Mobileye’s 2023 Earnings and Future Outlook

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Mobileye reported a significant advancement in its financial standings for the fourth quarter and the full year of 2023. The company, a leader in autonomous driving solutions, demonstrated a 13% increase in revenue, reaching $637 million in the fourth quarter. This growth aligns with the preliminary results announced on January 4th, 2024.

The company’s financial health is further evidenced by improvements in Operating Income and Adjusted Operating Income, marking a considerable enhancement compared to the fourth quarter of 2022. The results remained consistent with earlier projections. In terms of earnings per share, the Diluted EPS (GAAP) stood at $0.08, while the Adjusted Diluted EPS (Non-GAAP) was reported at $0.28 in the same period.

See also: Mobileye Growth Pipeline Fueled with SuperVision and Future AV Wins

A significant highlight for Mobileye is its future business backlog, which continues to show promising growth. The design wins in 2023 are projected to generate an impressive $7.4 billion in future revenue, spanning across 61 million units. The company’s financial stability is further bolstered by its strong balance sheet, showcasing $1.2 billion in cash and cash equivalents, with zero debt as of December 30, 2023.

Amnon Shashua, Mobileye’s President and CEO, commented on the company’s performance, stating, “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.”

Business development in 2023 was robust, with a significant acceleration in future business generation. The company disclosed at CES 2024 that the projected future revenue from 2023’s design wins totaled $7.4 billion across 61 million units. This figure represents more than 3.5 times the revenue generated in 2023.

SuperVision™ shipments slightly exceeded 100,000 units in 2023, and the company achieved the first set of production program awards for Chauffeur™ technology. This development highlights the growing acceptance of Chauffeur’s eyes-off technology among automakers, adding a value proposition of “buying your time back” on top of safety and convenience benefits.

For the fiscal year 2024, Mobileye reaffirms its preliminary financial outlook. The company expects to continue its trajectory of growth and innovation, focusing on expanding its market presence and enhancing its technological offerings.

Mobileye’s financial results for 2023 reflect a strong performance and a promising outlook for the future, underpinned by significant advancements in autonomous driving technology and strategic business development.

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