Mobileye Global Inc. (NASDAQ:MBLY) Q2 2024 Results Conference Call August 1, 2024 8:00 AM ET

Company Participants

Dan Galves - Chief Communications Officer
Amnon Shashua - Chief Executive Officer & President
Moran Shemesh - Chief Financial Officer
Nimrod Nehushtan - Executive Vice President of Strategy & Business Development

Conference Call Participants

Ananda Baruah - Loop Capital Markets
George Gianarikas - Canaccord Genuity
Antoine Chkaiban - New Street Research
Adam Jonas - Morgan Stanley
Steven Fox - Fox Advisors

Operator

Greetings, and welcome to the Mobileye 2Q '24 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Dan Galves. Thank you, Mr. Galves, you may begin.

Dan Galves

Thanks, Kat. Hello, everyone, and welcome to Mobileye's second quarter 2024 earnings conference call for the period ending June 29, 2024. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties.

Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release.

Joining us on the call today, as usual, are Professor Amnon Shashua, Mobileye's CEO and President; Moran Shemesh, Mobileye's CFO. Also joining today for the Q and A session is Nimrod Nehushtan, Mobileye's Executive VP of Business Development and Strategy. Thanks.

And now I'll turn the call over to Amnon.

Amnon Shashua

Hello, everyone, and thanks for joining the earnings call. Starting with the results, both Q2 and the first half were closely aligned with our outlook provided back in January. EyeQ volumes in Q2 more than doubled versus Q1. And based on various sources of information we have reviewed, we believe inventory levels are back to normal with potential [some] residual in China. SuperVision volumes were also aligned with our original outlook, with 70,000 units for the first half of the year.

All in all, revenue for Q2 stands at $439 million, which is 84% growth over Q1 and 3% decrease year-over-year. Adjusted operating margin also recovered significantly to 18% compared to minus 27% in Q1. More details on the results of the quarter will be covered by Moran.