Q2 2024 Mobileye Global Inc Earnings Call Transcript
Key Points
- EyeQ volumes in Q2 more than doubled versus Q1, indicating strong demand recovery.
- Revenue for Q2 stands at $439 million, reflecting 84% growth over Q1.
- Adjusted operating margin significantly improved to 18% compared to minus 27% in Q1.
- SuperVision volumes were aligned with the original outlook, with 70,000 units for the first half of the year.
- Mobileye's EyeQ6 platform and Brain6 technology represent significant advancements in autonomous driving, positioning the company as a leader in the market.
- Revenue for Q2 saw a 3% decrease year over year.
- Near-term volume challenges are expected due to market dynamics in China, impacting both ADAS and SuperVision.
- Global production forecasts have weakened, disproportionately impacting core customers, especially in China.
- There has been a decline in orders for the second half of 2024 from Chinese OEMs.
- The delay of a high-volume ADAS launch outside of China is a meaningful headwind.
Greetings, and welcome to the Mobileye 2Q '24 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Dan Galves. Thank you, Mr. Galves, you may begin.
Thanks, Kat. Hello, everyone, and welcome to Mobileye's second-quarter 2024 earnings conference call for the period ending June 29, 2024.
Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.
Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release.
Joining us on the call today, as usual, are Professor Amnon Shashua, Mobileye's CEO
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