Mobileye Releases First Quarter 2026 Results, Updates Full-Year Outlook, and Announces a $250 Million Share Repurchase Program

Revenue of $558 million in the first quarter increased 27% year over year compared to Q1 2025. We are raising the midpoint of our full-year 2026 revenue guidance by 2% to reflect better-than-expected demand in the first quarter. Diluted EPS (GAAP) was $(4.68) and Adjusted Diluted EPS (Non-GAAP) was $0.12 in the first quarter. GAAP Operating Loss was impacted by a non-cash goodwill impairment of $3,788 million related to the goodwill asset on Mobileye’s balance sheet resulting from Intel’s acquisition of Mobileye in 2017. Generated $75 million of operating cash flow in the first quarter of 2026. The acquisition of Mentee Robotics Ltd. (“Mentee Robotics”) closed in early February, resulting in a reduction in our cash balance of $591 million, net of cash acquired. Announced an up to $250 million share repurchase authorization, intended to partially offset dilution associated with stock-based compensation and shares issued as part of the Mentee Robotics acquisition in the first quarter. JERUSALEM--(BUSINESS WIRE)--Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended March 28, 2026. “First quarter results reflected a stronger than expected start to 2026, and continued favorable demand trends enable us to modestly increase our 2026 outlook. We also secured an important design win with Mahindra which adds a third Surround ADAS customer and a second customer for our next-generation SuperVision product,” said Mobileye President and CEO Professor Amnon Shashua. “In parallel, we achieved significant milestones related to our robotaxi technology stack and our EyeQ6H-based Supervision L2++ and Chauffer L3 programs with VW group. Continued execution across these programs is key both to converting our advanced product pipeline into future revenue growth and to winning additional customers.” First Quarter 2026 Business Highlights The Mobileye Drive / MOIA / VW ID.Buzz robotaxi ecosystem progressed significantly during the first quarter. VW and MOIA announced the kick off of pre-series production at VW’s Hanover plant in March. MOIA announced Orlando as its initial driverless launch location (in collaboration with Beep) and began on-road validation testing with Uber in Los Angeles. There are now more than 100 ID.Buzz AVs powered by Drive testing on public roads in six cities (LA, Austin, Orlando, Munich, Berlin, and Hamburg), with Oslo coming soon. We believe Mobileye Drive technology has meaningful scaling advantages over the competition and look forward to continued strong execution over the course of 2026. For the first time, EyeQ6 High-based SuperVision is operating in the US inside pre-production vehicles. An extended 2,000+ kilometer drive, on an unplanned route, achieved targeted mean-time-between-failure goals in urban, suburban, and highway road types, as well as severe weather, and outperformed other systems used as benchmarks. We announced SuperVision and Surround ADAS design wins with Mahindra. We continue to see significant potential for growth in the India market for both ADAS and AV, and are encouraged that Mahindra believes that advanced mobility products based on Mobileye solutions can serve as competitive differentiators in the mid-trim and premium vehicle segments. First Quarter 2026 Financial Summary and Key Highlights (Unaudited) GAAP U.S. dollars in millions Q1 2026 Q1 2025 % Y/Y Revenue $ 558 $ 438 27 % Gross Profit $ 275 $ 207 33 % Gross Margin 49 % 47 % +202bps Operating Income (Loss) $ (3,896 ) $ (117 ) *NM Operating Margin (698 )% (27 )% *NM Net Income (Loss) $ (3,818 ) $ (102 ) *NM EPS - Basic $ (4.68 ) $ (0.13 ) *NM EPS - Diluted $ (4.68 ) $ (0.13 ) *NM *Not Meaningful Non-GAAP U.S. dollars in millions Q1 2026 Q1 2025 % Y/Y Revenue $ 558 $ 438 27 % Adjusted Gross Profit $ 370 $ 301 23 % Adjusted Gross Margin 66 % 69 % (241)bps Adjusted Operating Income (Loss) $ 95 $ 59 61 % Adjusted Operating Margin 17 % 13 % +360bps Adjusted Net Income (Loss) $ 96 $ 63 52 % Adjusted EPS - Basic $ 0.12 $ 0.08 51 % Adjusted EPS - Diluted $ 0.12 $ 0.08 51 % Revenue increased 27% compared to the first quarter of 2025, primarily due to a 28% ramp up in EyeQ SoC volumes attributable to higher EyeQ demand. A portion of this growth was related to the normalization of safety stock levels at customers, after some draw down that took place in the fourth quarter of 2025. Gross Margin increased by nearly 2 percentage points in the first quarter of 2026 as compared to the prior year period. The increase was primarily due to similar levels of amortization of intangible assets on a significantly higher revenue base, partially offset by a higher EyeQ-related cost per unit given the different mix of EyeQ products sold. Adjusted Gross Margin decreased by nearly 2 percentage points in the first quarter of 2026 as compared to the prior year period. This was mainly due to a higher EyeQ-related cost per unit given the different mix of EyeQ products sold. An additional item that is part of this quarter’s reconciliation of GAAP to Non-GAAP earnings is a non-cash impairment loss related to the Goodwill asset on our balance sheet. This asset originally resulted from the Intel acquisition of Mobileye in 2017 and was pushed down to our balance sheet in connection with the IPO in 2022 and separation from Intel. During the quarter, due to a decline in our market capitalization since the most recent assessment date, as well as increased uncertainty in the macroeconomic and geopolitical environment, an interim impairment test was triggered. The resulting analysis led to an approximately $3,788 million write-down of goodwill. For more information, see our Quarterly Report on Form 10-Q for the period ended March 28, 2026. Operating Margin decreased meaningfully in the first quarter of 2026 as compared to the prior year period. This was primarily due to goodwill impairment loss of $3,788 million recognized in the first quarter of 2026. Adjusted Operating Margin increased to 17% in the first quarter of 2026 as compared to 13% in the prior year period. This is related to significantly higher year-over-year revenue which resulted in lower operating expenses as a percentage of revenue. Operating cash flow for the three months ended March 28, 2026 was $75 million, including transaction costs and cash paid for accelerated options as part of the Mentee Robotics acquisition. Cash used in purchases of property and equipment was $30 million for that same period. Financial Guidance for the 2026 Fiscal Year The following information reflects Mobileye’s expectations for Revenue, Operating Loss and Adjusted Operating Income results for the full year 2026. Our updated guidance reflects a 2% increase in expected revenue, at the midpoint, due to higher-than-expected EyeQ unit shipments in the first quarter. Our outlook for Adjusted Operating Income is increased by 8% at the midpoint, reflecting operating leverage on the higher revenue outlook. We are providing a 2026 outlook for Operating Loss now that the Mentee Robotics acquisition has closed. At the time of our Q4 2025 earnings release, prior to closing of the Mentee Robotics acquisition, our outlook for stock-based compensation and amortization of intangible assets was not able to be estimated with precision. We believe Adjusted Operating Income (a non-GAAP metric) is an appropriate metric as it excludes significant non-cash expenses including: 1) Amortization charges related to intangible assets consisting of developed technology, customer relationships and brands, and developed IP as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Mentee Robotics in 2026; 2) Share-based compensation expense; 3) Goodwill impairment; and 4) acquisition-related expenses. These statements represent forward-looking information and may not represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this release. Full Year 2026 U.S. dollars in millions Low High Revenue $ 1,935 $ 2,015 Operating Loss $ (4,331 ) $ (4,281 ) Amortization of acquired intangible assets $ 346 $ 346 Share-based compensation expense $ 376 $ 376 Goodwill impairment $ 3,788 $ 3,788 Acquisition related expenses $ 6 $ 6 Adjusted Operating Income $ 185 $ 235 Earnings Conference Call Webcast Information Mobileye will host a conference call today, April 23, 2026, at 8:00 am ET (3:00pm 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. We define Adjusted Gross Profit as gross profit presented in accordance with GAAP, excluding amortization of acquisition related intangibles and share-based compensation expense. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by total revenue. We define Adjusted Operating Income (Loss) as operating loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expenses, impairment of goodwill and acquisition-related expenses. Operating margin is calculated as Operating Income (Loss) divided by total revenue, and Adjusted Operating Margin is calculated as Adjusted Operating Income divided by total revenue. We define Adjusted Net Income as net loss presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles, share-based compensation expense, impairment of goodwill, acquisition-related expenses and the related income tax effects. Income tax effects have been calculated using the applicable statutory tax rate for each adjustment taking into consideration the associated valuation allowance impacts. The adjustment for income tax effects consists primarily of the deferred tax impact of the amortization of acquired intangible assets. Adjusted Basic EPS is calculated by dividing Adjusted Net Income for the period by the weighted-average number of common shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted-average number of common shares outstanding during the period, while giving effect to all potentially dilutive common shares to the extent they are dilutive. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate performance. For example, we use these non-GAAP financial measures to assess our pricing and sourcing strategy, in the preparation of our annual operating budget, and as a measure of our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures our management uses in operating our business and measuring our performance, and enable comparison of financial trends and results between periods where items may vary independent of business performance. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. About Mobileye Global Inc. Mobileye (Nasdaq: MBLY) leads the mobility revolution with our autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in artificial intelligence, computer vision and integrated software and hardware. Since our founding in 1999, Mobileye has enabled the global adoption of advanced driver-assistance systems that save countless lives and reduce crashes, while pioneering groundbreaking technologies such as REM™ crowdsourced road intelligence, Imaging Radar and Compound AI. These technologies drive the ADAS and AV fields towards the future of mobility – enabling self-driving vehicles and mobility solutions at scale, and powering industry-leading ADAS products. Through 2025, more than 230 million vehicles worldwide have been built with Mobileye’s EyeQ technology inside. In 2026, Mobileye acquired Mentee Robotics to pursue the future of physical AI and humanoid robots. Since 2022, Mobileye has been listed independently from Intel (Nasdaq: INTC), which retains majority ownership. For more information, visit https://www.mobileye.com. “Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners. Forward-Looking StatementsRead the full story here

Mobileye Releases First Quarter 2026 Results, Updates Full-Year Outlook, and Announces a $250 Million Share Repurchase Program

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