barge
Locust Robotics
+42.56%
closure:0
opening:6.45
High:7.61
low:6.06
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Increases by 48% to a price of 6.5 dollars, expressing a value of 420 million dollars. Wall Street estimates that the company that develops a radar for an electric and autonomous vehicle with a high resolution and a long range based on a chip set it developed, is a candidate to be one of the winners of the joint venture with Tesla. The potential is of course great, but an official announcement on behalf of Tesla and Arave has not been made. The turnover in the stock represents a financial volume of 200 million dollars – about half of the value of the entire company and the trading is still far from over. Following Bizportal’s request, the company’s management stated – “As a public company, we update according to the requirements when we have something to update”
Tesla, which is the leader in the electric vehicle market, announced the addition of radar as part of its autonomous driving sensors. Araba’s solution connects to Tesla’s needs and the market has already taken a bet.
Tesla published technical and technological information about the radar system and as part of the information it was shown that the company plans to use a component called Phoenix, which may or may not be the name of the Locust’s flagship product. Although at the moment it is only a rumor and connecting dots that could turn out to be wrong and there is no official statement yet, But it seems to be good enough to send the company’s stock up 48%.
We will remind you that on the first of March Tesla’s investor day will take place and the day after that Arava will publish its reports. Tesla may provide information on this day and of course the management of Araba will find it difficult to be indifferent to the questions of analysts and investors on this subject.
Arba Robotics was established in November 2015, by Kobi Maranko who serves as the CEO of the company, Dr. Noam Arkind and Uzi Fixman. The company employs about 118 people and its head office is located in Tel Aviv. Maranco recently spoke out against the legal reform and said the company would spend money on accounts abroad.
The company started with the development of a radar for drones designed to prevent collisions between them and moved in 2017 to the field of radar for electric and autonomous vehicles. Its high-resolution, long-range radar is based on a chip set developed by the company. Since Arba Robotics was issued through the Spak merger and began trading on the Nasdaq in October 2021, the company’s stock has fallen more than 35%, but from the peak it has lost about 60%.
In November of last year, the company announced the receipt of an order for 340,000 radars for the Chinese automotive industry. The contract is worth approximately $30 million – this is a two-year contract, so the company expects to present an average of $15 million in annual revenue. In addition, in January of this year, it released a A new system that covers the vehicle from all directions and will use artificial intelligence to process the information in real time and create a map of the space around the vehicle. A contract with Tesla could bring the company to new heights, and stabilize Areba as one of the leaders in the world of radars estimated to be worth about 11 billion dollars by 2025. But the road is still long and there are several obstacles. Arba is a loss-making company – it loses on the order of 10 million dollars per quarter. Its flow is third – it burns about 8 million dollars per quarter. The company is indeed expected to grow in revenue and correspondingly reduce losses and the third flow, but no matter how you look at it, there is a good chance that the third flow will also be large next year – around minus 20 million dollars. This means that the cash fund of 63 million dollars as of the end of September, will be emptied quite quickly and the company will strive for raising, issuing, something that may deplete the investors.
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