Sensrad Values Its Agreementat an Estimated 7M Euros, with Deliveries Expected to Begin in the Third Quarter of 2024
TEL AVIV, Israel, Sept. 4, 2024 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) (TASE: ARBE) a global leader in Perception Radar Solutions, announced today that its tier-1, Sensrad, has signed a framework agreement to provide 4D Imaging Radars powered by Arbe's chipset to China-based Tianyi Transportation Technology, according to an announcement from Sensrad. Sensrad values the agreement at an estimated 7M Euros, with deliveries expected to begin in the third quarter of 2024.
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The agreement follows an extensive, year-long evaluation and implementation process of Sensrad's 4D Imaging Radar, which utilizes Arbe's advanced chipset technology. "After 12 intense months of development, we are pleased to enter into this volume contract, and as it is our first commercial contract, it is a major milestone for Sensrad," says Marcus Hasselblad, CEO of Sensrad. "I am proud of what the team at Sensrad has achieved in such short time. I also want to thank Tianyi for their trust in us and in our product, and we look forward to a long lasting, fruitful and growing cooperation."
In 2024, Sensrad has reported multiple customer engagements for its 4D Imaging Radar, which is based on the Arbe chipset and Gapwaves' proprietary waveguide antenna technology.
"Congratulations to Sensrad on this significant achievement," said Kobi Marenko, CEO of Arbe. "This agreement is a clear demonstration of the market's recognition of the superior performance and reliability of Arbe's 4D imaging radar technology. The growing opportunities in China reinforce our vision to transform perception capabilities globally. We are excited to support Sensrad in delivering unparalleled radar solutions to Tianyi and driving innovation forward in key markets."
About Arbe
Arbe (Nasdaq: ARBE), a global leader in Perception Radar solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. Arbe's radar technology is 100 times more detailed than any other radar on the market and is a critical 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, a leader in the fast-growing automotive radar market, is based in Tel Aviv, Israel, and has offices in China, Germany, and the United States.
This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words "expect," "believe," "estimate," "intend," "plan," "anticipate," "may," "should," "strategy," "future," "will," "project," "potential" and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These risks and uncertainties include, but not limited to the Company's being able to meet Sensrad's quality and timing requirements and Tianyi being able to introduce and market products that use the Company's chipset, the Company meeting the conditions to the release of the net proceeds of its recently announced debenture offering from escrow and meeting the covenants, the effect on the Israeli economy generally and on the Company's business resulting from the terrorism and the hostilities in Israel and with its neighboring countries including the effects of the continuing war with Hamas and any further intensification of hostilities with others, including Iran and Hezbollah, and the effect of the call-up of a significant portion of its working population, including the Company's employees; the effect of any potential boycott both of Israeli products and business and of stocks in Israeli companies; the effect of any downgrading of the Israeli economy and the effect of changes in the exchange rate between the US dollar and the Israeli shekel; and the risk and uncertainties described in "Cautionary Note Regarding Forward-Looking Statements," "Item 3. Key Information – D. Risk Factors" and "Item 5. Operating and Financial Review and Prospects" and in the Company's Annual Report on Form 20-F for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the "SEC") on March 28, 2024, as well as other documents filed by the Company with the SEC. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
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