• Revenue increased 18% year over year to $530 million in the third quarter.
• Operating Income and Adjusted Operating Income improved substantially versus the third quarter of 2022.
• Diluted EPS (GAAP) was $0.02 and Adjusted Diluted EPS (Non-GAAP) was $0.22 in the third quarter of 2023.
• Continued to progress with key OEM prospects for advanced products, with FAW (SuperVision and Chauffeur) and Polestar (Chauffeur) converting during Q3.
• Generated net cash from operating activities of $285 million in the nine months ended September 30, 2023. Our balance sheet remains strong with $1.2 billion of cash and cash equivalents and zero debt as of September 30, 2023.

JERUSALEM — (BUSINESS WIRE) — October 26, 2023 — Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended September 30, 2023.

“We are very pleased with Q3 results, as operating leverage on strong revenue growth has led to significant increases in operating income,” said Mobileye President and CEO Prof. Amnon Shashua. “On the product side, very positive consumer and media feedback to the August roll-out of the SuperVision navigate on pilot software to Zeekr vehicles was a key proof-point of the competitive advantages of our advanced products. This in part led to (i) conversions with Polestar and FAW during the quarter, (ii) continued progress with the balance of the 9 core OEM prospects we noted on our last earnings call, and (iii) new interest from an additional wave of global automakers. Since the end of Q3, the tragic events in Israel have affected us all, but strong business continuity planning, lessons learned during COVID-19 disruptions, and the diligence of our remarkable team has enabled us to limit disruption and continue to execute our business priorities.”

Third Quarter 2023 Business Highlights

• The business development pipeline continued to be robust in the quarter. Based on design wins achieved year-to-date in 2023 and the current opportunity pipeline, we are on-track for 2023 to exceed the record design win activity generated in 2022 on a volume, revenue, and average system price basis.¹.
• Mobileye and Zeekr executed an over-the-air software update to more than 110,000 Zeekr customers that, for the first time, delivered the full highway SuperVision feature set in large volume. Feedback has been favorable, with media highlighting that the upgraded Navigation ZEEKR Pilot (NZP) system (which is based on SuperVision) outperforms stiff competition in China despite significantly less sensor and compute content.
• We announced an expansive relationship with FAW, one of the largest volume automakers in China, to equip SuperVision-based features on a series of vehicles beginning in late 2024. The program also includes development of a Chauffeur-based system for a launch expected by late 2025. The success of the Zeekr software roll-out noted above was a direct catalyst for the FAW announcement and has resulted in acceleration of other business development discussions.
• We announced the addition of a Chauffeur program to the expanding relationship with Polestar. The ability to leverage the eyes-on SuperVision system as a bridge to eyes-off Chauffeur is being recognized as a key differentiator by our customers. Nearly all of our development work with global OEMs on SuperVision includes a plan to scale to Chauffeur as well.

Third Quarter 2023 Financial Summary and Key Highlights (Unaudited)