MBLY
Mobileye Global Inc
Q4 2024 Report
Mobileye Global Inc (MBLY) Q4 2024 Results: Steady Performance Amidst Market Pressures...
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Executive Summary
Mobileye Global Inc reported its Q1 2024 financial results against a backdrop of inventory corrections, significant developments in advanced driver assistance systems (ADAS), and a strengthening market position among OEMs. Revenues of $239 million represented a staggering decline of 47.8% year-over-year, significantly impacted by inventory destocking among customers, particularly in EyeQ chip shipments. Despite this decline, management expressed confidence in the core ADAS volume growth, driven by newly secured design wins and product innovations. Looking ahead, Mobileye anticipates a robust rebound in Q2 with expected shipments of 7.4 million EyeQ units, hinting at recovery from the inventory consumption phase. In this context, Mobileye is well-positioned for future growth, particularly with its expansion into advanced products like SuperVision.
Key Performance Indicators
Revenue
239.00M
QoQ: -62.48% | YoY:-47.82%
Gross Profit
54.00M
22.60% margin
QoQ: -84.30% | YoY:-73.91%
Operating Income
-238.00M
QoQ: -426.03% | YoY:-193.83%
Net Income
-218.00M
QoQ: -446.03% | YoY:-175.95%
EPS
-0.27
QoQ: -445.71% | YoY:-174.11%
Revenue Trend
Margin Analysis
Key Insights
**Revenue Performance**: Q1 2024 revenue was $239 million, down 47.8% YoY from $456 million in Q1 2023, which reflects dramatic inventory destocking by OEM partners. **Profitability**: Gross profit of $54 million resulted in a gross margin ratio of 22.6%, significantly lower than prior year periods due to mix issues in product sales. **Operating Loss**: A loss of $238 million includes $125 million in depreciation and amortization, with operating margin at -99.6%. **Cash Flow**: Q1 marked a posit...