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 July 23, 2026 Mobileye Global Inc. issued a
press release announcing its financial results for the quarter ended June 27, 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
Second Quarter 2026 Results, Updates Guidance, and Provides Business Overview
| · | Revenue
of $508 million in the
second quarter was relatively flat compared to Q2 2025. Operating
Loss and Adjusted Operating Income in Q2 2026 improved by 59% and
46% respectively, compared to Q2 2025. |
| · | Diluted
EPS (GAAP) was $(0.03) and Adjusted Diluted EPS (Non-GAAP) was $0.19 in the second
quarter of 2026. |
| · | Full-year
2026 revenue outlook, at the midpoint, is increased by $20
million. Range narrowed to $1,970 million
- $2,020 million, implying 4% -
7% year-over-year revenue growth. |
| · | We
are raising the midpoint of our full-year 2026 guidance for Adjusted Operating Income (Non-GAAP)
and decreasing the midpoint for Operating Loss (GAAP) by 88%
and 4%, respectively. The positive revisions are primarily
related to an R&D incentive grant recognized under the Israeli
Law for the Encouragement and Incentivization of Research and Development 2026 (“R&D
Law”) which was enacted during the second quarter and applies from the beginning of
2026. Accordingly, the R&D incentive grant recognized
this quarter was recognized for the entire first half of 2026. |
| · | Generated
net cash from operating activities of $210 million
in the six months ended June 27, 2026. Our balance
sheet is strong with $1.4 billion of cash and cash equivalents,
marketable securities and deposits. |
JERUSALEM
– July 23, 2026 – Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results
for the three months ended June 27, 2026.
“The core
business continued its strong momentum in Q2 as we focus our development and execution efforts on a number of advanced product launches
in late 2026 and throughout 2027,” said Mobileye President and CEO Prof. Amnon Shashua. “Our foundation is robust and highly
profitable, boosted by the recently enacted R&D Law which we expect to sustainably raise the margin baseline of the business. I see tremendous
opportunities ahead as we work to convert heavy R&D spending over the last several years into revenue generation from advanced consumer
automotive products, self-driving-system supply, robotaxi services, and humanoid robotics.”
Second Quarter 2026 Business Highlights
| · | Preparations
for commercial robotaxi services with the Volkswagen Group company MOIA continued on-track throughout
the quarter. MOIA just recently began public user testing in Hamburg, Germany with safety
drivers in vehicles equipped with Mobileye’s self-driving-system. |
| · | Our previously
announced expansion into vertically-integrated commercial mobility as a service gained momentum
in recent weeks. We are engaged with potential vendors for vehicle platform supply, self-driving-system
installation and upfit, and fleet logistics support. We have accelerated Moovit’s execution
of customer-facing app, fleet optimization, and rider engagement applications. We believe
these efforts significantly expand our potential to scale robotaxi commercialization through
multiple channels, including MOIA and Holon, our own service, and third-party demand generation platforms. |
| · | We see continued
traction in automaker demand for next-generation, high-volume ADAS systems, including expanded
safety features and hands-free highway driving, in a cost-efficient package. In addition
to multiple previously announced Surround ADAS design wins we added a high-volume Cloud-Enhanced
ADAS design win with Stellantis this quarter. Gross profit per unit for this program is roughly
equivalent to Surround ADAS and more than double our current average base ADAS profitability. |
| · | Enactment
of the R&D Law mentioned above occurred during Mobileye’s second quarter and applies from the beginning of 2026. We recognized approximately $110 million (GAAP)
and $93 million (Non-GAAP) as an offset to Q2 R&D expenses (amounts attributable to Q1
and Q2 were roughly equivalent). For the full-year, we have incorporated $197 - $217 million
(GAAP) and $180 - $200 million (Non-GAAP) into our full-year 2026 outlook. The R&D Law
has no scheduled expiration date and was enacted in connection with Israel’s implementation
of the OECD Pillar Two global minimum tax rules to offset the resulting higher tax burden,
preserve Israel’s attractiveness for R&D investment and encourage continued R&D
activity. |
Second Quarter 2026 Financial Summary
and Key Highlights (Unaudited)
| GAAP | |
| | |
| | |
| |
| U.S. dollars in millions | |
Q2 2026 | | |
Q2 2025 | | |
% Y/Y | |
| Revenue | |
$ | 508 | | |
$ | 506 | | |
| — | % |
| Gross Profit | |
$ | 235 | | |
$ | 252 | | |
| (7 | )% |
| Gross Margin | |
| 46 | % | |
| 50 | % | |
| (354 | )bps |
| Operating Income (Loss) | |
$ | (30 | ) | |
$ | (74 | ) | |
| 59 | % |
| Operating Margin | |
| (6 | )% | |
| (15 | )% | |
| +872 | bps |
| Net Income (Loss) | |
$ | (21 | ) | |
$ | (67 | ) | |
| 69 | % |
| EPS - Basic | |
$ | (0.03 | ) | |
$ | (0.08 | ) | |
| 69 | % |
| EPS - Diluted | |
$ | (0.03 | ) | |
$ | (0.08 | ) | |
| 69 | % |
| Non-GAAP | |
| | |
| | |
| |
| U.S. dollars in millions | |
Q2 2026 | | |
Q2 2025 | | |
% Y/Y | |
| Revenue | |
$ | 508 | | |
$ | 506 | | |
| — | % |
| Adjusted Gross Profit | |
$ | 333 | | |
$ | 347 | | |
| (4 | )% |
| Adjusted Gross Margin | |
| 66 | % | |
| 69 | % | |
| (303 | )bps |
| Adjusted Operating Income | |
$ | 155 | | |
$ | 106 | | |
| 46 | % |
| Adjusted Operating Margin | |
| 31 | % | |
| 21 | % | |
| +956bps | |
| Adjusted Net Income | |
$ | 155 | | |
$ | 102 | | |
| 52 | % |
| Adjusted EPS - Basic | |
$ | 0.19 | | |
$ | 0.13 | | |
| 51 | % |
| Adjusted EPS - Diluted | |
$ | 0.19 | | |
$ | 0.13 | | |
| 50 | % |
| · | Revenue of
$508 million is relatively flat compared to the second quarter of 2025, primarily
due to a 3% increase in volumes of systems shipped coming
from higher customer demand, offset by lower EyeQ ASP mainly attributable to higher-than-expected
China OEM export volumes. |
| · | Gross
Margin as well as Adjusted Gross Margin decreased in
the second quarter of 2026 as
compared to the prior year period. This was due to a modest reduction in EyeQ ASP mainly
attributable to higher China OEM volumes which carry lower ASP and a higher portion of SuperVision
related revenue with lower margin given the greater hardware content included. |
| · | Operating
Margin as well as Adjusted Operating Margin increased
in the second quarter of 2026 as compared to the prior year
period. The increase was
primarily due to the R&D Law incentive grant recognized this quarter for the entire first
half of 2026. |
| · | Operating
cash flow for the six months ended June 27, 2026 was $210 million. Cash used in purchases
of property and equipment was $51 million for that same period. Share repurchases totaled
$24 million through the end of Q2 2026, and exclusively occurred during the period after
the program was announced on April 23, 2026. |
Updated Financial Guidance for the
2026 Fiscal Year
| |
|
Updated Guidance
Full Year 2026 |
|
|
Previous Guidance
Full Year 2026 |
|
| U.S. dollars in millions |
|
Low |
|
|
High |
|
|
Range |
|
| Revenue |
|
$ |
1,970 |
|
|
$ |
2,020 |
|
|
|
$1,935 - 2,015 |
|
| Operating Loss |
|
$ |
(4,154 |
) |
|
$ |
(4,094 |
) |
|
|
$(4,331) - (4,281) |
|
| Amortization of acquired intangible assets |
|
$ |
346 |
|
|
$ |
346 |
|
|
|
346 |
|
| Share-based compensation expense |
|
$ |
396 |
|
|
$ |
396 |
|
|
|
376 |
|
| R&D Law incentive grant related
to ordinary income from sold RSUs1 |
|
$ |
(17 |
) |
|
$ |
(17 |
) |
|
|
— |
|
| Acquisition related expenses |
|
$ |
6 |
|
|
$ |
6 |
|
|
|
6 |
|
| Goodwill impairment |
|
$ |
3,788 |
|
|
$ |
3,788 |
|
|
|
3,788 |
|
| Adjusted Operating Income |
|
$ |
365 |
|
|
$ |
425 |
|
|
|
$185 - 235 |
|
Our updated
revenue guidance is increased by 1% at the midpoint, with a narrowed range, compared to the prior guidance. The increase is
primarily attributable to higher-than-expected revenue in the second quarter of 2026. Our updated guidance also reflects a decrease
in Operating Loss (GAAP) and an increase in Adjusted Operating Income (Non-GAAP), at the midpoint, of 4% and 88%, respectively. Both
changes are primarily attributable to the expected impact of the R&D Law described above, which was enacted in the second
quarter of 2026 but applies from the beginning of 2026. The foregoing reflects Mobileye’s updated expectations for Revenue, Operating Loss and Adjusted Operating
Income results for the full year 2026.
We
believe Adjusted Operating Income (a non-GAAP metric) is an appropriate metric as it excludes significant non-cash or non-recurring items 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) the R&D Law incentive grant related to ordinary income from sold RSUs 4)
Goodwill impairment; and 5) 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.
1The
R&D Law incentive grant related to ordinary income from sold RSUs cannot be estimated precisely because it depends on the actual
sale of the shares of common stock issued upon the conversion of RSUs. Accordingly, the 2026 outlook includes this component only
for the first half of 2026.
Earnings Conference Call Webcast
Information
Mobileye
will host a conference call today, July 23, 2026, 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, the R&D Law incentive grant related to ordinary income from sold RSUs, acquisition-related expenses and impairment of
goodwill. 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 expenses, the R&D
Law incentive grant related to ordinary income from sold RSUs, acquisition-related expenses, impairment of goodwill 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. To date, more than 250 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; our planned vertically integrated
robotaxi business, including the development, launch, operation, scaling, regulatory approval and commercial acceptance of autonomous
ride-hailing services, may not proceed as expected; 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 initially 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.
Second Quarter 2026 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 data | |
June 27, 2026 | | |
June 28, 2025 | | |
June 27, 2026 | | |
June 28, 2025 | |
| Revenue | |
$ | 508 | | |
$ | 506 | | |
$ | 1,066 | | |
$ | 944 | |
| Cost of revenue | |
| 273 | | |
| 254 | | |
| 556 | | |
| 485 | |
| Gross profit | |
| 235 | | |
| 252 | | |
| 510 | | |
| 459 | |
| Research and development, net | |
| 207 | | |
| 282 | | |
| 530 | | |
| 557 | |
| Sales and marketing | |
| 27 | | |
| 25 | | |
| 56 | | |
| 56 | |
| General and administrative | |
| 31 | | |
| 19 | | |
| 62 | | |
| 37 | |
| Goodwill impairment | |
| — | | |
| — | | |
| 3,788 | | |
| — | |
| Total operating expenses | |
| 265 | | |
| 326 | | |
| 4,436 | | |
| 650 | |
| Operating income (loss) | |
| (30 | ) | |
| (74 | ) | |
| (3,926 | ) | |
| (191 | ) |
| Financial income (expense), net | |
| 13 | | |
| 13 | | |
| 27 | | |
| 31 | |
| Income (loss) before income taxes | |
| (17 | ) | |
| (61 | ) | |
| (3,899 | ) | |
| (160 | ) |
| Benefit (provision) for income taxes | |
| (4 | ) | |
| (6 | ) | |
| 60 | | |
| (9 | ) |
| Net income (loss) | |
$ | (21 | ) | |
$ | (67 | ) | |
$ | (3,839 | ) | |
$ | (169 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings (loss) per share attributed to Class A and Class B stockholders: | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
$ | (0.03 | ) | |
$ | (0.08 | ) | |
$ | (4.70 | ) | |
$ | (0.21 | ) |
| 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 | |
| 818 | | |
| 812 | | |
| 817 | | |
| 812 | |
Mobileye Global Inc.
Condensed Consolidated Balance
sheets (unaudited)
| U.S. dollars in millions | |
June 27, 2026 | | |
December 27, 2025 | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 1,311 | | |
$ | 1,836 | |
| Marketable securities and deposits | |
| 132 | | |
| 55 | |
| Trade accounts receivable, net | |
| 208 | | |
| 131 | |
| Inventories | |
| 310 | | |
| 327 | |
| Other current assets | |
| 120 | | |
| 129 | |
| Total current assets | |
| 2,081 | | |
| 2,478 | |
| Non-current assets | |
| | | |
| | |
| Property and equipment, net | |
| 472 | | |
| 473 | |
| Intangible assets, net | |
| 1,067 | | |
| 1,166 | |
| Goodwill | |
| 4,911 | | |
| 8,200 | |
| Other long-term assets | |
| 307 | | |
| 175 | |
| Total non-current assets | |
| 6,757 | | |
| 10,014 | |
| TOTAL ASSETS | |
$ | 8,838 | | |
$ | 12,492 | |
| Liabilities and Equity | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and accrued expenses | |
$ | 251 | | |
$ | 228 | |
| Employee related accrued expenses | |
| 150 | | |
| 141 | |
| Related party payable | |
| 2 | | |
| 4 | |
| Other current liabilities | |
| 49 | | |
| 33 | |
| Total current liabilities | |
| 452 | | |
| 406 | |
| Non-current liabilities | |
| | | |
| | |
| Long-term employee benefits | |
| 83 | | |
| 78 | |
| Deferred tax liabilities | |
| 5 | | |
| 60 | |
| Other long-term liabilities | |
| 88 | | |
| 67 | |
| Total non-current liabilities | |
| 176 | | |
| 205 | |
| TOTAL LIABILITIES | |
$ | 628 | | |
$ | 611 | |
| TOTAL EQUITY | |
| 8,210 | | |
| 11,881 | |
| TOTAL LIABILITIES AND EQUITY | |
$ | 8,838 | | |
$ | 12,492 | |
Mobileye Global Inc.
Condensed Consolidated Cash Flows
(unaudited)
| | |
Six Months Ended | |
| U.S. dollars in millions | |
June 27, 2026 | | |
June 28, 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
| Net income (loss) | |
$ | (3,839 | ) | |
$ | (169 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |
| | | |
| | |
| Depreciation of property and equipment | |
| 42 | | |
| 36 | |
| Share-based compensation | |
| 168 | | |
| 134 | |
| Amortization of intangible assets | |
| 227 | | |
| 222 | |
| Goodwill impairment | |
| 3,788 | | |
| — | |
| Exchange rate differences on cash and cash equivalents | |
| (9 | ) | |
| (8 | ) |
| Deferred income taxes | |
| (73 | ) | |
| (11 | ) |
| (Gains) losses on equity and debt investments, net | |
| — | | |
| (1 | ) |
| Other | |
| 1 | | |
| 4 | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Decrease (increase) in trade accounts receivable | |
| (77 | ) | |
| (5 | ) |
| Decrease (increase) in other current assets | |
| 10 | | |
| 12 | |
| Decrease (increase) in inventories | |
| 17 | | |
| 90 | |
| Decrease (increase) in other long-term assets | |
| (125 | ) | |
| (2 | ) |
| Increase (decrease) in accounts payable, accrued expenses and related party payable | |
| 33 | | |
| 4 | |
| Increase (decrease) in employee-related accrued expenses and long-term benefits | |
| 13 | | |
| 17 | |
| Increase (decrease) in other current liabilities | |
| 13 | | |
| (6 | ) |
| Increase (decrease) in other long-term liabilities | |
| 21 | | |
| 5 | |
| Net cash provided by operating activities | |
| 210 | | |
| 322 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
| Purchase of property and equipment | |
| (51 | ) | |
| (28 | ) |
| Purchases of debt and equity investments | |
| (152 | ) | |
| (44 | ) |
| Maturities and sales of debt and equity investments | |
| 75 | | |
| 33 | |
| Cash paid for acquisition of Mentee Robotics, net of cash acquired | |
| (591 | ) | |
| — | |
| Net cash used in investing activities | |
| (719 | ) | |
| (39 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
| Repurchase of common stock | |
| (24 | ) | |
| — | |
| Net cash used in financing activities | |
| (24 | ) | |
| — | |
| Effect of foreign exchange rate changes on cash and cash equivalents | |
| 9 | | |
| 8 | |
| Increase (decrease) in cash, cash equivalents and restricted cash | |
| (524 | ) | |
| 291 | |
| 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 | |
$ | 1,336 | | |
$ | 1,729 | |
Mobileye Global Inc.
Reconciliation of GAAP Gross Profit
and Margin to Non-GAAP Adjusted Gross Profit and Margin2 (unaudited)
| | |
Three Months Ended | | |
Six Months Ended | |
| U.S. dollars in millions | |
June 27, 2026 | | |
June 28, 2025 | | |
June 27, 2026 | | |
June 28, 2025 | |
| | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | |
| Gross Profit and Margin | |
$ | 235 | | |
| 46 | % | |
$ | 252 | | |
| 50 | % | |
$ | 510 | | |
| 48 | % | |
$ | 459 | | |
| 49 | % |
| Add: Amortization of acquired intangible assets | |
| 97 | | |
| 19 | % | |
| 94 | | |
| 19 | % | |
| 192 | | |
| 18 | % | |
| 188 | | |
| 20 | % |
| Add: Share-based compensation expense | |
| 1 | | |
| — | % | |
| 1 | | |
| — | % | |
| 1 | | |
| — | % | |
| 1 | | |
| — | % |
| Adjusted Gross Profit and Margin | |
$ | 333 | | |
| 66 | % | |
$ | 347 | | |
| 69 | % | |
$ | 703 | | |
| 66 | % | |
$ | 648 | | |
| 69 | % |
2Adjusted 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 Margin3 (unaudited)
| | |
Three Months Ended | | |
Six Months Ended | |
| U.S. dollars in millions | |
June 27, 2026 | | |
June 28, 2025 | | |
June 27, 2026 | | |
June 28, 2025 | |
| | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | |
| Operating Income (Loss) and Operating Margin | |
$ | (30 | ) | |
| (6 | )% | |
$ | (74 | ) | |
| (15 | )% | |
$ | (3,926 | ) | |
| (368 | )% | |
$ | (191 | ) | |
| (20 | )% |
| Add: Amortization of acquired intangible assets | |
| 114 | | |
| 22 | % | |
| 111 | | |
| 22 | % | |
| 227 | | |
| 21 | % | |
| 222 | | |
| 24 | % |
| Add: Share-based compensation expense | |
| 88 | | |
| 17 | % | |
| 69 | | |
| 14 | % | |
| 172 | | |
| 16 | % | |
| 134 | | |
| 14 | % |
| Less: R&D Law incentive grant related to ordinary income
from sold RSUs | |
| (17 | ) | |
| (3 | )% | |
| — | | |
| — | % | |
| (17 | ) | |
| (2 | )% | |
| — | | |
| — | % |
| Add: Acquisition related expenses | |
| — | | |
| — | % | |
| — | | |
| — | % | |
| 6 | | |
| 1 | % | |
| — | | |
| — | % |
| Add: Goodwill impairment | |
| — | | |
| — | % | |
| — | | |
| — | % | |
| 3,788 | | |
| 355 | % | |
| — | | |
| — | % |
| Adjusted Operating Income (Loss) and Margin | |
$ | 155 | | |
| 31 | % | |
$ | 106 | | |
| 21 | % | |
$ | 250 | | |
| 23 | % | |
$ | 165 | | |
| 17 | % |
3Adjusted
Operating Margin is calculated as Adjusted Operating Income (Loss) 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 27, 2026 | | |
June 28, 2025 | | |
June 27, 2026 | | |
June 28, 2025 | |
| | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | | |
Amount | | |
% of
Revenue | |
| Net Income (Loss) | |
$ | (21 | ) | |
| (4 | )% | |
$ | (67 | ) | |
| (13 | )% | |
$ | (3,839 | ) | |
| (360 | )% | |
$ | (169 | ) | |
| (18 | )% |
| Add: Amortization of acquired intangible assets | |
| 114 | | |
| 22 | % | |
| 111 | | |
| 22 | % | |
| 227 | | |
| 21 | % | |
| 222 | | |
| 24 | % |
| Add: Share-based compensation expense | |
| 88 | | |
| 17 | % | |
| 69 | | |
| 14 | % | |
| 172 | | |
| 16 | % | |
| 134 | | |
| 14 | % |
| Less: R&D Law incentive grant related to ordinary income
from sold RSUs | |
| (17 | ) | |
| (3 | )% | |
| — | | |
| — | % | |
| (17 | ) | |
| (2 | )% | |
| — | | |
| — | % |
| Add: Acquisition related expenses | |
| — | | |
| — | % | |
| — | | |
| — | % | |
| 6 | | |
| 1 | % | |
| — | | |
| — | % |
| Add: Goodwill impairment | |
| — | | |
| — | % | |
| — | | |
| — | % | |
| 3,788 | | |
| 355 | % | |
| — | | |
| — | % |
| Less: Income tax effects | |
| (9 | ) | |
| (2 | )% | |
| (11 | ) | |
| (2 | )% | |
| (86 | ) | |
| (8 | )% | |
| (22 | ) | |
| (2 | )% |
| Adjusted Net Income (Loss) | |
$ | 155 | | |
| 30 | % | |
$ | 102 | | |
| 20 | % | |
$ | 251 | | |
| 24 | % | |
$ | 165 | | |
| 18 | % |
Supplemental Information - Average
System Price (unaudited)4
| | |
Q2 2025 | | |
Q3 2025 | | |
Q4 2025 | | |
Q1 2026 | | |
Q2 2026 | |
| EyeQ and SuperVision revenue (U.S. dollars in millions) | |
$ | 481 | | |
$ | 478 | | |
$ | 420 | | |
$ | 535 | | |
$ | 485 | |
| Number of systems shipped (in millions) | |
| 9.7 | | |
| 9.2 | | |
| 8.3 | | |
| 10.8 | | |
| 10.0 | |
| Average system price (U.S. dollars) | |
$ | 49.7 | | |
$ | 51.7 | | |
$ | 50.8 | | |
$ | 49.3 | | |
$ | 48.5 | |
4Average
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
