Mobileye reported 2024 revenue of $1.65 billion and a $3.09 billion net loss after a goodwill impairment

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Mobileye, which develops driver-assistance and autonomous-driving technology, said in an annual report filed on Feb 13, 2025 that its revenue for the year ended Dec 28, 2024 was $1.65 billion, down 20.4% from $2.08 billion a year earlier. That report is a Form 10-K, the yearly filing a US-listed company makes to the SEC. The net loss was $3.09 billion against a net loss of $27 million a year earlier, and the operating loss was $3.23 billion against $33 million. Intel holds, directly or indirectly, all of Mobileye's Class B stock, which was about 87.7% of its outstanding common stock and 98.6% of the voting power on Dec 28, 2024.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

Mobileye said the larger net loss was mainly due to a goodwill impairment recognized in the third quarter of 2024, a non-cash charge of $2.695 billion, or $2.613 billion net of tax. Goodwill is the price paid in past acquisitions above the value of what was bought; an impairment writes part of it off. The notes say it ran an interim test that quarter, citing a fall in the price of its Class A shares from August and macroeconomic and industry factors, and found the carrying value of the Mobileye reporting unit above its fair value. Mobileye's own adjusted operating income, a non-GAAP measure that leaves out amortization of acquired intangibles, share-based compensation and the goodwill impairment, was $193 million for 2024 against $693 million a year earlier.12^,13^,14^,15^,16^,17^,18^,3

The company's discussion puts the fall in revenue mainly on a $438 million, or 24%, drop in revenue from its EyeQ chips, which it attributes mainly to a 23% decrease in volume. It tied that decline to inventory its Tier 1 customers, the suppliers that sell to carmakers, had built up, including in the fourth quarter of 2023, and said the vast majority was consumed in the first half of 2024. Mobileye shipped about 29.0 million systems in 2024, down from about 37.4 million in 2023, a decrease it put on the drawdown of that inventory and fewer units shipped to China.19^,20^,21^,22^,23

On Mar 18, 2024 Mobileye announced the winding down of its Aftermarket Solutions Unit, which provided retrofitted driver-assistance technology, a reduction of about 100 employees worldwide with termination costs of about $4 million. On Sep 9, 2024 it announced the winding down of its lidar research and development unit by the end of 2024 and the end of internal development of next-generation lidar sensors, a reduction of about 90 employees worldwide.24^,25^,26^,27

The company had released its results earlier, in an earnings release filed on Jan 30, 2025, which put fourth-quarter revenue at $490 million, down 23% on the year before. In that release Mobileye said it expected revenue of $1.69 billion to $1.81 billion and an operating loss of $489 million to $574 million for 2025. Its next 10-K reported revenue of $1.89 billion and an operating loss of $440 million for 2025.28^,29^,30^,31^,32^,33

Our records hold the 10-K's management discussion and its notes but not its other exhibits, and keep one value for each period, so a restatement of the year-earlier figures would not show in them.34^,35^,6