Arbe Robotics Ltd (ARBE) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Arbe Robotics third quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded. And you should have all received by now the company's press release. If you have not, please check with the company's website at www.arberobotics.com or call EK Global Investor Relations.

大家好，歡迎參加 Arbe Robotics 2025 年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。你們現在應該都已經收到公司的新聞稿了。如果您還沒有相關信息，請訪問公司網站 www.arberobotics.com 或致電 EK Global Investor Relations 進行查詢。

I would now like to turn the floor over to Mr. Kenny Green from EK Global Investor Relations. Mr. Green, would you like to begin?

現在我將把發言權交給EK Global投資者關係公司的肯尼·格林先生。格林先生，您想開始嗎？

Good day to all of you, and welcome to Arbe's conference call to discuss the results of the third quarter of 2025. 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.

大家好，歡迎參加 Arbe 的電話會議，我們將討論 2025 年第三季的業績。在開始之前，我想提醒各位聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，並且今天新聞稿中概述的安全港聲明也適用於本次電話會議。如果您尚未收到新聞稿副本，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; and then we will turn the call over to Karine Pinto-Flomenboim, CFO, who will review the financials. Finally, we'll open the call to our listeners for the question-and-answer session.

今天，我們邀請到了 Arbe 的聯合創始人兼首席執行官 Kobi Marenko，他將首先介紹公司的最新業務情況；然後，我們將把電話轉交給首席財務官 Karine Pinto-Flomenboim，她將回顧財務狀況。最後，我們將開放聽眾提問環節。

And with that, I'd like to turn the call over to Kobi Marenko. Kobi, please go ahead.

接下來，我將把電話交給科比·馬倫科。科比，請繼續。

Thank you, Kenny. Good morning, everyone, and thank you for joining us to discuss our results and recent business development. I'll begin with an update on the most important aspect of our current activities, our strategic progress with OEMs. We are pleased with the solid strategic progress made in the third quarter. As you know, our main goal is to secure design wins with OEMs and become the radar technology provider and core enabler of their ADAS and autonomous driving programs.

謝謝你，肯尼。各位早安，感謝各位參加本次研討會，共同探討我們的業績及近期業務發展。首先，我將報告我們目前工作中最重要的方面，即我們與原始設備製造商 (OEM) 的策略進展。我們對第三季的穩健策略進展感到滿意。如您所知，我們的主要目標是贏得 OEM 廠商的設計訂單，成為其 ADAS 和自動駕駛專案的雷達技術供應商和核心推動者。

While it is a long process, we are moving forward and making solid progress each and every quarter. We believe that we are well positioned and in the lead to be selected as the key enabler for an eyes off of automated driving program for serial production retail vehicle by one of the major European OEMs in the near future and we hope to share further information as soon as we hear.

雖然這是一個漫長的過程，但我們每個季度都在穩步前進，取得實質進展。我們相信，我們已做好充分準備，並處於領先地位，預計在不久的將來被歐洲一家大型汽車製造商選中，成為其量產零售車輛「無需駕駛員注視」自動駕駛程序的關鍵推動者。一旦收到訊息，我們希望盡快與大家分享更多。

In addition, another premium European OEM is conducting data collection for a Level 3 program using radars based on AD chipset. We continue to make strong progress with other OEMs as well. A top Japanese OEM ordered our radar kit for its Level 4 development activities and approved the expansion of the project it initiated last year based on our chipset, including predevelopment activities.

此外，另一家歐洲高階 OEM 廠商正在使用基於 AD 晶片組的雷達進行 L3 級自動駕駛專案的資料收集。我們與其他原始設備製造商的合作也持續取得顯著進展。日本一家頂級 OEM 廠商訂購了我們的雷達套件，用於其 L4 級開發活動，並批准了去年基於我們的晶片組啟動的專案擴展，包括預開發活動。

I also want to add that in terms of our highly strategic non-OEM collaborations, a global leader in artificial intelligence computing has ordered radar development kits for its full stack autonomous driving software development making a strong validation from one of the most influential players shaping the future of autonomous driving technologies as well as AI in general.

我還想補充一點，就我們極具戰略意義的非OEM合作而言，一家全球領先的人工智能計算公司已訂購了雷達開發套件，用於其全端自動駕駛軟體開發，這得到了塑造自動駕駛技術以及人工智能未來發展的最有影響力的參與者之一的有力認可。

Global economic shifts are causing some OEMs to postpone new model launches and lengthen their decision time lines for autonomous driving solutions. Despite this, A's market position continued to grow stronger. We remain encouraged by the steady progress we have achieved throughout 2025 and as the year comes to a close.

全球經濟情勢的變化導致一些汽車製造商推遲新車型的發布，並延長自動駕駛解決方案的決策時間。儘管如此，A公司的市場地位依然不斷增強。2025 年全年以及即將結束的這一年，我們取得的穩定進展令我們倍感鼓舞。

Based on what we see now, we believe we are well positioned to secure the key European OEM program I discussed earlier in the short term and additional three program wins within the next three quarters. Our initiatives are aligned with the path to OEM selection, and we continue to expect that Arbe radar technology will serve as a key enabler for 2028 passenger vehicle platforms.

根據我們目前所看到的，我們相信我們有能力在短期內拿下我之前提到的關鍵歐洲OEM項目，並在接下來的三個季度內再贏得三個項目。我們的舉措與 OEM 選擇路徑一致，我們繼續期望 Arbe 雷達技術將成為 2028 年乘用車平台的關鍵推動因素。

We expect the initial revenues will begin in 2027 with a ramp-up in 2028 as our chipsets are used in high-volume production. Thanks to our strong balance sheet with over $52 million in net cash, we have the runway to support all programs as our revenue reached the ramp-up stage.

我們預計，隨著我們的晶片組在大規模生產中的應用，初期收入將於 2027 年開始產生，並在 2028 年快速成長。由於我們擁有超過 5,200 萬美元的淨現金，資產負債表穩健，因此我們有足夠的資金支持所有項目，因為我們的收入已經進入了成長階段。

With regard to our focus on nonautomotive projects, we are seeing increasing global demand in the defense sector. We are currently supplying radar systems for defense pilot programs and evaluation projects. And last quarter, we announced a new defense client.

就我們專注於非汽車項目而言，我們看到全球對國防領域的需求正在不斷增長。我們目前正在為國防試點項目和評估項目提供雷達系統。上個季度，我們宣布了一個新的國防客戶。

In addition, in the third quarter, we expanded into the maritime domain. Sense as our Tier 1 supplier for nonautomotive applications announced an order from Watchit for radar systems powered by our chipset. These systems will support collision preventing for boats in all weather and lighting conditions. Boating represents another promising new vertical for our radar technology.

此外，在第三季度，我們拓展了海事領域。Sense 作為我們針對非汽車應用領域的一級供應商，宣布收到 Watchit 的訂單，為其提供由我們晶片組驅動的雷達系統。這些系統能夠幫助船舶在各種天氣和光照條件下防止碰撞。船舶領域代表著我們雷達技術的另一個有前景的新應用領域。

During the quarter, we won two prestigious automotive technology industry awards, the -- just Auto Excellence Award for leading technology in the perception systems category and the Autotech Breakthrough Awards for Sensor Technology Solution of the Year 2025. Both awards are a proof of Arbe's contribution to the automotive industry and leading technological advantages, which are bringing unparalleled safety for drivers and advancing ADAS and autonomous driving.

本季度，我們榮獲兩項享有盛譽的汽車技術行業獎項，分別是：在感知系統類別中領先的技術榮獲“just Auto Excellence”獎，以及在2025年度傳感器技術解決方案類別中榮獲“Autotech Breakthrough Awards”獎。這兩項獎項都證明了 Arbe 對汽車行業的貢獻以及其領先的技術優勢，這些優勢為駕駛員帶來了無與倫比的安全保障，並推動了 ADAS 和自動駕駛技術的發展。

Before closing, I want to welcome Van Dan Elzen to our Board of Directors. Chris brings over 30 years of experience in the automotive industry, working with both OEMs and Tier 1s. He has former Vice President of Magna International and Executive Vice President of Veoneer and brings us strong business experience and deep technological expertise, and I'm sure he will be a very valuable asset. In closing, Arbe is well positioned to benefit from current industry trends as the market transition to high-resolution radar.

在結束發言之前，我謹歡迎範丹‧艾爾岑加入我們的董事會。Chris 在汽車產業擁有超過 30 年的經驗，曾與 OEM 廠商和一級供應商合作。他曾擔任麥格納國際副總裁和維能公司執行副總裁，擁有豐富的商業經驗和深厚的技術專長，我相信他將成為我們非常寶貴的財富。總之，隨著市場向高解析度雷達轉型，Arbe 已做好充分準備，將從當前的行業趨勢中受益。

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

現在我想把這個環節交給我們的財務長卡琳，讓她來審核一下財務數據。

Thank you, Kobi, and hello, everyone. Let me review our financial results for the third quarter of 2025 in more detail. Revenue for the third quarter of 2025 totaled $0.3 million compared to $0.1 million in Q3 2024. As of September 30, 2025, backlog stood at $0.2 million. Gross profit for Q2 '25 was negative $0.2 million compared to negative $0.3 million in the same period last year. The improved change in profitability related to revenue mix.

謝謝你，Kobe，大家好。讓我更詳細地回顧一下我們2025年第三季的財務表現。2025 年第三季的營收總計為 30 萬美元，而 2024 年第三季的營收為 10 萬美元。截至 2025 年 9 月 30 日，積壓訂單金額為 20 萬美元。2025 年第二季毛利為負 20 萬美元，去年同期為負 30 萬美元。收入結構改善帶來的獲利能力提升。

Turning to operating expenses. Total operating expenses for Q3 2025 were $11.3 million, down from $12.2 million in Q3 2024. The decrease in operating expenses was primarily due to lower share-based compensation expenses resulting from the full vesting of prior grants and to the reduced volume of new grants, which was the result of new grants being in the form of bonus liability.

接下來談談營運費用。2025 年第三季的總營運支出為 1,130 萬美元，低於 2024 年第三季的 1,220 萬美元。營運費用的減少主要是由於先前授予的股份全部歸屬，導致股份支付費用降低，以及新授予的股份數量減少（這是因為新授予的股份以獎金負債的形式發放）。

The decrease in operating expenses was partially offset by an unfavorable foreign exchange impact and higher labor costs. Operating loss for the third quarter of 2025 was $11.5 million compared to a $12.4 million loss in the third quarter of 2024.

營運費用的下降被不利的匯率影響和更高的勞動成本部分抵銷。2025 年第三季營業虧損為 1,150 萬美元，而 2024 年第三季虧損為 1,240 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 $9.2 million in Q3 of 2025 compared to a loss of $8.2 million in the third 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.

經調整的 EBITDA（非 GAAP 指標，不包括非現金股份支付費用和非經常性項目費用）在 2025 年第三季虧損 920 萬美元，而 2024 年第三季虧損 820 萬美元。我們認為，這種非GAAP指標對於管理層評估現金使用情況以及規劃和評估未來一段時間的現金需求非常重要。

Net loss in the third quarter of 2025 was $11 million compared to a net loss of $12.6 million in the third quarter of 2024. As of September 30, 2025, Arbe held $52.6 million in cash and cash equivalents and short-term bank deposits.

2025 年第三季淨虧損為 1,100 萬美元，而 2024 年第三季淨虧損為 1,260 萬美元。截至 2025 年 9 月 30 日，Arbe 持有 5,260 萬美元的現金及現金等價物及短期銀行存款。

Turning to our outlook. While global economic shifts are leading some OEMs to delay new model launches and extend decision time lines for advanced driver assistance systems, Arbe's market position continues to strengthen. We are actively expanding engagements with leading OEMs, progressing through advanced RFQ stages and building a solid foundation for large-scale adoption.

展望未來。儘管全球經濟情勢的變化導致一些汽車製造商推遲推出新車型，並延長高級駕駛輔助系統的決策時間，但Arbe的市場地位仍在不斷加強。我們正積極擴大與領先 OEM 廠商的合作，推進詢價流程的進階階段，並為大規模應用奠定堅實的基礎。

Our goal remains to secure four design wins with OEMs in the coming three quarters. For 2025, revenues are expected to be in the range of $1 million to $2 million. The change to our revenue expectation reflects the timing shifts of certain NRE programs. However, adjusted EBITDA expectations remains unchanged at a loss of $29 million to $35 million.

我們的目標仍然是在接下來的三個季度內與 OEM 廠商達成四項設計合作。預計到 2025 年，收入將在 100 萬美元至 200 萬美元之間。我們收入預期的變化反映了某些非經常性工程項目的時間安排變化。然而，調整後的 EBITDA 預期仍維持不變，虧損額為 2,900 萬美元至 3,500 萬美元。

I want to stress that Arbe enters 2026 with a significantly strengthened balance sheet with over $52 million in net cash, supporting continued execution of our long-term strategic and growth plan.

我想強調的是，Arbe 在進入 2026 年時，資產負債表已顯著增強，淨現金超過 5,200 萬美元，這為繼續執行我們的長期策略和成長計畫提供了支持。

Now we will be happy to take your questions. Operator?

現在我們很樂意回答您的問題。操作員？

(Operator Instructions) Suji Desilva, ROTH Capital.

（操作說明）Suji Desilva，ROTH Capital。

Hi, Kobe. Hi, Karine. First question on the guidance for four design wins. I'm curious if that's four separate OEMs. And second of all, the specific guidance of the next three quarters, I'm curious what's driving the near-term visibility there.

你好，Kobe。你好，卡琳。關於四項設計得標的指導原則，第一個問題。我很好奇這是否是四個不同的原始設備製造商 (OEM)。其次，對於未來三個季度的具體指引，我很好奇是什麼因素推動了近期業績的可視性。

So yes, it's four different OEMs. And basically, we know that for sure, there is decisions that should be taking in the next three quarters of at least five OEMs, and we believe that we will be able to win at least four of them.

是的，這是四個不同的原始設備製造商 (OEM)。基本上，我們確信至少有五家汽車製造商需要在未來三個季度內做出決策，我們相信我們至少能夠贏得其中四家。

Okay, Kobi very helpful. You said at least five. Okay. And then the customer programs, do you have a sense whether these model wins or opportunities are for certain premium models or across the board platforms or mainstream? Or any color on the penetration you would expect if you secure these wins would be helpful.

好的，Kobi幫了我很大的忙。你說至少五個。好的。那麼，在客戶專案方面，您是否了解這些模式的成功或機會是針對某些高階車型、通用平台還是主流車型？或者，如果您能取得這些勝利，任何關於您預期滲透率的顏色描述都會有所幫助。

We believe that all of the programs will start with premium cars. But with the volumes as time goes by and the years go by, this will go to non-premium models as well. We see it from the numbers. So we're starting, of course, in very high end, and it's going to still -- it won't be in entry-level vehicle, but it will be in high end and, let's say, the top cars.

我們相信所有項目都將從高端車型開始。但隨著時間的推移和年份的推移，銷量也會隨之成長，這種情況也會蔓延到非高階車型。從數據上就能看出來。所以我們當然是從高端市場開始的，而且它仍然——不會是入門級車型，而是高階車型，比如說頂級車型。

Okay. That's helpful, Kobi. And then last question maybe for Karine. The calendar '25 full year guide, Karine implies a wide 4Q range here. I'm wondering what the factors are to swing it from the high to low end to the high end. Thanks.

好的。那很有幫助，Kobe。最後一個問題或許可以問卡琳。卡琳在《25 年全年指南》中暗示，第四季的範圍很廣。我想知道是什麼因素導致價格從高點跌落到低位，然後再跌回高位。謝謝。

Sorry, can you repeat the question?

不好意思，您能再說一次問題嗎？

Sure. Your full '25 revenue guidance of $1 million to $2 million implies a fairly wide 4Q range of outcomes. I'm wondering what might swing it to the high versus low end? Is that product shipments or license revenue coming in? Or any color there would be helpful.

當然。您對 2025 年全年營收的預期為 100 萬至 200 萬美元，這意味著第四季的業績範圍相當廣泛。我想知道什麼因素會導致價格偏高還是偏低？這是產品出貨收入還是授權費收入？或任何顏色都可以。

So as we mentioned, we have some NRE shifts. And based on the decision that is made by our customers and the sooner the decision will be made the sooner in Q4, then we will be able to push those NRE revenues other than push them outside to 2026. So this is what's driving mainly the tweak between the low to the high end.

正如我們之前提到的，我們有一些非經常性工程項目（NRE）的調整。根據我們客戶的決定，越早做出決定（例如在第四季度），我們就能將這些非經常性支出收入推遲到 2026 年，而不是推遲到 2026 年。所以，這就是造成低階到高階產品之間細微差別的主要原因。

Okay. All right, thanks, Kobi. Thanks, Karine.

好的。好的，謝謝你，Kobe。謝謝你，卡琳。

Thank you, Suji.

謝謝你，蘇吉。

George Gianarikas, Canaccord.

George Gianarikas，Canaccord。

Hi, everyone, thank you for taking my questions. Maybe just to give us a little bit more insights into how these conversations are going with the OEMs and the puts and takes, the things that are happening that you see as positive and maybe some of the reasons you're seeing for the pushout in decision-making. Thank you.

大家好，感謝各位回答我的問題。或許是為了讓我們更深入地了解與原始設備製造商 (OEM) 的對話進展情況，以及其中的利弊，您認為哪些事情是積極的，以及您認為決策過程中出現分歧的一些原因。謝謝。

So I think -- first of all, I think that the dialogues are going well. And we see more and more OEMs buying radar and using them in order to collect data and to train their algorithms for full self-driving. What we see now, I think with all of the OEMs, there was -- at the beginning of the year, there was, I believe, decisions were postponed because they don't know what the tariff will look like and what influence it will have. And this is what caused, I think, at least two quarters of delay.

所以我覺得──首先，我認為對話進行得很順利。我們看到越來越多的汽車製造商購買雷達並利用它們來收集數據，並訓練其演算法以實現完全自動駕駛。我們現在看到的現象，我認為對於所有汽車製造商來說，年初的時候，我相信，由於不知道關稅會是什麼樣子以及會產生什麼影響，所以推遲了相關決定。我認為，這至少造成了兩個季度的延誤。

Right now, there is a clear path to decisions. And I think that from now on, we will see the decisions are taken -- will be taken there is price pressure from the OEMs on every component in the system. And I think as of that, we have a huge advantage because our high-end radar is almost in the price of a lower-end radar today in the car, and we will be able we, from the beginning, designed our system for a price that is affordable and now we see the benefit of it.

目前，決策路徑清晰明確。我認為從現在開始，我們將看到決策的發展——OEM廠商對系統中的每個組件都施加了價格壓力。我認為，就這一點而言，我們擁有巨大的優勢，因為我們的高端雷達的價格幾乎與目前汽車中低端雷達的價格相當，而且我們從一開始就將系統設計得價格合理，現在我們看到了它的好處。

Thank you and maybe just -- I know it's early, but I'd like to understand how you think we should think about 2026 and 2027 maybe and just sort of the way we should model the ramp in your revenue, OpEx, cash burn, just so we can have sort of a sense of a new model over the next couple of years. Thank you.

謝謝。我知道現在說這些還為時過早，但我很想了解您認為我們應該如何看待 2026 年和 2027 年，以及我們應該如何模擬收入成長、營運支出和現金消耗，以便我們在未來幾年內對新的模式有所了解。謝謝。

So I think first of all, in '26, most of our revenues will come from nonautomotive, which we see right now a great ramp-up from this business. As I mentioned, from every -- almost every vertical that we are touching, we see orders and repeated orders from defense, from y from smart cities, all of that are bringing us more and more orders.

所以我認為，首先，在 2026 年，我們的大部分收入將來自非汽車產業，我們目前看到該業務正在大幅成長。正如我之前提到的，在我們所涉足的幾乎每一個垂直領域，我們都看到了來自國防、智慧城市等各個領域的訂單，這些訂單都在增加。

And we believe that next year, we should expect a nice amount of revenues from nonautomotive. The second part of it is a ramp-up of revenues from China, from hiring. We still don't have the final visibility on the exact month that it will start. But we believe that we will see some revenues from car manufacturers in China as well.

我們相信，明年非汽車業務的收入將會相當可觀。第二部分是透過招募來增加來自中國的收入。我們目前還無法最終確定具體開始月份。但我們相信，我們也會從中國汽車製造商那裡獲得一些收入。

Just to complete for your question of the OpEx. So as Kobi mentioned, next year will be non-automotive. Our current OpEx structure supports those revenues. and also going towards '27. So we assume a stable level of OpEx, not increasing too much. And towards the ramp-up of the automotive industry, we will see a ramp-up, of course, in headcount, mainly customer base to support this ramp-up.

僅補充一下您關於營運支出的問題。正如 Kobi 所提到的，明年將不再是汽車產業。我們目前的營運支出結構能夠支撐這些收入，也能夠支撐到2027年。因此，我們假設營運支出保持穩定水平，不會大幅成長。隨著汽車產業的復甦，我們當然會看到人員數量的增加，主要是為了支持這種復甦而擴大的客戶群。

Thank you.

謝謝。

And ladies and gentlemen, with that, we'll be ending today's question-and-answer session. I'd like to turn the floor back over to Mr. Marenko for any closing remarks.

女士們、先生們，今天的問答環節到此結束。現在我把發言權交還給馬倫科先生，請他作總結發言。

On behalf of the management of Arbe, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. To our employees and partners continued dedication is deeply appreciated.

我謹代表 Arbe 的管理階層，感謝各位股東對我們業務的持續關注和長期支持。我們衷心感謝員工和合作夥伴的持續奉獻。

In the coming months, we will be meeting with investors and presenting at various investor conferences, which we have announced, and we hope to see some of you there. If you are interested in meeting or speaking with us, feel free to reach out to our Investor Relations team. You can contact us investors@arberobotics.com to schedule a meeting. And with that, we end our call. Have a good day.

在接下來的幾個月裡，我們將與投資者會面，並在我們已經公佈的各種投資者會議上演講，我們希望在那裡見到你們中的一些人。如果您有興趣與我們會面或洽談，請隨時聯絡我們的投資者關係團隊。您可以聯絡我們 investors@arberobotics.com 安排會面。通話到此結束。祝你有美好的一天。

And ladies and gentlemen, that concludes today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示到此結束。非常感謝您的參與。現在您可以斷開線路了。