Mobileye Global Inc. Q4 FY2025 earnings call

• 2025 had meaningful positives: demand for products higher than expected, revenue up 15%, adjusted operating profit up 45%, operating cash flow up over 50%. The industry clarified ADAS structure, Mobileye's IQ6 high chip well - positioned with major OEM wins. Waymo's commercialization boosted demand signals. Mobileye is closer to launching advanced product with Volkswagen, implementing unique structure for advanced products with novel technologies. Acquired Menti Robotics for humanoid robotics expansion.
• Moran Shemesh mentioned full - year 2025 revenue slightly exceeded prior guidance, adjusted operating income up 45%, margin up 300 basis points. Q4 had a nonrecurring $7 million expense related to workforce efficiency. Q1 2026 expected to ship 10 million IQ units, full - year guidance ranges $1.9B - $1.98B with IQ volume assumptions.

In 2025, Mobileye's revenue was $1.9 billion, up 15% year over year. Adjusted operating income was $280 million, up 45%. Full-year 2025 IQ volume was 35.6 million, well above the original expectation of 32 - 34 million. Q4 had a modest upside due to higher than expected supervision. For 2026, guidance includes revenue in the range of $1.9 billion to $1.98 billion, representing flattish to 5% growth. Q1 2026 is expected to ship 10 million IQ units, with the midpoint of the full-year guidance incorporating IQ volume of slightly above 37 million units, consisting of 10 million units in Q1 and a bit over 9 million per quarter for the rest of the year. For top 10 customers, volume with them is up 6% at the midpoint despite their overall production being down 2%, while China OEM volume is expected to decline by about half a million units compared to 2025.

• Expect revenue in the range of $1.9 billion to $1.98 billion, representing flattish to 5% growth. - Q1 2026 is expected to ship about 10 million IQ units. - Midpoint of guidance incorporates IQ volume of slightly above 37 million units, with 10 million units in Q1 and a bit over 9 million per quarter for the rest of the year. - Top 10 customers' volume up 6% at midpoint despite their overall production down 2%, while China OEM volume expected to decline by about half a million units compared to 2025.

• Geopolitical uncertainty could impact demand. - Memory and supply chain issues may affect product availability and pricing. - FX headwind due to appreciation of the Israeli currency versus the US dollar impacts headcount cost. - Regulatory hurdles in homologation outside the US for autonomous vehicle deployment pose challenges.

Q: George Gianarikas asked about the competitive environment, especially in light of CES announcements from NVIDIA and others, and on Menti's differentiation.

A: Amnon Shashua said Mobileye is closer to launching dense products than competitors, and Nimrod Nehushtan added Menti is a western humanoid robot company actively engaging with customers on proof of concepts with no remote operation.

Q: Mark Delaney asked about Surround ADAS opportunity set for 2026 and Menti's catalyzed interest.

A: Nimrod Nehushtan said Surround ADAS has attracted more OEM engagements, and since Menti's announcement, there has been significant customer reach - out regarding partnering and pilots.

Q: John Zager asked about AV volume for phase one launch and AV customers' pre - purchase payments.

A: Nimrod Nehushtan said phase one launch volume could be a few hundreds of vehicles per city, and Mobileye receives engineering samples and has an engineering budget before commercialization.

Q: Joseph Spak asked about memory supply chain risk and shekel FX hedging.

A: Nimrod Nehushtan said they are working with tier one partners to mitigate memory supply chain impact, and Moran Shemesh said Mobileye is more than 50% hedged on payroll expenses but still has FX headwind impacts.

Q: Aaron Rakers asked about Porsche and VW program updates and customer inventory levels.

A: Amnon Shashua and Nimrod Nehushtan said Porsche and Audi supervision start in Q1 2027 with minor deadline changes, and Moran Shemesh said customer inventory levels were low at end of 2025 with Q1 expecting to adjust to normal levels.

Q: Edison Yu asked about Menti's next steps with customers and Robotaxi ecosystem change.

A: Amnon Shashua said 2026 would have high tens of units in POCs, and Amnon Shashua said current Robotaxi arrangement with Volkswagen is optimized for deployment speed.

Q: Tom Narayan asked about 2026 adjusted operating expenses and Menti's impact.

A: Moran Shemesh said operating expenses include 5% regular inflation, Menti R&D, and FX headwind mostly offset by workforce initiatives.

Q: Colin Rusch asked about near - term pricing dynamics on IQ and driver out demonstration regulatory hurdles.

A: Nimrod Nehushtan and Moran Shemesh said pricing is affected by product mix, and Amnon Shashua and Moran Shemesh said US is self - certification, outside US is homologation with progress in Europe.

Q: Joshua Buchalter asked about Surround ADAS go - to - market and IQ roadmap for Menti.

A: Nimrod Nehushtan said focused on significant volume opportunities for Surround ADAS, and Amnon Shashua said IQ chips for robots are a longer - term issue currently using NVIDIA chips.

Q: MP asked about Drive as swing factor for 2026 revenues and second Surround ADAS customer.

A: Dan Galves said no meaningful impact from advanced products on 2026 revenues, and Nimrod Nehushtan said discussions on second Surround ADAS customer are ongoing with progress