Ambarella (AMBA) has entered into a long-term agreement with Hanwha Group to co-develop and deploy edge artificial intelligence technology across Hanwha's businesses in a deal carrying potential revenue of more than $800 million over more than 10 years, the companies said late Thursday.

The agreement covers edge AI systems-on-chip and software for Hanwha's product portfolio, including video security, robotics, industrial automation and life sciences, the companies said.

Separately, Ambarella said it has repurchased 47,798 shares for about $2.4 million in Q1.

The company also said its board has approved a new $50 million share repurchase program in Q2 which runs through June 30, 2027 and will begin after the current authorization expires on June 30.