達並投入生產，我們實現了一個重要的里程碑。

We see these selections a strong endorsement of Arbe's technological superiority and evidence that we are strategically positioned and on track to capture additional OEMs this year.

我們認為這些選擇是對 Arbe 技術優勢的強烈認可，也證明我們已做好策略定位，並有望在今年獲得更多 OEM 廠商。

Let me elaborate on the two important announcements.

讓我詳細介紹一下這兩個重要的公告。

First, one of the top 10 OEMs in the world selected Arbe's chipset for the development of its next-gen imaging radar gears for serial production.

首先，全球十大 OEM 廠商之一選擇了 Arbe 的晶片組來開發其下一代成像雷達齒輪並進行大量生產。

This leading OEM has confirmed that preparation for serial production will begin immediately.

這家領先的 OEM 已確認將立即開始批量生產的準備工作。

The decision came after a deep competitive evaluation and careful field testing of our chipset providing just how reliable and high-performing our technology is.

這項決定是在對我們的晶片組進行深入的競爭評估和仔細的現場測試後做出的，這證明了我們的技術的可靠性和高性能。

The adoption of Arbe's technology by this major automotive OEM not only validates our innovative solutions, but also opens a significant opportunity.

這家主要汽車原始設備製造商採用 Arbe 的技術不僅驗證了我們的創新解決方案，而且還帶來了重大機會。

Our (technical difficulty) chipset can be used across a wide range of vehicle classes, boosting market appeal and potential for broad adoption.

我們的（技術難度）晶片組可用於多種車輛類別，提高市場吸引力和廣泛採用的潛力。

Secondly, we are proud to be teaming up with a well-known European truck manufacturer who will revolutionize truck safety using our imaging radar.

其次，我們很自豪能夠與一家知名的歐洲卡車製造商合作，他們將使用我們的成像雷達徹底改變卡車安全性。

We are gearing up to include our radar in the next-generation [sensor] suit, a big step forward in the move to more advanced technology.

我們正準備將我們的雷達納入下一代[感測器]套裝中，這是向更先進技術邁進的一大步。

The trucking industry faces distinctive challenges that our imaging radar technology is designed to tackle including larger vehicle sizes, longer braking distances and greater collision potential.

卡車運輸行業面臨著獨特的挑戰，我們的成像雷達技術旨在解決這些挑戰，包括更大的車輛尺寸、更長的煞車距離和更大的碰撞可能性。

These factors make it essential for trucks to operate safely in all weather and lighting conditions.

這些因素使得卡車在所有天氣和照明條件下安全運行至關重要。

As with did OEM selection, our imaging radar went through rigorous testing and evaluation before being selected and was compared directly against other front-end sensors like lidar and conventional radar.

與 OEM 選擇一樣，我們的成像雷達在選擇之前經過了嚴格的測試和評估，並直接與雷射雷達和傳統雷達等其他前端感測器進行比較。

We view these selections as an acknowledgment of Arbe's technological edge, highlighting the confidence that leading manufacturers have in our technology.

我們認為這些選擇是對 Arbe 技術優勢的認可，凸顯了領先製造商對我們技術的信心。

These approvals not only validate our innovative solutions, but also demonstrate that our technology stands out in a competitive market.

這些批准不僅驗證了我們的創新解決方案，還表明我們的技術在競爭激烈的市場中脫穎而出。

Further, they serve as a clear indicator that we are well positioned to increase our market share and appeal to other key OEMs.

此外，它們清楚地表明我們處於有利地位，可以增加我們的市場份額並吸引其他主要原始設備製造商。

The auto industry continues to constantly evolve with new safety standards and regulatory changes driving widespread demand for high-channel count solutions.

汽車產業不斷發展，新的安全標準和監管變化推動了對高通道數解決方案的廣泛需求。

Since Arbe's solution is widely recognized by leading OEMs as the radar with the largest channel array at the best price per channel, we believe that the opportunities are only beginning to emerge.

由於 Arbe 的解決方案被領先的 OEM 廣泛認可為具有最大通道陣列、每通道價格最優惠的雷達，因此我們相信機會才剛開始出現。

In fact, in Q2, we supported the final stages of OEM RFQs processes in collaboration with our Tier-1 Magna, HiRain, Weifu and Sensrad, and we look forward to sharing more updates very soon.

事實上，在第二季度，我們與一級麥格納、經緯、威孚和 Sensrad 合作，為 OEM 詢價流程的最後階段提供了支持，我們期待很快分享更多更新。

We are actively engaged in obtaining four design wins with leading global automakers, and we expect those decisions in the coming months.

我們正在積極爭取與全球領先汽車製造商取得四項設計勝利，我們預計將在未來幾個月內做出這些決定。

Finally, we are happy to report that we have successfully begun trading on the Tel Aviv Stock Exchange.

最後，我們很高興地報告，我們已成功開始在特拉維夫證券交易所進行交易。

In June, we raised approximately $30 million through a convertible bond offering, and we expect it will help increase our cash reserves in anticipation of upcoming OEM selection.

6 月份，我們透過可轉換債券發行籌集了約 3000 萬美元，我們預計這將有助於增加我們的現金儲備，以應對即將到來的 OEM 選擇。

The proceeds from the bond offering we held in escrow and will be released upon meeting certain conditions by March '21, 2025.

我們託管的債券發行收益將於 2025 年 3 月 21 日滿足某些條件後釋放。

We are progressing in fulfilling the conditions for the release of the fund, and we will be sharing updates along the way.

我們正在努力滿足發放基金的條件，我們將在此過程中分享最新情況。

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

現在我想將其交給我們的財務長卡琳 (Karine) 來檢查我們的財務狀況。

Thank you, Kobi, and hello, everyone.

謝謝你，Kobe，大家好。

I'd like to review our financial results for the second quarter of 2024 in more details.

我想更詳細地回顧一下我們 2024 年第二季的財務表現。

Total revenue in the second quarter was $0.4 million, an increase from $0.3 million in Q2 2023.

第二季的總收入為 40 萬美元，較 2023 年第二季的 30 萬美元有所增加。

Backlog as of June 30 was $0.8 million and is expected to be recognized as revenue during 2024.

截至 6 月 30 日，積壓訂單為 80 萬美元，預計將在 2024 年確認為收入。

Negative gross margin for Q2 2024 was 9.5% compared to a negative gross margin of 1% in Q2 2023.

2024 年第二季的負毛利率為 9.5%，而 2023 年第二季的負毛利率為 1%。

The increase in the negative gross margin was primarily related to a headcount increase.

負毛利率的增加主要與員工人數的增加有關。

Moving on to expenses.

繼續討論支出。

In Q2 2024, we reported total operating expenses of $11.6 million compared to $12.6 million in Q2 2023.

2024 年第二季度，我們報告的總營運費用為 1,160 萬美元，而 2023 年第二季為 1,260 萬美元。

The decrease in operating expenses was primarily driven by a decrease in research and development expenses as we progress towards finalization of our production and to a lesser extent, a decrease in our labor cost and favorable exchange rate impact.

營運費用的減少主要是由於我們在完成生產過程中研發費用的減少，以及勞動成本的下降和有利的匯率影響。

Operating loss in the second quarter of 2024 was $11.6 million, a decrease from second quarter of 2023 operating loss of $12.6 million.

2024 年第二季的營運虧損為 1,160 萬美元，較 2023 年第二季的營運虧損 1,260 萬美元有所減少。

Net loss in the second quarter of 2024 decreased to $11.8 million compared to a net loss of $12.6 million in the second quarter of 2023.

2024 年第二季的淨虧損降至 1,180 萬美元，而 2023 年第二季的淨虧損為 1,260 萬美元。

Net loss in the second quarter of 2024 included $0.1 million of financial expenses.

2024 年第二季的淨虧損包括 10 萬美元的財務費用。

Adjusted EBITDA, a non-GAAP measurement, which excludes expenses for share-based compensation and for non-recurring items, was a loss of $7.5 million in Q2 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 年第二季虧損 750 萬美元。

This is compared to a loss of $8.4 million in the second quarter of 2023.

相比之下，2023 年第二季虧損 840 萬美元。

Moving to our balance sheet.

轉向我們的資產負債表。

As of June 30, 2024, and Arbe had $8.8 million in cash and cash equivalents and $17.7 million in short-term bank deposits.

截至2024年6月30日，Arbe擁有880萬美元的現金和現金等價物以及1,770萬美元的短期銀行存款。

In June, we issued a convertible bond in the principal amount of ILS110 million or approximately $30 million.

6 月份，我們發行了本金額為 1.1 億以色列新謝克爾（約 3,000 萬美元）的可轉換債券。

The proceeds from the sale of the bond which were approximately ILS112.4 million or approximately $30.5 million are held in escrow and will be released upon meeting certain conditions by March 31, 2025.

出售債券的收益約為 1.124 億以色列新謝克爾（約 3,050 萬美元）由託管機構持有，並將在 2025 年 3 月 31 日滿足某些條件後釋放。

As Kobi stated, we are in the process of fulfilling the conditions for the rate and we will be sure to update as we progress.

正如科比所說，我們正在滿足費率條件，我們一定會隨著進展而更新。

With respect to our guidance for the year, we would like to reiterate what we 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 four design-ins with automakers remains unchanged, as we observed continued strong interest in our market-leading offering.

我們與汽車製造商實現四項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 OEM have shifted their decision time lines from late 2023 to '24.

儘管 OEM 已將決策時間軸從 2023 年底推遲到 24 年，但我們還是加強了在所有詢價活動中的定位。

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

預計2024年營收將與2023年持平，隨後2025年營收成長。

These revenue projections are based on our expectation that we will 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我們預計將在 2024 年下半年全面投產，以及我們決定專注於將晶片組投入生產。

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

(Operator Instructions).

（操作員說明）。

Joshua Buchalter, TD Cowen.

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

Hey Guys, Good afternoon, thanks for taking my question, congrats on all the progress intra-quarter.

嘿夥計們，下午好，感謝您提出我的問題，祝賀季度內的所有進展。

For my first one, I wanted to ask about the selection of the top 10 OEM.

對於我的第一個問題，我想詢問前 10 名 OEM 的選擇。

Obviously, a great sign there.

顯然，這是一個很好的跡象。

You mentioned in the press release when it was initially signed it aimed at serial production.

您在新聞稿中提到，最初簽署時的目標是大量生產。

Can you maybe walk us through some of the milestones that need to be hit and when you -- to enter serious production and when you would expect that decision to be made?

您能否向我們介紹一下需要達到的一些里程碑，以及您何時進入認真的製作以及您預計何時做出決定？

Thank you.

謝謝。

So further on the decision to go to production with this radar was already made.

因此，進一步決定將這款雷達投入生產。

So what the process that we are going through now is basically that this OEM has the internal Tier-1 that takes reference design from us adapted to their needs and start developing a full radar model for production based on that.

因此，我們現在正在經歷的過程基本上是，該 OEM 擁有內部一級，可以從我們那裡獲取適合其需求的參考設計，並開始開發基於該模型的完整雷達模型以進行生產。

And based on the time line of this process, the OEM will decide on the exact year model or the exact timing of full production.

根據此過程的時間線，原始設備製造商將決定確切的年份型號或全面生產的確切時間。

But right now, it's basically -- the train is already moving, and we know where it should go.

但現在，基本上——火車已經在行駛，我們知道它應該開往哪裡。

It's just a matter of how long will it take to bring up this kind of production -- full production.

問題只是需要多長時間才能實現這種生產——全面生產。

We have our estimations from the current Tier-1 that we're already working with them.

我們根據當前一級的估計，我們已經在與他們合作。

So we expect to start gaining revenues from this win by end of '25, early '26.

因此，我們預計將在 25 年底、26 年初開始從這場勝利中獲得收入。

Okay, guys, thank you for all the color there.

好的，夥計們，謝謝你們提供的所有顏色。

And then on the goal of achieving the four design-in this year, any more details you can share on what types of applications and maybe time lines or revenue you would expect if you are indeed able to convert those wins that you're in discussions for?

然後，關於今年實現四項設計的目標，如果您確實能夠將您正在討論的那些成果轉化為成果，您可以分享更多關於應用程式類型的詳細信息，以及您期望的時間表或收入為了？

So first of all, we already achieved one out of these four, so we're still left with three.

首先，我們已經實現了這四個中的一個，所以我們還剩下三個。

So 25% already done.

所以 25% 已經完成了。

And we are now in last phases with few major RFQs.

我們現在處於最後階段，幾乎沒有主要的詢價。

Actually, one of them stated for us in the last few weeks that we are in a firm position to win this contract.

事實上，其中一位在過去幾週內向我們表示，我們有能力贏得這份合約。

With all of the RFPs that we are now in final stages, we expect Tier model to be 28, application to be safety, the new regulation for emergency braking and hence driving mainly on the highway, and we expect to start gaining revenues from that since its Tier model 28, we will start shipping chips to

考慮到我們現在處於最後階段的所有 RFP，我們預計 Tier 型號將達到 28，應用程式將是安全的，緊急煞車的新規定，因此主要在高速公路上行駛，我們預計將開始從中獲得收入其第28 級型號，我們將開始將晶片運送到

[Magna].

[麥格納]。

This is our main Tier-1 for those projects by the second half of '26.

這是我們 26 年下半年這些項目的主要一級。

Thank you for that Kobi, last one for me.

謝謝你送給我的最後一隻科比。

Last one for me.

最後一張給我。

I mean you mentioned in the press release reaffirming the 2024 annual revenue in line with 2023, followed by revenue growth in 2025.

我的意思是，您在新聞稿中提到，重申 2024 年的年度收入與 2023 年保持一致，然後是 2025 年的收入成長。

Any initial guardrails or a range of revenue growth you'd like to provide for 2025?

您希望為 2025 年提供任何初始保護措施或一系列收入成長嗎？

So we have a preliminary orders from China and HiRain and Weifu both are in a great progress towards production.

所以我們已經收到了來自中國的初步訂單，恆潤和威孚都在生產方面取得了巨大進展。

So we would expect to get those revenues that HiRain and Weifu indicated for us for '25.

因此，我們期望獲得恆潤和微孚為我們提供的 25 年收入。

I can also add to that, that Weifu just announced a few weeks ago that they spin off their radar business into a new company.

我還可以補充一點，威孚公司幾週前才宣布，他們將雷達業務剝離到一家新公司。

And Bosch is one of the investors in this subsidiary.

博世是該子公司的投資人之一。

So we expect it also to help Weifu gain more business and gain more traction in the Chinese market.

因此，我們預計它也將幫助威孚在中國市場獲得更多業務並獲得更多吸引力。

So overall, our target is the numbers that we are in a preliminary order from the Chinese market more or less.

所以總的來說，我們的目標是我們從中國市場初步訂購的數字或多或少。

Thanks, Kobi.

謝謝，Kobe。

Suji Desilva, ROTH Capital.

蘇吉·德西爾瓦，羅仕資本。

Hi, Kobi.

嗨，科比。

Congratulations on the progress here.

恭喜這裡的進展。

Kobi, now that you've had some wins here, maybe you can revisit the key factors you're seeing in selection of Arbe's radar?

Kobi，現在您已經在這裡取得了一些勝利，也許您可以重新審視您在選擇 Arbe 雷達時看到的關鍵因素？

And maybe you can update us on the competitive landscape that you're seeing three months later?

也許您可以向我們介紹三個月後您所看到的競爭格局的最新情況？

So the main advantage of automotive and the main disadvantage of automotive is that the landscape is not changing.

因此，汽車的主要優點和主要缺點是景觀沒有改變。

So what we saw three months ago and six months ago and actually a year ago is the same that we see today because of the fact that it's so complicated to bring chips to production in automotive.

因此，我們三個月前、六個月前以及實際上一年前看到的情況與我們今天看到的情況相同，因為將晶片投入汽車生產非常複雜。

Actually, when we started this company seven or years ago, if we even imagine how complicated would it be to take three chips to production in automotive, we would probably choose a much easier industry like pharma.

實際上，當我們七年前創辦這家公司時，如果我們想像一下將三塊晶片用於汽車生產有多複雜，我們可能會選擇像製藥這樣更容易的行業。

So we don't see here a huge difference since last quarter.

因此，自上季度以來，我們沒有看到巨大的差異。

So what we see is a major shift in the understanding of the OEM there's a multichannel radar -- a high multichannel radar is must for any kind of safety application.

因此，我們看到的是 OEM 對多通道雷達的理解發生了重大轉變——高水平多通道雷達對於任何類型的安全應用都是必要的。

And the fact that (technical difficulty) stated on stage that 32-by-32 channels radar is a minimum.

事實上（技術難度）在台上表示32×32通道雷達是最低限度。

And the fact that we see major RFPs that basically putting a line that's below that, you cannot even get to the RFP.

事實上，我們看到主要的 RFP 基本上都在該線以下，您甚至無法訪問 RFP。

This is the major change that we saw in the industry since the beginning of this year, and we are seeing it more and more companies that took lower channel count like 6-by-8 in China or 12-by-15 in Europe understand that this is not sufficient that basically, if you want to see a potential that is coming out of his car on the highway or you want to see tire on the road on the highway near the guardrail or you want to drive in an urban area and to understand that there is a bridge or there is a pedestrian below the bridge or there is a motorcycle on the side of the road.

這是我們今年年初以來在行業中看到的重大變化，我們看到越來越多採用較低通道數的公司（例如中國的 6 x 8 或歐洲的 12 x 15）了解這一點這還不夠，基本上，如果您想在高速公路上看到他的汽車的潛力，或者您想在高速公路上靠近護欄的道路上看到輪胎，或者您想在市區行駛並了解有一座橋或橋下有行人或路邊有一輛摩托車。

It's clear for everyone that the amount of channel that is less than 32-by-32 is meaningless.

大家都很清楚，小於 32×32 的頻道數是沒有意義的。

Also the fact that we are able to bring down chipset that's allowing Magna to sell and HiRain to sell a radar in a price that is similar to the 12-by-16, I think, also makes the difference.

此外，我認為，我們能夠降低晶片組的數量，讓 Magna 和 HiRain 能夠以與 12×16 類似的價格出售雷達，這也是造成差異的原因。

And this is our current advantage as opposed to mobilize that their product is much more expensive and much more power hungry, which is also a major issue in today's car.

這是我們目前的優勢，而不是動員他們的產品更昂貴，更耗電，這也是當今汽車的一個主要問題。

Thank you for tha, detailed answer to that.

謝謝您的詳細回答。

And then maybe you can talk about the trucking opportunity separate from the auto opportunity and distinguish the addressable market size.

然後也許您可以將卡車運輸機會與汽車機會分開討論，並區分潛在的市場規模。

I'm sure it's different units.

我確信這是不同的單位。

Understanding the unit TAM and then the pricing difference?

了解單位 TAM 和定價差異？

And maybe is the content per truck one radar per truck similar to cars?

也許每輛卡車的內容每輛卡車一個雷達與汽車類似？

So truck basically is the lower volume and some of the Tier-1 are not even selling to trucks.

因此卡車基本上銷量較低，一些一級甚至不向卡車銷售。

So the price there of the radar is more than regular automotive, but the volume is much lower.

所以雷達的價格比普通汽車高，但體積低很多。

And the patient that is needed is also much more important in regular automotive in private vehicles.

在私家車的常規汽車中，所需的患者也更為重要。

So truck is not a major part of our business and won't be a major part of our business.

因此，卡車不是我們業務的主要部分，也不會成為我們業務的主要部分。

But I think that the fact that the truck company selected our radar means that this is basically the highest level of safety that is needed in the market.

但我認為卡車公司選擇我們的雷達這一事實意味著這基本上是市場所需的最高安全等級。

And I think for us, it's a major milestone.

我認為對我們來說，這是一個重要的里程碑。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then maybe a last question on the financials or just the I think Karine, you mentioned the headcount went up.

然後也許是關於財務的最後一個問題，或者只是我認為卡琳，你提到員工人數增加了。

I'm just curious what areas of the company are you increasing headcount?

我只是好奇你們公司在哪些領域增加了員工人數？

Thanks.

謝謝。

So the headcount went up in our cost of sale, which is mainly our customer support.

因此，人員數量增加了我們的銷售成本，這主要是我們的客戶支援。

When we actually finalize our production stages and we want to be ready for the next stage of full production, serial production and also supporting our customer support.

當我們真正完成生產階段時，我們希望為下一階段的全面生產、大量生產以及支援我們的客戶支援做好準備。

So these are mainly the areas where we boost our headcount.

因此，這些主要是我們增加員工人數的領域。

Thanks, guys.

謝謝，夥計們。

Thanks Suji

謝謝蘇吉

(Operator Instructions).

（操作員說明）。

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to get a sense for -- as you look into the pipeline a little bit beyond the 4 design-ins that you're targeting for this year.

我只是想了解一下——當你在今年目標的 4 個設計之外進一步研究管道時。

What does the pipeline look like geographically into 2025?

到 2025 年，管道在地理上會是什麼樣子？

So the current pipeline of I would say like this short term customers that we assume we will have wins in Q3 and Q4 all of them are headquarters European, of course, they are selling cars all over the world.

因此，我想說的是，我們認為我們將在第三季和第四季取得勝利的短期客戶的當前管道，所有這些客戶的總部都在歐洲，當然，他們在世界各地銷售汽車。

For next year, we see of course, China and Japan as the major countries and Europe just after that.

對於明年，我們當然認為中國和日本是主要國家，其次是歐洲。

Great.

偉大的。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

I will turn the conference back over to Kobi Marenko for any closing remarks.

我將把會議轉交科比·馬連科 (Kobi Marenko) 發表閉幕詞。

So thank you, everybody, for joining us today, and we look forward to update you shortly on the new news coming from us.

感謝大家今天加入我們，我們期待盡快向您通報我們的新消息。

And thank you, everyone.

謝謝大家。

And thank you.

謝謝你。

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。