The following is a summary of the Mobileye Global Inc. (MBLY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mobileye endured a year-on-year decline in EyeQ volumes, significantly reducing gross profit.

• Despite a quarter operating loss, the operating cash flow persisted in positive territory.

• The company anticipates an average system price increase in 2024 due to SuperVision growth.

• Mobileye predicts a gross margin in the range of 67%-68% for the remainder of 2024.

• Adjusted operating expenses are expected to rise by approximately 25% YoY, but the company forecasts lower operating costs in the future through structural changes and management strategies.

• Mobileye predicts an increase from an 11% non-GAAP effective tax rate in 2023 to 15%-17% in 2024.

Business Progress:

• Mobileye had the greatest design win quarter for base on cloud-enhanced ADAS, and it already has the next-generation EyeQ6L ADAS chip in production.

• The company's advanced product portfolio continues to expand with potential growth in SuperVision, Chauffeur, and Drive.

• Mobileye is expanding in various geographical areas and bidding on RFQs representing a multiple of the previously generated pipeline revenue.

• Mobileye's partnership with the Volkswagen Group, involving 17 car models, is attracting further interest from other OEMs.

• The company's proprietary technology and efficient supply chains are enabling it to offer performance at a low cost.

• Mobileye is preparing to launch the EyeQ6 High in mid-2025, which it anticipates will strengthen its market position.

• The company is also increasing its activities in China, planning to launch its first urban drive in Shanghai soon.

More details: Mobileye Global IR

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