Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
On April 23, 2026 Mobileye Global Inc. issued a
press release announcing its financial results for the quarter ended March 28, 2026. A copy of the press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K.
The information contained in this Current Report
on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific
reference in such filing.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exhibit 99.1
Mobileye Releases
First Quarter 2026 Results, Updates Full-Year Outlook, and Announces a $250 Million Share Repurchase Program
| · | 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
in the first quarter. |
JERUSALEM
– April 23, 2026 – 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 announced Orlando as its initial driverless launch location (in collaboration with Beep) 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 | % | |
| +202 | bps |
| 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 | % | |
| +360 | bps |
| 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 EyeQTM and
SuperVision systems, divided by the number of systems shipped.
Contacts
Dan Galves
Investor Relations
investors@mobileye.com
Justin Hyde
Media Relations
justin.hyde@mobileye.com
