Mobileye Registers 59% Revenue Growth In Q4 Backed By Volume Ramp Up; Margins Expand On Pricing Action

  • Mobileye Global Inc MBLY reported fourth-quarter FY22 revenue growth of 59% year-on-year to $565.00 million, beating the consensus of $535.82 million.
  • EyeQ SoC-related revenue grew 48% in the quarter due to volume and ASP growth.
  • The Average System Price was $56.2 in Q4, up from $48.3 in the prior year, driven primarily by an increased mix of advanced products. 
  • Gross margin expanded by 984 bps, while adjusted gross margin decreased by 339 bps to 74%. Adjusted operating margin expanded by 440 bps to 38%.
  • Non-GAAP EPS of $0.27 beat the consensus of $0.17.
  • Mobileye held $1 billion in cash and equivalents. Future business backlog continues to grow, with 2022 ADAS design wins projected to generate revenue of $6.7 billion across 64 million units by 2030.
  • "Our fourth quarter performance is an excellent example of how ramping volumes of our advanced solutions can impact financial performance, as higher average system price amplified strong volume growth, leading to 59% overall revenue growth," said Mobileye President and CEO Prof. Amnon Shashua.
  • Outlook: Mobileye sees FY23 revenue of $2.192 billion - $2.282 billion.
  • Price Action: MBLY shares traded higher by 5.45% at $35.80 in the premarket on the last check Thursday.
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