Mobileye Global (MBLY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 27% year-over-year to $558 million, driven by strong EyeQ SoC demand, normalization of safety stock, and robust ADAS demand, especially from Chinese OEM exports.

• Adjusted diluted EPS was $0.12, up 51% from Q1 2025; GAAP diluted EPS was $(4.68) due to a $3,788 million goodwill impairment, resulting in a net loss of $3,818 million.

• Completed the $900 million acquisition of Mentee Robotics, expanding into humanoid robotics and AI, with $591 million net cash outflow.

• Announced a $250 million share repurchase program to offset dilution from stock-based compensation and the Mentee acquisition.

• Secured new design wins in SuperVision and Surround ADAS, including Mahindra, expanding presence in India.

Financial highlights

• Q1 gross profit was $275 million (GAAP), up 33% year-over-year; gross margin rose to 49%.

• Adjusted operating income was $95 million, up 61% year-over-year, with a 17% adjusted operating margin, up four percentage points from Q1 2025.

• Adjusted net income was $96 million, up 52% year-over-year.

• Operating cash flow was $75 million; $30 million used for property and equipment purchases.

• Cash and cash equivalents at quarter-end were $1,211 million, down from $1,836 million at year-end 2025, mainly due to the Mentee acquisition.

Outlook and guidance

• Full-year 2026 revenue outlook raised to $1,935–$2,015 million at the midpoint, reflecting higher EyeQ shipments and Q1 outperformance.

• Adjusted operating income guidance increased to $185–$235 million at the midpoint, with operating expenses expected to grow 10% year-over-year to $1.1 billion.

• Full-year GAAP operating loss expected at $(4,331) to $(4,281) million, including the goodwill impairment.

• Q2 2026 guidance assumes 9.3 million EyeQ units shipped and a 6% year-over-year revenue decrease, with gross margin slightly below Q1 levels.

• Management expects continued investment in R&D and higher 2026 capex versus 2025.