• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Mobileye Releases Second Quarter 2024 Results, Updates Guidance and Provides Business Overview

    8/1/24 6:30:00 AM ET
    $INTC
    $MBLY
    Semiconductors
    Technology
    Computer Software: Prepackaged Software
    Technology
    Get the next $INTC alert in real time by email
    • Revenue decreased 3% year over year to $439 million in the second quarter. Revenue increased 84% versus the first quarter of 2024 due to reduced consumption of excess inventory at Tier 1 customers compared to the first quarter.
    • More than 110% increase in number of systems shipped as compared to the first quarter of 2024 led to significant improvement in Operating Loss and Adjusted Operating Profit.
    • While we believe inventory of EyeQTM chips at our Tier 1 customers has almost fully normalized as of the end of the second quarter of 2024, we have reduced our expectation for second half volume and revenue, primarily due to China-related macro factors.
    • We remain optimistic on the medium-term growth environment given continued SuperVisionTM / ChauffeurTM progress, a broadened relationship with Zeekr and Geely Group, and emerging traction for a high-ASP product serving mid-priced, high-volume segments.
    • Diluted EPS (GAAP) was $(0.11) and Adjusted Diluted EPS (Non-GAAP) was $0.09 in the second quarter of 2024.

     

    Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today released its financial results for the three months ended June 29, 2024.

    "We are glad to report that the excess inventory at Tier 1 customers that meaningfully impacted our business in the first half of 2024 appears to be almost fully behind us, but a more significant than anticipated softening of business conditions in China (affecting the industry as a whole) is expected to lead to challenges in the second half. While the conditions in China are highly volatile at the moment, we continue to invest in China for the mid and long term as we see the potential of a lucrative market over time, particularly in light of new initiatives that we believe will strengthen our positioning," said Mobileye President and CEO Prof. Amnon Shashua. "In global markets we continue to make steady progress on the full product portfolio line from base ADAS to L4 autonomy. Moreover, we believe that our scalable portfolio is well-positioned to capitalize on a recent, rapidly-developing OEM trend towards advanced, higher-content ADAS for the mid-priced high volume segments. Our main focus for the remainder of 2024 is to successfully execute our current advanced programs and to convert the unprecedented opportunity set we are currently pursuing into series production awards."

    Second Quarter 2024 Business Highlights

    • On the business development front, our activities remain robust and we are tracking towards similar projected future volume and higher projected future revenue from design wins as compared to 2023, based on year-to-date program wins and the current customer engagements we are pursuing. SuperVision / Chauffeur development programs have progressed and we believe we remain on-track for significant wins in the second half of 2024. 1
    • In addition to SuperVision / Chauffeur traction for high-end vehicle segments, we have seen increased clarity on OEM plans for the next generation of Level 2+ ADAS systems for mid-priced, high-volume vehicle segments. The stated goal of this new category is to reduce complexity, drive cost-efficiency, and assure compliance with heightened future safety rating criteria. We believe that the versatility and compute-efficiency of our portfolio positions us well to serve this market with a multi-camera, multi-radar, REMTM mapping setup, processed by a single EyeQ6 High chip. We are now pursuing multiple high-volume RFQ's in this area. We further believe that success would lead to a significant increase in visibility of ASP growth in the single-chip ADAS segment.
    • While the drivers of medium-term growth have continued to strengthen, the near-term environment has recently become more challenging, and according to our analysis, it is primarily related to China. First, we've seen meaningful reductions to 2nd half 2024 production estimates for multiple global OEM customers which have factored into our own expectations. Second, a decline in orders for the 2nd half of 2024 from Chinese OEMs compared to what these customers were indicating as of our last update. Finally, the delay of a high-volume ADAS launch outside of China is an additional headwind. As a result of these factors, we have reduced by approximately 3.5 million units our EyeQ volume expectation for the 2nd half of 2024, which in turn is affecting our guidance for the remainder of 2024.
    • SuperVision volume expectations for 2024 have also been reduced, primarily as a result of new tariffs in the US and Europe, which are expected to impact the delivery ramp-up of SuperVision-equipped vehicles into those markets, and reduced expectations for volume in China itself due to uncertainties around market dynamics and reduced forecasts from our customers.
    • We are on-track with initiatives to bolster our medium- and long-term prospects in China. In particular, the expanded collaboration with Zeekr announced today is expected to accelerate SuperVision enhancements and adaptation to the China market through DXP, secure SuperVision on the next-generation of Zeekr models domestic and globally, and pave a path for Robotaxi collaboration, all of which we believe will accelerate deployments with other customers in China.
    • We are announcing that Mobileye Capital Markets Day will take place on December 9th and 10th, 2024 in Munich. We are looking forward to providing market landscape updates, illustrating new AI-based software developments integrated into the EyeQ6 High platform (as well as DXP), providing demonstration rides inside production vehicles, and more. Significant portions will be webcast on December 9th for investors and analysts who cannot attend in person.

    Second Quarter 2024 Financial Summary and Key Highlights (Unaudited)

    GAAP

     

     

     

     

     

     

    U.S. dollars in millions

     

    Q2 2024

     

    Q2 2023

     

    % Y/Y

    Revenue

     

    $

    439

     

     

    $

    454

     

     

    (3

    %)

    Gross Profit

     

    $

    209

     

     

    $

    224

     

     

    (7

    %)

    Gross Margin

     

     

    48

    %

     

     

    49

    %

     

    (173)bps

    Operating Income (Loss)

     

    $

    (94

    )

     

    $

    (33

    )

     

    (181

    )%

    Operating Margin

     

     

    (21

    )%

     

     

    (7

    )%

     

    (1,406)bps

    Net Income (Loss)

     

    $

    (86

    )

     

    $

    (28

    )

     

    (203

    )%

    EPS - Basic

     

    $

    (0.11

    )

     

    $

    (0.04

    )

     

    (202

    )%

    EPS - Diluted

     

    $

    (0.11

    )

     

    $

    (0.04

    )

     

    (202

    )%

     

     

     

     

     

     

     

    Non-GAAP

     

     

     

     

     

     

    U.S. dollars in millions

     

    Q2 2024

     

    Q2 2023

     

    % Y/Y

    Revenue

     

    $

    439

     

     

    $

    454

     

     

    (3

    %)

    Adjusted Gross Profit

     

    $

    304

     

     

    $

    326

     

     

    (7

    %)

    Adjusted Gross Margin

     

     

    69

    %

     

     

    72

    %

     

    (256)bps

    Adjusted Operating Income

     

    $

    79

     

     

    $

    140

     

     

    (44

    )%

    Adjusted Operating Margin

     

     

    18

    %

     

     

    31

    %

     

    (1,284)bps

    Adjusted Net Income

     

    $

    76

     

     

    $

    135

     

     

    (44

    %)

    Adjusted EPS - Basic

     

    $

    0.09

     

     

    $

    0.17

     

     

    (44

    %)

    Adjusted EPS - Diluted

     

    $

    0.09

     

     

    $

    0.17

     

     

    (44

    %)

    • Revenue of $439 million decreased by 3% compared to the second quarter of 2023, due to a 10% decrease in EyeQ SoC-related revenue. This was primarily attributable to usage of the remaining excess inventory at our Tier 1 customers to satisfy demand in Q2 of 2024. Most of this decrease was offset by a significant increase in SuperVision related revenue on a year-over-year basis.
    • Average System Price2 was $54.4 in the second quarter of 2024 as compared to $51.7 in the prior year period primarily due to the higher percentage of SuperVision-related revenue as compared to the second quarter of 2023.
    • Gross Margin declined by nearly 2 percentage points in the second quarter of 2024 as compared to the prior year period. The decrease was primarily due to the increase in percentage of revenue attributable to SuperVision, partially offset by the impact of the lower cost attributable to amortization of intangible assets as a percentage of revenue.
    • Adjusted Gross Margin declined by nearly 3 percentage points in the second quarter of 2024 as compared to the prior year period. The decrease was primarily due to the increase in percentage of revenue attributable to SuperVision.
    • Operating Margin declined by 14 percentage points in the second quarter of 2024 as compared to the prior year period. The decrease was primarily due to higher operating expenses in second quarter of 2024 on a similar revenue base, in addition to the lower Gross Margin.
    • Adjusted Operating Margin declined by 13 percentage points in the second quarter of 2024 as compared to the prior year period. The decrease was primarily due to higher operating expenses on a similar revenue base, in addition to the lower Adjusted Gross Margin.
    • Operating cash flow for the six months ended June 29, 2024 was $70 million. Cash used in purchases of property and equipment was $46 million for that same period.

    1 Mobileye's revenue for the periods presented represent estimated volumes based on projections of future production volumes that were provided by our current and prospective OEMs at the time of sourcing the design wins for the models related to those design wins. Further, achievement of a design win is subject to multiple factors, many of which are outside of Mobileye's control. Any statement on the timing of design wins is an estimate only and subject to change. See the disclaimer under the heading "Forward-Looking Statements" below for important limitations applicable to these estimates.

    2 Average System Price is calculated as the sum of revenue related to EyeQTM and SuperVision systems, divided by the number of systems shipped.

    Updated Financial Guidance for the 2024 Fiscal Year

    We are updating our guidance for the 2024 fiscal year that we last provided on April 25, 2024:

     

     

    Updated Guidance

    Full Year 2024

     

    Previous Guidance

    Full Year 2024

    U.S. dollars in millions

     

    Low

     

    High

     

    Range

    Revenue

     

    $

    1,600

     

     

    $

    1,680

     

     

    $1,830 - 1,960

    Operating Loss

     

    $

    (580

    )

     

    $

    (531

    )

     

    $(468) - (378)

    Amortization of acquired intangible assets

     

    $

    444

     

     

    $

    444

     

     

    $444

    Share-based compensation expense

     

    $

    288

     

     

    $

    288

     

     

    $294

    Adjusted Operating Income

     

    $

    152

     

     

    $

    201

     

     

    $270 - 360

    Our updated guidance reflects a 13% reduction in expected Revenue, at the midpoint, due to reductions in the outlook for both EyeQ and SuperVision shipments for the remainder of 2024 as a result of the previously discussed factors affecting our expectations for the second half of 2024. Our updated guidance also reflects an increase in Operating Loss (GAAP) and a reduction in Adjusted Operating Income (Non-GAAP), at the midpoint, of 31% and 44%, respectively, due to the decremental margin on lower revenue, partially offset by modestly lower than expected operating expenses.

    The following information reflects Mobileye's expectations for Revenue, Operating Loss and Adjusted Operating Income results for the year ending December 28, 2024. We believe Adjusted Operating Income (a non-GAAP metric) is an appropriate metric as it excludes significant non-cash expenses including: 1) Amortization charges related to intangible assets consisting of developed technology, customer relationships, and brands as a result of Intel's acquisition of Mobileye in 2017 and the acquisition of Moovit in 2020; and, 2) Share-based compensation expense. These statements represent forward-looking information and may not represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this release.

    Earnings Conference Call Webcast Information

    Mobileye will host a conference call today, August 1, 2024, at 8:00am ET (3:00pm IT) to review its results and provide a general business update. The conference call will be accessible live via a webcast on Mobileye's investor relations site, which can be found at ir.mobileye.com, and a replay of the webcast will be made available shortly after the event's conclusion.

    Non-GAAP Financial Measures

    This press release contains Adjusted Gross Profit and Margin, Adjusted Operating Income and Margin, Adjusted Net Income and Adjusted EPS, which are financial measures not presented in accordance with GAAP. We define Adjusted Gross Profit as gross profit presented in accordance with GAAP, excluding amortization of acquisition related intangibles and share-based compensation expense. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by total revenue. We define Adjusted Operating Income (Loss) as operating loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expenses. Operating margin is calculated as Operating Income (Loss) divided by total revenue, and Adjusted Operating Margin is calculated as Adjusted Operating Income divided by total revenue. We define Adjusted Net Income as net loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expense, as well as the related income tax effects. Income tax effects have been calculated using the applicable statutory tax rate for each adjustment taking into consideration the associated valuation allowance impacts. The adjustment for income tax effects consists primarily of the deferred tax impact of the amortization of acquired intangible assets. Adjusted Basic EPS is calculated by dividing Adjusted Net Income for the period by the weighted-average number of common shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted-average number of common shares outstanding during the period, while giving effect to all potentially dilutive common shares to the extent they are dilutive.

    We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate performance. For example, we use these non-GAAP financial measures to assess our pricing and sourcing strategy, in the preparation of our annual operating budget, and as a measure of our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures our management uses in operating our business and measuring our performance, and enable comparison of financial trends and results between periods where items may vary independent of business performance. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

    About Mobileye Global Inc.

    Mobileye (NASDAQ:MBLY) leads the mobility revolution with its autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in computer vision, artificial intelligence, mapping, and data analysis. Since its founding in 1999, Mobileye has pioneered such groundbreaking technologies as REM™ crowdsourced mapping, True Redundancy™ sensing, and Responsibility Sensitive Safety (RSS). These technologies are driving the ADAS and AV fields towards the future of mobility – enabling self-driving vehicles and mobility solutions, powering industry-leading advanced driver-assistance systems and delivering valuable intelligence to optimize mobility infrastructure. To date, approximately 180 million vehicles worldwide have been built with Mobileye technology inside. In 2022 Mobileye listed as an independent company separate from Intel (NASDAQ:INTC), which retains majority ownership. For more information, visit https://www.mobileye.com.

    "Mobileye," the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners.

    Forward-Looking Statements

    Mobileye's business outlook, guidance and other statements in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including Mobileye's 2024 full-year guidance, projected future revenue and descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast," or the negative of these terms, and other similar expressions, although not all forward-looking statements contain these words. We base these forward-looking statements or projections, including Mobileye's full-year guidance, on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. You should understand that these statements are not guarantees of performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections.

    Important factors that may materially affect such forward-looking statements and projections include the following: future business, social and environmental performance, goals and measures; our anticipated growth prospects and trends in markets and industries relevant to our business; business and investment plans; expectations about our ability to maintain or enhance our leadership position in the markets in which we participate; future consumer demand and behavior, including expectations about excess inventory utilization by customers; our ability to effectively compete in the markets in which we operate; future products and technology, and the expected availability and benefits of such products and technology; development of regulatory frameworks for current and future technology; changes in regulation and trade policy, including increased tariffs, in regions in which we operate, including the US, Europe and China; projected cost and pricing trends; future production capacity and product supply; potential future benefits and competitive advantages associated with our technologies and architecture and the data we have accumulated; the future purchase, use and availability of products, components and services supplied by third parties, including third-party IP and manufacturing services; uncertain events or assumptions, including statements relating to our estimated vehicle production and market opportunity, potential production volumes associated with design wins and other characterizations of future events or circumstances; effects of the COVID-19 pandemic and responses to future pandemics; adverse conditions in Israel, including as a result of war and geopolitical conflict, which may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; availability, uses, sufficiency and cost of capital and capital resources, including expected returns to stockholders such as dividends, and the expected timing of future dividends; tax- and accounting-related expectations.

    The estimates included herein are based on projections of future production volumes that were provided by our current and prospective OEMs at the time of sourcing the design wins for the models related to those design wins. For the purpose of these estimates, we estimated sales prices based on our management's estimates for the applicable product bundles and periods. Achieving design wins is not a guarantee of revenue, and our sales may not correlate with the achievement of additional design wins. Moreover, our pricing estimates are made at the time of a request for quotation by an OEM (in the case of estimates related to contracted customers), so that worsening market or other conditions between the time of a request for quotation and an order for our solutions may require us to sell our solutions for a lower price than we initial expected. These estimates may deviate from actual production volumes and sale prices (which may be higher or lower than the estimates) and the amounts included for prospective but uncontracted production volumes may never be achieved. Accordingly, these estimations are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections.

    Detailed information regarding these and other factors that could affect Mobileye's business and results is included in Mobileye's SEC filings, including the company's Annual Report on Form 10-K for the year ended December 30, 2023, particularly in the section entitled "Item 1A. Risk Factors". Copies of these filings may be obtained by visiting our Investor Relations website at ir.mobileye.com or the SEC's website at www.sec.gov.

    Second Quarter 2024 Financial Results

    Mobileye Global Inc.

    Condensed Consolidated Statements of Operations (unaudited)

     

     

    Three Months Ended

     

    Six months Ended

    U.S. dollars in millions, except share and per share amounts

     

    June 29, 2024

     

    July 1, 2023

     

    June 29, 2024

     

    July 1, 2023

    Revenue

     

    $

    439

     

     

    $

    454

     

     

    $

    678

     

     

    $

    912

     

    Cost of revenue

     

     

    230

     

     

     

    230

     

     

     

    415

     

     

     

    481

     

    Gross profit

     

     

    209

     

     

     

    224

     

     

     

    263

     

     

     

    431

     

    Research and development, net

     

     

    256

     

     

     

    211

     

     

     

    499

     

     

     

    446

     

    Sales and marketing

     

     

    28

     

     

     

    29

     

     

     

    62

     

     

     

    62

     

    General and administrative

     

     

    19

     

     

     

    17

     

     

     

    34

     

     

     

    37

     

    Total operating expenses

     

     

    303

     

     

     

    257

     

     

     

    595

     

     

     

    545

     

    Operating income (loss)

     

     

    (94

    )

     

     

    (33

    )

     

     

    (332

    )

     

     

    (114

    )

    Other financial income (expense), net

     

     

    13

     

     

     

    15

     

     

     

    30

     

     

     

    23

     

    Income (loss) before income taxes

     

     

    (81

    )

     

     

    (18

    )

     

     

    (302

    )

     

     

    (91

    )

    Benefit (provision) for income taxes

     

     

    (5

    )

     

     

    (10

    )

     

     

    (2

    )

     

     

    (16

    )

    Net income (loss)

     

    $

    (86

    )

     

    $

    (28

    )

     

    $

    (304

    )

     

    $

    (107

    )

     

     

     

     

     

     

     

     

     

    Earnings (loss) per share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    (0.11

    )

     

    $

    (0.04

    )

     

    $

    (0.38

    )

     

    $

    (0.13

    )

    Diluted

     

    $

    (0.11

    )

     

    $

    (0.04

    )

     

    $

    (0.38

    )

     

    $

    (0.13

    )

    Weighted-average number of shares used in computation of earnings (loss) per share (in millions):

     

     

     

     

     

     

     

     

    Basic

     

     

    806

     

     

     

    805

     

     

     

    806

     

     

     

    803

     

    Diluted

     

     

    806

     

     

     

    805

     

     

     

    806

     

     

     

    803

     

    Mobileye Global Inc.

    Condensed Consolidated Balance sheets (unaudited)

    U.S. dollars in millions

     

    June 29, 2024

     

    December 30, 2023

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    1,203

     

    $

    1,212

    Trade accounts receivable, net

     

     

    204

     

     

    357

    Inventories

     

     

    485

     

     

    391

    Other current assets

     

     

    115

     

     

    106

    Total current assets

     

     

    2,007

     

     

    2,066

    Non-current assets:

     

     

     

     

    Property and equipment, net

     

     

    456

     

     

    447

    Intangible assets, net

     

     

    1,831

     

     

    2,053

    Goodwill

     

     

    10,895

     

     

    10,895

    Other long-term assets

     

     

    118

     

     

    116

    Total non-current assets

     

     

    13,300

     

     

    13,511

    TOTAL ASSETS

     

    $

    15,307

     

    $

    15,577

    Liabilities and Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable and accrued expenses

     

    $

    171

     

    $

    229

    Employee related accrued expenses

     

     

    91

     

     

    87

    Related party payable

     

     

    53

     

     

    39

    Other current liabilities

     

     

    31

     

     

    48

    Total current liabilities

     

     

    346

     

     

    403

    Non-current liabilities:

     

     

     

     

    Long-term employee benefits

     

     

    55

     

     

    56

    Deferred tax liabilities

     

     

    137

     

     

    148

    Other long-term liabilities

     

     

    50

     

     

    46

    Total non-current liabilities

     

     

    242

     

     

    250

    TOTAL LIABILITIES

     

    $

    588

     

    $

    653

    TOTAL EQUITY

     

     

    14,719

     

     

    14,924

    TOTAL LIABILITIES AND EQUITY

     

    $

    15,307

     

    $

    15,577

    Mobileye Global Inc.

    Condensed Consolidated Cash Flows (unaudited)

     

     

    Six months Ended

    U.S. dollars in millions

     

    June 29, 2024

     

    July 1, 2023

     

     

     

     

     

    CASH FLOWS FROM OPERATING ACTIVITIES

     

     

     

     

    Net income (loss)

     

    $

    (304

    )

     

    $

    (107

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

     

    Depreciation of property and equipment

     

     

    30

     

     

     

    15

     

    Share-based compensation

     

     

    124

     

     

     

    127

     

    Amortization of intangible assets

     

     

    222

     

     

     

    251

     

    Exchange rate differences on cash and cash equivalents

     

     

    5

     

     

     

    5

     

    Deferred income taxes

     

     

    (11

    )

     

     

    (10

    )

    Interest with related party, net

     

     

    —

     

     

     

    16

     

    (Gains) losses on equity and debt investments, net

     

     

    1

     

     

     

    —

     

    Other

     

     

    (1

    )

     

     

    —

     

    Changes in operating assets and liabilities:

     

     

     

     

    Decrease (increase) in trade accounts receivable

     

     

    133

     

     

     

    29

     

    Decrease (increase) in other current assets

     

     

    8

     

     

     

    21

     

    Decrease (increase) in inventories

     

     

    (94

    )

     

     

    (150

    )

    Increase (decrease) in accounts payable, accrued expenses and related party payable

     

     

    (52

    )

     

     

    3

     

    Increase (decrease) in employee-related accrued expenses and long term benefits

     

     

    3

     

     

     

    (2

    )

    Increase (decrease) in other current liabilities

     

     

    5

     

     

     

    (2

    )

    Decrease (increase) in other long term assets

     

     

    (2

    )

     

     

    1

     

    Increase (decrease) in other long-term liabilities

     

     

    3

     

     

     

    —

     

    Net cash provided by (used in) operating activities

     

     

    70

     

     

     

    197

     

    CASH FLOWS FROM INVESTING ACTIVITIES

     

     

     

     

    Purchase of property and equipment

     

     

    (46

    )

     

     

    (58

    )

    Purchases of debt and equity investments

     

     

    (18

    )

     

     

    —

     

    Net cash provided by (used in) investing activities

     

     

    (64

    )

     

     

    (58

    )

    CASH FLOWS FROM FINANCING ACTIVITIES

     

     

     

     

    Share-based compensation recharge

     

     

    (11

    )

     

     

    (12

    )

    Net cash provided by (used in) financing activities

     

     

    (11

    )

     

     

    (12

    )

    Effect of foreign exchange rate changes on cash and cash equivalents

     

     

    (5

    )

     

     

    (5

    )

    Increase (decrease) in cash, cash equivalents and restricted cash

     

     

    (10

    )

     

     

    122

     

    Balance of cash, cash equivalents and restricted cash, at beginning of year

     

     

    1,226

     

     

     

    1,035

     

    Balance of cash, cash equivalents and restricted cash, at end of period

     

    $

    1,216

     

     

    $

    1,157

     

    Mobileye Global Inc.

    Reconciliation of GAAP Gross Profit and Margin to Non-GAAP Adjusted Gross Profit and Margin3 (unaudited)

     

    Three Months Ended

     

    Six months Ended

    U.S. dollars in millions

    June 29, 2024

     

    July 1, 2023

     

    June 29, 2024

     

    July 1, 2023

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

    Gross Profit

    $

    209

    48

    %

     

    $

    224

    49

    %

     

    $

    263

    39

    %

     

    $

    431

    47

    %

    Add: Amortization of acquired intangible assets

     

    94

    21

    %

     

     

    101

    22

    %

     

     

    188

    28

    %

     

     

    217

    24

    %

    Add: Share-based compensation expense

     

    1

    —

    %

     

     

    1

    —

    %

     

     

    1

    —

    %

     

     

    2

    —

    %

    Adjusted Gross Profit

    $

    304

    69

    %

     

    $

    326

    72

    %

     

    $

    452

    67

    %

     

    $

    650

    71

    %

    3Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue

    Mobileye Global Inc.

    Reconciliation of GAAP Operating Income (loss) and Margin to Non-GAAP Adjusted Operating Income and Margin4 (unaudited)

     

    Three Months Ended

     

    Six months Ended

    U.S. dollars in millions

    June 29, 2024

     

    July 1, 2023

     

    June 29, 2024

     

    July 1, 2023

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

    Operating Income (Loss)

    $

    (94

    )

    (21

    %)

     

    $

    (33

    )

    (7

    %)

     

    $

    (332

    )

    (49

    %)

     

    $

    (114

    )

    (13

    %)

    Add: Amortization of acquired intangible assets

     

    111

     

    25

    %

     

     

    118

     

    26

    %

     

     

    222

     

    33

    %

     

     

    251

     

    28

    %

    Add: Share-based compensation expense

     

    62

     

    14

    %

     

     

    55

     

    12

    %

     

     

    124

     

    18

    %

     

     

    127

     

    14

    %

    Adjusted Operating Income

    $

    79

     

    18

    %

     

    $

    140

     

    31

    %

     

    $

    14

     

    2

    %

     

    $

    264

     

    29

    %

    4Adjusted operating margin is calculated as adjusted operating income as a percentage of revenue

    Mobileye Global Inc.

    Reconciliation of GAAP Net Income (loss) to Non-GAAP Adjusted Net Income (unaudited)

     

    Three Months Ended

     

    Six months Ended

    U.S. dollars in millions

    June 29, 2024

     

    July 1, 2023

     

    June 29, 2024

     

    July 1, 2023

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

     

    Amount

    % of Revenue

    Net Income (Loss)

    $

    (86

    )

    (20

    %)

     

    $

    (28

    )

    (6

    %)

     

    $

    (304

    )

    (45

    %)

     

    $

    (107

    )

    (12

    %)

    Add: Amortization of acquired intangible assets

     

    111

     

    25

    %

     

     

    118

     

    26

    %

     

     

    222

     

    33

    %

     

     

    251

     

    28

    %

    Add: Share-based compensation expense

     

    62

     

    14

    %

     

     

    55

     

    12

    %

     

     

    124

     

    18

    %

     

     

    127

     

    14

    %

    Less: Income tax effects

     

    (11

    )

    (2

    %)

     

     

    (10

    )

    (2

    %)

     

     

    (21

    )

    (3

    %)

     

     

    (21

    )

    (2

    %)

    Adjusted Net Income

    $

    76

     

    17

    %

     

    $

    135

     

    30

    %

     

    $

    21

     

    3

    %

     

    $

    250

     

    27

    %

    Supplemental Information - Average System Price (unaudited)

     

    Q2 2023

     

    Q3 2023

     

    Q4 2023

     

    Q1 2024

     

    Q2 2024

    EyeQ and SuperVision revenue (U.S. dollars in millions)

    $

    430

     

    $

    507

     

    $

    611

     

    $

    219

     

    $

    413

    Number of systems shipped (in millions)

     

    8.3

     

     

    9.4

     

     

    11.6

     

     

    3.6

     

     

    7.6

    Average system price (U.S. dollars)

    $

    51.7

     

    $

    53.8

     

    $

    52.7

     

    $

    61.0

     

    $

    54.4

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801746829/en/

    Get the next $INTC alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $INTC
    $MBLY

    CompanyDatePrice TargetRatingAnalyst
    Mobileye Global Inc.
    $MBLY
    6/9/2025$17.00Buy → Neutral
    Goldman
    Intel Corporation
    $INTC
    5/21/2025$23.00Hold
    Deutsche Bank
    Intel Corporation
    $INTC
    4/30/2025$18.00Sell
    Seaport Research Partners
    Intel Corporation
    $INTC
    4/25/2025$23.00 → $22.00Neutral
    Mizuho
    Intel Corporation
    $INTC
    4/25/2025$22.00 → $21.00Neutral
    UBS
    Intel Corporation
    $INTC
    4/25/2025$25.00 → $22.00Equal Weight
    Wells Fargo
    Intel Corporation
    $INTC
    4/25/2025$18.00 → $14.00Sell
    Rosenblatt
    Intel Corporation
    $INTC
    4/25/2025$25.00 → $23.00Equal-Weight
    Morgan Stanley
    More analyst ratings

    $INTC
    $MBLY
    SEC Filings

    See more
    • SEC Form 424B7 filed by Mobileye Global Inc.

      424B7 - Mobileye Global Inc. (0001910139) (Filer)

      7/8/25 4:39:41 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • SEC Form FWP filed by Mobileye Global Inc.

      FWP - Mobileye Global Inc. (0001910139) (Subject)

      7/8/25 4:10:15 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • Mobileye Global Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Regulation FD Disclosure, Unregistered Sales of Equity Securities, Financial Statements and Exhibits

      8-K - Mobileye Global Inc. (0001910139) (Filer)

      7/8/25 4:06:10 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology

    $INTC
    $MBLY
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Gelsinger Patrick P bought $100,848 worth of shares (6,750 units at $14.94) (SEC Form 4)

      4 - Mobileye Global Inc. (0001910139) (Issuer)

      11/6/24 4:11:42 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • CEO Gelsinger Patrick P bought $251,198 worth of shares (11,150 units at $22.53), increasing direct ownership by 12% to 105,033 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      11/6/24 4:06:28 PM ET
      $INTC
      Semiconductors
      Technology
    • CEO Gelsinger Patrick P bought $251,946 worth of shares (12,500 units at $20.16) (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      8/7/24 4:23:22 PM ET
      $INTC
      Semiconductors
      Technology

    $INTC
    $MBLY
    Financials

    Live finance-specific insights

    See more
    • Mobileye Announces Timing of its Second Quarter 2025 Results

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today announced that it will release its financial results for the second quarter 2025 on Thursday July 24th, 2025, before market open. Mobileye will host a conference call at 8:00 a.m. ET (3:00 p.m. IT) to review its results and provide a general business update. The call will be hosted by Professor Amnon Shashua, CEO, Moran Shemesh Rojansky, CFO, Nimrod Nehushtan, EVP – Business Development and Strategy, and Dan Galves, CCO. The conference call will be accessible live via a webcast on Mobileye's investor relations site, which can be found at https://ir.mobileye.com, and a replay of the webcast will be made available shortly after the event

      7/8/25 7:00:00 AM ET
      $INTC
      $MBLY
      Semiconductors
      Technology
      Computer Software: Prepackaged Software
    • Intel to Report Second-Quarter 2025 Financial Results

      Intel Corporation today announced that it will report second-quarter financial results on Thursday, July 24, 2025, promptly after close of market. Intel will then hold an earnings conference call at 2 p.m. PDT that day to discuss the results. A live public webcast of the earnings conference call can be accessed on Intel's Investor Relations website at intc.com. Associated materials and webcast replay will also be available on the site. About Intel Intel (NASDAQ:INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, we continuously work to advance the design and manufacturing of semiconductors to help ad

      7/2/25 4:30:00 PM ET
      $INTC
      Semiconductors
      Technology
    • Mobileye Releases First Quarter 2025 Results and Reaffirms Full-Year Outlook

      Revenue of $438 million in the first quarter, which was an 83% year over year increase compared to Q1 2024, a period that was impacted by a significant drawdown of inventory at our Tier 1 customers. Diluted EPS (GAAP) was $(0.13) and Adjusted Diluted EPS (Non-GAAP) was $0.08 in the first quarter. Business development activity was strong in Q1, including first Surround ADAS design win, acceleration in the mobility-as-a-service space, and continued progress toward SuperVision wins. Reaffirming full-year 2025 outlook originally provided on January 30th, assuming continuation of currently-announced automotive-related tariffs (without any further changes). We expect Q2 2025 revenue to inc

      4/24/25 7:00:00 AM ET
      $INTC
      $MBLY
      Semiconductors
      Technology
      Computer Software: Prepackaged Software

    $INTC
    $MBLY
    Leadership Updates

    Live Leadership Updates

    See more
    • Intel Appoints Sales and Engineering Leaders

      Intel today announced a series of leadership appointments aligned with its focus on strengthening customer relationships and becoming a more engineering-focused company. Greg Ernst, a respected sales leader with more than 20 years of Intel experience, has been named chief revenue officer. In addition, Srinivasan Iyengar, Jean-Didier Allegrucci and Shailendra Desai are joining Intel in key engineering leadership roles. "We see significant opportunities ahead to strengthen our product offerings and meet the changing needs of our customers," said Lip-Bu Tan, CEO of Intel. "Greg, Srini, J-D and Shailendra are highly accomplished leaders with strong reputations across our ecosystem, and they

      6/18/25 9:30:00 AM ET
      $INTC
      Semiconductors
      Technology
    • ISS and Glass Lewis Join ADL and JLens in Recommending AGAINST Anti-Israel Shareholder Proposals at Intel, General Dynamics and Lockheed Martin

      Reiterates Call for Shareholders to Reject Proposals Motivated by Antisemitic Boycott, Divestment and Sanctions (BDS) Movement ADL (Anti-Defamation League) and its affiliate, Jlens, welcome the decisions of the two leading independent proxy advisory firms, Institutional Shareholder Services ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), to recommend that investors vote AGAINST anti-Israel shareholder proposals at the upcoming annual meetings of Intel Corporation (NASDAQ:INTC), General Dynamics (NYSE:GD) and Lockheed Martin Corporation (NYSE:LMT). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250505942003/en/ ADL and its Regist

      5/5/25 8:00:00 AM ET
      $GD
      $INTC
      $LMT
      Marine Transportation
      Industrials
      Semiconductors
      Technology
    • Intel Appoints Lip-Bu Tan as Chief Executive Officer

      Tan to join Intel board of directors Intel Corporation (NASDAQ:INTC) today announced that its board of directors has appointed Lip-Bu Tan, an accomplished technology leader with deep semiconductor industry experience, as chief executive officer, effective March 18. He succeeds Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. Tan will also rejoin the Intel board of directors after stepping down from the board in August 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250312399008/en/Lip-Bu Tan was appointed chief executive officer of Intel Corporation in March 2025. He also serves on the company's board of d

      3/12/25 4:15:00 PM ET
      $INTC
      Semiconductors
      Technology

    $INTC
    $MBLY
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Mobileye Announces Pricing of Secondary Offering of Shares of Class A Common Stock, Concurrent Repurchase and Conversion

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today announced the pricing of a previously announced underwritten secondary public offering of 50 million shares of Mobileye's Class A common stock by Intel Overseas Funding Corporation, a wholly owned subsidiary of Intel Corporation (the "Selling Stockholder"), at a price of $16.50 per share. The Selling Stockholder has also granted the underwriters a 30-day option to purchase up to an additional 7.5 million shares of Mobileye's Class A common stock. The offering is expected to close on July 11, 2025, subject to customary closing conditions. In addition, as previously announced, concurrent with the closing of the offering, Mobileye has agr

      7/9/25 9:56:00 PM ET
      $INTC
      $MBLY
      Semiconductors
      Technology
      Computer Software: Prepackaged Software
    • Mobileye Announces Secondary Offering of Shares of Class A Common Stock, Concurrent Repurchase and Conversion

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today announced the commencement of an underwritten secondary public offering of 45 million shares of Mobileye's Class A common stock by Intel Overseas Funding Corporation, a wholly owned subsidiary of Intel Corporation (the "Selling Stockholder"). The Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 6.75 million shares of Mobileye's Class A common stock. In addition, Mobileye has agreed to purchase from the Selling Stockholder $100 million of Mobileye's Class A common stock at a price per share equal to the per share purchase price to be paid by the underwriters in the offering. The concu

      7/8/25 4:01:00 PM ET
      $INTC
      $MBLY
      Semiconductors
      Technology
      Computer Software: Prepackaged Software
    • Mobileye Announces Timing of its Second Quarter 2025 Results

      Mobileye Global Inc. (NASDAQ:MBLY) ("Mobileye") today announced that it will release its financial results for the second quarter 2025 on Thursday July 24th, 2025, before market open. Mobileye will host a conference call at 8:00 a.m. ET (3:00 p.m. IT) to review its results and provide a general business update. The call will be hosted by Professor Amnon Shashua, CEO, Moran Shemesh Rojansky, CFO, Nimrod Nehushtan, EVP – Business Development and Strategy, and Dan Galves, CCO. The conference call will be accessible live via a webcast on Mobileye's investor relations site, which can be found at https://ir.mobileye.com, and a replay of the webcast will be made available shortly after the event

      7/8/25 7:00:00 AM ET
      $INTC
      $MBLY
      Semiconductors
      Technology
      Computer Software: Prepackaged Software

    $INTC
    $MBLY
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Interim Co-CEO, EVP, CFO Zinsner David converted options into 37,003 shares and covered exercise/tax liability with 18,347 shares, increasing direct ownership by 8% to 241,510 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      6/3/25 4:34:39 PM ET
      $INTC
      Semiconductors
      Technology
    • Interim Co-CEO, CEO Intel Prod Holthaus Michelle Johnston converted options into 46,198 shares and covered exercise/tax liability with 18,179 shares, increasing direct ownership by 8% to 379,128 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      6/3/25 4:33:47 PM ET
      $INTC
      Semiconductors
      Technology
    • CVP, Chief Accounting Officer Gawel Scott converted options into 12,303 shares and covered exercise/tax liability with 6,100 shares, increasing direct ownership by 48% to 19,092 units (SEC Form 4)

      4 - INTEL CORP (0000050863) (Issuer)

      6/3/25 4:31:43 PM ET
      $INTC
      Semiconductors
      Technology

    $INTC
    $MBLY
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Mobileye Global downgraded by Goldman with a new price target

      Goldman downgraded Mobileye Global from Buy to Neutral and set a new price target of $17.00

      6/9/25 7:47:49 AM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • Deutsche Bank resumed coverage on Intel with a new price target

      Deutsche Bank resumed coverage of Intel with a rating of Hold and set a new price target of $23.00

      5/21/25 8:58:20 AM ET
      $INTC
      Semiconductors
      Technology
    • Seaport Research Partners initiated coverage on Intel with a new price target

      Seaport Research Partners initiated coverage of Intel with a rating of Sell and set a new price target of $18.00

      4/30/25 10:40:07 AM ET
      $INTC
      Semiconductors
      Technology

    $INTC
    $MBLY
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Mobileye Global Inc.

      SC 13G/A - Mobileye Global Inc. (0001910139) (Subject)

      11/5/24 7:10:55 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • Amendment: SEC Form SC 13G/A filed by Mobileye Global Inc.

      SC 13G/A - Mobileye Global Inc. (0001910139) (Subject)

      10/31/24 4:19:11 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology
    • Amendment: SEC Form SC 13G/A filed by Mobileye Global Inc.

      SC 13G/A - Mobileye Global Inc. (0001910139) (Subject)

      10/15/24 2:53:18 PM ET
      $MBLY
      Computer Software: Prepackaged Software
      Technology