UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 2827, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 001-41541

Mobileye Global Inc.

(Exact name of registrant as specified in its charter)

Delaware		88-0666433
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
c/o Mobileye B.V. Har Hotzvim, 1 Shlomo Momo HaLevi Street Jerusalem 9777015, Israel		+972-2-541-7333
(Address of principal executive offices) (Zip Code)		(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on Which Registered
Class A common stock, par value $0.01		MBLY		The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 216,005,938 shares of Class A common stock, $0.01 par value, outstanding at ~~July~~October 15, 2025.

Table of Contents

MOBILEYE GLOBAL INC.

FORM 10-Q

For the quarterly period ended ~~June~~September 2827, 2025

TABLE OF CONTENTS

		Page
Part I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	5
	Condensed Consolidated Statements of Changes in Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2426
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4042
Item 4.	Controls and Procedures	4043
Part II.	OTHER INFORMATION	4144
Item 1.	Legal Proceedings	4144
Item 1A.	Risk Factors	4245
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4245
Item 3.	Defaults Upon Senior Securities	4245
Item 4.	Mine Safety Disclosures	4346
Item 5.	Other Information	4346
Item 6.	Exhibits	4346
	Signatures	4447

Table of Contents

In this report, references to “we,” “us,” “our,” our “company,” “Mobileye,” the “Company,” and similar terms refer to Mobileye Global Inc. and, unless the context requires otherwise, its consolidated subsidiaries, except with respect to our historical business, operations, financial performance, and financial condition prior to our initial public offering, where such terms refer to Mobileye Group, which combines the operations of Cyclops Holdings Corporation, Mobileye B.V., GG Acquisition Ltd., Moovit App Global Ltd., and their respective subsidiaries, along with certain Intel employees mainly in research and development. References to “Moovit” refer to GG Acquisition Ltd., Moovit App Global Ltd., and their consolidated subsidiaries.

We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal years 2024 and 2023 were a 52-week fiscal years; fiscal year 2025 is also a 52-week fiscal year. Certain amounts, percentages, and other figures presented in this report have been subject to rounding adjustments. Accordingly, figures shown as totals, dollars, or percentage amounts of changes may not represent the arithmetic summation or calculation of the figures that precede them.

Table of Contents

Part 1: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MOBILEYE GLOBAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	~~June~~September 2827,		December 28,
U.S. dollars in millions, except share and per share data	2025		2024
Assets
Current assets
Cash and cash equivalents	$	1,~~709~~749	$	1,426
Trade accounts receivable, net		~~217~~201		212
Inventories		~~325~~318		415
Other current assets		~~146~~148		121
Total current assets		2,~~397~~416		2,174
Non-current assets
Property and equipment, net		~~454~~453		458
Intangible assets, net		1,~~387~~276		1,609
Goodwill		8,200		8,200
Other long-term assets		~~140~~135		138
Total non-current assets		10,~~181~~064		10,405
TOTAL ASSETS	$	12,~~578~~480	$	12,579
Liabilities and Equity
Current liabilities
Accounts payable and accrued expenses	$	~~199~~211	$	190
Employee related accrued expenses		~~115~~125		105
Related party payable		4		4
Other current liabilities		2934		34
Total current liabilities		~~347~~374		333
Non-current liabilities
Long-term employee benefits		6974		62
Deferred tax liabilities		3632		47
Other long-term liabilities		6065		50
Total non-current liabilities		~~165~~171		159
Contingencies (see note 11)
TOTAL LIABILITIES	$	~~512~~545	$	492
Equity
Class A common stock: $0.01 par value; 4,000,000,000 shares authorized; shares issued and outstanding: 103,579,323 as of June 28, 2025 and 100,226,477 as of December 28, 2024		1		1
Class A common stock: $0.01 par value; 4,000,000,000 shares authorized; shares issued and outstanding: 216,005,938 as of September 27, 2025 and 100,226,477 as of December 28, 2024		2		1
Class B common stock: $0.01 par value; 1,500,000,000 shares authorized; shares issued and outstanding: 711,500,000 as of June 28, 2025 and December 28, 2024		7		7
Class B common stock: $0.01 par value; 1,500,000,000 shares authorized; shares issued and outstanding: 597,768,015 as of September 27, 2025 and 711,500,000 as of December 28, 2024		6		7
Additional paid-in capital		15,~~270~~240		15,137
Accumulated other comprehensive income (loss)		1712		2
Retained earnings (accumulated deficit)		(3,~~229~~325)		(3,060)
TOTAL EQUITY		1211,~~066~~935		12,087
TOTAL LIABILITIES AND EQUITY	$	12,~~578~~480	$	12,579

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MOBILEYE GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
	~~June~~September 2827,		~~June~~September 2928,		~~June~~September 2827,		~~June~~September 2928,
U.S. dollars in millions, except share and per share data	2025		2024		2025		2024
Revenue	$	~~506~~504	$	~~439~~486	$	~~944~~1,448	$	~~678~~1,164
Cost of revenue		~~254~~261		~~230~~249		~~485~~746		~~415~~664
Gross profit		~~252~~243		~~209~~237		~~459~~702		~~263~~500
Research and development, net		~~282~~304		~~256~~303		~~557~~861		~~499~~802
Sales and marketing		2529		28		5685		6290
General and administrative		19		1918		3756		3452
Total operating expenses		326		303		650		595
Goodwill impairment		—		2,695		—		2,695
Operating income (loss)		(74)		(94)		(191)		(332)
Total operating expenses		352		3,044		1,002		3,639
Financial income (expense), net		13		13		31		30
Operating income (loss)		(109)		(2,807)		(300)		(3,139)
Income (loss) before income taxes		(61)		(81)		(160)		(302)
Financial income (expense), net		17		14		48		44
Benefit (provision) for income taxes		(6)		(5)		(9)		(2)
Income (loss) before income taxes		(92)		(2,793)		(252)		(3,095)
Net income (loss)	$	(67)	$	(86)	$	(169)	$	(304)
Benefit (provision) for income taxes		(4)		78		(13)		76
Net income (loss)	$	(96)	$	(2,715)	$	(265)	$	(3,019)
Earnings (loss) per share attributed to Class A and Class B stockholders:
Basic and diluted	$	(0.0812)	$	(03.1135)	$	(0.2133)	$	(03.3874)
Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions):
Basic and diluted		~~812~~814		~~806~~811		~~812~~813		~~806~~808
Net income (loss)		(6796)		(862,715)		(~~169~~265)		(~~304~~3,019)
Other comprehensive income (loss), net of tax		18(5)		—		1510		—
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(49101)	$	(862,715)	$	(~~154~~255)	$	(~~304~~3,019)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MOBILEYE GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)


	Common Stock
						Accumulated		Retained
				Additional		Other		Earnings		Total
	Number of			paid-in		Comprehensive		(Accumulated		Shareholders’
U.S. dollars in millions, except share and per share data	shares	Amount		capital		Income (Loss)		Deficit)		Equity
U.S. dollars except number of shares, in millions	shares	Amount		capital		Income (Loss)		deficit)		Equity
Three Months Ended
Balance as of March 29, 2025	812	$	8	$	15,204	$	(1)	$	(3,162)	$	12,049
Net income (loss)	—		—		—		—		(67)		(67)
Other comprehensive income (loss), net	—		—		—		18		—		18
Share-based compensation expense	—		—		69		—		—		69
Recharge to Parent for Share-based compensation	—		—		(3)		—		—		(3)
Issuance of common stock under employee share-based compensation plans	3		—		—		—		—		—
Balance as of June 28, 2025	815	$	8	$	15,270	$	17	$	(3,229)	$	12,066
Net income (loss)	—		—		—		—		(96)		(96)
Other comprehensive income (loss), net	—		—		—		(5)		—		(5)
Share-based compensation expense	—		—		72		—		—		72
Recharge to Parent for Share-based compensation	—		—		(2)		—		—		(2)
Issuance of common stock under employee share-based compensation plans	5		—		—		—		—		—
Repurchase of common stock from Parent	(6)		—		(100)		—		—		(100)
Balance as of September 27, 2025	814	$	8	$	15,240	$	12	$	(3,325)	$	11,935

Balance as of March 30, 2024	806	$	8	$	14,943	$	—	$	(188)	$	14,763
Net income (loss)	—		—		—		—		(86)		(86)
Share-based compensation expense	—		—		62		—		—		62
Recharge to Parent for Share-based compensation	—		—		(20)		—		—		(20)
Issuance of common stock under employee share-based compensation plans	3		—		—		—		—		—
Balance as of June 29, 2024	809	$	8	$	14,985	$	—	$	(274)	$	14,719
Net income (loss)	—		—		—		—		(2,715)		(2,715)
Share-based compensation expense	—		—		79		—		—		79
Recharge to Parent for Share-based compensation	—		—		(5)		—		—		(5)
Issuance of common stock under employee share-based compensation plans	2		—		—		—		—		—
Balance as of September 28, 2024	811	$	8	$	15,059	$	—	$	(2,989)	$	12,078

Six Months Ended
Nine Months Ended
Balance as of December 28, 2024	812	$	8	$	15,137	$	2	$	(3,060)	$	12,087
Net income (loss)	—		—		—		—		(~~169~~265)		(~~169~~265)
Other comprehensive income (loss), net	—		—		—		1510		—		1510
Tax sharing agreement with Parent	—		—		3		—		—		3
Share-based compensation expense	—		—		~~134~~206		—		—		~~134~~206
Recharge to Parent for Share-based compensation	—		—		(46)		—		—		(46)
Issuance of common stock under employee share-based compensation plans	38		—		—		—		—		—
Balance as of June 28, 2025	815	$	8	$	15,270	$	17	$	(3,229)	$	12,066
Repurchase of common stock from Parent	(6)		—		(100)		—		—		(100)
Balance as of September 27, 2025	814	$	8	$	15,240	$	12	$	(3,325)	$	11,935

Balance as of December 30, 2023	806	$	8	$	14,886	$	—	$	30	$	14,924
Net income (loss)	—		—		—		—		(~~304~~3,019)		(~~304~~3,019)
Share-based compensation expense	—		—		~~124~~203		—		—		~~124~~203
Recharge to Parent for Share-based compensation	—		—		(2530)		—		—		(2530)
Issuance of common stock under employee share-based compensation plans	35		—		—		—		—		—
Balance as of June 29, 2024	809	$	8	$	14,985	$	—	$	(274)	$	14,719
Balance as of September 28, 2024	811	$	8	$	15,059	$	—	$	(2,989)	$	12,078

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MOBILEYE GLOBAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	~~Six~~Nine ~~months~~Months ~~ended~~Ended
	~~June~~September 2827,		~~June~~September 2928,
U.S. dollars in millions	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(~~169~~265)	$	(~~304~~3,019)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment		3654		3046
Share-based compensation		~~134~~206		~~124~~203
Amortization of intangible assets		~~222~~333		~~222~~333
Exchange rate differences on cash and cash equivalents		(8)		5
Goodwill impairment		—		2,695
Deferred income taxes		(11)		(11)
Exchange rate differences on cash and cash equivalents		(8)		2
(Gains) losses on equity and debt investments, net		(1)		1
Deferred income taxes		(16)		(98)
Other		45		(1)
Changes in operating assets and liabilities:
Decrease (increase) in trade accounts receivable		~~(5)~~11		~~133~~113
Decrease (increase) in other current assets		1215		87
Decrease (increase) in inventories		9097		(9466)
Increase (decrease) in accounts payable, accrued expenses and related party payable		422		(5255)
Increase (decrease) in employee-related accrued expenses and long term benefits		17		3
Increase (decrease) in employee-related accrued expenses and long-term benefits		32		24
Increase (decrease) in other current liabilities		(61)		510
Decrease (increase) in other long-term assets		(23)		(25)
Increase (decrease) in other long-term liabilities		57		35
Net cash provided by operating activities		~~322~~489		70196
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(2852)		(4668)
Purchases of debt and equity investments		(4479)		(1832)
Maturities and sales of debt and equity investments		3367		—2
Net cash used in investing activities		(3964)		(6498)
CASH FLOWS FROM FINANCING ACTIVITIES
Share-based compensation recharge		—(2)		(1116)
Net cash provided by (used in) financing activities		—		(11)
Repurchase of common stock from Parent		(100)		—
Effect of foreign exchange rate changes on cash and cash equivalents		8		(5)
Net cash used in financing activities		(102)		(16)
Increase (decrease) in cash, cash equivalents and restricted cash		291		(10)
Effect of foreign exchange rate changes on cash and cash equivalents		8		(2)
Increase in cash, cash equivalents and restricted cash		331		80
Balance of cash, cash equivalents and restricted cash, at beginning of year		1,438		1,226
Balance of cash, cash equivalents and restricted cash, at end of period	$	1,~~729~~769	$	1,~~216~~306
Supplementary non-cash investing and financing activities:
Non-cash purchase of property and equipment	$	137	$	109
Non-cash share based compensation recharge	$	—	$	14
Tax sharing agreement with Parent	$	(3)	$	—
Conversion of Class B common stock to Class A common stock	$	1	$	—
Supplemental cash flow information:
Cash received (paid) for income taxes, net of refunds	$	(37)	$	(1520)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - GENERAL

Background

Mobileye Global Inc. (“Mobileye”, “the Company” or “we”) is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions, aimed to provide the capabilities required for the future of autonomous driving, leveraging a comprehensive suite of purpose-built software and hardware technologies.

Intel Corporation (“Intel” or the “Parent”) directly or indirectly holds all of the Class B common stock of Mobileye, which as of ~~June~~September 2827, 2025, represents approximately 8779.36% of our outstanding common stock and 9897.63% of the voting power of our common stock. ~~For a change in Intel’s holdings following the completion of the Secondary Offering, Share Repurchase, Option and Conversion, refer to Note 12.~~

Operations in Israel

On October 7, 2023, Hamas launched a series of attacks on civilian and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces have responded. In addition, both Hezbollah and the Houthi movement have attacked military and civilian targets in Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the Red Sea, to which both Israel and the United States have responded. Further, on April 13, 2024 and October 1, 2024, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. Most recently, on June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date, our operations have not been materially affected, although as of ~~July~~October 15, 2025 approximately 63.78% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip, Lebanon, Iran and the broader region, as well as the security escalation in Israel, will not have a material impact on our business results in the short term. However, since these are events beyond our control, their continuation or cessation may affect our expectations. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.

Secondary Offering, Share Repurchase and Conversion

On July 9, 2025, the Company announced the pricing of a public secondary offering of 50,000,000 shares of Class A common stock (which shares were received upon the conversion of 50,000,000 shares of Class B common stock into Class A common stock) by Intel at a public offering price of $16.50 per share (the “Secondary Offering”), with Intel granting the underwriters a 30-day option to purchase up to an additional 7,500,000 shares of Class A common stock (the “Option”). The Secondary Offering closed on July 11, 2025.

In connection with and conditional upon the closing of the Secondary Offering, on July 11, 2025 the Company purchased from Intel 6,231,985 shares of Class A common stock (which shares were received upon the conversion of 6,231,985 shares of Class B common stock into Class A common stock) at a price of $16.04625 per share, which is equal to the per share purchase price paid by the underwriters in the Secondary Offering pursuant to a share repurchase agreement with Intel (the “Share Repurchase”). The aggregate consideration paid by the Company for the Share Repurchase was $100 million and is subject to a nondeductible excise tax of 1% pursuant to the Inflation Reduction Act of 2022. Upon closing of the Share Repurchase, the Company cancelled and retired the 6,231,985 shares of Class A common stock acquired pursuant to the Share Repurchase. The excess of the repurchase price over par value was charged to additional paid in capital.

Following the closing of the Share Repurchase, the underwriters exercised the Option (which shares were received upon the conversion of 7,500,000 shares of Class B common stock into Class A common stock), which closed on July 11, 2025. The Company did not sell any shares of Class A common stock in the Secondary Offering or in respect of the exercise of the Option and did not receive any proceeds from the sale of shares offered by Intel.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In addition to and conditional upon the closing of the Secondary Offering, Intel voluntarily converted pursuant to the Company’s Amended and Restated Certificate of Incorporation an additional 50,000,000 shares of Class B common stock to Class A common stock (the “Conversion”). The shares issued to Intel pursuant to the Conversion were issued pursuant to an exemption from registration pursuant to Section 3(a)(9) of the U.S. Securities Act of 1933. The Company received no proceeds from issuance of shares in the Conversion.

The Company paid the costs, which were approximately $1 million, associated with the registration of shares in connection with the Secondary Offering and Option, other than underwriting discounts, fees and commissions.

Upon completion of the Secondary Offering, Share Repurchase, Option and Conversion and as of September 27, 2025, Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye as well as 50,000,000 shares of Class A common stock, which together represent approximately 79.6% of our outstanding common stock and 97.3% of the voting power of our common stock.

As a result of the Secondary Offering, Share Repurchase, Option and Conversion, the Company has concluded that from a U.S. income tax perspective, Intel no longer holds a sufficient percentage of the Company’s issued and outstanding common stock, which resulted in the deconsolidation of the Company from Intel’s U.S. domestic income tax return on July 11, 2025 (the “Tax Deconsolidation”). Following the Tax Deconsolidation, the Company is no longer included in Intel’s U.S. domestic consolidated income tax return and will be filing its own U.S. corporate income tax returns for periods beginning July 12, 2025.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information.

We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2025 is a 52-week fiscal year; fiscal year 2024 was also a 52-week fiscal year.

The results of operations for the three and ~~six~~nine months ended ~~June~~September 2827, 2025 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2025. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 28, 2024.

8There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 28, 2024, except as detailed below regarding accounting for share repurchases. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 28, 2024.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts and events reported and disclosed in the condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions and factors, including the current economic environment, that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 28, 2024. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 28, 2024.

Use of estimates

On an on-going basis, management evaluates its estimates, judgments, and assumptions. The most significant estimates and assumptions relate to useful lives of intangible assets, impairment assessment of intangible assets and goodwill and income taxes. A change in estimates, including a change in the overall market value of the Company, could require reassessments of the items noted above.

Cash, cash equivalents and restricted cash

The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end:


	As of
U.S. dollars in millions	~~June~~September 2827, 2025		December 28, 2024
Cash	$	5778	$	56
Short term deposits		~~649~~661		419
Money market funds		1,~~003~~010		951
Restricted cash (within other current and other long-term assets)		20		12
Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows	$	1,~~729~~769	$	1,438

Fair value measurement

The carrying value of short-term deposits classified as cash equivalents approximates their fair value due to the short maturity of these items.

The Company’s investment in money market funds is measured at fair value within Level 1 of the fair value hierarchy because they consist of financial assets for which quoted prices are available in an active market. Interest income related to money market funds for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024 amounted to $1110 million and $12 million, respectively; and $2131 million and $2436 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

The Company’s investment in U.S. government bonds is measured at fair value within Level 1 of the fair value hierarchy because they consist of U.S. government bonds for which quoted prices are available in an active market.

The Company’s derivative instruments designated as hedging instruments are measured at fair value within Level 2 of the fair value hierarchy.

The carrying amounts of trade accounts receivable and accounts payable approximate fair value because of their generally short maturities.

Research and development, net

Research and development costs are expensed as incurred, and consist primarily of personnel, facilities, equipment, and supplies for research and development activities.

910

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company enters into best-efforts non-refundable, non-recurring engineering (“NRE”) arrangements pursuant to which the Company is reimbursed for a portion of the research and development expenses attributable to specific development programs. The Company does not receive any additional compensation or royalties upon completion of such projects and the potential customer does not commit to purchase the resulting product in the future. The participation reimbursement received by the Company does not depend on whether there are future benefits from the project. All intellectual property generated from these arrangements is exclusively owned by the Company.

Participation in expenses for research and development projects are recognized on the basis of the costs incurred and are netted against research and development expenses in the condensed consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $1916 million and $1224 million were offset against research and development costs in the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively; and $4561 million and $4872 million were offset in the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Derivatives and hedging

During the fourth quarter of 2024 the Company initiated a foreign currency cash flow hedging program, designed to hedge the Company’s foreign exchange rate risk, resulting from ILS payroll expenses. The Company hedges portions of its forecasted payroll payments denominated in ILS for a period of up to 12 months, using forward contracts that are designated as cash flow hedges, as defined by ASC 815. These derivative instruments are measured at fair value within Level 2 of the fair value hierarchy. Derivative instruments are recorded as other current assets or other current liabilities, according to the timing of settlement. For these derivative instruments, designated as a cash flow hedge, gains and losses are reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the hedged transaction and in the same period or periods during which the hedged transaction affects the statement of operations. As of ~~June~~September 2827, 2025, the Company expects to reclassify all of its unrealized gains and losses from accumulated other comprehensive income (loss) to earnings during the next twelve months. The cash flows associated with these derivatives are classified in the consolidated statements of cash flows consistently with the classification of the underlying hedged transaction, within cash flows from operating activities.

The notional amount and fair value of outstanding derivatives at the end of each period were:


	As of
U.S. dollars in millions	~~June~~September 2827, 2025		December 28, 2024
Notional amount of derivatives contracts	$	~~243~~204	$	214
Fair value of derivative assets	$	1813	$	2

The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows:


	Three Months Ended				~~Six~~Nine Months Ended
U.S. dollars in millions	~~June~~September 2827, 2025		~~June~~September 2928, 2024		~~June~~September 2827, 2025		~~June~~September 2928, 2024
Other comprehensive income (loss) before reclassifications	$	232	$	—	$	2224	$	—
Amounts reclassified out of accumulated other comprehensive (income) loss *		(47)		—		(613)		—
Tax effects		~~(1)~~**		—		(1)		—
Other comprehensive income (loss), net	$	18(5)	$	—	$	1510	$	—

* Amounts of gains (losses) reclassified from other comprehensive income (loss) into profit or loss are recorded in cost of revenue and operating expenses.

10** Less than $1 million.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Income Tax

The provision for income tax consists of income taxes in the various jurisdictions where the Company is subject to taxation, primarily the United States and Israel. For interim periods, the Company recognizes an income tax benefit (provision) based on the estimated annual effective tax rate, calculated on a worldwide consolidated basis, expected for the entire year. The Company applies this rate to the year-to-date pre-tax income. The overall effective tax rate is influenced by valuation allowances on tax assets for which no benefit can be recognized due to the Company’s recent history of pretax losses sustained. Tax jurisdictions with forecasted pretax losses for the year for which no benefit can be recognized are excluded from the calculation of the worldwide estimated annual effective tax rate, and any associated tax provision or benefit for those jurisdictions is recorded separately.

During the periods presented in the condensed consolidated financial statements, certain components of the Company’s business operations were included in the Parent’s consolidated U.S. domestic income tax return ~~filed~~while bythe Company continued to file various foreign income tax returns separately from the Parent. Following the Secondary Offering, which resulted in the Tax Deconsolidation (see also Note 1), the Company is no longer included in the Parent’s ~~Parent~~U.S. ~~The~~domestic ~~Company~~consolidated ~~also~~income ~~files~~tax ~~various~~return ~~foreign~~and will be filing its own U.S. corporate income tax returns onfor aperiods ~~separate~~beginning ~~basis~~July 12, ~~distinct~~2025 ~~from~~onwards. ~~its~~Prior ~~Parent.~~to ~~The~~the Tax Deconsolidation event, the income tax provision included in the Company’s condensed consolidated financial statements ~~has~~was ~~been~~ calculated using the separate return method, as if the Company had filed its own U.S. corporate income tax returns. However, the Tax Deconsolidation event does not have a material impact on the Company’s income tax provision for the nine months ended September 27, 2025.

The Company ~~has~~had previously entered into a Tax Sharing Agreement, which was amended and restated on August 14, 2024 (the “TSA”) with its Parent ~~that~~to ~~establishes~~establish the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. ~~Any~~For periods prior to the Tax Deconsolidation, any differences between taxes currently payable to the Company’s Parent under the ~~Tax~~TSA ~~Sharing Agreement~~ and the current tax provision computed on a separate return basis, iswere reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows. ~~(see~~As ~~also~~a ~~Note~~result 7)of the Tax Deconsolidation, starting July 12, 2025 the computation of cash payable between the Company and Intel, under the TSA, is no longer applicable with respect to U.S. federal income taxes. Accordingly, starting July 12, 2025, Mobileye calculates and reports its U.S. federal and applicable state income tax liabilities as a standalone taxpayer and will no longer allocate or share tax attributes, liabilities nor benefits with its Parent as previously required under the TSA. For periods prior to Tax Deconsolidation, Mobileye and its Parent will continue to account for any outstanding tax sharing obligations in accordance with the terms of the TSA.

~~The~~Share Company reflects tax loss and tax credit carry-forward attributes under the separate return method approach. Such tax attributes may not be benefited in the same period as the Company’s Parent on a consolidated tax return. As a result, there are inherent differences between the Company’s separate tax return method approach and certain actual tax returns filed on a consolidated basis with Intel.repurchases

We have elected to retire shares repurchased to date. The retired shares are equivalent to authorized, unissued shares and are no longer considered to be outstanding or held in treasury. The excess purchase price of the shares over the par value is recorded as a reduction to additional paid-in-capital or to retained earnings if the balance in additional paid-in capital is not sufficient.

Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, which include short-term deposits and money market funds, U.S. government bonds, derivative financial instruments, and also trade accounts receivable.

The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short-term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash, and the U.S. government bonds are also highly liquid. Derivative financial instruments are forward contracts entered into with major banks in Israel to hedge the Company’s foreign exchange rate risk. Accordingly, management believes that these bank deposits, money market funds, U.S. government bonds and derivative financial instruments have minimal credit risk.

The Company’s accounts receivable are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivable is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days.12

The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company recognizes an allowance for credit losses for any potential uncollectible amounts. The allowance is based on various factors, including historical experience, the age of the accounts receivable balances, credit quality of the customers, and other reasonable and supportable information. This allowance consists of an amount based on overall estimated exposure for the receivable portfolio and amounts identified for specific customers. Expected credit losses are recorded as general and administrative expenses in the Company’s condensed consolidated statement of operations and comprehensive income. As of June 28, 2025 and December 28, 2024, the credit loss allowance for trade accounts receivable was not material. For the three and six months ended June 28, 2025 and June 29, 2024, the charge-offs and recoveries in relation to the credit losses were not material.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company recognizes an allowance for credit losses for any potential uncollectible amounts. The allowance is based on various factors, including historical experience, the age of the accounts receivable balances, credit quality of the customers, and other reasonable and supportable information. This allowance consists of an amount based on overall estimated exposure for the receivable portfolio and amounts identified for specific customers. Expected credit losses are recorded as general and administrative expenses in the Company’s condensed consolidated statement of operations and comprehensive income. As of September 27, 2025 and December 28, 2024, the credit loss allowance for trade accounts receivable was not material. For the three and nine months ended September 27, 2025 and September 28, 2024, the charge-offs and recoveries in relation to the credit losses were not material.

Customer concentration risk

The Company’s business, results of operations, and financial condition for the foreseeable future will likely continue to depend on sales to a relatively small number of customers. In the future, these customers may decide not to purchase the Company’s products, may purchase fewer products than in previous years, or may alter their purchasing patterns. Further, the amount of revenue attributable to any single customer or customer concentration generally may fluctuate in any given period. In addition, a decline in the production levels of one or more of the Company’s major customers, particularly with respect to vehicle models for which the Company is a significant supplier, could reduce revenue. The loss of one or more key customers, a reduction in sales to any key customer or the Company’s inability to attract new significant customers could negatively impact revenue and adversely affect the Company’s business, results of operations, and financial condition. See Note 9 Segment Information related to customers that accounted for more than 10% of the Company’s total revenue and more than 10% of the total accounts receivable balance for each of the periods presented in these condensed consolidated financial statements.

Dependence on a single supplier or limited suppliers risk

The Company purchases all its System on Chip (“EyeQ™ SoC”) from a single supplier. For certain materials, equipment, and services, we, and/or our suppliers and vendors, rely on a single or a limited number of direct and indirect suppliers and vendors. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could adversely effect the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ™ SoCs that the Company experienced during 2021 and 2022 and may experience in the future, including in ECUs for SuperVision™ and other components for our products.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Supply chain risk

During the fiscal years 2021 and 2022, the semiconductor industry experienced widespread shortages of substrates and other components and available foundry manufacturing capacity. During 2021 and 2022, STMicroelectronics, our sole supplier of EyeQ™ SoCs, was not able to meet our demand for EyeQ™ SoCs, causing a significant reduction in the Company’s inventory levels. Starting in late 2022 and early 2023, such supply disruptions, raw material shortages and manufacturing limitations abated and during 2023, we successfully increased levels of EyeQ™ SoC inventory on hand, mitigating the potential for future supply constraints to cause a shortfall of chips. However, in the event of a reoccurrence of supply chain constraints, and subject to the duration and severity thereof, we may be required to operate with minimal or no inventory of EyeQ™ SoCs or SuperVision™ ECUs on hand. As a result, we are substantially reliant on timely shipments of EyeQ™ SoCs from STMicroelectronics and ECUs from Quanta Computer (or other suppliers) and may in the future become reliant on additional suppliers such as TSMC to fulfill customer orders and if such a shortfall of chips or ECUs were to occur, we may be unable to offset future supply constraints through the use of inventory on hand. Since our EyeQ™ SoC is the core of our ADAS and autonomous driving solutions, continued, acute shortages in the supply of sufficient EyeQ™ SoCs to meet our production needs would impair our ability to meet our customers’ requirements in a timely manner, and would affect our business, results of operations, and financial condition potentially in an adverse manner.

New Accounting pronouncements

Accounting Pronouncements effective in future periods

In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company iswill ~~evaluating~~be implementing the ~~potential~~new ~~impact~~income oftax ~~this~~disclosures ~~guidance on its consolidated financial statements~~retrospectively.

12In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expense, and ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU improves the disclosures about a public business entity’s expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, general and administrative, and research and development). The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statement disclosures.

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements and disclosures.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expense, and ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU improves the disclosures about a public business entity’s expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, general and administrative, and research and development). The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statement disclosures.

NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS

Inventories


	As of
U.S. dollars in millions	~~June~~September 2827, 2025		December 28, 2024
Raw materials	$	2521	$	35
Work in process		—1		1
Finished goods		~~300~~296		379
Total inventories	$	~~325~~318	$	415

Inventory write-downs and write-offs totaled $1zero ~~million~~ and $1 million for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively; and $2 million and $12 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Property and equipment


	As of
U.S. dollars in millions	~~June~~September 2827, 2025		December 28, 2024
Computers, electronic equipment and software	$	~~226~~239	$	197
Vehicles		14		14
Office furniture and equipment		1011		10
Buildings		~~319~~320		321
Leasehold improvements		4851		44
Total property and equipment, gross	$	~~617~~635	$	586
Less: accumulated depreciation		(~~163~~182)		(128)
Total property and equipment, net	$	~~454~~453	$	458

Depreciation expenses totaled $18 million and $16 million for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively; and $3654 million and $3046 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively. During the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of $1 million and $7 million, respectively.

NOTE 4 - EQUITY

Share-based compensation plans

Mobileye Plan

In June 2025, the stockholders of the Company approved the Amended and Restated Mobileye Global Inc. 2022 Equity Incentive Plan (“the “2022 Plan”). Equity awards under the 2022 Plan are granted for Class A shares and vest upon the satisfaction of a service-based vesting condition, mostly over service periods of three years.

13Restricted Stock Units

The RSUs activity for the nine months ended September 27, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows:

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Restricted Stock Units


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Outstanding as of December 28, 2024	21,453	$	27.0
Granted	21,839		16.4
Vested	(8,279)		27.8
Forfeited	(1,079)		25.8
Outstanding as of September 27, 2025	33,934	$	20.0

The RSUs activity for the six months ended June 28, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows:


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Outstanding as of December 28, 2024	21,453	$	27.0
Granted	2,104		13.7
Vested	(3,427)		22.9
Forfeited	(734)		27.0
Outstanding as of June 28, 2025	19,396	$	26.3

The RSUs activity for the three months ended September 27, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows:

The RSUs activity for the three months ended June 28, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows:


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Outstanding as of June 28, 2025	19,396	$	26.3
Granted	19,735		16.7
Vested	(4,852)		31.2
Forfeited	(345)		23.2
Outstanding as of September 27, 2025	33,934	$	20.0


		Weighted average grant
	Number of RSUs	date fair value
	In thousands	U.S. dollars
Outstanding as of March 29, 2025	21,188	$	26.7
Granted	1,621		13.2
Vested	(3,157)		22.3
Forfeited	(256)		24.2
Outstanding as of June 28, 2025	19,396	$	26.3

As of September 27, 2025, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $509 million, which is expected to be recognized as an expense over a weighted-average period of 2.34 years.

As of June 28, 2025, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $295 million, which is expected to be recognized as an expense over a weighted-average period of 1.91 years.

Intel Plan

Prior to the Mobileye IPO, since 2017, employees of the Company had been incentivized and rewarded through the grant of Intel equity awards under Intel’s equity incentive plan which contains only a service condition. The equity awards granted generally vest over the course of three years from the grant date. The activity of the Company’s employees for Intel’s options and RSUs was immaterial for the current period.

Share-based compensation expense summary (for both Mobileye and Intel Plans)

Expenses recognized

Share-based compensation expenses included in the condensed consolidated statements of operations and comprehensive income (loss) were as follows:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
U.S. dollars in millions	~~June~~September 2827, 2025		~~June~~September 2928, 2024		~~June~~September 2827, 2025		~~June~~September 2928, 2024
Cost of revenue	$	1—	$	1—	$	1	$	1
Research and development, net		5962		5570		~~116~~178		~~108~~178
Sales and marketing		2		—2		35		24
General and administrative		78		67		1422		1320
Total share-based compensation	$	6972	$	6279	$	~~134~~206	$	~~124~~203

1416

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 5 - EARNINGS (LOSS) PER SHARE

The following table summarizes the calculation of basic earnings (loss) per share for the periods presented:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
	~~June~~September 2827,		~~June~~September 2928,		~~June~~September 2827,		~~June~~September 2928,
In millions, except per share amounts	2025		2024		2025		2024
Numerator:
Net income (loss)	$	(6796)	$	(862,715)	$	(~~169~~265)	$	(~~304~~3,019)
Denominator:
Weighted average common shares - basic and diluted		~~812~~814		~~806~~811		~~812~~813		~~806~~808
Earnings (loss) per share:
Basic and diluted	$	(0.0812)	$	(03.1135)	$	(0.2133)	$	(03.3874)

For the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 2232.13 million and 1520.4 million potential common shares, respectively; and 2125.73 million and 1517.20 million potential common shares for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively, related to restricted stock units granted under the 2022 Plan to the Company’s employees, as the effect of their inclusion would have been anti-dilutive.

NOTE 6 - INCOME TAXES

The Company’s quarterly benefit (provision) for income taxes and the estimates of its annual effective tax rate, are subject to fluctuation due to several factors, principally including variability in overall pre-tax income and the mix of tax paying components to which such income relates.

~~The~~Prior to the Tax Deconsolidation, the income tax benefit (provision) included in these condensed consolidated financial statements ~~has~~had been calculated using the separate return method, as if the Company had filed its own tax returns. ~~Net~~Following ~~operating~~the ~~losses~~Tax ~~generated~~Deconsolidation, byMobileye becomes a standalone taxpayer from a U.S. federal and applicable state income tax perspective for the period starting July 12, 2025. As such, the Company ~~that~~now ~~have~~calculates ~~been~~and ~~utilized~~report asits ~~part~~U.S. offederal ~~the~~and ~~Parent’s~~applicable ~~consolidated~~state income tax ~~return~~liabilities ~~filings~~as ~~but~~a ~~have~~standalone ~~not~~taxpayer. ~~been~~Additionally, ~~utilized~~the byTax Deconsolidation results in an adjustment to the Company’s ~~under~~deferred ~~the~~income ~~separate~~tax ~~return~~assets ~~method~~and ~~approach~~liabilities, ~~have~~primarily ~~been~~with ~~reflected~~respect into ~~these~~its ~~condensed~~net ~~consolidated~~operating ~~financial~~losses, ~~statements~~reflecting ~~because~~attributes that the Company will ~~recognize~~retain as a ~~benefit~~result ~~for~~of ~~the~~its ~~separate~~status ~~return~~as ~~method~~a standalone taxpayer. Most of the net operating losses ~~when~~were ~~determined~~utilized toby bethe ~~realizable,~~Company’s ~~whether~~Parent ason aits ~~deduction~~historic ~~against~~income ~~current~~tax ~~taxable~~returns. ~~income~~These indeferred ~~future~~adjustments ~~periods~~are oroffset ~~upon~~with ~~recognition~~a ofchange ~~associated~~in deferred tax ~~assets~~asset ~~based on~~ valuation allowance ~~assessments~~.

As the Company has jurisdictions that have sustained recent losses, ~~based on~~ the ~~separate~~historical ~~return method, a~~ valuation allowance position is ~~required~~maintained ~~for~~on net deferred tax assets for which no benefit can be currently realized.

Provision for income tax in the ~~six~~nine months ended ~~June~~September 2827, 2025 was $913 million compared to a ~~provision~~benefit for income tax of $276 million in the ~~six~~nine months ended ~~June~~September 2928, 2024. The provision for income tax in the three months ended ~~June~~September 2827, 2025, was $64 million compared to a ~~provision~~benefit for income tax of $578 million in the three months ended ~~June~~September 2928, 2024. In both periods, the change is mainly ~~related~~due to athe ~~lower~~deferred ~~loss~~tax ~~before~~effect ~~income~~of ~~taxes~~$82 million attributed to goodwill impairment of the Mobileye reporting unit which was recognized in the prior year period.

15NOTE 7 - RELATED PARTY TRANSACTIONS

The Company has entered into a series of related party arrangements with Intel. For further description of the arrangements refer to Note 9 of the notes to the consolidated financial statements for the year ended December 28, 2024.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 7 - RELATED PARTY TRANSACTIONS

Stock Compensation Recharge Agreement

The Company entered into a stock compensation recharge agreement with Intel, which requires the Company to reimburse Intel for certain amounts, net of any related withholding tax, relating to the value of share-based compensation provided to the Company’s employees for RSUs or stock options exercisable in Intel stock. The reimbursement amounts recorded as an adjustment to additional paid-in capital in the condensed consolidated statement of changes in equity were $32 million and $205 million for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively, and $46 million and $2530 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Lease agreements

Under lease agreements with Intel, the Company leases office space in Intel’s buildings. The costs are included in the condensed consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis. The leasing costs for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, were $0.6 million and $0.69 million, respectively, and $1.39 million and $1.2.1 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Other services to a related party

The Company reimbursed its Chief Executive Officer for reasonable travel related expenses incurred while conducting business on behalf of the Company as well as paid for certain security related costs. Travel-related reimbursements and security-related costs totaled $0.28 million and $0.6 million for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively, and $12.31 million and $1.39 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Administrative Services Agreement

Under the Administrative Services Agreement, Intel provides the Company with administrative and other services. The Company pays fees to Intel for the services rendered based on pricing per service agreed between the Company and Intel.

The costs incurred under this agreement for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024 were $0.45 million and $0.26 million, respectively, and $1.38 million and $12.73 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

Technology and Services Agreement

The Technology and Services Agreement, provides a framework for the collaboration on technology projects and services between the Company and Intel (“Technology Projects”), and sets out the licenses granted by each party to its respective technology for the conduct of the Technology Projects, provisions relating to the ownership of certain existing technology, the allocation of rights in any new technology created in the course of the Technology Projects, and certain provisions applicable to the development of a certain radar product of the Company. The Technology and Services Agreement does not apply to projects for the development and manufacture of a lidar sensor system for automobiles, which the LiDAR Product Collaboration Agreement that we entered into in connection with the Mobileye IPO previously covered. Pursuant to the Technology and Services Agreement, the Company and Intel will agree to statements of work with additional terms for Technology Projects.

The amounts incurred under this agreement for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024 were $0.6 million and $1.1 million, respectively, and $1.17 million and $23.23 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

16Tax Sharing Agreement

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(UNAUDITED)

which incorporated certain clarifying amendments into the original Tax Sharing Agreement. As a result of the Tax Deconsolidation, starting July 12, 2025, the computation of cash payable between the Company and Intel, under the Amended and Restated Tax Sharing Agreement, is no longer applicable with respect to U.S. federal income taxes. However, other obligations of the parties under the Amended and Restated Tax Sharing Agreement remain in effect. As of September 27, 2025 and December 28, 2024, the related party payable to Intel, pursuant to the Tax Sharing Agreement were $0 million and $3 million, respectively.

The Tax Sharing Agreement establishes the respective rights, responsibilities and obligations of the Company and Intel after the completion of the Mobileye IPO with respect to tax matters, including the amount of cash the Company will pay to Intel for its share of the tax liability owed on the consolidated filings in which the Company or any of the Company’s subsidiaries are included, including audit or other tax proceedings. On August 14, 2024, Mobileye and Intel entered into an Amended and Restated Tax Sharing Agreement, which incorporated certain clarifying amendments into the original Tax Sharing Agreement. As of June 28, 2025 and December 28, 2024, the related party payable to Intel, pursuant to the Tax Sharing Agreement were $0 million and $3 million, respectively.

NOTE 8 - IDENTIFIED INTANGIBLE ASSETS


	As of
	~~June~~September 2827, 2025						December 28, 2024
			Accumulated						Accumulated
U.S. dollars in millions	Gross Assets		Amortization		Net		Gross Assets		Amortization		Net
Developed technology	$	3,705	$	2,~~572~~666	$	1,~~133~~039	$	3,705	$	2,384	$	1,321
Customer relationships & brands		777		~~523~~540		~~254~~237		786		498		288
Total	$	4,482	$	3,~~095~~206	$	1,~~387~~276	$	4,491	$	2,882	$	1,609

The following table presents the amortization expenses recorded for these identified intangible assets and their weighted average useful lives:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
									Weighted
	~~June~~September 2827,		~~June~~September 2928,		~~June~~September 2827,		~~June~~September 2928,		Average
U.S. dollars in millions	2025		2024		2025		2024		Useful Life
Developed technology	$	94	$	94	$	~~188~~282	$	~~188~~282	10
Customer relationships & brands		17		17		3451		3451	12
Total amortization expenses	$	111	$	111	$	~~222~~333	$	~~222~~333

During the ~~six~~nine months ended ~~June~~September 2827, 2025, the Company derecognized the cost and accumulated depreciation of fully depreciated intangible assets in the amount of $9 million.

The Company expects future amortization expenses for the next five years and thereafter to be as follows:


	Remainder
U.S. dollars in millions	of 2025		2026		2027		2028		2029		Thereafter		Total
Future amortization expenses	$	~~221~~110	$	332	$	179	$	176	$	131	$	348	$	1,~~387~~276

NOTE 9 - SEGMENT INFORMATION

An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer (“CEO”).

The Company’s organizational structure and management reporting supports two operating segments: Mobileye and Moovit. The CODM evaluates performance, makes operating decisions and allocates resources based on the financial data of these operating segments. Operating segments do not record inter-segment revenue. Mobileye is presented as a reportable operating segment and Moovit, which is a mobility-as-a-service company, is presented within “Other” as per ASC 280, Segment Reporting.

The CODM uses segment performance to allocate resources to segments in the annual budget and forecasting process and also uses that measure to assess the segment performance.

17Segment performance is the operating income (loss) reported excluding the amortization of acquisition-related intangible assets, share-based compensation expense and impairment of goodwill. Starting in 2025, the measure of segment performance used by the CODM changed and as a result, the Company’s segment performance measure was updated to also exclude share-based compensation expenses (that were previously included in segment performance). The change aligns with segment information that is now regularly

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Segment performance is the operating income (loss) reported excluding the amortization of acquisition-related intangible assets, share-based compensation expense and impairment of goodwill. Starting in 2025, the measure of segment performance used by the CODM changed and as a result, the Company’s segment performance measure was updated to also exclude share-based compensation expenses (that were previously included in segment performance). The change aligns with segment information that is now regularly provided to the CODM and reflects how the CODM assesses segment performance and makes strategic decisions about the business. Prior period amounts have been recast as a result of the change in segment measure.

The measure of assets has not been disclosed for each segment as it is not regularly provided to the CODM.

The accounting policies of the individual segments are the same as those described in the summary of significant accounting policies in Note 2 to the audited consolidated financial statements for the fiscal year ended December 28, 2024.

The following are segment results for each period as follows:


	Three ~~months~~Months ~~ended~~Ended ~~June~~September 2827, 2025
U.S. dollars in millions	Mobileye		Other		Total
Revenues	$	~~497~~494	$	910	$	~~506~~504
Cost of revenues		~~159~~165		12		—
Research and development, net		~~215~~235		7		—
Sales and marketing		48		2		—
General and administrative		1110		1		—
Segment performance	$	~~108~~76	$	(2)	$	~~106~~74
Amortization of intangible assets		—		—		(111)
Share-based compensation		—		—		(6972)
Financial income (expense), net		—		—		1317
Income (loss) before taxes on income		—		—	$	(6192)

Depreciation of property and equipment	$	18	$	—	$	18


	Three ~~months~~Months ~~ended~~Ended ~~June~~September 2928, 2024
U.S. dollars in millions	Mobileye		Other		Total
Revenues	$	~~428~~475	$	11	$	~~439~~486
Cost of revenues		~~133~~153		2		—
Research and development, net		~~193~~227		86		—
Sales and marketing		56		63		—
General and administrative		1210		1		—
Segment performance	$	8579	$	(61)	$	7978
Amortization of intangible assets		—		—		(111)
Share-based compensation		—		—		(6279)
Financial income (expense), net		—		—		13
Goodwill impairment		—		—		(2,695)
Income (loss) before taxes on income		—		—	$	(81)
Financial income (expense), net		—		—		14

Income (loss) before taxes on income		—		—	$	(2,793)
Depreciation of property and equipment	$	16	$	—	$	16


	Nine Months Ended September 27, 2025
U.S. dollars in millions	Mobileye		Other		Total
Revenues	$	1,419	$	29	$	1,448
Cost of revenues		458		5		—
Research and development, net		662		21		—
Sales and marketing		22		7		—
General and administrative		31		3		—
Segment performance	$	246	$	(7)	$	239
Amortization of intangible assets		—		—		(333)
Share-based compensation		—		—		(206)
Financial income (expense), net		—		—		48
Income (loss) before taxes on income		—		—	$	(252)
Depreciation of property and equipment	$	54	$	—	$	54

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(UNAUDITED)


	~~Six~~Nine ~~months~~Months ~~ended~~Ended ~~June~~September 28, ~~2025~~2024
U.S. dollars in millions	Mobileye		Other		Total
Revenues	$	~~925~~1,134	$	1930	$	~~944~~1,164
Cost of revenues		~~293~~376		35		—
Research and development, net		~~427~~603		1421		—
Sales and marketing		1424		511		—
General and administrative		2129		23		—
Segment performance	$	~~170~~102	$	(510)	$	~~165~~92
Amortization of intangible assets		—		—		(~~222~~333)
Share-based compensation		—		—		(~~134~~203)
Financial income (expense), net		—		—		31
Goodwill impairment		—		—		(2,695)
Income (loss) before taxes on income		—		—	$	(160)
Financial income (expense), net		—		—		44

Income (loss) before taxes on income		—		—	$	(3,095)
Depreciation of property and equipment	$	3646	$	—	$	3646


	Six months ended June 29, 2024
U.S. dollars in millions	Mobileye		Other		Total
Revenues	$	659	$	19	$	678
Cost of revenues		223		3		—
Research and development, net		376		15		—
Sales and marketing		18		8		—
General and administrative		19		2		—
Segment performance	$	23	$	(9)	$	14
Amortization of intangible assets		—		—		(222)
Share-based compensation		—		—		(124)
Financial income (expense), net		—		—		30
Income (loss) before taxes on income		—		—	$	(302)

Depreciation of property and equipment	$	30	$	—	$	30

Total revenues based on the country that the product was shipped to were as follows:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
	~~June~~September 2827,		~~June~~September 2928,		~~June~~September 2827,		~~June~~September 2928,
U.S. dollars in millions	2025		2024		2025		2024
USA	$	~~109~~111	$	91114	$	~~220~~331	$	~~109~~223
China		~~101~~118		~~113~~108		~~201~~319		~~199~~307
Germany		8877		5788		~~162~~239		96184
South Korea		5354		4558		86140		92150
United Kingdom		3327		4232		6996		5587
Poland		2927		2721		5784		3152
Hungary		2820		2325		4565		3560
Czech Republic		20		11		27		16
Slovakia		22		3		55		13
Slovakia		19		5		33		10
Czech Republic		17		11		44		27
Rest of World		26		25		44		35
Thailand		11		2		21		4
Total	$	506	$	439	$	944	$	678
Rest of World		20		24		54		57
Total	$	504	$	486	$	1,448	$	1,164

19We generate the majority of our revenue from the sale of our EyeQTM SoCs to OEMs primarily through sales to Tier 1 automotive suppliers. EyeQTM SoC sales represented approximately 89% and 86% of our revenue for each of the three months ended September 27, 2025 and September 28, 2024, respectively, and 91% and 83% of our revenue for each of the nine months ended September 27, 2025 and September 28, 2024, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

We generate the majority of our revenue from the sale of our EyeQTM SoCs to OEMs primarily through sales to Tier 1 automotive suppliers. EyeQTM SoC sales represented approximately 92% and 86% of our revenue for each of the three months ended June 28, 2025 and June 29, 2024, respectively, and 93% and 81% of our revenue for each of the six months ended June 28, 2025 and June 29, 2024, respectively.

Major Customers

Revenue from major customers that amount to 10% or more of total revenue:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
	~~June~~September 2827,		~~June~~September 2928,		~~June~~September 2827,		~~June~~September 2928,
	2025		2024		2025		2024
Percent of total revenues:
Customer A	2827	%	3228	%	3230	%	2426	%
Customer B	2117	%	1519	%	1918	%	1718	%
Customer C	1715	%	17	%	15	%	1315	%
Customer D	1213	%	*		13	%	1110	%
Customer E	*		1011	%	*		1312	%
Customer F	*		*		*		1210	%
*Less than 10%

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Accounts receivable balances of major customers that amount to 10% or more of total accounts receivable balance:


	As of
	~~June~~September 2827,		December 28,
	2025		2024
Percent of total accounts receivables balance:
Customer A	3739	%	35	%
Customer C	2114	%	13	%
Customer D	1210	%	*
Customer B	10	%	23	%
*Less than 10%

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 10 - INVESTMENTS

Debt Investments

Debt investments include U.S. government bonds and money market funds. U.S. government bonds are for original maturities of up to six months and are classified as available for sale and measured at fair value with the related unrealized gains and losses included in other comprehensive income (expense), net. Money market funds, measured at fair value, consist of institutional investors money market funds and are readily redeemable to cash.

The following tables summarize the Company’s marketable debt securities:


U.S. dollars in millions	~~June~~September 2827, 2025
									Reported as
									Cash and cash		Other current
	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
U.S. government bonds	$	4455	$	—	$	—	$	4455	$	—	$	4455
Money market funds		1,~~003~~010		—		—		1,~~003~~010		1,~~003~~010		—
Total	$	1,~~047~~065	$	—	$	—	$	1,~~047~~065	$	1,~~003~~010	$	4455

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


U.S. dollars in millions	December 28, 2024
									Reported as
									Cash and cash		Other current
	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
U.S. government bonds	$	33	$	—	$	—	$	33	$	—	$	33
Money market funds		951		—		—		951		951		—
Total	$	984	$	—	$	—	$	984	$	951	$	33

Equity Investments

Non-marketable equity securities

In 2024, the Company entered into a series of investment agreements with a privately held company, pursuant to which the Company agreed to purchase up to $25 million of preferred stock. In October 2024, the Company purchased $10 million of preferred stock in the privately held company. The Company no longer has an obligation to purchase additional preferred stock pursuant to the terms of the applicable preferred stock investment agreements.

In July 2025, the privately held company entered into an agreement and plan of merger, pursuant to which a buyer ~~has~~ agreed to acquire the privately held company and merge the foregoing with a wholly-owned subsidiary of the buyer, subject to satisfaction by the parties of certain closing conditions. ~~The~~Upon ~~amount~~closing of ~~consideration~~ the ~~Company~~merger ~~will~~in ~~receive~~August ~~for~~2025, ~~its~~the ~~shares~~Company ofreceived ~~preferred~~consideration ~~stock~~in ~~will~~the beamount ~~approximately~~of $10.3 million atfor ~~closing~~its shares of ~~the~~preferred ~~merger~~stock. ~~and~~The Company may ~~increase~~receive additional consideration, subject to the release of additional ~~consideration~~amounts held in escrow pursuant to the terms of the agreement and plan of merger. In connection with the agreement and plan of merger, the Company entered into an amendment of certain preferred stock investment agreements pursuant to which the Company ~~has~~had the option but not the obligation, to purchase additional preferred stock prior to the closing of the agreement and plan of merger. With the closing of the merger, the Company no longer has this option.

The investment ~~does~~did not provide the Company the ability to control or have significant influence over the operations of the privately held company. We have accounted for the investment using the measurement alternative because the securities are not publicly traded and do not have a readily determinable fair value. Under the measurement alternative, the equity investment is initially recorded at its cost, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the same issuer. AsUpon closing of ~~June~~the ~~28,~~merger ~~2025~~ and ~~December~~the ~~28,~~sale ~~2024,~~of ~~we recorded $10 million for~~ our investment, ~~as other long-term assets. There was no impairment or other change to~~ the ~~value~~Company ofrecognized ~~the~~financing ~~investment~~income as of ~~June~~$0.3 ~~28, 2025 and December 28, 2024~~million.

~~NOTE 11 - CONTINGENCIES~~23

U.S. Class Action

On January 16, 2024, a putative class action captioned McAuliffe v. Mobileye Global Inc., et al., 1:24-CV-00310 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York against Mobileye and certain of its current and former officers. Following consolidation of the action with a substantively identical case, Le v. Mobileye Global Inc., et al., 1:24 - CV - 01390 (S.D.N.Y.), and the appointment of a lead plaintiff, an amended complaint was filed on September 13, 2024. In response to the defendants’ motion to dismiss, filed on October 25, 2024, lead plaintiff filed a second amended complaint on November 22, 2024. The second amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with defendants’ alleged misstatements and omissions concerning the build-up of excess inventory by certain Tier 1 Mobileye customers, and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Mobileye securities between January 26, 2023 and August 8, 2024. The second amended complaint also includes claims asserted by an additional plaintiff under Sections 11 and 15 of the Securities Act of 1933 on behalf of a putative class of purchasers of Mobileye Class A common stock offered in Mobileye’s June 5, 2023 secondary offering. Mobileye and the individual defendants filed a motion to dismiss the second amended complaint on December 20, 2024. On January 24, 2025, the lead plaintiff filed a brief in opposition to Mobileye’s and the other named defendants’ motion to dismiss. On February 21, 2025, Mobileye and the other named defendants jointly filed a brief in reply to the lead plaintiff’s opposition brief. On April 16, 2025 the Court granted the defendants’ motion and dismissed the second amended complaint in full without leave to amend, closing the case. On May 16, 2025, the lead plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Second Circuit. On July 11, 2025, the lead plaintiff filed a brief in support of their appeal. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of June 28, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 11 - CONTINGENCIES

U.S. Class Action

On January 16, 2024, a putative class action captioned McAuliffe v. Mobileye Global Inc., et al., 1:24-CV-00310 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York against Mobileye and certain of its current and former officers. Following consolidation of the action with a substantively identical case, Le v. Mobileye Global Inc., et al., 1:24 - CV - 01390 (S.D.N.Y.), and the appointment of a lead plaintiff, an amended complaint was filed on September 13, 2024. In response to the defendants’ motion to dismiss, filed on October 25, 2024, lead plaintiff filed a second amended complaint on November 22, 2024. The second amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with defendants’ alleged misstatements and omissions concerning the build-up of excess inventory by certain Tier 1 Mobileye customers, and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Mobileye securities between January 26, 2023 and August 8, 2024. The second amended complaint also includes claims asserted by an additional plaintiff under Sections 11 and 15 of the Securities Act of 1933 on behalf of a putative class of purchasers of Mobileye Class A common stock offered in Mobileye’s June 5, 2023 secondary offering. Mobileye and the individual defendants filed a motion to dismiss the second amended complaint on December 20, 2024. On January 24, 2025, the lead plaintiff filed a brief in opposition to Mobileye’s and the other named defendants’ motion to dismiss. On February 21, 2025, Mobileye and the other named defendants jointly filed a brief in reply to the lead plaintiff’s opposition brief. On April 16, 2025 the Court granted the defendants’ motion and dismissed the second amended complaint in full without leave to amend, closing the case. On May 16, 2025, the lead plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Second Circuit. On July 11, 2025, the lead plaintiff filed a brief in support of their appeal. On August 15, 2025, Mobileye and the named defendants filed their opposition brief, and on September 5, 2025, the appellants filed their reply brief in further support of the appeal. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025.

U.S. Derivative Action - U.S. District Court for the Southern District of New York

On April 12, 2024, a derivative lawsuit was filed against the members of the Mobileye Board of Directors and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty and unjust enrichment based on alleged failures to take steps to prevent the Company from making allegedly false and misleading statements concerning the build-up of excess inventory by certain Tier 1 Mobileye customers. The complaint also asserts a claim for violation of Section 14(a) of the Securities Exchange Act of 1934 based on alleged misstatements and omissions in Mobileye’s 2023 proxy statement. The complaint seeks unspecified damages and other relief. Since May 24, 2024, the derivative action has been stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action.

On June 27, 2024, an additional derivative lawsuit was filed in the United States District Court for the Southern District of New York against certain members of the Mobileye Board of Directors, certain of Mobileye’s current and former officers, and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as nominal defendant. On July 9th, 2024, this derivative action was consolidated with the derivative action originally filed on April 12, 2024 and the consolidated derivative action was stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action. Following dismissal of the consolidated securities action, the Court ordered the parties to jointly propose a schedule for further proceedings by April 24, 2025. On April 25, 2025, the Court entered a stipulation and order of voluntary dismissal without prejudice. In the event the plaintiffs refile this lawsuit, we intend to continue defending the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of ~~June~~September 2827, 2025.

~~U.S. Derivative Action - State of Delaware~~24

On May 6, 2025, a derivative lawsuit captioned Levitan et al. vs. Shashua et al. was filed in the State of Delaware’s Court of Chancery against certain current and former members of the Mobileye Board of Directors and against Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty against the named director defendants and breach of fiduciary duty and unjust enrichment against Intel, alleging that the named director defendants and Intel should not have authorized Mobileye’s June 5, 2023 secondary offering given their purported knowledge of the alleged challenges facing the Company concerning customer demand and the buildup of excess inventory by Mobileye’s Tier 1 customers. The complaint seeks unspecified damages and other relief. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of June 28, 2025.

U.S. Patent Litigation

On January 26, 2024, Facet Technology Corp. (“Facet”) sued Mobileye in the U.S. District Court for the Eastern District of Texas for allegedly infringing two patents. Captioned Facet Technology Corp. v. Mobileye Global, Inc., the complaint alleges that certain Mobileye products directly and indirectly infringe both patents. The complaint seeks unspecified damages, a permanent injunction, and attorneys’ fees and costs. On November 4, 2024, Mobileye filed a motion to dismiss asserting improper venue, which the court dismissed without prejudice to refile in view of an amended complaint filed by Facet, adding Mobileye Vision Technologies Ltd. and Mobileye Inc., each wholly-owned indirect subsidiaries of Mobileye Global Inc., as additional defendants. On November 7, 2024, Mobileye Vision Technologies Ltd. and Mobileye Inc., sued Facet Technology Corp. in the U.S. District Court of Minnesota seeking a declaratory judgement that the Mobileye plaintiffs do not infringe either patent. On March 5, 2025, the Patent Trial and Appeal Board of the US Patent and Trademark Office instituted two Inter Parte Review (IPR) proceedings filed by Mobileye Vision Technologies Ltd. against the patents asserted by Facet. On March 15, 2025, the parties agreed and the relevant courts entered orders staying all litigation pending the outcome of the both IPRs. On March 19, 2025, Facet filed requests for reconsideration of both institution decisions. On April 22, 2025, the Patent Trial and Appeal Board denied Facet’s request for reconsideration in respect of one of the institution decisions. On May 2, 2025, the U.S. Patent and Trademark Office denied Facet’s request for Director Review of the second institution decision. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of June 28, 2025.

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MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

U.S. Derivative Action - State of Delaware

On May 6, 2025, a derivative lawsuit captioned Levitan et al. vs. Shashua et al. was filed in the State of Delaware’s Court of Chancery against certain current and former members of the Mobileye Board of Directors and against Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty against the named director defendants and breach of fiduciary duty and unjust enrichment against Intel, alleging that the named director defendants and Intel should not have authorized Mobileye’s June 5, 2023 secondary offering given their purported knowledge of the alleged challenges facing the Company concerning customer demand and the buildup of excess inventory by Mobileye’s Tier 1 customers. The complaint seeks unspecified damages and other relief. On September 8, 2025, Mobileye, Intel Corporation and the named director defendants filed a motion to dismiss the complaint. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025.

U.S. Patent Litigation

NOTE 12 - SUBSEQUENT EVENTS

Share - based compensation

In ~~July~~October 2025, the Company’s compensation committee approved the issuance of restricted stock units to be issued under our 2022 Plan. The total aggregate fair value of RSUs granted was $~~329~~15.01 million, which consisted of 191,~~735~~060 thousand RSUs, which will vest over a service period of three years.

Secondary Offering. Share Repurchase, Option and Conversion

The Company paid the costs associated with the registration of shares in connection with the Secondary Offering and Option, other than underwriting discounts, fees and commissions.

Upon completion of the Secondary Offering, Share Repurchase, Option and Conversion and as of July 15, 2025, Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye as well as 50,000,000 shares of Class A common stock, which together represent approximately 79.6% of our outstanding common stock and 97.3% of the voting power of our common stock.

As a result of the Secondary Offering, Share Repurchase, Option and Conversion, the Company anticipates that from a U.S. income tax perspective, Intel may no longer hold a sufficient percentage of the Company’s issued and outstanding common stock, which may result in the deconsolidation of the Company from Intel’s U.S. domestic income tax return. The Company is evaluating the potential impact that such a deconsolidation may have on its future consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this report. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks and uncertainties. You should review the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included elsewhere in this report for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Company Overview

Mobileye is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions. We pioneered ADAS technology more than 20 years ago and have continuously expanded the scope of our ADAS offerings, while leading the evolution to autonomous driving solutions.

Our portfolio of solutions is built upon a comprehensive suite of purpose-built software and hardware technologies designed to provide the capabilities needed to make the future of ADAS and autonomous driving a reality. These technologies can be harnessed to deliver mission-critical capabilities at the edge and in the cloud, advancing the safety of road users, and revolutionizing the driving experience and the movement of people and goods globally.

As of ~~June~~September 2827, 2025, our solutions had been installed in approximately 1,200 vehicle models (including local country, year, and other vehicle model variations), and our System-on-Chips (“SoCs”) had been deployed in approximately ~~220~~230 million vehicles. We are actively working with more than 50 Original Equipment Manufacturers (“OEMs”) worldwide on the implementation of our ADAS solutions. In the ~~six~~nine months ended ~~June~~September 2827, 2025, we shipped approximately 1827.14 million of our systems, the substantial majority of which were EyeQTM SoCs. This represents an increase from the approximately 1119.28 million of our systems that we shipped in the ~~six~~nine months ended ~~June~~September 2928, 2024, primarily due to the normalization of excess inventory at our Tier 1 customers that was previously used to satisfy demand during 2024.

We were founded in Israel in 1999. Our co-founder, Professor Amnon Shashua, is our President and Chief Executive Officer. In 2014, we completed an initial public offering as a foreign private issuer and traded under the symbol “MBLY” on the New York Stock Exchange. Intel Corporation (“Intel”) acquired Mobileye for $15.3 billion in 2017, after which we became a wholly-owned subsidiary of Intel. We completed the internal reorganization and design of our new public entity (the “Reorganization”) and our initial public offering (the “Mobileye IPO”) in October 2022.

Operations in Israel.

On October 7, 2023, Hamas launched a series of attacks on civilian and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces have responded. In addition, both Hezbollah and the Houthi movement have attacked military and civilian targets in Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the Red Sea, to which both Israel and the United States have responded. Further, on April 13, 2024 and October 1, 2024, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. Most recently, on June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date, our operations have not been materially affected, although as of ~~July~~October 15, 2025 approximately 63.78% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip, Lebanon, Iran and the broader region as well as the security escalation in Israel will not have a material impact on our business results in the short term. However, since these are events beyond our control, their continuation or cessation may affect our expectations. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.

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Secondary Offering, Share Repurchase, Option and Conversion

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In connection with and conditional upon the closing of the Secondary Offering, on July 11, 2025 the Company purchased from Intel 6,231,985 shares of Class A common stock (which shares were received upon the conversion of 6,231,985 shares of Class B common stock into Class A common stock) at a price of $16.04625 share, which is equal to the per share purchase price paid by the underwriters in the Secondary Offering pursuant to a share repurchase agreement with Intel (the “Share Repurchase”). The aggregate consideration paid by the Company for the Share Repurchase was $100 million. Upon closing of the Share Repurchase, the Company cancelled and retired the 6,231,985 shares of Class A common stock acquired pursuant to the Share Repurchase.

Following the closing of the Share Repurchase, the underwriters exercised the Option (which shares were received upon the conversion of 7,500,000 shares of Class B common stock into Class A common stock), which closed on July 11, 2025. The Company did not sell any shares of Class A common stock in the Secondary Offering or in respect of the exercise of the Option, and did not receive any proceeds from the sale of shares offered by Intel in each instance.

The Company paid the costs associated with the registration of shares in connection with the Secondary Offering and the Option, other than underwriting discounts, fees and commissions.

Our Business Model

We currently derive substantially all of our revenue from our commercially deployed ADAS solutions, including our Premium ADAS solutions. In the future, propelled by our next generation of EyeQ^TM SoCs, including our EyeQ^TM6 SoC, our Compound AI system architecture, including True Redundancy^TM, our surround computer vision Mobileye SuperVision^TM solution, and our software-defined imaging radars, we believe that we will be positioned to deliver an autonomous driving solution that can enable the mass adoption of AV.

We generate the majority of our revenue from the sale of our EyeQ^TM SoCs to OEMs through sales to Tier 1 automotive suppliers. We typically sell our products with volume-based pricing and recognize the revenue and costs associated with our products upon shipment.

We invest significant time and other resources early in the process of new program sourcing as part of our relationship with an OEM. We typically have visibility into the number of models that are expected to include our products at least two to three years in advance based on OEM information provided during the sourcing and nomination process, although there is no contractual commitment by the OEM to purchase particular volumes, and programs are subject to changes with respect to timing and volumes. The revenue that we may recognize in any given year is attributable to program design wins in previous years.

We partner with STMicroelectronics, a leading supplier and innovator of semiconductor devices for automotive applications, in manufacturing, design, and research and development. We have co-developed six generations of our automotive grade SoC, EyeQTM, with STMicroelectronics, including EyeQTM5 and EyeQTM6. We have also established relationships with several suppliers, such as Quanta Computer, to develop and assemble our ECUs, including the design for our Mobileye SuperVisionTM, which includes our EyeQTM5 SoCs manufactured by STMicroelectronics. As part of an effort to establish redundancy and better control of our supply chain, we have sought additional qualified suppliers, and we have recently entered into an agreement with TSMC (Taiwan Semiconductor Manufacturing Company Ltd.) pursuant to which it will manufacture components of our imaging radar and some of our future generations of our EyeQTM product, and potentially other future products.27

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~~Our~~We ~~close~~partner ~~partnership~~ with ~~Intel~~STMicroelectronics, ~~exists~~a onleading ~~multiple~~supplier ~~fronts.~~and Asinnovator ~~a result~~ of ~~our~~semiconductor ~~relationship~~devices ~~with~~for ~~Intel~~automotive applications, wein ~~have~~manufacturing, ~~access~~design, toand ~~unique~~research and ~~differentiating technologies~~development. ~~For~~We ~~example,~~have weco-developed ~~may~~six ~~license~~generations ~~certain~~of ~~technologies~~our ~~from~~automotive ~~Intel~~grade ~~that~~SoC, ~~support~~EyeQTM, ~~the~~with ~~design~~STMicroelectronics, ~~and~~including ~~development~~EyeQTM5 ofand ~~our~~EyeQTM6. ~~software-defined~~We ~~imaging~~have ~~radar,~~also ~~including~~established ~~Intel’s~~relationships ~~mmWave~~with ~~technologies.~~several ~~Additionally~~suppliers, wesuch ~~intend~~as toQuanta ~~explore~~Computer, ato ~~collaboration~~develop ~~with~~and ~~Intel~~assemble onour aECUs, ~~technology~~including ~~platform~~the todesign ~~integrate~~for our ~~EyeQTM~~Mobileye ~~SoC~~SuperVisionTM, ~~with~~which ~~Intel’s~~includes ~~market~~our ~~leading~~EyeQTM5 ~~central~~SoCs ~~compute~~manufactured ~~capability,~~by ~~with~~STMicroelectronics. ~~plans~~As topart ~~utilize~~of ~~Intel~~an ~~Foundry~~effort ~~Services’~~to ~~advanced~~establish ~~packaging~~redundancy ~~capabilities.~~and ~~This~~better ~~potential~~control ~~platform~~of isour ~~intended~~supply tochain, ~~enable~~we ~~functions~~have ~~essential~~sought toadditional ~~safety,~~qualified ~~entertainment~~suppliers, and ~~cloud~~we ~~connectivity.~~have ~~Intel’s~~recently ~~strength~~entered ininto ~~government~~an ~~affairs~~agreement ~~and~~with ~~policy~~TSMC ~~development~~(Taiwan ~~around~~Semiconductor ~~the~~Manufacturing ~~world~~Company ~~will~~Ltd.) ~~continue~~pursuant to bewhich ofit ~~significant~~will ~~value~~manufacture tocomponents usof asour weimaging ~~collaborate~~radar ~~with~~and ~~regulators~~some ~~who~~of ~~are~~our ~~preparing~~future ~~frameworks~~generations toof ~~enable~~our ~~commercial~~EyeQTM ~~deployment~~product, ofand ~~AVs.~~potentially other future products.

Our close partnership with Intel exists on multiple fronts. As a result of our relationship with Intel, we have access to unique and differentiating technologies. For example, we may license certain technologies from Intel that support the design and development of our software-defined imaging radar, including Intel’s mmWave technologies. Intel’s strength in government affairs and policy development around the world will continue to be of significant value to us as we collaborate with regulators who are preparing frameworks to enable commercial deployment of AVs.

Key Factors Affecting Our Performance

We believe there are several important factors that have affected and that we expect to continue to affect our results of operations:

Global demand for automotive vehicles. Our business performance is related to global automotive sales and automotive vehicle production by our OEM customers. Economic conditions in North America, Europe and Asia can have a large impact on the production volume of new vehicles, and, accordingly, have an impact on our revenue. Our OEM customers’ production can vary from period to period due to global demand, market conditions and competitive conditions, geopolitical issues including trade restrictions and tariffs, as well as other factors. For example, towards the end of the first half of 2024, global automotive production forecasts weakened, which disproportionately impacted our core customers, primarily due to their continued market share losses in China. We cannot be certain of the severity and length of the continued volatility in the global automotive market, including macro factors impacting our sales to OEMs in China, and the extent of the adverse effect that such volatility could have on our results of operations, financial condition and business in the long term. While automotive production has now recovered to approximately 2019 levels, current uncertain economic conditions and inflation may contribute to a reduction in consumer demand. In addition to economic conditions, in prior periods, including during the supply chain crisis and semi-conductor shortage of 2021 and 2022, certain Tier 1 customers increased their orders for components and parts, including our solutions, to counteract the impact of supply chain shortages for auto parts. As a result, some demand for our solutions and the corresponding revenue from these customers were shifted to earlier time periods than otherwise would have occurred absent a general supply chain shortage and inflationary environment. As a result of our standard planning process for 2024, including discussions with our Tier 1 customers, we became aware in late 2023 of significant excess inventory at our customers. This as well as lower than expected production at certain OEMs during 2023 led to the decision by our Tier 1 customers to prioritize in the first quarter of 2024 the utilization of excess inventory on hand before using new shipments to meet the demand of OEMs. We estimate our customers used the vast majority of this excess customer inventory in 2024, in accordance with our expectations, but there is no guarantee that orders will remain normalized or that customers won’t build up excess inventory in the future. ADAS volumes have grown faster in recent years than the overall automotive market as ADAS penetration rates have increased, and we believe that we will continue to benefit from that trend. Our revenue of $~~944~~1,448 million in the ~~six~~nine months ended ~~June~~September 2827, 2025 was up 3924% year-over-year, primarily due to the unusually low volume caused by the usage of meaningful excess inventory at our Tier 1 customers to satisfy demand in the first half of 2024. Continued or future constraints on global automotive production resulting from the effects of economic uncertainty, both global and in specific markets in which we operate, may be a limiting factor on our ability to increase revenue. We expect to continue to capitalize on our strong and collaborative relationships with OEMs and Tier 1s to expand our presence in key markets and capture the long-term growth opportunities in those markets.

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Trade policies, sanctions and import and export controls. Trade policies, sanctions and import and export controls. Trade policies and international disputes at times result in increased tariffs, trade barriers and other restrictions, which can increase our manufacturing costs, make our solutions less competitive, reduce demand for our solutions, limit our ability to sell to certain customers, limit our ability to procure raw components or raw materials or impede or slow the movement of our goods across borders. In addition, tariffs could lead to higher prices for finished automobiles, which would reduce demand for automobiles and thus the market for our products. On March 26, 2025, the United States imposed an additional 25% tariff on all imports of passenger vehicles, light vehicles, and certain automotive parts, such as engines, transmissions, powertrain parts and electrical components. The tariff on finished vehicles went into effect on April 3, 2025 and the tariffs on automobile parts entered into effect on May 3, 2025. Further, on April 2, 2025, the United States announced a 10% tariff on all countries effective on April 5, 2025 as well as individualized higher tariff rates on countries with which the United States has proportionately large trade deficits in goods. The United States paused these “reciprocal tariffs” on certain countries as individual bilateral trade deals were negotiated, and increased reciprocal tariff rates and other restrictions on countries that responded with increased tariffs of their own. Subsequently, the United States announced trade deals with certain countries, such as Indonesia, and interim trade deals with others, including China, as negotiations with such countries for definitive trade deals continued. In July 2025, the United States announced tariffs on certain countries and other entities, including Mexico, Canada and the European Union, that failed to make substantial progress on trade negotiations with the United States following the pause on reciprocal tariffs; such tariffs are scheduled to become effective on August 1, 2025. Further, the United States announced on July 8, 2025 additional sector tariffs, including on copper imports. In response to export controls imposed by China, the United States announced on October 10, 2025 the possible resumption of significant tariffs and other export controls on China. As of the date of this report, there remains a high degree of uncertainty surrounding U.S. trade policy, how it will be implemented, how other countries will react, and how it will ultimately impact our industry and business. For example, our customers may have shifted or will shift orders for components and parts, including our solutions, prior to the automotive tariffs going into effect on May 3, 2025 or certain country or regional tariffs going into effect on August 1, 2025, thereby shifting demand for our solutions and corresponding revenue to earlier periods. While we continually evaluate changes in U.S. trade policy and global reactions thereto, as well as our ability to mitigate their impact, these recent changes may negatively impact our customers and our business. For additional information, see “Item IA - Risk Factors - We are subject to risk related to trade policies, sanctions, and import and export controls” in our 2024 Form 10-K, as filed with the SEC on February 13, ~~2024~~2025 (the “2024 Form 10-K”).

Design wins with new and existing customers. Global OEMs are continuously looking for innovative ways to improve the customer appeal and safety of their vehicles. Additional program design wins for production programs are important to our future revenue growth. However, the revenue generated by each design win and the time necessary to achieve a design win can vary significantly. To achieve program design wins, we must maintain our technological leadership and continue to deliver differentiated solutions versus our competition, including in-house technologies developed by our customers, through investment in research and development. Together with Tier 1 automotive suppliers, we work closely with OEMs to understand their solution requirements and have built close long-term relationships with them extending across multiple generations of EyeQ^TM products, though there is no guarantee that our customers will purchase our solutions in any certain quantity or at any certain price even after we achieve design wins. For example, in the third quarter of 2024 Zeekr announced their decision to utilize their in-house system instead of SuperVision^TM for at least a major portion of production for their 001 model going forward.

Investment in technology leadership and product development. We believe our ability to continue to develop and design highly advanced and cost-efficient ADAS and AV solutions will position us to extend our technology leadership and encourage greater adoption of our solutions by enabling greater levels of autonomy. We also believe that our roadmap for future generations of EyeQ^TM SoCs and advanced systems will ultimately power autonomous driving solutions. The EyeQ^TM family design further enables scalable ECU architectures, from supporting a variety of ADAS solution architectures to hosting the full workload of autonomous driving, while meeting stringent cost and power efficiency requirements. We expect that our software-defined imaging radar will provide a significant cost advantage by eliminating the need for multiple high-cost lidars around the vehicle and require only a single front-facing lidar, significantly lowering the overall cost of the required sensors compared to solutions that use lidar centric or lidar-only systems.

Regulation for ADAS and autonomous driving solutions. Demand for our solutions is influenced by the impact of regulation and the ratings systems deployed by the various NCAPs, particularly the Euro NCAP and the U.S. NCAP, administered by the National Highway Traffic Safety Administration. As these NCAPs demand more ADAS applications such as automatic emergency braking, OEMs will increasingly include ADAS as a standard feature in their models to maintain or to achieve the highest safety ratings. In many countries, these safety assessments have created a “market for safety” as car manufacturers seek to demonstrate that their models satisfy the NCAPs’ highest ratings. We expect national NCAPs to continue to add specific ADAS applications to their evaluation items over the next several years, led by the Euro NCAP. In recent years, as regulatory requirements and NCAP ratings have increased, OEMs have also begun to highlight their safety features as a competitive advantage. As additional regulations are implemented around the world, we expect this to lead to increased global adoption of ADAS, and we believe that we are well positioned to benefit from such increasing safety regulations globally, particularly due to the verifiable nature of our current and future solutions.

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Fully autonomous vehicles are still nascent, and regulation of autonomous driving is evolving globally on both a local and national level. We believe that regulatory bodies will demand that AV undergo certain validation and audit requirements before autonomous driving is permitted. The potential impact of regulatory requirements and initiatives on the timing for widespread adoption of fully autonomous driving and on the cost of developing and introducing autonomous driving solutions is uncertain. RSS is our framework that informs our driving policy and formalizes a driving safety concept. Our RSS framework and decision-making engine have inspired a global standardization effort of AV safety including IEEE 2846, which is an industry working group that we lead. We are actively engaged in AV regulations globally as they have implications for the pace at which autonomous driving technologies may be deployed as well as which AV technology validation and audit requirements must be met. Importantly, we believe RSS, which is a pragmatic method that is architected to deliver a provably acceptable level of risk defined by governments, will facilitate standardization efforts worldwide as AV deployments accelerate. In addition to impacting the pace at which autonomous driving technologies are deployed, we expect regulations to impact our financial performance on an ongoing basis over time once autonomous driving gains market adoption. We cannot provide any assurance how any such regulations will impact us and the extent of such impact, particularly if autonomous driving is prohibited in certain areas.

Consumer adoption of our ADAS and autonomous driving solutions. Our financial performance is in part driven by public awareness and demand for ADAS solutions. Over time we expect autonomous driving solutions to contribute meaningfully to our revenue growth. As a result, consumers’ demand for, and willingness to adopt, ADAS and autonomous driving technologies , including robotaxi services, will significantly impact our financial performance. We believe that our leadership position in ADAS positions us to continue to set the standard for advanced autonomous solutions and will help us benefit from increasing consumer confidence in and demand for autonomous technology over time.

Solution mix, pricing, and product costs. Solution mix is among the most important factors affecting our revenue and gross margin, as our prices vary significantly across our solutions. The price of our solutions depends on the bundle of applications that are included in the specific product. Our solutions have different margin profiles. As we develop, bundle, and sell full systems that include third-party hardware beyond EyeQ^TM SoCs, we expect that our gross margin will decrease on a percentage basis because of the greater third-party hardware content. However, as a result of a higher expected selling price for such systems, we expect our gross profit per unit will increase on a dollar basis.

Average selling price (“ASP”) varies based on a solution’s applications and complexity. As a particular solution matures and unit volumes increase, we expect its ASP to decline. In addition, there are generally step-downs in pricing over periods of production as volumes ramp up. While individual solution ASPs may decline, we seek to continually offer new features and functionality and increase the value that our solutions offer to OEM customers as we target new design win opportunities, manage the life cycles of existing solutions and create new ADAS categories with advanced features. We also are currently delivering full system solutions consisting of higher-function products such as SuperVision^TM which carry significantly higher prices as compared to our single EyeQ^TM SoC and cloud-enhanced ADAS products. We believe our differentiated and scalable solutions consistently enhanced by additional features can enable us to maintain or increase overall ASPs over time, as SuperVision^TM and other advanced solutions become a larger portion of our product mix.

The cost of input materials and manufacturing costs are significant factors affecting our gross margin. Material costs are affected by a variety of factors, including the availability of sufficient supply to meet market demand. For example, in late 2021, semiconductor fabrication costs increased as a result of a global supply shortage that began in 2020. We experienced increases in input costs in 2022 and 2023 as a result of supply chain shortages, including the global semiconductor shortage, and inflationary pressures. While we were largely successful in increasing our ASPs to reflect these cost increases, we experienced a reduction in percentage gross margin as a result of these cost increases. Our gross margin has been and may continue to be affected by our ability to offset these and any future cost increases through realizing pricing increases on our solutions and achieving decreases in other production costs. We work closely with STMicroelectronics, Quanta Computer and other suppliers on a continuous basis to manage material costs, increase yields and improve manufacturing, assembly, and test costs.

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Supply and manufacturing capacity. Our solutions are dependent on the global semiconductor supply chain. The continued and timely supply of input materials, the availability of manufacturing capacity, and packaging and testing services at reasonable prices impact our ability to meet customer demand. Supply chain disruptions, shortages of raw material, such as wafers and substrates, and manufacturing limitations could limit our ability to meet customer demand and result in delayed, reduced, or canceled orders. During 2021 and 2022, the semiconductor industry experienced widespread shortages of substrates and other components and available foundry manufacturing capacity. We entered 2022 with significantly lower inventories of our EyeQ^TM SoCs on our balance sheet as a result of the limited supply during 2021. Further, STMicroelectronics, our sole supplier of EyeQ^TM SoCs, was not able to meet our demand for EyeQ^TM SoCs during 2022, causing a further significant reduction in our company-owned inventory level. Starting in late 2022 and early 2023, such supply chain disruptions, raw material shortages, and manufacturing limitations abated and during 2023, we successfully increased levels of EyeQ^TM SoC inventory on hand, mitigating the potential for future supply constraints to cause a shortfall of chips. However, in the event of a reoccurrence of supply chain constraints, and subject to the duration and severity thereof, we may be required to operate with minimal or no inventory of EyeQ^TM SoCs or SuperVision^TM ECUs on hand. As a result, we are substantially reliant on timely shipments of EyeQ^TM SoCs from STMicroelectronics and ECUs from Quanta Computer (or other suppliers) and may in the future become reliant on additional suppliers such as TSMC, to fulfill customer orders and if such a shortfall of chips or ECUs were to occur, we may be unable to offset future supply constraints through the use of inventory on hand. Our reliance on single or limited suppliers and vendors for certain components, equipment, and services and the aforementioned shortages of substrates and other components have led to increased supply chain risks and continue to stress our ability to meet the supply demands of our customers. To mitigate these supply chain constraints, management continues to monitor inventory levels on an ongoing basis. Although we cannot fully predict the length and the severity of the impact these pressures will have on a long-term basis, we do not anticipate that our current supply chain constraints would materially adversely affect our results of operations, capital resources, sales, profits, and liquidity on a long-term basis.

Equity compensation expenses. In connection with the Mobileye IPO, we established an equity incentive plan for purposes of granting share-based compensation awards to certain members of our senior management, to our non-employee directors and to employees, to incentivize their performance and align their interests with ours. Historically, grants of share-based compensation to our employees were made pursuant to Intel’s employee equity incentive plans, and such historical grants will continue to be based on their original vesting schedules. Equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses, which we expect to increase over time.

Intel Segment Reporting

Certain of our financial results are presented as an operating segment within Intel’s publicly reported financial results. The financial results for us reported by Intel in its segment reporting may differ from our standalone financial results primarily due to Intel’s reporting of expenses related to certain corporate overhead functions and differences in the materiality thresholds applied to prepare consolidated financial results for Intel and for Mobileye on a standalone basis.

Components of Results of Operations

Revenue

We currently derive substantially all of our revenue from our commercially deployed ADAS solutions including our Premium ADAS solutions. We generate the majority of our revenue from the sale of our EyeQ^TM SoCs to OEMs primarily through sales to Tier 1 automotive suppliers that implement our product into vehicles, in which case our direct customer is the Tier 1 automotive supplier that is responsible for paying us for our products. Because of the complex nature of our products and the need to customize and validate a product and to integrate it into the OEM’s overall ADAS system, we also have strong direct relationships with the OEMs.

EyeQTM SoC sales represented approximately 9289% and 86% of our revenue for the three months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively, and 9391% and 8183% of our revenue in the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively. Sales of our SuperVision™ product represented ~~less~~more than half of the remainder of our revenue for the three ~~and~~months ~~six~~ended September 27, 2025, less than half of the remainder of our revenue for the nine months ended ~~June~~September 2827, 2025 and the majority of the remainder of our revenue for the three and ~~six~~nine months ended ~~June~~September 2928, 2024. Revenue from the sale of our EyeQTM products and SuperVision™ products is recognized at the time of product shipment from our facilities, as determined by the agreed-upon shipping terms. Our sales to any single Tier 1 automotive supplier typically cover more than one OEM and more than one production program from any OEM.

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Cost of Revenue

Cost of revenue consists primarily of expenses associated with the manufacturing cost of our EyeQ^TM SoCs and our SuperVision™ product, and amortization of acquired intangible assets, identified as developed technology. Additional costs are royalty fees for the intellectual property that is included in the EyeQ^TM SoC, personnel-related expenses, logistics and insurance costs and allocated overhead costs. As we develop and sell full systems that include hardware beyond EyeQ^TM SoCs, we expect that our gross margin will decrease over time because of the greater hardware content included in our solutions. However, as a result of a higher expected selling price for such systems, we expect our gross profit per unit will increase on a dollar basis in future periods.

Research and Development Expenses, net

Research and development expenses primarily consist of expenses associated with personnel related expenses, facilities, equipment and supplies for research and development activities, materials, parts and other prototype development, cloud computing services, consulting, and other professional services, quality assurance within the development programs, and allocated overhead costs.

We enter into best-efforts nonrefundable non-recurring engineering (“NRE”) arrangements pursuant to which we are reimbursed for a portion of the research and development expenses attributable to specific development programs. We do not receive any additional compensation or royalties upon completion of such projects and the potential customer does not commit to purchase the resulting product in the future. The participation reimbursement that we receive does not depend on whether there are future benefits from the project. All intellectual property generated from these arrangements are exclusively owned by us.

We intend to continue our significant investment in research and development activities to attain our strategic objectives. Accordingly, we expect research and development expenses to increase in absolute dollars, but to gradually decrease as a percentage of total revenue. The expected increase is mainly due to additional research and development headcount and higher direct expenses that we expect to incur in connection with the development of our new EyeQ^TM SoC generations, Premium Driver-Assist offerings and the investment in software and hardware infrastructure for our AV solutions and active sensor suite.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of expenses associated with the amortization of acquired intangible assets, comprised of customer relationships and brands, personnel-related expenses, including share-based compensation, of our sales force, as well as marketing expenses and allocated overhead costs.

We expect to increase our sales and marketing expenses over time, as we continue our efforts to increase market awareness of the benefits of our solutions, but we expect sales and marketing expenses to decrease as a percentage of total revenue as our business grows.

General and Administrative Expenses

General and administrative expenses consist of personnel-related expenses, including share-based compensation of our executive, insurance costs, expenses associated with finance and legal departments, including legal and accounting fees, litigation expenses, and fees for professional and contract services.

We expect our general and administrative expenses to moderately increase in absolute dollars but to decrease as a percentage of total revenue as our business grows. The expected increase is mainly associated with the costs related to being a public company, as well as increased premiums for directors’ and officers’ insurance and the increased use of share-based compensation for general and administrative personnel.

~~Financial~~Goodwill ~~Income (Expense), net~~Impairment

~~Financial~~Goodwill ~~income~~impairment ~~(expense),~~expenses ~~net,~~consist ~~consists primarily~~ of ~~income~~a ~~related~~non-cash toimpairment ~~investments~~loss inrecognized ~~money~~for ~~market~~the ~~funds,~~goodwill ~~as well as income from short term deposits, fair value revaluation~~ of ~~equity~~the ~~investments~~“Mobileye” ~~and~~reporting ~~fluctuations~~unit in ~~value~~the ~~due~~three ~~to foreign exchange differences between our monetary assets~~ and ~~liabilities~~nine ~~denominated~~months inended ~~New~~September ~~Israeli~~28, ~~Shekels~~2024, ~~and~~as to a ~~much~~result ~~lesser~~of ~~extent,~~ the ~~Euro,~~impairment analysis the ~~Chinese~~Company ~~Yuan,~~performed during the ~~Japanese~~third ~~Yen,~~quarter ~~and~~of ~~other currencies~~2024.

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Financial Income (Expense), net

Financial income (expense), net, consists primarily of income related to investments in money market funds, as well as income from short term deposits and fluctuations in value due to foreign exchange differences between our monetary assets and liabilities denominated in New Israeli Shekels and to a much lesser extent, the Euro, the Chinese Yuan, the Japanese Yen, and other currencies.

Benefit (provision) for income taxes

Benefit (provision) for income taxes consists primarily of income taxes related to the United States, Israel and other foreign jurisdictions in which we conduct business. We also have incurred deferred tax liabilities with respect to tax amortization of certain acquired intangible assets. We are eligible for certain tax benefits in Israel under the Investment Law, at a reduced tax rate, subject to specified terms.

In 2021, the OECD announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently, multiple sets of administrative guidance have been issued. Many non-U.S. tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 (including the European Union Member States), with the adoption of additional components in later years, or announced their plans to enact legislation in future years. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-U.S. tax jurisdictions in which we operate. The Company is a constituent entity of its Parent for Pillar Two purposes.

In July 2025, the United States enacted tax reform through the One Big Beautiful Bill Act (“OBBBA”). Included in this legislation are provisions that allow for the immediate expensing of research and development costs conducted in the United States, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. The Company is ~~assessing~~monitoring developments related to the ~~impact~~implementation of ~~this~~the ~~new~~OBBBA ~~legislation~~and any additional guidance issued by the U.S. Department of the Treasury, the Internal Revenue Service, or other standard-setting bodies that may affect the Company’s accounting for income taxes. Based on ~~its~~information ~~future~~available at the end of the reporting period and management’s assessment of that information, the OBBBA does not have and is not expected to have a material impact on the Company’s consolidated financial statements.

During the periods presented in our condensed consolidated financial statements, certain components of our business operations were included in the consolidated U.S. federal tax return filed by Intel. We also file certain foreign income tax returns on a separate basis, distinct from Intel. ~~The~~Following ~~income~~the ~~tax~~Secondary ~~provision~~Offering, ~~included~~which resulted in ~~our~~the Tax Deconsolidation (see Note 1 to the condensed consolidated financial statements), ~~has~~the ~~been~~Company is no longer included in Intel’s U.S. federal consolidated income tax return and will be filing its own U.S. federal income tax returns for periods beginning July 12, 2025 onwards. Since prior to the Tax Deconsolidation, the Company’s income tax provision was calculated using the separate return method, as if wethe Company had filed ~~our~~its own ~~tax returns~~U.S. Wefederal ~~present~~income tax ~~loss~~returns, ~~and~~the ~~tax~~Tax ~~credit~~Deconsolidation ~~carry-forward~~event ~~amounts~~does ~~that~~not have ~~not~~a ~~been~~material ~~utilized~~impact byon ~~Intel~~the ~~only~~Company’s totax provision for the ~~extent~~nine ~~such~~months ~~tax~~ended ~~attributes~~September ~~can~~27, be2025. ~~claimed~~Additionally, asthe aTax ~~benefit~~Deconsolidation ~~consistent~~results ~~with~~in ~~our~~an ~~separate~~adjustment to the Company’s deferred income tax ~~return~~assets ~~method~~and ~~approach.~~liabilities, ~~The~~primarily ~~use~~with ofrespect to its net operating losses, reflecting attributes that the ~~separate~~Company ~~return~~will ~~method~~not ~~may~~retain as a result inof ~~differences~~its ~~between~~status ~~our~~as ~~income~~a ~~tax~~standalone ~~provision~~taxpayer. ~~compared~~These tochanges ~~Intel’s~~are ~~consolidated~~offset ~~income~~with ~~tax~~a ~~provision~~change in valuation allowance.

In 2021, Mobileye’s Israeli operations became taxable in the United States as a branch entity. In 2022, Moovit’s Israeli operations became taxable in the United States as a branch entity. As a result, these operations are taxed both in the United States and Israel. For U.S. tax purposes, there are favorable future tax deductions that we have not benefited from due to a valuation allowance position. If warranted, based on the assessment of verifiable evidence in support of the realization of deferred tax assets, the valuation allowances may be released, resulting in a tax benefit.

Realization of deferred tax assets is based on our judgment and various factors including reversal of deferred tax liabilities, the ability to generate future taxable income in jurisdictions where such assets have arisen, and potential tax planning strategies. The valuation allowance for the periods presented in our condensed consolidated financial statements primarily relates to U.S. branch deferred tax assets not currently expected to be realized given that we have sustained recent losses based on the separate return method.

Certain net operating losses and tax credit carry-forward tax attributes generated by the Company that have been utilized as part of Intel’s consolidated income tax return filings, but have not been utilized by the Company under the separate return method approach, have been reflected in these condensed consolidated financial statements because the Company will recognize a benefit based on the separate return method when determined to be realizable. 33

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Results of Operations

The following table sets forth our results of operations in dollars and as a percentage of revenue for the periods indicated:


	Three ~~months~~Months Ended								~~Six~~Nine ~~months~~Months Ended
	~~June~~September 2827, 2025				~~June~~September 2928, 2024				~~June~~September 2827, 2025				~~June~~September 2928, 2024
			% of				% of				% of				% of
U.S. dollars in millions	Amount		Revenue		Amount		Revenue		Amount		Revenue		Amount		Revenue
Revenue	$	~~506~~504	100	%	$	~~439~~486	100	%	$	~~944~~1,448	100	%	$	~~678~~1,164	100	%
Cost of revenue		~~254~~261	5052	%		~~230~~249	5251	%		~~485~~746	5152	%		~~415~~664	6157	%
Gross profit		~~252~~243	5048	%		~~209~~237	4849	%		~~459~~702	4948	%		~~263~~500	3943	%
Operating expenses:
Research and development, net		~~282~~304	5660	%		~~256~~303	5862	%		~~557~~861	59	%		~~499~~802	7469	%
Sales and marketing		2529	56	%		28	6	%		5685	6	%		6290	98	%
General and administrative		19	4	%		1918	4	%		3756	4	%		3452	54	%
Total operating expenses		326	64	%		303	69	%		650	69	%		595	88	%
Goodwill impairment		—	—	%		2,695	555	%		—	—	%		2,695	232	%
Operating income (loss)	$	(74)	(15)	%	$	(94)	(21)	%	$	(191)	(20)	%	$	(332)	(49)	%
Total operating expenses		352	70	%		3,044	626	%		1,002	69	%		3,639	313	%
Financial income (expense), net		13	3	%		13	3	%		31	3	%		30	4	%
Operating income (loss)	$	(109)	(22)	%	$	(2,807)	(578)	%	$	(300)	(21)	%	$	(3,139)	(270)	%
Income (loss) before income taxes		(61)	(12)	%		(81)	(18)	%		(160)	(17)	%		(302)	(45)	%
Financial income (expense), net		17	3	%		14	3	%		48	3	%		44	4	%
Benefit (provision) for income taxes		(6)	(1)	%		(5)	(1)	%		(9)	(1)	%		(2)	—	%
Income (loss) before income taxes		(92)	(18)	%		(2,793)	(575)	%		(252)	(17)	%		(3,095)	(266)	%
Net income (loss)	$	(67)	(13)	%	$	(86)	(20)	%	$	(169)	(18)	%	$	(304)	(45)	%
Benefit (provision) for income taxes		(4)	(1)	%		78	16	%		(13)	(1)	%		76	7	%
Net income (loss)	$	(96)	(19)	%	$	(2,715)	(559)	%	$	(265)	(18)	%	$	(3,019)	(259)	%

(1)	Includes amortization of acquired intangible assets, as follows:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
U.S. dollars in millions	~~June~~September 2827, 2025		~~June~~September 2928, 2024		~~June~~September 2827, 2025		~~June~~September 2928, 2024
Cost of revenue	$	94	$	94	$	~~188~~282	$	~~188~~282
Sales and marketing		17		17		3451		3451
Total amortization of acquired intangible assets	$	111	$	111	$	~~222~~333	$	~~222~~333

(2)	Includes share-based compensation expense, as follows:


	Three ~~months~~Months ~~ended~~Ended				~~Six~~Nine ~~months~~Months ~~ended~~Ended
U.S. dollars in millions	~~June~~September 2827, 2025		~~June~~September 2928, 2024		~~June~~September 2827, 2025		~~June~~September 2928, 2024
Cost of revenue	$	1—	$	1—	$	1	$	1
Research and development, net		5962		5570		~~116~~178		~~108~~178
Sales and marketing		2		—2		35		24
General and administrative		78		67		1422		1320
Total share-based compensation	$	6972	$	6279	$	~~134~~206	$	~~124~~203

Comparison of the three and ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024

Revenue

In the three months ended ~~June~~September 2827, 2025, revenue increased by $6718 million, or 154%, compared to the three months ended ~~June~~September 2928, 2024. This increase in revenue was primarily due to an increase of $9129 million or 247% in EyeQTM SoC revenue mostly attributable to a 288% increase in volume, resulting from higher customer demand ~~and from the normalization of excess inventory by our Tier 1 customers that was previously used to satisfy demand during the first half of 2024~~. This was partially offset by a decrease of $238 million in SuperVisionTM related revenue resulting from a decrease in volume. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVisionTM systems divided by the number of systems delivered, decreased by approximately 93%, primarily due to the lower percentage of SuperVisionTM related revenue as compared to the ~~second~~third quarter of 2024.

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In the ~~six~~nine months ended ~~June~~September 2827, 2025, revenue increased by $~~266~~284 million, or 3924%, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. This increase was primarily due to an increase of $~~330~~359 million, or 6037%, in EyeQTM SoC revenue attributable mainly to a 6339% increase in volume, resulting mainly from the normalization of excess inventory by our Tier 1 customers that was previously used to satisfy demand during the first half of 2024. This was partially offset by a decrease of $6674 million in SuperVisionTM related revenue resulting from a decrease in volume. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVisionTM systems divided by the number of systems delivered, decreased by 139%, mainly due to lower percentage of SuperVisionTM related revenue as compared to the ~~six~~nine months ended ~~June~~September 2928, 2024.

Cost of Revenue

In the three months ended ~~June~~September 2827, 2025, our cost of revenue increased by $2412 million, or 105% compared to the three months ended ~~June~~September 2928, 2024. In the ~~six~~nine months ended ~~June~~September 2827, 2025, our cost of revenue increased by $7082 million, or 1712%, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. In both periods, the increase is attributed to manufacturing costs, mainly resulting from the growth in sales of EyeQTM SoC, which was partially offset by the decrease in sales of SuperVisionTM systems.

Gross Profit and Margin

In the three months ended ~~June~~September 2827 2025, our gross profit increased by $436 million, or 213% compared to the three months ended ~~June~~September 2928, 2024. In the ~~six~~nine months ended ~~June~~September 2827 2025, our gross profit increased by $~~196~~202 million, or 7540%, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. The increase in both periods was primarily due to the increase in sales of EyeQTM systems, which was slightly offset by the decrease in sales of SuperVisionTM systems.

In the three months ended ~~June~~September 2827 2025, our gross margin ~~increased~~decreased to 5048% compared to 4849% in the three months ended ~~June~~September 2928, 2024. This decrease was due to a modest reduction in EyeQTM ASP mainly due to higher volumes in China which carry lower ASP, and a higher EyeQTM-related cost per unit given a different mix of EyeQTM products sold. In the ~~six~~nine months ended ~~June~~September 2827, 2025, our gross margin increased to 4948% compared to 3943% in the ~~six~~nine months ended ~~June~~September 2928, 2024. ~~The~~This increase ~~in both periods~~ was primarily due to the lower impact of amortization of intangible assets as a percentage of revenue as well as an increase in the percentage of revenue attributable to EyeQTM SoCs.

Research and Development Expenses, net

Research and development expenses, net, in the three months ended ~~June~~September 2827, 2025, increased by $261 million, or 100%, compared to the three months ended ~~June~~September 2928, 2024. This increase was primarily due to an increase in payroll and related expenses, resulting mainly from an increase in average research and development headcount of ~~131~~140 employees, asand ~~well~~a asdecrease ~~higher~~in ~~share-based~~NRE ~~compensation~~reimbursements ~~expenses~~influenced by projects progress and timing. This was partially offset by ana ~~increase~~decrease in ~~NRE~~R&D ~~reimbursements~~direct ~~influenced~~expenses byincluding professional services mostly related to the ~~projects’~~wind-down ~~progress~~of ~~and~~the ~~timing~~Lidar division that took place during 2024, as well as lower share-based compensation expenses.

Research and development expenses, net, in the ~~six~~nine months ended ~~June~~September 2827, 2025 increased by $5859 million, or 127%, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. This increase was mainly due to an increase in payroll and related expenses, resulting from an increase in average research and development headcount of ~~135~~137 employees, asa ~~well~~decrease asin anNRE ~~increase~~reimbursements ininfluenced ~~share-based~~by ~~compensation.~~projects ~~Additionally,~~progress ~~there~~and timing and higher depreciation expenses. This was anpartially ~~increase~~offset by a decrease in ~~depreciation~~R&D ~~costs~~direct ~~associated~~expenses ~~with~~including ~~additional~~professional ~~sites~~services mostly related to the wind-down of the Lidar division that took place during 2024.

Sales and Marketing Expenses

Sales and marketing expenses in the three months ended ~~June~~September 2827, 2025, ~~decreased~~increased by $31 million or 114% compared to the three months ended ~~June~~September 2928, 2024, mainly due to ~~lower~~higher marketing expenses.

Sales and marketing expenses in the ~~six~~nine months ended ~~June~~September 2827, 2025, decreased by $65 million or 106% compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. This decrease is mainly associated with a decrease in payroll and related expenses due to the wind down of the after market division that took place in 2024.

~~General and Administrative Expenses~~35

General and administrative expenses remained flat in the three months ended June 28, 2025 compared to the three months ended June 29, 2024.

General and administrative expenses in the six months ended June 28, 2025 increased by $3 million or 9%, compared to the six months ended June 29, 2024. This increase was primarily due to an increase in legal and corporate expenses.

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General and Administrative Expenses

General and administrative expenses in the three months ended September 27, 2025 increased by $1 million or 6% compared to the three months ended September 28, 2024 due to higher share-based compensation expenses.

General and administrative expenses in the nine months ended September 27, 2025 increased by $4 million or 8%, compared to the nine months ended September 28, 2024, primarily due to an increase in share-based compensation expenses as well as legal and corporate expenses.

Goodwill Impairment

Goodwill impairment expenses were zero in the three and nine months ended September 27, 2025 and $2,695 million in the three and nine months ended September 28, 2024. During the third quarter of 2024, the Company performed an interim quantitative goodwill impairment analysis for the “Mobileye” reporting unit, resulting in a non-cash impairment loss. For further details, refer to Note 10 to the audited consolidated financial statements for the fiscal year ended December 28, 2024.

Financial Income (expense), net

Financial income, net, ~~remained flat~~ in the three months ended ~~June~~September 2827, 2025 increased by $3 million, or 21%, compared to the three months ended ~~June~~September 2928, 2024, mainly due to an increase in interest income and the impact of fluctuations in foreign exchange rates. Financial income, net, in the ~~six~~nine months ended ~~June~~September 2827, 2025 increased by $14 million, or 39%, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024, due to an increase in interest income, which was partially offset by the impact of fluctuations in foreign exchange rates.

Benefit (Provision) for Income Tax

In the three months ended ~~June~~September 2827, 2025 provision for income tax was $64 million, compared to a $5benefit ~~million provision~~ for income tax of $78 million in the three months ended ~~June~~September 2928, 2024. In the ~~six~~nine months ended ~~June~~September 2827, 2025, provision for income tax was $913 million, compared to a $2benefit ~~million provision~~ for income tax of $76 million in the ~~six~~nine months ended ~~June~~September 2928, 2024. In both periods, the change is mainly ~~related~~due to athe ~~lower~~deferred ~~loss~~tax ~~before~~effect ~~income~~of ~~taxes~~$82 ~~compared~~million attributed to goodwill impairment of the Mobileye reporting unit which was recognised in the prior- year period.

Liquidity and Capital Resources

We believe we have sufficient sources of funding to meet our business requirements and plans for the next 12 months and in the longer term. Cash generated by operations is our primary source of liquidity for funding our strategic business requirements.

Our primary uses of funds have been for funding increases in headcount in our research and development departments, investments attributable to new product development, as well as for funding our capital expenditures. Our capital expenditures have related mainly to data storage and other computer related equipment, expenditure related to research and development projects and to the construction of new sites, and were $2852 million and $4668 million for the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024, respectively.

To fund our cash requirements in the ordinary course of business, we anticipate that we will continue to primarily rely on operating cash flows, supplemented by our total cash and cash equivalents. We expect our total capital expenditures for 2025 to be similar compared to our total capital expenditures in 2024. We continue to invest in equipment related to the development of our next generation products. Our future capital requirements will depend on many factors, including our growth rate and the timing and extent of operating expenses.

We have lease obligations and other contractual obligations and commitments as part of our ordinary course of business. We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements involving commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons that have or are reasonably likely to have a material current or future effect on our financial condition, results of operations, liquidity, cash requirements or capital resources.

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Cash Flows

The following table sets forth certain consolidated statements of cash flow data:


	~~Six~~Nine ~~months~~Months ~~ended~~Ended
U.S. dollars in millions	~~June~~September 2827, 2025		~~June~~September 2928, 2024
Net cash provided by operating activities	$	~~322~~489	$	70196
Net cash used in investing activities		(3964)		(6498)
Net cash provided by (used in) financing activities		—		(11)
Net cash used in financing activities		(102)		(16)
Effect of foreign exchange rate changes on cash and cash equivalents		8		(52)
Increase (decrease) in cash, cash equivalents and restricted cash	$	291	$	(10)
Increase in cash, cash equivalents and restricted cash	$	331	$	80

Operating activities

For the ~~six~~nine months ended ~~June~~September 2827, 2025 compared to the ~~six~~nine months ended ~~June~~September 2928, 2024, the $~~252~~293 million increase in cash provided by operating activities was mainly due to a decrease of $2,754 million in net loss, ~~and~~partially aoffset ~~decrease~~by in$2,695 ~~inventories~~million ~~compared~~($2,613 tomillion, annet ~~increase~~of tax) of non-cash goodwill impairment loss recognized in ~~prior~~the ~~year~~nine ~~period,~~months ~~partially~~ended ~~offset~~September by28, a2024, ~~slight~~as ~~increase~~well inas ~~trade~~a ~~accounts~~decrease ~~receivable~~in inventories compared to aan ~~decrease~~increase in prior year period.

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Investing activities

Net cash used in investing activities in the ~~six~~nine months ended ~~June~~September 2827, 2025 and ~~June~~September 2928, 2024 was $3964 million and $6498 million, respectively, consisting of capital expenditures and debt investments.

Financing activities

Net cash ~~provided by (~~used in) financing activities in the ~~six~~nine months ended ~~June~~September 2827, 2025 ~~and~~was ~~June~~$102 ~~29,~~million ~~2024~~consisting ~~was~~of $0100 million repurchase of common stock from Intel and ~~$11~~share-based ~~million,~~compensation ~~respectively~~recharge payments made to Intel. Net cash used in financing activities in the nine months ended September 28, 2024 was $16 million consisting of share-based compensation recharge payments made to Intel.

Liability in respect of employee rights upon retirement

Israeli labor laws and agreements require severance payments upon dismissal of an employee or upon termination of employment in other circumstances. The severance pay liability with respect to Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment as of the balance sheet date.

Our liability for all of our Israeli employees is covered by monthly deposits with severance pay funds. The value of the deposited funds is based on the cash surrender value of these policies and includes profits (or loss) accumulated through the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligations pursuant to Israeli Severance Pay Law or labor agreements.

The majority of our liability for severance pay is covered by the provisions of Section 14 of the Israeli Severance Pay Law (“Section 14”). Under Section 14 employees are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, contributed by us on their behalf to their insurance funds. Payments in accordance with Section 14 release us from any future severance payments in respect of those employees. As a result, we do not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as assets on the consolidated balance sheets.

Severance pay liability increased from $62 million as of December 28, 2024, to $6974 million as of ~~June~~September 2827, 2025, ~~mainly~~reflecting ~~due to~~ the impact of annual salary increases and fluctuations in foreign exchange rates.

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Lease liabilities

We have lease agreements for vehicles and offices. We lease office space in various locations in Israel and around the world including USA, Germany and China. All leases are operating leases with fixed payment terms where some of the leases include annual increases to lease payments based on an index or a rate. Lease liabilities, representing the present value of future lease payments, have increased from $50 million as of December 28, 2024 to $5661 million as of ~~June~~September 2827, 2025, reflecting mainly new lease contracts and foreign currency exchange effects, partially offset by the progress in lease payments for existing arrangements.

Indebtedness

We have several bank guarantees aggregating approximately $19 million as of ~~June~~September 2827, 2025 (denominated in New Israeli Shekels) mainly in connection with lease agreements and import of vehicles.

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Non-GAAP Financial Measures

Our management uses Adjusted Gross Profit and Margin, Adjusted Operating Income and Margin and Adjusted Net Income, collectively, as key measures in operating our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate performance. For example, we use these non-GAAP financial measures to assess our pricing and sourcing strategy, in the preparation of our annual operating budget, and as a measure of our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures our management (and Intel’s management) uses in operating our business and measuring our performance, and enable comparison of financial trends and results between periods where items may vary independent of business performance. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as well as our condensed consolidated financial statements and related notes included elsewhere in this report.

We believe excluding items that neither relate to the ordinary course of business nor reflect our underlying business performance, such as the amortization of intangible assets, enables management and our investors to compare our underlying business performance from period-to-period. Accordingly, we believe these adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. In addition, we also believe these adjustments enhance comparability of our financial performance against those of other technology companies.

Our non-GAAP financial measures reflect adjustments for amortization charges for our acquisition-related intangible assets, share-based compensation expense, impairment of goodwill as well as the related income tax effects where applicable. We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These amortization charges relate to intangible assets consisting of developed technology, customer relationships, and brands as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Moovit in 2020. We believe that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses for equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although we exclude share-based compensation expenses from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses, and may increase in future periods. We believe that the exclusion of goodwill impairment is appropriate because it does not reflect our core operating performance, and excluding such non-cash impairment loss facilitates a useful evaluation of our performance and comparisons to past operating results.

Adjusted Gross Profit and Margin

We define Adjusted Gross Profit as gross profit presented in accordance with GAAP, excluding amortization of acquisition related intangibles, and share-based compensation expense. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by total revenue.

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Set forth below is the reconciliation of gross profit to Adjusted Gross Profit and the calculations of Gross Margin and Adjusted Gross Margin:


	Three ~~months~~Months Ended								~~Six~~Nine ~~months~~Months Ended
	~~June~~September 2827, 2025				~~June~~September 2928, 2024				~~June~~September 2827, 2025				~~June~~September 2928, 2024
U.S. dollars in millions		Amount	% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue
Gross Profit and Margin	$	~~252~~243	5048	%	$	~~209~~237	4849	%	$	~~459~~702	4948	%	$	~~263~~500	3943	%
Add: Amortization of acquired intangible assets		94	19	%		94	2119	%		~~188~~282	2019	%		~~188~~282	2824	%
Add: Share-based compensation expense		1—	—	%		1—	—	%		1	—	%		1	—	%
Adjusted Gross Profit and Margin	$	~~347~~337	6967	%	$	~~304~~331	6968	%	$	~~648~~985	6968	%	$	~~452~~783	67	%

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Our Gross Margin (gross profit as a percentage of revenue) and Adjusted Gross Margin (Adjusted Gross Profit as a percentage of revenue) reflect the high value-added nature of our solutions. As we develop and sell full systems that include hardware beyond EyeQ^TM SoCs, we expect that our Gross Margin and Adjusted Gross Margin will decrease over time because of the greater hardware content included in our solutions. However, as a result of a higher expected selling price for such systems, we expect our gross profit per unit will increase on a dollar basis.

Our Adjusted Gross Margin ~~remained~~decreased ~~flat~~from 68% in the three months ended ~~June~~September 2928, 2024 ~~compared~~to 67% for to the three months ended ~~June~~September 2827, 2025,. ~~primarily~~This decrease was due to ana ~~increase~~modest reduction in ~~the~~EyeQTM ~~percentage~~ASP ofmainly ~~revenue~~due ~~attributable~~ to ~~EyeQTM~~higher ~~SoCs~~volumes in China which ~~was~~carry ~~offset~~lower byASP, and a ~~slight~~higher ~~reduction~~EyeQTM-related incost ~~EyeQTM~~per ~~ASP,~~unit ~~mainly~~given ~~due~~a todifferent ~~higher~~mix ~~volumes~~of inEyeQTM ~~China.~~products sold.

Our Adjusted Gross Margin increased from 67% for the ~~six~~nine months ended ~~June~~September 2928, 2024 to 6968% for the ~~six~~nine months ended ~~June~~September 2827, 2025. This increase was primarily due to an increase in the percentage of revenue attributable to EyeQTM SoCs ~~which was offset by a slight reduction in EyeQTM ASP, mainly due to higher volumes in China~~.

Adjusted Operating Income (Loss) and Margin

We define Adjusted Operating Income (Loss) as operating income (loss) presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles and share-based compensation expenses. Operating Margin is calculated as operating income (loss) divided by total revenue, and Adjusted Operating Margin is calculated as Adjusted Operating Income (Loss) divided by total revenue.

Set forth below is the reconciliation of operating income (loss) to Adjusted Operating Income (Loss) and the calculations of Operating Margin and Adjusted Operating Margin:


	Three ~~months~~Months Ended								~~Six~~Nine ~~months~~Months Ended
	~~June~~September 2827, 2025				~~June~~September 2928, 2024				~~June~~September 2827, 2025				~~June~~September 2928, 2024
U.S. dollars in millions	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue
Operating Income (Loss) and Operating Margin	$	(74109)	(1522)	%	$	(942,807)	(21578)	%	$	(~~191~~300)	(2021)	%	$	(~~332~~3,139)	(49270)	%
Add: Amortization of acquired intangible assets		111	22	%		111	2523	%		~~222~~333	2423	%		~~222~~333	3329	%
Add: Share-based compensation expense		6972	14	%		6279	1416	%		~~134~~206	14	%		~~124~~203	1817	%
Adjusted Operating Income and Margin	$	106	21	%	$	79	18	%	$	165	17	%	$	14	2	%
Add: Goodwill impairment		—	—	%		2,695	555	%		—	—	%		2,695	232	%
Adjusted Operating Income and Margin	$	74	15	%	$	78	16	%	$	239	17	%	$	92	8	%

~~Operating~~Our operating loss decreased from $(942,807) million in the three months ended ~~June~~September 2928, 2024 to $(74109) million in three months ended ~~June~~September 2827, 2025, mainly due to ana ~~increase~~goodwill inimpairment ~~gross~~loss ~~profit,~~recognized ~~partially~~during ~~offset~~the bythree ~~higher~~months ~~operating~~ended ~~expenses~~September 28, 2024.

~~Operating~~Our operating loss decreased from $(~~332~~3,139) million in the ~~six~~nine months ended ~~June~~September 2928, 2024 to $(~~191~~300) million in the ~~six~~nine months ended ~~June~~September 2827, 2025, mainly due to ~~the~~a ~~increase~~goodwill inimpairment ~~revenue,~~loss ~~partially~~recognized ~~offset~~during bythe ~~higher~~three ~~operating~~months ~~expenses~~ended September 28, 2024.

Our Adjusted Operating Income increased by $27 million in the three months ended June 28, 2025 compared to the three months ended June 29, 2024, and by $151 million in the six months ended June 28, 2025 compared to the six months ended June 29, 2024. The increase in both periods was mainly due to the increase in revenue partially offset by an increase in operating expenses.39

~~Our~~Table Adjusted Operating Margin increased from 18% for the three months ended June 29, 2024 to 21% for the three months ended June 28, 2025. Our Adjusted Operating Margin increased from 2% for the six months ended June 29, 2024 to 17% for the six months ended June 28, 2025. The increase in both periods is mainly due to lower operating expenses as a percentage of ~~revenue.~~Contents

Our Adjusted Operating Income decreased by $4 million in the three months ended September 27, 2025 compared to the three months ended September 28, 2024 mainly due to an increase in operating expenses partially offset by an increase in adjusted gross profit.

Our Adjusted Operating Income increased by $147 million in the nine months ended September 27, 2025 compared to the nine months ended September 28, 2024, mainly due to an increase in adjusted gross profit partially offset by an increase in operating expenses.

Our Adjusted Operating Margin decreased from 16% for the three months ended September 28, 2024 to 15% for the three months ended September 27, 2025, mainly due to a decrease in adjusted gross margin.

Our Adjusted Operating Margin increased from 8% for the nine months ended September 28, 2024 to 17% for the nine months ended September 27, 2025, mainly due to lower operating expenses as a percentage of revenue.

Adjusted Net Income (Loss)

We define Adjusted Net Income (Loss) as net income (loss) presented in accordance with GAAP, adjusted to exclude amortization of acquisition related intangibles and share-based compensation expense as well as the related income tax effects. Income tax effects have been calculated using the applicable statutory tax rate for each adjustment taking into consideration the associated valuation allowance impacts. The adjustment for income tax effects consists primarily of the deferred tax impact of the amortization of acquired intangible assets.

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Set forth below is the reconciliation of net income (loss) to Adjusted Net Income (Loss):


	Three ~~months~~Months Ended								~~Six~~Nine ~~months~~Months Ended
	~~June~~September 2827, 2025				~~June~~September 2928, 2024				~~June~~September 2827, 2025				~~June~~September 2928, 2024
U.S. dollars in millions	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue
Net Income (Loss)	$	(6796)	(1319)	%	$	(862,715)	(20559)	%	$	(~~169~~265)	(18)	%	$	(~~304~~3,019)	(45259)	%
Add: Amortization of acquired intangible assets		111	22	%		111	2523	%		~~222~~333	2423	%		~~222~~333	3329	%
Add: Share-based compensation expense		6972	14	%		6279	1416	%		~~134~~206	14	%		~~124~~203	1817	%
Less: Income tax effects		(11)	(2)	%		(11)	(2)	%		(22)	(2)	%		(21)	(3)	%
Add: Goodwill impairment		—	—	%		2,695	555	%		—	—	%		2,695	232	%
Adjusted Net Income	$	102	20	%	$	76	17	%	$	165	18	%	$	21	3	%
Less: Income tax effects		(11)	(2)	%		(93)	(19)	%		(33)	(2)	%		(114)	(10)	%
Adjusted Net Income	$	76	15	%	$	77	16	%	$	241	17	%	$	98	8	%

The three months ended ~~June~~September 2827, 2025 ended with a net loss of $(6796) million compared to a $(862,715) million net loss in the three months ended ~~June~~September 2928, 2024. Our net loss decreased by $~~135~~2,754 million in the ~~six~~nine months ended ~~June~~September 2827, 2025, compared to the ~~six~~nine months ended ~~June~~September 2928, 2024. The decrease in net loss in both periods is mainly due to ana ~~increase~~goodwill inimpairment ~~gross~~loss ~~profit~~recognized ~~partially~~during ~~offset~~the bythree ~~higher~~months ~~operating~~ended ~~expenses~~September 28, 2024.

Our Adjusted Net Income ~~increased~~decreased by $261 million in the three months ended ~~June~~September 2827, 2025, compared to the three months ended ~~June~~September ~~29, 2024. Our Adjusted Net Income increased by $144 million in the six months ended June~~ 28, ~~2025, compared to the six months ended June 29,~~ 2024. ~~The~~mainly ~~increase in both periods is primarily~~ due to ~~the~~a ~~increase~~decrease in ~~Adjusted~~adjusted ~~Gross~~operating ~~Profit,~~income partially offset by anhigher ~~increase~~financial ~~in operating expenses~~income.

Our Adjusted Net Income increased by $143 million in the nine months ended September 27, 2025, compared to the nine months ended September 28, 2024. The increase is primarily due to the increase in Adjusted Gross Profit, partially offset by an increase in operating expenses.

Critical Accounting Policies and Estimates

Our unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time the estimate was made.

Note 2, “Significant Accounting Policies” of the Notes to the condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the 2024 Form 10-K describe the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates since the 2024 Form 10-K.

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Cautionary Note Regarding Forward-Looking Statements

This report includes forward-looking statements within the meaning of the federal securities laws. Mobileye and its representatives may also, from time to time, make certain forward-looking statements in publicly released materials, both written and oral, including statements contained in filings with the SEC, press releases, and our reports to stockholders. Forward-looking statements may be identified by the use of words such as “plan,” “expect,” “believe,” “intend,” “will,” “may,” “anticipate,” “estimate” and other words of similar meaning in conjunction with, among other things, discussions of future operations and financial performance (including volume growth, pricing, sales and earnings per share growth, and cash flows) and statements regarding our strategy for growth, future product development, regulatory approvals, competitive position and expenditures. All statements that address our future operating performance or events or developments that we expect or anticipate will occur in the future are forward-looking statements.

Forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events, developments and operating performance, and speak only as of their dates. Investors should realize that if underlying assumptions prove inaccurate, or risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. Furthermore, we undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events and developments or otherwise, except as required by applicable law or regulations.

Forward-looking statements contained in this report may include, but are not limited to, statements about:

●further deterioration of macroeconomic conditions due to ongoing global economic and political uncertainty (as our current guidance assumes the estimated production and/or demand impact of current tariff conditions);

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●future business, social and environmental performance, goals and measures;

●our anticipated growth prospects and trends in markets and industries relevant to our business;

●business and investment plans;

●expectations about our ability to maintain or enhance our leadership position in the markets in which we participate;

●future consumer demand and behavior, including expectations about excess inventory utilization by customers;

●our ability to effectively compete in the markets in which we operate;

●future products and technology, and the expected availability and benefits of such products and technology;

●development of regulatory frameworks for current and future technology;

●changes in regulation and trade policy, including increased tariffs, in regions in which we operate, including the U.S., Europe and China;

●projected cost and pricing trends;

●future production capacity and product supply;

●potential future benefits and competitive advantages associated with our technologies and architecture and the data we have accumulated;

●the future purchase, use and availability of products, components and services supplied by third parties, including third-party IP and manufacturing services;

●uncertain events or assumptions, including statements relating to our estimated vehicle production and market opportunity, potential production volumes associated with design wins and other characterizations of future events or circumstances;

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●availability, uses, sufficiency and cost of capital and capital resources, including expected returns to stockholders such as dividends, and the expected timing of future dividends;

●tax- and accounting-related expectations;

●adverse conditions in Israel, including in connection with the Israeli military operations in response to the October 7, 2023 terrorist attacks or the conflict between Israel and Iran, which may affect our operations and may limit our ability to produce and sell our solutions;

●any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and

●other statements described in this report and under the sections entitled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business,” in our 2024 Form 10-K.

The risk factors discussed under the section entitled “Risk Factors” included in our 2024 Form 10-K could cause our results to differ materially from those expressed in the forward-looking statements made in this Quarterly Report on Form 10-Q. There also may be other risks that are currently unknown to us or that we are unable to predict at this time.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of foreign currency exchange rates and interest rates. There were no material changes to the information on market risk disclosure from our 2024 Form 10-K.

Interest Rate Risk

Our investments in money market funds, U.S. government bonds and short term deposits are subject to market risk due to changes in interest rates, which may affect our interest income and fair market value of our investments. To minimize this risk, we invest in institutional investors money market funds, which consist of high-grade securities. Our short term deposits are redeemable upon demand and held in banks domiciled in the U.S. and Europe, as well as in Israel. As of ~~June~~September 2827, 2025 and December 28, 2024, our investment in money market funds was $1,~~003~~010 million and $951 million, respectively; our U.S. government bonds were $4455 million and $33 million, respectively; and our short term deposits were $~~649~~661 million and $419 million, respectively.

The primary objectives of our investments in money market funds, U.S. government bonds and short term deposits is to fund our cash requirements in the ordinary course of business and preserve principal. We do not enter into investments for trading or speculative purposes.

Foreign Currency Exchange Risk

The U.S. dollar is our functional currency. Substantially all our revenue was denominated in U.S. dollars for all periods presented; however certain expenses comprising our cost of revenue and operating expenses were denominated in New Israeli Shekels, mainly payroll. As a result, our condensed consolidated financial statements are subject to fluctuations due to changes in exchange rates as our operating expenses, denominated in New Israeli Shekels, are remeasured from New Israeli Shekels into U.S. dollars. We also have expenses in other currencies, in particular the Euro, the Chinese Yuan, and the Japanese Yen, although to a much lesser extent.

During the fourth quarter of 2024 we initiated a foreign currency cash flow hedging program, designed to hedge the Company’s foreign exchange rate risk, resulting mainly from ILS payroll expenses. The Company hedges portions of its forecasted payroll payments denominated in ILS using forward contracts that are designated as cash flow hedges, as defined by ASC 815.

If the New Israeli Shekel had strengthened by 10% against the U.S. dollar, it would have decreased our cash flows by approximately $2131 million in the ~~six~~nine months ended ~~June~~September 2827, 2025. If the New Israeli Shekel had strengthened by 10% against the U.S. dollar, it would have decreased our cash flows by approximately $3251 million in the ~~six~~nine months ended ~~June~~September 2928, 2024.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, management conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the three months ended ~~June~~September 2827, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of any system of controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that our controls and procedures will detect all errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be attained.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we have in the past and may in the future become involved in various legal actions and other claims. We may also become involved in other judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Some of these matters may involve claims of substantial amounts. In addition, from time to time, third parties may assert intellectual property infringement claims against us in the form of letters and other forms of communication. These legal proceedings may be subject to many uncertainties and there can be no assurance of the outcome of any individual proceedings. An adverse outcome in certain of these proceedings could have a material adverse effect on our business, financial condition and results of operations, and could cause the market value of our common stock to decline.

Legal Actions

U.S. Class Action

Securities Litigation. On January 16, 2024, a putative class action captioned McAuliffe v. Mobileye Global Inc., et al., 1:24-CV-00310 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York against Mobileye and certain of its current and former officers. Following consolidation of the action with a substantively identical case, Le v. Mobileye Global Inc. et al., 1:24 - CV - 01390 (S.D.N.Y.), and the appointment of a lead plaintiff, an amended complaint was filed on September 13, 2024. In response to the defendants’ motion to dismiss, filed on October 25, 2024, lead plaintiff filed a second amended complaint on November 22, 2024. The second amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with defendants’ alleged misstatements and omissions concerning the build-up of excess inventory by certain Tier 1 Mobileye customers, and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Mobileye securities between January 26, 2023 and August 8, 2024. The second amended complaint also includes claims asserted by an additional plaintiff under Sections 11 and 15 of the Securities Act of 1933 on behalf of a putative class of purchasers of Mobileye Class A common stock offered in Mobileye’s June 5, 2023 secondary offering. Mobileye and the individual defendants filed a motion to dismiss the second amended complaint on December 20, 2024. On January 24, 2025, the lead plaintiff filed a brief in opposition to Mobileye’s and the other named defendants’ motion to dismiss. On February 21, 2025, Mobileye and the other named defendants jointly filed a brief in reply to the lead plaintiff’s opposition brief. On April 16, 2025, the Court granted the defendants’ motion and dismissed the second amended complaint in full without leave to amend, closing the case. On May 16, 2025, the lead plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Second Circuit. On July 11, 2025, the lead plaintiff filed a brief in support of their appeal. On August 15, 2025, Mobileye and the named defendants filed their opposition brief, and on September 5, 2025, the appellants filed their reply brief in further support of the appeal We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of ~~June 28~~September 27, 2025.

U.S. Derivative Action - U.S. District Court for the Southern District of New York

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U.S. Derivative Action - State of Delaware

On May 6, 2025, a derivative lawsuit captioned Levitan et al. vs. Shashua et al. was filed in the State of Delaware’s Court of Chancery against certain current and former members of the Mobileye Board of Directors and against Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty against the named director defendants and breach of fiduciary duty and unjust enrichment against Intel Corporation, alleging that the named director defendants and Intel should not have authorized Mobileye’s June 5, 2023 secondary offering given their purported knowledge of the alleged challenges facing the Company concerning customer demand and the buildup of excess inventory by Mobileye’s Tier 1 customers. The complaint seeks unspecified damages and other relief. On September 8, 2025, Mobileye, Intel Corporation and the named director defendants filed a motion to dismiss the complaint. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of ~~June 28~~September 27, 2025.

U.S. Patent Litigation

On January 26, 2024, Facet Technology Corp. (“Facet”) sued Mobileye in the U.S. District Court for the Eastern District of Texas for allegedly infringing two patents. Captioned Facet Technology Corp. v. Mobileye Global, Inc., the complaint alleges that certain Mobileye products directly and indirectly infringe both patents. The complaint seeks unspecified damages, a permanent injunction, and attorneys’ fees and costs. On November 4, 2024, Mobileye filed a motion to dismiss asserting improper venue, which the court dismissed without prejudice to refile in view of an amended complaint filed by Facet, adding Mobileye Vision Technologies Ltd. and Mobileye Inc., each wholly-owned indirect subsidiaries of Mobileye Global Inc., as additional defendants. On November 7, 2024, Mobileye Vision Technologies Ltd. and Mobileye Inc., sued Facet Technology Corp. in the U.S. District Court of Minnesota seeking a declaratory judgement that the Mobileye plaintiffs do not infringe either patent. On March 5, 2025, the Patent Trial and Appeal Board of the US Patent and Trademark Office instituted two Inter Parte Review (IPR) proceedings filed by Mobileye Vision Technologies Ltd. against the patents asserted by Facet. On March 15, 2025, the parties agreed and the relevant courts entered orders staying all litigation pending the outcome of the IPRs. On March 19, 2025, Facet filed requests for reconsideration of both institution decisions. On April 22, 2025, the Patent Trial and Appeal Board denied Facet’s request for reconsideration in respect of one of the institution decisions. On May 2, 2025, the U.S. Patent and Trademark Office denied Facet’s request for Director Review of the second institution decision. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of ~~June~~September 2827, 2025.

Item 1A. Risk Factors

There have been no material changes to the risk factors as disclosed in our 2024 Form 10-K. The risks described in the section entitled “Item 1A. Risk Factors” in our 2024 Form 10-K could materially and adversely affect our business, financial condition, and results of operations, and the trading price of our Class A common stock could decline. These risk factors do not identify all risks that we face. Our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. Refer also to the other information set forth elsewhere herein, including the sections entitled “Forward-Looking Statements”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and our Consolidated Condensed Financial Statements and related Notes thereto.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent Sale of Unregistered Securities

There were no sales of unregistered equity securities during the three months ended ~~June~~September 2827, 2025.

Use of Proceeds

Not applicable.

Issuer Purchases of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

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Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

10.9*		Amended and Restated Mobileye Global Inc. 2022 Equity Incentive Plan
31.1*		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.1*		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certificate of the Chief Executive Officer of Mobileye Global Inc. pursuant to 18 U.S.C. § 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certificate of the Chief Financial Officer of Mobileye Global Inc. pursuant to 18 U.S.C. § 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*		The following financial statements from Mobileye Global Inc.’s Quarterly Report on Form 10-Q for the three months ended ~~June~~September 2827, 2025, filed with the Securities and Exchange Commission on ~~July~~October 2423, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) the Consolidated Statements of Changes in Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Mobileye Global Inc.
Date: July 24, 2025
Date: October 23, 2025
	By:	/s/ Professor Amnon Shashua
		Professor Amnon Shashua
		Chief Executive Officer, President and Director(Principal Executive Officer)

	By:	/s/ Moran Shemesh Rojansky
		Moran Shemesh Rojansky
		Chief Financial Officer(Principal Financial and Accounting Officer)

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