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Mobileye Releases Fourth-Quarter and Full-Year 2024 Results and Provides Business Overview

1. Mobileye reported a 23% revenue decline to $490 million in Q4 2024. 2. Operating cash flow for 2024 was $400 million, showcasing financial strength. 3. Innovations in advanced products aim to boost growth visibility in 2025.

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Declining revenue and losses could negatively impact investor sentiment, similar to past reactions.

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Mobileye Releases Fourth-Quarter and Full-Year 2024 Results and Provides Business Overview

  • Revenue decreased 23% year over year to $490 million in the fourth quarter. Full-year financial guidance implies a return to revenue growth in 2025.
  • Diluted EPS (GAAP) was $(0.09) and Adjusted Diluted EPS (Non-GAAP) was $0.13 in the fourth quarter of 2024.
  • Generated net cash from operating activities of $400 million in the year ended December 28, 2024, slightly higher than full-year 2023. Our balance sheet is strong with $1.4 billion of cash and cash equivalents and zero debt as of December 28, 2024.
  • Continued growth in RFQ-stage advanced product development programs positions us well to substantially increase long-term growth visibility over the course of 2025.

JERUSALEM--()--Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months and for the year ended December 28, 2024.

“I’m proud of our accomplishments in 2024. Against a challenging backdrop, we executed dozens of production program launches on-time for our customers and shipped the 200 millionth EyeQTM system in our history. In 2024, while generating $400 million of operating cash flow, we also made outstanding progress on the technology pillars that support our SuperVision, Chauffeur, and Drive advanced solutions that are driving the largest opportunity pipeline in our history,” said Mobileye President and CEO Prof. Amnon Shashua. “Our autonomous driving system architecture is built to optimize both precision and scalability, supporting a true revolution of transportation. We look forward to a robust cadence of EyeQ6 High-based product launches beginning in 2026.”

Fourth Quarter and Full-Year 2024 Business Highlights

  • We delivered another year of impressive product execution in 2024. On the core business we launched ADAS programs into 313 car models and managed an additional 80 active ADAS development projects. On the technology front, we achieved major progress across the pillars that support our portfolio of advanced solutions, including: 1) EyeQ6 High System-on-Chip (SoC) is on-track for series production launch and achieves 10x the frame-per-second processing in comparison to EyeQ5 High with high efficiency; 2) imaging radar (launching 2nd half 2025) B-samples achieved outstanding performance across hundreds of OEM tests; and, 3) our compound AI system software infrastructure inside the EyeQ6 High-based family of ECUs delivers line-of-sight to approximately 100x the camera-only mean-time-between-failure as compared to EyeQ5 High. Most importantly, within our advanced portfolio, we progressed significantly on the SuperVisionTM, ChauffeurTM, and DriveTM projects for VW Group, achieving milestones on the path to start-of-production.
  • Business development activity was substantial in 2024. We won well-above 95% of the ADAS programs awarded by our top customers. On the advanced product side, decision-making timing was slower than expected, but the number of engagements significantly expanded and we gained additional clarity on future segmentation and volume expectations of premium ADAS and AV products. We have built an unprecedented set of potential opportunities across 9 of our top 10 customers, as well as others, with RFQ-stage development programs representing 25 million future units for Surround ADAS, 8-16 million future units for SuperVision, and 1-3 million future units for Chauffeur. This represents more than 10 times our current awarded business for these solutions and offers the potential for meaningful business expansion during 20251.
  • During the second half of 2024 we detailed our Compound AI System software and hardware infrastructure approach, which we have high confidence will support the optimized combination of precision and recall required to enable safe and useful eyes-off products. This included an in-depth overview of our safety methodology that comprehensively addresses all aspects of a self-driving system’s safe operation.

Fourth Quarter 2024 Financial Summary and Key Highlights (Unaudited)

GAAP
U.S. dollars in millions Q4 2024 Q4 2023 % Y/Y
Revenue $ 490 $ 637 (23%)
Gross Profit $ 241 $ 344 (30%)
Gross Margin 49 % 54 % (482)bps
Operating Income $ (86 ) $ 73 *NM
Operating Margin (18 %) 11 % *NM
Net Income $ (71 ) $ 63 *NM
EPS - Basic $ (0.09 ) $ 0.08 *NM
EPS - Diluted $ (0.09 ) $ 0.08 *NM

*Not Meaningful

Earnings Conference Call Webcast Information

Mobileye will host a conference call today, January 30, 2025, at 8:00 am ET (3:00 pm 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...

Contacts

Dan Galves
Investor Relations
investors@mobileye.com

Justin Hyde
Media Relations
justin.hyde@mobileye.com

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