Mobileye Global Inc.

Greetings, and welcome to Mobileye's first quarter 2026 earnings conference 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 Gauss. Mr. Gauss, you may begin.

Thank you, Maria. Hello, everyone, and welcome to Mobilize First Quarter 2026 Earnings Conference Call for the period ending March 28, 2026. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it, including regarding our future financial outlook. 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, Mehran Shemesh, Mobilized CFO, and Nimrod Nehushtan, Mobilized Executive Vice President of Business Development and Strategy. Thanks, and now I'll turn the call over to Amnon.

Thank you, Dan. Hello, everyone, and thanks for joining our earnings call. We delivered very good results in the first quarter. Revenue was up 27% year over year. Adjusted operating income was up 61%, and our operating cash flow was again strong at $75 million. Despite working capital timing, that was a modest drag. We have seen upward pressure on demand for our IQ product for the last several quarters. That continues in Q1. and is what we expect for Q2 as well. As a result of higher volume and revenue in Q1, we have raised our 2026 outlook towards the high end of our original guidance, leaving the outlook for the remaining three quarters essentially unchanged. The geopolitical and economic environment remains volatile, but based on our visibility for Q2, we believe there is sufficient conservatism baked into the second half. Diving deeper into the drivers of our business, our ADAS business is very strong, with very high margins and cash generation. Design wins over the last several years have secured our position with our main customers over the long term. India looks like a meaningful growth opportunity, and our focus over the last couple of years on supporting Chinese OEMs on their export ambitions is paying dividends. Finally, the surround ADAS segment gives us the opportunity to replace many of these base ADAS programs with much higher average selling prices over time. On our advanced product portfolio, the current priority remains execution, and that is going very well. We have a number of production programs running in parallel, two of which start production in the relative near term. These are supervision with Porsche, and the Drive Robotaxi with Moya, the Volkswagen Group's autonomy division. For both programs, Mobilize is responsible for the development of comprehensive advanced ADAS and autonomy platforms, integrating hardware, software, data, and maps into a complete system that must be provably safe, predictable, and verifiable. These solutions need to meet tens of thousands of requirements set by the automaker and need to be homologated to automotive grade standards. Each program gives us the ability to prove that Mobileye is the leader in developing and executing complex AI-based systems in the physical world at global scale. Systems that can be validated under strict standards, something that many companies talk about, but few besides us are actually executing on this vision. Specific updates as it relates to supervision are as follows. Progress is strong with performance tracking well to our objectives. As a concrete example, six weeks ago, we had the first OEM directed drives in the U.S. for this system, having only tested in Germany and Israel previously. Our first task was a 2,000 plus kilometer drive in a vehicle equipped with production IQ6 high SOC and ECU hardware with the latest software engines integrated into the production architecture. We had no prior knowledge of the route, which was across a diverse set of urban, suburban and highway road types and severe weather, including heavy snow. The supervision system performance was outstanding with very few interventions encountered. This was an important proof point for our out-of-the-box performance and ability to generalize to a brand new geography. We have a couple of more software releases to make, and then expect to have the capability to demonstrate to other potential customers in the various key geographies. On Robotaxi, we continue to make rapid progress. In Q1, Volkswagen announced the start of pre-series production of the ID.Bus autonomous vehicle in its Hanover facility, with vehicles coming off the regular assembly line with Mobilize's fully integrated self-driving system. Volkswagen's ability to produce fully integrated Robotaxis at scale from an active automotive production line is very unique. Moya, the Volkswagen division that will deploy these vehicles, announced that testing had begun in LA for the Uber collaboration. They also announced today that Orlando is the first launch city in collaboration with BEAP. For both of these efforts, the path to commercialization is as follows. We continue the current process of testing, data collection, and validation. Once we achieve sufficient proof points, we'll begin accepting commercial riders with a safety driver until a required level of performance has been proven that allows us to remove the safety driver. That is the point where the scaling advantages of our approach, including crowdsourced mapping, our deep and diverse global data set, and Volkswagen ability to ramp up production rapidly will be self-evident in terms of ability to expand geographic areas of operation more rapidly than competitively. And it's another opportunity for Mobileye to prove its end-to-end capability in terms of executing complex physical AI systems of scale. All of this experience over the next two, three quarters would feed back to further improvements and fine-tuning to be ready for scaling in Europe once the IDBUD is fully homologated and certified, which is targeted for the first half of 2027. Turning to the MNT side, components of the version 3.2 of the robot have arrived and will demonstrate incremental capabilities soon. The hardware roadmap for version 4 is nearly complete and is expected to be ready for demonstration by early 2027. This will be the version that we expect to commercialize for initial use cases and market entry and will be cost and weight optimized and offer enhanced dexterity and manipulation capabilities. Finally, on the buyback we announced this morning, We are a cash-generative company, which is unique in this space. That gives us the ability to pursue growth opportunities like we did with Menti, but also be opportunistic with our equity. While we are making strong progress on our advanced products and conversion of our large future revenue pipeline, the realities of automotive development timelines and OEM confidentiality agreements limit what we can disclose publicly. In an environment where technology competitors are generating significant news flow, we believe that this lack of visibility has weighed on our stock price. While we continue to execute, we see an opportunity to deploy cash towards share repurchase, which will benefit all shareholders by partially offsetting dilution from stock-based compensation and addressing dilution from the mentee transaction at significantly more attractive prices than those embedded at closings. I'll now turn the call over to Moran.