Key Highlights

  • Revenue of USD 492 million fell 2% year over year but topped the consensus estimate of USD 476.78 million.
  • Adjusted EPS of USD 0.11 beat the consensus estimate of USD 0.10, while GAAP EPS was a USD 0.08 loss.
  • Adjusted Operating Income rose 20% to USD 89 million, with an Israeli R&D incentive adding USD 51 million.
  • Full year Revenue guidance narrowed to USD 1,995 to 2,020 million, lifting the midpoint by USD 13 million.

Mobileye Global Inc. (NASDAQ:MBLY) reported third quarter 2026 revenue of USD 492 million, down 2% from USD 504 million but above a consensus estimate of USD 476.78 million. Adjusted diluted EPS was USD 0.11 against a consensus estimate of USD 0.10 and USD 0.09 a year earlier, while GAAP diluted EPS was a loss of USD 0.08 compared with a loss of USD 0.12. The GAAP net loss narrowed 30% to USD 67 million, and the GAAP operating loss improved 25% to USD 82 million.

Volume Gains, Pricing Mix and the R&D Incentive

EyeQ shipments reached 9.5 million units, the high end of the company outlook, while average system price fell 5% because of a higher mix of Chinese automaker export volume, which carries less software content, and lower SuperVision volume. SuperVision deliveries topped 15,000 units, bringing nine month deliveries to nearly 60,000. Passing through higher memory costs added about USD 7 million to revenue at zero gross margin. Adjusted gross Margin slipped to 64% from 67%, while GAAP gross margin widened to 53% from 48% as intangible amortization shrank relative to revenue.

The improvement in Operating Margin came largely from an incentive grant under the Israeli R&D Law, which lowered GAAP and adjusted operating costs by USD 52 million and USD 51 million. Adjusted operating margin reached 18% versus 15%. President and Chief Executive Officer Amnon Shashua said nine month EyeQ shipments rose 11% while global automotive production declined an estimated 1%, and pointed to new Surround ADAS and Cloud-Enhanced ADAS design wins as routes to higher content per vehicle.

Guidance and Balance Sheet Statements

The company narrowed full year 2026 revenue guidance to USD 1,995 to 2,020 million, which equals growth of 5% to 7%, and set adjusted operating income guidance at USD 380 to 420 million, narrowed from USD 365 to 425 million. GAAP operating loss guidance is USD 4,087 to 4,127 million, including a Goodwill Impairment of USD 3,788 million recorded in the first quarter. The chief financial officer said the midpoint implies fourth quarter revenue near USD 450 million and adjusted operating income near USD 60 million, reflecting EyeQ orders of 8.8 to 8.9 million units, lower SuperVision shipments and higher operating expenses.

Operating cash flow for the first nine months was USD 303 million, Capital purchases were USD 72 million, and cash, marketable securities and deposits totaled USD 1.5 billion. Share repurchases since April 23 amounted to USD 33 million at an average price of USD 9.36. The R&D incentive cash benefit recognized in 2026 begins arriving around 2028, and quarterly recognition may vary with qualifying spending and exchange rates.

Signposts for the Fourth Quarter

Several figures are worth tracking. The guidance midpoint puts fourth quarter revenue down roughly 8.5% from the third quarter, and the SuperVision outlook is raised to about 65,000 systems for the year from almost 60,000. The adjusted operating income outlook still includes about USD 190 million from the R&D incentive at the midpoint, and further guidance on that law is anticipated within weeks. Volkswagen Group programs, including SuperVision and Chauffeur, are scheduled for launch in 2027 and 2028. In robotaxi, autonomous ridepooling began in Hamburg and closed-user testing started near Orlando, while driver-out performance remains the milestone management cites.