Mar. 8 at 3:32 PM
$MBLY live short interest is 18.35%, CTB 0.25
Mobileye has an extremely clean capital structure for a company of its size. No debt. No convertible notes. No warrants. No ATM facility. No shelf registration for primary capital raises. No equity lines.
The only financing activity of substance in the 10-K period:
July 2025 -- Secondary Offering + Share Repurchase
Intel sold 57.5 million shares (50M base + 7.5M overallotment option) at
$16.50, converting them from Class B to Class A first.
Mobileye simultaneously bought back 6,231,985 shares from Intel at
$16.05 (the underwriter net price) for
$100M total, immediately cancelled. Intel also voluntarily converted an additional 50M Class B shares to Class A. Mobileye received zero proceeds. This was purely Intel reducing its stake while the company executed a buyback simultaneously.
Post-transaction Intel ownership: 79.5% of shares, 97.3% of votes as of December 27, 2025, dropping to 77.0% of shares and 96.9% of votes after the Mentee share issuance on February 3, 2026.
February 3, 2026 -- Mentee Robotics Acquisition
$900M total: approximately
$612M cash plus 26,279,824 Class A shares issued. This is the only primary share issuance that dilutes existing public holders. At
$16.50 reference, those shares are worth approximately
$434M. The cash came from the
$3.7B liquid balance sheet. Intel approved the transaction as the controlling shareholder. CEO Shashua received approximately
$341M of the consideration (he co-founded Mentee); CTO Shalev-Shwartz received approximately
$118M. Both were recused from the approval process. 90% of the stock consideration vests over 24 to 48 months subject to continued employment.
Share count (as of December 27, 2025):
Class A: 216.98M
Class B (Intel): 597.77M
Total: approximately 814.75M
RSUs outstanding: 32.85M, vesting over approximately 2.14 years
SBC expense:
$277M in 2025
No warrants. No convertible notes. No preferred shares. No equity lines.
Mobileye is a fundamentally strong business with a complicated financial presentation. On a GAAP basis it looks like it loses money. It does not. It generates
$602M in operating cash flow and
$286M in adjusted net income. The GAAP losses are entirely explained by
$443M in annual amortization (Intel acquisition legacy, declining to zero in approximately four years) and
$277M in stock comp. Strip those out and this is a profitable, cash-generative semiconductor and software franchise with 68% adjusted gross margins and a fortress balance sheet carrying
$3.7B liquid with zero debt.
The risks worth tracking: goodwill impairment is the most immediate financial hazard, as the buffer between fair value and carrying value is less than 10% and a 1% discount rate increase alone would trigger approximately
$834M in non-cash impairment; customer concentration is significant with four Tier 1 suppliers representing approximately 76% of revenue; the Mentee acquisition is a related-party transaction paying the CEO
$341M for a humanoid robotics startup with no commercial revenue; China represents 23% of revenue in a deteriorating trade environment; and Intel controlling 97% of votes means public shareholders have no practical governance power.
On the positive side: zero dilution risk from toxic instruments, a clean capital structure with no debt or warrants of any kind, a recovering revenue trajectory after the 2024 inventory trough, and an entrenched position in automotive ADAS that took 25 years and hundreds of millions in R&D to build and that no competitor has been able to replicate at scale.
