Summary of Mobileye Global (MBLY) FY Conference Call - August 12, 2025 Company Overview - **Company**: Mobileye Global (MBLY) - **Industry**: Autonomous driving technology and Advanced Driver Assistance Systems (ADAS) Key Points and Arguments Technology and Market Position - Mobileye's technology is at a pivotal point, similar to the early 2010s when ADAS technology was being introduced, with current consumer acceptance at approximately 75% [3][4] - The company is focused on executing programs with Volkswagen, utilizing production-level hardware and software to demonstrate technological maturity to other OEMs [4][5] - The design freeze for the supervision program is set for early 2026, allowing for full vehicle validation and homologation throughout 2026 [4] Competitive Landscape - Mobileye is leveraging its Compound AI approach, which includes simulation test vehicles and advanced decision-making logic to enhance reliability and performance [7][13] - The company acknowledges Tesla's advantage due to its direct vehicle production and rapid technology deployment [9] - Mobileye's software stack has seen significant improvements through the use of end-to-end transformer-based networks, enhancing both perception and driving policy [10] Customer Dynamics and OEM Relationships - OEMs are currently re-evaluating their technology portfolios, leading to a more segmented approach to ADAS and autonomous driving solutions [18][19] - Mobileye is positioned as a one-stop shop for OEMs, providing a unified technology platform that reduces costs and complexity for vehicle manufacturers [39][40] - The company is experiencing increased strategic clarity among OEMs regarding their technology needs and supplier criteria [41] Financial Guidance and Market Conditions - Mobileye reported strong performance in Q2 and provided cautious guidance for Q4 due to geopolitical uncertainties and potential production challenges [43][44] - The company has non-cancelable purchase orders for Q3 but is wary of potential inventory issues affecting Q4 [45] - The production forecast indicates a possible decrease in vehicle production among top customers, which could impact Mobileye's performance [47] Pricing Dynamics and Market Strategy - Pricing pressures are more pronounced in China, where OEMs are less confident in meeting ADAS performance targets [52][54] - In contrast, Mobileye does not foresee significant pricing pressure in Europe and the US due to rising safety standards and increasing functionality demands [56] - The company is focused on maintaining a balance between pricing and performance, ensuring that its offerings remain competitive while delivering value [56] Geopolitical and Competitive Landscape - There is a developing divide between systems developed in China and those in Europe or the US, influenced by geopolitical factors and data access limitations [59][60] - Mobileye maintains a competitive edge in the base ADAS market, with Western OEMs showing openness to using Western systems in China [61] Relationship with Intel - Mobileye's relationship with Intel remains strong, with Intel providing support while balancing its own financial needs [66] - The recent share sale by Intel was orderly, and Mobileye participated in buying back some shares, indicating confidence in its valuation [67][68] Additional Important Insights - The company is focused on creating a robust perception system with redundancy to enhance safety and reliability [31][32] - Mobileye is actively working on customer education regarding the complexities of autonomous technology and the importance of collaboration with technology providers [15][16] - The company is optimistic about future growth trajectories, with ongoing discussions and potential new customer engagements on the horizon [42]

Mobileye Global (MBLY) Q2 2025 Earnings Call July 24, 2025 08:00 AM ET Company ParticipantsDan Galves - Chief Communications OfficerAmnon Shashua - Co-Founder, President, CEO & DirectorChris Mcnally - Senior MDNimrod Nehushtan - Executive VP of Business Development & StrategyVijay Rakesh - Managing DirectorAdam Jonas - Head - Global Auto & Shared Mobility ResearchShreyas Patil - VP - Equity ResearchJoseph Spak - Managing DirectorConference Call ParticipantsJames Picariello - Director & Senior Automotive Ana ...

Group 1 - Mobileye's stock has rebounded sharply over the past week despite a lack of material news, indicating market confidence [1] - The signing of the first imaging radar customer is a positive signal for Mobileye's underappreciated segment [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes in achieving excess risk-adjusted returns through secular growth opportunities [1] Group 2 - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, particularly in smaller cap stocks [1] - The firm operates with a high risk appetite and a long-term investment horizon, targeting deeply undervalued stocks [1] - The aging population and low population growth are expected to create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] Group 4 - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1] - Richard Durant, the leader of Narweena, has a strong educational background in engineering, finance, and an MBA, along with passing the CFA exams [1]