Mobileye Global Inc. (NASDAQ:MBLY) today announced its Board of Directors has authorized a program to repurchase up to $250 million of Mobileye's outstanding Class A common stock (the "Repurchase Program"). The share repurchase program demonstrates both the leadership team and Board of Directors' confidence in the Company's current products as well as its position as a leader in the development and deployment of advanced driver assistance systems, autonomous driving solutions, and complex physical AI systems at scale.

The Repurchase Program is intended to partially offset dilution associated with share-based compensation and shares issued in connection with the Mentee Robotics acquisition, while maintaining financial flexibility to continue investing in Mobileye's core automotive business and its Physical AI platform.

"Mobileye is deeply committed to driving long-term shareholder value," said President and CEO Prof. Amnon Shashua. "Our primary capital allocation priority remains investing in R&D and capital expenditures to support innovation and execute on our expanding product roadmap. At the same time, given our strong balance sheet and ongoing cash generation, we believe allocating a portion of our cash flow towards share repurchases at current valuation levels is a prudent step that underscores our confidence in the durability and future growth of our business."

Under the Repurchase Program, Mobileye may repurchase from time to time shares of its Class A common stock for cash through any manner, including open market transactions (including pursuant to broker plans in accordance with Rule 10b-18), privately negotiated transactions with third parties or accelerated share repurchase agreements, and in such amounts as Mobileye deems appropriate, subject to legal requirements and other corporate considerations. Mobileye does not intend to directly repurchase shares of its Class A or Class B common stock for cash from related parties, including, but not limited to, Intel Corporation, under the Repurchase Program.

The volume and timing of any repurchases will be subject to general market conditions, opportunities and other factors. The Repurchase Program does not obligate Mobileye to repurchase any specific dollar amount or number of shares, has no fixed expiration date and may be modified, suspended or discontinued at any time at Mobileye's discretion.

Mobileye currently expects to fund the Repurchase Program from existing cash on hand and future cash flows.