Arbe Robotics Ltd (ARBE) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Arbe Robotics fourth quarter and full year 2025 results conference call. (Operator Instructions) You should have all received the company's press release by now. If you have not, please check the company's website at www.ir.arberobotics.com or call EK Global Investor Relations.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Arbe Robotics 2025 年第四季及全年業績電話會議。（操作說明）各位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.ir.arberobotics.com 或致電 EK Global Investor Relations。

I would now hand over the call to Mr. Kenny Green of EK Global Investor Relations. Mr. Green, would you like to begin? Thank you.

現在我將把電話交給EK全球投資者關係公司的肯尼·格林先生。格林先生，您想開始嗎？謝謝。

Good day to all of you and welcome to Ave's conference call to discuss the results of the fourth quarter and full year 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 harbort statement outlined in today's earnings release also pertains to this call.

大家好，歡迎參加Ave公司2025年第四季和全年業績電話會議。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，並且今天發布的收益報告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. Today we are joined by Kobi Marenko, our base co-founder and CEO, who will begin with a business update. Then we'll turn the call over to Ms. Karine Pinto-Flomenboim, CFO, who will review the financials, and Mr. Ram Machness, Arbe's Chief Business Officer.

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。今天我們邀請到了公司聯合創始人兼執行長 Kobi Marenko，他將首先介紹公司的最新業務狀況。然後我們將把電話轉交給財務長 Karine Pinto-Flomenboim 女士，她將審查財務數據，以及 Arbe 的首席商務官 Ram Machness 先生。

Finally, we will open the call up to our listeners for the question-and-answer session. And with that, I'd like to open it over to Kobi Marenko. Kobi, please go ahead.

最後，我們將開放聽眾問答環節。接下來，我將把發言權交給科比·馬倫科。科比，請繼續。

Thank you, Kenny. Good morning, everyone and thank you for joining us to review all the fourth quarter and full year 2025 results, as well as our strategic direction and outlook for 2026. Over the past few months, we conducted a full strategic review and made a number of refinements.

謝謝你，肯尼。各位早安，感謝各位參加本次會議，共同回顧 2025 年第四季和全年業績，以及我們 2026 年的戰略方向和展望。過去幾個月，我們進行了全面的策略審查，並做出了一些改進。

We have broadened our focus to markets which we believe have shorter adoption cycles and clearer near-term revenue opportunities while at the same time keeping an eye on the longer-term target of winning major OEM deals.

我們擴大了關注範圍，轉向我們認為市場接受週期較短、近期收入機會更明確的市場，同時我們也關注贏得大型 OEM 訂單的長期目標。

This change in focus is because we see strong momentum in defense, homeland security, and other transportation applications beyond passenger vehicles where we are seeing growing commercial traction. We also took action to improve efficiency, reducing our cost base by about 15%, enhanced our balance sheet with an institutional led $18.5 million financing that we closed a few weeks ago,

之所以改變關注重點，是因為我們看到國防、國土安全以及其他非乘用車領域的交通運輸應用正在蓬勃發展，並獲得了越來越多的商業認可。我們還採取措施提高效率，將成本基礎降低了約 15%，並透過幾週前完成的由機構牽頭的 1,850 萬美元融資增強了資產負債表。

extending our financial runway to fully support our next phase of execution. In this call, I want to provide more color on our strategic evolution, highlight recent commercial progress, and outline our expectations for 2026.

延長我們的財務緩衝期，以全力支持我們下一階段的執行。在本次電話會議中，我想更詳細地介紹我們的策略演變，重點介紹最近的商業進展，並概述我們對 2026 年的期望。

Adoption timelines for Level three autonomy in Western markets remain uncertain. In contrast, Chinese Oyans, including a new wing which we recently announced, are advancing in autonomous and sensing tech technology. Beyond that, we see near-term revenue opportunities that can serve as a meaningful growth engine for A.

西方市場採用L3級自動駕駛技術的時間表仍不確定。相較之下，包括我們最近宣布成立的新部門在內的中國歐彥公司，在自主和感測技術方面取得了進展。除此之外，我們看到了近期可觀的收入機會，這些機會可以成為 A 公司重要的成長引擎。

We decided to broaden our marketing and sales focus beyond Western automotive OEM programs. We are prioritizing Chinese OEMs as well as markets including defense, homeland security, robo taxi, marine safety, and smart infrastructure, where our ultra high resolution radar provides clear differentiation. Customers from these verticals are already placing orders,

我們決定將行銷和銷售重點擴展到西方汽車OEM計畫之外。我們優先考慮中國整車製造商以及國防、國土安全、無人駕駛計程車、海上安全和智慧基礎設施等市場，在這些市場中，我們的超高解析度雷達具有明顯的差異化優勢。來自這些垂直領域的客戶已經開始下單了。

and the opportunities in our pipeline tend to have shorter sales cycle. I do want to point out that Western Automotive OEMs remain a long-term growth engine for Audi, and we will still compete. To be designed into Western OEM. However, our strategy date broadens our scope and reduces our dependence on their extended timeline.

而且我們銷售通路中的項目往往銷售週期較短。我想指出的是，西方汽車OEM廠商仍然是奧迪的長期成長引擎，我們將繼續參與競爭。將納入西方原始設備製造商（OEM）的設計方案。然而，我們的策略日期擴大了我們的範圍，並減少了我們對他們延長時間表的依賴。

As part of this strategic change, we announced today a planned leadership transition to support Abe's next phase of execution. Ras, who has served as Abe's Chief Business Officer over the past eight years and led our strategy, sales, products, and support functions, will assume the role of CEO as of April 1, 2026. At the same time, I will remain fully and actively involved in the company in my new role as President of ABE.

作為這項策略變革的一部分，我們今天宣布了一項領導層過渡計劃，以支持安倍的下一階段執行工作。過去八年來一直擔任 Abe 首席商務官並領導公司策略、銷售、產品和支援職能的 Ras 將於 2026 年 4 月 1 日起擔任執行長一職。同時，我將以ABE總裁的新身份，繼續全面積極參與公司事務。

RAM has the full confidence of our board of directors and me, bringing 30 years of experience across embedded systems, semiconductors, and the automotive industry, including 12 years in senior leadership roles at Texas Instruments.

RAM 獲得了我們董事會和我本人的充分信任，他在嵌入式系統、半導體和汽車行業擁有 30 年的經驗，其中包括在德州儀器擔任 12 年的高級領導職務。

He brings a strong execution mindset, deep product and customer understanding, and proven experience, scaling complex technologies from development into production and into commercialization. Which one leading day to day execution as CEO,

他擁有強大的執行力、對產品和客戶的深刻理解，以及將複雜技術從開發到生產再到商業化的豐富經驗。哪位CEO負責日常營運？

I will focus on our long-term strategy, advance new initiatives specifically in the defense market, develop key partnerships, and guide strategic investments to help accelerate what I see as the new phase of sustainable long-term growth. Now I will hand over the call to Ram to say a few words.

我將專注於我們的長期策略，推進國防市場的新舉措，發展關鍵合作夥伴關係，並指導策略性投資，以加速我所看到的可持續長期成長的新階段。現在我將把電話交給拉姆，讓他說幾句話。

Thank you, Kobe. I deeply appreciate the trust and confidence that the board and Albe co-founders Kobe Morenko and Norm Arkin had placed in me. I would like to thank Kobe for leading Abe from its inception and for building the strong foundation that has now enabled us to transition into serial production and move towards full commercialization.

謝謝你，Kobe。我非常感謝董事會和 Albe 聯合創始人 Kobe Morenko 和 Norm Arkin 對我的信任和信心。我要感謝神戶先生從公司創立之初就領導安倍公司，並為其奠定了堅實的基礎，使我們能夠過渡到批量生產並朝著全面商業化邁進。

I'm excited about the opportunities ahead and I'm committed to leveraging our strong products. I look forward to guiding our best for its next phase of growth and success. Back to you, Kobi.

我對未來的機會感到興奮，並將致力於充分利用我們強大的產品優勢。我期待著帶領我們最優秀的團隊邁向下一個發展和成功階段。把機會交給你，Kobe。

Thank you everyone. Turning to recent highlights, during 2025, we made solid progress. First on the automotive front, we announced a new serial production design win with a state-owned OEM in China. High-end Technologies LRR 610 radar powered via our ultra high definition radar shift was selected for a Level four autonomous vehicle program.

謝謝大家。回顧近期亮點，在 2025 年，我們取得了穩定進展。首先在汽車領域，我們宣布與中國一家國有汽車製造商贏得了一個新的量產設計項目。高階技術公司 LRR 610 雷達，採用我們超高清雷達移位技術，被選中用於 L4 級自動駕駛汽車專案。

Production vehicles are expected to reach the market starting in 2027, and we see meaningful long-term potential second. In line with our strategy to expand beyond automotive, defense and homeland security continue to gain traction.

預計量產車型將於 2027 年開始上市，我們認為其具有重要的長期發展潛力。為了配合我們向汽車產業以外領域擴張的策略，國防和國土安全領域正持續獲得發展動力。

Our Tier one Stanford has placed chipset orders for Fonterra's autonomous vehicle program for the US Department of War. Fonterra equipfies the next generation of defense unmanned ground vehicles, shaping operations in demanding environments.

我們的一級供應商史丹佛大學已向美國戰爭部的恆天然自動駕駛汽車計畫訂購了晶片組。恆天然為下一代國防無人地面車輛提供裝備，塑造了嚴苛環境下的作戰行動。

Ultra definition imaging radar powered by the Albert shift has been integrated into the Volterra AutoDrive perception suit to improve environmental awareness, obstacle detection, and navigation in unstructured and dubious denied conditions. In parallel, we are integrating our chipset into a leading homeland security supplier, radar systems.

由 Albert Shift 驅動的超高清成像雷達已整合到 Volterra AutoDrive 感知套件中，以提高在非結構化和可疑的受限條件下的環境感知、障礙物偵測和導航能力。同時，我們正在將我們的晶片組整合到一家領先的國土安全供應商——雷達系統公司。

To deliver joint system level solutions for defense forces, law enforcement, perimeter security, and other homeland security applications. These collaborations significantly expand our presence in mission critical defense markets.

為國防部隊、執法部門、周界安全和其他國土安全應用提供聯合系統級解決方案。這些合作將顯著擴大我們在關鍵國防市場的份額。

Third, we are seeing momentum in robotaxi applications, supporting multiple robotaxi projects already across several countries. While the addressable market is smaller than that of passenger vehicles, we see strong long-term potential.

第三，我們看到無人駕駛計程車應用發展勢頭強勁，目前已在多個國家支持多個無人駕駛計程車計畫。雖然潛在市場規模小於乘用車市場，但我們看到了強勁的長期潛力。

In the marine safety space, recently secured a large follow-up order from WI for marine collision preventing system powered by our chips. The technology powers Way, a commercially available system already selected by the Azimut Beneti Group, a leading builder of flustering yachts. Ships will see traction in smart infrastructure applications.

在海洋安全領域，我們最近從 WI 公司獲得了一筆大額後續訂單，用於開發由我們晶片驅動的海洋防撞系統。這項技術為 Way 系統提供支持，Way 是一個商業化的系統，已被領先的豪華遊艇製造商 Azimut Beneti 集團選中。船舶將在智慧基礎設施應用領域中廣泛應用。

Censor delivered follow-on orders for 4D imaging radars to its customers Yani Transportation Technology in China in December 2025. Additional smart infrastructure projects using outer-based radars are underway.

2025 年 12 月，Censor 向其中國客戶亞尼交通技術有限公司交付了後續的 4D 成像雷達訂單。其他利用外部雷達的智慧基礎設施項目正在進行中。

We continue to work closely with Nvidia to integrate our ultra-high resolution radar into their drive Hyperion platform, combining our highly detailed sensing with their advanced AI compute to support production ready vehicle autonomy. Finally, our technology leadership was recognized with two industry awards in 2025, including the Just Auto Excellence Award and the Auto Tech Breakthrough Award.

我們繼續與英偉達密切合作，將我們的超高解析度雷達整合到他們的Hyperion驅動平台中，將我們高度精細的感測技術與他們先進的AI運算能力相結合，以支援量產車的自動駕駛。最後，我們的技術領先地位在 2025 年獲得了兩項行業獎項的認可，其中包括 Just Auto 卓越獎和汽車技術突破獎。

Looking ahead for 2026, our focus on markets with shorter adoption cycles is expected to begin contributing to revenue this year. I know that we remain engaged with global automotive OEMs, and while we expect to continue securing additional design wins over time similar to our recent OEM wins in China, we are no longer providing guidance on their timing.

展望 2026 年，我們專注於採用週期較短的市場，預計今年將開始為營收做出貢獻。我知道我們仍然與全球汽車OEM廠商保持聯繫，雖然我們預計隨著時間的推移，會繼續贏得更多設計訂單，類似於我們最近在中國贏得的OEM訂單，但我們不再就訂單時間提供指導。

In summary, we believe we are well positioned for the years ahead. We are diversifying our potential revenue base, having broadened our focus beyond passenger vehicle OEM programs and expanded into defense and other non-automotive verticals. We'll start 2026 with a much strengthened balance sheet and lower expenses footprint and improved efficiency, which will ex extend our financial runway.

總而言之，我們相信我們已為未來幾年做好了充分準備。我們正在實現潛在收入來源多元化，將業務重心從乘用車 OEM 專案擴展到國防和其他非汽車垂直領域。2026 年伊始，我們將擁有更穩健的資產負債表、更低的支出規模和更高的效率，這將延長我們的財務緩衝期。

In a few weeks, at the beginning of the second quarter, I will be handing over the CEO Karine to a strong pair of hands from a position of strength. Looking ahead, I believe that the bank is increasingly well positioned for long-term and sustainable growth. I would like to turn the call over to our CFO Karine to go over the financials.

幾週後，也就是第二季初，我將把執行長卡琳交給一位實力雄厚、處境穩固的人。展望未來，我認為該銀行已做好充分準備，實現長期可持續成長。我想把電話交給我們的財務長卡琳，讓她來介紹一下財務狀況。

Thank you, Kobe, and hello everyone. Let me review our financial results for the fourth quarter and full year of 2025 in more detail. Revenue for the fourth quarter of 2025 totaled $0.5 million compared to $0.1 million in Q4 2024. For the full year of 2025, total revenue was $1 million compared to $0.8 million in 2024. Backlog as of today stands at $1.3 million.

謝謝你，Kobe，大家好。讓我更詳細地回顧一下我們2025年第四季和全年的財務表現。2025 年第四季的營收總計 50 萬美元，而 2024 年第四季的營收為 10 萬美元。2025 年全年總收入為 100 萬美元，而 2024 年為 80 萬美元。截至今日，積壓訂單金額為130萬美元。

Gross profit for Q4 2025 was $-0.1 million compared to a negative $0.2 million in the same period last year. Gross annual profit for 2025 was at the same level as 2024, a negative $0.8 million. Turning to operating expenses, total operating expenses for Q4 2025 were $11.5 million down from $12.6 million in Q4 2024. Operating expenses for the full year of 2025 totaled $47.1 million compared to $48.9 million in 2024.

2025 年第四季毛利為 -0.1 百萬美元，去年同期為 -0.2 百萬美元。2025 年的年度毛利與 2024 年持平，為負 0.8 百萬美元。再來看營運費用，2025 年第四季的總營運費用為 1,150 萬美元，低於 2024 年第四季的 1,260 萬美元。2025 年全年營運費用總計 4,710 萬美元，而 2024 年為 4,890 萬美元。

Operating expenses decreased year over year, primarily driven by lower share bases compensation. This reflects earlier equity grants that have now fully vested, as well as our most recent award being structured approximately 50% in cash and 50% in equity, resulting in lower equity expenses for this year.

營運費用較去年同期下降，主因是股權激勵減少。這反映了先前授予的股權已完全歸屬，以及我們最近的獎勵結構中約 50% 為現金，50% 為股權，從而降低了今年的股權支出。

This decrease was partially upset by unfavorable foreign exchange impact and to a lesser extent, merit-based salary increases. As a result, operating loss for the fourth quarter of 2025 was $11.6 million down from $12.8 million loss in the fourth quarter of 2024. Operating loss for the full year of 2025 was $47.9 million compared to a loss of $49.6 million in 2024.

這一下降部分是由於不利的匯率影響，其次是由於績效薪資成長。因此，2025 年第四季的營業虧損為 1,160 萬美元，低於 2024 年第四季的 1,280 萬美元虧損。2025 年全年營業虧損為 4,790 萬美元，而 2024 年虧損為 4,960 萬美元。

Adjusted EBITDA, a non-GAAP measurement, which excludes expenses for non-cash share-based compensation and for non-reoccurring items, was a loss of $9.7 million in Q4 of 2025 compared to a loss of $9 million in the fourth quarter of 2024.

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 年第四季虧損 970 萬美元，而 2024 年第四季虧損 900 萬美元。

Adjusted EBITA for the full year of 2025 amounted to a loss of $37.6 million resulting from the cash grant award and from the unfavorable foreign exchange impact compared to 2024 adjusted EBITDA loss of $33.3 million. We believe that this non-GAAP measurement is important in management's evaluation of our use of cash and planning and evaluating our cash requirements for the coming period.

2025 年全年調整後的 EBITA 虧損 3,760 萬美元，這是由於現金補助金和不利的匯率影響造成的，而 2024 年調整後的 EBITDA 虧損為 3,330 萬美元。我們認為，這種非公認會計準則的衡量方法對於管理層評估我們對現金的使用情況以及規劃和評估我們未來一段時間的現金需求非常重要。

Net loss in the fourth quarter of 2025 was $10.2 million compared to a net loss of $12.2 million in the fourth quarter of 2024. Net loss for the full year of 2025 was $45.2 million compared to a loss of $49.3 million in 2024. Net loss in 2025 included financial income of $2.8 million compared to a financial income of $0.3 million in 2024.

2025 年第四季淨虧損為 1,020 萬美元，而 2024 年第四季淨虧損為 1,220 萬美元。2025 年全年淨虧損為 4,520 萬美元，而 2024 年的虧損為 4,930 萬美元。2025 年淨虧損包括 280 萬美元的財務收入，而 2024 年的財務收入為 30 萬美元。

Full year 2025 financial income included interest earned on deposits and gains from call option. As well as impact of changes in the warrant liability for warrants not classified as equity and the revaluation of lease liabilities, these were partially assessed by foreign exchange revaluation, losses, and to a lesser extent issuance costs.

2025 年全年財務收入包括存款利息收入及買權收益。除了對未歸類為權益的認股權證的負債變化的影響以及租賃負債的重估的影響外，這些還部分地通過外匯重估、損失以及在較小程度上通過發行成本來評估。

Moving to our balance sheet. As of December 31, 2025, our bet held $45 million in cash and cash equivalent and short-term bank deposits. During January 2026, we raised gross proceeds of $18.5 million in an underwritten public offering, thus providing a robust balance sheet, enabling an extended financial runway to fully support our next phase of execution with respect to our guidance.

接下來來看看我們的資產負債表。截至 2025 年 12 月 31 日，我們的投資持有 4,500 萬美元的現金及現金等價物及短期銀行存款。2026 年 1 月，我們透過承銷公開發行籌集了 1,850 萬美元的總收益，從而建立了穩健的資產負債表，為我們提供了更充足的財務支持，以全面支持我們下一階段的業績目標。

To broaden our commercial business potential, we decided to expand our strategic focus beyond the Western automotive OEM programs to opportunities we believe have a shorter adoption cycle and more immediate commercial potential, including defense, robotaxi, robo trucks, and off-road markets.

為了擴大我們的商業潛力，我們決定將戰略重點從西方汽車OEM計畫擴展到我們認為採用週期更短、商業潛力更大的領域，包括國防、機器人計程車、機器人卡車和越野市場。

Our extended strategy is intended to accelerate revenue generation while maintaining engagements with global automotive OEMs as part of the company's long-term vision. Based on current market condition and customer engagement visibly, the company provides the following outlook for 2026. Revenue in the range of $4 million to $6 million.

我們擴展策略旨在加快收入成長，同時保持與全球汽車原始設備製造商的合作關係，這是公司長期願景的一部分。根據當前市場狀況和客戶參與度，公司對 2026 年的前景做出如下展望。營收在 400 萬至 600 萬美元之間。

Adjusted EBITDA for 2026 is projected to be a loss in the range of $28 million to $31 million reflecting the company's strengthened balance sheet and cost reduction measures taken. This outlook reflects management's current expectation as of today and is subjected to change based on market conditions, customer adoption timelines, and other factors.

預計 2026 年調整後 EBITDA 將虧損 2,800 萬美元至 3,100 萬美元，這反映了公司資產負債表的改善和成本削減措施。這項展望反映了管理層截至目前為止的預期，並將根據市場狀況、客戶接受時間表和其他因素而改變。

Arbe expects to continue signing additional automotive OEM design wins over time beyond the recently announced design wins. However, the timing of future wins remains dependent on OEM adoption cycles, which are taking longer than previously anticipated. As a result, the company is not providing guidance on the timing of additional automotive OEM design wins.

Arbe 預計，除了最近宣布的設計訂單外，未來將繼續簽下更多汽車 OEM 設計訂單。然而，未來何時能夠取得成功仍取決於 OEM 廠商的採納週期，而這一週期比先前預期的要長。因此，該公司無法就何時能贏得更多汽車OEM設計專案提供指導。

Now we will be happy to open the call for your question, operator.

現在我們很樂意接受您的提問，接線生。

(Operator Instructions)

（操作說明）

George Gianarikas, Canaccord Genuity

喬治·詹納里卡斯，Canaccord Genuity

Hi everyone, thank you for taking, my questions, and welcome, Ram. Congratulations.

大家好，感謝大家抽出時間回答我的問題，歡迎Ram。恭喜。

Thank you.

謝謝。

Maybe to start first on defense applications that appear to be gaining momentum, can you help us understand. The chips per vehicle or application that you're seeing, in that market and whether or not it's, what kind of traction you're seeing, per vehicle so far, thank you.

或許可以先從國防應用程式入手，這些應用似乎正在獲得發展動力，您能幫我們了解一下嗎？您目前在該市場中看到的每輛車或每款應用的晶片數量，以及到目前為止每輛車的市場反應如何，謝謝。

You mean on the non-comotive or you mean robo taxi?

您是指非機動車，還是指無人駕駛計程車？

First, purely on defense applications, like, is there a different, structure to the applications that means that they need more than one chip? Thank You.

首先，純粹從國防應用的角度來看，例如，這些應用的結構是否有所不同，以至於需要不只一個晶片？謝謝。

So in the different applications there is a few verticals that we are targeting. First of all, there is Forterra there which is basically it's very close to regular automotive because it's autonomous driving. It's off-road, it's military, it's the US Army, but it's basically very close to that, so it means that It's one radar per vehicle.

因此，在不同的應用領域中，我們針對的是幾個垂直產業。首先，Forterra 基本上與普通汽車非常接近，因為它是自動駕駛。它是越野的，是軍用的，是美國陸軍的，但基本上與此非常接近，這意味著每輛車配備一個雷達。

We have others in pipeline that pursue the same opportunity but remember that because of the low volume. The price of this chips is much higher than automotive, and our gross margins are much better. The second vertical is the perimeter.

我們還有其他項目正在籌備中，也在尋求同樣的商機，但請記住，由於項目數量較少。這種晶片的價格比汽車用晶片高得多，但我們的毛利率也高得多。第二根垂直線是周長。

Defense and drone detection for that we need to provide a 360-degree solution, which means it's basically four radars per unit. And again, since the volumes and the prices are prices of homeland security and defense, the gross margin is going to be much better than regular automotives.

為此，我們需要提供 360 度全方位解決方案，以實現防禦和無人機偵測，這意味著每個單元基本上需要四個雷達。而且，由於銷量和價格都與國土安全和國防相關，因此毛利率將比普通汽車高得多。

Same, I would say in robotaxis, so the low volume re represents much better gross margins. Of course, if you compare it to millions of units per year, this is not the same, but anyway, the laboratory. Assumptions were that the ramp up of revenues will be very low. We believe that in 27' we will be able to reach revenues that from 11 May maybe we'll be there in 31' or 32'.

我也認為自動駕駛計程車行業的情況類似，因此低銷量意味著更高的毛利率。當然，如果與每年數百萬台的產量相比，這就不一樣了，但無論如何，這是實驗室。此前預計營收成長速度會非常緩慢。我們相信，到 27 年，我們將能夠達到 5 月 11 日的收入水平，也許到 31 年或 32 年我們就能達到這個水平。

So maybe just to focus a little bit on roboTaxi are the opportunities that you're seeing in the market with Chinese traditional and non-traditional EMs or is it more Western non-traditional and traditional OEMs?

那麼，我們不妨稍微聚焦一下自動駕駛計程車領域，您認為市場上的機會是來自中國傳統和非傳統電子製造商，還是來自西方非傳統和傳統原始設備製造商？

So it's with the with the robot taxi players that are not all games, we don't see. We don't think that the OEMs will control the robotaxi business. We believe that it's the players that are not the are not the OEMs.

所以，對於那些並非全部都是遊戲的機器人計程車玩家來說，我們看不到。我們認為，汽車製造商不會控制無人駕駛計程車產業。我們認為，是玩家，而不是原始設備製造商 (OEM)。

We know those players, from Raimo to Nuro to Aviride, all of those we believe are going to be the leaders in this market. I don't think it's the market of OEMs.

我們知道這些球員，從雷莫到努羅再到阿維里德，我們相信他們都將成為這個市場的領導者。我認為這不是OEM廠商的市場問題。

Right, and are, is the interest you're seeing with OEMs that are non-Chinese in the robotaxi market?

對，那麼，您在機器人計程車市場中看到的非中國OEM廠商的興趣是什麼？

Not really. I think the Western OE, except of course Tesla, lost their appetite for robo.

並不真地。我認為，除了特斯拉之外，西方原始設備製造商（OE）已經對機器人失去了興趣。

Understood, and maybe just to, I just want to clarify what you said about the robo taxi revenue potential. Is that something that you see maybe, ramping from a revenue perspective in 2027, or did you say later this decade?

明白了，另外，我只是想澄清一下你剛才說的關於無人駕駛計程車收入潛力的事情。您認為從收入角度來看，這種情況可能會在 2027 年出現增長，還是您說的是在本十年晚些時候？

The robotaxi, we going to see revenue already in 26' and we're going to see ramp up in we believe in 26', 27', 28'.

我們相信，在 2026 年，機器人計程車就能開始產生收入，而且在 2026 年、2027 年、2028 年，收入還會持續成長。

And then maybe last question for me with regard to the robo trucking, the autonomous trucking opportunity. How should we think about that and the potential for wins there and revenue ramp? Thank.

最後，關於無人駕駛卡車運輸、自動駕駛卡車運輸的機遇，我可能還有最後一個問題。我們應該如何看待這一點，以及在那裡取得勝利和實現收入成長的潛力？感謝。

You. Yeah, it's the same. So where we have, we already announced the truck, customer, and yes, we believe that when we are staying, when we're sending robo taxi, we take, the robot trucks as well.

你。是的，是一樣的。所以，我們已經宣布了卡車、客戶，是的，我們相信，當我們停留時，當我們派遣無人出租車時，我們也會帶上無人卡車。

Understood. Thank you very much.

明白了。非常感謝。

Suji Desilva, Roth Capital Partners

蘇吉‧德席爾瓦 (Suji Desilva)，羅斯資本合夥人

Hi Kobe and Corinne and Ram, best of luck in the new role. So you talked about the non-auto opportunity. You talked about the sales cycle there and how much shorter it is versus passenger auto and how long you've been pursuing that market. Sounds like you already have some traction there.

科比、科琳和拉姆，祝福你們在新崗位上一切順利。所以你談到了非汽車產業的機會。你談到了那裡的銷售週期，以及它比乘用車短得多，也談到了你在這個市場上投入了多少時間。聽起來你已經取得了一些進展。

So First, thank you for joining us, even from London, so. We began this shift around the end of QV last year when we saw that the delays in the laboratory and the volume in the appetite of the OEM is getting. A bit, lower than expected, so, we see here a sales cycle that is much shorter. I would say, six months from first meeting of the client, to, at least, a meaningful, order.

首先，感謝各位的參與，即使你們身在倫敦。去年 QV 末期，我們看到實驗室的延誤和 OEM 的需求量都在增加，於是開始了這項轉變。略低於預期，因此，我們看到銷售週期大大縮短。我認為，從第一次與客戶見面到至少下達有意義的訂單，需要六個月的時間。

In the beginning, in the midterm, there is of course the order for 1 to 10 to 20 units for evaluation, and then from six months we can get a meaningful order which is hundreds or even more than that of units.

一開始，在中期，當然會有 1 到 10 到 20 個單元的訂單用於評估，然後從六個月開始，我們就可以獲得一個有意義的訂單，數量可達數百個甚至更多。

Okay, and it sounds like on this call, Kobe, that you're formalizing this effort or at least communicating it to us formally. What steps will you take internally to deploy kind of people internally to target these non-passenger auto opportunities?

好的，科比，聽起來你這次通話是為了正式確定這項工作，或至少是正式地向我們傳達這件事。您將在內部採取哪些措施，部署合適的人才來抓住這些非乘用車領域的商機？

So first of all, we have a dedicated sales operation for that you're going to see our marketing efforts and the conferences that we are taking this year. They are all shifted to include also non automotive and also from. The inside the organization, we of course did what is needed in terms of in order to support it because the support is much more complicated.

首先，我們為此設立了專門的銷售部門，您將會看到我們今年的行銷工作以及我們參加的會議。它們都被轉移到包括非汽車領域，以及其他領域。在組織內部，我們當然也做了所有必要的事情來支持它，因為支援工作要複雜得多。

Every customer has its own demands and its own variations. We are cooperating here also with Telstra and there is some customers that we need to support directly. All of that things that we are doing.

每個客戶都有自己的需求和不同的要求。我們在這裡也與Telstra合作，並且需要直接為一些客戶提供支援。我們正在做的所有那些事情。

Great. And then last question, Kobe, can you talk about the difference perhaps in the competitive landscape of this non-passenger auto market or is it similar to the auto market? Any color there would be helpful Thanks.

偉大的。最後一個問題，Kobe，你能談談非乘用車市場的競爭格局與乘用車市場有何不同嗎？還是它與乘用車市場類似？如果能提供一些顏色就更好了，謝謝。

So it's different between, let's say robotaxi and the robot crack where we basically, I think meeting the same competitors, as in automotive, then in the other vertical like different and like. And like marine and so on the different side, there is not a solution right now in 77 gigahertz that is competing with us that can really support what we are offering. There is a 24 gigahertz.

所以，比如說，機器人計程車和機器人破解之間就有所不同，在汽車領域，我們基本上遇到了相同的競爭對手，但在其他垂直領域，情況就不同了。就像海洋等其他領域一樣，目前在 77 吉赫茲頻段還沒有能夠真正支持我們所提供產品的解決方案，可以與我們競爭。頻率為 24 吉赫茲。

Radar, Ecodyne and Metrics radar are players in this market, and but we believe that first of all there is a large demand right now. There is room for everyone and there is a lot of advantage for the 77 gigahertz coming from the price. And also the weather 24 gigahertz is a spectrum that has problems in the humidity and rain. It's not as resilient as 77, and in those applications, of course it's critical.

Radar、Ecodyne 和 Metrics 雷達都是這個市場的參與者，但我們認為，首先，目前市場需求很大。每個人都有發展空間，而且77GHz的處理器在價格方面也具有很大的優勢。此外，24 吉赫茲的天氣頻譜在濕度和降雨方面存在問題。它不如 77 號那麼具有彈性，當然，在那些應用中，彈性至關重要。

Okay, thanks, Kobi. Thanks.

好的，謝謝你，Kobe。謝謝。

Casey Ryan, West Park Capital

Casey Ryan，西園資本

Yeah, thank you. Good morning. This is an exciting update. Can I ask you a quick few modeling questions? So the $4 million to $6 million in guidance sounds like that's going to be all non-automotive is sort of the expectation today, or is there some automotive built into that $4 million to $6 million revenue guide?

是啊，謝謝。早安.這是一個令人興奮的更新。我可以問你幾個關於建模的問題嗎？所以，400萬至600萬美元的預期收入聽起來像是全部來自非汽車行業，還是說這400萬至600萬美元的收入預期中包含了一些汽車行業的收入？

It's so we've mentioned it's mainly non-auto and we did mention so hiring and which Is also included which is auto.

正如我們之前提到的，它主要是非汽車行業，我們也提到了招聘，其中也包括汽車行業。

Okay, that, that's helpful. And then, just quickly on the op x numbers, do you believe Q4 numbers will be consistent roughly across 26', or do you think that number will come down further? What are your thoughts just about direction, not giving out specific numbers?

好的，這很有幫助。然後，關於營運成本（OP）數據，您認為第四季的數據在26年會大致保持不變，還是您認為這個數字會進一步下降？您對方向有什麼看法，不談具體數字？

Sure, so, as we mentioned, we did do, restructuring in order for, the company and to, continue, its runway. So, I assume that just an EBITDA that we guided reflects this new, course of, expenses. So it will go down slightly.

當然，正如我們所提到的，我們確實進行了重組，以便公司能夠繼續發展下去。因此，我認為我們預測的 EBITDA 反映了這個新的支出方向。所以它會略微下降。

Okay.

好的。

In order to enable us.

為了使我們能夠做到這一點。

Okay, yeah, great, those two points are helpful and then sort of broadly. Defense is a very exciting sector and so are smart cities and all these sort of physical AI and markets.

好的，是的，太好了，這兩點很有幫助，而且總體來說也不錯。國防是一個非常令人興奮的領域，智慧城市以及各種實體人工智慧和市場也是如此。

Is your product a candidate for things that are retrofits instead of new builds, so saying maybe existing military vehicles being equipped with. Autonomy or upgraded in some fashion to sort of consume advanced technologies like your chip set.

您的產品是否適合進行改造而不是新建，例如為現有的軍用車輛配備？實現自主運作或以某種方式升級，以使用像晶片組這樣的先進技術。

Sure, this is the, since it's like the robotaxi and like, the robo rack, basically the platform itself, can get the radar, in a later stage, so it's, aftermarket like, so of course we can support retrofit as well.

當然，因為它類似於機器人出租車和機器人貨架，基本上平臺本身可以在後期加裝雷達，所以它是售後市場產品，因此我們當然也可以支持改裝。

Okay, that's.

好的，就是這樣。

Actually, pretty exciting. Now we need a bigger RFP for a retrofit of the old vehicle that is already deployed in thousands of units.

實際上，相當令人興奮。現在我們需要一份更大的招標書，用於對已部署數千輛的舊車輛進行改造。

Right, and Do you think that there's interest in movement in sort of doing Retrofits.

對，你認為人們對進行改造之類的活動感興趣嗎？

Yeah, sure, there is a new, I think that our ability to provide drone detection in tactical forces is really appreciated by the customers, and this is all a retrofit.

是的，當然，我認為我們為戰術部隊提供無人機探測的能力受到了客戶的極大讚賞，而這一切都是改造升級。

Okay, yeah, that's actually pretty exciting because that is faster to market as well, but also, fairly large, right? Upgrading all the existing could be a pretty exciting opportunity and then just last question around defense are other defense forces candidates for you as well with your customers who could presumably build product for. Western European forces as well beyond the US.

好的，是的，這確實令人興奮，因為它上市速度更快，而且規模也相當大，對吧？升級所有現有設備可能是一個非常令人興奮的機會，最後一個關於國防的問題，你的客戶是否還有其他國防部門的候選人，他們大概可以為你開發產品。西歐勢力遠超美國。

Yeah, sure. Beyond US and Israeli, of course we are looking also into Western Europe armies as well.

當然可以。當然，除了美國和以色列之外，我們也在關注西歐各國的軍隊。

Okay, and then sort of the last question, sort of the sort of slow down a little bit in automotive. Is there any connection to sort of the pacing of say EVs versus ice in terms of the power train, thoughts around OEMs, or are there other factors at play around moving to L3 and L4 and those types of things?

好的，最後一個問題，關於汽車產業，我們稍微放慢一下速度。電動車與燃油車在動力系統方面的發展速度是否有某種關聯？汽車製造商的想法是什麼？或者，在向 L3 和 L4 級別過渡方面，是否存在其他因素在起作用？

I think, It's connected and not connected, so of course the fact that the OEMs invested a lot in EV and the EV basically is slowing down, this causes the OEMs for a huge write-off in tens of billions of dollars, and of course this is, forces them. To reduce the headcount and to cut expenses, and this is all delaying their R&D for the leverage week.

我認為，這兩者既有關聯又沒有關聯。當然，汽車製造商在電動車領域投入巨資，而電動車的發展速度基本上正在放緩，這導致汽車製造商損失數百億美元，當然，這也迫使他們採取行動。為了減少員工人數和削減開支，這一切都導致他們在槓桿週的研發工作被推遲。

So it's not because the fact that the EV is not there, it's because of the fact that the EV caused them, major losses.

所以，不是因為電動車不存在，而是因為電動車給他們造成了重大損失。

Got it. That's actually very helpful. It makes a lot of sense. Well, sort of beyond that sort of short-term slowdown, it feels like, a pretty exciting outlook for 26' with new markets and then, hopefully progress in automotive as we have the 27'. So, that's it for me. Thank you for those answers and discussion points.

知道了。這真的很有幫助。這很有道理。嗯，撇開這種短期放緩不談，26 年的前景相當令人興奮，我們將開拓新市場，然後，希望汽車業也能像 27 年那樣取得進展。好了，我的就說這些。感謝您提供的解答和討論重點。

(Operator Instructions)

（操作說明）

There are no further questions at this time, Mr. Marenko. Would you like to make your concluding statement?

馬倫科先生，目前沒有其他問題了。能否作總結陳詞？

Yeah, on behalf of the management of Albay, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. Before I leave, I want to say that I have thoroughly enjoyed serving as Aldi's CEO and I am proud of our achievements.

是的，我謹代表阿爾拜管理階層，感謝各位股東對我們業務的持續關注與長期支持。在我離開之前，我想說，我非常享受擔任 Aldi 執行長的這段時光，並為我們所取得的成就感到自豪。

Over the year, we have built a strong technology foundation. Achieved important milestones and positioned the company for its next phase of growth. While we have accomplished a great deal, there is still much more ahead, and I am excited to hand over the CEO reins to Ram in the near future.

一年來，我們已經建立了強大的技術基礎。實現了重要的里程碑，並為公司的下一階段成長奠定了基礎。雖然我們已經取得了巨大的成就，但未來還有很多工作要做，我很高興能在不久的將來把執行長的職位交給 Ram。

I have full confidence in Ram's leadership and look forward to working closely with him as President of AEC as we continue to execute on our strategy and build long-term value. And with that, We will end our call. Have a good day.

我對 Ram 的領導能力充滿信心，並期待與他密切合作，擔任 AEC 總裁，繼續執行我們的策略並創造長期價值。通話到此結束。祝你有美好的一天。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。