Mobileye reports Q1 adjusted EPS (7c), consensus (6c)

Reports Q1 revenue $239M, consensus $231.56M. “The financial results in Q1 reflect a supply chain reset as the excess inventory held by our customers is consumed. We are encouraged that the inventory draw-down and associated recovery in revenue appears to be on-track to what we laid out in January,” said CEO Amnon Shashua. “From a business development and strategy perspective, Q1 was very productive in generating traction across our multiple waves of future growth. In base and cloud-enhanced ADAS, we achieved a record level of design wins in terms of future projected volume, in part due to new features and technology embedded in the EyeQ6L product…Our main focus in 2024 is to successfully execute our current advanced programs and to convert the unprecedented opportunity set currently on the table into series production awards.”