TEL AVIV, Israel, Dec. 7, 2021 /PRNewswire/ -- Arbe
Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in
next-generation 4D Imaging Radar Solutions, announced today third
quarter 2021 financial results and provided a business update.
Kobi Marenko, Chief Executive
Officer, said "We are excited to report a solid quarter of
continued operational, technological, and strategic progress. Our
successful business combination and presence on the NASDAQ market
marks a significant milestone and helps to cement our leadership
position ahead of what we see as an imminent, revolutionary change
in the global automotive technology market. We look forward to
demonstrating the value of our next-generation Imaging Radar and
its importance to the future of the automotive industry. We are
progressing and paving the road for the adoption of our technology
and for the universal acceptance of our products."
Karine Pinto-Flomenboim, Chief Financial Officer, added, "We
remain confident in the full range of our projections for growth,
our financial performance, the expansion of our operational
capabilities, the pace of progress in our research and development
efforts, and the adoption of our technology and products by a range
of important customers around the world."
Commercial Traction
- A top global OEM selected Arbe for an "Imaging Radar - based
perception" project
- Weifu announced it reached a road pilot phase of its Arbe-based
Radar Systems and is scheduled to be in full production by the end
of 2022
- BAIC Group's Deputy General Manager announced that Arbe's
technology will be installed on its mass-produced models
- Hyundai holds a PoC of safety enhancements introduced by Arbe's
next generation radars
- On schedule with a pre-production project with the Top 5 OEM,
which is progressing towards selection in 2022
- On track with the production plan for Auto-X
Technology Leadership
- Arbe was presented with the 2021 Europe New Product Innovation
Award by Frost & Sullivan
- Arbe was named a CES 2022 Innovation Awards Honoree for its
Phoenix Perception Radar
- Arbe's 4D Imaging Radar Technology won ADAS & Autonomous
Product of the Year 2021 by Informa Tech Automotive
- Arbe delivered radar samples based on our final production
chipset with the highest physical resolution in the industry
- Arbe's AI layer is receiving strong feedback following pilot
trials from leading automotive companies
Arbe's Third Quarter 2021 Financial Highlights
- Revenues for Q3 2021 were $0.6
million. The company continues to see strong interest for
its products and expects this positive momentum to continue.
Revenue for the first nine months of 2021, was $1.7 million
- Backlog as of September 30, 2021
was $2.0 million, consistent with
expectations of demand to support prototyping, pilot programs and
engineering support, with additional new orders expected in the
fourth quarter
- Operating expenses for Q3 2021 were $8.5
million, an increase from $3.4
million in Q3 2020. The increase was primarily related to
headcount growth and a return towards normal business conditions in
2021. The company continues strengthening its R&D investment,
with R&D expenses totaling $7.4
million for Q3 2021, compared to $2.9
million of R&D expenses in Q3 2020
- Q3 2021 Net loss of ($13.3)
million, which included $5.0
million of financial expenses mostly related to the
revaluations of convertible loan and warrants, compared with a net
loss of ($3.3) million for Q3 of
2020
- Adjusted EBITDA, a non-GAAP measurement which adds back
depreciation and amortization, financial expenses and equity-based
expenses, was ($8.0) million compared
to ($3.3) million in the third
quarter of 2020
- As of September 30, 2021, before
the Business Combination, Arbe had $4.0
million in cash and cash equivalents, compared to
$2.9 million in cash and cash
equivalents as of December 31,
2020
- Total gross proceeds resulting from the Business Combination
with ITAC, which was completed on October
7th, were approximately $118.3
million, out of which total transaction costs amounted to
approximately $19.4 million
- Arbe's post balance sheet events include $9.2 million received from the exercise of
warrants issued to the ITAC warrant holder as part of the business
combination.
Outlook
- Arbe reaffirms its forward-looking guidance for 2025 including
revenue of $312 million, representing
identified projects with deep engagement
- Based on year-to-date backlog and expected new orders, the
Company reiterates its expectation for 2021 booking
Investor Event
Arbe will host an investor event
(https://arberobotics.com/investorevent/) today at 10am Eastern Time, which will include commentary
on its third quarter 2021 financial performance and Q&A. The
presentation will be available on the Company's website following
the event.
About Arbe
Arbe (Nasdaq: ARBE), a global leader in next-generation 4D
Imaging Radar Chipset Solutions, is spearheading a radar
revolution, enabling truly safe driver-assist systems today while
paving the way to full autonomous-driving. Arbe's imaging radar is
100 times more detailed than any other radar on the market and is a
mandatory sensor for L2+ and higher autonomy. The company is
empowering automakers, tier-1 suppliers, autonomous ground
vehicles, commercial and industrial vehicles, and a wide array of
safety applications with advanced sensing and paradigm-changing
perception. Arbe is a leader in the fast-growing automotive radar
market that has an estimated projected total addressable market of
$11 billion in 2025. Arbe is based in
Tel Aviv, Israel, and has an
office in the United States.
Use of Non-GAAP Financial Measures
This press release contains financial information calculated
other than in accordance with U.S. Generally Accepted Accounting
Principles ("GAAP"). The non-GAAP measures presented by the Company
are not measures of financial performance in accordance with GAAP
and may exclude items that are significant in understanding and
assessing the Company's financial results. Therefore, these
measures should not be considered in isolation or as an alternative
to net income, cash flows from operations or other measures of
profitability, liquidity or performance under GAAP. Arbe's
presentation of these measures may not be comparable to
similarly-titled measures used by other companies. These non-GAAP
financial measures are subject to inherent limitations as they
reflect the exercise of judgments by management about which expense
and income are excluded or included in determining these non-GAAP
financial measures and should be considered in addition to, and not
as a substitute for, comparable GAAP measures. The non-GAAP
measures used in this press release are Non-GAAP Net Loss and
Adjusted EBITDA. The Company provides these non-GAAP financial
measures because it believes that they present a measure of the
Company's core business that management uses internally to evaluate
the Company's ongoing performance. Reconciliations of these
non-GAAP measures to the Company's Net Loss can be found
immediately following the Consolidated Statements of Cash Flows
included in this press release. In evaluating Arbe, undue reliance
should not be placed on the non-GAAP financial information.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Such statements include information regarding Arbe's
current beliefs, plans and expectations, including, without
limitation, Arbe's belief that it will continue to be able to
execute strongly on its business plan. Words such as "believe,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"forecast," "goal," "could," "would," "should," "if," "may,"
"might," "future," "target," "trend," "seek to," "will continue,"
"predict," "likely," "in the event," "potential" and variations of
any such words or similar expressions are indicate forward-looking
statements.
Forward-looking statements are made on the basis of management's
current views and assumptions and are not guarantees of future
performance. Forward-looking statements are inherently subject to
risks and uncertainties that could cause actual results, and actual
events that occur, to differ materially from results contemplated
by the forward-looking statements. These risks and uncertainties
include, but are not limited to: (i) unanticipated delays or
difficulties in connection with the evaluation of Arbe's products
in evaluation and test programs; (ii) the success of road pilot
programs for Arbe's products, (iii) Arbe's ability to develop
significant revenue as a result of the test programs involving its
radar system; (iv) Arbe's ability to leverage its existing
relationships and secure test programs and orders resulting from
the test programs; (v) Arbe's ability to meet its projected revenue
level and its ability to operate profitably; (vi) Arbe's
expectation that it will be engaging with Tier 1 suppliers and OEMs
which would be building the radars based on its Chipset solution,
eliminating expenses associated with system completion, requirement
for undertaking significant capital expenditures associated with
developing mass production manufacturing and the expenses of
operating any such manufacturing capability; (vii) Arbe's
expectation that radars are crucial to the automotive industry and
will be deployed in nearly all new vehicles as a long range,
cost-effective sensor with the fewest environmental limitations;
(viii) Arbe's belief that the Arbe Radar Chipset heralds a
breakthrough in radar technology that will enable Tier 1
manufacturers and OEMs to replace the current radars with an
advanced solution that meets the safety requirements of Euro-NCAP
and NHTSA for autonomous vehicles at all levels of autonomous
driving; (ix) Arbe's ability to develop or have access to the
latest developments relating to radar and autonomous driving
vehicles; (x) Arbe's ability to have products manufactured for it
by third parties that meet Arbe's and its customers quality
standards and delivery requirements; (xi) Arbe's ability to attract
and retain highly skilled personnel and senior management,
including research and development, sales and marketing personnel;
(xii) Arbe's ability to obtain funding when required through debt
and equity financings; (xiii) the effect of inflation and supply
chain problems on Arbe's business, including Arbe's ability to
obtain semiconductor products when needed and at a reasonable
price; (xiv) Arbe's ability to develop and market products based on
its radar technology for uses outside of the automotive industry;
(xv) accidents or bad press resulting from accidents involving
autonomous driving vehicles, even those using radar products from
other companies or based on other technology; and the effect of any
accidents with vehicles using Arbe's radar system; (xvi) the
failure of the markets for Arbe's current or new technologies and
products to materialize to the extent or at the rate that Arbe
expects; (xvii) unexpected delays or difficulties related to the
development of Arbe's technologies and products; (xviii) the effect
of laws and changes in laws that have an effect on the market for
or the requirement for autonomous vehicles; (xix) the effect of
COVID-19 and any new variants or any pandemics or multinational
epidemics and actions taken by governments and industry to address
the effects of the pandemic and the corresponding macroeconomic
uncertainty; (xvii) risks related to the potential impact of new
accounting standards on Arbe's financial position, results of
operations or cash flows; (xx) changes or inaccuracies in market
projections; (xxi) changes in Arbe's business strategy; and (xxii)
the risk and uncertainties described in "Risk Factors,"
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Cautionary Note Regarding Forward-Looking
Statements'' and the additional risks described in Arbe's
prospectus dated November 2, 2021
which was filed by Arbe with the Securities and Exchange Commission
on November 4, 2021, as well as the
other documents filed by Arbe with the SEC. Arbe undertakes no duty
to revise or update publicly any forward-looking statement for any
reason, except as otherwise required by law.
CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
September 30,
2021
|
|
|
December 31,
2020
|
|
Current
Assets:
|
|
(Unaudited)
|
|
|
(Audited)
|
|
Cash and cash
equivalents
|
|
|
3,929
|
|
|
|
2,857
|
|
Restricted
cash
|
|
|
120
|
|
|
|
97
|
|
Short term bank
deposits
|
|
|
-
|
|
|
|
100
|
|
Trade
Receivable
|
|
|
365
|
|
|
|
137
|
|
Prepaid expenses and
other receivables
|
|
|
904
|
|
|
|
830
|
|
Total current
assets
|
|
|
5,318
|
|
|
|
4,021
|
|
|
|
|
|
|
|
|
|
|
Non-Current
Asset
|
|
|
|
|
|
|
|
|
Deferred transaction
costs *
|
|
|
1,685
|
|
|
|
-
|
|
Property and
equipment, net
|
|
|
826
|
|
|
|
384
|
|
Total non-current
assets
|
|
|
2,511
|
|
|
|
384
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
7,829
|
|
|
|
4,405
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current maturities of
long-term loan
|
|
|
-
|
|
|
|
1,879
|
|
Short term
loan
|
|
|
4,780
|
|
|
|
-
|
|
Trade
payables
|
|
|
2,854
|
|
|
|
1,209
|
|
Employees and payroll
accruals
|
|
|
2,503
|
|
|
|
1,538
|
|
Deferred
revenues
|
|
|
1,012
|
|
|
|
281
|
|
Accrued expenses and
other payables
|
|
|
2,264
|
|
|
|
364
|
|
Total current
liabilities
|
|
|
13,413
|
|
|
|
5,271
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities
|
|
|
|
|
|
|
|
|
Long-term
loan
|
|
|
-
|
|
|
|
676
|
|
Convertible
loan
|
|
|
30,844
|
|
|
|
1,641
|
|
Warrants to purchase
Series B-1 preferred shares
|
|
|
1,751
|
|
|
|
375
|
|
Warrants to purchase
Series B-2 preferred shares
|
|
|
1,906
|
|
|
|
1,159
|
|
Total long-term
liabilities
|
|
|
34,501
|
|
|
|
3,851
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE
CONVERTIBLE PREFERRED SHARES
|
|
|
61,560
|
|
|
|
55,440
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
DEFICIENCY:
|
|
|
|
|
|
|
|
|
Ordinary
Shares
|
|
|
*)
|
|
|
|
*)
|
|
Additional paid-in
capital
|
|
|
2,154
|
|
|
|
1,397
|
|
Accumulated
Deficit
|
|
|
(103,799)
|
|
|
|
(61,554)
|
|
Total shareholders'
deficiency
|
|
|
(101,645)
|
|
|
|
(60,157)
|
|
|
|
|
|
|
|
|
|
|
Total liabilities,
redeemable convertible preferred shares and shareholders'
deficiency
|
|
|
7,829
|
|
|
|
4,405
|
|
|
|
|
|
|
|
|
|
|
* Represents transaction
costs incurred by Arbe in consummating the transaction. $1.7
million were recorded
against accrued
expenses.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
3 Months
Ended
|
|
|
3 Months
Ended
|
|
|
9 Months
Ended
|
|
|
9 Months
Ended
|
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
|
628
|
|
|
|
-
|
|
|
|
1,729
|
|
|
|
138
|
|
Cost of
revenues
|
|
|
438
|
|
|
|
90
|
|
|
|
1,116
|
|
|
|
227
|
|
Gross Profit
(Loss)
|
|
|
190
|
|
|
|
(90)
|
|
|
|
613
|
|
|
|
(89)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
|
|
7,432
|
|
|
|
2,890
|
|
|
|
16,984
|
|
|
|
9,515
|
|
Sales and
marketing
|
|
|
390
|
|
|
|
192
|
|
|
|
1,137
|
|
|
|
752
|
|
General and
administrative
|
|
|
674
|
|
|
|
285
|
|
|
|
1,793
|
|
|
|
792
|
|
Total operating
expenses
|
|
|
8,496
|
|
|
|
3,367
|
|
|
|
19,914
|
|
|
|
11,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(8,306)
|
|
|
|
(3,457)
|
|
|
|
(19,301)
|
|
|
|
(11,148)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses
(income), net
|
|
|
4,980
|
|
|
|
(126)
|
|
|
|
22,944
|
|
|
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(13,286)
|
|
|
|
(3,331)
|
|
|
|
(42,245)
|
|
|
|
(11,121)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share attributable to
Ordinary Shareholders
|
|
|
(1.35)
|
|
|
|
(0.36)
|
|
|
|
(4.40)
|
|
|
|
(1.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares used in
computing basic and diluted net loss
per share
attributable to Ordinary
Shareholders*
|
|
|
9,870,463
|
|
|
|
9,238,425
|
|
|
|
9,596,666
|
|
|
|
9,182,514
|
|
|
|
* The number of ordinary
shares retroactively reflects the 46.25783-for-one stock split of
the ordinary shares which
was effective on October 7,
2021.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
9 Months
Ended
|
|
|
9 Months
Ended
|
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
Cash flows from
operating activities:
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Loss
|
|
|
(42,245)
|
|
|
|
(11,121
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
246
|
|
|
|
255
|
|
Stock-based
compensation
|
|
|
488
|
|
|
|
290
|
|
Warrants to service
providers
|
|
|
56
|
|
|
|
43
|
|
Revaluation of
warrants and accretion
|
|
|
4,738
|
|
|
|
268
|
|
Revaluation of
convertible loan
|
|
|
17,866
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease (increase)
in trade receivable
|
|
|
(162)
|
|
|
|
28
|
|
Decrease (increase)
in prepaid expenses and other receivables
|
|
|
(74)
|
|
|
|
(33)
|
|
Increase (decrease)
in trade payables
|
|
|
1,645
|
|
|
|
(1,400)
|
|
Increase in employees
and payroll accruals
|
|
|
965
|
|
|
|
(525)
|
|
Increase in deferred
revenue
|
|
|
665
|
|
|
|
124
|
|
Increase in accrued
expenses and other payables
|
|
|
331
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
|
(15,481)
|
|
|
|
(11,871)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Change in bank
deposits
|
|
|
100
|
|
|
|
7,860
|
|
Purchase of property
and equipment
|
|
|
(687)
|
|
|
|
(156)
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) investing activities
|
|
|
(587)
|
|
|
|
7,704
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repayment of
long-term loan
|
|
|
(2,639)
|
|
|
|
(1,161)
|
|
Proceeds from short
term loan
|
|
|
4,733
|
|
|
|
|
|
Payment of deferred
transaction costs
|
|
|
(117)
|
|
|
|
|
|
Proceeds from
issuance of redeemable convertible preferred shares and
warrants
for the purchase of Series B-2 redeemable convertible preferred
shares, net
|
|
|
-
|
|
|
|
1,190
|
|
Proceeds from
exercise of warrants
|
|
|
3,637
|
|
|
|
|
|
Proceeds from
exercise of options
|
|
|
212
|
|
|
|
30
|
|
Proceeds from
convertible loan
|
|
|
11,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
|
17,163
|
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
1,095
|
|
|
|
(4,108)
|
|
Cash, cash
equivalents and restricted cash at the beginning of the
year
|
|
|
2,954
|
|
|
|
7,003
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at the end of the
period
|
|
|
4,049
|
|
|
|
2,895
|
|
RECONCILIATION OF
GAAP NET LOSS TO NON-GAAP NET LOSS
|
|
|
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
3 Months
Ended
|
|
|
3 Months
Ended
|
|
|
9 Months
Ended
|
|
|
9 Months
Ended
|
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
GAAP net loss
attributable to ordinary
shareholders
|
|
|
(13,286)
|
|
|
|
(3,331)
|
|
|
|
(42,245)
|
|
|
|
(11,121)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
176
|
|
|
|
83
|
|
|
|
488
|
|
|
|
290
|
|
Warrants to service
providers
|
|
|
19
|
|
|
|
15
|
|
|
|
56
|
|
|
|
43
|
|
Revaluation of
warrants and accretion
|
|
|
612
|
|
|
|
114
|
|
|
|
4,738
|
|
|
|
268
|
|
Revaluation of
convertible loan
|
|
|
4,160
|
|
|
|
-
|
|
|
|
17,866
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
loss
|
|
|
(8,319)
|
|
|
|
(3,119)
|
|
|
|
(19,097)
|
|
|
|
(10,520)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
Non-GAAP net loss per share
attributable to Ordinary
Shareholders
|
|
|
(0.84)
|
|
|
|
(0.34)
|
|
|
|
(1.99)
|
|
|
|
(1.15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares used in
computing basic and diluted Non-GAAP
net
loss per share attributable to
Ordinary
Shareholders*
|
|
|
9,870,463
|
|
|
|
9,238,425
|
|
|
|
9,596,666
|
|
|
|
9,182,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The number of ordinary
shares retroactively reflects the 46.25783-for-one stock split of
the ordinary shares which was effective on October 7,
2021.
|
|
RECONCILIATION OF
GAAP NET LOSS TO AJUSTED EBITDA
|
|
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
3 Months
Ended
|
|
|
3 Months
Ended
|
|
|
9 Months
Ended
|
|
|
9 Months
Ended
|
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
September 30,
2021
|
|
|
September 30,
2020
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
GAAP net loss
attributable to ordinary
shareholders
|
|
|
(13,286)
|
|
|
|
(3,331)
|
|
|
|
(42,245)
|
|
|
|
(11,121)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses
(income), net
|
|
|
4,980
|
|
|
|
(126)
|
|
|
|
22,944
|
|
|
|
(27
|
|
Depreciation &
Amortization
|
|
|
97
|
|
|
|
41
|
|
|
|
246
|
|
|
|
255
|
|
Stock-based
compensation
|
|
|
176
|
|
|
|
83
|
|
|
|
488
|
|
|
|
290
|
|
Warrants to service
providers
|
|
|
19
|
|
|
|
15
|
|
|
|
56
|
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
(8,014)
|
|
|
|
(3,318)
|
|
|
|
(18,511)
|
|
|
|
(10,560)
|
|
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