Mobileye Global Inc. (NASDAQ: MBLY) saw its stock price drop by 26.0% on Tuesday, closing at $29.4 per share. The significant movement in the stock price followed the release of the company's preliminary financial results for the fiscal year ended December 30, 2023, and the preliminary financial outlook for the fiscal year ending December 28, 2024.
In the press release, Moran Shemesh Rojansky, Chief Financial Officer of Mobileye Global Inc., stated, "Our preliminary results reflect revenue consistent with the guidance provided on October 26, 2023, and operating income (loss) and adjusted operating income that are moderately better than expected."
The company's preliminary financial outlook for fiscal year 2024 indicates a challenging start to the year, with an expected significant decline in revenue for the first quarter compared to the same period in 2023. The company expects a normalization of revenue during the remainder of 2024, with a forecasted total revenue in the range of $1,830 - $1,960 million for the fiscal year. Additionally, the company anticipates lower volumes in the EyeQ® SoC business to have a temporary impact on profitability, with an expected operating loss in the range of $468 to $378 million for fiscal year 2024.
Mobileye will be providing further updates on its technology roadmap and discussing its product portfolio during a presentation at CES 2024 in Las Vegas on January 9th, 2024.
The company's full 8-K submission is available here.
| 2022 | 2023 | |
|---|---|---|
| Revenue (MM) | $1,869 | $2,007 |
| Revenue Growth | n/a | 7.38% |
| Operating Margins | -2% | -4% |
| Net Interest Expense (MM) | $11 | $43 |
| Depreciation & Amort. (MM) | $23 | $30 |
| Earnings Per Share | -$0.11 | -$0.08 |
| Diluted Shares (MM) | 0 | 810 |
| Free Cash Flow (MM) | $632 | $329 |
| Capital Expenditures (MM) | $158 | $107 |
| Current Ratio | 3.95 | 4.88 |
