Mobileye Global Inc
"The financial results in the first quarter reflect a supply chain reset as the excess inventory held by our customers is consumed. We are encouraged that the inventory drawdown and associated recovery in revenue appears to be on-track to what we laid out in January," said Mobileye President and CEO Prof. Amnon Shashua.
EyeQ and SuperVision revenue was $219 million vs. $438 million a year ago.
The Average System Price was $61.0, down from $53.9 in the prior year. Number of systems shipped plunged to 3.6 million, down from 8.1 million a year ago.
Gross margin declined by 2,260 bps to 23%, while adjusted gross margin decreased by 876 bps to 62%, primarily due to the increase in revenue attributable to SuperVision.
Adjusted operating margin loss was (27)%, primarily due to lower gross margin. Mobileye held $1.22 billion in cash and equivalents as of March 30, 2024.
All key operating metrics in the first quarter of 2024 were impacted by a significantly lower volume of EyeQ shipments, resulting from the expected large drawdown of inventory at its Tier 1 customers.
FY24 Outlook: The company reiterated its revenue outlook of $1.830 billion-$1.960 billion (vs. the $1.899 billion estimate) and adjusted operating income of $270 million-$360 million.
Mobileye was spun-off by Intel Corp
Mobileye Global stock plunged 31% in the last 12 months. Investors can gain exposure to the stock via TrueShares Technology, AI & Deep Learning ETF
Price Action: MBLY shares traded lower by 5.21% at $29.50 at the last check Thursday.
