Arbe Robotics Ltd (ARBE) 2025 Q1 法說會逐字稿

Good day, and welcome to the Arbe Robotics first quarter 2025 earnings results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Arbe Robotics 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Miri Segal of Arbe's Investor Relations. Please go ahead.

現在我想將會議交給 Arbe 投資者關係部的 Miri Segal。請繼續。

Thank you, operator, and good day, everyone. 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 press release also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

謝謝接線員，大家好。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，今天的新聞稿中概述的安全港聲明也適用於本次電話會議。如果您尚未收到該新聞稿的副本，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. Then we will turn the call over to Karine Pinto-Flomenboim, CFO, who will review the financials. Finally, we will open the call up for the question-and-answer session.

今天，Arbe 的聯合創始人兼執行長 Kobi Marenko 將與我們一起開始電話會議，介紹業務最新情況。然後，我們將電話轉給財務長 Karine Pinto-Flomenboim，她將審查財務狀況。最後，我們將開始問答環節。

With that, I'd like to turn it over to Kobi Marenko. Kobi, please go ahead.

現在，我想把發言權交給 Kobi Marenko。科比，請繼續。

Good morning, everyone, and thank you for joining us. I will begin by reviewing some of our recent business highlights. During the first quarter, we continued to make meaningful progress in Europe, getting closer to potential design wins with leading OEMs. We secured radar systems orders supporting advanced data collection program. The OEM's data collection program is one of the final steps in the automotive sourcing process.

大家早安，感謝大家的收看。我將首先回顧我們最近的一些業務亮點。第一季度，我們在歐洲繼續取得有意義的進展，距離與領先的原始設備製造商達成潛在的設計勝利越來越近。我們獲得了支援先進數據收集計劃的雷達系統訂單。OEM 的資料收集程序是汽車採購流程的最後步驟之一。

We are seeing increased investment from our Tier 1s and from OEMs who are developing their own AI-driven perception algorithms that leverage our radar data. These initiatives are aligned with the path to OEM selection and we anticipate that Arbe's radar technology will serve as a key enabler for high-volume 2028 passenger vehicle platforms in Europe. We believe that our solid balance sheet, coupled with the capital we previously raised, positions us well to support these programs with revenues projected to begin in 2027.

我們看到來自一級供應商和原始設備製造商的投資不斷增加，他們正在開發利用我們的雷達數據的自己的人工智慧驅動的感知演算法。這些舉措與 OEM 選擇的路徑一致，我們預計 Arbe 的雷達技術將成為歐洲 2028 年大批量乘用車平台的關鍵推動因素。我們相信，我們穩健的資產負債表，加上我們先前籌集的資金，使我們能夠很好地支持這些項目，預計收入將於 2027 年開始。

In China, our Tier 1 HiRain technology reached a critical milestone in April with the launch of its LRR615, a production-intent long-range imaging radar system built on our high-performance chipset. Designed for the demanding needs of the Chinese autonomous driving market, the LRR615 offers ultra-high resolution and dependable performance in all weather and lighting conditions. This achievement highlights the industrial scalability of our platform and demonstrates our partners' capability to bring Arbe-powered solutions to the market.

在中國，我們的一級供應商恆潤科技於四月份推出了基於我們高性能晶片組的量產型遠端成像雷達系統 LRR615，標誌著恆潤科技邁向了一個重要的里程碑。LRR615 專為滿足中國自動駕駛市場的嚴苛需求而設計，可在所有天氣和光照條件下提供超高解析度和可靠的性能。這項成就凸顯了我們平台的工業可擴展性，並展示了我們的合作夥伴將 Arbe 支援的解決方案推向市場的能力。

We also saw continued traction beyond the automotive sector. Our Tier 1 Sensrad placed a significant order for over 1,000 imaging radar chips to serve diverse customers across multiple use cases. This order reflects growing commercial demand and the versatility of our technology in broader industrial and mobility markets.

我們也看到汽車產業以外的領域也持續受到青睞。我們的一級供應商 Sensrad 訂購了超過 1,000 個成像雷達晶片，以滿足多種用例的不同客戶的需求。該訂單反映了不斷增長的商業需求以及我們的技術在更廣泛的工業和行動市場中的多功能性。

One of the most significant collaborations in the first quarter was with NVIDIA, a leader in advanced in-vehicle computing. Through its DRIVE platform, NVIDIA is a front runner in providing the computing backbone for autonomous driving and ADAS together with advanced radar-based free space mapping and AI-driven precision capabilities, a critical enabler for next-generation autonomous systems.

第一季最重要的合作之一是與先進車載運算領域的領導者 NVIDIA 的合作。透過其 DRIVE 平台，NVIDIA 在提供自動駕駛和 ADAS 運算主幹以及先進的基於雷達的自由空間測繪和 AI 驅動的精確功能方面處於領先地位，這是下一代自動駕駛系統的關鍵推動因素。

By integrating our high-resolution imaging radar with the NVIDIA DRIVE AGX platform, we are delivering a powerful combination of sensing and computing performance. This collaboration was permanently featured at CES 2025, where Arbe showcased the integration in real-world driving scenario. It's a strong validation of our technology and a clear signal of our expanding role in the software-defined vehicle ecosystem.

透過將我們的高解析度成像雷達與 NVIDIA DRIVE AGX 平台結合，我們提供了強大的感測和運算性能組合。此次合作將在 2025 年國際消費電子展 (CES 2025) 上永久展示，Arbe 展示了其在現實駕駛場景中的整合。這是對我們技術的有力驗證，也是我們在軟體定義汽車生態系統中作用不斷擴大的明確訊號。

Since January, we've demonstrated what we believe is the most advanced radar solution available at premier automotive trade shows across China, Japan, Germany and the United States, featuring on-chip super resolution processing and real-time performance at 20 frames per second, our perception radar sets a new industry benchmark to radar image quality. The response from OEMs and Tier 1s has been overwhelmingly positive, further reinforcing our leadership in next-generation radar sensing.

自一月份以來，我們在中國、日本、德國和美國的頂級汽車貿易展上展示了我們認為最先進的雷達解決方案，該解決方案具有片上超分辨率處理和每秒 20 幀的實時性能，我們的感知雷達為雷達圖像質量樹立了新的行業標桿。原始設備製造商和一級供應商的反應非常積極，進一步鞏固了我們在下一代雷達感測領域的領導地位。

Finally, in January 2025, we successfully raised $33 million through an underwriting registered direct offering, including a $4 million over-allotment option fully exercised by the underwriters led by Canaccord Genuity.

最終，在2025年1月，我們透過承銷註冊直接發行成功籌集了3,300萬美元，其中包括由Canaccord Genuity牽頭的承銷商完全行使的400萬美元超額配售選擇權。

In addition, in January 2025, $21.5 million was released to Arbe from the escrow account following the conversion of convertible bonds we issued on the Tel Aviv Stock Exchange in 2024. This capital strengthens our balance sheet and enhances our financial stability as we scale operations, invest in productization and support expanding global engagement.

此外，2025 年 1 月，在我們於 2024 年在特拉維夫證券交易所發行的可轉換債券轉換後，從託管帳戶中向 Arbe 發放了 2,150 萬美元。隨著我們擴大經營規模、投資產品化並支持不斷擴大的全球參與，這些資本增強了我們的資產負債表並提高了我們的財務穩定性。

In closing, the progress we've made across OEM partnerships, Tier 1 integrations and cross-sector adoption demonstrates the maturity of our execution and the strength of our ecosystem. Based by a solid financial foundation, we are positioned to lead the industry in the adoption of ultra high-resolution radar and unlock long-term value for our stakeholders.

最後，我們在 OEM 合作夥伴關係、一級整合和跨行業採用方面取得的進展證明了我們執行的成熟度和生態系統的實力。憑藉雄厚的財務基礎，我們有能力引領業界採用超高解析度雷達，並為我們的利害關係人創造長期價值。

We look forward to sharing more as we continue to move forward. Now, I'd like to turn it over to our CFO, Karine to go over the financials.

我們期待在繼續前進的過程中分享更多。現在，我想把這個任務交給我們的財務長 Karine 來處理財務狀況。

Thank you, Kobi, and hello, everyone. Let me review our financial results for the first quarter of 2025 in more detail. Revenue for Q1 2025 were $0.04 million compared to $0.1 million in Q1 2024. Backlog as of March 31, 2025, was $0.25 million. Gross profit for Q1 2025 was negative $0.3 million, unchanged from Q1 2024, primarily reflecting the impact of fixed cost components giving reduced revenue year-over-year.

謝謝你，Kobe，大家好。讓我更詳細地回顧一下我們 2025 年第一季的財務表現。2025 年第一季的營收為 0.04 萬美元，而 2024 年第一季的營收為 0.1 萬美元。截至 2025 年 3 月 31 日的積壓訂單為 25 萬美元。2025 年第一季的毛利為負 30 萬美元，與 2024 年第一季持平，主要反映了固定成本組成部分的影響，導致營收年減。

Turning to expenses. Total operating expenses for Q1 2025 were $13.1 million compared to $12.5 million in Q1 2024. The increase was primarily driven by a onetime expense associated with the progression of our chip development towards final production, most notably tape-out.

談到費用。2025 年第一季的總營運費用為 1,310 萬美元，而 2024 年第一季為 1,250 萬美元。這一增長主要是由於我們的晶片開發向最終生產（最顯著的是流片）進展過程中產生的一次性費用所致。

A decrease in noncash share-based compensation expenses related to the finalization of certain vesting periods was offset by year-over-year provision adjustment. Operating loss for the first quarter of 2025 was $13.4 million compared to a $12.8 million loss in the first quarter of 2024.

與某些歸屬期的最終確定相關的非現金股權激勵費用的減少被同比撥備調整所抵消。2025 年第一季的營業虧損為 1,340 萬美元，而 2024 年第一季的營業虧損為 1,280 萬美元。

Adjusted EBITDA, a non-GAAP measurement, which excludes expenses for noncash share based compensation and for nonrecurring items, was a loss of $9.7 million in Q1 of 2025 compared to a loss of $8.5 million in the first quarter of 2024. We believe that this non-GAAP measurement is important in management's evaluation of our use of cash and in planning and evaluating our cash requirements for the coming period.

調整後 EBITDA 是非 GAAP 衡量指標，不包括非現金股份薪酬和非經常性項目的費用，2025 年第一季虧損 970 萬美元，而 2024 年第一季虧損 850 萬美元。我們認為，這種非公認會計準則衡量方法對於管理層評估我們的現金使用情況以及規劃和評估未來期間的現金需求非常重要。

Net loss in the first quarter of 2025 was $13.8 million compared to a net loss of $12.8 million in the first quarter of 2024. As of March 31, 2025, Arbe held $36.7 million in cash and cash equivalents and short-term bank deposits and $35.2 million in long-term bank deposits. With respect to our guidance, we would like to reiterate what we previously said. Arbe's leading radar technology remains a top priority for key decision makers in the automotive industry.

2025 年第一季淨虧損為 1,380 萬美元，而 2024 年第一季淨虧損為 1,280 萬美元。截至 2025 年 3 月 31 日，Arbe 持有 3,670 萬美元的現金和現金等價物及短期銀行存款以及 3,520 萬美元的長期銀行存款。關於我們的指導，我們想重申我們之前所說的話。Arbe 領先的雷達技術仍然是汽車行業關鍵決策者的首要考慮因素。

Recent cash infusion totaling $70 million further underscore investors' confidence in our market potential and growth trajectory. While broader economic shifts have led to short-term delays in automakers rollout of advanced driver assist systems, decision time lines have been extended. As a result, Arbe continues to engage closely with industry leaders, advancing through RFQ stages and strengthening its position for adoption.

最近總計 7000 萬美元的現金注入進一步強調了投資者對我們的市場潛力和成長軌蹟的信心。雖然更廣泛的經濟變化導致汽車製造商推出高級駕駛輔助系統出現短期延遲，但決策時間已延長。因此，Arbe 繼續與行業領導者密切合作，推進 RFQ 階段並加強其採用地位。

We continue with our goal to pursue four design-ins with automakers in 2025. 2025 annual revenue are expected to be in the range of $2 million to $5 million and will be weighted toward the end of the year. Adjusted EBITDA for 2025 is projected to be in the range of $29 million loss to $35 million loss.

我們將繼續實現在 2025 年與四家汽車製造商進行設計的目標。預計 2025 年的年收入將在 200 萬美元至 500 萬美元之間，並將在年底集中實現。預計 2025 年調整後 EBITDA 虧損將在 2,900 萬美元至 3,500 萬美元之間。

Now we will be happy to open the call for questions. Operator?

現在我們很高興開始提問。操作員？

(Operator Instructions)

（操作員指示）

George Gianarikas, Canaccord Genuity.

喬治·賈納里卡斯（George Gianarikas），Canaccord Genuity。

Maybe to start, can you just sort of please outline for us maybe in a little bit more detail the negotiations or the discussions you're having with OEMs and why you continue to expect wins to happen possibly in the second half of this year?

首先，您能否為我們更詳細地概述一下您與 OEM 進行的談判或討論，以及為什麼您仍然預計今年下半年可能會取得勝利？

Yes. So basically, just to be -- to make sure we understand, Arbe is not selling directly to OEM. Arbe is selling to Magna the chips and Magna is selling the total radar to the OEM. But we are deeply involved with all of the phases that are leading to the stage that Magna will get the order and Arbe will get, of course, for Magna, the order for the chips. So it's a kind of a three-way cooperation.

是的。所以基本上，只是為了確保我們理解，Arbe 不會直接向 OEM 銷售。Arbe 向 Magna 出售晶片，而 Magna 則向 OEM 出售整套雷達。但我們深度參與了所有階段的工作，最終使 Magna 獲得訂單，而 Arbe 也獲得晶片訂單。所以這是一種三方合作。

With the leading OEMs in Europe today, we are working closely with Magna and with them and we -- Magna already delivered to them systems that are used in order to start data collection for their stock. They were back and forth in the last quarter of requests that are related to final production. Most of them are on the software side and we supported Magna heavily on providing those. And we believe that today, the solution that we have or Magna has with those OEMs is final and ready for final selection. And also since Magna radars are used as the main data collection platform, we believe that our chances to win are more than very high.

目前，我們正與歐洲領先的原始設備製造商麥格納 (Magna) 密切合作，麥格納已經向他們提供了用於開始收集其庫存數據的系統。他們在最後一個季度反覆提出與最終生產相關的請求。其中大部分都是軟體方面的，我們大力支持麥格納提供這些軟體。我們相信，今天我們或麥格納與這些 OEM 達成的解決方案是最終的，可供最終選擇。而且由於採用麥格納雷達作為主要資料收集平台，我們相信獲勝的機會非常高。

And can you just reiterate this which geographies you believe these OEMs are headquartered in?

您能否重申一下，您認為這些 OEM 的總部設在哪些地區？

Europe.

歐洲。

Okay.

好的。

I think, Europe, right now, we're leading the path towards the hands-free eyes of driving with the US coming a bit behind. China, of course, is a different story. In China, we are engaged with HiRain, and we believe that revenues and production there will come a year before.

我認為，歐洲目前正引領著解放雙手駕駛的道路，而美國則稍微落後一些。當然，中國的情況則不同。在中國，我們與 HiRain 合作，我們相信那裡的收入和產量將在一年前實現。

Maybe to talk a little bit about any momentum you're seeing in sort of your industrial applications. There seems to be a little bit of recent momentum in that market. Any discussions you're having? Any color on those would be appreciated.

也許可以稍微談談您在工業應用方面看到的任何發展勢頭。該市場最近似乎出現了一些發展勢頭。你們正在進行任何討論嗎？任何顏色都可以。

So with industrial application, we decided not to directly do those sales. And so we have this partnership with Sensrad since it's -- there is nice amount of applications, but each one of them has quite low volume per application, hundreds of units or thousands of units per application. We see it right now talking to Sensrad. We understand that they have clients in smart cities, tolls.

因此，對於工業應用，我們決定不直接進行這些銷售。因此，我們與 Sensrad 建立了合作關係，因為它有相當多的應用程序，但每個應用程式的數量都很低，每個應用程式只有數百個或數千個單元。我們現在在與 Sensrad 交談時看到了它。我們了解到他們在智慧城市、收費站等領域都有客戶。

They have clients in heavy industrial applications, in heavy machinery and even in factory applications, all of those are -- each one of those application needs, I would say, a kind of a customized software mainly. And this is the reason that Sensrad is supporting it and gives those customization to the customers across Europe and China.

他們的客戶涉及重工業應用、重型機械甚至工廠應用，所有這些應用都需要一種客製化軟體。這就是 Sensrad 支持它並為歐洲和中國客戶提供客製化服務的原因。

And maybe a final one for me. Your revenue guidance for the year implies a pretty material ramp in the third and fourth quarters. Can you just sort of illuminate for us again where you expect that revenue to come from?

對我來說這也許是最後一次了。您對今年的收入預期意味著第三季和第四季的營收將大幅成長。您能否再次向我們解釋一下您預計這些收入來自哪裡？

So first of all, we have -- we just announced today on the call, a major order from Sensrad. The order came after the end of Q1. So in terms of revenue recognition, we need first to give them the chips in order to collect the money. So the revenues will be recognized later. We also have some support and NRE agreement with them to help them increase their ability to support applications.

首先，我們今天剛在電話會議上宣布了來自 Sensrad 的一項重要訂單。該訂單是在第一季結束後發布的。所以在收入確認方面，我們首先需要給他們籌碼，讓他們收錢。因此收入將在稍後確認。我們還與他們達成了一些支援和 NRE 協議，以幫助他們提高支援應用程式的能力。

And the other revenue sources should come mainly from the selection of one of the leading OEMs. We believe that this will get us for hundreds -- a few hundreds of systems more for data collection as well as a small NRE. And we believe that by Q4, we will be able to start ramping up the production in China with HiRain, and this is going to be already revenues for real final production of chips.

其他收入來源主要應來自選擇一家領先的 OEM。我們相信，這將使我們有數百個系統用於資料收集以及小型 NRE。我們相信，到第四季度，我們將能夠與 HiRain 一起開始提高在中國的產量，而這將成為晶片實際最終生產的收入。

Suji Desilva, ROTH Capital.

羅仕資本的 Suji Desilva。

So when I look at the RFPs, the other auto customers that you're targeting other than the one you talked about, where are those in the process right now? How far along are they -- the other three relative to the one you discussed previously?

那麼，當我查看 RFP 時，除了您談到的客戶之外，您所針對的其他汽車客戶現在處於什麼階段？與您之前討論的相比，其他三個進展如何？

I think in all of the programs that we are involved, we are making progress and the car manufacturers are making progress in parallel. The delays on selection are not related to our technology, but more for the market itself. And the ability of the OEMs to actually put the resources that they need for nailing down the program.

我認為，在我們參與的所有專案中，我們都在取得進展，汽車製造商也在同步取得進展。選擇的延遲與我們的技術無關，更多的是與市場本身有關。以及 OEM 實際投入完成該計劃所需資源的能力。

I think that the last few months, due to the tariff and all of those issues, this brought a bit of delays on the decisions of the OEMs because it wasn't really clear what will happen with the hardware that they are buying and what will happen with the manufacturing of the car. Right now, I think that we are coming closer to agreement, and they have the understanding what will happen. And I believe that this will release a bit the decision process of the OEM.

我認為，過去幾個月，由於關稅和所有這些問題，這給原始設備製造商的決策帶來了一些延遲，因為他們不太清楚他們購買的硬體會發生什麼，以及汽車製造會發生什麼。現在，我認為我們正在接近達成協議，他們也了解將會發生什麼。我相信這會稍微放鬆一下 OEM 的決策過程。

Okay. Great. And then my other question is on China and the autonomous market they're working with HiRain. Do you also have partnerships with the central auto processor companies that are -- that have traction in China? Is it in video? Or is it local vendors? And are you working with all those do you need to for the solution to gain traction in China?

好的。偉大的。我的另一個問題是關於中國以及他們與 HiRain 合作的自動駕駛市場。您是否也與在中國具有影響力的中央汽車處理器公司建立了合作關係？是在影片裡嗎？還是本地供應商？您是否正在與所有這些人合作，以使解決方案在中國獲得支持？

Yes. We are working also with Horizon Robotics, same as with NVIDIA, but basically, our channel there is HiRain. HiRain is also building their full stack for Level 2++ hand free driving and next, it will be idle driving. So they are using the central process as well as our radar and cameras in order to provide a full solution and also HiRain is our channel to the robotaxis companies, the local robotaxis companies in China.

是的。我們也與地平線機器人公司 (Horizo​​​​n Robotics) 合作，與 NVIDIA 合作一樣，但基本上，我們在那裡的頻道是 HiRain。HiRain 也正在為 Level 2++ 免持駕駛建造其完整堆疊，下一步將是怠速駕駛。因此，他們正在使用中央流程以及我們的雷達和攝影機來提供完整的解決方案，而 HiRain 是我們面向機器人計程車公司（中國本地機器人計程車公司）的管道。

And Kobi, did I hear you on the call, talk about a time frame for volume ramp in China? It sounds like it might have been earlier, but I might have misheard that.

科比，我在電話裡聽到你談論中國銷量成長的時間框架了嗎？聽起來好像更早，但我可能聽錯了。

We didn't. It wasn't on the script, but it didn't change. We believe that end of this year, we will start ramping up production in China. The fact that HiRain announced that they have a production-ready radar, I think, means that basically, it's now another of technicality when they will be able to start real final -- real mass production, whether it will be Q4 this year or it will slip a few weeks to next year. But we are in the final stages there. All of what needs to be done is there.

我們沒有。雖然劇本裡面沒有這個，但也沒有改變。我們相信，今年年底我們將開始提高在中國的產量。我認為，HiRain 宣布他們已經擁有一款可投入生產的雷達，這意味著，他們何時能夠開始真正的最終批量生產現在只是另一個技術問題，無論是在今年第四季度，還是推遲到明年幾週。但我們已進入最後階段。所有需要做的事情都在那裡。

(Operator Instructions)

（操作員指示）

Matthew Galinko, Maxim Group.

馬修‧加林科 (Matthew Galinko)，馬克西姆集團 (Maxim Group)。

First, maybe can you -- I think you mentioned you had a tape-out expense in the first quarter. And what's the good R&D number to use for the balance of the year?

首先，也許您可以——我想您提到您在第一季有一筆流片費用。那麼，今年剩餘時間的研發支出最好是多少呢？

Matt, so I think our burn for -- our OpEx burn for the year is about $32 million, between $32 million to $34 million. And out of which R&D number for the year could be about $25 million annually.

馬特，所以我認為我們今年的營運支出約為 3200 萬美元，在 3200 萬至 3400 萬美元之間。其中每年的研發費用可能約為 2,500 萬美元。

Great. $25 million annually. Got it. And then I guess as far as timing for North America, it sounded like it's maybe -- did you say it was about a year behind Europe? So we'd be looking at 2029 model years and maybe start-up revenue in 2028. Is that a realistic time line?

太好了。每年 2500 萬美元。知道了。然後我想就北美的時間而言，聽起來好像是——您是說它比歐洲晚了大約一年嗎？因此，我們將關注 2029 年的車型，並可能關注 2028 年的啟動收入。這是現實的時間表嗎？

Yes. So I think there is -- yes, I think that there was a few issues in -- all of the American companies had a few issues. GM had the issue with cruise that they needed to merge it inside GM and this creates -- generated a bit of delays. Ford had Argo with the same issue. And I think that right now, they are trying to stabilize and to select.

是的。所以我認為——是的，我認為所有美國公司都存在一些問題。通用汽車在 Cruise 方面遇到了問題，他們需要將其合併到通用汽車內部，這造成了一些延誤。福特的 Argo 也面臨同樣的問題。我認為現在他們正在努力穩定局勢並進行選擇。

GM just announced that they are going with NVIDIA, which is, I think, good for us as a partner of NVIDIA, and we believe that in US, we will begin to see our revenues coming in '28.

通用汽車剛剛宣布將與 NVIDIA 合作，我認為這對我們作為 NVIDIA 的合作夥伴來說是件好事，我們相信，在美國，我們將在 28 年開始看到我們的收入成長。

Got it. Maybe last question for me is just, I guess, going back to gross margin expectations as we sort of hit the beginning of the ramp in China and then beginning of the ramp in Europe. What should we expect from gross margin and kind of the early days of that ramp-up?

知道了。也許對我來說最後一個問題就是回到毛利率預期，因為我們在中國和歐洲都開始成長。我們對毛利率和初期成長有何期待？

So gross margin can ramp up in those years should be in the range of 50% to 60%, 55% margin. On our first ramp-up year, actually, the first 100,000 to 200,000 units, we have what is called the SAFE launch, which is an extra testing on each chip and burning, and this increases the cost which reduces the margin to a level of 30% to 35% on this time frame.

因此，這些年的毛利率可以上升到 50% 到 60% 之間，利潤率為 55%。在我們第一個產能提升年，實際上也就是前 10 萬到 20 萬台晶片，我們進行了所謂的 SAFE 啟動，即對每塊晶片進行額外的測試和燒錄，這會增加成本，從而將利潤率降低到 30% 到 35% 的水平。

With no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Kobi Marenko, Arbe's CEO, for any closing remarks.

如果沒有其他問題，我們的問答環節就結束了。我想將會議交還給 Arbe 執行長 Kobi Marenko，請他致閉幕詞。

Yes. So thank you, everyone. We were so pleased to have you join us today. For our employees and partners, your continued dedication is deeply appreciated. We look forward to updating you further on Arbe's progress in the coming months.

是的。謝謝大家。我們非常高興您今天能加入我們。對於我們的員工和合作夥伴，我們深深感謝你們持續的奉獻。我們期待在未來幾個月內向您進一步通報 Arbe 的進展。

Look out for updates as we prepare for several investor events including the Ladenburg Tech Expo tomorrow, May 21 in New York and the ROTH London Conference, June 25. We'd love to meet you in person for further discussion. Please contact us at investors@arberobotics.com or visit our site to schedule a meeting. Thank you all.

請關注最新消息，我們正在為幾場投資者活動做準備，包括明天（5 月 21 日）在紐約舉行的拉登堡科技博覽會和 6 月 25 日舉行的 ROTH 倫敦會議。我們很樂意與您見面並進行進一步討論。請透過 investors@arberobotics.com 聯絡我們或造訪我們的網站安排會議。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。