Embark Technology, Inc.

NasdaqGM:EMBK Stock Report

Market Cap: US$70.2m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Embark Technology Management

Management criteria checks 2/4

Embark Technology's CEO is Alex Rodrigues, appointed in Jan 2016, has a tenure of 7.58 years. total yearly compensation is $350.00K, comprised of 100% salary and 0% bonuses, including company stock and options. directly owns 10.26% of the company’s shares, worth $7.20M. The average tenure of the management team and the board of directors is 0.6 years and 1.9 years respectively.

Key information

Alex Rodrigues

Chief executive officer

US$350.0k

Total compensation

CEO salary percentage100.00%
CEO tenure7.6yrs
CEO ownership10.3%
Management average tenureless than a year
Board average tenure1.9yrs

Recent management updates

Recent updates

Seeking Alpha • Sep 12

Embark Trucks appoints new board chair

Autonomous technology developer for the trucking industry, Embark Trucks (NASDAQ:EMBK), appointed Penny Herscher independent board chair and chair of the compensation committee. Herscher has more than 15 years of experience as a CEO in Silicon Valley. Shares were trading +0.29% pre-market. Source: Press Release
Seeking Alpha • Aug 11

Embark Technology GAAP EPS of -$0.03 beats by $0.10

Embark Technology press release (NASDAQ:EMBK): Q2 GAAP EPS of -$0.03 beats by $0.10. Revising full year free cash flow guidance to $100 to $115 million versus prior guidance of $125 to $140 million. Focused hiring allows to revised stock-based compensation expense guidance for the full year to $60 to $65 million from $70 to $75 million. Shares +1.6%.
Seeking Alpha • Jul 11

Embark Tech Faces Uncertainties In Push For Autonomous Truck Operations

Embark Technologies went public in a SPAC merger in November 2021 which valued the deal at $5 billion. The company is developing autonomous truck technologies for use in the U.S. EMBK faces regulatory, technological and economic risks as it seeks to further develop its advanced system. I'm on Hold for EMBK for the near term. A Quick Take On Embark Technology Embark Technology, Inc. (EMBK) reported its Q1 2022 financial results in May, continuing the firm’s pre-revenue status while increasing its operating losses significantly. The company is developing what it calls a "full stack" autonomous truck driving system in the United States. I see significant uncertainties, including regulatory, technological and economic, so I’m on Hold for Embark for the near term. Embark Overview San Francisco-based Embark was founded in 2016 to create autonomous truck driving software and monitoring capabilities for use in the United States. The firm is headed by co-founder and CEO Alex Rodrigues, who was previously co-founder at Varden Labs and a software engineer at Khan Academy and Nuance Communications. The company’s primary offerings include: Embark Driver - driving software Universal Interface - OEM integration Guardian - Dispatch and monitoring system The firm does not yet have paying customers as its system is still in testing and has not been approved for fully commercial operation in California or other U.S. states in which it seeks to operate. In November 2021, Embark merged with SPAC Northern Genesis Acquisition II in a deal valued at around $5 billion at the time. Currently, Embark’s market capitalization is around $246 million. Embark’s Market & Competition According to a 2020 market research report by Fortune Business Insights, the global market for autonomous trucks and related technologies was $1.1 billion in 2019 and is forecast to reach $2.0 billion by 2027. This represents a forecast CAGR of 12.6% from 2020 to 2027. The main drivers for this expected growth are quick progress on sensor technologies and related software processing capabilities as well as improved wireless networks enabling greater truck sector autonomy. Also, below is a chart showing the historical and projected growth trajectory for autonomous trucking in the U.S.: N. America Autonomous Truck Market (Fortune Business Insights) Major competitive or other industry participants include: Google UPS TuSimple Continental AB Volvo Daimler Caterpillar NVIDIA Aptiv Tesla Others Embark’s Recent Financial Performance & Metrics The company has yet to report revenues. Operating losses by quarter have worsened sharply in recent quarters: 5 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have remained negative: 5 Quarter Earnings Per Share (Seeking Alpha) In the past 7 months or so, EMBK’s stock price has fallen 95 percent vs. the U.S. S&P 500 Index’s drop of around 12 percent, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Below is a table of relevant capitalization and valuation figures for the company: Measure Amount Enterprise Value $8,240,000 Market Capitalization $245,920,000 Enterprise Value / Sales [FWD] 30.91 Price / Sales [FWD] 922.17 Earnings Per Share (Fully Diluted) -$1.10 (Source - Seeking Alpha) Commentary On Embark In its last conference call (Source - Seeking Alpha), covering Q1 2022’s results, management highlighted the receipt of its first trucks from Knight-Swift for its Truck Transfer Program, where "carriers own, operate, and maintain an Embark-equipped autonomous truck." The firm recently started 24-hour daily testing of its technologies on the I-10 interstate freeway in Texas which will enable it to double the testing capacity as well as include the night time driving environment in its testing functions. CEO Rodrigues also reiterated the recent inclusion of US Xpress in its partner development program and plans including preparing US Xpress terminals ‘to receive and launch Embark-equipped autonomous trucks.’ Notably, the firm is making progress toward its 2022 goals for launching the backbone of its system across the Sunbelt states. However, in California, the company, along with numerous other industry participants, has signed a letter to the governor urging the state to lift its ban on autonomous semi trailer trucks on public roads.
Seeking Alpha • Jan 04

Embark: Autonomous Trucking On The Horizon

Embark Technology offers an attractive way to play self-driving trucks after the stock falls below $9 following the de-SPAC transaction. The company only raised approximately half of the intended cash from the SPAC transaction due to nearly 30 million shares redeemed. The stock is cheap with a $4 billion market cap and the promise of AV trucking, but Embark likely needs to raise more cash in the near term.

CEO Compensation Analysis

How has Alex Rodrigues's remuneration changed compared to Embark Technology's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2023n/an/a

-US$148m

Dec 31 2022US$350kUS$350k

-US$103m

Sep 30 2022n/an/a

-US$145m

Jun 30 2022n/an/a

-US$128m

Mar 31 2022n/an/a

-US$134m

Dec 31 2021US$57mUS$180k

-US$124m

Sep 30 2021n/an/a

-US$54m

Jun 30 2021n/an/a

-US$41m

Mar 31 2021n/an/a

-US$25m

Dec 31 2020US$161kUS$161k

-US$22m

Compensation vs Market: Alex's total compensation ($USD350.00K) is below average for companies of similar size in the US market ($USD738.70K).

Compensation vs Earnings: Alex's compensation has been consistent with company performance over the past year.

CEO

Alex Rodrigues (27 yo)

7.6yrs
Tenure
US$350,000
Compensation

Mr. Alex Rodrigues co-founded Embark Technology, Inc. and has served as Chief Executive Officer since its founding in 2016. Mr. Rodrigues is also a Director at Embark Technology, Inc. He has an extensive b...

Leadership Team

NamePositionTenureCompensationOwnership
Alex Rodrigues
CEO, Founder & Director7.6yrsUS$350.00k10.26%
$ 7.2m
Brandon Moak
CTO, Founder & Director7.6yrsUS$30.99m7.6%
$ 5.3m
Morgan Dioli
Interim CFOless than a yearno datano data
Mike Schmidt
Chief Operations & Fleet Officerless than a yearno datano data
Simina Simion
Chief People Officerless than a yearno datano data
Sam Abidi
Chief Commercial Officerno datano datano data
0.6yrs
Average Tenure
27yo
Average Age

Experienced Management: EMBK's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Alex Rodrigues
CEO, Founder & Directorno dataUS$350.00k10.26%
$ 7.2m
Brandon Moak
CTO, Founder & Directorno dataUS$30.99m7.6%
$ 5.3m
Elaine Chao
Independent Director2.2yrsUS$273.38k0.030%
$ 21.3k
Richard Freeland
Member of Advisory Board1.9yrsno datano data
Penelope Herscher
Independent Chairless than a yearUS$187.74k0.018%
$ 12.5k
Ian Robertson
Independent Director1.8yrsUS$242.58k0.022%
$ 15.7k
David Jackson
Member of Advisory Board1.9yrsno datano data
Jonathan DeGaynor
Member of Advisory Board1.9yrsno datano data
Michele Meyer
Member of Advisory Board1.9yrsno datano data
Terry Kline
Member of Advisory Board1.9yrsno datano data
Patricia Chiodo
Independent Director1.8yrsUS$277.50k0.043%
$ 30.3k
Michael Pigors
Member of Advisory Board1.9yrsno datano data
1.9yrs
Average Tenure
58yo
Average Age

Experienced Board: EMBK's board of directors are not considered experienced ( 1.9 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2023/08/03 19:29
End of Day Share Price 2023/08/01 00:00
Earnings2023/03/31
Annual Earnings2022/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Embark Technology, Inc. is covered by 5 analysts. of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Benjamin KalloBaird
George GianarikasBaird
David VernonBernstein