Mobileye Global Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS MOBILEYE GLOBAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ September 27, December 28, U.S. dollars in millions, except share and per share data 2025 2024 Assets ​ ​ Current assets ​ ​ Cash and cash equivalents ​ $ 1,749 ​ $ 1,426 Trade accounts receivable, net ​ ​ 201 ​ 212 Inventories ​ ​ 318 ​ 415 Other current assets ​ ​ 148 ​ 121 Total current assets ​ ​ 2,416 ​ ​ 2,174 Non-current assets ​ ​ ​ ​ Property and equipment, net ​ ​ 453 ​ 458 Intangible assets, net ​ ​ 1,276 ​ 1,609 Goodwill ​ ​ 8,200 ​ 8,200 Other long-term assets ​ ​ 135 ​ 138 Total non-current assets ​ ​ 10,064 ​ 10,405 TOTAL ASSETS ​ $ 12,480 ​ $ 12,579 Liabilities and Equity ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ Accounts payable and accrued expenses ​ $ 211 ​ $ 190 Employee related accrued expenses ​ ​ 125 ​ 105 Related party payable ​ ​ 4 ​ 4 Other current liabilities ​ ​ 34 ​ 34 Total current liabilities ​ ​ 374 ​ 333 Non-current liabilities ​ ​ ​ ​ Long-term employee benefits ​ ​ 74 ​ 62 Deferred tax liabilities ​ ​ 32 ​ 47 Other long-term liabilities ​ ​ 65 ​ 50 Total non-current liabilities ​ ​ 171 ​ 159 Contingencies (see note 11) ​ ​ ​ ​ ​ ​ TOTAL LIABILITIES ​ $ 545 ​ $ 492 Equity ​ ​ ​ ​ Class A common stock: $ 0.01 par value; 4,000,000,000 shares authorized; shares issued and outstanding: 216,005,938 as of September 27, 2025 and 100,226,477 as of December 28, 2024 ​ ​ 2 ​ ​ 1 Class B common stock: $ 0.01 par value; 1,500,000,000 shares authorized; shares issued and outstanding: 597,768,015 as of September 27, 2025 and 711,500,000 as of December 28, 2024 ​ ​ 6 ​ ​ 7 Additional paid-in capital ​ ​ 15,240 ​ ​ 15,137 Accumulated other comprehensive income (loss) ​ ​ 12 ​ 2 Retained earnings (accumulated deficit) ​ ​ ( 3,325 ) ​ ​ ( 3,060 ) TOTAL EQUITY ​ ​ 11,935 ​ 12,087 TOTAL LIABILITIES AND EQUITY ​ $ 12,480 ​ $ 12,579 ​ The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. ​ 4 Table of Contents MOBILEYE GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ September 27, September 28, ​ September 27, September 28, U.S. dollars in millions, except share and per share data 2025 2024 ​ 2025 2024 Revenue ​ $ 504 ​ $ 486 ​ $ 1,448 ​ $ 1,164 Cost of revenue ​ ​ 261 ​ ​ 249 ​ ​ 746 ​ ​ 664 Gross profit ​ ​ 243 ​ ​ 237 ​ ​ 702 ​ ​ 500 Research and development, net ​ ​ 304 ​ ​ 303 ​ ​ 861 ​ ​ 802 Sales and marketing ​ ​ 29 ​ ​ 28 ​ ​ 85 ​ ​ 90 General and administrative ​ ​ 19 ​ ​ 18 ​ ​ 56 ​ ​ 52 Goodwill impairment ​ ​ — ​ ​ 2,695 ​ ​ — ​ ​ 2,695 Total operating expenses ​ ​ 352 ​ ​ 3,044 ​ ​ 1,002 ​ ​ 3,639 Operating income (loss) ​ ​ ( 109 ) ​ ​ ( 2,807 ) ​ ​ ( 300 ) ​ ​ ( 3,139 ) Financial income (expense), net ​ ​ 17 ​ ​ 14 ​ ​ 48 ​ ​ 44 Income (loss) before income taxes ​ ​ ( 92 ) ​ ​ ( 2,793 ) ​ ​ ( 252 ) ​ ​ ( 3,095 ) Benefit (provision) for income taxes ​ ​ ( 4 ) ​ ​ 78 ​ ​ ( 13 ) ​ ​ 76 Net income (loss) ​ $ ( 96 ) ​ $ ( 2,715 ) ​ $ ( 265 ) ​ $ ( 3,019 ) Earnings (loss) per share attributed to Class A and Class B stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ ( 0.12 ) ​ $ ( 3.35 ) ​ $ ( 0.33 ) ​ $ ( 3.74 ) Weighted-average number of shares used in computation of earnings (loss) per share attributed to Class A and Class B stockholders (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ ​ 814 ​ ​ 811 ​ ​ 813 ​ ​ 808 Net income (loss) ​ ​ ( 96 ) ​ ​ ( 2,715 ) ​ ​ ( 265 ) ​ ​ ( 3,019 ) Other comprehensive income (loss), net of tax ​ ​ ( 5 ) ​ ​ — ​ ​ 10 ​ ​ — TOTAL COMPREHENSIVE INCOME (LOSS) ​ $ ( 101 ) ​ $ ( 2,715 ) ​ $ ( 255 ) ​ $ ( 3,019 ) ​ The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. ​ 5 Table of Contents MOBILEYE GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Retained ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ Other ​ Earnings ​ Total ​ ​ Number of ​ ​ ​ ​ paid-in ​ Comprehensive ​ (Accumulated ​ Shareholders’ U.S. dollars except number of shares, in millions shares Amount capital Income (Loss) deficit) Equity Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 28, 2025 ​ 815 ​ $ 8 ​ $ 15,270 ​ $ 17 ​ $ ( 3,229 ) ​ $ 12,066 Net income (loss) ​ — ​ ​ — ​ ​ — ​ — ​ ​ ( 96 ) ​ ( 96 ) Other comprehensive income (loss), net ​ — ​ ​ — ​ ​ — ​ ​ ( 5 ) ​ ​ — ​ ​ ( 5 ) Share-based compensation expense ​ — ​ ​ — ​ ​ 72 ​ — ​ ​ — ​ 72 Recharge to Parent for Share-based compensation ​ — ​ ​ — ​ ​ ( 2 ) ​ — ​ ​ — ​ ( 2 ) Issuance of common stock under employee share-based compensation plans ​ 5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Repurchase of common stock from Parent ​ ( 6 ) ​ ​ — ​ ​ ( 100 ) ​ ​ — ​ ​ — ​ ​ ( 100 ) Balance as of September 27, 2025 ​ 814 ​ $ 8 ​ $ 15,240 ​ $ 12 ​ $ ( 3,325 ) ​ $ 11,935 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of June 29, 2024 ​ 809 ​ $ 8 ​ $ 14,985 ​ $ — ​ $ ( 274 ) ​ $ 14,719 Net income (loss) ​ — ​ ​ — ​ ​ — ​ — ​ ​ ( 2,715 ) ​ ( 2,715 ) Share-based compensation expense ​ — ​ ​ — ​ ​ 79 ​ ​ — ​ ​ — ​ ​ 79 Recharge to Parent for Share-based compensation ​ — ​ ​ — ​ ​ ( 5 ) ​ ​ — ​ ​ — ​ ​ ( 5 ) Issuance of common stock under employee share-based compensation plans ​ 2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of September 28, 2024 ​ 811 ​ $ 8 ​ $ 15,059 ​ $ — ​ $ ( 2,989 ) ​ $ 12,078 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 28, 2024 ​ 812 ​ $ 8 ​ $ 15,137 ​ $ 2 ​ $ ( 3,060 ) ​ $ 12,087 Net income (loss) ​ — ​ ​ — ​ ​ — ​ — ​ ​ ( 265 ) ​ ( 265 ) Other comprehensive income (loss), net ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 Tax sharing agreement with Parent ​ — ​ ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ 3 Share-based compensation expense ​ — ​ ​ — ​ ​ 206 ​ — ​ ​ — ​ 206 Recharge to Parent for Share-based compensation ​ — ​ ​ — ​ ​ ( 6 ) ​ — ​ ​ — ​ ( 6 ) Issuance of common stock under employee share-based compensation plans ​ 8 ​ ​ — ​ ​ — ​ — ​ ​ — ​ — Repurchase of common stock from Parent ​ ( 6 ) ​ ​ — ​ ​ ( 100 ) ​ ​ — ​ ​ — ​ ​ ( 100 ) Balance as of September 27, 2025 ​ 814 ​ $ 8 ​ $ 15,240 ​ $ 12 ​ $ ( 3,325 ) ​ $ 11,935 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 30, 2023 ​ 806 ​ $ 8 ​ $ 14,886 ​ $ — ​ $ 30 ​ $ 14,924 Net income (loss) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 3,019 ) ​ ​ ( 3,019 ) Share-based compensation expense ​ — ​ ​ — ​ ​ 203 ​ ​ — ​ ​ — ​ ​ 203 Recharge to Parent for Share-based compensation ​ — ​ ​ — ​ ​ ( 30 ) ​ ​ — ​ ​ — ​ ​ ( 30 ) Issuance of common stock under employee share-based compensation plans ​ 5 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Balance as of September 28, 2024 ​ 811 ​ $ 8 ​ $ 15,059 ​ $ — ​ $ ( 2,989 ) ​ $ 12,078 ​ The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. ​ 6 Table of Contents MOBILEYE GLOBAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 27, September 28, U.S. dollars in millions 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES ​ ​ ​ Net income (loss) ​ $ ( 265 ) ​ $ ( 3,019 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Depreciation of property and equipment ​ ​ 54 ​ ​ 46 Share-based compensation ​ ​ 206 ​ ​ 203 Amortization of intangible assets ​ ​ 333 ​ ​ 333 Goodwill impairment ​ ​ — ​ ​ 2,695 Exchange rate differences on cash and cash equivalents ​ ​ ( 8 ) ​ ​ 2 Deferred income taxes ​ ​ ( 16 ) ​ ​ ( 98 ) Other ​ ​ 5 ​ ​ 1 Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ Decrease (increase) in trade accounts receivable ​ ​ 11 ​ ​ 113 Decrease (increase) in other current assets ​ ​ 15 ​ ​ 7 Decrease (increase) in inventories ​ ​ 97 ​ ​ ( 66 ) Increase (decrease) in accounts payable, accrued expenses and related party payable ​ ​ 22 ​ ​ ( 55 ) Increase (decrease) in employee-related accrued expenses and long-term benefits ​ ​ 32 ​ ​ 24 Increase (decrease) in other current liabilities ​ ​ ( 1 ) ​ ​ 10 Decrease (increase) in other long-term assets ​ ​ ( 3 ) ​ ​ ( 5 ) Increase (decrease) in other long-term liabilities ​ ​ 7 ​ ​ 5 Net cash provided by operating activities ​ ​ 489 ​ ​ 196 CASH FLOWS FROM INVESTING ACTIVITIES ​ ​ ​ ​ ​ ​ Purchase of property and equipment ​ ​ ( 52 ) ​ ​ ( 68 ) Purchases of debt and equity investments ​ ​ ( 79 ) ​ ​ ( 32 ) Maturities and sales of debt and equity investments ​ ​ 67 ​ ​ 2 Net cash used in investing activities ​ ​ ( 64 ) ​ ​ ( 98 ) CASH FLOWS FROM FINANCING ACTIVITIES ​ ​ ​ ​ ​ ​ Share-based compensation recharge ​ ​ ( 2 ) ​ ​ ( 16 ) Repurchase of common stock from Parent ​ ​ ( 100 ) ​ ​ — Net cash used in financing activities ​ ​ ( 102 ) ​ ​ ( 16 ) Effect of foreign exchange rate changes on cash and cash equivalents ​ ​ 8 ​ ​ ( 2 ) Increase in cash, cash equivalents and restricted cash ​ ​ 331 ​ ​ 80 Balance of cash, cash equivalents and restricted cash, at beginning of year ​ ​ 1,438 ​ ​ 1,226 Balance of cash, cash equivalents and restricted cash, at end of period ​ $ 1,769 ​ $ 1,306 Supplementary non-cash investing and financing activities: ​ ​ ​ ​ ​ ​ Non-cash purchase of property and equipment ​ $ 7 ​ $ 9 Non-cash share based compensation recharge ​ $ — ​ $ 14 Tax sharing agreement with Parent ​ $ ( 3 ) ​ $ — Conversion of Class B common stock to Class A common stock ​ $ 1 ​ $ — Supplemental cash flow information: ​ ​ ​ Cash received (paid) for income taxes, net of refunds ​ $ ( 7 ) ​ $ ( 20 ) ​ The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. ​ ​ 7 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - GENERAL Background Mobileye Global Inc. (“Mobileye”, “the Company” or “we”) is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions, aimed to provide the capabilities required for the future of autonomous driving, leveraging a comprehensive suite of purpose-built software and hardware technologies. Intel Corporation (“Intel” or the “Parent”) directly or indirectly holds all of the Class B common stock of Mobileye, which as of September 27, 2025, represents approximately 79.6 % of our outstanding common stock and 97.3 % of the voting power of our common stock. Operations in Israel 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. Secondary Offering, Share Repurchase and Conversion On July 9, 2025, the Company announced the pricing of a public secondary offering of 50,000,000 shares of Class A common stock (which shares were received upon the conversion of 50,000,000 shares of Class B common stock into Class A common stock) by Intel at a public offering price of $ 16.50 per share (the “Secondary Offering”), with Intel granting the underwriters a 30-day option to purchase up to an additional 7,500,000 shares of Class A common stock (the “Option”). The Secondary Offering closed on July 11, 2025. In connection with and conditional upon the closing of the Secondary Offering, on July 11, 2025 the Company purchased from Intel 6,231,985 shares of Class A common stock (which shares were received upon the conversion of 6,231,985 shares of Class B common stock into Class A common stock) at a price of $ 16.04625 per share, which is equal to the per share purchase price paid by the underwriters in the Secondary Offering pursuant to a share repurchase agreement with Intel (the “Share Repurchase”). The aggregate consideration paid by the Company for the Share Repurchase was $ 100 million and is subject to a nondeductible excise tax of 1 % pursuant to the Inflation Reduction Act of 2022. Upon closing of the Share Repurchase, the Company cancelled and retired the 6,231,985 shares of Class A common stock acquired pursuant to the Share Repurchase. The excess of the repurchase price over par value was charged to additional paid in capital. Following the closing of the Share Repurchase, the underwriters exercised the Option (which shares were received upon the conversion of 7,500,000 shares of Class B common stock into Class A common stock), which closed on July 11, 2025. The Company did not sell any shares of Class A common stock in the Secondary Offering or in respect of the exercise of the Option and did not receive any proceeds from the sale of shares offered by Intel. 8 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) In addition to and conditional upon the closing of the Secondary Offering, Intel voluntarily converted pursuant to the Company’s Amended and Restated Certificate of Incorporation an additional 50,000,000 shares of Class B common stock to Class A common stock (the “Conversion”). The shares issued to Intel pursuant to the Conversion were issued pursuant to an exemption from registration pursuant to Section 3(a)(9) of the U.S. Securities Act of 1933. The Company received no proceeds from issuance of shares in the Conversion. The Company paid the costs, which were approximately $ 1 million, associated with the registration of shares in connection with the Secondary Offering and Option, other than underwriting discounts, fees and commissions. 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. As a result of the Secondary Offering, Share Repurchase, Option and Conversion, the Company has concluded that from a U.S. income tax perspective, Intel no longer holds a sufficient percentage of the Company’s issued and outstanding common stock, which resulted in the deconsolidation of the Company from Intel’s U.S. domestic income tax return on July 11, 2025 (the “Tax Deconsolidation”). Following the Tax Deconsolidation, the Company is no longer included in Intel’s U.S. domestic consolidated income tax return and will be filing its own U.S. corporate income tax returns for periods beginning July 12, 2025. ​ NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal year 2025 is a 52-week fiscal year; fiscal year 2024 was also a 52-week fiscal year. The results of operations for the three and nine months ended September 27, 2025 shown in this report are not necessarily indicative of the results to be expected for the full year ending 2025. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 28, 2024. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 28, 2024, except as detailed below regarding accounting for share repurchases. For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 28, 2024. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts and events reported and disclosed in the condensed consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions and factors, including the current economic environment, that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. 9 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) On an on-going basis, management evaluates its estimates, judgments, and assumptions. The most significant estimates and assumptions relate to useful lives of intangible assets, impairment assessment of intangible assets and goodwill and income taxes. A change in estimates, including a change in the overall market value of the Company, could require reassessments of the items noted above. Cash, cash equivalents and restricted cash The following is a reconciliation of the cash, cash equivalents and restricted cash as of each period end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions September 27, 2025 December 28, 2024 Cash $ 78 $ 56 Short term deposits ​ ​ 661 ​ ​ 419 Money market funds ​ ​ 1,010 ​ ​ 951 Restricted cash (within other current and other long-term assets) ​ 20 ​ 12 Cash, cash equivalents and restricted cash presented in the consolidated statements of cash flows ​ $ 1,769 ​ $ 1,438 ​ Fair value measurement The carrying value of short-term deposits classified as cash equivalents approximates their fair value due to the short maturity of these items. The Company’s investment in money market funds is measured at fair value within Level 1 of the fair value hierarchy because they consist of financial assets for which quoted prices are available in an active market. Interest income related to money market funds for the three months ended September 27, 2025 and September 28, 2024 amounted to $ 10 million and $ 12 million, respectively; and $ 31 million and $ 36 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. The Company’s investment in U.S. government bonds is measured at fair value within Level 1 of the fair value hierarchy because they consist of U.S. government bonds for which quoted prices are available in an active market. The Company’s derivative instruments designated as hedging instruments are measured at fair value within Level 2 of the fair value hierarchy. The carrying amounts of trade accounts receivable and accounts payable approximate fair value because of their generally short maturities. Research and development, net Research and development costs are expensed as incurred, and consist primarily of personnel, facilities, equipment, and supplies for research and development activities. 10 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company enters into best-efforts non-refundable, non-recurring engineering (“NRE”) arrangements pursuant to which the Company is reimbursed for a portion of the research and development expenses attributable to specific development programs. The Company does not receive any additional compensation or royalties upon completion of such projects and the potential customer does not commit to purchase the resulting product in the future. The participation reimbursement received by the Company does not depend on whether there are future benefits from the project. All intellectual property generated from these arrangements is exclusively owned by the Company. Participation in expenses for research and development projects are recognized on the basis of the costs incurred and are netted against research and development expenses in the condensed consolidated statements of operations and comprehensive income (loss). Research and development reimbursements of $ 16 million and $ 24 million were offset against research and development costs in the three months ended September 27, 2025 and September 28, 2024, respectively; and $ 61 million and $ 72 million were offset in the nine months ended September 27, 2025 and September 28, 2024, respectively. Derivatives and hedging During the fourth quarter of 2024 the Company initiated a foreign currency cash flow hedging program, designed to hedge the Company’s foreign exchange rate risk, resulting from ILS payroll expenses. The Company hedges portions of its forecasted payroll payments denominated in ILS for a period of up to 12 months, using forward contracts that are designated as cash flow hedges, as defined by ASC 815. These derivative instruments are measured at fair value within Level 2 of the fair value hierarchy. Derivative instruments are recorded as other current assets or other current liabilities, according to the timing of settlement. For these derivative instruments, designated as a cash flow hedge, gains and losses are reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the hedged transaction and in the same period or periods during which the hedged transaction affects the statement of operations. As of September 27, 2025, the Company expects to reclassify all of its unrealized gains and losses from accumulated other comprehensive income (loss) to earnings during the next twelve months. The cash flows associated with these derivatives are classified in the consolidated statements of cash flows consistently with the classification of the underlying hedged transaction, within cash flows from operating activities. The notional amount and fair value of outstanding derivatives at the end of each period were: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions September 27, 2025 December 28, 2024 Notional amount of derivatives contracts ​ $ 204 ​ $ 214 Fair value of derivative assets ​ $ 13 ​ $ 2 ​ The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended U.S. dollars in millions September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Other comprehensive income (loss) before reclassifications $ 2 ​ $ — ​ $ 24 ​ $ — Amounts reclassified out of accumulated other comprehensive (income) loss * ​ ( 7 ) ​ — ​ ​ ( 13 ) ​ ​ — Tax effects ​ ** ​ ​ — ​ ​ ( 1 ) ​ ​ — Other comprehensive income (loss), net $ ( 5 ) $ — ​ $ 10 ​ $ — * Amounts of gains (losses) reclassified from other comprehensive income (loss) into profit or loss are recorded in cost of revenue and operating expenses. ** Less than $1 million. 11 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Income Tax The provision for income tax consists of income taxes in the various jurisdictions where the Company is subject to taxation, primarily the United States and Israel. For interim periods, the Company recognizes an income tax benefit (provision) based on the estimated annual effective tax rate, calculated on a worldwide consolidated basis, expected for the entire year. The Company applies this rate to the year-to-date pre-tax income. The overall effective tax rate is influenced by valuation allowances on tax assets for which no benefit can be recognized due to the Company’s recent history of pretax losses sustained. Tax jurisdictions with forecasted pretax losses for the year for which no benefit can be recognized are excluded from the calculation of the worldwide estimated annual effective tax rate, and any associated tax provision or benefit for those jurisdictions is recorded separately. During the periods presented in the condensed consolidated financial statements, certain components of the Company’s business operations were included in the Parent’s consolidated U.S. domestic income tax return while the Company continued to file various foreign income tax returns separately from the Parent. Following the Secondary Offering, which resulted in the Tax Deconsolidation (see also Note 1), the Company is no longer included in the Parent’s U.S. domestic consolidated income tax return and will be filing its own U.S. corporate income tax returns for periods beginning July 12, 2025 onwards. Prior to the Tax Deconsolidation event, the income tax provision included in the Company’s condensed consolidated financial statements was calculated using the separate return method, as if the Company had filed its own U.S. corporate income tax returns. However, the Tax Deconsolidation event does not have a material impact on the Company’s income tax provision for the nine months ended September 27, 2025. The Company had previously entered into a Tax Sharing Agreement, which was amended and restated on August 14, 2024 (the “TSA”) with its Parent to establish the amount of cash payable for the Company’s share of the tax liability owed on consolidated tax return filings with its Parent. For periods prior to the Tax Deconsolidation, any differences between taxes currently payable to the Company’s Parent under the TSA and the current tax provision computed on a separate return basis, were reflected as adjustments to additional paid-in capital in the condensed consolidated statement of changes in equity and financing activities within the condensed consolidated statement of cash flows. As a result of the Tax Deconsolidation, starting July 12, 2025 the computation of cash payable between the Company and Intel, under the TSA, is no longer applicable with respect to U.S. federal income taxes. Accordingly, starting July 12, 2025, Mobileye calculates and reports its U.S. federal and applicable state income tax liabilities as a standalone taxpayer and will no longer allocate or share tax attributes, liabilities nor benefits with its Parent as previously required under the TSA. For periods prior to Tax Deconsolidation, Mobileye and its Parent will continue to account for any outstanding tax sharing obligations in accordance with the terms of the TSA. Share repurchases We have elected to retire shares repurchased to date. The retired shares are equivalent to authorized, unissued shares and are no longer considered to be outstanding or held in treasury. The excess purchase price of the shares over the par value is recorded as a reduction to additional paid-in-capital or to retained earnings if the balance in additional paid-in capital is not sufficient. Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, which include short-term deposits and money market funds, U.S. government bonds, derivative financial instruments, and also trade accounts receivable. The majority of the Company’s cash and cash equivalents are invested in banks domiciled in the U.S. and Europe, as well as in Israel. Generally, these cash equivalents may be redeemed upon demand. Short-term bank deposits are held in the aforementioned banks. The money market funds consist of institutional investors money market funds and are readily redeemable to cash, and the U.S. government bonds are also highly liquid. Derivative financial instruments are forward contracts entered into with major banks in Israel to hedge the Company’s foreign exchange rate risk. Accordingly, management believes that these bank deposits, money market funds, U.S. government bonds and derivative financial instruments have minimal credit risk. 12 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company’s accounts receivable are derived primarily from sales to Tier 1 suppliers to the automotive manufacturing industry located mainly in the U.S., Europe, and China. Concentration of credit risk with respect to accounts receivable is mitigated by credit limits, ongoing credit evaluation, and account monitoring procedures. Credit is granted based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Trade accounts receivable are typically due from customers within 30 to 60 days . The Company performs ongoing credit evaluations of its customers and has not experienced any material losses in the periods presented. The Company recognizes an allowance for credit losses for any potential uncollectible amounts. The allowance is based on various factors, including historical experience, the age of the accounts receivable balances, credit quality of the customers, and other reasonable and supportable information. This allowance consists of an amount based on overall estimated exposure for the receivable portfolio and amounts identified for specific customers. Expected credit losses are recorded as general and administrative expenses in the Company’s condensed consolidated statement of operations and comprehensive income. As of September 27, 2025 and December 28, 2024, the credit loss allowance for trade accounts receivable was not material. For the three and nine months ended September 27, 2025 and September 28, 2024, the charge-offs and recoveries in relation to the credit losses were not material. Customer concentration risk The Company’s business, results of operations, and financial condition for the foreseeable future will likely continue to depend on sales to a relatively small number of customers. In the future, these customers may decide not to purchase the Company’s products, may purchase fewer products than in previous years, or may alter their purchasing patterns. Further, the amount of revenue attributable to any single customer or customer concentration generally may fluctuate in any given period. In addition, a decline in the production levels of one or more of the Company’s major customers, particularly with respect to vehicle models for which the Company is a significant supplier, could reduce revenue. The loss of one or more key customers, a reduction in sales to any key customer or the Company’s inability to attract new significant customers could negatively impact revenue and adversely affect the Company’s business, results of operations, and financial condition. See Note 9 Segment Information related to customers that accounted for more than 10% of the Company’s total revenue and more than 10% of the total accounts receivable balance for each of the periods presented in these condensed consolidated financial statements. Dependence on a single supplier or limited suppliers risk The Company purchases all its System on Chip (“EyeQ™ SoC”) from a single supplier. For certain materials, equipment, and services, we, and/or our suppliers and vendors, rely on a single or a limited number of direct and indirect suppliers and vendors. Any issues that occur and persist in connection with the manufacture, delivery, quality, or cost of the assembly and testing of inventory could adversely effect the Company’s business, results of operations and financial condition. See below regarding a shortage in EyeQ™ SoCs that the Company experienced during 2021 and 2022 and may experience in the future, including in ECUs for SuperVision™ and other components for our products. 13 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Supply chain risk During the fiscal years 2021 and 2022, the semiconductor industry experienced widespread shortages of substrates and other components and available foundry manufacturing capacity. During 2021 and 2022, STMicroelectronics, our sole supplier of EyeQ™ SoCs, was not able to meet our demand for EyeQ™ SoCs, causing a significant reduction in the Company’s inventory levels. Starting in late 2022 and early 2023, such supply disruptions, raw material shortages and manufacturing limitations abated and during 2023, we successfully increased levels of EyeQ™ SoC inventory on hand, mitigating the potential for future supply constraints to cause a shortfall of chips. However, in the event of a reoccurrence of supply chain constraints, and subject to the duration and severity thereof, we may be required to operate with minimal or no inventory of EyeQ™ SoCs or SuperVision™ ECUs on hand. As a result, we are substantially reliant on timely shipments of EyeQ™ SoCs from STMicroelectronics and ECUs from Quanta Computer (or other suppliers) and may in the future become reliant on additional suppliers such as TSMC to fulfill customer orders and if such a shortfall of chips or ECUs were to occur, we may be unable to offset future supply constraints through the use of inventory on hand. Since our EyeQ™ SoC is the core of our ADAS and autonomous driving solutions, continued, acute shortages in the supply of sufficient EyeQ™ SoCs to meet our production needs would impair our ability to meet our customers’ requirements in a timely manner, and would affect our business, results of operations, and financial condition potentially in an adverse manner. New Accounting pronouncements Accounting Pronouncements effective in future periods In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company will be implementing the new income tax disclosures retrospectively. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expense, and ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU improves the disclosures about a public business entity’s expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation and amortization included in each relevant expense caption (such as cost of sales, general and administrative, and research and development). The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statement disclosures. ​ In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements and disclosures. ​ ​ 14 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 3 - OTHER FINANCIAL STATEMENT DETAILS Inventories ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions September 27, 2025 December 28, 2024 Raw materials ​ $ 21 ​ $ 35 Work in process ​ 1 ​ 1 Finished goods ​ 296 ​ 379 Total inventories $ 318 $ 415 ​ Inventory write-downs and write-offs totaled zero and $ 1 million for the three months ended September 27, 2025 and September 28, 2024, respectively; and $ 2 million and $ 2 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of U.S. dollars in millions ​ September 27, 2025 ​ December 28, 2024 Computers, electronic equipment and software $ 239 $ 197 Vehicles ​ 14 ​ 14 Office furniture and equipment ​ 11 ​ 10 Buildings ​ ​ 320 ​ ​ 321 Leasehold improvements ​ 51 ​ 44 Total property and equipment, gross $ 635 $ 586 Less: accumulated depreciation ​ ( 182 ) ​ ( 128 ) Total property and equipment, net $ 453 $ 458 ​ Depreciation expenses totaled $ 18 million and $ 16 million for the three months ended September 27, 2025 and September 28, 2024, respectively; and $ 54 million and $ 46 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. During the nine months ended September 27, 2025 and September 28, 2024, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of $ 1 million and $ 7 million, respectively. ​ NOTE 4 - EQUITY Share-based compensation plans Mobileye Plan In June 2025, the stockholders of the Company approved the Amended and Restated Mobileye Global Inc. 2022 Equity Incentive Plan (the “2022 Plan”). Equity awards under the 2022 Plan are granted for Class A shares and vest upon the satisfaction of a service-based vesting condition, mostly over service periods of three years . Restricted Stock Units The RSUs activity for the nine months ended September 27, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows: ​ 15 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant ​ ​ Number of RSUs ​ date fair value ​ In thousands U.S. dollars Outstanding as of December 28, 2024 ​ 21,453 ​ $ 27.0 Granted ​ 21,839 ​ ​ 16.4 Vested ​ ( 8,279 ) ​ ​ 27.8 Forfeited ​ ( 1,079 ) ​ ​ 25.8 Outstanding as of September 27, 2025 ​ 33,934 ​ $ 20.0 ​ The RSUs activity for the three months ended September 27, 2025 for RSUs granted to Company’s employees under the 2022 Plan was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant ​ ​ Number of RSUs ​ date fair value ​ ​ In thousands ​ U.S. dollars Outstanding as of June 28, 2025 19,396 ​ $ 26.3 Granted 19,735 ​ ​ 16.7 Vested ( 4,852 ) ​ ​ 31.2 Forfeited ( 345 ) ​ ​ 23.2 Outstanding as of September 27, 2025 33,934 ​ $ 20.0 ​ As of September 27, 2025, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $ 509 million, which is expected to be recognized as an expense over a weighted-average period of 2.34 years. Intel Plan Prior to the Mobileye IPO, since 2017, employees of the Company had been incentivized and rewarded through the grant of Intel equity awards under Intel’s equity incentive plan which contains only a service condition. The equity awards granted generally vest over the course of three years from the grant date. The activity of the Company’s employees for Intel’s options and RSUs was immaterial for the current period. Share-based compensation expense summary (for both Mobileye and Intel Plans) Expenses recognized Share-based compensation expenses included in the condensed consolidated statements of operations and comprehensive income (loss) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended U.S. dollars in millions September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Cost of revenue ​ $ — ​ $ — ​ $ 1 ​ $ 1 Research and development, net ​ ​ 62 ​ ​ 70 ​ ​ 178 ​ ​ 178 Sales and marketing ​ ​ 2 ​ ​ 2 ​ ​ 5 ​ ​ 4 General and administrative ​ ​ 8 ​ ​ 7 ​ ​ 22 ​ ​ 20 Total share-based compensation ​ $ 72 ​ $ 79 ​ $ 206 ​ $ 203 ​ ​ 16 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 5 - EARNINGS (LOSS) PER SHARE The following table summarizes the calculation of basic earnings (loss) per share for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 27, ​ September 28, ​ September 27, ​ September 28, In millions, except per share amounts 2025 2024 2025 2024 Numerator: ​ ​ ​ ​ ​ Net income (loss) $ ( 96 ) $ ( 2,715 ) $ ( 265 ) $ ( 3,019 ) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares - basic and diluted ​ ​ 814 ​ ​ 811 ​ ​ 813 ​ ​ 808 Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted ​ $ ( 0.12 ) ​ $ ( 3.35 ) ​ $ ( 0.33 ) ​ $ ( 3.74 ) ​ For the three months ended September 27, 2025 and September 28, 2024, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 32.3 million and 20.4 million potential common shares, respectively; and 25.3 million and 17.0 million potential common shares for the nine months ended September 27, 2025 and September 28, 2024, respectively, related to restricted stock units granted under the 2022 Plan to the Company’s employees, as the effect of their inclusion would have been anti-dilutive. ​ NOTE 6 - INCOME TAXES The Company’s quarterly benefit (provision) for income taxes and the estimates of its annual effective tax rate, are subject to fluctuation due to several factors, principally including variability in overall pre-tax income and the mix of tax paying components to which such income relates. Prior to the Tax Deconsolidation, the income tax benefit (provision) included in these condensed consolidated financial statements had been calculated using the separate return method, as if the Company had filed its own tax returns. Following the Tax Deconsolidation, Mobileye becomes a standalone taxpayer from a U.S. federal and applicable state income tax perspective for the period starting July 12, 2025. As such, the Company now calculates and report its U.S. federal and applicable state income tax liabilities as a standalone taxpayer. Additionally, the Tax Deconsolidation results in an adjustment to the Company’s deferred income tax assets and liabilities, primarily with respect to its net operating losses, reflecting attributes that the Company will retain as a result of its status as a standalone taxpayer. Most of the net operating losses were utilized by the Company’s Parent on its historic income tax returns. These deferred adjustments are offset with a change in deferred tax asset valuation allowance. As the Company has jurisdictions that have sustained recent losses, the historical valuation allowance position is maintained on net deferred tax assets for which no benefit can be currently realized. Provision for income tax in the nine months ended September 27, 2025 was $ 13 million compared to a benefit for income tax of $ 76 million in the nine months ended September 28, 2024. The provision for income tax in the three months ended September 27, 2025, was $ 4 million compared to a benefit for income tax of $ 78 million in the three 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 recognized in the prior year period. ​ NOTE 7 - RELATED PARTY TRANSACTIONS The Company has entered into a series of related party arrangements with Intel. For further description of the arrangements refer to Note 9 of the notes to the consolidated financial statements for the year ended December 28, 2024. 17 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Stock Compensation Recharge Agreement The Company entered into a stock compensation recharge agreement with Intel, which requires the Company to reimburse Intel for certain amounts, net of any related withholding tax, relating to the value of share-based compensation provided to the Company’s employees for RSUs or stock options exercisable in Intel stock. The reimbursement amounts recorded as an adjustment to additional paid-in capital in the condensed consolidated statement of changes in equity were $ 2 million and $ 5 million for the three months ended September 27, 2025 and September 28, 2024, respectively, and $ 6 million and $ 30 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Lease agreements Under lease agreements with Intel, the Company leases office space in Intel’s buildings. The costs are included in the condensed consolidated statements of operations and comprehensive income (loss) primarily on a specific and direct attribution basis. The leasing costs for the three months ended September 27, 2025 and September 28, 2024, were $ 0.6 million and $ 0.9 million, respectively, and $ 1.9 million and $ 2.1 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Other services to a related party The Company reimbursed its Chief Executive Officer for reasonable travel related expenses incurred while conducting business on behalf of the Company as well as paid for certain security related costs. Travel-related reimbursements and security-related costs totaled $ 0.8 million and $ 0.6 million for the three months ended September 27, 2025 and September 28, 2024, respectively, and $ 2.1 million and $ 1.9 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Administrative Services Agreement Under the Administrative Services Agreement, Intel provides the Company with administrative and other services. The Company pays fees to Intel for the services rendered based on pricing per service agreed between the Company and Intel. The costs incurred under this agreement for the three months ended September 27, 2025 and September 28, 2024 were $ 0.5 million and $ 0.6 million, respectively, and $ 1.8 million and $ 2.3 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Technology and Services Agreement The Technology and Services Agreement, provides a framework for the collaboration on technology projects and services between the Company and Intel (“Technology Projects”), and sets out the licenses granted by each party to its respective technology for the conduct of the Technology Projects, provisions relating to the ownership of certain existing technology, the allocation of rights in any new technology created in the course of the Technology Projects, and certain provisions applicable to the development of a certain radar product of the Company. The Technology and Services Agreement does not apply to projects for the development and manufacture of a lidar sensor system for automobiles, which the LiDAR Product Collaboration Agreement that we entered into in connection with the Mobileye IPO previously covered. Pursuant to the Technology and Services Agreement, the Company and Intel will agree to statements of work with additional terms for Technology Projects. The amounts incurred under this agreement for the three months ended September 27, 2025 and September 28, 2024 were $ 0.6 million and $ 1.1 million, respectively, and $ 1.7 million and $ 3.3 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Tax Sharing Agreement The Tax Sharing Agreement establishes the respective rights, responsibilities and obligations of the Company and Intel after the completion of the Mobileye IPO with respect to tax matters, including the amount of cash the Company will pay to Intel for its share of the tax liability owed on the consolidated filings in which the Company or any of the Company’s subsidiaries are included, including audit or other tax proceedings. On August 14, 2024, Mobileye and Intel entered into an Amended and Restated Tax Sharing Agreement, 18 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) which incorporated certain clarifying amendments into the original Tax Sharing Agreement. As a result of the Tax Deconsolidation, starting July 12, 2025, the computation of cash payable between the Company and Intel, under the Amended and Restated Tax Sharing Agreement, is no longer applicable with respect to U.S. federal income taxes. However, other obligations of the parties under the Amended and Restated Tax Sharing Agreement remain in effect. As of September 27, 2025 and December 28, 2024, the related party payable to Intel, pursuant to the Tax Sharing Agreement were $ 0 million and $ 3 million, respectively. ​ NOTE 8 - IDENTIFIED INTANGIBLE ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 27, 2025 ​ December 28, 2024 ​ ​ Accumulated ​ ​ Accumulated ​ U.S. dollars in millions ​ Gross Assets ​ Amortization ​ Net ​ Gross Assets ​ Amortization ​ Net Developed technology $ 3,705 $ 2,666 $ 1,039 $ 3,705 $ 2,384 $ 1,321 Customer relationships & brands ​ ​ 777 ​ ​ 540 ​ ​ 237 ​ ​ 786 ​ ​ 498 ​ ​ 288 Total ​ $ 4,482 ​ $ 3,206 ​ $ 1,276 ​ $ 4,491 ​ $ 2,882 ​ $ 1,609 ​ The following table presents the amortization expenses recorded for these identified intangible assets and their weighted average useful lives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ September 27, September 28, September 27, September 28, Average U.S. dollars in millions ​ 2025 ​ 2024 ​ 2025 ​ 2024 ​ Useful Life Developed technology $ 94 $ 94 $ 282 $ 282 10 Customer relationships & brands ​ ​ 17 ​ ​ 17 ​ ​ 51 ​ ​ 51 ​ 12 Total amortization expenses $ 111 $ 111 $ 333 $ 333 ​ ​ During the nine months ended September 27, 2025, the Company derecognized the cost and accumulated depreciation of fully depreciated intangible assets in the amount of $ 9 million. The Company expects future amortization expenses for the next five years and thereafter to be as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in millions of 2025 2026 2027 2028 2029 Thereafter Total Future amortization expenses ​ $ 110 $ 332 $ 179 $ 176 $ 131 $ 348 $ 1,276 ​ ​ NOTE 9 - SEGMENT INFORMATION An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer (“CEO”). The Company’s organizational structure and management reporting supports two operating segments: Mobileye and Moovit. The CODM evaluates performance, makes operating decisions and allocates resources based on the financial data of these operating segments. Operating segments do not record inter-segment revenue. Mobileye is presented as a reportable operating segment and Moovit, which is a mobility-as-a-service company, is presented within “Other” as per ASC 280, Segment Reporting. The CODM uses segment performance to allocate resources to segments in the annual budget and forecasting process and also uses that measure to assess the segment performance. Segment performance is the operating income (loss) reported excluding the amortization of acquisition-related intangible assets, share-based compensation expense and impairment of goodwill. Starting in 2025, the measure of segment performance used by the CODM changed and as a result, the Company’s segment performance measure was updated to also exclude share-based compensation expenses (that were previously included in segment performance). The change aligns with segment information that is now regularly 19 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) provided to the CODM and reflects how the CODM assesses segment performance and makes strategic decisions about the business. Prior period amounts have been recast as a result of the change in segment measure. The measure of assets has not been disclosed for each segment as it is not regularly provided to the CODM. The accounting policies of the individual segments are the same as those described in the summary of significant accounting policies in Note 2 to the audited consolidated financial statements for the fiscal year ended December 28, 2024. The following are segment results for each period as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 27, 2025 U.S. dollars in millions Mobileye Other Total Revenues $ 494 ​ $ 10 ​ $ 504 Cost of revenues ​ 165 ​ ​ 2 ​ ​ — Research and development, net ​ 235 ​ ​ 7 ​ ​ — Sales and marketing ​ 8 ​ ​ 2 ​ ​ — General and administrative ​ 10 ​ ​ 1 ​ ​ — Segment performance $ 76 ​ $ ( 2 ) ​ $ 74 Amortization of intangible assets ​ ​ — ​ ​ — ​ ​ ( 111 ) Share-based compensation ​ — ​ ​ — ​ ​ ( 72 ) Financial income (expense), net ​ — ​ ​ — ​ ​ 17 Income (loss) before taxes on income ​ — ​ ​ — ​ $ ( 92 ) Depreciation of property and equipment $ 18 ​ $ — ​ $ 18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 28, 2024 U.S. dollars in millions Mobileye ​ Other Total Revenues $ 475 ​ $ 11 ​ $ 486 Cost of revenues ​ 153 ​ ​ 2 ​ ​ — Research and development, net ​ 227 ​ ​ 6 ​ ​ — Sales and marketing ​ 6 ​ ​ 3 ​ ​ — General and administrative ​ 10 ​ ​ 1 ​ ​ — Segment performance $ 79 ​ $ ( 1 ) ​ $ 78 Amortization of intangible assets ​ ​ — ​ ​ — ​ ​ ( 111 ) Share-based compensation ​ — ​ ​ — ​ ​ ( 79 ) Goodwill impairment ​ ​ — ​ ​ — ​ ​ ( 2,695 ) Financial income (expense), net ​ — ​ ​ — ​ ​ 14 Income (loss) before taxes on income ​ — ​ ​ — ​ $ ( 2,793 ) Depreciation of property and equipment $ 16 ​ $ — ​ $ 16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 27, 2025 U.S. dollars in millions Mobileye ​ Other Total Revenues $ 1,419 ​ $ 29 ​ $ 1,448 Cost of revenues ​ 458 ​ ​ 5 ​ ​ — Research and development, net ​ 662 ​ ​ 21 ​ ​ — Sales and marketing ​ 22 ​ ​ 7 ​ ​ — General and administrative ​ 31 ​ ​ 3 ​ ​ — Segment performance $ 246 ​ $ ( 7 ) ​ $ 239 Amortization of intangible assets ​ ​ — ​ ​ — ​ ​ ( 333 ) Share-based compensation ​ ​ — ​ ​ — ​ ​ ( 206 ) Financial income (expense), net ​ ​ — ​ ​ — ​ ​ 48 Income (loss) before taxes on income ​ — ​ ​ — ​ $ ( 252 ) Depreciation of property and equipment $ 54 ​ $ — ​ $ 54 ​ 20 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 28, 2024 U.S. dollars in millions Mobileye ​ Other Total Revenues $ 1,134 ​ $ 30 ​ $ 1,164 Cost of revenues ​ 376 ​ ​ 5 ​ ​ — Research and development, net ​ 603 ​ ​ 21 ​ ​ — Sales and marketing ​ 24 ​ ​ 11 ​ ​ — General and administrative ​ 29 ​ ​ 3 ​ ​ — Segment performance $ 102 ​ $ ( 10 ) ​ $ 92 Amortization of intangible assets ​ ​ — ​ ​ — ​ ​ ( 333 ) Share-based compensation ​ ​ — ​ ​ — ​ ​ ( 203 ) Goodwill impairment ​ ​ — ​ ​ — ​ ​ ( 2,695 ) Financial income (expense), net ​ ​ — ​ ​ — ​ ​ 44 Income (loss) before taxes on income ​ — ​ ​ — ​ $ ( 3,095 ) Depreciation of property and equipment $ 46 ​ $ — ​ $ 46 ​ Total revenues based on the country that the product was shipped to were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ September 27, September 28, ​ September 27, ​ September 28, U.S. dollars in millions 2025 2024 2025 2024 USA $ 111 ​ $ 114 ​ $ 331 ​ $ 223 China ​ 118 ​ ​ 108 ​ ​ 319 ​ ​ 307 Germany ​ 77 ​ ​ 88 ​ ​ 239 ​ ​ 184 South Korea ​ 54 ​ ​ 58 ​ ​ 140 ​ ​ 150 United Kingdom ​ 27 ​ ​ 32 ​ ​ 96 ​ ​ 87 Poland ​ ​ 27 ​ ​ 21 ​ ​ 84 ​ ​ 52 Hungary ​ ​ 20 ​ ​ 25 ​ ​ 65 ​ ​ 60 Slovakia ​ ​ 22 ​ ​ 3 ​ ​ 55 ​ ​ 13 Czech Republic ​ ​ 17 ​ ​ 11 ​ ​ 44 ​ ​ 27 Thailand ​ 11 ​ ​ 2 ​ ​ 21 ​ ​ 4 Rest of World ​ 20 ​ ​ 24 ​ ​ 54 ​ ​ 57 Total $ 504 ​ $ 486 ​ $ 1,448 ​ $ 1,164 ​ We generate the majority of our revenue from the sale of our EyeQ TM SoCs to OEMs primarily through sales to Tier 1 automotive suppliers. EyeQ TM SoC sales represented approximately 89 % and 86 % of our revenue for each of the three months ended September 27, 2025 and September 28, 2024, respectively, and 91 % and 83 % of our revenue for each of the nine months ended September 27, 2025 and September 28, 2024, respectively. Major Customers Revenue from major customers that amount to 10% or more of total revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 27, ​ September 28, ​ September 27, ​ September 28, ​ ​ 2025 2024 2025 2024 ​ Percent of total revenues: ​ ​ ​ ​ ​ ​ ​ ​ Customer A 27 % 28 % 30 % 26 % Customer B 17 % 19 % 18 % 18 % Customer C ​ 15 % 17 % 15 % 15 % Customer D ​ 13 % * ​ 13 % 10 % Customer E ​ * ​ 11 % * ​ 12 % Customer F ​ * ​ * ​ * ​ 10 % *Less than 10% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Accounts receivable balances of major customers that amount to 10% or more of total accounts receivable balance: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 27, December 28, ​ ​ ​ 2025 ​ 2024 ​ Percent of total accounts receivables balance: ​ Customer A 39 % 35 % Customer C ​ 14 % 13 % Customer D ​ 10 % * ​ Customer B 10 % 23 % *Less than 10% ​ ​ ​ ​ ​ ​ 22 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 10 - INVESTMENTS Debt Investments Debt investments include U.S. government bonds and money market funds. U.S. government bonds are for original maturities of up to six months and are classified as available for sale and measured at fair value with the related unrealized gains and losses included in other comprehensive income (expense), net. Money market funds, measured at fair value, consist of institutional investors money market funds and are readily redeemable to cash. ​ The following tables summarize the Company’s marketable debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in millions September 27, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported as ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash Other current ​ Amortized cost ​ Unrealized gain ​ Unrealized loss ​ Fair value equivalents assets U.S. government bonds ​ $ 55 ​ $ — ​ $ — ​ $ 55 ​ $ — ​ $ 55 Money market funds ​ ​ 1,010 ​ ​ — ​ ​ — ​ ​ 1,010 ​ ​ 1,010 ​ ​ — Total ​ $ 1,065 ​ $ — ​ $ — ​ $ 1,065 ​ $ 1,010 ​ $ 55 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in millions December 28, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported as ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash Other current ​ Amortized cost ​ Unrealized gain ​ Unrealized loss ​ Fair value equivalents assets U.S. government bonds ​ $ 33 ​ $ — ​ $ — ​ $ 33 ​ $ — ​ $ 33 Money market funds ​ ​ 951 ​ ​ — ​ ​ — ​ ​ 951 ​ ​ 951 ​ ​ — Total ​ $ 984 ​ $ — ​ $ — ​ $ 984 ​ $ 951 ​ $ 33 ​ Equity Investments Non-marketable equity securities In 2024, the Company entered into a series of investment agreements with a privately held company, pursuant to which the Company agreed to purchase up to $ 25 million of preferred stock. In October 2024, the Company purchased $ 10 million of preferred stock in the privately held company. The Company no longer has an obligation to purchase additional preferred stock pursuant to the terms of the applicable preferred stock investment agreements. In July 2025, the privately held company entered into an agreement and plan of merger, pursuant to which a buyer agreed to acquire the privately held company and merge the foregoing with a wholly-owned subsidiary of the buyer, subject to satisfaction by the parties of certain closing conditions. Upon closing of the merger in August 2025, the Company received consideration in the amount of $ 10.3 million for its shares of preferred stock. The Company may receive additional consideration, subject to the release of additional amounts held in escrow pursuant to the terms of the agreement and plan of merger. In connection with the agreement and plan of merger, the Company entered into an amendment of certain preferred stock investment agreements pursuant to which the Company had the option but not the obligation, to purchase additional preferred stock prior to the closing of the agreement and plan of merger. With the closing of the merger, the Company no longer has this option. The investment did not provide the Company the ability to control or have significant influence over the operations of the privately held company. We have accounted for the investment using the measurement alternative because the securities are not publicly traded and do not have a readily determinable fair value. Under the measurement alternative, the equity investment is initially recorded at its cost, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the same issuer. Upon closing of the merger and the sale of our investment, the Company recognized financing income of $ 0.3 million. ​ 23 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 11 - CONTINGENCIES U.S. Class Action On January 16, 2024, a putative class action captioned McAuliffe v. Mobileye Global Inc., et al., 1:24-CV-00310 (S.D.N.Y.), was filed in the United States District Court for the Southern District of New York against Mobileye and certain of its current and former officers. Following consolidation of the action with a substantively identical case, Le v. Mobileye Global Inc., et al., 1:24 - CV - 01390 (S.D.N.Y.), and the appointment of a lead plaintiff, an amended complaint was filed on September 13, 2024. In response to the defendants’ motion to dismiss, filed on October 25, 2024, lead plaintiff filed a second amended complaint on November 22, 2024. The second amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with defendants’ alleged misstatements and omissions concerning the build-up of excess inventory by certain Tier 1 Mobileye customers, and seeks unspecified damages and other relief on behalf of all persons and entities who purchased or otherwise acquired Mobileye securities between January 26, 2023 and August 8, 2024. The second amended complaint also includes claims asserted by an additional plaintiff under Sections 11 and 15 of the Securities Act of 1933 on behalf of a putative class of purchasers of Mobileye Class A common stock offered in Mobileye’s June 5, 2023 secondary offering. Mobileye and the individual defendants filed a motion to dismiss the second amended complaint on December 20, 2024. On January 24, 2025, the lead plaintiff filed a brief in opposition to Mobileye’s and the other named defendants’ motion to dismiss. On February 21, 2025, Mobileye and the other named defendants jointly filed a brief in reply to the lead plaintiff’s opposition brief. On April 16, 2025 the Court granted the defendants’ motion and dismissed the second amended complaint in full without leave to amend, closing the case. On May 16, 2025, the lead plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Second Circuit. On July 11, 2025, the lead plaintiff filed a brief in support of their appeal. On August 15, 2025, Mobileye and the named defendants filed their opposition brief, and on September 5, 2025, the appellants filed their reply brief in further support of the appeal. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025. U.S. Derivative Action - U.S. District Court for the Southern District of New York On April 12, 2024, a derivative lawsuit was filed against the members of the Mobileye Board of Directors and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty and unjust enrichment based on alleged failures to take steps to prevent the Company from making allegedly false and misleading statements concerning the build-up of excess inventory by certain Tier 1 Mobileye customers. The complaint also asserts a claim for violation of Section 14(a) of the Securities Exchange Act of 1934 based on alleged misstatements and omissions in Mobileye’s 2023 proxy statement. The complaint seeks unspecified damages and other relief. Since May 24, 2024, the derivative action has been stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action. On June 27, 2024, an additional derivative lawsuit was filed in the United States District Court for the Southern District of New York against certain members of the Mobileye Board of Directors, certain of Mobileye’s current and former officers, and Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as nominal defendant. On July 9th, 2024, this derivative action was consolidated with the derivative action originally filed on April 12, 2024 and the consolidated derivative action was stayed by the court pending resolution of the anticipated motion to dismiss in the consolidated securities action. Following dismissal of the consolidated securities action, the Court ordered the parties to jointly propose a schedule for further proceedings by April 24, 2025. On April 25, 2025, the Court entered a stipulation and order of voluntary dismissal without prejudice. In the event the plaintiffs refile this lawsuit, we intend to continue defending the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025. 24 Table of Contents MOBILEYE GLOBAL INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) U.S. Derivative Action - State of Delaware On May 6, 2025, a derivative lawsuit captioned Levitan et al. vs. Shashua et al. was filed in the State of Delaware’s Court of Chancery against certain current and former members of the Mobileye Board of Directors and against Intel Corporation, in its capacity as Mobileye’s controlling shareholder. Mobileye was also named as a nominal defendant. The complaint principally asserts claims for breach of fiduciary duty against the named director defendants and breach of fiduciary duty and unjust enrichment against Intel, alleging that the named director defendants and Intel should not have authorized Mobileye’s June 5, 2023 secondary offering given their purported knowledge of the alleged challenges facing the Company concerning customer demand and the buildup of excess inventory by Mobileye’s Tier 1 customers. The complaint seeks unspecified damages and other relief. On September 8, 2025, Mobileye, Intel Corporation and the named director defendants filed a motion to dismiss the complaint. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025. U.S. Patent Litigation On January 26, 2024, Facet Technology Corp. (“Facet”) sued Mobileye in the U.S. District Court for the Eastern District of Texas for allegedly infringing two patents. Captioned Facet Technology Corp. v. Mobileye Global, Inc., the complaint alleges that certain Mobileye products directly and indirectly infringe both patents. The complaint seeks unspecified damages, a permanent injunction, and attorneys’ fees and costs. On November 4, 2024, Mobileye filed a motion to dismiss asserting improper venue, which the court dismissed without prejudice to refile in view of an amended complaint filed by Facet, adding Mobileye Vision Technologies Ltd. and Mobileye Inc., each wholly-owned indirect subsidiaries of Mobileye Global Inc., as additional defendants. On November 7, 2024, Mobileye Vision Technologies Ltd. and Mobileye Inc., sued Facet Technology Corp. in the U.S. District Court of Minnesota seeking a declaratory judgement that the Mobileye plaintiffs do not infringe either patent. On March 5, 2025, the Patent Trial and Appeal Board of the US Patent and Trademark Office instituted two Inter Parte Review (IPR) proceedings filed by Mobileye Vision Technologies Ltd. against the patents asserted by Facet. On March 15, 2025, the parties agreed and the relevant courts entered orders staying all litigation pending the outcome of the both IPRs. On March 19, 2025, Facet filed requests for reconsideration of both institution decisions. On April 22, 2025, the Patent Trial and Appeal Board denied Facet’s request for reconsideration in respect of one of the institution decisions. On May 2, 2025, the U.S. Patent and Trademark Office denied Facet’s request for Director Review of the second institution decision. We intend to defend the matter vigorously. No provision was recorded in the condensed consolidated financial statements as of September 27, 2025. NOTE 12 - SUBSEQUENT EVENTS ​ Share - based compensation In October 2025, the Company’s compensation committee approved the issuance of restricted stock units to be issued under our 2022 Plan. The total aggregate fair value of RSUs granted was $ 15.1 million, which consisted of 1,060 thousand RSUs, which will vest over a service period of three years . ​ ​ ​ 25 Table of Contents