• Revenue increased 59% year over year to $565 million in the fourth quarter.

• Diluted EPS (GAAP) was $0.04 and Adjusted Diluted EPS (Non-GAAP) was $0.27 in the fourth quarter.

• Future business backlog continues to grow, with 2022 ADAS (including SuperVision^TM) design wins projected to generate future revenue of $6.7 billion across 64 million units by 2030.¹

• Advanced ADAS products, such as SuperVision^TM contributed meaningfully to our revenue growth and resulted in Average System Price² increasing to $56.2 in fourth quarter 2022 from $48.3 in the prior year period.

• Generated net cash from operating activities of $546 million in the year ended December 31, 2022. Our balance sheet is strong with $1.0 billion of cash and cash equivalents and zero debt as of December 31, 2022.

JERUSALEM — (BUSINESS WIRE) — January 26, 2023 — Mobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months and for the year ended December 31, 2022.

“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. “I’m also very pleased with our business development traction as our OEM customers are increasingly recognizing the scalability of our product portfolio for the following reasons: 1) Adopting SuperVision^TM, an eyes-on, hands-off ADAS system operating across a broad operational design domain (ODD) makes scaling to eyes-off autonomous systems an incremental step rather than a series of moonshots; 2) Mobileye’s EyeQ Kit^TM software development kit, developed over the last five years, enables OEMs to differentiate their systems on top of our core technology assets; and, 3) Regulatory and consumer proof-points will be increasingly important and Mobileye has a clear, multi-pronged approach for data-driven validation. As planned, we will continue to invest heavily (while maintaining strong profitability) during 2023 to productize and launch our advanced solutions as my confidence level on delivering high returns to all stakeholders has never been higher.”

Fourth Quarter and Full-Year 2022 Business Highlights

• Business development activity was very robust in 2022. As disclosed in our CES presentation, projected future revenue (through 2030) from design wins achieved in just 2022 alone totaled $6.7 billion across 63.6 million incremental units. This is more than 3.5x the revenue we generated in 2022 and the projected average system price indicates strong traction for our advanced solutions.¹

• We continue to execute very well in our core ADAS business, as we launched systems into 233 distinct vehicle models in 2022 and pricing and gross profit per unit remained consistent with historical levels.

• SuperVision^TM ECU shipments to ZEEKR were over 90,000 units in 2022 and we are prepared for a series of launches on additional ZEEKR models as well as for multiple other brands under the Geely Holding Group umbrella during 2023. Demand for SuperVision^TM continues to run above our ability to supply (certain ECU components are still somewhat constrained, particularly in 1st half 2023). We expect volumes to more than double year over year in 2023 but we expect shipments to be significantly higher in the 2nd half of 2023 as compared to the first half.

• We recently kicked off development with a premium European automaker for a SuperVision^TM program targeting delivery in 2025. Importantly, the scope of this strategic relationship expanded to include an eyes-off / hands-off Chauffeur^TM program. This trend is consistent with other OEMs where we are in advanced discussions and is a proof-point on our belief that SuperVision^TM, in addition to a near-term profit opportunity for our customers, also naturally serves as a scalable foundation for Consumer AV.
  
  
• We continue to build strong relationships with Mobility-as-a-Service customers, both on the demand and supply side, with our Mobileye Drive^TM self-driving system serving as the enabler. In a recent development, we secured one such program with a leading EU light commercial vehicle OEM.

Fourth Quarter 2022 Financial Summary and Key Explanations (Unaudited)