Mobileye Global (MBLY) investor relations material

Executive summary

• Revenue grew 15% year-over-year to $1.9 billion in 2025, exceeding guidance, with adjusted operating profit up 45% and operating cash flow up 51% to $602 million.

• Strong demand for ADAS and SuperVision, major design wins with global OEMs for EyeQ6 High chip, and a high-volume Surround ADAS win with a major U.S. OEM.

• Announced acquisition of Mentee Robotics, expanding into humanoid robotics and Physical AI, with the deal expected to close in Q1 2026.

• Expanded robotaxi roadmap with Volkswagen, targeting commercial services in 6 cities by 2027 and over 100,000 AV units by 2033.

Financial highlights

• Full-year 2025 revenue reached $1.9 billion, up 15% year-over-year, surpassing guidance; Q4 revenue was $446 million, down 9% year-over-year due to inventory balancing.

• Adjusted operating income was $280 million for 2025, up 45% year-over-year, with a margin of 15%, up 300 basis points.

• Q4 2025 GAAP net loss was $127 million, with adjusted net income of $45 million and adjusted diluted EPS of $0.06.

• Q4 2025 gross margin was 45% (down from 49%); adjusted gross margin was 67% (down from 69%).

• Generated $602 million in operating cash flow for 2025, ending the year with $1.8 billion in cash and equivalents.

Outlook and guidance

• 2026 revenue guidance is $1.9–$1.98 billion, representing flat to 5% growth; Q1 2026 revenue expected to grow 19% year-over-year.

• Adjusted operating income for 2026 projected at $170–$220 million.

• EyeQ volume expected to be slightly above 37 million units, with 10 million units in Q1 and over 9 million per quarter thereafter.

• Gross margin expected to decline year-over-year due to EyeQ5 cost headwinds and vehicle mix.

• Operating expenses projected to grow 10% in 2026, including Mentee R&D and normal inflation, with minimal impact from Mentee consolidation.