Strong Top-Line Growth
Q1 revenue of $558 million, up 27% year-over-year, driven by higher EyeQ volume, increased ADAS fitment at core Western customers, and robust Chinese OEM export volumes.
Mobileye Global, Inc. Class A
· MBLY
April 23rd, 2026
Summary
- Earnings Call Date:
- 2026-04-23
- Change Since:
- -10.46%
- Next Earnings Date:
- 2026-07-23
Earnings Call Sentiment
PositiveThe call delivered materially positive operational and financial beats (Q1 revenue +27%, adjusted operating income +61%), raised full-year guidance, demonstrated strong execution on advanced programs (SuperVision, robotaxi pre-series production) and announced a share buyback—signals of robust core ADAS demand, product validation, and cash generation. Offsetting these positives are a very large non-cash goodwill impairment ($3.8B), ASP and margin pressure driven by China export mix and specific dual-chip programs, incremental ECU memory costs, and near-term guidance showing a Q2 revenue decline and conservative H2 assumptions. On balance the company showed strong execution, growth levers (Surround ADAS, India, robotaxi), and financial flexibility, while facing notable accounting and mix-related headwinds that management characterizes as manageable.
Company Guidance
Mobileye raised its 2026 midpoint revenue outlook to $1.975 billion (implying ~4% YoY growth) and now expects about 38 million EyeQ units for the year (up slightly versus prior guidance), with adjusted operating income guidance increased to $210 million at the midpoint (from $195M); full‑year operating expenses are modeled at roughly $1.1 billion (~10% YoY growth) and Q1 represented about 25% of that run‑rate. In Q1 the company reported $558 million revenue (+27% YoY), $95 million adjusted operating income (+61% YoY), a 17% adjusted operating margin (+~4 ppt YoY), and $75 million operating cash flow, assuming roughly 10 million EyeQ shipments in the quarter. Q2 guidance assumes ~9.3 million EyeQ units and revenue down ~6% YoY, with gross margin slightly below Q1 and OpEx roughly flat. Guidance assumptions include S&P production for top‑10 customers at −3.5% YoY, a meaningful pullback in China OEM run‑rate after H1, ~800k dual‑chip units (~$0.80 ASP headwind) plus ~$0.30–$0.40 ASP impact from China mix, SuperVision volumes of ~20k in Q1/≈15k in Q2 (~150k for the year), modest ECU memory costs of a few million, a new share buyback, and phased Menti‑related share vesting (50% in 2028, remainder in 2030); a GAAP operating income outlook was also provided.
Margin and Profitability Expansion
Adjusted operating income of $95 million, up 61% year-over-year; adjusted operating margin of 17%, up ~4 percentage points versus Q1 2025.
Operating Cash Generation
Operating cash flow of $75 million in Q1 despite a modest working capital timing drag; management highlighted the company as cash-generative and announced a share buyback program.
Raised Full-Year Outlook
Increased 2026 revenue outlook toward the high end: midpoint revenue raised to $1.975 billion (implying ~4% YoY growth) and adjusted operating income outlook increased to $210 million midpoint (from $195 million). Full-year EyeQ units outlook ~38 million (up <1M from prior).
ADAS Product Momentum and Share Gains
Continued upward pressure on EyeQ demand; management cited increased market share with top customers and higher ADAS fitment rates as tailwinds. Q2 assumed ~9.3 million EyeQ units; Q1 included assumed shipments of ~10 million units.
SuperVision Production Progress and Validation
SuperVision program: successful 2,000+ km OEM-directed US drive in varied conditions using production EyeQ6 High hardware with very few interventions; Q1 SuperVision shipments = 20,000 units, Q2 estimate ~15,000, full-year ~150,000 units (stable demand). Porsche SuperVision program entering near-term production ramp (no volume expected in 2026; ramp into 2027).
Robotaxi Commercialization Traction
Pre-series production started for ID. Buzz autonomous vehicle in VW’s Hanover facility; testing underway in L.A.; Orlando announced as first launch city with BEEP. Targeted driver-out validation path in 2026 and scaling to multiple cities in 2027.
Surround ADAS Design Wins and India Opportunity
Three Surround ADAS design wins announced including Volkswagen Group, a major U.S. OEM, and Mahindra (India). Management cited ASP range $100–$150 with ~70% gross margins and said these wins could represent >10% incremental annual revenue when launched. India flagged as a meaningful growth market with regulation expected to accelerate ADAS adoption starting 2027.
Menti Robotics Acquisition & Product Roadmap
Menti acquisition closed in early February. Version 3.2 hardware arriving and version 4 hardware (targeted for demo/commercial readiness) expected by early 2027. Company plans an AI Day around July to present integrated AI/robotics strategy.
Operator
Greetings, and welcome to Mobileye Global Inc.'s first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Daniel V. Galves. Mr. Galves, you may begin.
Daniel V. Galves
Thank you, Maria. Hello, everyone, and welcome to Mobileye Global Inc.'s first quarter 2026 earnings conference call for the period ending 03/28/2026. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it, including regarding our future outlook. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release. Joining us on the call today are Professor Amnon Shashua, Mobileye Global Inc.'s CEO and President, Moran Shemesh, Mobileye Global Inc.'s CFO, and Nimrod Nehushtan, Mobileye Global Inc.'s Executive Vice President of Business Development and Strategy.
Thanks, and now I will turn the call over to Amnon.
Amnon Shashua
Thank you, Dan. Hello, everyone, and thanks for joining our earnings call. We delivered very good results in the first quarter. Revenue was up 27% year over year, adjusted operating income was up 61%, and our operating ca...
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