Mobileye reports Q4 adjusted EPS 28c, consensus 27c

Reports Q4 revenue $637M, consensus $639.8M. “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,” said Mobileye President and CEO Prof. Amnon Shashua. “From a business development and strategy perspective, 2023 was an extremely successful year across many fronts. We achieved design wins projected at $7 billion of incremental future estimated revenue for a second consecutive year, at elevated ASP, remarkable relative to the $2-$3 billion in 2021. We expanded the vehicle model pipeline for SuperVision and Chauffeur from 9 to approximately 30, and won our most significant advanced product program to date with a major global western OEM that we expect will not only generate multiple billions of future revenue, but also be an important endorsement in front of other customers. Further, over the course of 2023, Chauffeur went from zero OEM production programs to 3 awards across multiple models. Finally, the introduction of Driving Experience Platform is proving to be in the sweet spot of OEM make vs buy decisions, enabling the OEM to control the driving experience while leveraging Mobileye’s efficient silicon and proven sensing, mapping, and decision-making software.”