Mobileye Global (MBLY) investor relations material

Executive summary

• Q1 2026 revenue grew 27% year-over-year to $558 million, driven by strong EyeQ SoC demand, robust ADAS demand, and normalization of customer safety stock levels.

• Adjusted operating income rose 61% to $95 million, with adjusted diluted EPS up 51% to $0.12; GAAP diluted EPS was $(4.68) due to a $3.8 billion goodwill impairment.

• Demand for EyeQ products remains robust, especially from Chinese OEM exports and increasing ADAS fitment rates at core Western customers.

• Announced a $250 million share buyback program to offset dilution from stock-based compensation and the Mentee Robotics acquisition.

• Closed the Mentee Robotics acquisition, reducing cash by $591 million net of cash acquired.

Financial highlights

• Q1 2026 gross profit was $275 million (GAAP), up 33% year-over-year, with gross margin at 49%; adjusted gross profit was $370 million, with adjusted gross margin at 66%.

• Adjusted operating income was $95 million, up 61% year-over-year, with a 17% adjusted operating margin, up four percentage points from Q1 2025.

• Operating cash flow was $75 million in Q1; $30 million was used for property and equipment purchases.

• Average system price for EyeQ and SuperVision in Q1 2026 was $49.3.

• Recognized a $3.8 billion goodwill impairment in Q1, triggered by a 35% decline in market cap and higher risk premium in valuation.

Outlook and guidance

• Full-year 2026 revenue outlook increased to $1.975 billion at the midpoint, implying 4% year-over-year growth, based on about 38 million EyeQ units.

• Adjusted operating income outlook raised to $210 million at the midpoint, up from $195 million, with operating expenses expected to grow 10% year-over-year to $1.1 billion.

• Q2 2026 guidance assumes 9.3 million EyeQ units and a 6% year-over-year revenue decrease, with gross margin slightly below Q1 and stable operating expenses.

• Full-year GAAP operating loss expected at $(4,331) to $(4,281) million, including the goodwill impairment.

• Adjusted operating income guidance increased by 8% at the midpoint to $185–$235 million.