Mobileye Global Inc.

Greetings and welcome to the Mobileye 3Q25 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galves. Mr. Galves, you may begin.

Thank you. Hello, everyone, and welcome to Mobilize Third Quarter 2025 Earnings Conference Call for the period ending September 27, 2025. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release. Joining us on the call today are Professor Amnon Shashua, Mobilized CEO and President, Moran Shamesh, Mobilized CFO, and Nimrod Nehushtan, Mobilized EVP of Business Development and Strategy. Thanks, and now I'll turn the call over to Amnon.

Hello, everyone, and thanks for joining our earnings call. Starting with the results, Q3 revenue of $504 million was up 4% year over year. The driving force was 8% IQ volume growth, significantly outpacing the 1% growth in overall vehicle production among our top 10 customers in Q3. Operating cash flow was again a highlight. We generated $167 million of operating cash flow in Q3, well above net income. On a year-to-date basis, we have generated nearly $500 million of operating cash flow, up around 150% year-over-year. This reflects the cash-generative nature of our business and our continued discipline in managing working capital. The core ADAS business is performing well, with volumes in very healthy range for the last five quarters, and expected to do so again in Q4, based on our updated guidance. We again raised the midpoint of our full-year outlook, this time by 2% in terms of revenue and 11% in terms of adjusted operating income. Compared to our initial 2025 guidance, these increases are even more pronounced, 7% for revenue and 27% for operating income at the midpoint. Overall, we expect volumes to come in about 2 million units higher than our original guidance. This outperformance reflects a combination of stronger-than-expected launch activity, ADAS adoption growth, and better-than-accepted results in China, both from our shipments to Chinese OEMs and from the performance of our top 10 Western OEM customers in China. If we adjust our inventory digested in 2024, our 2025 volume growth is expected to outperform the production of our top 10 OEM customers globally by about 5 percentage points. We see continued momentum as IQ6 Lite is generating ADAS program wins at a high rate. So far this year, we already have been nominated for programs with future expected volumes well above our full year 2025 volumes. We have added a new customer in Volvo. The growth potential in India is becoming increasingly clear, strengthening adoption trends and supportive regulatory environment. Additionally, we are seeing continued traction in adding REM through front-facing camera programs, further reinforcing our base business. On the advanced product side, our position is differentiated in the fact that we are an OEM-neutral platform that is cost-efficient and scalable, with a credible technology path to eyes of autonomy in both privately-owned vehicles and robot taxis. All four of our advanced products, surround ADAS, supervision, chauffeur, and drive, share common building blocks, including the IQ6 high-influence chip, substantial portions of our perception policy AI stacks, and REM crowded the crowdsourcing driving intelligence and robust safety frameworks, and the company's comprehensive data and validation infrastructure. The IQ6 high-based surround data systems continue to develop as the next generation of standardized driving assist on high-volume vehicles platforms. This system addresses multiple objectives in a cost-efficient package, It's designed to meet stricter late-decade safety standards, enables highway hands-free performance for lower cost and current systems, and supports OEM goals to consolidate ECUs and to integrate technology on a single SOC. We have meaningful traction with a number of OEMs and very recently received confirmation from a leading Western OEM that we are nominated for a high-volume IQ6I-based surround ADAS program across mass market vehicles. We continue to pursue a number of promising supervision and chauffeur opportunities, although timing remains difficult to predict. The best way to ensure eventual new customers is to focus on execution of the supervision and chauffeur production programs with Volkswagen Group, where we are first movers. Near-term execution includes major software drops in the coming few months that embody significant innovation in AIs. A few weeks ago, we received the first silicon sample of our next generation SOC, the IQ7 High, and all initial tests have been successful. IQ7 and its successor IQ8, now in design stages, are designed for upgrading eyes of autonomy to minds of autonomy. Eyes of systems is what MobilEye is bringing to production in early 2027, and also describes the current technological state of robotaxis. In both cases, there is a human, either the driver or a teleoperator, that can resolve issues when needed. In a mind-off system, which we are targeting for 2029 and beyond, there is no human to resolve issues, and therefore the driver can sleep, and the Robotaxi no longer needs cell operators to intervene. This transition from eyes-off to mind-off is where IQ7 is going to play a meaningful role. More details will follow in the coming months. Turning to Robotaxi, our engagements are expanding through both Volkswagen and Holland, a division of Ventilert. Once we remove safety drivers in our first U.S. city in 2026 and secure type approval for self-driving vehicles, the Volkswagen ID.Bus and Holland Urban Shuttle in Europe, we anticipate geographic expansion. VW and Uber in Los Angeles, Lyft and Holland in the U.S., and multiple commercialization initiatives with Volkswagen and public transport operators across Europe. Additionally, we continue to get closer to naming an automaker and vehicle platform to complete the Lyft-Murabeni value chain. That will enable preparations for commercialization in Dallas and other cities to accelerate. On the Robotaxi technology front, we continue to outfit more of the IDBuzz test fleet with a full IQ6 high-based production hardware and have successfully completed the first closed-loop testing with the Holland production vehicles. The MTBF performance is tracking well against the KPIs that are required to remove safety drivers in 2026 and begin commercialization. Everything continues on track. In summary, the opportunity set in front of us today is larger, broader, and more urgent than it was when we went public in 2022. Near-term volumes remain strong. The demand for higher performance at lower costs is intensifying. And the eyes of capability, whether for personal cars or robotaxis, is no longer seen as experimental science project, but as an achievable and commercially viable reality. This is exactly where Mobileye excels. I'll now turn the call over to Moran.