Good day, and welcome to the Arbe Robotics first quarter 2026 results conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note, today's event is being recorded. I would now like to turn the conference over to Kenny Green of EK Investor Relations. Mr. Green, please go ahead. Thank you. Good day to all of you, and welcome to Arbe's conference call to discuss results for the first quarter of 2026. 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 earnings 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. Today, we are joined by Ram Machness, Arbe's Chief Executive Officer, who will begin with a business and strategic update, Kobi Marenko, President and Co-founder, who will provide perspective on Arbe's long-term direction, and Karine Pinto-Flomenboim, Chief Financial Officer, will review the financials. Following management's formal remarks, we will open the call to the question and answer session. With that, I'd like to hand the call over to Ram. Ram, please go ahead. Thank you, Kenny. Good morning, everyone. Thank you for joining us to review Arbe's first quarter 2026 results. I stepped into the CEO role in April, and I see significant potential ahead for Arbe. During the first quarter, we made strong progress and accelerated on the strategy we set out at the start of the year. Today, I will focus on the main areas where we are making progress. Arbe is growing from a chipset-focused automotive company into a supplier of complete radar solutions across automotive and increasingly into adjacent markets. This quarter, we hit several commercial milestones that reflect this transition. We began shipping chips into China through our Tier 1, HiRain. We received orders from robotaxi customers. We also received orders for data collection programs with global automakers and leading mobility players. I will now go deeper into each of these areas, starting with automotive. Let's start with China, the fastest-moving automotive market in the world. During this quarter, we shipped the initial batch of chipsets to HiRain. These chipsets supported production of 48 by 48 channel radar, a project that we announced in December, in which HiRain is developing a Level four autonomous vehicle solution for a Chinese automaker. In parallel, HiRain is developing new radar also based on our chipset, with 24 by 12 channels designed as a lower-cost system that can be used by a wider range of vehicles. This configuration complements its existing high-end 48 by 48 radar system based on our chipset. With our technology, HiRain is becoming a key radar platform player in China. It can offer OEMs a path from high-end radar systems that are available today in China to full 2K ultra-high-resolution performance. China sold 34.4 million vehicles in 2025. Through a local Tier 1, Arbe gains direct access to one of the world's largest and fastest-moving markets for Level two plus and Level three deployments. Turning to robotaxis. We received orders for our Phoenix radar system from global robotaxi companies. These systems support Level four autonomy and full 360-degree sensing. This clearly shows that our high-resolution radar delivers the performance and coverage required for Level four. This is strong and growing interest for our automotive chipsets. We are taking part in data collection programs with global automakers and leading mobility players. We have progressed into advanced selection processes with specific Chinese and European automakers. These evaluations focus more and more on the specific use cases where cameras and lidars fall short and where imaging radar becomes the key sensor. This strengthens our industry interest in our radar technology as a core sensing platform for autonomous driving programs. This interest comes alongside an important shift in the automotive market. Recently, several leading OEMs have revisited their Level three programs. We don't see this as a rejection of eyes-off autonomy. We see it as a reset, going back to the right basics of autonomy. The first-generation Level three systems had clear limitations. They were geofenced, some were limited in speed, some limited to good weather only, and many never reached commercial deployment. Besides the maturity of the algorithm, we believe that one other main reason for that is related to the performance of the sensor, and specifically, imaging radar not providing the needed performance. Based on our discussions with many OEMs, automakers are now actively looking at the next generation eyes-off platforms and looking for sensing that can support Level three use cases. This is exactly the gap our high-resolution radar is designed to fill. We also wanted to understand what drivers want from the eyes-off autonomy. A survey of 1,000 people across U.S., Europe and Asia came with a clear message showing that drivers are willing to pay, willing to switch their car, and even their brand, for fully operational Level three, Level four autonomous driving. Consumers are ready for eyes-off autonomy, but only when it is safe, smooth and reliable. That is exactly the capability that Arbe's ultra-high-resolution radar enables. You are invited to our website to learn more about this survey. Before moving beyond automotive, let me briefly touch on Physical AI, because it's becoming central to where our technology plays. We are seeing how the revolution in AI and machine learning is introducing a new generation of algorithms. Those algorithms, and specifically vision-language-action models, are transforming how intelligent systems sense, understand and interact with the physical world. In automotive, it drives nothing but a breakthrough progress for Level three and Level four capabilities. Beyond automotive, it opens a wider opportunity across robotics, logistics and other autonomous systems. These Physical AI systems are only as good as the real-world data they receive, especially in safety-critical environments such as vehicles. This is where Arbe fits. Our radar provides dense sensing, long range, low latency and consistent performance in all weather. This is exactly the type of machine-understandable input that AI-driven autonomy needs. During the quarter, NVIDIA announced it expanded the global DRIVE Hyperion ecosystem to accelerate the road to full autonomy, and cited Arbe as part of its platform. Our ongoing work with NVIDIA on radar-based Free Space Mapping and AI-driven automotive capabilities is one example of how we are placing Arbe at the center of this major shift. Now let's look beyond automotive, where our technology is opening meaningful new opportunities. The first important development is that Arbe has begun selling complete end-to-end radar systems in addition to selling chipsets. This allows us to address markets where consumers want a full radar solution and where sales cycles are much shorter. We already started shipping these systems to players across defense, homeland security, transportation applications, perimeter security, Physical AI, and several other applications. To support this, we have also set up dedicated production line to scale system manufacturing. Taken together, these milestones show that our leadership in automotive radar can extend into perception-critical markets. We are expanding our reach, broadening our opportunities, and significantly increasing our total addressable market. With that, I'll turn the call over to our President and Co-founder, Kobi Marenko. Thank you, Ram. Good morning, everyone. Stepping into the president role, my focus is on Arbe's long-term strategy, our strategic partnerships, and guiding investments that accelerate Arbe's next phase of growth and commercialization. During the first quarter, we strengthened our balance sheet. We closed an underwritten registered direct offering that raised $18.5 million in gross proceeds. This gave us the financial flexibility to invest in Arbe's current phase of fast growth. What gives me a great deal of confidence is what this quarter demonstrates. Arbe's technology platform is broader and can focus on multiple end markets as well as automotive. The same ultra-high-resolution radar that we built for automotive can be, and is now beginning to be, adopted much more broadly. We see increased interest and potential and, in some cases, initial system sales in homeland security and smart infrastructure, as Ram already mentioned. Finally, the rise of Physical AI, together with the OEM's demand for better autonomy solutions, plays directly to our strengths: high definition, long range, all condition environment sensing. Ram has recently stepped into the CEO role with strong execution focus, deep product knowledge, and the commercial understanding that is needed. This will take Arbe from where we are today to scale radar systems company across many markets. I have worked closely with Ram over many years, and I have full confidence in his abilities as well as that of the entire team to bring Arbe to the next phase. I am more excited than ever about Arbe's potential over the coming quarters and years. With that, let me turn the call over to Karine to review the financials. Thank you, Kobi, and hello, everyone. Let me review our financial results for the first quarter of 2026 in more detail. Revenue for the first quarter of 2026 totaled $0.5 million, compared to $0.4 million in Q1 2025. Backlog as of March 31st, 2026, is $1 million. Gross profit for Q1 2026 was a negative $0.1 million, compared to a negative $0.3 million in the same period last year. Turning to operating expenses. Total operating expenses for Q1 2026 were $11.2 million, down from $13.1 million in Q1 of 2025. The decrease in operating expenses was primarily driven by lower share-based compensation expenses, reflecting earlier grants that are now fully vested, along with last year's award being structured with half in cash and half in equity. The decrease was also related to the Q1 2025 tape-out expenses, which are reduced as we advance toward productization. This decrease in operating expenses was partially offset by the weakening of the US dollar, mainly against the Israeli shekel, and to a lesser extent by labor-based provisions and a merit increase. Operating loss for the first quarter of 2026 was $11.3 million, compared to an operating loss of $13.4 million in the first quarter of 2025. As previously announced, during the quarter, we implemented cost reduction measures that are expected to reduce our ongoing operating expenses by approximately 15%, with the full impact expected to take effect starting during Q2. Adjusted EBITDA, a non-GAAP measurement which excludes expenses for non-cash share-based compensation and for non-reoccurring items, was a loss of $9.9 million in Q1 of 2026, compared to a loss of $9.7 million in the first quarter of 2025. 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. Net loss for the first quarter of 2026 was $9.4 million, compared to a net loss of $13.8 million in the first quarter of 2025. Net loss in Q1 2026 included $1.9 million in financial income, compared to $0.5 million of financial expenses in Q1 of 2025. As of March 31st, 2026, Arbe held $53.6 million in cash and cash equivalents and short-term bank deposits. Turning to our outlook. We are reaffirming the 2026 guidance we provided in February 26. We continue to expect full-year revenue in the range of $4 million to $6 million, and an adjusted EBITDA loss in the range of $28 million to $31 million loss. Now, we will be happy to take your questions. Operator? Thank you. We will now begin the question and answer session. Our first question today comes from George Gianarikas with Canaccord Genuity. Please go ahead. Hi, everyone. Thank you for taking my questions. I was wondering if you can go into a little bit more detail around the traction you're seeing in defense-related applications, drones, et cetera. Thank you. Thank you, George, for the question. Basically, around the defense, there are a few applications that our radar can function. The first is not so different from our automotive application. It's autonomous vehicles, whether they are supply trucks or even armored vehicles. All of them want to drive safe, especially off-road in environments that are full of dust, rain, fog, and all of the main problems that the radar is the best sensor for that. For that, we already have a client, the U.S. Army, that bought from us hundreds of units. We believe that we will get another order for that as well. Second application is defending perimeter, whether it's from human beings that trying to get into this area of a perimeter that we want to defend or even drones that can attack or throw some supply or drugs to those areas. We definitely see this as something that its application that our radar can supply. On top of it, I would say that those are the two main initiations that we are in, but there is few other smaller applications that the radar, especially our radar, can help with. If a year ago we were not even considering those markets, today we are focusing on that and we are trying to do business development with all of the leading players, with the big names of the defense industry, as well as the new players. Also, this market is going through a retransformation. The players that were there 10 years ago, like the Lockheed Martin of this world, are also changing, as well as there is new emerging players that taking their market share. We are trying to work with the old players as well as with the new players, and provide our solution. Thank you. Maybe just as a follow-up, you obviously mentioned the NVIDIA reference design. I'm wondering what the conversations have been like, how much additional traction, or how has that changed any of the conversations you're having with OEMs and other partners in terms of deploying your imaging radar alongside NVIDIA? Thank you. I think that this question refers a lot on the, who are the players that really can potentially bring AV stack, the autonomous vehicle software stack, to the market. Eventually, autonomous driving is all about software, all about algorithms, and machine learning. For sure, NVIDIA is the top player in the market today on that. This is very important from all perspective of all the OEMs. Either they selected NVIDIA or even if they didn't select yet, I think they are all looking at what's going on in the industry and who has the potential to get the AV stack to the finish line and really provide a reliable and sustainable solution to the consumer. Eventually you want to get into your car in the morning and drive safely to work and let the car drive it for you so you can do something else, and buy your time back by using the autonomous vehicle feature of your car. There is a race right now. Many players are working towards that. For sure, NVIDIA is probably the strongest player there. It's very important for everyone what's going on with the NVIDIA platform and the NVIDIA AV Stack, for sure. There are other players as well. Also, some OEMs are trying to build their own homegrown stack. There are these players as well, but everybody is looking at what are the others are doing, and there is a definitely clear race right now on that. I think that it's really important to see the progress that we've seen recently on the algorithm level and the breakthrough that we all see in our everyday life in deep learning and AI. This comes also into place with the autonomous vehicle software, and we'll see this coming into the market pretty soon, starting with China, and moving forward with the Western world. Thank you so much. Thank you. As a reminder, if you'd like to ask a question, please press star then one. Our next question comes from Casey Ryan at AmerX. Please go ahead. Hello. Good evening, everyone. Thanks for the terrific update. I had a couple questions. Would you care to describe, it sounds like you have multiple robotaxi opportunities. Is there a regional tilt to those or are they global? Meaning North America, Europe, China, or are they focused in one region? The opportunities that we see right now are coming from North America and we see also in China. The main sales are definitely North America and China. Okay, that's terrific. When you talk about supplying sort of the full radar system versus a chipset, can you talk about maybe what the revenue differential or sort of the pricing differential is between those two as we think about unit growth in both products? Yeah. If we look at it now, several factors that influence the change and significantly increase in the AUP, the average unit price, when we talk about specifically the non-automotive, the non-driving automotive. Two factors. One is the fact that we are selling a complete system. not just the chipset, and that obviously drives the average unit price up. Also the volumes are much lower. When we work on a Level three project with an OEM, the volumes are really high. Okay. The negotiation power and the economy of scale drives the AUP down. When you talk here about Those projects, if it's a robotaxi, robot trucks, commercial vehicles, defense applications, the volumes are significantly lower on one hand side, but the AUP is significantly higher because of there is no economy of scale to the level that you have in the automotive industry. We see a significantly higher AUP in the business of the radar. the complete system compared to the automotive chip set. Okay. Just a small thing, but do you think ultimately long-term, the gross margins for both product lines are similar, or do you think the complete radar system might be lower long-term? Yeah. Usually, the gross margins, if you look at the mid-scale projects on systems are a bit lower than when you talk about a chip set. Okay. They are a bit lower. That's always expected because when we charge for chip sets, we charge for the differentiation that we bring. Okay? for system, you charge also for the mechanics, for the testing, for other components that are there, basically. When you look just the code margin, the profit though, the dollar profit per system is significantly higher. Yeah. Okay? Okay. When you look percentage-wise, yes, it's lower. When you look at absolute dollar value, it's higher. Of course, worth mentioning the volumes. Yeah which are significantly different between systems and chip sets. Yeah. Understood. That's terrific. Just one last question from me, maybe Karine. On the backlog, are we to take that as being a 12-month backlog number or shorter or longer? No, this is 12 months. Correct. Oh, okay. Terrific. Thank you. Like maybe to clarify for myself, that $1 million, it's fair to think would be consumed in 2026 or are you saying it's 12 months from the end of Q1, basically? It's 12 months from the end of 2021, but I assume all of it will be in 2026. Okay Okay. Perfect. Understood. Thank you. It's a very positive update. I'll get out of the queue and let others ask questions. Thank you. Thank you. Thank you. Our next question today comes from Matthew Galinko at Maxim Group. Please go ahead. Hey, thanks for taking my question. I'm curious what the cost was to stand up the full production line for radar. I guess with given your current capacity there, do you expect that's sufficient to meet what you have in the pipeline for defense and AI applications, or do you expect only to add to capacity over time? We build our production line to supply the current capacity that is needed, which we assume going to be hundreds of systems per month, thousands of systems per year. The investment is not so dramatic. It will be on the low side of the $hundreds of thousands, not more than that. We have the ability to increase this capacity as time goes by and as the demand grow during the coming quarters. We also started discussions with some contract manufacturers for expanding this production line further down the road. Excellent. Thank you. Thank you. That does conclude our question and answer session for today. I'd like to turn the conference back over to Mr. Machness, CEO, for any closing remarks. On behalf of the entire management team of Arbe, I would like to thank you, our shareholders for your continued interest and long-term support of our business. This quarter marks the start of a new chapter for Arbe. A chapter focused on turning our technology leadership into commercial scale across many markets. We have our first system-level order, growing robotaxi traction, and expanding Chinese market opportunities through HiRain, and a clear position at the center of the next wave of eyes-off autonomy and Physical AI. Based on all of this, we believe Arbe is well-placed to deliver meaningful value. We look forward to updating you on our progress next quarter, and I personally look forward to taking on the CEO role to bring Arbe to the next level in its development. With that, we end our call. Have a good day. Thank you. Today's conference has now concluded, and we thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.