Mobileye Global Inc.

Previous wording

As of June 28, 2025, our solutions had been installed in approximately 1,200 vehicle models (including local country, year, and other vehicle model variations), and our System-on-Chips (“SoCs”) had been deployed in approximately 220 million vehicles. We are actively working with more than 50 Original Equipment Manufacturers (“OEMs”) worldwide on the implementation of our ADAS solutions. In the six months ended June 28, 2025, we shipped approximately 18.1 million of our systems, the substantial majority of which were EyeQTM SoCs. This represents an increase from the approximately 11.2 million of our systems that we shipped in the six months ended June 29, 2024, primarily due to the normalization of excess inventory at our Tier 1 customers that was previously used to satisfy demand during 2024.

Current wording

As of September 27, 2025, our solutions had been installed in approximately 1,200 vehicle models (including local country, year, and other vehicle model variations), and our System-on-Chips (“SoCs”) had been deployed in approximately 230 million vehicles. We are actively working with more than 50 Original Equipment Manufacturers (“OEMs”) worldwide on the implementation of our ADAS solutions. In the nine months ended September 27, 2025, we shipped approximately 27.4 million of our systems, the substantial majority of which were EyeQTM SoCs. This represents an increase from the approximately 19.8 million of our systems that we shipped in the nine months ended September 28, 2024, primarily due to the normalization of excess inventory at our Tier 1 customers that was previously used to satisfy demand during 2024.

Previous wording

On October 7, 2023, Hamas launched a series of attacks on civilian and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces have responded. In addition, both Hezbollah and the Houthi movement have attacked military and civilian targets in Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the Red Sea, to which both Israel and the United States have responded. Further, on April 13, 2024 and October 1, 2024, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. Most recently, on June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date, our operations have not been materially affected, although as of July 15, 2025 approximately 6.7% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip, Lebanon, Iran and the broader region as well as the security escalation in Israel will not have a material impact on our business results in the short term. However, since these are events beyond our control, their continuation or cessation may affect our expectations. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.

Current wording

On October 7, 2023, Hamas launched a series of attacks on civilian and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces have responded. In addition, both Hezbollah and the Houthi movement have attacked military and civilian targets in Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the Red Sea, to which both Israel and the United States have responded. Further, on April 13, 2024 and October 1, 2024, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. Most recently, on June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date, our operations have not been materially affected, although as of October 15, 2025 approximately 3.8% of our employees have been called to reserve duty in the Israel Defense Forces. We expect that the current conflict in the Gaza Strip, Lebanon, Iran and the broader region as well as the security escalation in Israel will not have a material impact on our business results in the short term. However, since these are events beyond our control, their continuation or cessation may affect our expectations. We continue to monitor political and military developments closely and examine the consequences for our operations and assets.

Previous wording

Upon completion of the Secondary Offering, Share Repurchase, Option and Conversion, Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye as well as 50,000,000 shares of Class A common stock, which together represent approximately 79.6% of our outstanding common stock and 97.3% of the voting power of our common stock.

Current wording

Upon completion of the Secondary Offering, Share Repurchase, Option and Conversion and as of September 27, 2025, Intel continues to directly or indirectly hold all of the Class B common stock of Mobileye as well as 50,000,000 shares of Class A common stock, which together represent approximately 79.6% of our outstanding common stock and 97.3% of the voting power of our common stock.

Previous wording

Our close partnership with Intel exists on multiple fronts. As a result of our relationship with Intel, we have access to unique and differentiating technologies. For example, we may license certain technologies from Intel that support the design and development of our software-defined imaging radar, including Intel’s mmWave technologies. Additionally, we intend to explore a collaboration with Intel on a technology platform to integrate our EyeQTM SoC with Intel’s market leading central compute capability, with plans to utilize Intel Foundry Services’ advanced packaging capabilities. This potential platform is intended to enable functions essential to safety, entertainment, and cloud connectivity. Intel’s strength in government affairs and policy development around the world will continue to be of significant value to us as we collaborate with regulators who are preparing frameworks to enable commercial deployment of AVs.

Current wording

Our close partnership with Intel exists on multiple fronts. As a result of our relationship with Intel, we have access to unique and differentiating technologies. For example, we may license certain technologies from Intel that support the design and development of our software-defined imaging radar, including Intel’s mmWave technologies. Intel’s strength in government affairs and policy development around the world will continue to be of significant value to us as we collaborate with regulators who are preparing frameworks to enable commercial deployment of AVs.

Previous wording

Global demand for automotive vehicles. Our business performance is related to global automotive sales and automotive vehicle production by our OEM customers. Economic conditions in North America, Europe and Asia can have a large impact on the production volume of new vehicles, and, accordingly, have an impact on our revenue. Our OEM customers’ production can vary from period to period due to global demand, market conditions and competitive conditions, geopolitical issues including trade restrictions and tariffs, as well as other factors. For example, towards the end of the first half of 2024, global automotive production forecasts weakened, which disproportionately impacted our core customers, primarily due to their continued market share losses in China. We cannot be certain of the severity and length of the continued volatility in the global automotive market, including macro factors impacting our sales to OEMs in China, and the extent of the adverse effect that such volatility could have on our results of operations, financial condition and business in the long term. While automotive production has now recovered to approximately 2019 levels, current uncertain economic conditions and inflation may contribute to a reduction in consumer demand. In addition to economic conditions, in prior periods, including during the supply chain crisis and semi-conductor shortage of 2021 and 2022, certain Tier 1 customers increased their orders for components and parts, including our solutions, to counteract the impact of supply chain shortages for auto parts. As a result, some demand for our solutions and the corresponding revenue from these customers were shifted to earlier time periods than otherwise would have occurred absent a general supply chain shortage and inflationary environment. As a result of our standard planning process for 2024, including discussions with our Tier 1 customers, we became aware in late 2023 of significant excess inventory at our customers. This as well as lower than expected production at certain OEMs during 2023 led to the decision by our Tier 1 customers to prioritize in the first quarter of 2024 the utilization of excess inventory on hand before using new shipments to meet the demand of OEMs. We estimate our customers used the vast majority of this excess customer inventory in 2024, in accordance with our expectations, but there is no guarantee that orders will remain normalized or that customers won’t build up excess inventory in the future. ADAS volumes have grown faster in recent years than the overall automotive market as ADAS penetration rates have increased, and we believe that we will continue to benefit from that trend. Our revenue of $944 million in the six months ended June 28, 2025 was up 39% year-over-year, primarily due to the unusually low volume caused by the usage of meaningful excess inventory at our Tier 1 customers to satisfy demand in the first half of 2024. Continued or future constraints on global automoti…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Global demand for automotive vehicles. Our business performance is related to global automotive sales and automotive vehicle production by our OEM customers. Economic conditions in North America, Europe and Asia can have a large impact on the production volume of new vehicles, and, accordingly, have an impact on our revenue. Our OEM customers’ production can vary from period to period due to global demand, market conditions and competitive conditions, geopolitical issues including trade restrictions and tariffs, as well as other factors. For example, towards the end of the first half of 2024, global automotive production forecasts weakened, which disproportionately impacted our core customers, primarily due to their continued market share losses in China. We cannot be certain of the severity and length of the continued volatility in the global automotive market, including macro factors impacting our sales to OEMs in China, and the extent of the adverse effect that such volatility could have on our results of operations, financial condition and business in the long term. While automotive production has now recovered to approximately 2019 levels, current uncertain economic conditions and inflation may contribute to a reduction in consumer demand. In addition to economic conditions, in prior periods, including during the supply chain crisis and semi-conductor shortage of 2021 and 2022, certain Tier 1 customers increased their orders for components and parts, including our solutions, to counteract the impact of supply chain shortages for auto parts. As a result, some demand for our solutions and the corresponding revenue from these customers were shifted to earlier time periods than otherwise would have occurred absent a general supply chain shortage and inflationary environment. As a result of our standard planning process for 2024, including discussions with our Tier 1 customers, we became aware in late 2023 of significant excess inventory at our customers. This as well as lower than expected production at certain OEMs during 2023 led to the decision by our Tier 1 customers to prioritize in the first quarter of 2024 the utilization of excess inventory on hand before using new shipments to meet the demand of OEMs. We estimate our customers used the vast majority of this excess customer inventory in 2024, in accordance with our expectations, but there is no guarantee that orders will remain normalized or that customers won’t build up excess inventory in the future. ADAS volumes have grown faster in recent years than the overall automotive market as ADAS penetration rates have increased, and we believe that we will continue to benefit from that trend. Our revenue of $1,448 million in the nine months ended September 27, 2025 was up 24% year-over-year, primarily due to the unusually low volume caused by the usage of meaningful excess inventory at our Tier 1 customers to satisfy demand in the first half of 2024. Continued or future constraints on global …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Trade policies, sanctions and import and export controls. Trade policies, sanctions and import and export controls. Trade policies and international disputes at times result in increased tariffs, trade barriers and other restrictions, which can increase our manufacturing costs, make our solutions less competitive, reduce demand for our solutions, limit our ability to sell to certain customers, limit our ability to procure raw components or raw materials or impede or slow the movement of our goods across borders. In addition, tariffs could lead to higher prices for finished automobiles, which would reduce demand for automobiles and thus the market for our products. On March 26, 2025, the United States imposed an additional 25% tariff on all imports of passenger vehicles, light vehicles, and certain automotive parts, such as engines, transmissions, powertrain parts and electrical components. The tariff on finished vehicles went into effect on April 3, 2025 and the tariffs on automobile parts entered into effect on May 3, 2025. Further, on April 2, 2025, the United States announced a 10% tariff on all countries effective on April 5, 2025 as well as individualized higher tariff rates on countries with which the United States has proportionately large trade deficits in goods. The United States paused these “reciprocal tariffs” on certain countries as individual bilateral trade deals were negotiated, and increased reciprocal tariff rates and other restrictions on countries that responded with increased tariffs of their own. Subsequently, the United States announced trade deals with certain countries, such as Indonesia, and interim trade deals with others, including China, as negotiations with such countries for definitive trade deals continued. In July 2025, the United States announced tariffs on certain countries and other entities, including Mexico, Canada and the European Union, that failed to make substantial progress on trade negotiations with the United States following the pause on reciprocal tariffs; such tariffs are scheduled to become effective on August 1, 2025. Further, the United States announced on July 8, 2025 additional sector tariffs, including on copper imports. As of the date of this report, there remains a high degree of uncertainty surrounding U.S. trade policy, how it will be implemented, how other countries will react, and how it will ultimately impact our industry and business. For example, our customers may have shifted or will shift orders for components and parts, including our solutions, prior to the automotive tariffs going into effect on May 3, 2025 or certain country or regional tariffs going into effect on August 1, 2025, thereby shifting demand for our solutions and corresponding revenue to earlier periods. While we continually evaluate changes in U.S. trade policy and global reactions thereto, as well as our ability to mitigate their impact, these recent changes may negatively impact our customers and our business. For…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Trade policies, sanctions and import and export controls. Trade policies, sanctions and import and export controls. Trade policies and international disputes at times result in increased tariffs, trade barriers and other restrictions, which can increase our manufacturing costs, make our solutions less competitive, reduce demand for our solutions, limit our ability to sell to certain customers, limit our ability to procure raw components or raw materials or impede or slow the movement of our goods across borders. In addition, tariffs could lead to higher prices for finished automobiles, which would reduce demand for automobiles and thus the market for our products. On March 26, 2025, the United States imposed an additional 25% tariff on all imports of passenger vehicles, light vehicles, and certain automotive parts, such as engines, transmissions, powertrain parts and electrical components. The tariff on finished vehicles went into effect on April 3, 2025 and the tariffs on automobile parts entered into effect on May 3, 2025. Further, on April 2, 2025, the United States announced a 10% tariff on all countries effective on April 5, 2025 as well as individualized higher tariff rates on countries with which the United States has proportionately large trade deficits in goods. The United States paused these “reciprocal tariffs” on certain countries as individual bilateral trade deals were negotiated, and increased reciprocal tariff rates and other restrictions on countries that responded with increased tariffs of their own. Subsequently, the United States announced trade deals with certain countries, such as Indonesia, and interim trade deals with others, including China, as negotiations with such countries for definitive trade deals continued. In July 2025, the United States announced tariffs on certain countries and other entities, including Mexico, Canada and the European Union, that failed to make substantial progress on trade negotiations with the United States following the pause on reciprocal tariffs; such tariffs are scheduled to become effective on August 1, 2025. Further, the United States announced on July 8, 2025 additional sector tariffs, including on copper imports. In response to export controls imposed by China, the United States announced on October 10, 2025 the possible resumption of significant tariffs and other export controls on China. As of the date of this report, there remains a high degree of uncertainty surrounding U.S. trade policy, how it will be implemented, how other countries will react, and how it will ultimately impact our industry and business. For example, our customers may have shifted or will shift orders for components and parts, including our solutions, prior to the automotive tariffs going into effect on May 3, 2025 or certain country or regional tariffs going into effect on August 1, 2025, thereby shifting demand for our solutions and corresponding revenue to earlier periods. While we continually evaluate change…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

EyeQTM SoC sales represented approximately 92% and 86% of our revenue for the three months ended June 28, 2025 and June 29, 2024, respectively, and 93% and 81% of our revenue in the six months ended June 28, 2025 and June 29, 2024, respectively. Sales of our SuperVision™ product represented less than half of the remainder of our revenue for the three and six months ended June 28, 2025 and the majority of the remainder of our revenue for the three and six months ended June 29, 2024. Revenue from the sale of our EyeQTM products and SuperVision™ products is recognized at the time of product shipment from our facilities, as determined by the agreed-upon shipping terms. Our sales to any single Tier 1 automotive supplier typically cover more than one OEM and more than one production program from any OEM.

Current wording

EyeQTM SoC sales represented approximately 89% and 86% of our revenue for the three months ended September 27, 2025 and September 28, 2024, respectively, and 91% and 83% of our revenue in the nine months ended September 27, 2025 and September 28, 2024, respectively. Sales of our SuperVision™ product represented more than half of the remainder of our revenue for the three months ended September 27, 2025, less than half of the remainder of our revenue for the nine months ended September 27, 2025 and the majority of the remainder of our revenue for the three and nine months ended September 28, 2024. Revenue from the sale of our EyeQTM products and SuperVision™ products is recognized at the time of product shipment from our facilities, as determined by the agreed-upon shipping terms. Our sales to any single Tier 1 automotive supplier typically cover more than one OEM and more than one production program from any OEM.

Previous wording

Financial income (expense), net, consists primarily of income related to investments in money market funds, as well as income from short term deposits, fair value revaluation of equity investments and fluctuations in value due to foreign exchange differences between our monetary assets and liabilities denominated in New Israeli Shekels and to a much lesser extent, the Euro, the Chinese Yuan, the Japanese Yen, and other currencies.

Current wording

Financial income (expense), net, consists primarily of income related to investments in money market funds, as well as income from short term deposits and fluctuations in value due to foreign exchange differences between our monetary assets and liabilities denominated in New Israeli Shekels and to a much lesser extent, the Euro, the Chinese Yuan, the Japanese Yen, and other currencies.

Previous wording

In July 2025, the United States enacted tax reform through the One Big Beautiful Bill Act (“OBBBA”). Included in this legislation are provisions that allow for the immediate expensing of research and development conducted in the United States, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. The Company is assessing the impact of this new legislation on its future consolidated financial statements.

Current wording

In July 2025, the United States enacted tax reform through the One Big Beautiful Bill Act (“OBBBA”). Included in this legislation are provisions that allow for the immediate expensing of research and development costs conducted in the United States, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. The Company is monitoring developments related to the implementation of the OBBBA and any additional guidance issued by the U.S. Department of the Treasury, the Internal Revenue Service, or other standard-setting bodies that may affect the Company’s accounting for income taxes. Based on information available at the end of the reporting period and management’s assessment of that information, the OBBBA does not have and is not expected to have a material impact on the Company’s consolidated financial statements.

Previous wording

Comparison of the three and six months ended June 28, 2025 and June 29, 2024** **

Current wording

Comparison of the three and nine months endedSeptember 27, 2025 andSeptember 28, 2024** **

Previous wording

In the three months ended June 28, 2025, revenue increased by $67 million, or 15%, compared to the three months ended June 29, 2024. This increase in revenue was primarily due to an increase of $91 million or 24% in EyeQTM SoC revenue mostly attributable to a 28% increase in volume, resulting from higher customer demand and from the normalization of excess inventory by our Tier 1 customers that was previously used to satisfy demand during the first half of 2024. This was partially offset by a decrease of $23 million in SuperVision TM related revenue. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVision TM systems divided by the number of systems delivered, decreased by approximately 9%, primarily due to the lower percentage of SuperVision TM related revenue as compared to the second quarter of 2024.

Current wording

In the three months ended September 27, 2025, revenue increased by $18 million, or 4%, compared to the three months ended September 28, 2024. This increase in revenue was primarily due to an increase of $29 million or 7% in EyeQTM SoC revenue mostly attributable to a 8% increase in volume, resulting from higher customer demand. This was partially offset by a decrease of $8 million in SuperVision TM related revenue resulting from a decrease in volume. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVision TM systems divided by the number of systems delivered, decreased by approximately 3%, primarily due to the lower percentage of SuperVision TM related revenue as compared to the third quarter of 2024.

Previous wording

In the six months ended June 28, 2025, revenue increased by $266 million, or 39%, compared to the six months ended June 29, 2024. This increase was primarily due to an increase of $330 million, or 60%, in EyeQTM SoC revenue attributable mainly to a 63% increase in volume, resulting mainly from the normalization of excess inventory by our Tier 1 customers that was previously used to satisfy demand during the first half of 2024. This was partially offset by a decrease of $66 million in SuperVision TM related revenue. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVision TM systems divided by the number of systems delivered, decreased by 13%, due to lower percentage of SuperVision TM related revenue as compared to the six months ended June 29, 2024.

Current wording

In the nine months ended September 27, 2025, revenue increased by $284 million, or 24%, compared to the nine months ended September 28, 2024. This increase was primarily due to an increase of $359 million, or 37%, in EyeQTM SoC revenue attributable mainly to a 39% increase in volume, resulting mainly from the normalization of excess inventory by our Tier 1 customers that was previously used to satisfy demand during the first half of 2024. This was partially offset by a decrease of $74 million in SuperVision TM related revenue resulting from a decrease in volume. Average System Price, calculated as the sum of revenue related to EyeQTM and SuperVision TM systems divided by the number of systems delivered, decreased by 9%, mainly due to lower percentage of SuperVision TM related revenue as compared to the nine months ended September 28, 2024.

Previous wording

In the three months ended June 28, 2025, our cost of revenue increased by $24 million, or 10% compared to the three months ended June 29, 2024. In the six months ended June 28, 2025, our cost of revenue increased by $70 million, or 17%, compared to the six months ended June 29, 2024. In both periods, the increase is attributed to manufacturing costs, mainly resulting from the growth in sales of EyeQTM SoC, which was partially offset by the decrease in sales of SuperVision TM systems.

Current wording

In the three months ended September 27, 2025, our cost of revenue increased by $12 million, or 5% compared to the three months ended September 28, 2024. In the nine months ended September 27, 2025, our cost of revenue increased by $82 million, or 12%, compared to the nine months ended September 28, 2024. In both periods, the increase is attributed to manufacturing costs, mainly resulting from the growth in sales of EyeQTM SoC, which was partially offset by the decrease in sales of SuperVision TM systems.

Previous wording

In the three months ended June 28 2025, our gross profit increased by $43 million, or 21% compared to the three months ended June 29, 2024. In the six months ended June 28 2025, our gross profit increased by $196 million, or 75%, compared to the six months ended June 29, 2024. The increase in both periods was primarily due to the increase in sales of EyeQTM systems, which was slightly offset by the decrease in sales of SuperVision TM systems.

Current wording

In the three months ended September 27 2025, our gross profit increased by $6 million, or 3% compared to the three months ended September 28, 2024. In the nine months ended September 27 2025, our gross profit increased by $202 million, or 40%, compared to the nine months ended September 28, 2024. The increase in both periods was primarily due to the increase in sales of EyeQTM systems, which was slightly offset by the decrease in sales of SuperVision TM systems.

Previous wording

In the three months ended June 28 2025, our gross margin increased to 50% compared to 48% in the three months ended June 29, 2024. In the six months ended June 28, 2025, our gross margin increased to 49% compared to 39% in the six months ended June 29, 2024. The increase in both periods was primarily due to the lower impact of amortization of intangible assets as a percentage of revenue.

Current wording

In the three months ended September 27 2025, our gross margin decreased to 48% compared to 49% in the three months ended September 28, 2024. This decrease was due to a modest reduction in EyeQTM ASP mainly due to higher volumes in China which carry lower ASP, and a higher EyeQTM-related cost per unit given a different mix of EyeQTM products sold. In the nine months ended September 27, 2025, our gross margin increased to 48% compared to 43% in the nine months ended September 28, 2024. This increase was primarily due to the lower impact of amortization of intangible assets as a percentage of revenue as well as an increase in the percentage of revenue attributable to EyeQTM SoCs.

Previous wording

Research and development expenses, net, in the three months ended June 28, 2025, increased by $26 million, or 10%, compared to the three months ended June 29, 2024. This increase was primarily due to an increase in payroll and related expenses, resulting mainly from an increase in average research and development headcount of 131 employees, as well as higher share-based compensation expenses. This was partially offset by an increase in NRE reimbursements influenced by the projects’ progress and timing.

Current wording

Research and development expenses, net, in the three months ended September 27, 2025, increased by $1 million, or 0%, compared to the three months ended September 28, 2024. This increase was primarily due to an increase in payroll and related expenses, resulting mainly from an increase in average research and development headcount of 140 employees and a decrease in NRE reimbursements influenced by projects progress and timing. This was partially offset by a decrease in R&D direct expenses including professional services mostly related to the wind-down of the Lidar division that took place during 2024, as well as lower share-based compensation expenses.

Previous wording

Sales and marketing expenses in the six months ended June 28, 2025, decreased by $6 million or 10% compared to the six months ended June 29, 2024. This decrease is mainly associated with a decrease in payroll and related expenses due to the wind down of the after market division that took place in 2024.

Current wording

Sales and marketing expenses in the nine months ended September 27, 2025, decreased by $5 million or 6% compared to the nine months ended September 28, 2024. This decrease is mainly associated with a decrease in payroll and related expenses due to the wind down of the after market division that took place in 2024.

Previous wording

General and administrative expenses in the six months ended June 28, 2025 increased by $3 million or 9%, compared to the six months ended June 29, 2024. This increase was primarily due to an increase in legal and corporate expenses.

Current wording

General and administrative expenses in the nine months ended September 27, 2025 increased by $4 million or 8%, compared to the nine months ended September 28, 2024, primarily due to an increase in share-based compensation expenses as well as legal and corporate expenses.

Previous wording

Financial income, net, remained flat in the three months ended June 28, 2025 compared to the three months ended June 29, 2024. Financial income, net, in the six months ended June 28, 2025 increased by $1 million, or 3%, compared to the six months ended June 29, 2024, due to an increase in interest income, which was partially offset by the impact of fluctuations in foreign exchange rates.

Current wording

Financial income, net, in the three months ended September 27, 2025 increased by $3 million, or 21%, compared to the three months ended September 28, 2024, mainly due to an increase in interest income and the impact of fluctuations in foreign exchange rates. Financial income, net, in the nine months ended September 27, 2025 increased by $4 million, or 9%, compared to the nine months ended September 28, 2024, due to an increase in interest income, which was partially offset by the impact of fluctuations in foreign exchange rates.

Previous wording

In the three months ended June 28, 2025 provision for income tax was $6 million, compared to a $5 million provision for income tax in the three months ended June 29, 2024. In the six months ended June 28, 2025, provision for income tax was $9 million, compared to a $2 million provision for income tax in the six months ended June 29, 2024. In both periods, the change is mainly related to a lower loss before income taxes compared to prior-year period.

Current wording

In the three months ended September 27, 2025 provision for income tax was $4 million, compared to a benefit for income tax of $78 million in the three months ended September 28, 2024. In the nine months ended September 27, 2025, provision for income tax was $13 million, compared to a benefit for income tax of $76 million in the nine months ended September 28, 2024. In both periods, the change is mainly due to the deferred tax effect of $82 million attributed to goodwill impairment of the Mobileye reporting unit which was recognised in the prior year period.

Previous wording

Our primary uses of funds have been for funding increases in headcount in our research and development departments, investments attributable to new product development, as well as for funding our capital expenditures. Our capital expenditures have related mainly to data storage and other computer related equipment, expenditure related to research and development projects and to the construction of new sites, and were $28 million and $46 million for the six months ended June 28, 2025 and June 29, 2024, respectively.

Current wording

Our primary uses of funds have been for funding increases in headcount in our research and development departments, investments attributable to new product development, as well as for funding our capital expenditures. Our capital expenditures have related mainly to data storage and other computer related equipment, expenditure related to research and development projects and to the construction of new sites, and were $52 million and $68 million for the nine months ended September 27, 2025 and September 28, 2024, respectively.

Previous wording

For the six months ended June 28, 2025 compared to the six months ended June 29, 2024, the $252 million increase in cash provided by operating activities was mainly due to a decrease in net loss and a decrease in inventories compared to an increase in prior year period, partially offset by a slight increase in trade accounts receivable compared to a decrease in prior year period.

Current wording

For the nine months ended September 27, 2025 compared to the nine months ended September 28, 2024, the $293 million increase in cash provided by operating activities was mainly due to a decrease of $2,754 million in net loss, partially offset by $2,695 million ($2,613 million, net of tax) of non-cash goodwill impairment loss recognized in the nine months ended September 28, 2024, as well as a decrease in inventories compared to an increase in prior year period.

Previous wording

Net cash used in investing activities in the six months ended June 28, 2025 and June 29, 2024 was $39 million and $64 million, respectively, consisting of capital expenditures and debt investments.

Current wording

Net cash used in investing activities in the nine months ended September 27, 2025 and September 28, 2024 was $64 million and $98 million, respectively, consisting of capital expenditures and debt investments.

Previous wording

Severance pay liability increased from $62 million as of December 28, 2024, to $69 million as of June 28, 2025, mainly due to the impact of fluctuations in foreign exchange rates.

Current wording

Severance pay liability increased from $62 million as of December 28, 2024, to $74 million as of September 27, 2025, reflecting the impact of annual salary increases and fluctuations in foreign exchange rates.

Previous wording

We have lease agreements for vehicles and offices. We lease office space in various locations in Israel and around the world including USA, Germany and China. All leases are operating leases with fixed payment terms where some of the leases include annual increases to lease payments based on an index or a rate. Lease liabilities, representing the present value of future lease payments, have increased from $50 million as of December 28, 2024 to $56 million as of June 28, 2025, reflecting mainly new lease contracts and foreign currency exchange effects, partially offset by the progress in lease payments for existing arrangements.

Current wording

We have lease agreements for vehicles and offices. We lease office space in various locations in Israel and around the world including USA, Germany and China. All leases are operating leases with fixed payment terms where some of the leases include annual increases to lease payments based on an index or a rate. Lease liabilities, representing the present value of future lease payments, have increased from $50 million as of December 28, 2024 to $61 million as of September 27, 2025, reflecting mainly new lease contracts and foreign currency exchange effects, partially offset by the progress in lease payments for existing arrangements.

Previous wording

Our non-GAAP financial measures reflect adjustments for amortization charges for our acquisition-related intangible assets, share-based compensation expense as well as the related income tax effects where applicable. We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These amortization charges relate to intangible assets consisting of developed technology, customer relationships, and brands as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Moovit in 2020. We believe that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses for equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although we exclude share-based compensation expenses from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses, and may increase in future periods.

Current wording

Our non-GAAP financial measures reflect adjustments for amortization charges for our acquisition-related intangible assets, share-based compensation expense, impairment of goodwill as well as the related income tax effects where applicable. We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These amortization charges relate to intangible assets consisting of developed technology, customer relationships, and brands as a result of Intel’s acquisition of Mobileye in 2017 and the acquisition of Moovit in 2020. We believe that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses for equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although we exclude share-based compensation expenses from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses, and may increase in future periods. We believe that the exclusion of goodwill impairment is appropriate because it does not reflect our core operating performance, and excluding such non-cash impairment loss facilitates a useful evaluation of our performance and comparisons to past operating results.

Previous wording

Our Adjusted Gross Margin remained flat in the three months ended June 29, 2024 compared to the three months ended June 28, 2025, primarily due to an increase in the percentage of revenue attributable to EyeQTM SoCs which was offset by a slight reduction in EyeQTM ASP, mainly due to higher volumes in China.

Current wording

Our Adjusted Gross Margin decreased from 68% in the three months ended September 28, 2024 to 67% for to the three months ended September 27, 2025. This decrease was due to a modest reduction in EyeQTM ASP mainly due to higher volumes in China which carry lower ASP, and a higher EyeQTM-related cost per unit given a different mix of EyeQTM products sold.

Previous wording

Our Adjusted Gross Margin increased from 67% for the six months ended June 29, 2024 to 69% for the six months ended June 28, 2025. This increase was primarily due to an increase in the percentage of revenue attributable to EyeQTM SoCs which was offset by a slight reduction in EyeQTM ASP, mainly due to higher volumes in China.

Current wording

Our Adjusted Gross Margin increased from 67% for the nine months ended September 28, 2024 to 68% for the nine months ended September 27, 2025. This increase was primarily due to an increase in the percentage of revenue attributable to EyeQTM SoCs.

Previous wording

Our Adjusted Operating Income increased by $27 million in the three months ended June 28, 2025 compared to the three months ended June 29, 2024, and by $151 million in the six months ended June 28, 2025 compared to the six months ended June 29, 2024. The increase in both periods was mainly due to the increase in revenue partially offset by an increase in operating expenses.

Current wording

Our Adjusted Operating Income increased by $147 million in the nine months ended September 27, 2025 compared to the nine months ended September 28, 2024, mainly due to an increase in adjusted gross profit partially offset by an increase in operating expenses.

Previous wording

Our Adjusted Operating Margin increased from 18% for the three months ended June 29, 2024 to 21% for the three months ended June 28, 2025. Our Adjusted Operating Margin increased from 2% for the six months ended June 29, 2024 to 17% for the six months ended June 28, 2025. The increase in both periods is mainly due to lower operating expenses as a percentage of revenue.

Current wording

Our Adjusted Operating Margin increased from 8% for the nine months ended September 28, 2024 to 17% for the nine months ended September 27, 2025, mainly due to lower operating expenses as a percentage of revenue.

Previous wording

The three months ended June 28, 2025 ended with a net loss of $(67) million compared to a $(86) million net loss in the three months ended June 29, 2024. Our net loss decreased by $135 million in the six months ended June 28, 2025, compared to the six months ended June 29, 2024. The decrease in net loss in both periods is mainly due to an increase in gross profit partially offset by higher operating expenses.

Current wording

The three months ended September 27, 2025 ended with a net loss of $(96) million compared to a $(2,715) million net loss in the three months ended September 28, 2024. Our net loss decreased by $2,754 million in the nine months ended September 27, 2025, compared to the nine months ended September 28, 2024. The decrease in net loss in both periods is mainly due to a goodwill impairment loss recognized during the three months ended September 28, 2024.

Previous wording

Our Adjusted Net Income increased by $26 million in the three months ended June 28, 2025, compared to the three months ended June 29, 2024. Our Adjusted Net Income increased by $144 million in the six months ended June 28, 2025, compared to the six months ended June 29, 2024. The increase in both periods is primarily due to the increase in Adjusted Gross Profit, partially offset by an increase in operating expenses.

Current wording

Our Adjusted Net Income increased by $143 million in the nine months ended September 27, 2025, compared to the nine months ended September 28, 2024. The increase is primarily due to the increase in Adjusted Gross Profit, partially offset by an increase in operating expenses.