Mobileye Global Inc (MBLY)

Jefferies Warns Mobileye Shares Could Fall 24% on Structural Challenges (MBLY)May 18, 2026 10:11 AM
IH Market News Jefferies Starts Coverage With Underperform Rating Mobileye Global (NASDAQ:MBLY) faces potential downside risks tied to structural industry challenges and customer concentration, according to Jefferies, which initiated coverage on the stock with an “underperform” rating and an $8 price target.The target implies roughly 24% downside from the stock’s previous closing price of $10.53.Jefferies based its valuation on a sum-of-the-parts methodology using a blended 2027 enterprise value-to-sales multiple of 1.9x across Mobileye’s business segments.That analysis resulted in an estimated equity valuation of approximately $6.51 billion, or $8 per share, based on 816 million shares outstanding.The valuation also incorporated net cash of around $1.59 billion, while the implied price-to-earnings ratio at the target price stands at 21.2x.“We see risk as skewed to the downside given structural threats and key customer dependence,” Jefferies said, adding that “the stock’s re-rating ultimately depends on a small number of highly uncertain outcomes.” Market Leadership Overshadowed by Long-Term Concerns Mobileye, which remains approximately 75% owned by Intel, currently controls an estimated 70% share of the global advanced driver assistance systems market.However, the company’s stock has fallen around 75% over the past three years, while its enterprise value-to-EBIT multiple has compressed closer to traditional automotive supplier levels after previously trading more like a high-growth technology company, according to FactSet data cited by Jefferies. Revenue and Margin Forecasts Remain Positive Jefferies projects Mobileye revenue of $1.98 billion in 2026, representing growth of 2.8%.The brokerage expects sales to rise to $2.24 billion in 2027 and $2.86 billion in 2028, implying growth rates of 15.2% and 29.2%, respectively.Adjusted EBIT margins are forecast at 10.4% in 2026, 13.7% in 2027 and 19.2% in 2028.For fiscal 2025, Mobileye reported revenue of $1.89 billion, adjusted EBIT of $280 million and an adjusted EBIT margin of 14.8%.Relative to consensus estimates, Jefferies said its 2026 and 2027 projections are broadly aligned with market expectations, although its 2028 adjusted EBIT estimate of $550 million is roughly 10% below the $609 million consensus figure.The firm forecasts adjusted EPS of $0.27 in 2026, $0.38 in 2027 and $0.63 in 2028. Robotics Acquisition and Buyback Included in Forecasts Jefferies expects Mobileye’s net cash position to increase from $1.84 billion at the end of 2025 to $2.16 billion by 2028, despite projecting a temporary decline in 2027 linked to acquisition spending.The brokerage incorporated a $591 million acquisition-related cash outflow in 2026 associated with Mobileye’s planned $900 million purchase of humanoid robotics company Mentee Robotics, consisting of $612 million in cash and the remainder in shares.Its model also assumes a $250 million share repurchase program in 2026. Jefferies Highlights Three Key Risks Jefferies identified three major structural concerns weighing on the investment case.First, the bank argued that expected growth from higher-autonomy products, including Surround ADAS and SuperVision, is already reflected in market expectations and depends heavily on the Volkswagen Group, which has expressed ambitions to develop autonomous driving capabilities internally.Second, Jefferies said the planned VW/MOIA robotaxi rollout could act as a short-term catalyst but carries uncertain long-term economics.Its base-case forecast assumes 1,000 active robotaxi vehicles in 2027, increasing to 13,000 by 2029, generating estimated revenue of $84 million and $530 million, respectively.However, the firm questioned whether Mobileye’s pricing structure — including a $40,000 upfront fee and $0.20 per mile charge — can scale successfully.Third, Jefferies warned that competing end-to-end artificial intelligence systems from rivals such as Wayve could challenge Mobileye’s map-based modular architecture. Bull and Bear Case Scenarios Jefferies’ upside scenario values the stock at $14.80, assuming revenue exceeds base forecasts by 15%, adjusted EBIT margins reach 15% in 2027, and the stock trades at a 3.5x EV/sales multiple.Its downside scenario implies a share price of $5.80, based on revenue coming in 15% below expectations, a 10% EBIT margin and a 1.5x EV/sales multiple.Mobileye Global stock price Original: Jefferies Warns Mobileye Shares Could Fall 24% on Structural Challenges (MBLY)

Mobileye Releases First Quarter 2026 Results, Updates Full-Year Outlook, and Announces a $250 Million Share Repurchase ProgramApril 23, 2026 6:58 PM
Business Wire

Revenue of $558 million in the first quarter increased 27% year over year compared to Q1 2025. We are raising the midpoint of our full-year 2026 revenue guidance by 2% to reflect better-than-expected demand in the first quarter.



Diluted EPS (GAAP) was $(4.68) and Adjusted Diluted EPS (Non-GAAP) was $0.12 in the first quarter.



GAAP Operating Loss was impacted by a non-cash goodwill impairment of $3,788 million related to the goodwill asset on Mobileye’s balance sheet resulting from Intel’s acquisition of Mobileye in 2017.



Generated $75 million of operating cash flow in the first quarter of 2026. The acquisition of Mentee Robotics Ltd. (“Mentee Robotics”) closed in early February, resulting in a reduction in our cash balance of $591 million, net of cash acquired.



Announced an up to $250 million share repurchase authorization, intended to partially offset dilution associated with stock-based compensation and shares issued as part of the Mentee Robotics acquisition in the first quarter.



Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended March 28, 2026.


“First quarter results reflected a stronger than expected start to 2026, and continued favorable demand trends enable us to modestly increase our 2026 outlook. We also secured an important design win with Mahindra which adds a third Surround ADAS customer and a second customer for our next-generation SuperVision product,” said Mobileye President and CEO Professor Amnon Shashua. “In parallel, we achieved significant milestones related to our robotaxi technology stack and our EyeQ6H-based Supervision L2++ and Chauffer L3 programs with VW group. Continued execution across these programs is key both to converting our advanced product pipeline into future revenue growth and to winning additional customers.”


First Quarter 2026 Business Highlights



The Mobileye Drive / MOIA / VW ID.Buzz robotaxi ecosystem progressed significantly during the first quarter. VW and MOIA announced the kick off of pre-series production at VW’s Hanover plant in March. MOIA America and Beep announced Orlando as their initial test deployment location, and began on-road validation testing with Uber in Los Angeles. There are now more than 100 ID.Buzz AVs powered by Drive testing on public roads in six cities (LA, Austin, Orlando, Munich, Berlin, and Hamburg), with Oslo coming soon. We believe Mobileye Drive technology has meaningful scaling advantages over the competition and look forward to continued strong execution over the course of 2026.



For the first time, EyeQ6 High-based SuperVision is operating in the US inside pre-production vehicles. An extended 2,000+ kilometer drive, on an unplanned route, achieved targeted mean-time-between-failure goals in urban, suburban, and highway road types, as well as severe weather, and outperformed other systems used as benchmarks.



We announced SuperVision and Surround ADAS design wins with Mahindra. We continue to see significant potential for growth in the India market for both ADAS and AV, and are encouraged that Mahindra believes that advanced mobility products based on Mobileye solutions can serve as competitive differentiators in the mid-trim and premium vehicle segments.



First Quarter 2026 Financial Summary and Key Highlights (Unaudited)




GAAP

U.S. dollars in millions






 






 






Q1 2026






 






 






Q1 2025






 






% Y/Y








Revenue






 






$






558






 






 






$






438






 






 






27






%








Gross Profit






 






$






275






 






 






$






207






 






 






33






%








Gross Margin






 






 






49






%






 






 






47






%






 






+202bps








Operating Income (Loss)






 






$






(3,896






)






 






$






(117






)






 






*NM








Operating Margin






 






 






(698






)%






 






 






(27






)%






 






*NM








Net Income (Loss)






 






$






(3,818






)






 






$






(102






)






 






*NM








EPS - Basic






 






$






(4.68






)






 






$






(0.13






)






 






*NM








EPS - Diluted






 






$






(4.68






)






 






$






(0.13






)






 






*NM








 






 






 







 






 







 






 








*Not Meaningful

















Non-GAAP

U.S. dollars in millions






 






 






Q1 2026






 






 






Q1 2025






 






% Y/Y








Revenue






 






$






558






 






 






$






438






 






 






27






%








Adjusted Gross Profit






 






$






370






 






 






$






301






 






 






23






%








Adjusted Gross Margin






 






 






66






%






 






 






69






%






 






(241)bps








Adjusted Operating Income (Loss)






 






$






95






 






 






$






59






 






 






61






%








Adjusted Operating Margin






 






 






17






%






 






 






13






%






 






+360bps








Adjusted Net Income (Loss)






 






$






96






 






 






$






63






 






 






52






%








Adjusted EPS - Basic






 






$






0.12






 






 






$






0.08






 






 






51






%








Adjusted EPS - Diluted






 






$






0.12






 






 






$






0.08






 






 






51






%








Revenue increased 27% compared to the first quarter of 2025, primarily due to a 28% ramp up in EyeQ SoC volumes attributable to higher EyeQ demand. A portion of this growth was related to the normalization of safety stock levels at customers, after some draw down that took place in the fourth quarter of 2025.



Gross Margin increased by nearly 2 percentage points in the first quarter of 2026 as compared to the prior year period. The increase was primarily due to similar levels of amortization of intangible assets on a significantly higher revenue base, partially offset by a higher EyeQ-related cost per unit given the different mix of EyeQ products sold.



Adjusted Gross Margin decreased by nearly 2 percentage points in the first quarter of 2026 as compared to the prior year period. This was mainly due to a higher EyeQ-related cost per unit given the different mix of EyeQ products sold.



An additional item that is part of this quarter’s reconciliation of GAAP to Non-GAAP earnings is a non-cash impairment loss related to the Goodwill asset on our balance sheet. This asset originally resulted from the Intel acquisition of Mobileye in 2017 and was pushed down to our balance sheet in connection with the IPO in 2022 and separation from Intel. During the quarter, due to a decline in our market capitalization since the most recent assessment date, as well as increased uncertainty in the macroeconomic and geopolitical environment, an interim impairment test was triggered. The resulting analysis led to an approximately $3,788 million write-down of goodwill. For more information, see our Quarterly Report on Form 10-Q for the period ended March 28, 2026.



Operating Margin decreased meaningfully in the first quarter of 2026 as compared to the prior year period. This was primarily due to goodwill impairment loss of $3,788 million recognized in the first quarter of 2026.



Adjusted Operating Margin increased to 17% in the first quarter of 2026 as compared to 13% in the prior year period. This is related to significantly higher year-over-year revenue which resulted in lower operating expenses as a percentage of revenue.



Operating cash flow for the three months ended March 28, 2026 was $75 million, including transaction costs and cash paid for accelerated options as part of the Mentee Robotics acquisition. Cash used in purchases of property and equipment was $30 million for that same period.



Financial Guidance for the 2026 Fiscal Year


The following information reflects Mobileye’s expectations for Revenue, Operating Loss and Adjusted Operating Income results for the full year 2026. Our updated guidance reflects a 2% increase in expected revenue, at the midpoint, due to higher-than-expected EyeQ unit shipments in the first quarter. Our outlook for Adjusted Operating Income is increased by 8% at the midpoint, reflecting operating leverage on the higher revenue outlook. We are providing a 2026 outlook for Operating Loss now that the Mentee Robotics acquisition has closed. At the time of our Q4 2025 earnings release, prior to closing of the Mentee Robotics acquisition, our outlook for stock-based compensation and amortization of intangible assets was not able to be estimated with precision.


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, and developed IP as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Mentee Robotics in 2026; 2) Share-based compensation expense; 3) Goodwill impairment; and 4) acquisition-related expenses. 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.




 






 






Full Year 2026








U.S. dollars in millions






 






Low






 






High








Revenue






 






$






1,935






 






 






$






2,015






 








Operating Loss






 






$






(4,331






)






 






$






(4,281






)








Amortization of acquired intangible assets






 






$






346






 






 






$






346






 








Share-based compensation expense






 






$






376






 






 






$






376






 








Goodwill impairment






 






$






3,788






 






 






$






3,788






 








Acquisition related expenses






 






$






6






 






 






$






6






 








Adjusted Operating Income






 






$






185






 






 






$






235






 







Earnings Conference Call Webcast Information


Mobileye will host a conference call today, April 23, 2026, at 8:00 am 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, impairment of goodwill and acquisition-related 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, impairment of goodwill, acquisition-related expenses and 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 our autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in artificial intelligence, computer vision and integrated software and hardware. Since our founding in 1999, Mobileye has enabled the global adoption of advanced driver-assistance systems that save countless lives and reduce crashes, while pioneering groundbreaking technologies such as REM™ crowdsourced road intelligence, Imaging Radar and Compound AI. These technologies drive the ADAS and AV fields towards the future of mobility – enabling self-driving vehicles and mobility solutions at scale, and powering industry-leading ADAS products. Through 2025, more than 230 million vehicles worldwide have been built with Mobileye’s EyeQ technology inside. In 2026, Mobileye acquired Mentee Robotics to pursue the future of physical AI and humanoid robots. Since 2022, Mobileye has been listed independently 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 2026 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: further deterioration of macroeconomic conditions due to ongoing global economic and political uncertainty; future business, strategic and financial 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; increased competition from emerging chip manufacturers and OEMs; future products and technology, and the expected availability and benefits of such products and technology; the humanoid robotics industry and its accompanying technology may not develop as expected; 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 U.S., 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; 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; sustained low levels of our share price and market capitalization as well as other factors may require further testing of our Mobileye reporting unit, which may result in an impairment of goodwill; the ability to meet our social and environmental goals and projections.


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 27, 2025, 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.


First Quarter 2026 Financial Results




Mobileye Global Inc.




Condensed Consolidated Statements of Operations (unaudited)










 






 






Three Months Ended








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






 






March 28, 2026






 






March 29, 2025








Revenue






 






$






558






 






 






$






438






 








Cost of revenue






 






 






283






 






 






 






231






 








Gross profit






 






 






275






 






 






 






207






 








Research and development, net






 






 






323






 






 






 






275






 








Sales and marketing






 






 






29






 






 






 






31






 








General and administrative






 






 






31






 






 






 






18






 








Goodwill impairment






 






 






3,788






 






 






 






—






 








Total operating expenses






 






 






4,171






 






 






 






324






 








Operating income (loss)






 






 






(3,896






)






 






 






(117






)








Financial income (expense), net






 






 






14






 






 






 






18






 








Income (loss) before income taxes






 






 






(3,882






)






 






 






(99






)








Benefit (provision) for income taxes






 






 






64






 






 






 






(3






)








Net income (loss)






 






$






(3,818






)






 






$






(102






)








 






 






 






 






 








Earnings (loss) per share attributed to Class A and Class B stockholders:






 






 






 






 








Basic and diluted






 






$






(4.68






)






 






$






(0.13






)








Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions):






 






 






 






 








Basic and diluted






 






 






817






 






 






 






812






 









Mobileye Global Inc.




Condensed Consolidated Balance sheets (unaudited)












U.S. dollars in millions






 






March 28, 2026






 






December 27, 2025








Assets






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






1,211






 






$






1,836








Marketable securities and deposits






 






 






133






 






 






55








Trade accounts receivable, net






 






 






226






 






 






131








Inventories






 






 






303






 






 






327








Other current assets






 






 






120






 






 






129








Total current assets






 






 






1,993






 






 






2,478








Non-current assets:






 






 






 






 








Property and equipment, net






 






 






468






 






 






473








Intangible assets, net






 






 






1,181






 






 






1,166








Goodwill






 






 






4,911






 






 






8,200








Other long-term assets






 






 






182






 






 






175








Total non-current assets






 






 






6,742






 






 






10,014








TOTAL ASSETS






 






$






8,735






 






$






12,492








Liabilities and Equity






 






 






 






 








Current liabilities:






 






 






 






 








Accounts payable and accrued expenses






 






$






228






 






$






228








Employee related accrued expenses






 






 






137






 






 






141








Related party payable






 






 






3






 






 






4








Other current liabilities






 






 






51






 






 






33








Total current liabilities






 






 






419






 






 






406








Non-current liabilities:






 






 






 






 








Long-term employee benefits






 






 






78






 






 






78








Deferred tax liabilities






 






 






5






 






 






60








Other long-term liabilities






 






 






69






 






 






67








Total non-current liabilities






 






 






152






 






 






205








TOTAL LIABILITIES






 






$






571






 






$






611








TOTAL EQUITY






 






 






8,164






 






 






11,881








TOTAL LIABILITIES AND EQUITY






 






$






8,735






 






$






12,492









Mobileye Global Inc.




Condensed Consolidated Cash Flows (unaudited)










 






 






Three Months Ended








U.S. dollars in millions






 






March 28, 2026






 






March 29, 2025






 








CASH FLOWS FROM OPERATING ACTIVITIES






 






 






 






 






 








Net income (loss)






 






$






(3,818






)






 






$






(102






)






 








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






 






 






 






 






 








Depreciation of property and equipment






 






 






20






 






 






 






18






 






 








Share-based compensation






 






 






80






 






 






 






65






 






 








Amortization of intangible assets






 






 






113






 






 






 






111






 






 








Goodwill impairment






 






 






3,788






 






 






 






—






 






 








Exchange rate differences on cash and cash equivalents






 






 






(2






)






 






 






(2






)






 








Deferred income taxes






 






 






(72






)






 






 






(6






)






 








Changes in operating assets and liabilities:






 






 






 






 






 








Decrease (increase) in trade accounts receivable






 






 






(95






)






 






 






(5






)






 








Decrease (increase) in other current assets






 






 






8






 






 






 






15






 






 








Decrease (increase) in inventories






 






 






24






 






 






 






51






 






 








Decrease (increase) in other long-term assets






 






 






—






 






 






 






3






 






 








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






 






 






14






 






 






 






(36






)






 








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






 






 






(5






)






 






 






—






 






 








Increase (decrease) in other current liabilities






 






 






18






 






 






 






(5






)






 








Increase (decrease) in other long-term liabilities






 






 






2






 






 






 






2






 






 








Net cash provided by operating activities






 






 






75






 






 






 






109






 






 








CASH FLOWS FROM INVESTING ACTIVITIES






 






 






 






 






 








Purchase of property and equipment






 






 






(30






)






 






 






(14






)






 








Purchases of debt and equity investments






 






 






(125






)






 






 






(25






)






 








Maturities and sales of debt and equity investments






 






 






47






 






 






 






14






 






 








Cash paid for acquisition of Mentee Robotics, net of cash acquired






 






 






(591






)






 






 






—






 






 








Net cash used in investing activities






 






 






(699






)






 






 






(25






)






 








CASH FLOWS FROM FINANCING ACTIVITIES






 






 






 






 






 








Share-based compensation recharge






 






*






 






 






3






 






 








Net cash provided by financing activities






 






 






—






 






 






 






3






 






 








Effect of foreign exchange rate changes on cash and cash equivalents






 






 






2






 






 






 






2






 






 








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






 






 






(622






)






 






 






89






 






 








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






 






 






1,860






 






 






 






1,438






 






 








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






 






$






1,238






 






 






$






1,527






 






 
















 



* Less than $1 million.


















Mobileye Global Inc.




Reconciliation of GAAP Gross Profit and Margin to Non-GAAP Adjusted Gross Profit and Margin1 (unaudited)








 






Three Months Ended








U.S. dollars in millions






March 28, 2026






 






March 29, 2025








 






Amount






 






% of Revenue






 






Amount






 






% of Revenue








Gross Profit and Margin






$






275






 






49






%






 






$






207






 






47






%








Add: Amortization of acquired intangible assets






 






95






 






17






%






 






 






94






 






21






%








Add: Share-based compensation expense






 






—






 






—






%






 






 






—






 






—






%








Adjusted Gross Profit and Margin






$






370






 






66






%






 






$






301






 






69






%


















 



1Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue









Mobileye Global Inc.




Reconciliation of GAAP Operating Income and Margin to Non-GAAP Adjusted Operating Income and Margin2 (unaudited)








 






Three Months Ended








U.S. dollars in millions






March 28, 2026






 






March 29, 2025








 






Amount






 






% of Revenue






 






Amount






 






% of Revenue








Operating Income (Loss) and Margin






$






(3,896






)






 






(698






)%






 






$






(117






)






 






(27






)%








Add: Amortization of acquired intangible assets






 






113






 






 






20






%






 






 






111






 






 






25






%








Add: Share-based compensation expense






 






84






 






 






15






%






 






 






65






 






 






15






%








Add: Acquisition related expenses






 






6






 






 






1






%






 






 






—






 






 






—






%








Add: Goodwill impairment






 






3,788






 






 






679






%






 






 






—






 






 






—






%








Adjusted Operating Income (Loss) and Margin






$






95






 






 






17






%






 






$






59






 






 






13






%




















 



2Adjusted operating margin is calculated as adjusted operating income (loss) as a percentage of revenue









Mobileye Global Inc.




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








 






Three Months Ended








U.S. dollars in millions






March 28, 2026






 






March 29, 2025








 






Amount






 






% of Revenue






 






Amount






 






% of Revenue








Net Income (Loss)






$






(3,818






)






 






(684






)%






 






$






(102






)






 






(23






)%








Add: Amortization of acquired intangible assets






 






113






 






 






20






%






 






 






111






 






 






25






%








Add: Share-based compensation expense






 






84






 






 






15






%






 






 






65






 






 






15






%








Add: Acquisition related expenses






 






6






 






 






1






%






 






 






—






 






 






—






%








Add: Goodwill impairment






 






3,788






 






 






679






%






 






 






—






 






 






—






%








Less: Income tax effects






 






(77






)






 






(14






)%






 






 






(11






)






 






(3






)%








Adjusted Net Income (Loss)






$






96






 






 






17






%






 






$






63






 






 






14






%









Supplemental Information - Average System Price (unaudited)3

















 






Q1 2025






 






Q2 2025






 






Q3 2025






 






Q4 2025






 






Q1 2026








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






$






415






 






$






481






 






$






478






 






$






420






 






$






535








Number of systems shipped (in millions)






 






8.5






 






 






9.7






 






 






9.2






 






 






8.3






 






 






10.8








Average system price (U.S. dollars)






$






49.0






 






$






49.7






 






$






51.7






 






$






50.8






 






$






49.3





















 



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







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423384609/en/
Dan Galves

Investor Relations

investors@mobileye.com
Justin Hyde

Media Relations

justin.hyde@mobileye.com


Original: Mobileye Releases First Quarter 2026 Results, Updates Full-Year Outlook, and Announces a $250 Million Share Repurchase Program