Mobileye, a leader in advanced driver assistance systems (ADAS) and autonomous driving technologies, has announced financial results for the fourth quarter and fiscal year, ended Dec. 31, 2015.

“Our fourth-quarter and full-year 2015 results represent our continued successful execution in terms of growth, improved margins and robust free cash flow generation driven by ongoing NCAP and regulatory support that will secure our growth for years to come,” said Ziv Aviram, co-founder, president and CEO of Mobileye. “During 2015, we successfully extended our technological leadership position evidenced by the recent launch of our new Road Experience Management (REM) mapping technology which enables safe autonomous driving and are proud of the endorsements from three of the world’s largest automakers. We are also advancing our sensing technology and creating driving behavior capabilities, which we believe will further position Mobileye to remain at the forefront of the autonomous driving trend.”   

Fourth Quarter 2015 Financial Highlights

Total revenue for the fourth quarter of 2015 was $71.8 million, compared to $39.7 million in the prior-year period. Within total revenue, OEM revenue was $61.2 million, compared to $32.3 million in the prior-year period. EyeQ chip volume increased 83 percent year-over-year to 1,308 thousand EyeQ units, compared to 715 thousand units in the prior-year period. The EyeQ average selling price (ASP) per unit for the fourth quarter of 2015 was $44.70, up from $43.10 during the same period last year. Aftermarket revenue contributed the remaining $10.6 million of total revenue for the fourth quarter of 2015, compared to $7.4 million in the prior-year period.

GAAP net income for the fourth quarter of 2015 was $18.8 million, or $0.08 per diluted share. This compares to GAAP net income of $2.4 million, or $0.01 per diluted share, for the fourth quarter of 2014. GAAP results included share-based compensation expense of $17.8 million for the fourth quarter of 2015 and $10.9 million for the fourth quarter of 2014.

Non-GAAP net income for the fourth quarter of 2015 was $36.6 million, or $0.15 per share based on 238.1 million weighted average diluted shares outstanding. This compares to non-GAAP net income of $13.3 million, or $0.06 per share based on 237.5 million weighted average diluted shares outstanding during the fourth quarter of 2014. Non-GAAP net income excludes share-based compensation expense.

As of Dec. 31, 2015, Mobileye had cash and cash equivalents, restricted bank deposits and marketable securities of $476.1 million, compared to $448.3 million as of Sept. 30, 2015.

Mobileye generated $29.6 million in net cash from operating activities for the fourth quarter of 2015 compared to $16.9 million for the fourth quarter of 2014. The company generated $28.6 million in free cash flow for the 2015 fourth quarter, compared to $15.4 million for the comparable 2014 quarter. Free cash flow represents net cash provided by operating activities minus capital expenditures.

Fiscal Year 2015 Financial Highlights

Total revenue for fiscal year 2015 was $240.9 million, an increase of 68 percent compared to $143.6 million in the prior-year period. Within total revenue, OEM revenue was $202.3 million, an increase of 66 percent compared to $121.8 million in the prior-year period. EyeQ chip volume for fiscal year 2015 increased 67 percent to 4,445 thousand EyeQ units, compared to 2,656 thousand units in the prior-year period. EyeQ (ASP) per unit for 2015 was $43.90, up from $43.70 during the same period last year. Aftermarket revenue contributed the remaining $38.6 million of total revenue for fiscal year 2015, compared to $21.8 million in the prior-year period.

GAAP net income for the fiscal year 2015 was $68.5 million, or $0.29 per diluted share. This compares to a GAAP net loss of $30.1 million, or $0.28 per share during the fiscal year 2014.    GAAP results included share-based compensation expense of $45.0 million for fiscal year 2015 and $76.9 million for fiscal year 2014.

Non-GAAP net income for the fiscal year 2015 was $113.4 million, or $0.48 per share based on 237.9 million weighted average diluted shares outstanding. This compares to non-GAAP net income of $46.8 million, or $0.21 per share, based on 224.6 million weighted average diluted shares outstanding during fiscal year 2014. Non-GAAP net income excludes share-based compensation expenses.

The company generated $100.9 million in net cash from operating activities for fiscal year 2015, compared to $56.1 million for fiscal year 2014.  The company generated $95.8 million in free cash flow for fiscal year 2015, an increase of 89 percent compared to $50.8 million for fiscal year 2014. Free cash flow represents net cash provided by operating activities minus capital expenditures.