Mobileye Global (MBLY) Q4 2023 earnings summary

Executive summary

• Q4 2023 revenue rose 13% YoY to $637 million; GAAP operating income and adjusted operating income improved, while 2024 growth is expected to be affected by customer inventory buildup.

• 2023 design wins are projected to generate $7.4 billion of future revenue across 61 million units, based on estimated customer production volumes.

Financial highlights

• Q4 revenue was $637 million, up 13% YoY; GAAP net income was $63 million versus $30 million, and diluted EPS was $0.08 versus $0.04.

• Q4 adjusted net income was $228 million versus $215 million; adjusted diluted EPS was $0.28 versus $0.27.

• FY 2023 revenue was $2.079 billion; GAAP net loss was $27 million, compared with a net loss of $82 million in FY 2022.

Outlook and guidance

• FY 2024 revenue guidance is $1.83 billion–$1.96 billion; operating loss is projected at $468 million–$378 million and adjusted operating income at $270 million–$360 million.

• Management expects high visibility into Q1, a meaningful revenue improvement in Q2, and revenue normalization in H2 2024.

• EyeQ M6L remains on track for first customer production launches in Q2 2024; the first Corporate Sustainability Report as an independent company is planned for 2024.