10-K: Mobileye Global Reports 15% Revenue Growth, Expands into Humanoid Robotics

Mobileye Global Inc. reported a 15% increase in 2025 revenue to $1.9 billion, alongside a strategic acquisition of Mentee Robotics, expanding its reach into humanoid AI.

Summary

• Revenue for the fiscal year ended December 27, 2025, increased by 15% to $1,894 million, up from $1,654 million in 2024.
• The company reported a net loss of $392 million in 2025, a significant improvement from a net loss of $3,090 million in 2024, which included a $2,695 million non-cash goodwill impairment.
• Adjusted Net Income for 2025 was $286 million, compared to $205 million in 2024.
• Gross profit increased by 22% to $904 million in 2025, with gross margin improving from 45% in 2024 to 48% in 2025.
• Approximately 35.7 million EyeQ SoC and SuperVision systems were shipped in 2025, an increase from 29.0 million systems in 2024.
• Mobileye completed the acquisition of Mentee Robotics Ltd., a humanoid robotics company, on February 3, 2026, for an aggregate purchase price of $900 million, consisting of approximately $612 million in cash and 26,279,824 shares of Class A common stock.
• Research and development expenses, net, increased by 6% to $1,151 million in 2025.
• A workforce reduction affecting approximately 200 employees, primarily in Israel, was implemented on December 8, 2025, incurring related costs of approximately $7 million.
• Intel's beneficial ownership of Mobileye's voting power decreased slightly from 97.3% (as of December 27, 2025) to 96.9% (as of February 3, 2026) due to the Mentee Robotics acquisition.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive report, reflecting strong revenue growth and improved profitability metrics, coupled with a strategic acquisition that expands future market opportunities. However, ongoing geopolitical risks, competitive pressures, and the inherent uncertainties of emerging technologies temper the overall sentiment.

Positives

• Reported a strong 15% year-over-year revenue growth in 2025, reaching $1.9 billion.
• Achieved a significant reduction in net loss from $3,090 million in 2024 to $392 million in 2025, largely due to the absence of the prior year's goodwill impairment.
• Adjusted Net Income increased to $286 million in 2025, up from $205 million in 2024, indicating improved underlying operational profitability.
• Gross margin improved from 45% in 2024 to 48% in 2025, driven by a higher percentage of EyeQ SoC revenue and lower impact of amortization of intangible assets.
• Increased EyeQ SoC and SuperVision system shipments by 23% in 2025 to 35.7 million units, demonstrating strong product demand.
• The strategic acquisition of Mentee Robotics expands Mobileye's market opportunity into the emerging humanoid robotics sector, leveraging its AI expertise.
• Imaging radar technology was chosen by a leading global automaker for SAE Level 3 automated driving starting in 2028, validating its advanced capabilities and cost-efficiency.
• The Road Experience Management (REM) mapping system collected 34.5 billion miles of road data in 2025, covering over 95% of major road types in the U.S. and Europe, creating a powerful network effect.
• The EyeQ6 High SoC demonstrates significant efficiency, achieving a 10x improvement in frames-per-second processing compared to EyeQ5 High with only 2x processing power and 25% higher power consumption.
• Maintains strong competitive strengths including first-mover advantage, differentiated technology, a comprehensive solution portfolio, and cost-driven advantages.
• Successfully dismissed a U.S. Class Action lawsuit and two U.S. Derivative Actions in 2025, reducing legal overhang.
• Received a favorable ruling from the Patent Trial and Appeal Board (PTAB) in U.S. Patent Litigation, finding most asserted claims against Mobileye unpatentable.

Negatives

• Reported a net loss of $392 million in 2025, indicating continued unprofitability on a GAAP basis.
• Average System Price (ASP) decreased by 6% in 2025, primarily due to a lower percentage of SuperVision-related revenue.
• In Q3 2024, Zeekr announced a decision to utilize its in-house system instead of SuperVision for a major portion of its 001 model production, highlighting competitive challenges from OEMs developing proprietary solutions.
• Research and development expenses increased by $68 million in 2025, partly due to an increase in average R&D headcount and costs related to a workforce reduction.
• General and administrative expenses increased by 14% in 2025, mainly due to higher legal and corporate expenses and share-based compensation.
• The fair value of the Mobileye reporting unit exceeded its carrying amount by less than 10% in the 2025 goodwill impairment test, indicating low headroom and potential for future impairment if the share price and market capitalization decline further.
• Dependence on a limited number of Tier 1 customers (ZF, Valeo, and Aptiv accounted for 30%, 17%, and 15% of 2025 revenue, respectively) and OEMs (82% of revenue from eight OEMs) creates concentration risk.
• Reliance on STMicroelectronics as the sole supplier for EyeQ SoCs and TSMC as a subcontractor for manufacturing introduces supply chain vulnerability.
• The acquisition of Mentee Robotics, while strategic, introduces integration risks and costs associated with a nascent, complex, and rapidly evolving market with uncertain customer demand and high capital requirements.
• A workforce reduction of approximately 200 employees was implemented in December 2025.
• Ongoing geopolitical conflicts in Israel and the surrounding region pose risks to operations, with approximately 3.3% of employees called to military reserve duty as of February 3, 2026.
• U.S. export controls and Chinese industrial policies may lead to Chinese OEMs favoring local competitors, potentially impacting revenue from China (23% of 2025 revenue).
• Intel's controlling beneficial ownership (96.9% of voting power as of February 3, 2026) limits the ability of other stockholders to influence corporate matters and creates potential conflicts of interest.
• The dual-class stock structure may depress the trading price of Class A common stock and prevent its inclusion in certain indices.
• The company does not expect to pay dividends in the foreseeable future.

Risks

• Inability to develop and introduce new solutions and improve existing solutions in a cost-effective and timely manner.
• Unsuccessful research and development efforts, including next-generation EyeQ SoCs, software-defined imaging radar, True Redundancy, REM, RSS, and humanoid robotics.
• Operating in a highly competitive market across ADAS, autonomous driving, and humanoid robotics.
• Future shortages in the supply of EyeQ SoCs or other critical parts.
• Reliance on a single or limited number of suppliers and vendors for certain components, equipment, and services (e.g., STMicroelectronics for EyeQ SoCs, TSMC for manufacturing, Amazon Web Services for cloud services).
• Increases in costs of materials and other components used in solutions.
• Claims or losses relating to actual or alleged defects in solutions, or if solutions fail to perform as expected, leading to reputational harm, decreased demand, or increased regulatory scrutiny.
• Risks related to trade policies, sanctions, and import and export controls, including U.S.-China tensions and restrictions on connected vehicles.
• Significant effort and money invested in OEM design wins with no assurance of selection or purchase quantity, and potential for significant delays in revenue realization.
• Dependence on a limited number of Tier 1 customers and OEMs for a substantial portion of revenue.
• Increased competition from OEMs and emerging chip manufacturers developing in-house solutions.
• High dependence on the services of Professor Amnon Shashua, President and Chief Executive Officer, who also has other ventures.
• Inability to attract, retain, and motivate key employees.
• Regulatory and integration risks and costs associated with acquired companies, assets, employees, products, and technologies, including the acquisition of Mentee Robotics.
• Interruptions to information technology systems and networks and cybersecurity incidents.
• Security breaches and other disruptions of in-vehicle systems and related data impacting end-user safety and confidence.
• An uncertain economic environment and inflationary conditions adversely affecting global vehicle production and demand for solutions.
• OEMs' inability to maintain and increase consumer acceptance of ADAS and autonomous driving technology.
• Adverse effects from changes in automotive safety regulations or concerns that drive regulations, increasing costs or delaying/halting adoption of solutions.
• The dual-class structure of common stock concentrating voting control with Intel, limiting other stockholders' ability to influence corporate matters.
• Conflicts of interest with Intel due to its controlling beneficial ownership and shared directors/officers.
• Conditions in Israel and the surrounding region affecting operations and potentially limiting the ability to produce and sell solutions, including military service obligations for personnel.
• Potential need to raise additional capital in the future, which may not be available on acceptable terms or at all.
• Fluctuations in currency exchange rates, particularly the U.S. dollar against the New Israeli Shekel.
• Being a holding company, dependent on the earnings and distributions from subsidiaries.
• Failures or perceived failures to comply with privacy, data protection, and information security requirements, including new AI oversight regulations.
• Inability to adequately protect, defend, or enforce intellectual property rights, or costly efforts to do so.
• Claims for remuneration or royalties for assigned service invention rights by employees.
• Reliance on unpatented proprietary technology, trade secrets, processes, and know-how.
• Use of certain software and data governed by open-source licenses, which could adversely affect the business.
• Changes in effective tax rates, including due to OECD Pillar Two Model Rules and Israeli tax benefits.
• Catastrophic events (natural disasters, public health issues, etc.) adversely affecting business, results of operations, and financial condition.
• Goodwill impairment charges if the fair value of the Mobileye reporting unit declines further.

Future Outlook

Mobileye anticipates continued significant investment in research and development, expecting R&D expenses to increase in absolute dollars but gradually decrease as a percentage of total revenue. The company projects its Adjusted Operating Margin and Adjusted Net Income (Loss) Margin to increase in the mid-term future compared to 2025, driven by expected decreases in operating expenses as a percentage of revenue, despite an anticipated decrease in Adjusted Gross Margin due to higher hardware content in full system solutions. Mobileye expects to capitalize on strong OEM and Tier 1 relationships, benefit from increasing global regulatory and safety requirements for ADAS, and create new revenue streams from OTA updates and REM maps. The company plans to further enhance and drive adoption of its Premium Driver Assist solutions (Mobileye Surround ADAS and SuperVision) and innovate and commercialize next-generation autonomous driving solutions (Chauffeur and Drive). Total capital expenditures for 2026 are expected to be higher than 2025, primarily for next-generation product development. The company is also monitoring the phased application of the EU AI Act (2025-2026) and the effectiveness of Pillar Two Model Rules in Israel (after January 1, 2026), as well as new BIS regulations on connected vehicles (model years 2027 and 2030).

Management Comments

• We pioneered ADAS technology more than 25 years ago and have continuously expanded the scope of our ADAS offerings, while leading the evolution to autonomous driving solutions.
• We believe that an evolutionary path toward fully autonomous vehicles is the future of mobility.
• We believe that our industry-leading technology platform, built upon over 25 years of research, development, data collection and validation, and purpose-built software and hardware design, gives us a differentiated ability to not only deliver excellent safety ratings and maintain a leadership position with our ADAS solutions, but also to make the mass deployment of autonomous driving solutions a reality.
• We believe that growth in eyes-on/hands-off systems and commercial driverless services will enhance public trust and familiarity with the technology to grow and eventually lead to more sophisticated self-driving systems for privately-owned vehicles.
• We believe the key factors in the growth of autonomous driving will be increased safety, consumer demand, and other economic and social benefits, such as increased mobility for older adults and persons with disabilities, less traffic congestion, and the reduction of land use for parking.
• We believe that our leadership in ADAS and autonomous driving is based primarily on our: (1) first-mover advantage; (2) technology, including differentiated technological cores and solution architectures; (3) comprehensive portfolio of solutions; (4) delivery, including agility, response times, and time-to-market; and (5) inherent cost-driven advantages.
• We believe our strong research and development is our principal competitive strength and has led to our position in the market.
• 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.
• We expect that our Adjusted Operating Margin in the mid-term future will increase compared to 2025, mainly due to an expected decrease in operating expenses as a percentage of revenue, taking into account an expected decrease in Adjusted Gross Margin over time as we develop and sell full system solutions contributing higher gross profit dollars per unit but lower percentage Gross Margin given the greater hardware content included in these systems.

Industry Context

StockSavvy.ai notes that Mobileye's continued revenue growth and strategic expansion into humanoid robotics position it at the forefront of the evolving Physical AI market, bridging autonomous driving with broader AI applications. The company's focus on cost-efficient, scalable solutions like imaging radar and its REM mapping system addresses key industry challenges for mass AV deployment, differentiating it from lidar-centric competitors. The acquisition of Mentee Robotics, while nascent, aligns with a broader tech trend of diversifying AI applications beyond traditional automotive, potentially opening new revenue streams and leveraging core AI competencies.

Comparison to Industry Standards

• Mobileye's EyeQ6 High SoC demonstrates a 10x improvement in frames-per-second processing compared to its EyeQ5 High SoC, with only a 2x increase in overall processing power and 25% higher power consumption, indicating superior efficiency compared to more general-purpose SoCs from competitors like NVIDIA and Qualcomm in automotive applications.
• The company's imaging radar technology, chosen by a leading global automaker for SAE Level 3 automated driving starting in 2028, is expected to deliver rich point-cloud models similar to lidar but at a significantly lower cost, addressing a key limitation of expensive lidar-centric solutions often employed by competitors such as Waymo and Cruise for autonomous vehicles.
• Mobileye's Road Experience Management (REM) mapping system, which collected 34.5 billion miles of road data in 2025 and covers over 95% of motorway, trunk, and primary road types in the U.S. and Europe, offers a scalable, crowd-sourced mapping approach that contrasts with the dedicated high-definition mapping efforts often required by other AV developers.
• The Compound AI system structure with True Redundancy and Responsibility Sensitive Safety (RSS) is presented as a differentiated approach to safety validation, aiming for a 'safer than human-driven vehicles' standard, which contrasts with monolithic systems used by some competitors.
• The decision by Zeekr in Q3 2024 to transition to an in-house system for a major portion of its 001 model, instead of Mobileye SuperVision, highlights the ongoing competitive pressure from OEMs like Tesla and Mercedes-Benz who are increasingly pursuing in-house ADAS/AV solutions, challenging external suppliers.

Management Changes

Corporate Governance

Legal Proceedings

• **U.S. Class Action (McAuliffe v. Mobileye Global Inc., et al.)**: Filed January 16, 2024, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 regarding alleged misstatements/omissions concerning excess inventory, and Sections 11 and 15 of the Securities Act of 1933 related to a June 5, 2023 secondary offering. The case was dismissed by the Court on April 16, 2025, and this dismissal was affirmed by the U.S. Court of Appeals for the Second Circuit on December 16, 2025. The lead plaintiff has 90 days from December 16, 2025, to file a writ of certiorari with the U.S. Supreme Court. No provision was recorded as of December 27, 2025.
• **U.S. Derivative Action U.S. District Court for the Southern District of New York**: Filed April 12, 2024, against Mobileye Board members and Intel, alleging breach of fiduciary duty and unjust enrichment related to alleged false statements about excess inventory, and a Section 14(a) violation regarding the 2023 proxy statement. This action was consolidated with another derivative lawsuit on July 9, 2024, and subsequently voluntarily dismissed without prejudice on April 25, 2025. No provision was recorded as of December 27, 2025.
• **U.S. Derivative Action State of Delaware (Levitan et al. vs. Shashua et al.)**: Filed May 6, 2025, against current/former directors and Intel, alleging breach of fiduciary duty and unjust enrichment related to authorizing the June 5, 2023 secondary offering despite purported knowledge of customer demand challenges and excess inventory. This lawsuit was voluntarily dismissed with prejudice on January 28, 2026. No provision was recorded as of December 27, 2025.
• **U.S. Patent Litigation (Facet Technology Corp. v. Mobileye Global, Inc.)**: Filed January 26, 2024, alleging infringement of two patents. Mobileye filed motions to dismiss and initiated Inter Parte Review (IPR) proceedings at the Patent Trial and Appeal Board (PTAB). Litigation was stayed on March 15, 2025, pending IPR outcomes. On January 23, 2026, the PTAB issued final written decisions, ruling in Mobileye's favor on all but one claim asserted against it in district court. Parties have until February 23, 2026, to request Director Review, or March 27, 2026, to file a notice of appeal. No provision was recorded as of December 27, 2025.

Related Party Transactions

• **Intel Corporation**: Intel beneficially owns approximately 77.0% of Mobileye's outstanding common stock and 96.9% of its voting power as of February 3, 2026.
• **Stock Compensation Recharge Agreement with Intel**: Mobileye reimbursed Intel $9 million in 2025 for share-based compensation provided to Mobileye employees.
• **Lease Agreements with Intel**: Mobileye leases office space in Intel buildings, incurring costs of $2.6 million in 2025.
• **Administrative Services Agreement with Intel**: Intel provides administrative and other services to Mobileye, with costs of $2.2 million in 2025.
• **Technology and Services Agreement with Intel**: Provides a framework for technology collaboration and grants Mobileye a limited license for sensitive core radar technology from Intel. Costs incurred were $2.3 million in 2025.
• **Tax Sharing Agreement with Intel**: Establishes tax responsibilities; as of December 27, 2025, the related party payable to Intel was zero.
• **Intel Sublicense**: Mobileye paid Intel $0.3 million in 2024 as its allocation for a sublicense to certain patents.
• **Share Repurchase from Intel**: On July 11, 2025, Mobileye purchased 6,231,985 shares of Class A common stock from Intel for $100 million.
• **Secondary Offering and Conversion by Intel**: Intel sold 50,000,000 Class A shares in a secondary offering and voluntarily converted an additional 50,000,000 Class B shares to Class A shares on July 11, 2025.
• **Intel Directors on Mobileye's Board**: Patrick Bombach, Naga Chandrasekaran, David Zinsner, and Frank D. Yeary serve on both Mobileye's Board and hold senior roles at Intel. Safroadu Yeboah-Amankwah, Mobileye's Chair, was formerly with Intel.
• **Mentee Robotics Ltd. Acquisition**: Mobileye acquired Mentee Robotics on February 3, 2026, for $900 million. Professor Amnon Shashua (Mobileye CEO) and Professor Shai Shalev-Shwartz (Mobileye CTO) were co-founders and significant shareholders of Mentee Robotics, receiving approximately $341 million and $118 million, respectively, in consideration (cash and Class A stock). Professor Shashua's son and son-in-law, employees of Mentee Robotics, also received consideration for their options.

Stakeholder Impact

• **Shareholders**: Experience dilution risk from potential future capital raises and have limited influence over corporate matters due to Intel's controlling voting power. The dual-class stock structure may depress the Class A common stock trading price, and no dividends are expected in the foreseeable future. The low headroom in goodwill valuation presents a risk of future impairment charges.
• **Employees**: Approximately 200 employees were affected by a workforce reduction in December 2025. Approximately 3.3% of Israeli employees have been called to military reserve duty due to regional conflicts. Equity incentive plans remain a key component of compensation, and the company is integrating approximately 87 new employees from Mentee Robotics.
• **Customers (OEMs and Tier 1 Suppliers)**: Benefit from Mobileye's advanced ADAS and AV solutions, but face potential impacts from global automotive production fluctuations. Some OEMs are developing in-house solutions, increasing competitive pressure on Mobileye.
• **Suppliers**: The company's reliance on single or limited suppliers (e.g., STMicroelectronics, TSMC, Amazon Web Services) creates supply chain risks, including potential disruptions and cost increases.
• **Regulatory Bodies**: Mobileye actively engages with regulatory bodies to shape frameworks for AV deployment and safety standards, including IEEE 2846 and compliance with the EU AI Act and BIS regulations on connected vehicles.
• **Creditors**: The company has lease obligations and bank guarantees, which are part of its ordinary course of business.

Next Steps

• Continue to lead and deliver upon global regulatory and safety requirements for base ADAS features.
• Grow the depth and breadth of Road Experience Management (REM) maps to deliver leading ADAS capabilities.
• Create future revenue streams from Over-The-Air (OTA) capabilities and REM maps through solution upgrades.
• Further enhance and drive adoption of Premium Driver Assist solutions, including Mobileye Surround ADAS and SuperVision.
• Innovate and commercialize next-generation autonomous driving solutions, such as Mobileye Chauffeur and Mobileye Drive.
• Utilize the flexible platform to expand collaboration with OEM customers, enabling customization through the Driving Experience Platform (DXP).
• Continue to develop and commercialize next-generation active sensors, including software-defined imaging radars.
• Accelerate the roadmap of next-generation proprietary EyeQ SoCs, focusing on silicon, packaging, and systems-level needs.
• Utilize the substantial and growing dataset to continuously improve the intelligence and robustness of solutions.
• Establish Eyes-Off/Hands-Off autonomous and Autonomous Mobility-as-a-Service (AMaaS) solutions, including adding additional cities to AMaaS offerings.
• Continue to invest in ecosystem partnerships with OEMs and transportation network companies.
• Invest in customer relationships in emerging markets to accelerate ADAS and autonomous driving adoption, particularly in India.
• Monitor developments related to the implementation of the One Big Beautiful Bill Act (OBBBA) and additional guidance from the U.S. Department of the Treasury and Internal Revenue Service.
• Evaluate the potential impact of new accounting pronouncements (ASU 2024-03, ASU 2025-01, ASU 2025-05, ASU 2025-06, ASU 2025-11) on consolidated financial statements.
• Vigorously defend against the U.S. Patent Litigation (Facet Technology Corp. v. Mobileye Global, Inc.), with deadlines for Director Review request (February 23, 2026) and appeal notice (March 27, 2026) pending.
• Address the potential for the lead plaintiff in the McAuliffe v. Mobileye class action to file a writ of certiorari with the U.S. Supreme Court within 90 days of December 16, 2025.
• Expect total capital expenditures for 2026 to be higher compared to 2025, driven by investments in next-generation product development.

Key Dates

Recommendation

Mobileye demonstrates solid revenue growth and improved profitability in 2025, driven by increased ADAS adoption and strategic product development. The acquisition of Mentee Robotics expands its long-term potential into humanoid AI, aligning with future tech trends. However, the company faces significant competitive pressures, reliance on key customers and suppliers, and geopolitical risks in Israel. The low headroom in goodwill valuation and the dual-class share structure, which concentrates voting power with Intel, present notable concerns for minority shareholders. The dismissal of class action lawsuits is a positive, but the inherent uncertainties of emerging AV and robotics markets warrant a cautious 'hold' stance for investors, balancing growth potential against substantial risks.

Keywords

ADAS, Autonomous Driving, Humanoid Robotics, EyeQ SoC, Mentee Robotics, Intel, Financial Results, Risk Factors, Computer Vision, AI, Automotive Technology, Semiconductors, Corporate Governance, Israel Operations, Road Experience Management, SuperVision, Chauffeur, Mobileye Drive, SEC Filing