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Mobileye Global Inc. (MBLY-7.54%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing reports a decrease in revenue to $1.654 billion from $2.079 billion in the previous year, primarily due to a significant drawdown of excess inventory at Tier 1 customers and a reduction in volumes shipped to China.
Cost of revenue for the year was $913 million, representing 55% of sales, compared to 50% in the previous year. This increase in cost ratio is attributed to a higher impact of amortization of intangible assets and higher EyeQ-related costs per unit.
The company reported a gross profit of $741 million for the year, compared to $1.047 billion in the previous year, with the decline attributed to reduced sales of EyeQ SoCs.
Research and development expenses increased to $1.083 billion from $889 million, primarily due to an increase in payroll and related expenses and investments in new product development.
A goodwill impairment loss of $2.695 billion was recorded during the third quarter of 2024, primarily due to a decline in the company's share price and corresponding market capitalization.
Net loss for the year was $3.090 billion, compared to a net loss of $27 million in the previous year.
Cash provided by operating activities was $400 million, while cash used in investing and financing activities was $120 million and $66 million, respectively.
Mobileye had total assets of $12.579 billion as of December 28, 2024, with a decrease in total equity to $12.087 billion from $14.924 billion in the previous year.
The filing also details various strategic initiatives, including investments in new product development and the expansion of its technology platform to support autonomous driving solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobileye Global Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.