What changed in this filing

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Item 1. Financial Statements

2026-04-23 compared with 2025-10-23 · 276 added, 354 removed, 383 unchanged (62% of the section changed)

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CONDENSED CONSOLIDATED BALANCE SHEETS

September 27,

dollars in millions, except share and per share data

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Cash and cash equivalents

Marketable securities and deposits

Trade accounts receivable, net

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shares issued and outstanding:

216,005,938 as of September 27, 2025 and 100,226,477 as of December 28, 2024

243,656,395 as of March 28, 2026 and 216,980,847 as of December 27, 2025

Class B common stock:

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shares issued and outstanding:

597,768,015 as of September 27, 2025 and 711,500,000 as of December 28, 2024

597,768,015 as of March 28, 2026 and December 27, 2025

Additional paid-in capital

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss), net of tax

Retained earnings (accumulated deficit)

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Three months ended

Nine Months Ended

September 27,

September 28,

September 27,

September 28,

dollars in millions, except share and per share data

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Three Months Ended

Balance as of June 28, 2025

Net income (loss)

Other comprehensive income (loss), net

Share-based compensation expense

Recharge to Parent for Share-based compensation

Issuance of common stock under employee share-based compensation plans

Repurchase of common stock from Parent

Balance as of September 27, 2025

Balance as of June 29, 2024

Net income (loss)

Share-based compensation expense

Recharge to Parent for Share-based compensation

Issuance of common stock under employee share-based compensation plans

Balance as of September 28, 2024

Nine Months Ended

Balance as of December 28, 2024

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Recharge to Parent for Share-based compensation

Issuance of common stock under employee share-based compensation plans

Repurchase of common stock from Parent

Balance as of September 27, 2025

Balance as of March 29, 2025

Balance as of December 27, 2025

Net income (loss)

Other comprehensive income (loss), net

Share-based compensation expense

Recharge to Parent for Share-based compensation

Issuance of common stock under employee share-based compensation plans

Balance as of September 28, 2024

Issuance of common stock in connection with the acquisition of Mentee Robotics

Balance as of March 28, 2026

* Less than $1 million

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 27,

September 28,

Three months ended

dollars in millions

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Decrease (increase) in inventories

Decrease (increase) in other long-term assets

Increase (decrease) in accounts payable, accrued expenses and related party payable

1 unchanged sentence

Increase (decrease) in other current liabilities

Decrease (increase) in other long-term assets

Increase (decrease) in other long-term liabilities

4 unchanged sentences

Maturities and sales of debt and equity investments

Cash paid for acquisition of Mentee Robotics, net of cash acquired

Net cash used in investing activities

1 unchanged sentence

Share-based compensation recharge

Repurchase of common stock from Parent

Net cash used in financing activities

Net cash provided by financing activities

Effect of foreign exchange rate changes on cash and cash equivalents

Increase in cash, cash equivalents and restricted cash

Increase (decrease) in cash, cash equivalents and restricted cash

Balance of cash, cash equivalents and restricted cash, at beginning of year

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Non-cash purchase of property and equipment

Non-cash share based compensation recharge

Tax sharing agreement with Parent

Conversion of Class B common stock to Class A common stock

Supplemental cash flow information:

Cash received (paid) for income taxes, net of refunds

* Less than $1 million

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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(“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.

Intel Corporation (“Intel” or the “Parent”) directly or indirectly holds all of the Class B common stock of Mobileye as well as 50,000,000 shares of Class A common stock, which as of March 28, 2026, together represent approximately 77.0 % of our outstanding common stock and 96.9 % 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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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 responded.

In addition, Iran, Hezbollah and the Houthi movement attacked military and civilian targets in Israel, to which Israel responded, including through increased air and/or ground operations in Lebanon, Syria, Yemen and Iran.

Following years of conflict in the region, 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.

On February 28, 2026, the United States and Israel launched joint combat operations in Iran to which Iran and Hezbollah responded with ballistic missile and drone attacks on Israel as well as other countries and U.S.

military bases in the region.

On April 8, 2026, the United States and Iran agreed to a two-week ceasefire.

How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region last and 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 April 15, 2026 approximately 7.0 % of our employees have been called to reserve duty in the Israel Defense Forces.

However, any hostilities involving Israel, regional geopolitical instability or the interruption or curtailment of trade or diplomatic relations between Israel and its trading partners as a result thereof could adversely affect our business, results of operations, and financial condition.

Share Purchase Agreement for the acquisition of 100 % of Mentee Robotics shares

On February 3, 2026, the Company and Mobileye Vision Technologies Ltd.

(a wholly-owned indirect subsidiary of the Company) acquired 100 % of the issued and outstanding stock of Mentee Robotics, a privately held Israeli company focused on humanoid robotics (the “Acquisition”), pursuant to a share purchase agreement dated as of January 5, 2026 (the “Share Purchase Agreement”) by and among the Company, Mobileye Vision Technologies Ltd., Mentee Robotics Ltd., the shareholders of Mentee Robotics, and Shareholder Representative Services LLC, as the exclusive representative of the Mentee Robotics shareholders.

For further detail, see Note 13 Business Combinations.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

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fiscal year 2025 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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The results of operations for the three months ended March 28, 2026 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 26, 2026.

The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 27, 2025.

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.

There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the fiscal year ended December 27, 2025, except as detailed below regarding accounting for a business combination.

For further detail, see Note 2 in the audited consolidated financial statements for the fiscal year ended December 27, 2025.

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Actual results could differ from those estimates.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

The most significant estimates and assumptions relate to valuation of intangible assets, 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.

Business Combinations

The Company makes a determination whether a transaction should be accounted for as a business combination or as an asset acquisition in accordance with ASC 805, Business Combinations.

The Company accounts for business combinations using the acquisition method of accounting.

The Company includes the results of operations of the businesses that it acquires in the consolidated financial statements beginning on the date of acquisition.

The Company allocates the purchase price paid for assets acquired and liabilities assumed in connection with the Company’s acquisitions based on their estimated fair values at the date of acquisition.

This allocation involves a number of assumptions, estimates, and judgments, including the following:

● Intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, and growth rates, as well as the estimated useful life of intangible assets;

● Deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date;

● Goodwill measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed.

The Company’s assumptions and estimates are based on comparable market data and information obtained from the Company’s management and the management of the acquired companies.

These assumptions and estimates are used to value assets acquired and liabilities assumed, and to allocate goodwill to the reporting unit of the business that is expected to benefit from the acquisition.

During the measurement period, which may extend up to one year from the acquisition date, the Company may record adjustments to the preliminary allocation of the purchase consideration based on additional information about facts and circumstances that existed as of the acquisition date.

Acquisition related expenses are recognized separately from the business combination and expensed as incurred.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Cash, cash equivalents and restricted cash

1 unchanged sentence

dollars in millions

September 27, 2025

March 28, 2026

December 27, 2025

4 unchanged sentences

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 carrying amounts of short term deposits, trade accounts receivable and accounts payable 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.

Interest income related to money market funds for the three months ended March 28, 2026 and March 29, 2025, amounted to $ 7 million and $ 10 million, 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.

government and corporate bonds is measured at fair value within Level 1 of the fair value hierarchy because they consist of U.S.

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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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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.

Research and development reimbursements of $ 16 million and $ 26 million were offset against research and development costs in the three months ended March 28, 2026 and March 29, 2025, respectively.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives and hedging

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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.

As of March 28, 2026, 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.

1 unchanged sentence

dollars in millions

September 27, 2025

March 28, 2026

December 27, 2025

1 unchanged sentence

Fair value of derivative assets

The change in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging was as follows:

The changes in accumulated other comprehensive income (loss) relating to gains (losses) on derivatives used for hedging for the three months ended March 28, 2026, and March 29, 2025, were as follows:

Three Months Ended

Nine Months Ended

dollars in millions

September 27, 2025

September 28, 2024

September 27, 2025

September 28, 2024

March 28, 2026

March 29, 2025

Other comprehensive income (loss) before reclassifications

Amounts reclassified out of accumulated other comprehensive (income) loss **

Other comprehensive income (loss), net

* Amounts of gains (losses) reclassified from other comprehensive income (loss) into profit or loss are recorded in cost of revenue and operating expenses.

Other comprehensive income (loss), net from hedging transactions

Less than $1 million.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Amounts of gains (losses) reclassified from other comprehensive income (loss) into profit or loss are recorded in cost of revenue and operating expenses.

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.

government and corporate 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.

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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.

government and corporate 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.

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government bonds and derivative financial instruments have minimal credit risk.

Our investments in U.S.

corporate bonds are made with high-credit-quality counterparties, and we limit our credit exposure to any single counterparty.

MOBILEYE GLOBAL INC.

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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.

Expected credit losses are recorded as general and administrative expenses in the Company’s condensed consolidated statement of operations and comprehensive income (loss).

As of March 28, 2026 and December 27, 2025, the credit loss allowance for trade accounts receivable was not material.

For the three months ended March 28, 2026 and March 29, 2025, the charge-offs and recoveries in relation to the credit losses were not material.

Customer concentration risk

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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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

In prior periods, we experienced supply chain disruptions, raw material shortages and manufacturing capacity constraints that reduced the availability of key components, including EyeQ™ SoCs, and resulted in lower inventory levels and limitations on our ability to meet customer demand.

As supply conditions improved, we increased inventory levels to help mitigate potential future constraints.

However, if similar disruptions were to recur, depending on their duration and severity, we may again be required to operate with reduced inventory levels, which could limit our ability to meet customer demand.

As a result, we are substantially reliant on timely shipments of EyeQ™ SoCs from STMicroelectronics and ECUs from Quanta Computer (or other suppliers) 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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Accounting Pronouncements adopted in the period

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326):

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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.

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim reporting periods within those fiscal 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.

ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements effective in future periods

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40):

Disaggregation of Income Statement Expense (“ASU 2024-03”) and Accounting Standards Update 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date (“ASU 2025-01”).

ASU 2024-03 and ASU 2025-01 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 revenue, general and administrative, and research and development).

ASU 2024-03 and ASU 2025-01 are both 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 ASU 2024-03 and ASU 2025-01 on its consolidated financial statement disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”).

ASU 2025-06 provides targeted improvements to the accounting for internal-use software costs by replacing the existing project-stage model with a principles-based approach to determine when capitalization of costs should begin.

ASU 2025-06 is effective for all entities, on a prospective basis, for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those fiscal years, with early adoption permitted.

The Company is currently evaluating the potential impact that ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements (“ASU 2025-11”).

ASU 2025-11 provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period.

The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application.

ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption is permitted.

MOBILEYE GLOBAL INC.

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dollars in millions

September 27, 2025

March 28, 2026

December 27, 2025

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Total inventories

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.

Inventory write-downs and write-offs were no t material for the three months ended March 28, 2026 and totaled $ 1 million for the three months ended March 29, 2025.

Property and equipment

dollars in millions

September 27, 2025

March 28, 2026

December 27, 2025

5 unchanged sentences

Total property and equipment, net

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.

Depreciation expenses totaled $ 20 million and $ 18 million for the three months ended March 28, 2026 and March 29, 2025, respectively.

During the three months ended March 28, 2026 and March 29, 2025, the Company derecognized the cost and accumulated depreciation of fully depreciated assets in the amount of zero and $ 1 million, respectively.

NOTE 4 - EQUITY

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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:

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Restricted Stock Units

The RSUs activity for the three months ended March 28, 2026 for RSUs granted to Company’s employees under the 2022 Plan was as follows:

Weighted average grant

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Outstanding as of December 27, 2025

Outstanding as of September 27, 2025

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

Outstanding as of June 28, 2025

Outstanding as of September 27, 2025

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.

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)

Outstanding as of March 28, 2026

As of March 28, 2026, the unrecognized compensation cost related to all unvested RSUs granted under the 2022 Plan, was $ 401 million, which is expected to be recognized as an expense over a weighted-average period of 2.02 years.

Restricted Shares

In connection with the acquisition of Mentee Robotics, 23,651,844 Restricted Shares of Class A common stock were issued to the Mentee Founders.

Such Restricted Shares were deposited with a deferred consideration trustee and will be released in equal portions twenty-four and forty-eight months after the closing date of February 3, 2026, subject to continued employment, or under certain circumstances affiliation, with the Company and its subsidiaries.

For further detail, refer to Note 13 Business Combination.

The Restricted Shares activity for the three months ended March 28, 2026 was as follows:

Number of Restricted

Grant date fair value per

Outstanding as of December 27, 2025

Outstanding as of March 28, 2026

As of March 28, 2026, the unrecognized compensation cost related to all unvested Restricted Shares, was $ 199 million, which is expected to be recognized as an expense over a weighted-average period of 3.85 years.

Share-based compensation expense summary

Expenses recognized

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Three months ended

Nine Months Ended

dollars in millions

September 27, 2025

September 28, 2024

September 27, 2025

September 28, 2024

Cost of revenue

March 28, 2026

March 29, 2025

Research and development, net

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NOTE 5 - EARNINGS (LOSS) PER SHARE

The following table summarizes the calculation of basic earnings (loss) per share for the periods presented:

The following table summarizes the calculation of basic and diluted 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

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Basic and diluted

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.

For the three months ended March 28, 2026 and March 29, 2025, the computation of diluted earnings (loss) per share attributable to common stockholders does not include 49.8 million and 21.4 million potential common shares, respectively, related to restricted stock units granted under the 2022 Plan to the Company’s employees and restricted shares granted as part of the acquisition of Mentee Robotics, 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

As the Company has jurisdictions that have sustained recent losses, a valuation allowance is required for deferred tax assets for which no benefit can be currently realized.

Benefit for income tax in the three months ended March 28, 2026, was $ 64 million compared to a provision for income tax of $( 3 ) million for the three months ended March 29, 2025.

This $ 67 million change was primarily due to the deferred tax effect of goodwill impairment to the Mobileye reporting unit recorded in the three months ended March 28, 2026.

NOTE 7 - RELATED PARTIES 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 27, 2025.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

The reimbursement amounts recorded as an adjustment to additional paid-in capital in the condensed consolidated statement of changes in equity were $ 0.1 million and $ 1.0 million for the three months ended March 28, 2026 and March 29, 2025, respectively.

Lease agreements

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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.

The leasing costs for the three months ended March 28, 2026 were immaterial and totaled $ 0.7 million for the three months ended March 29, 2025.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

For the three months ended March 28, 2026 and March 29, 2025, travel related reimbursements and security related costs were $ 0.8 million and $ 1.1 million, respectively.

Administrative Services Agreement

1 unchanged sentence

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.

The costs incurred under this agreement for the three months ended March 28, 2026 and March 29, 2025 were $ 0.2 million and $ 0.9 million, 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.

The Technology and Services Agreement does not apply to projects for the development and manufacture of a lidar sensor system for automobiles.

Pursuant to the Technology and Services Agreement, the Company and Intel agree to statements of work with additional terms for Technology Projects.

The amounts incurred under this agreement for the three months ended March 28, 2026 and March 29, 2025 were $ 0.3 million and $ 0.5 million, 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,

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

which incorporated certain clarifying amendments into the original Tax Sharing Agreement.

On August 14, 2024, Mobileye and Intel entered into an Amended and Restated Tax Sharing Agreement, 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.

1 unchanged sentence

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.

As of March 28, 2026 and December 27, 2025, the related party payable to Intel, pursuant to the Tax Sharing Agreement was zero .

Acquisition of Mentee Robotics

On February 3, 2026, the Company and Mobileye Vision Technologies Ltd.

(a wholly-owned indirect subsidiary of the Company) acquired 100 % of the issued and outstanding stock of Mentee Robotics, pursuant to the Share Purchase Agreement, by and among the Company, Mobileye Vision Technologies Ltd., Mentee Robotics Ltd., the shareholders of Mentee Robotics, and Shareholder Representative Services LLC, as the exclusive representative of the Mentee Robotics shareholders.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Acquisition was approved by the Board, acting on the recommendation of a strategic transaction committee consisting of four disinterested directors ( two of whom are independent).

The Audit Committee of the Board also approved the Acquisition pursuant to the Company’s Related Persons Transaction Policy.

Intel, as the sole beneficial holder of the Company’s issued and outstanding Class B common stock, also approved the Acquisition pursuant to the Company’s Amended and Restated Certificate of Incorporation.

Amnon Shashua recused himself from the Board’s consideration and approval of the Acquisition.

Shashua, President and CEO of the Company, is the Chairman, Co-Founder and a significant shareholder of Mentee Robotics, and Prof.

Shai Shalev-Shwartz Chief Technology Officer of the Company, is Co-Founder and a significant shareholder of Mentee Robotics.

In addition, Prof.

Shashua’s son and son-in-law, are both employees of Mentee Robotics, and received consideration for their vested and unvested options pursuant to the terms of the Share Purchase Agreement.

The Audit Committee of the Board also approved the Acquisition pursuant to the Company’s Related Persons Transaction Policy.

Stock based compensation expenses for restricted shares issued to related parties as part of the acquisition, totaled $ 6 million for the three months ended March 28, 2026.

For further detail, refer to Note 13 Business Combination .

NOTE 8 - IDENTIFIED INTANGIBLE ASSETS

September 27, 2025

March 28, 2026

December 27, 2025

4 unchanged sentences

Three months ended

Nine Months Ended

September 27,

September 28,

September 27,

September 28,

dollars in millions

2 unchanged sentences

Total amortization expenses

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:

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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

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

Segment performance is the operating income (loss) reported excluding the amortization of acquisition-related intangible assets, share-based compensation expense, impairment of goodwill and acquisition related expenses.

The measure of assets has not been disclosed for each segment as it is not regularly provided to the CODM.

1 unchanged sentence

The following are segment results for each period as follows:

Three Months Ended September 27, 2025

dollars in millions

Cost of revenues

Research and development, net

Sales and marketing

General and administrative

Segment performance

Amortization of intangible assets

Share-based compensation

Financial income (expense), net

Income (loss) before taxes on income

Depreciation of property and equipment

Three Months Ended September 28, 2024

Three months ended March 28, 2026

dollars in millions

6 unchanged sentences

Share-based compensation

Acquisition related expenses

Goodwill impairment

2 unchanged sentences

Depreciation of property and equipment

Nine Months Ended September 27, 2025

Three months ended March 29, 2025

dollars in millions

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended September 28, 2024

dollars in millions

Cost of revenues

Research and development, net

Sales and marketing

General and administrative

Segment performance

Amortization of intangible assets

Share-based compensation

Goodwill impairment

Financial income (expense), net

Income (loss) before taxes on income

Depreciation of property and equipment

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,

dollars in millions

3 unchanged sentences

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.

EyeQ TM SoC sales represented approximately 92 % and 94 % of our revenue for each of the three months ended March 28, 2026 and March 29, 2025, respectively.

Major Customers

1 unchanged sentence

Three months ended

Nine Months Ended

September 27,

September 28,

September 27,

September 28,

Percent of total revenues:

*Less than 10%

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Accounts receivable balances of major customers that amount to 10% or more of total accounts receivable balance:

September 27,

Percent of total accounts receivables balance:

*Less than 10%

NOTE 10 - MARKETABLE SECURITIES AND DEPOSITS

Marketable securities include U.S.

government and corporate bonds for original maturities of up to 12 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 (loss), net.

Short term deposits are short term unrestricted highly liquid investments with original maturities of more than three months at acquisition.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 10 - INVESTMENTS

Debt Investments

Debt investments include U.S.

government bonds and money market funds.

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:

The following tables summarize the Company’s marketable debt securities and short term deposits:

March 28, 2026

dollars in millions

September 27, 2025

Cash and cash

Other current

Amortized cost

2 unchanged sentences

government bonds

Money market funds

dollars in millions

corporate bonds

Short term deposits

December 27, 2025

Cash and cash

Other current

dollars in millions

Amortized cost

2 unchanged sentences

government bonds

Money market funds

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.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 11 - CONTINGENCIES

14 unchanged sentences

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.

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.

Oral argument was held on December 4, 2025.

On December 16, 2025, the Second Circuit issued a summary order affirming the Court’s dismissal of the second amended complaint in full.

The time for the plaintiff to seek further review by filing a petition for a writ of certiorari with the U.S.

Supreme Court has expired, and no such petition was filed.

No provision was recorded in the condensed consolidated financial statements as of March 28, 2026.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Derivative Action - State of Delaware

On May 6, 2025, a derivative lawsuit captioned Levitan et al.

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.

Patent Litigation

1 unchanged sentence

(“Facet”) sued Mobileye in the U.S.

District Court for the Eastern District of Texas for allegedly infringing two patents.

Captioned Facet Technology Corp.

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.

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.

District Court for the Eastern District of Texas for patent infringement.

The suit accuses Mobileye Global Inc., Mobileye Vision Technologies Ltd., and Mobileye Inc.

of allegedly infringing two expired patents.

Despite expiration of the patents, the suit seeks injunctive relief and a permanent injunction as well as unspecified damages, fees and costs.

Mobileye Vision Technologies Ltd.

and Mobileye Inc., sued Facet in the U.S.

District Court of Minnesota seeking a declaratory judgment of non-infringement of both patents.

Before either action was answered, the Patent Trial and Appeal Board (“PTAB”) of the US Patent and Trademark Office instituted two Inter Parte Review (IPR) proceedings on both patents, and both district court actions were stayed.

The parties are challenging aspects of the PTAB’s determinations, and the district court actions remain stayed.

We intend to defend these matters vigorously.

No provision was recorded in the condensed consolidated financial statements as of March 28, 2026.

NOTE 12 - GOODWILL

The following table presents the carrying amount of goodwill by segment as of March 28, 2026 and December 27, 2025.

dollars in millions

December 27, 2025

Business combination (1)

March 28, 2026

(1) Goodwill arising from the acquisition of Mentee Robotics has been allocated to the Mobileye reporting segment.

During the first quarter of 2026, the Company performed an interim quantitative goodwill impairment analysis for the “Mobileye” reporting unit, due to a 35 % decline in the price of the Company’s Class A common stock, and corresponding market capitalization since the most recent assessment date, as well as increased uncertainty in the macroeconomic and geopolitical environment.

The quantitative assessment was performed by measuring the reporting unit’s fair value using the income approach, based on the expected present value of estimated future cash flows.

The fair value measurement is categorized as Level 3 within the fair value hierarchy due to the use of unobservable inputs such as financial projections, terminal growth rate, and discount rate.

When using the income approach, we tested the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data.

As part of this analysis, we determined that a significant increase in the discount rate was required relative to the discount rate used in our most recent assessment.

This increase resulted from higher market‑based and Mobileye-specific risk premiums associated with changes in global macroeconomic conditions in 2026, including heightened geopolitical risks related to operations in the Middle East, particularly the conflict between Israel and Iran, as well as increased uncertainty related to the evolving competitive landscape.

The results of the impairment analysis indicated that the carrying value of the Mobileye reporting unit was in excess of its fair value.

Therefore, the Company has recorded a non-cash impairment loss of $ 3,788 million, under “goodwill impairment” in the Condensed Consolidated Statements of Operations.

Our impairment conclusion is sensitive to the market capitalization in that a further sustained decline in the Company’s market capitalization may require additional analysis to support the reasonability of our implied control premium, and may require further adjustments to certain key assumptions underlying our valuation.

No impairment was identified in any of the other reporting units.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 13 - BUSINESS COMBINATIONS

On February 3, 2026, the Company and Mobileye Vision Technologies Ltd.

(a wholly-owned indirect subsidiary of the Company) acquired 100 % of the issued and outstanding stock of Mentee Robotics, an AI-first humanoid robotics company, pursuant to the Share Purchase Agreement.

The Share Purchase Agreement provided for an aggregate purchase price of $ 900 million, which consisted of (i) approximately $ 612 million in cash, and (ii) 26,279,824 shares of Class A common stock of the Company.

The entirety of such Class A common stock was allocated to the Mentee Founders (the “Aggregate Stock Consideration”).

10 % of the Aggregate Stock Consideration is subject to a six month lock-up period pursuant to a Lock-Up Agreement.

The remaining 90 % of the Aggregate Stock Consideration was deposited with a deferred consideration trustee and will be released in equal portions twenty-four and forty-eight months after the closing date of February 3, 2026, subject to continued employment, or under certain circumstances affiliation, with the Company and its subsidiaries.

Amnon Shashua received 37.83 % of the total consideration, valued at approximately $ 341 million, paid evenly in cash and Class A Common Stock, and Prof.

Shai Shalev-Shwartz received 13.07 % of the total consideration, valued at approximately $ 118 million, paid evenly in cash and the Company’s Class A common stock.

At the closing, $ 95 million of the purchase price was deposited with an escrow agent (provided that with respect to the Mentee Founders, 50 % of their pro rata portion of the escrow was deposited in the form of Class A common stock) to secure the post-closing purchase price adjustments and certain indemnification obligations of the shareholders of Mentee Robotics.

Pursuant to the Share Purchase Agreement, (i) all vested options to acquire shares of Mentee Robotics (each option, a “Mentee Option”) and 20 % of unvested Mentee Options (“Accelerated Options”) were cancelled and converted into the right to receive a portion of the cash consideration based on the intrinsic value of such Mentee Options at the purchase price and (ii) all remaining unvested Mentee Options were cancelled and converted into the right to receive a number of unvested RSUs of the Company calculated based on the volume weighted average of the closing sale prices for the Company’s Class A common stock over the thirty (30) Trading Days ending immediately prior to February 3, 2026 and with a value equal to the intrinsic value of such Mentee Options at the purchase price.

The Share Purchase Agreement contains customary representations, warranties and covenants of the Company, Mobileye Vision Technologies Ltd.

and Mentee Robotics, certain of which (except for the representations and warranties of the Company) shall survive the closing of the Acquisition.

The shareholders of Mentee Robotics have agreed to indemnify the Company and Mobileye Vision Technologies Ltd.

for certain breaches of representations, warranties and covenants.

Purchase Price Allocation

The following table summarizes the purchase consideration for the Acquisition of Mentee Robotics:

dollars in millions

Cash paid for outstanding Mentee shares (1)

Cash paid for vested Mentee options (2)

Total cash consideration

Fair value of Mobileye Class A common stock issued to Mentee Founders (3)

Fair value of Mentee options assumed by Mobileye (4)

Total purchase consideration

Represents the cash consideration paid to Mentee Robotics shareholders for their outstanding Mentee shares.

Represents the cash consideration paid to Mentee Robotics employees for their vested options and accelerated options (which were converted into the right to receive cash consideration) for the portion attributable to the pre-combination service period.

The portion of accelerated options value which is attributable to post-combination service period, amounted to $ 4 million and was recognized as an immediate expense.

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Represents the fair value of the Class A common stock (as of the closing date) issued to Mentee Founders that are not subject to continuing employment ( 10 % of the Aggregate Stock Consideration).

The substantial majority of the Class A common stock issued to Mentee Founders ( 90 % of the Aggregate Stock Consideration) is contingent on continuing employment and therefore not recognized as part of the total purchase consideration of $ 637 million.

The fair value of these Restricted Shares, amounting to $ 207 million will be recognized as share-based compensation expense over two and four years .

Represents the fair value of Mentee Robotics options attributable to pre-acquisition services.

The fair value of Mobileye RSUs that replaced Mentee Robotics unvested options that is attributable to post-combination services amounts to $ 10 million and will be recognized as an expense over a service period of up to four years .

Total purchase consideration has been allocated as follows:

dollars in millions

Cash and cash equivalents

Other current assets

Property and equipment, net

Intangible assets (1)

Deferred tax assets

Other long-term assets

Total assets acquired

Accounts payable and accrued expenses

Employee related accrued expenses

Other current liabilities

Deferred tax liabilities

Total liabilities assumed

Fair value of net assets acquired (2)

* Less than $1 million.

The fair value of the Developed IP Asset was determined using the Multi-Period Excess Earnings Method and will be amortized over a useful life of 9 years .

The significant assumptions used include useful economic life, estimated annual net cash flows, discount rate and applicable tax rate.

The fair value of the assets and liabilities acquired is based on our preliminary valuations.

Final adjustments may be made to the purchase price allocation if more information becomes available.

The goodwill is primarily attributable to the expected synergies and other benefits that will be generated from the combination of Mobileye and Mentee Robotics, as well as the value attributable to the assembled workforce.

Goodwill arising from the Acquisition has been allocated to the Mobileye reporting segment.

The Law for Encouragement of Knowledge-Intensive Industry (Temporary Order) — 2023 by the Israel Tax Authorities, generally referred to as the “Angels Law”, offers several incentives to promote investments in Israeli high-tech companies.

Notably, it allows a five-year amortization period for the acquisition cost of an Israeli high-tech company.

To qualify for this tax benefit, certain requirements must be met, as defined by the Angels Law.

The Company expects the acquisition of Mentee Robotics to satisfy the requirements for tax incentives under the Angels Law.

tax purposes, the Company has elected to treat the acquisition as an asset purchase.

The election will result in a step‑up in the tax basis of the acquired assets to their estimated fair values.

The step‑up will create deductible temporary differences primarily related to intangible assets and goodwill, which are expected to be amortized over fifteen years for U.S.

tax purposes.

During the three months ended March 28, 2026, we incurred $ 6 million of transaction costs related to the Acquisition which were recorded in general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss).

MOBILEYE GLOBAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The operating results of Mentee Robotics have been included in the condensed consolidated statements of operations and comprehensive income (loss) since the acquisition date and are not material.

Proforma financial information has not been presented because the impact of the acquisition was not material to the condensed consolidated statements of operations and comprehensive income (loss).

NOTE 14 - 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.

In March 30, 2026, 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 $ 21.0 million, which consisted of 2,906 thousand RSUs, which will vest over a service period of three years .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements