The following is a summary of the Arbe Robotics Ltd. (ARBE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Arbe reported a Q1 revenue drop to $0.1 million from $0.4 million in Q1 2023.

• A backlog of $1 million is predicted to convert to revenue throughout 2024.

• Gross margin for Q1 2024 was negative (194%) primarily due to reduced revenue and increased workforce, contra-positive 11% gross margin in Q1 2023.

• Q1 2024 operating expenses increased to $12.5 million mainly due to noncash share-based compensation expenses.

• Operating and net losses for Q1 2024 were $12.8 million, up from $10.6 million and $9.9 million, respectively, in Q1 2023.

• At the end of Q1 2024, Arbe had $5.4 million in cash equivalents and $30.3 million in short-term bank deposits with zero debt.

• Arbe expects 2024 revenues to match that of 2023, with growth projected for 2025.

Business Progress:

• Arbe achieved significant milestones in Q1, notably successful development of post-point cloud algorithms and application them to HiRain's imaging radar for production.

• Arbe's partner, HiRain, plans to start production of imaging radars late this year.

• Progress is being made with original equipment manufacturers (OEMs) to collect data and enhance radar specifications.

• Collaboration with NVIDIA and being part of the Omniverse cloud API's should expedite Arbe's road to autonomy.

• A data collection initiative is underway by a Japanese client to enhance Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) architecture.

• Considering evolving automotive safety standards, Arbe is confident their technology will be compliant.

• Arbe is finalizing dual listing on the Tel Aviv Stock Exchange.

• Major expenses related to the production transition are concluded, with the final expenditure expected for enhancing capacity of the 'burning boats'.

• Arbe is now prepared to generate revenue but will not participate in truck bidding due to the high integration costs and lower volumes in the truck market.

More details: Arbe Robotics IR

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