Mobileye Global (MBLY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 27% year-over-year to $558 million, driven by strong EyeQ SoC demand and normalization of safety stock at Tier 1 customers.

• Adjusted operating income rose 61% to $95 million, with adjusted EPS up 51% to $0.12; GAAP diluted EPS was $(4.68) due to a $3,788 million goodwill impairment.

• Net loss was $3,818 million, primarily from the $3,788 million non-cash goodwill impairment related to the Mobileye reporting unit.

• Completed the $900 million acquisition of Mentee Robotics, expanding into humanoid robotics and AI, with $591 million net cash outflow.

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

Financial highlights

• Q1 gross profit was $275 million (GAAP), up 33% year-over-year; gross margin rose to 49%.

• Adjusted operating income was $95 million (17% margin), up from $59 million (13% margin) last year.

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

• Cash and cash equivalents at quarter-end were $1,211 million, down from $1,836 million at year-end 2025, mainly due to the Mentee acquisition.

• EyeQ SoC sales accounted for 92% of total revenue.

Outlook and guidance

• Full-year 2026 revenue outlook raised to $1,935–$2,015 million, reflecting higher EyeQ shipments.

• Adjusted operating income guidance increased to $185–$235 million, up from $195 million midpoint.

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

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

• Management expects continued investment in R&D and higher 2026 capex versus 2025.