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Intel's Autonomous Unit Mobileye Files U.S. IPO, Defying Weak Market Conditions

September 30, 2022 5:26 PM EDT

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Intel's (NASDAQ: INTC) autonomous driving unit Mobileye filed its U.S. IPO on Friday. The news comes just weeks after reports surfaced the company could delay the IPO until next year due to market conditions.

Mobileye expects to list on NASDAQ under the ticker 'MBLY'. The number of shares or price per share has not yet been established.

The offering is being led by Goldman Sachs and Morgan Stanley. Other brokers in on the offering include Evercore ISI, Barclays, Citigroup, BofA Securities, RBC Capital, Mizuo, Wolfe | Nomura, BNP Paribas, Cowen, Siebert Williams Shanks, PJT Partners, MUFG, Needham & Company, Raymond James, Loop Capital, Blaylock Van, Academy Securities, Drexel Hamilton, Independence Point Securities, CICC, Cabrera Capital, and Guzman & Company.

Mobileye notes ~800 vehicles incorporate its EyeQ system, with over 8.6 billion miles of road data collected. The company's technology has been deployed in over 117 million vehicles. By 2030, the company expects its driver-assistance systems to be deployed in another 266 million vehicles globally.

The company estimate the current total addressable market (“TAM”) to be approximately $16 billion, composed entirely of selected ADAS market opportunities. They expect the near-term TAM to be approximately $40 billion and the long-term TAM to be approximately $480 billion, as the value of ADAS functionality increases and as Autonomous Vehicle (“AV”) deployment, both in consumer-owned vehicles and fleet-owned vehicle networks, accelerates.

For 2021, 2020, and 2019, revenue was $1.4 billion, $967 million, and $879 million, respectively, representing year-over-year growth of 43% in 2021. For the six months ended July 2, 2022 and June 26, 2021, revenue was $854 million and $704 million, respectively, representing period-over-period growth of 21%.

The company recorded net losses of $75 million, $196 million, and $328 million in 2021, 2020, and 2019, respectively. They recorded net losses of $67 million and net income of $4 million in the six months ended July 2, 2022 and June 26, 2021, respectively.

Adjusted Net Income, a non-GAAP financial measure, for 2021, 2020 and 2019 was $474 million, $289 million, and $51 million, respectively. Adjusted Net Income for the six months ended July 2, 2022 and June 26, 2021 was $276 million and $270 million, respectively.

By StreetInsider.com Staff



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