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- **Revenue Growth**: Q3 up 4% YoY to $504 million, with full-year guidance raised 2% in revenue and 11% in operating income.
- **Cash Flow Strength**: $489 million year-to-date, up 150% YoY, driven by core ADAS business and working capital management.
- **Surround ADAS Win**: New program with Western OEM for mass-market vehicles, targeting 2026 launch with EyeQ6 High.
- **Robotaxi Momentum**: U.S. commercialization in 2026 with Lyft, Europe with Volkswagen Group, and 2029 minds-off autonomy with EyeQ8.
- **Gross Margin Outlook**: 68% for 2025, improving in 2027 with EyeQ6 High adoption and EyeQ5 volume decline.

**【CEO Summary Section】**
- Q3 revenue of $504 million, up 4% YoY, driven by ADAS adoption and Surround ADAS program wins. Operating cash flow of $167 million, with $489 million year-to-date, up 150% YoY.
- Full-year guidance raised: revenue midpoint +2%, adjusted operating income +11%. Q4 volume expected at 7.7-8.2 million units, with 2025 total of 35.5 million units.
- EyeQ6 High-based Surround ADAS program won with a leading Western OEM, targeting mass-market vehicles. EyeQ7 silicon samples successful, targeting 2027 eyes-off systems and 2029 minds-off autonomy.
- Robotaxi progress: ID.Buzz test fleet with EyeQ6 High, planning U.S. commercial launch in 2026 and Europe with Volkswagen Group.

**【CFO Financial Commentary】**
- Q3 GAAP net income $420 million, Non-GAAP EPS $1.08 (vs. $1.05 estimate). Gross margin 68%, down 100bps YoY due to Chinese OEM pricing and EyeQ5 volume (10% of total, peaking at 15% in 2026).
- Operating expenses up 4% YoY ($990 million for 2025), driven by engineering reimbursements. Free cash flow enhanced by working capital management ($100 million YoY inventory reduction).
- SuperVision volumes 50,000 units for 2025, up from prior 40,000 estimate, reflecting ADAS adoption growth and Chinese OEM traction.

**【Q&A Key Highlights】**
- **Surround ADAS Win**: New program with Western OEM for mass-market vehicles, leveraging EyeQ6 High for cost-efficient, high-performance ADAS. Expansion into India and China via Chinese OEM partnerships.
- **Gross Margin Trends**: EyeQ5 share peaking in 2026, with EyeQ6 Lite ramp providing tailwinds. Gross margin expected to improve in 2027 with EyeQ6 High adoption.
- **Robotaxi Execution**: 2026 U.S. launch with Lyft and Marubeni, Europe with Volkswagen Group. Focus on MTBF milestones and regulatory approvals for driver removal.
- **Competitive Advantage**: Mobileye's SoC design (EyeQ6 High) offers 2-3x cost efficiency vs. competitors, enabling hands-free driving in $20,000-$30,000 vehicles.

Mobileye Global Inc. (MBLY) Q3 2025 Earnings Call Transcript

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