Embark Technology, Inc. - EMBK STOCK NEWS

Embark Trucks (Nasdaq: EMBK) has reported a perfect safety record, with zero reportable crashes per the latest data from the National Highway Traffic Safety Administration (NHTSA). Since its establishment in 2016, Embark has maintained this record by employing high operational standards and advanced technology like Vision Map Fusion (VMF). The announcement underscores Embark's commitment to safety as it scales operations toward commercialization, including recent 24/7 testing in Texas. The NHTSA data reveals three crashes involving other companies, highlighting the industry's progress in autonomous vehicle safety.

Embark Trucks, a leader in autonomous trucking technology, announced that it is developing an emergency vehicle interaction capability in collaboration with the Texas Department of Public Safety. This new feature aims to enable autonomous trucks to identify and safely stop for law enforcement vehicles during traffic stops. With this development, Embark plans to demonstrate the capability this summer, marking a significant milestone in its technical roadmap, which has already achieved 11 out of 16 key technology milestones required for commercial deployment.

Embark Technology (EMBK) announced its financial results for Q1 2022, highlighting a net loss of $18.4 million, or $0.04 per share. The company has commenced 24-hour testing in Texas and achieved successful autonomous operations in snowy conditions. Key partnerships with U.S. Xpress and Ryder have been established to enhance operational capabilities. Cash equivalents stand at approximately $244.5 million, but free cash flow spending is projected between $125 million to $140 million for the year. Stock-based compensation is expected to reach $70 million to $75 million in 2022.

Embark Trucks, Inc. (Nasdaq: EMBK) announced successful on-road testing of its Vision Map Fusion (VMF) technology in snowy conditions. In approximately 90% of trials, the system operated effectively, pausing and resuming travel within acceptable delivery windows. This testing in Montana demonstrated VMF's performance in snowfall rates up to one-sixth inch per hour. The results are significant for expanding autonomous trucking capabilities, especially in northern regions with severe winter weather. Embark plans to integrate these findings into future deployments.

Embark Trucks has partnered with U.S. Xpress to integrate its terminals into the Embark Coverage Map, enhancing the autonomous trucking network. This collaboration marks a vital step in optimizing autonomous trucking operations through existing infrastructure. Embark aims to streamline freight transfer processes between autonomous and driver-operated trucks, focusing initially on two terminals in Sunbelt states. This initiative is expected to accelerate the adoption of autonomous technology in the trucking industry and improve operational efficiency.

Embark Trucks, Inc. (Nasdaq: EMBK) will release its Q1 financial results on May 10, 2022, after the market closes. The company is a leader in autonomous trucking technology, enhancing safety and efficiency in the $730 billion trucking industry. An earnings call will take place at 2:00 PM PDT that day, with a live webcast available on their website. Embark partners with major shippers and carriers, ensuring broad industry representation. The company aims to lower consumer costs and improve road safety through its innovations.

Embark Technology announced its fourth quarter results for 2021, reporting a net loss of $76.4 million and cash reserves of approximately $265 million. The company secured 14,200 truck reservations under its Partner Development Program and is set to launch an industry-first Truck Transfer Program with Knight-Swift by the end of 2022. Embark has also expanded operations into Texas and partnered with major suppliers like Cummins and NVIDIA. For 2022, Embark expects stock-based compensation between $70 million and $75 million and free cash flow spend of $125 million to $140 million.

Embark Trucks (Nasdaq: EMBK) has launched the Little Robots grant fund, aimed at supporting youth in robotics and STEM education. CEO Alex Rodrigues will forgo his 2022 salary and bonuses, directing the funds to this initiative. The first donation supports the Afghan Girls Robotics Team, known for their innovative projects. The fund will accept applications starting March 25, 2022, helping aspiring roboticists kickstart their careers in technology.