- \n
- \nRevenue decreased 1% year over year to $454 million in the second quarter.<\/p>\n<\/li>\n<\/ul>\n
- \n
- \nOperating Margin and Adjusted Operating Margin both improved meaningfully versus the first quarter of 2023.<\/p>\n<\/li>\n<\/ul>\n
- \n
- \nDiluted EPS (GAAP) was $(0.04) and Adjusted Diluted EPS (Non-GAAP) was $0.17 in the second quarter of 2023.<\/p>\n<\/li>\n<\/ul>\n
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- \nContinued to execute on strategic collaboration with VW Group in the second quarter. Expanded future cloud-enhanced ADAS volumes, announced SuperVision design win with Porsche, and shipped Mobileye Drive self-driving systems to VW Commercial Vehicles to support global testing.<\/p>\n<\/li>\n<\/ul>\n
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- \nGenerated net cash from operating activities of $197 million in the six months ended July 1, 2023. Our balance sheet is strong with $1.1 billion of cash and cash equivalents and zero debt as of July 1, 2023.<\/p>\n<\/li>\n<\/ul>\n
JERUSALEM–(BUSINESS WIRE<\/a>)–
\nMobileye Global Inc. (Nasdaq: MBLY) (\u201cMobileye\u201d) today released its financial results for the three months ended July 1, 2023.<\/p>\n\n\u201cThe business again performed well in Q2. Operating margin improved as compared to the first quarter of 2023 despite relatively consistent revenue and we\u2019re positioned well for the increased revenue growth in the 2nd half of 2023 indicated by our guidance,\u201d said Mobileye President and CEO Prof. Amnon Shashua. \u201cFuture business highlights of the quarter included tangible evidence of the depth of our relationship with VW Group and an expansion of meaningful engagements for our advanced portfolio to 9 large OEMs. VW Group\u2019s engagement across our entire product portfolio is quite encouraging as it underlines the scalability and flexibility of Mobileye\u2019s technology platform and is a template we are pursuing with other key customers.\u201d<\/p>\n
Second Quarter 2023 Business Highlights<\/b><\/p>\n
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- \nOverall business development pipeline activity remained robust in the quarter. Based on design wins achieved in the first half of 2023 and the current opportunity pipeline, we are on-track for 2023 to match or exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis1<\/sup>.<\/p>\n<\/li>\n<\/ul>\n
- \n
- \nWe continued to expand on our Basic ADAS leadership position including a design win with a key customer that extended our relationship through 2035 (including meaningful Cloud-Enhanced ADAS volumes). Additionally, we leveraged our computer vision expertise and massive video database to achieve European certification of the first vision-only solution for use by OEMs to efficiently comply with the European General Safety Regulation (GSR) for Intelligent Speed Assist.<\/p>\n<\/li>\n<\/ul>\n
- \n
- \nOur first major SuperVision design win beyond Geely Automotive Group was announced by Porsche during Q2 and we see excellent potential for similarly timed launches across other VW Group brands. Additionally, VW of America announced a testing program of Mobileye Drive-equipped VW ID.Buzz vehicles in Austin, Texas after only months of development and integration activity.<\/p>\n<\/li>\n<\/ul>\n
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- \nNear-term SuperVision launches remain on-track and we expect to have SuperVision equipped on 5 production vehicle models (including 2 models sold outside of China) by the first quarter of 2024 as compared to 1 vehicle model at the beginning of 2023. Additionally, the software roll-out of Navigate-on-Pilot functions for Zeekr vehicles is proceeding well and garnering accolades from key China media influencers, particularly for its assertive, efficient driving style.<\/p>\n<\/li>\n<\/ul>\n
Second Quarter 2023 Financial Summary and Key Highlights (Unaudited)<\/b><\/p>\n
- \nNear-term SuperVision launches remain on-track and we expect to have SuperVision equipped on 5 production vehicle models (including 2 models sold outside of China) by the first quarter of 2024 as compared to 1 vehicle model at the beginning of 2023. Additionally, the software roll-out of Navigate-on-Pilot functions for Zeekr vehicles is proceeding well and garnering accolades from key China media influencers, particularly for its assertive, efficient driving style.<\/p>\n<\/li>\n<\/ul>\n
- \nOur first major SuperVision design win beyond Geely Automotive Group was announced by Porsche during Q2 and we see excellent potential for similarly timed launches across other VW Group brands. Additionally, VW of America announced a testing program of Mobileye Drive-equipped VW ID.Buzz vehicles in Austin, Texas after only months of development and integration activity.<\/p>\n<\/li>\n<\/ul>\n
- \nWe continued to expand on our Basic ADAS leadership position including a design win with a key customer that extended our relationship through 2035 (including meaningful Cloud-Enhanced ADAS volumes). Additionally, we leveraged our computer vision expertise and massive video database to achieve European certification of the first vision-only solution for use by OEMs to efficiently comply with the European General Safety Regulation (GSR) for Intelligent Speed Assist.<\/p>\n<\/li>\n<\/ul>\n
- \nOverall business development pipeline activity remained robust in the quarter. Based on design wins achieved in the first half of 2023 and the current opportunity pipeline, we are on-track for 2023 to match or exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis1<\/sup>.<\/p>\n<\/li>\n<\/ul>\n
- \nGenerated net cash from operating activities of $197 million in the six months ended July 1, 2023. Our balance sheet is strong with $1.1 billion of cash and cash equivalents and zero debt as of July 1, 2023.<\/p>\n<\/li>\n<\/ul>\n
- \nContinued to execute on strategic collaboration with VW Group in the second quarter. Expanded future cloud-enhanced ADAS volumes, announced SuperVision design win with Porsche, and shipped Mobileye Drive self-driving systems to VW Commercial Vehicles to support global testing.<\/p>\n<\/li>\n<\/ul>\n
- \nDiluted EPS (GAAP) was $(0.04) and Adjusted Diluted EPS (Non-GAAP) was $0.17 in the second quarter of 2023.<\/p>\n<\/li>\n<\/ul>\n
- \nOperating Margin and Adjusted Operating Margin both improved meaningfully versus the first quarter of 2023.<\/p>\n<\/li>\n<\/ul>\n
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