Mobileye Global Inc. reported a year-over-year revenue decrease of 20% in 2024, reaching $1.7 billion compared to $2.1 billion in 2023. This decline stemmed primarily from a significant drawdown of excess inventory at Tier 1 customers and reduced shipments to China. The company recorded a net loss of $3.09 billion in 2024, largely due to a $2.695 billion non-cash impairment of goodwill in the third quarter. However, its Adjusted Net Income, a non-GAAP measure, was $205 million, down from $659 million in 2023.
Significant changes from the previous fiscal year include a 24% decrease in EyeQ™ SoC shipments, totaling 29 million units in 2024 compared to 37.4 million in 2023. This decrease is attributed to the inventory drawdown and reduced China shipments. The company's cost of revenue decreased by 12% to $913 million, primarily due to lower manufacturing costs and reduced amortization expenses. Conversely, research and development expenses increased by 22% to $1.083 billion, mainly due to increased headcount and share-based compensation.
In terms of strategic developments, Mobileye ceased further internal development of FMCW lidar and wound down its Lidar R&D Unit in the third quarter of 2024. The company also terminated its LiDAR Product Collaboration Agreement with Intel. Mobileye continues to work with over 50 original equipment manufacturers (OEMs) worldwide and its solutions are installed in approximately 1,200 vehicle models, with its System-on-Chips deployed in over 200 million vehicles. As of December 28, 2024, Mobileye employed approximately 3,900 people, with about 85% involved in research and development.
Operationally, Mobileye collected 29.6 billion miles of road data in 2024 from an estimated 3 million REM™-enabled vehicles. The company's SuperVision™ system, launched in late 2021, saw over 300,000 units shipped by the end of 2024. Mobileye highlighted its five core technology pillars: computer vision processing, Road Experience Management™, Compound Artificial Intelligence Systems, next-generation imaging radars, and its EyeQ™ SoCs. The company also detailed its autonomous vehicle strategy, outlining its "eyes-on/hands-on," "eyes-on/hands-off," "eyes-off/hands-off," and "no driver" solution levels.
Mobileye's outlook includes continued investment in research and development to enhance its ADAS and autonomous driving solutions, leveraging its data advantage and REM™ technology for geographic scalability. The company anticipates increased adoption driven by regulatory changes and safety ratings, focusing on its Premium Driver Assist solutions and next-generation autonomous driving offerings. The company also noted several risk factors, including competition, supply chain vulnerabilities, regulatory uncertainty, and the impact of its relationship with Intel. The company does not anticipate paying dividends in the foreseeable future.
About Mobileye Global Inc.
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