On October 31, 2024, Mobileye Global Inc., listed on Nasdaq under the symbol MBLY, issued a press release disclosing its financial results for the quarter ending September 28, 2024. The company’s revenue in the third quarter amounted to $486 million, showing an 8% decrease compared to the same period in 2023. Despite the year-over-year dip in revenue, there was an 11% increase compared to the second quarter of 2024.
In terms of earnings per share, the quarter’s GAAP measure stood at $(3.35), whereas the Adjusted Diluted EPS (Non-GAAP) reported $0.10. The GAAP earnings were notably impacted by a non-cash impairment loss related to the Goodwill asset on the company’s balance sheet.
Mobileye President and CEO, Prof. Amnon Shashua, highlighted the company’s strategic goals for the upcoming years, focusing on maintaining and expanding their ADAS position globally and advancing their product offerings utilizing historic Mobileye strengths combined with modern AI technologies.
Business highlights included ongoing engagements with top customers, advancements in product development (Surround ADAS, SuperVision, Chauffeur), and progress in production programs with Volkswagen Group.
Financially, the company generated $196 million in net cash from operating activities for the nine-month period ending September 28, 2024, alongside $126 million in the third quarter alone.
Regarding fiscal guidance for the full year ending December 28, 2024, Mobileye projects revenue to range between $1,620 million and $1,660 million. Adjusted Operating Income is forecasted to reach $163 million to $190 million.
Mobileye will host an earnings conference call today to cover these results in further detail at 8:00 am ET (2:00 pm IT), accessible via a webcast on their investor relations site.
The company shared non-GAAP financial metrics, stressing the importance of excluding certain expenses to provide a clearer view of performance.
Founded in 1999, Mobileye leads in autonomous driving and driver-assistance technologies, boasting industry-leading systems such as REM™ crowdsourced mapping and Responsibility Sensitive Safety (RSS). Approximately 190 million vehicles globally are integrated with Mobileye technologies.
Investors and stakeholders are urged to refer to the SEC filings, particularly the 10-Q filing for the third quarter of 2024, for detailed financial information and risk factors. Mobileye officials Dan Galves and Justin Hyde are available for investor and media relations inquiries, respectively.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mobileye Global’s 8K filing here.
About Mobileye Global
Mobileye Global Inc develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company operates through Mobileye and Other segments. It offers Driver Assist comprising ADAS and autonomous vehicle solutions that covers safety features, such as real-time detection of road users, geometry, semantics, and markings to provide safety alerts and emergency interventions; Cloud-Enhanced Driver Assist, a solution for drivers with interpretations of a scene in real-time; Mobileye SuperVision Lite, a navigation and assisted driving solution; and Mobileye SuperVision, an operational point-to-point assisted driving navigation solution on various road types and includes cloud-based enhancements, such as road experience management.
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