Business
Mobileye Releases Third Quarter 2023 Results, Updates Guidance and Provides Business Overview
Revenue increased 18% year over year to $530 million in the third quarter. Operating Income and Adjusted Operating Income improved substantially versus the
About this update from Mobileye Global Inc.
[{"type":"text","content":"\n\nRevenue increased 18% year over year to $530 million in the third quarter.\n\n\n\nOperating Income and Adjusted Operating Income improved substantially versus the third quarter of 2022.\n\n\n\nDiluted EPS (GAAP) was $0.02 and Adjusted Diluted EPS (Non-GAAP) was $0.22 in the third quarter of 2023.\n\n\n\nContinued to progress with key OEM prospects for advanced products, with FAW (SuperVision and Chauffeur) and Polestar (Chauffeur) converting during Q3.\n\n\n\nGenerated net cash from operating activities of $285 million in the nine months ended September 30, 2023. Our balance sheet remains strong with $1.2 billion of cash and cash equivalents and zero debt as of September 30, 2023.\n\n\n\n JERUSALEM--(BUSINESS WIRE)--\nMobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended September 30, 2023.\n\n\n“We are very pleased with Q3 results, as operating leverage on strong revenue growth has led to significant increases in operating income,” said Mobileye President and CEO Prof. Amnon Shashua. “On the product side, very positive consumer and media feedback to the August roll-out of the SuperVision navigate on pilot software to Zeekr vehicles was a key proof-point of the competitive advantages of our advanced products. This in part led to (i) conversions with Polestar and FAW during the quarter, (ii) continued progress with the balance of the 9 core OEM prospects we noted on our last earnings call, and (iii) new interest from an additional wave of global automakers. Since the end of Q3, the tragic events in Israel have affected us all, but strong business continuity planning, lessons learned during COVID-19 disruptions, and the diligence of our remarkable team has enabled us to limit disruption and continue to execute our business priorities.”\n\n\nThird Quarter 2023 Business Highlights\n\n\n\nThe business development pipeline continued to be robust in the quarter. Based on design wins achieved year-to-date in 2023 and the current opportunity pipeline, we are on-track for 2023 to exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis.1.\n\n\n\nMobileye and Zeekr executed an over-the-air software update to more than 110,000 Zeekr customers that, for the first time, delivered the full highway SuperVision feature set in large ...