Mobileye Reports Q2 2022 Financial Results
Revenue of $460 million represents a 41% increase year-over-year as business continues to grow, as disclosed by our parent company Intel last night.
Mobileye had a very successful second quarter, as disclosed by Intel last night. Revenue of $460 million was up 41% year-over-year (YOY), outperforming the rate of increase in global automotive production which was relatively flat YOY. Profitability was also robust with $190 million of Operating Income (up 43% YOY) and representing a 41% operating income margin.
Mobileye’s future business backlog continues to grow as well, with first half 2022 design wins generating nearly 37 million units of projected future business, compared to about 16 million units actually shipped in the first half. Mobileye’s advanced product portfolio, which stretches across the entire ADAS and AV spectrum, continues to gain traction.
Amidst late-stage discussions with several major OEM’s, proof points on our Mobileye SuperVision™ product included a major feature upgrade to Zeekr delivered over-the-air last week. We also successfully completed a 2,000+ kilometer proof-of-concept expedition for Mobileye SuperVision with a major European OEM on all road types, including night-time driving in several urban centers, utilizing only our 360-degree camera system, RSS-supported driving policy, and the existing REM™-based high-definition map.
Finally, we’d like to highlight the growth in REM, our crowd-sourced high-definition mapping product, since our last update at CES in early January. As of the end of last quarter, we had collected 8.6 billion miles of road data from, based on our estimates, approximately 1.5 million REM-enabled vehicles worldwide, and were analyzing up to 43 million miles of road data per day, with the size of the REM-enabled fleet increasing daily. The scale of REM becomes clear when compared to manually generated high-definition road maps from competitors that currently cover 1-5% of US roads. After years of development, REM is now a fully operational product, becoming a key source of information, and a differentiator, across our entire portfolio from Cloud-Enhanced Driver-Assist to Mobileye SuperVision to autonomous vehicles both for consumers and future Mobility-as-a-Service networks.