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Earnings analysis · 10-Q

MBLY earnings analysis

Filed April 23, 2026 · Our reading of the company's report

The latest report

Mobileye reported quarterly revenue of $558.0 million, up 27% year-over-year and driven by shipments of ~10.8 million systems (versus ~8.5 million in Q1 2025). Management completed the Mentee Robotics acquisition for…

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Mobileye reported quarterly revenue of $558.0 million, up 27% year-over-year and driven by shipments of ~10.8 million systems (versus ~8.5 million in Q1 2025). Management completed the Mentee Robotics acquisition for $900 million (approximately $612 million cash and 26,279,824 shares) and MD&A emphasizes continuing product ramps (EyeQ shipments and system-level solutions). Short-term liquidity mix shifted materially: money market funds declined to $548 million from $1,016 million at year-end, while short-term deposits fell to $638 million from $785 million. The Form 10-Q contains qualitative forward-looking language but does not provide standalone numeric guidance; there were no material changes to risk factors from the 2025 Form 10-K.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

51% Gross margin Operating margin May 2023 Oct 2025

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish May 2023 Apr 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Segment
ADAS / SoC & system sales: $558.0M in Q1 2026 (substantially all revenue; shipments ~10.8M systems, up from ~8.5M in Q1 2025)

What stood out

  • Revenue beat and double-digit growth

    Revenue for the three months ended March 28, 2026 was $558.0 million, up 27% year-over-year (MD&A explicitly states revenue of $558 million was up 27% YoY).

  • System shipments ramping

    Management shipped approximately 10.8 million systems in Q1 2026, up from approximately 8.5 million in Q1 2025 (an increase of ~2.3 million systems).

  • Strategic acquisition to expand into robotics

    On February 3, 2026 the company acquired Mentee Robotics for an aggregate purchase price of $900 million, consisting of approximately $612 million in cash and 26,279,824 shares.

  • Large liquid investment base remains

    As of March 28, 2026, the company held $548 million in money market funds, $76 million in U.S. government bonds, $30 million in corporate bonds, and $638 million in short-term deposits.

  • MD&A reiterates product roadmap and expected contribution

    Management states it expects EyeQ SoC and system solutions (Mobileye Surround ADAS, SuperVision, Chauffeur, Drive) will meaningfully contribute to revenue over time (MD&A uses phrasing such as 'we expect' for these solutions).

What to watch

  • Cash deployment for acquisition reduced money market balances

    Money market funds declined to $548 million as of March 28, 2026 from $1,016 million at December 27, 2025 (a decrease of $468 million), consistent with the $612 million cash portion of the $900 million Mentee Robotics purchase price.

  • Supply-chain and component pressure

    MD&A warns increased AI industry demand has resulted in component shortages and higher prices; management notes these pressures may require larger advance purchases and increased lead times (no quantified relief; qualitative risk flagged).

  • Geopolitical / employee readiness risk

    MD&A states that as of April 15, 2026 approximately 7.0% of employees have been called to reserve duty, and the company cautions ongoing regional conflict could affect operations.

  • Foreign exchange sensitivity

    The company reports that a 10% strengthening of the New Israeli Shekel versus the U.S. dollar would have decreased cash flows by approximately $8 million in the three months ended March 28, 2026 (versus an $11 million impact in the prior-year period).

  • No material change to risk factors — continuing exposures remain

    Item 1A states 'There have been no material changes to the risk factors as disclosed in our 2025 Form 10-K,' indicating existing risks (trade policy, tariffs, concentration, goodwill impairment risk, etc.) remain in force.

Management's outlook

The Form 10-Q contains qualitative forward-looking statements (e.g., 'we expect' various product contributions and supply-chain expectations) but does not provide explicit numeric revenue or EPS guidance in the MD&A. (Refer to the company's earnings release / 8-K for the contemporaneous guidance figures.)

Earlier filings 4

10-K · February 12, 2026

Mobileye reported full-year revenue of $1.9 billion in 2025, up 15% versus 2024, with shipments of approximately 35.7 million EyeQ™ SoC and SuperVision™ systems (up from ~29.0 million in 2024). Management delivered…

10-Q · October 23, 2025

Mobileye reported Q3 revenue of $504 million, up $18 million (+3.7%) year-over-year but essentially flat sequentially (down $2 million vs Q2). Gross margin was 48.2% and GAAP operating loss was $109 million; EPS was a…

10-Q · July 24, 2025

Mobileye reported quarterly revenue of $506 million, up $67 million (+15.3%) versus the prior-year quarter and up $68 million (+15.5%) versus the prior quarter, with gross margin expanding to 49.8%. GAAP operating loss…

10-Q · April 24, 2025

Mobileye reported revenue of $438 million for the quarter (up $199 million, +83% vs Q1 2024) with gross profit of $207 million (47.3% gross margin). Operating loss narrowed to $(117) million (operating margin -26.7%)…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.