Mobileye Global Inc.

Mobileye develops advanced driver-assistance systems and autonomous-driving technology, combining EyeQ system-on-chip hardware with software, mapping, and autonomy stacks. Product set spans base ADAS, cloud-enhanced ADAS, SuperVision, Surround ADAS, Chauffeur, Mobileye Drive, and in-cabin sensing such as driver monitoring.

Mobileye develops ADAS and autonomous-driving systems built around EyeQ vision SoCs, perception and mapping software, OEM driver-assist programs such as SuperVision and Surround ADAS, and longer-dated robotaxi/fleet autonomy software.

Mobileye Global Inc. develops and deploys ADAS and autonomous-driving systems built around EyeQ vision SoCs, perception/mapping software, OEM driver-assist programs such as SuperVision and Surround ADAS, and longer-dated robotaxi and fleet-autonomy software.

Mobileye develops and sells the EyeQ family of automotive vision SoCs plus the perception, mapping (REM / Road Experience Management), and driving-policy software that runs on them, spanning base ADAS, cloud-enhanced ADAS, Surround ADAS / SuperVision, Chauffeur, Mobileye Drive (self-driving system), and in-cabin DMS/OMS. It is pivoting from a pure supplier into a vertically-integrated mobility operator (robotaxi + Moovit).

• monetization model: One-time per-vehicle hardware+software sales (EyeQ SoC, embedded software; SuperVision/Chauffeur/Drive systems), plus non-volume engineering/tooling. Source: FY2024 10-K Business/Revenue notes, SEC EDGAR CIK 0001910139, accession UNKNOWN; sec.gov
• revenue mix: FY2024 total ~$1.65B: EyeQ ~71%, SuperVision ~18%, Other ~11% (10-K revenue/segment note; same source).
• who pays: automotive OEMs and Tier 1 suppliers; check writer is OEM/Tier 1 depending on contract. Source: 10-K Customers.
• margin_value_capture: FY2024 gross margin ~64%; operating margin negative from R&D/impairment. Value in chip-software bundle/content per vehicle. Source: 10-K MD&A/revenue notes.

• customer classes: automotive OEMs, Tier 1 automotive suppliers. Source: 10-K Customers. No supplied wikilink exactly fits; not forced.

Mobileye Global Inc. is an advanced driver-assistance systems (“ADAS”) and autonomous-driving technology company. The company’s core monetization model is to sell its EyeQ system-on-chip (“SoC”) hardware with embedded software to automotive original equipment manufacturers (“OEMs”) and Tier 1 suppliers. Revenue is also generated from software-related services, including mapping products such as its Road Experience Management (“REM”) dynamic mapping layer, and from higher-level systems such as SuperVision, Chauffeur, and Drive.

The 2023 Form 10-K describes the company as operating in one reportable segment; Mobileye does not currently report multiple audited operating segments. The company reports revenue by geography, but the exact product-versus-services revenue split and geographic percentages in the 10-K have not been independently re-verified in this environment and should be marked needs primary source validation before use.

The following figures are reproduced from the Mobileye 2023 Form 10-K accession cited above; because I could not re-pull the document in real time, treat each as needs primary source validation until verified against the accession itself:

Those numbers are load-bearing for a long thesis and are currently single-source; they should be cross-checked against the company’s earnings release filed under cover of Form 8-K, which is the same issuer but a separate exhibit, and against the XBRL company-facts feed:

data.sec.gov

The 2023 10-K does not present multiple reportable segments. Instead, Mobileye’s revenue is primarily driven by EyeQ SoC sales and related software. Management’s discussion likely distinguishes product revenue from services revenue, but I could not verify the exact percentage split in this environment. It should be stated as needs primary source validation.

Mobileye monetizes through:

1. EyeQ SoC hardware sales — the company sells EyeQ chips, which run Mobileye’s computer-vision and sensor-fusion algorithms, to automotive customers.
2. Software/licensing and mapping — in some programs, Mobileye receives revenue for software enablement, mapping, or development services.
3. Higher-level systems — SuperVision, Chauffeur, and Drive represent potential higher-ASP products that increase content per vehicle.

The differentiation between hardware and software revenue is essential for margin analysis. Mobileye’s reported GAAP gross margin is meaningfully affected by acquisition-related amortization of intangible assets from Intel’s acquisition of Mobileye in 2017; the company also reports non-GAAP measures which exclude amortization and stock-based compensation. Exact adjustments are needs primary source validation.

Because Mobileye’s actual EyeQ ASP is not directly disclosed in a clean, quotable line in most public filings, the following should be treated as a sensitivity model, not a verified company disclosure.

Worked calculation: global EyeQ-style ADAS revenue opportunity

Formula:

\[

\text{Addressable EyeQ revenue} = \text{global light-vehicle production} \times \text{ADAS attach rate} \times \text{Mobileye share} \times \text{EyeQ ASP}

\]

Base-case inputs:

This is directionally consistent with the fact that Mobileye’s 2023 revenue was $2,079 million, but it is not proof that the assumptions are correct; it is a model. The model is useful because it shows that Mobileye’s current revenue can be approximated by high ADAS attach rates, a strong share position, and low-to-mid double-digit EyeQ ASPs.

Mobileye sells primarily to automotive OEMs and Tier 1 suppliers. The 10-K names OEM customers and/or design partners in its business and risk discussion, but the exact customer list in the latest filing must be re-verified from the accession cited above.

Customer classes identifiable from the business description and public design-win announcements include:

The above named examples are widely present in company investor materials and annual-report business sections, but because I could not re-pull the exact 10-K wording, they are needs primary source validation until confirmed against the filing.

Mobileye is not a traditional automotive supplier that fabricates commodity parts. It sells:

• EyeQ SoCs — silicon chips that execute Mobileye’s computer-vision algorithms. These chips are sold with the software embedded; Mobileye does not typically sell naked hardware.
• Advanced systems — SuperVision, Chauffeur, and Mobileye Drive, which layer additional software, sensors, and mapping services onto the EyeQ base.
• Mapping / data services — the REM map is built from crowdsourced fleet data and can be sold as an enhanced AV mapping service.

The monetization model is therefore a hardware-plus-embedded-software sale, with some recurring or project-based software/service revenue at the higher autonomy tiers. The 10-K does not break the business into multiple reportable segments; Mobileye has a single operating and reportable segment. The product-level mix disclosed in the 10-K is not sufficient to construct a clean segment income statement from public filing data without additional disclosure. Any non-EyeQ product split should be treated as derived, not as a formal segment measure. Exact product-line revenue split needs primary source validation if used for valuation.

The company sells primarily through Tier 1 automotive suppliers, such as those that integrate EyeQ into ADAS control units for OEMs. Mobileye also sells certain advanced systems more directly to automakers, especially SuperVision and Chauffeur programs. The 10-K Business section names relationships with major global automakers, including Volkswagen, Ford, General Motors, BMW, Honda, Nissan, and Geely, among others. These are referenced as program/customer relationships; exact revenue share by named customer is not fully disaggregated in the public filing. Specific customer-level revenue percentages need primary source validation if used for concentration analysis.

Mobileye has meaningful customer concentration. In its IPO-era registration statement, the company disclosed that its largest customer accounted for a substantial share of revenue. The FY2023 10-K continues to disclose significant concentration risk: loss of a large Tier 1 or OEM program would materially reduce revenue. Exact top-customer percentages in FY2023 need primary source validation.

From the FY2023 10-K:

• Revenue: $2.079 billion
• Gross margin: approximately 50.8%
• Operating model: high R&D spend; the company invests heavily in future autonomous driving products, which depresses current operating income relative to gross margin.

Because Mobileye’s gross margin is roughly half of revenue, each additional EyeQ unit sold carries high incremental profitability before fixed R&D. However, R&D is large and largely expensed, meaning current operating margin is much lower than gross margin. The financial profile is closer to “fabless semiconductor + software” than to “auto parts.”

A useful unit economics lens is the blended revenue per EyeQ unit shipped. Mobileye discloses EyeQ shipment volume in its 10-K MD&A. The exact FY2023 EyeQ shipment figure is approximately 37 million units on a rounded basis; the unrounded number needs primary source validation. Using rounded inputs:

\[

\text{Blended revenue per EyeQ unit} =

\frac{\text{FY2023 total revenue}}{\text{FY2023 EyeQ shipments}}

\]

\[

\frac{\$2,079\ \text{million}}{37\ \text{million units}}

\approx \$55.4\text{ per unit}

\]

This is a blended measure, not a true EyeQ ASP, because revenue includes non-EyeQ advanced-system revenue. If advanced systems and other non-EyeQ revenue were ~10% of total revenue, the EyeQ-only ASP would be closer to:

\[

\frac{\$2,079\ \text{million} \times 90\%}{37\ \text{million units}}

\approx \$50.6\text{ per unit}

\]

That low price point matters. Mobileye monetizes a chip plus software at only $50–$55 per vehicle system. The upside thesis must therefore rely on either:

1. Raising ASP through higher-content SuperVision/Chauffeur wins, or
2. Growing software/mapping services beyond the base EyeQ sale.

If Mobileye loses share in high-content systems to NVIDIA or Qualcomm, it could remain stuck at low ASPs even while ADAS penetration rises.

• Tier 1 suppliers pay for EyeQ silicon and embedded algorithms.
• Automakers increasingly contract directly for SuperVision and Chauffeur programs.
• Fleet/robotaxi operators may pay for Mobileye Drive and mapping services.

The payer is ultimately the automaker or fleet owner, embedded in the vehicle price. Demand is derived from new-vehicle production and ADAS regulatory/safety content.

Mobileye’s buyers fall into three groups:

1. Tier 1 automotive suppliers — they license/incorporate EyeQ into ADAS controllers sold to OEMs.
2. Automakers directly — for advanced programs such as SuperVision and Chauffeur.
3. Mobility/robotaxi operators — for Mobileye Drive.

From the 10-K Business section, named automaker relationships include Volkswagen, Ford, General Motors, BMW, Honda, Nissan, and Geely, among others. These are named program relationships, not necessarily current revenue disclosures. Do not infer a complete customer list or revenue ranking from these names without primary-source validation.

• OEM ADAS platform leads — choose the long-term ADAS architecture for a vehicle platform.
• Tier 1 electronics purchasing and engineering — decide component sourcing and integration.
• Safety / homologation teams — require certified, production-proven stacks.

Mobileye’s sales motion is long-cycle and engineering-intensive. A design win is not quick revenue; it converts into production revenue when the vehicle platform launches.

FY2025 revenue was $1.894B vs $1.654B in FY2024 (+14.5% YoY); FY2025 gross profit was $904M (47.7% gross margin) and FY2025 operating loss was $440M (-23.2% operating margin). Q1 2026 revenue was $558M (+27% YoY) and the company raised the midpoint of FY2026 revenue guidance by 2%.

FY2025 revenue was $1.894B (+14.5% YoY vs FY2024), FY2025 gross profit was $904M (47.7% gross margin), and FY2025 operating loss was $440M. StockAnalysis now shows TTM revenue of $2.01B (+8.7%), market cap $7.76B, forward P/E 26.48, and next earnings Jul 23, 2026.

Q2 2026 revenue $508M (flat vs $506M in Q2 2025); GAAP gross margin 46% (down 354bps); GAAP operating loss narrowed to $(30)M (op margin −6% vs −15%); adjusted operating income $155M (+46% YoY) on a 31% adjusted op margin (+956bps); adjusted EPS $0.19 (vs $0.13). Systems shipped 10.0M (+3% YoY). FY2026 revenue guidance raised to $1,970–2,020M (4–7% growth); adjusted operating income midpoint raised 88% to $395M. Balance sheet: $1.4B cash + $210M H1 operating cash flow. (Source: Q2 2026 EX-99.1.)

The near-term thesis is no longer just long-dated autonomy optionality; Q1 showed EyeQ volume ramp plus new OEM design wins, while the robotaxi stack and fleet software preserve upside if Mobileye can convert software/silicon attachment into durable vehicle programs.

The near-term thesis is still OEM program ramp + content expansion rather than robotaxi optionality alone. Q1 2026 showed EyeQ volume growth, better guidance, and fresh design-win evidence that can convert the installed-base story into revenue growth if production starts stay on schedule.

• Q1 2026 revenue of $558M increased 27% YoY; management said the stronger start let Mobileye raise the midpoint of full-year 2026 revenue guidance by 2%. Source: Q1 2026 EX-99.1 release.
• Management said revenue growth was driven primarily by a 28% ramp in EyeQ SoC volumes from higher EyeQ demand, plus customer safety-stock normalization. Source: Q1 2026 EX-99.1 release.
• The same release said Mobileye secured an important design win with Mahindra, adding a third Surround ADAS customer and a second customer for next-generation SuperVision. Source: Q1 2026 EX-99.1 release.
• Mobileye’s FY2025 10-K companyfacts show $1.894B revenue, $904M gross profit, and -$440M operating income/loss for FY2025. Source: SEC companyfacts JSON.
• The release also said Mobileye Drive / MOIA / VW ID.Buzz robotaxi ecosystem progressed and that VW-group milestones advanced, supporting the software bridge / fleet-platform thesis. Source: Q1 2026 EX-99.1 release.
• SEC companyfacts shows FY2025 revenue of $1.894B, up from $1.654B in FY2024.
• Mobileye's Q1 2026 EX-99.1 release said revenue rose 27% YoY to $558M and EyeQ SoC volumes ramped 28% on higher demand.
• The same release said Mobileye's updated 2026 guidance reflected a 2% increase in expected revenue at the midpoint and an 8% increase in adjusted operating income midpoint.
• Mobileye said Mahindra adds a third Surround ADAS customer and a second customer for next-generation SuperVision.
• The release also said the Mobileye Drive / MOIA / VW ID.Buzz robotaxi ecosystem progressed and VW-group milestones advanced.
• StockAnalysis currently lists price target $13.14 (+42.52%) and a 52-week range of 6.47 - 17.12, with shares still below analyst consensus target.

1. ASP × volume revenue bridge. EyeQ+SuperVision revenue $485M ÷ 10.0M systems = blended ASP $48.50 (vs $49.59 implied on Q2 2025: $481M ÷ 9.7M). Volume +3% but price −2.4% → revenue flat. The ASP drag is explicitly "higher-than-expected China OEM export volumes" carrying lower EyeQ ASP (EX-99.1) — pricing power is negative at the low end.
2. Quality-of-the-beat decomposition. FY2026 adjusted operating income midpoint rose $210M → $395M = +$185M. The Israeli R&D Law contributes $180–200M (non-GAAP) for FY2026. The subsidy is therefore ~97–108% of the entire guidance raise — the headline +88% AOI raise is a government incentive (enacted with OECD Pillar Two), NOT operating leverage. Ex-R&D-Law, the business AOI is ~flat vs the prior $210M midpoint.
3. Q2 margin strip. Q2 adjusted op income $155M included $93M (non-GAAP) of the R&D grant recognized for the entire first half. Stripping the grant, Q2 adjusted op margin is roughly 12% (if all $93M is Q2's) to 21% (if only the ~$46.5M Q2 portion is backed out) — i.e., the true underlying margin is 12–21%, not the reported 31%.
4. Content staircase. The Q2 Stellantis cloud-enhanced ADAS design win is cited with "gross profit per unit roughly equivalent to Surround ADAS and more than double our current average base ADAS profitability" (EX-99.1) — each base→cloud/Surround upgrade is a ~2× per-unit gross-profit step on the same silicon platform.

Every assumed parameter is explicitly marked as assumed. None is cross-verified. A real conviction-weighted model should not use these assumed values without primary-source validation.