Israeli advanced driving assistance systems (ADAS) company Mobileye Global Inc (Nasdaq: MBLY) ended a challenging year by beating the anallysts in its fourth quarter financial results but guidance for 2025 disappointed investors and saw its share price fall sharply in premarket trading on Wall Street.
The company reported revenue of $490 million in the fourth quarter, down 23% from the corresponding quarter of 2023 but higher than the analysts' forecast of $478 million. Annual revenue in 2024 was $1.65 billion, down 20.4% from 2023.
Mobileye reported a GAAP operating loss of $3.2 million in 2024, and a net loss of $3.1 million compared with breakeven in 2023. In the fourth quarter, GAAP net loss was $71,000, compared with a net profit of $63,000 in the corresponding quarter.
Non-GAAP net profit in the fourth quarter was $107,000, down 53% from the corresponding quarter of 2023, and earnings per share was $0.13, above the analysts' forecast of $0.11.
Looking ahead, the company expects a return to revenue growth, although it provides lukewarm guidance relative to analysts' forecasts, predicting revenue of $1.69-1.81 billion in 2025, compared with the market's forecast of $1.96 billion. Mobileye expects to record an adjusted operating profit of $175-260 million this year.
Amnon Shashua is optimistic about Mobileye's future
Moblieye founder and CEO Prof. Amnon Shashua said, "I’m proud of our accomplishments in 2024. Against a challenging backdrop, we executed dozens of production program launches on-time for our customers and shipped the 200 millionth EyeQ system in our history. In 2024, while generating $400 million of operating cash flow, we also made outstanding progress on the technology pillars that support our SuperVision, Chauffeur, and Drive advanced solutions that are driving the largest opportunity pipeline in our history.
"Our autonomous driving system architecture is built to optimize both precision and scalability, supporting a true revolution of transportation. We look forward to a robust cadence of EyeQ6 High-based product launches beginning in 2026."
Mobileye is currently traded on Wall Street with a market cap of $13 billion, down 39% over the past year. The share price is currently down 8% in premarket trading.
Published by Globes, Israel business news - en.globes.co.il - on January 30, 2025.
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