Business
Mobileye Releases Fourth-Quarter and Full-Year 2023 Results and Provides Business Overview
Revenue increased 13% year over year to $637 million in the fourth quarter, consistent with the preliminary results provided on January 4th, 2024. Operating
About this update from Mobileye Global Inc.
[{"type":"text","content":"\n\nRevenue increased 13% year over year to $637 million in the fourth quarter, consistent with the preliminary results provided on January 4th, 2024.\n\n\n\nOperating Income and Adjusted Operating Income improved significantly versus the fourth quarter of 2022. Actual results were consistent with the preliminary results provided on January 4th, 2024.\n\n\n\nDiluted EPS (GAAP) was $0.08 and Adjusted Diluted EPS (Non-GAAP) was $0.28 in the fourth quarter of 2023.\n\n\n\nFuture business backlog continues to grow, with 2023 design wins projected to generate future revenue of $7.4 billion across 61 million units.\n\n\n\nGenerated net cash from operating activities of $394 million in the year ended December 30, 2023. Our balance sheet is strong with $1.2 billion of cash and cash equivalents and zero debt as of December 30, 2023.\n\n\n\n JERUSALEM--(BUSINESS WIRE)--\nMobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months and for the year ended December 30, 2023.\n\n\n“Our fourth quarter performance was very strong across the board but is understandably overshadowed by the inventory build-up at our customers which will impact our growth in 2024. We believe we have high visibility to the first quarter results, a very meaningful improvement in Q2 revenue and normalization of revenue in the second half of 2024, and are focused on executing that,” said Mobileye President and CEO Prof. Amnon Shashua. “From a business development and strategy perspective, 2023 was an extremely successful year across many fronts. We achieved design wins projected at $7 billion of incremental future estimated revenue for a second consecutive year, at elevated ASP, remarkable relative to the $2-$3 billion in 2021. We expanded the vehicle model pipeline for SuperVision and Chauffeur from 9 to approximately 30, and won our most significant advanced product program to date with a major global western OEM that we expect will not only generate multiple billions of future revenue, but also be an important endorsement in front of other customers. Further, over the course of 2023, Chauffeur went from zero OEM production programs to 3 awards across multiple models. Finally, the introduction of Driving Experience Platform (DXP) is proving to be in the sweet spot of OEM make vs buy decisions, enabling the OEM to control ...