Mobileye Global Inc.

Greetings and welcome to the MobileEye third quarter 2026 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.

Thanks, Sam. Hello, everyone, and welcome to Mobilize Third Quarter 2026 Earnings Conference Call for the period ending September 26, 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, Moran Shemesh, Mobilized CFO, and Nimrod Nehushtan, Mobilized EVP of Corporate Strategy. Thanks, and now I'll turn the call over to Amnon.

Thank you, everyone, for joining. Mobileye delivered a strong third quarter, with results driven by high demand for our IQ solution. Looking at year-to-date trends, revenue was up 8% year-over-year, adjusted operating income up 42%, and operating cash flow was over $300 million. We once again raised our full-year guidance. The revenue outlook is now 3.5% above original expectations and adjusted Operating income is about double the original outlook, supported by good cost discipline and R&D incentive we discussed in detail last week. The driving force on the revenue side is IQ shipment volume, which has exceeded expectations all year and is significantly outpacing global production trends. While global automotive production through Q3 has declined slightly on a year-on-year basis, our shipments are up 11%. We expect full year 2026 IQ shipments to grow about 10% at the midpoint versus 2025. We're doing very well with our top 10 customers, with volume expected to grow 7%, even as those OEMs aggregate legal production declined 5%. Chinese OEMs are also choosing Mobileye to support the rapid emerging market expansion, adding more than 1 million units and 4 percentage points to our overall growth rate. We expect emerging markets ADAS penetration to be a key tailwind over the next few years. One relatively new tailwind is that Chinese OEMs expansion into Latin America and South Asia with vehicles that come standard with ADAS is driving legacy OEMs to increase ADAS fitment rates in these markets as well. Additionally, India remains a high volume growth market in the near future given new regulations and strong consumer demand for safety as we have discussed in the past. Looking towards 2027 through 2030, our growth opportunity within ADAS has two reinforcing drivers. ADAS reaching more vehicles and Mobileye delivering more value in each vehicle. Rising fitment rates support unit growth, while broader adoption of our software and systems capabilities creates a path to higher content per vehicle. That is the multi-year opportunity beyond this year's shipment performance. In the next generation of high-volume ADAS systems launching over the next few years, technology product features trends support higher Mobileye ASPs and a greater share of system costs as our core customers grow their reliance on Mobileye for intelligence, safety, and skills. Our customers appear to be pursuing higher-function ADAS along two parallel paths. First, low-cost, highway, hands-free functionality targeted at high-volume mass-market vehicle platforms. Mobilize Technology is part of the most first-generation L2 Plus systems on the road today. We actually have content on the majority of vehicles produced in North America and Europe in 2026, but often just as a front camera perception supplier. As OEMs target lower cost and better hands-free availability in the second generation, Mobilize's role is expanding to include components like surround camera vision, crowdsourced intelligence through REM, Driving Functions, Driving Monitoring, and Automated Parking. Three OEMs have chosen our Surround ADAS solution based on IQ6 High, including Volkswagen, Mahindra, and the large US OEMs. A faster-to-market alternative to Surround ADAS is adding REM to an existing IQ6 Light program to support Level 2 Plus functionality. We announced the first instance of this with Stellantis early in Q3. Since then, two additional OEMs have chosen this solution, including one top 5 automaker from Asia and another top 10 OEM from Japan. And the Stellantis program has expanded to include European platforms. Taken together, these surround ADAS and REM selections demonstrate adoption of our platform beyond front-facing camera perception. They show two routes to greater content per vehicle, supplying a broader system or adding software and mapping capabilities to an existing IQ program. As these programs enter production, that expanded role creates a path to higher ASD. The second path is the development of higher functionality point-to-point systems similar to Tesla FSD that go beyond highways and arterial roads and support hands-free driving on diverse road types, either supervised or unsupervised. Our main thrust into this market is with the IQ6 high-based supervision and chauffeur product, expected to be launched with VW Group in 2027 and 2028. While supervision is nearer term and an important proof point, chauffeur is particularly notable as there are few, if any, high-volume consumer level 3 vehicles on the road today. The customer continues to see this product as an industry first, and the critical unique selling point for their launch of a flagship vehicle in 2020. REM, our road intelligence engine, crowdsourced from about 8 million vehicles, is worth a specific call out as market traction has really accelerated in the last two quarters, even into some of the multi-supplier point-to-point development programs announced recently. Two points to make here. As OEMs begin to realize the challenge of building a good demo, into a vehicle system that can be validated across millions of miles of road types and environments, they're realizing the value of data-driven road intelligence like REM. They're also realizing that REM can substantially improve availability of hands-free systems on various road types. Secondly, Tesla recently called out their own efforts to use crowdsourced data to serve the same purpose as REM, something previously they claimed not to. Road intelligent databases like this cannot be duplicated without tremendous scale, which is why automakers are coming to Mobileye for that function. Turning to Robotaxi, our self-driving system integration with various partners made meaningful progress this quarter with several milestones noted in the press release. It's encouraging to see these efforts move to a pre-scaling milestone on our path to driver performance. Beyond our capital light self-driving system supply efforts, we continue to see value in building the capabilities to participate across the entire Robotaxi value chain. Our rationale for broader participation through our own vertically integrated solution is to accelerate deployment of our self-driving system and capture more of the values enabled, not to pursue fleet ownership for its own sake. We have made significant progress in multiple areas. We have integrated movits, rider experience, and fleet orchestration stack, and initial testing is underway in Tel Aviv. We have multiple options for a vehicle platform and are currently negotiating an option that allows for rapid scaling after initial commercialization. Roles and responsibilities of the vehicle builder, the uplifter, mobili, and operations are complex and need to be planned in parallel. We expect vehicle build to kick off at the beginning of 2026. We see advantages in an expanded role in the value chain as it can lead to more rapid validation and software update cycles and enable us to make fast decisions on the hardware stack. For example, our own stack will rely heavily on our imaging radars as a redundancy to cameras, enabling us to reduce radar content in anticipation of the next cost reduction wave that can drive scale into the future. Turning to Menti Robotics, version 3.2 of the robot is now operational and performing well. The next version, V4, is in the final stages of design with a production-ready architecture shaped by continuous feedback between AI development and hardware design. Mentee's differentiated approach combines a simulation-first development pipeline and advanced AI. Synthetic data, imitation learning, and reinforcement learning enable the robot to develop agile, human-like movement and sophisticated perception and manipulation capabilities. Our simulation environment continuously generates challenging scenarios, allowing the team to train and improve the robot in situations that are difficult to reproduce using real-world data alone. At the task level, an agentic AR architecture combines vision language models with specialized robot policies to break down complex tasks, execute them as sequences of skills, and verify successful completion. Overall, Mobilize Foundation remains solid, Demand for our technology is outpacing production at our top 10 customers, while Chinese OEMs continue to choose our solutions for export markets. And over the course of 2026, we have seen a meaningful uptake in traction for advanced level 2 plus systems that indicate higher aid of content for vehicles in the future. I now turn the call over to Moran.