Revenue of vehicle collision avoidance technology developer Mobileye (NYSE: MBLY) skyrocketed 70% to $34.7 million in the third quarter, according to the company's financial reports published today. The company's share price responded by jumping 5% in pre-market trading on Wall Street, giving Mobileye a market cap of over $10 billion.
The company posted a $13.1 million GAAP-based net loss, $0.09 per share, in the third quarter, compared with a $5.5 million net profit in the corresponding quarter last year. The reason for the loss is $228.8 million in one-time expenses for accounting considerations linked to the shares issued by the company in its August 2013 private placement.
Mobileye's non-GAAP net profit (excluding on-time expenses) totaled $9.7 million ($0.04 per share), up from $7.9 million in the corresponding quarter in 2013.
Mobileye's cash on hand totaled $350 million at the end of the third quarter, compared with $150 million at the end of June 2014. The company's proceeds from its Wall Stree IPO totaled $198 million.
Mobileye reported an $11 million cash flow, compared with $4.8 million in the third quarter of 2013.
Mobileye co-founder, president and CEO Ziv Aviram said, "During the quarter we successfully won programs for our EyeQ System-on-Chip in several new models with new and existing OEM customers, further validating our best-of-breed mono-camera technology, which bundles multiple applications into a single package. Mobileye remains in a position to benefit from the ongoing move toward increased regulation of ADAS as well as from the large and growing trend towards semi-autonomous and autonomous driving."
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2014
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