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Arbe Robotics .(ARBE) - 2022 Q2 - Quarterly Report
ARBEArbe Robotics .(ARBE)2022-08-15 16:00
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Financial Performance - Q2 2022 revenues were 1.2million,upfrom1.2 million, up from 0.5 million in Q2 2021, with a backlog of 1.5millionasofJune30,2022[5]−RevenuesforthethreemonthsendedJune30,2022,were1.5 million as of June 30, 2022[5] - Revenues for the three months ended June 30, 2022, were 1,236,000, compared to 521,000forthesameperiodin2021,representinganincreaseof137.6521,000 for the same period in 2021, representing an increase of 137.6%[15] - Gross profit for the six months ended June 30, 2022, was 1,391,000, up from 423,000inthesameperiodof2021,reflectingagrowthof228.4423,000 in the same period of 2021, reflecting a growth of 228.4%[15] - The net loss for the three months ended June 30, 2022, was 11,593,000, compared to a net loss of 10,582,000forthesameperiodin2021,indicatingadeclineof9.610,582,000 for the same period in 2021, indicating a decline of 9.6%[15] - Basic and diluted net loss per share attributable to ordinary shareholders for the three months ended June 30, 2022, was (0.18), an improvement from (1.11)inthesameperiodof2021[15]ExpensesandCashFlow−Operatingexpensesincreasedto(1.11) in the same period of 2021[15] Expenses and Cash Flow - Operating expenses increased to 13.0 million in Q2 2022 from 6.9 million in Q2 2021, primarily due to higher R&D expenses[6] - Total operating expenses for the three months ended June 30, 2022, were 12,984,000, compared to 6,890,000inthesameperiodof2021,anincreaseof88.56,890,000 in the same period of 2021, an increase of 88.5%[15] - Net cash used in operating activities for the three months ended June 30, 2022, was (10,569,000), compared to (6,194,000)forthesameperiodin2021,representinganincreaseof70.5(6,194,000) for the same period in 2021, representing an increase of 70.5%[17] - Cash, cash equivalents, and restricted cash at the end of the period for June 30, 2022, were 71,436,000, compared to 3,305,000attheendofJune30,2021[17]ResearchandDevelopment−ResearchanddevelopmentexpensesforthethreemonthsendedJune30,2022,were3,305,000 at the end of June 30, 2021[17] Research and Development - Research and development expenses for the three months ended June 30, 2022, were 9,534,000, up from 5,841,000inthesameperiodof2021,anincreaseof63.25,841,000 in the same period of 2021, an increase of 63.2%[15] Future Outlook - Management expects full-year revenues to range from 7 million to 11million,heavilyweightedtowardstheendoftheyear[9]−Arbeisontracktoachievearevenuegoalof11 million, heavily weighted towards the end of the year[9] - Arbe is on track to achieve a revenue goal of 312 million by 2025[9] - Arbe is shortlisted in 8 RFPs/RFQs, with total potential revenues estimated at 7.5billionbytheendofthedecade[2]ProductDevelopment−Arbe′sLynxSurroundImagingRadarwasintroduced,targetingthedemandfor360°long−rangesensing[3]−HiRainTechnologiesplanstoreachmassproductionofImagingRadarsbasedonArbe′schipsetby2023[2]ProfitabilityMetrics−AdjustedEBITDAforthethreemonthsendedJune30,2022,was7.5 billion by the end of the decade[2] Product Development - Arbe's Lynx Surround Imaging Radar was introduced, targeting the demand for 360° long-range sensing[3] - HiRain Technologies plans to reach mass production of Imaging Radars based on Arbe's chipset by 2023[2] Profitability Metrics - Adjusted EBITDA for the three months ended June 30, 2022, was (9,530,000), compared to $(6,443,000) for the same period in 2021, reflecting a decline of 48.5%[20] - Gross margin for Q2 2022 was 72.8%, compared to 31.9% in Q2 2021, driven by economies of scale and reduced costs[5]