Business
Mobileye Releases First Quarter 2024 Results and Provides Business Overview
Revenue decreased 48% year over year to $239 million in the first quarter due to the significant drawdown of inventory at our Tier 1 customers announced
About this update from Mobileye Global Inc.
[{"type":"text","content":"\n\nRevenue decreased 48% year over year to $239 million in the first quarter due to the significant drawdown of inventory at our Tier 1 customers announced earlier this year.\n\n\n\n\nDiluted EPS (GAAP) was $(0.27) and Adjusted Diluted EPS (Non-GAAP) was $(0.07) in the first quarter.\n\n\n\n\nInventory consumption and the expected quarterly cadence of EyeQTM SoC deliveries over the course of 2024 remains on-track with our prior guidance.\n\n\n\n\nAnnouncement by Volkswagen Group of a wide-ranging production award for our advanced products in the first quarter led to an expansion of the pipeline of advanced discussions with other global OEMs.\n\n\n\n\nGenerated net cash from operating activities of $40 million in the first quarter. Our balance sheet is strong with $1.2 billion of cash and cash equivalents and zero debt as of March 30, 2024.\n\n\n\n JERUSALEM--(BUSINESS WIRE)--\nMobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended March 30, 2024.\n\n\n“The financial results in the first quarter reflect a supply chain reset as the excess inventory held by our customers is consumed. We are encouraged that the inventory draw-down and associated recovery in revenue appears to be on-track to what we laid out in January,” said Mobileye President and CEO Prof. Amnon Shashua. “From a business development and strategy perspective, Q1 was very productive in generating traction across our multiple waves of future growth. In base and cloud-enhanced ADAS, we achieved a record level of design wins in terms of future projected volume, in part due to new features and technology embedded in the EyeQ6L product. Our SuperVisionTM and ChauffeurTM development pipeline expanded during the quarter, reflecting 1) the key announcement of the Volkswagen Group design win and 2) an increasing consensus across automotive OEMs that eyes-on / hands-off systems (on a scalable path to eyes-off) are critical features necessary for mainstream vehicles of the near future. For Mobileye DriveTM, we continue to build an eco-system of vehicle manufacturers and network operators that view our self-driving system as the enabler of more convenient and efficient modes of transportation. Our main focus in 2024 is to successfully execute our current advanced programs and to convert the unprecedented opportunity set ...