Mobileye Q2 Revenue Flat at $508M, Raises FY Outlook on R&D Grant; Robotaxi Progress

summarizeSummary

Mobileye reported Q2 revenue of $508M, flat year-over-year, and raised its full-year 2026 guidance, driven by a $110M R&D incentive grant. The company also highlighted progress in robotaxi services and a new ADAS design win with Stellantis.

check_boxKey Events · Earnings and Guidance · MBLY

• Q2 Revenue Flat, Profitability Jumps

  Revenue of $508M was flat YoY, but GAAP operating loss improved 59% to $(30)M and adjusted operating income rose 46% to $155M, driven by a $110M R&D incentive grant recognized in the quarter.

• FY Guidance Raised on R&D Grant

  Full-year revenue guidance raised to $1.97B-$2.02B (midpoint +$20M). Adjusted operating income guidance surged 88% at the midpoint to $365M-$425M, primarily due to the new Israeli R&D Law incentive grant of $197M-$217M expected for the year.

• Strong Cash Generation and Balance Sheet

  Operating cash flow was $210M in H1 2026. Cash and equivalents stood at $1.4B, providing ample liquidity for ongoing operations and the $24M in share repurchases executed during the quarter.

• New ADAS Design Win with Stellantis

  Mobileye secured a high-volume Cloud-Enhanced ADAS design win with Stellantis, with gross profit per unit roughly double the current average base ADAS profitability.

auto_awesomeAnalysis · MBLY · Technology

Mobileye's Q2 results show stabilizing revenue and a significant boost to profitability from a new Israeli R&D incentive grant, which added $110M to the bottom line and drove a sharp increase in full-year adjusted operating income guidance. The core ADAS business continues to win new designs, and the company is advancing its robotaxi ambitions with MOIA and a new vertically-integrated mobility service. However, the GAAP operating loss remains massive due to a prior $3.79B goodwill impairment, and the stock trades near $9 against a backdrop of a recent CEO succession search.