Mobileye Global (MBLY) Posts Record System Shipments and Revenue

Mobileye Global has just released its 10-K report, detailing its performance and financials for the year ended December 30, 2023. The company is a leader in the development and deployment of advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide.

Key Metrics and Insights: Mobileye shipped approximately 37.4 million systems in 2023, up from 33.7 million in 2022 and 28.1 million in 2021, representing an increasing trend in system shipments. Revenue for the year ended December 30, 2023, was $2,079 million, up 11% year-over-year, outperforming the increase of global automotive production. The company's business performance is closely related to global automotive sales and production, which can be impacted by economic conditions, including the effects of the COVID-19 pandemic and the global semiconductor shortage. Mobileye emphasizes the importance of design wins with new and existing customers, technological leadership, product development, and regulation for ADAS and autonomous driving solutions as key factors affecting its performance. The company's revenue primarily comes from the sale of its EyeQ™ SoCs to OEMs through sales to Tier 1 automotive suppliers, with volume-based pricing and revenue recognition upon shipment. Mobileye is actively working with more than 50 OEMs worldwide and has a portfolio of solutions installed in approximately 800 vehicle models, with its SoCs deployed in around 170 million vehicles as of December 30, 2023.

In summary, Mobileye Global's 10-K report highlights its increasing system shipments, revenue growth, and the importance of factors such as global automotive demand, design wins, technological leadership, and regulatory impacts on its business performance. Today the company's shares have moved -2.8% to a price of $23.57. For more information, read the company's full 10-K submission here.

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