Greetings and welcome to the Mobileye Fourth Quarter and Full Year 2025 Earnings Call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galves. Mr. Galves, please go ahead. Thank you, Donna. Hello, everyone. Welcome to Mobileye's Fourth Quarter and Full Year 2025 Earnings Conference Call for the period ending December 27th, 2025. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release. Joining us on the call today, as usual, are Professor Amnon Shashua, Mobileye CEO and President, Moran Shemesh, Mobileye CFO, and Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy. Thanks, and now I'll turn the call over to Amnon. Hello, everyone, and thank you for joining our earnings call. As I look back on 2025, there are a number of meaningful positives to highlight, both for our company and the industry. In a very uncertain geopolitical environment, demand for our products came in higher than expected throughout 2025, demonstrating the resilience of the auto industry and our product offerings. Results were quite strong, with revenue up 15%, adjusted operating profit up 45%, and operating cash flow up more than 50%. The industry began to clarify the structure and features of the next generation of ADAS for mass-market vehicles. Several forces are coming together here: demand for incremental safety, demand for convenience in the form of highway hands-off driving, and the need to consolidate the technology on a single ECU to keep the system's cost low. Mobileye's EyeQ6 High chip is very well positioned, and we won the first two major programs with two of the biggest fixed OEMs in the world. Waymo's commercialization provided a number of supporting proof points on consumer acceptance and demand for autonomous mobility services. This led to a major uptick in demand signals from transportation networks companies and public transport groups, which led to an expansion of expected volume through our Volkswagen ecosystem to 100,000 units by 2033. We are now one year closer to the launch of our advanced products with the Volkswagen Group. We expect the first major public milestone to be the removal of the safety drivers in MOIA's Robotaxi fleet in 2026. We are implementing a unique first-think, slow-think structure to our advanced products that we believe accelerates both precision and scalability. This includes novel technologies like vision language semantic action models and artificial community intelligence. Finally, Mobileye took a decisive step to expand its footprint into the humanoid robotics field with the acquisition of Mentee Robotics. Mentee has achieved a fully vertically integrated, low-cost, highly capable robot that has a clear path to commercialization into the structured environments of industrial and logistics services fields and with its distinctive technology to cater to unstructured environments like home use cases. Aside from our 2025 results, we detailed all of these areas in my CES talk on January 6th. I encourage anyone with an interest in Mobileye or just physical AI in general to make sure to view that presentation. Turning to guidance, Moran will spend some time on it, but I'll address it briefly. We're encouraged by the volume growth we are expecting despite global auto production that's expected to be flattish again. While we don't expect the volume levels of Q1 to be sustained throughout the year, it's a strong signal for the year and order flows for Q1 have been rising for the last month or two. Turning to technology, at CES, I talked a bit about the debate around approach, specifically this concept of data in, commands out, which is a false debate because no legitimate actors in our field are actually doing that. There's always a need for structure and architecture, and everyone's architectures have evolved given advancements in AI over the last few years, including ours. We introduced two new innovations that are accelerating our path to precision, scalable, autonomous vehicles. One is artificial community intelligence, referred to as ACI. This is a simulation concept using a self-play reinforcement learning technique that we are using to train our planning engine, also known as driving policy. This is the first-ever productization of a technique proposed in academic research. A strong motivation for ACI is that the sample complexity for planning is much higher than for perception because the multi-agent nature of driving where actions that you take will impact the actions of other road users. Therefore, the amount of data one needs to collect could be unwieldy, even for large data collection fleets. As a solution, we have created simulators that can achieve 1 billion hours of training overnight. Mobileye has unique advantages here since our REM maps, which cover much of the globe, can be used as a realistic and diverse baseline structure for the training. The other advantage is we have developed sophisticated sim-to-real techniques that have the required understanding of the noise model of our perception engine when transferring the driving policy to the real world. That sim-to-real technology is also very relevant to humanoid robotics and will be a key area of technology sharing between Mobileye and Mentee. We also introduced a Fast-think, Slow-think concept that utilizes specialized vision language models to provide contextual information and to address robustness to vehicle decision-making. This is not necessarily about safety. It's more about understanding the semantics of complex scenes. For example, a scene where a policeman signals that the road we would like to take is blocked. The safety layer ensures that we won't hit the policeman, but we also need to understand the scene, figure out that we shouldn't try to overtake the policeman, but rather we should either wait or take a different route. This is what slow thinking gives. Since this is not safety-critical, the contextual information can be inputted into the system at a lower frequency than perception, which is typically analyzed at 10 frames per second. Structuring our architecture with fast-think and slow-think components saves compute and even brings use of cloud-based compute into the picture. As a result, you can put a very sophisticated VLM on the in-car compute but call on much, much bigger VLMs in the cloud when the situation warrants. This has very positive effects on the mean time between intervention networks but can also eventually lead to scalability benefits in terms of cars per teleoperator as the VLM can replace a human teleoperator in many cases. Turning briefly to our announced acquisition of Mentee Robotics, most of the AI that humans are using every day is in the digital world. The two main applications of AI in the physical world are autonomous vehicles and robotics. It makes sense for these two expressions of physical AI to be together because there's a great deal of technology overlap. Both extensively use computer vision and control, fast-slow thinking concepts, make heavy use of VLMs, and extensive sim-to-real techniques. Mentee itself, compared to other companies we evaluated, has a superior combination of strengths, including a high level of vertical integration, a pure AI approach with the ability to demonstrate high-level capabilities with no teleoperation, a design strategy that results in an optimized cost versus usefulness ratio, and above all, a distinctive AI technique to do continuous on-the-job learning from passive demonstrations. A truly practical approach to capitalize on the most near-term industrial and logistics markets and then expand to more challenging markets over time. We believe access to Mobileye's tools, simulation, and data training infrastructure will accelerate Mentee's development. And the number of technologies developed for robots such as self-play simulation and sim-to-real techniques can also bolster Mobileye's AV development. Finally, there is potential for catalysts as we continue to demonstrate the strong capabilities of the Mentee Robot and execute on customer proof-of-concept work in the near term. I'll now turn the call over to Moran. Thank you, Amnon, and thanks for joining the call, everyone. Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurements. The primary excluding Mobileye's non-GAAP number is amortization of intangible assets, which is mainly related to Intel acquisition of Mobileye in 2017. We also exclude stock-based compensation. Our full- year 2025 revenue of $1.9 billion slightly exceeded the high end of our prior guidance. Full- year revenue was up 15% year- over- year compared to our original guidance of 6% growth at the midpoint. It was a very good year where a combination of minor upside in global production trends, EyeQ program launches, and higher-than-expected ADAS and SuperVision volumes from China OEMs led to significant growth. Full- year adjusted operating income was $280 million, up 45% year-over-year, and margin was 15%, up about 300 basis points versus 2024. The fourth quarter included a non-recurring expense of $7 million related to workforce efficiency initiatives we undertook in Q4. That expense was not part of our guidance as of the October earnings call. So if you exclude that, adjusted operating income would have also been slightly above the high end of the guidance. Like I said earlier, we saw consistent positive revisions from our customers throughout 2025, and we've continued to see that over the last month or two during our 2026 planning process. 2025 EyeQ volume was 35.6 million across the full year, which was well above our original expectation of 32 million- 34 million. We've seen a fairly consistent demand trend of 9 million units per quarter with some minor fluctuation across quarters. For example, in 2025, Q2 and Q3 were higher than trend. Q1 and Q4 were a bit lower. One more point on Q4 before turning to the future. Modest upside to the high end of our prior guidance was related to higher-than-expected SuperVision units. EyeQ volume was consistent with the high end of our guidance of about 8.2 million units. This level at the start of the quarter looked a bit below the demand trend as our customers desired to end the year with lean inventory. But the demand trend in Q4 ended up higher than we expected. As a result, we believe that inventory at our Tier 1 customers ended 2025 extremely low, and we believe there is some level of adjusting safety stock that will occur in Q1 to get back to normal levels. We expect about 10 million EyeQ units shipped in Q1, which supports an outlook of approximately 19% year-over-year growth in the first quarter. After that, customer forecasts indicate a reversion to the trend of slightly above 9 million units per quarter. Turning to the full- year guidance, we are expecting revenue in the range of $1.9 billion-$1.98 billion, representing flattish to 5% growth. The midpoint of our guidance incorporates EyeQ volume of slightly above 37 million units, which again consists of 10 million units in Q1 and an assumption of a bit over 9 million per quarter in the balance of the year. If we look specifically at our top 10 customers, we are assuming that the overall production is down 2%, but our volume with those customers is up 6% at the midpoint. This includes about 700,000 units for a new OEM program that requires two EyeQ4 chips per car. That program is clearly a positive as we will generate higher gross profit in dollars per vehicle. But since the second chip is lower priced relative to the first, it has an impact on overall ASP and gross margin. For Chinese OEMs, we are expecting a decline of about 500,000 units compared to 2025, which was a bit above 3 million units. We are encouraged by the significant growth in China OEM volumes in 2025. It's aligned with their export volume growth, the area where our business is the strongest with those customers. We see no reason why that wouldn't continue into 2026, but prefer to remain conservative given we only have a short-term visibility into order flow with China OEMs. Gross margin will be down somewhat on a year-over-year basis, driven by continuation of EyeQ5-related cost headwinds. We discussed this on the October earnings call as an impact to the second half of 2025 that would continue through 2026, and then will gradually decline beginning in 2027. We also have modest vehicle mix headwinds and the impact of the dual chip program mentioned above. Turning to operating expenses, 2025 ended up at $1.003 billion. This was slightly above our original budget of $995 million, accounted for by the non-recurring termination-related bookings in Q4 mentioned above. In 2026, we are expecting around $1.1 billion or 10% growth. The underlying growth in OpEx is approximately 5%, consisting of normal salary and benefits inflation, as well as additional infrastructure to support execution of the advanced products in 2026 and 2027. On top of that, we are including Mentee R&D expenses. Finally, we are experiencing a FX headwind related to appreciation of the Israeli currency versus the U.S. dollar, which meaningfully raises our headcount costs in dollar terms. This is being mostly offset by the workforce efficiency initiative noted above, but not completely. To conclude, we are almost one month into 2026 and continue to see positive demand signals from our customers on the core business. As Amnon discussed, we are also seeing very good execution progress ahead of a large number of advanced product launches over the coming one to two years, as well as accelerating momentum in customer demand for next-gen higher ASP ADAS and the transformative robotaxi mobility. Thank you, and we will now take your questions. Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. We do ask that you please limit yourself to one question and one follow-up to allow as many people the opportunity to ask as possible. Again, that's star one to register a question at this time. Our first question today is coming from George Gianarikas of Canaccord Genuity. Please go ahead. Hi, everyone. Thank you so much for taking my questions. I'd like to ask first, maybe on your view on the competitive environment, particularly in light of some announcements at CES from NVIDIA and others, just your view on what's happening in the advanced autonomous solution space. Thank you. I think that we've obviously seen a lot more announcements and excitement around advanced solutions and autonomous driving in general, and also robotics. It was one of the key things at CES this year for everyone who attended. We still believe that we are closer to launching our advanced products than other competitors, and this is one of our strongest advantages combined with the maturity of our technologies and the advancements of our technologies. We are, as we said, one year closer to launching a spectrum of products that spans from surround data supervision to AV Robotaxi starting from 2026 and through 2027. We believe this will be a major transformation for kind of positioning Mobileye in the market. It's having proven products on the field. Right now, there is a lot of demos, a lot of reference to technologies and emerging technologies, and there is some, we think, noise and maybe simplistic description of some of these technologies and how useful they could be for a reliable system. There is a recent announcement by NVIDIA about their open-source model, Alpam ayo, that they announced and supposedly given others the ability to, Amnon will maybe want to say a word about this, but we don't see that as something that changes kind of our positioning in the market leading. Thank you. And maybe I can ask a follow-up on Mentee specifically. I mean, you mentioned yourself that there were a significant amount of startups and competitors at CES in the humanoid space. And just maybe a synopsis, a brief bullet point or two as to what the differentiation for Mentee will be as you try to attack the marketplace and commercialize the product. Thank you. I think there are a lot of startups, mostly in China. There are a lot of startups in the area of humanoids. Many of the demonstrations that you see out there are tele-operated. Now, to win this game, you need to have a fully autonomous control of the robot from perception to action to understanding the scene, having an AI stack that can control the robot autonomously, and this is what Mentee has been demonstrating quite consistently over the past year, year and a half, and at the CES, I showed a number of clips. Mentee is also fully vertically integrated with the design of the actuators, the gear, the AI itself, all the software components, and the electronics, which is crucial if you want to have a true end-to-end system. Another, I would say, distinctive element is the ability to do continuous learning. So Mentee has developed an AI technology that allows the robot to passively view a human performing the task and imitate that task in a very, very short period of time without having any special equipment, no VR goggles or special suits, just passively observing a human performing the task. This is, I think, very important as we move from structured to unstructured environments like home use. So taking everything together, we have here a company that is both thinking practical, what is going to be the first domain launch, which is structured environments like fulfillment centers, assembly plants, retail, and also developing the technology for the next deployment for unstructured environments like home use, fully vertically integrated, very strong in AI components, whether it's reinforcement learning, simulations, sim-to-real, very strong, very interesting technology overlap with Mobileye that can go both ways to synergies. So overall, this is a very good step for Mobileye to take decisive steps towards owning physical AI in its full scope. If I may add to this, I think to kind of differentiate between the different actors, Mentee are, as we know, probably the only Western humanoid robot company that is actively engaging with customers on proof of concepts and pilots that involve pure AI operations with no remote operation. It shows something about the advancements of the use of robots in a setting that a customer is willing to evaluate and deploy in a kind of a non-sterile setting. Unlike maybe some hype videos that show something on a YouTube clip, this is an actual testing environment. This is a different stage of maturity and engagement with potential customers. And we believe that through integrating Mobileye's technologies, we have obviously strong strength in computer vision, in AI using cameras and using sensor fusion and designing systems for safety and reliability and how to integrate systems in a very cost-efficient manner and efficient compute. All of these will help them even accelerate the progress they made so far. Thank you. Thank you, George. Next question, please. Thank you. The next question is coming from Mark Delaney of Goldman Sachs. Please go ahead. Yes. Good morning. Good afternoon. Thank you very much for taking the questions. For Surround ADAS, the company's already reported on some strong momentum. You spoke about the two big OEMs that have already committed and given series production awards. As you look at the opportunity set in 2026, could you give a bit more details on the number of OEMs you're engaged with for Surround ADAS and how many might be able to convert into awards this year? So I think the important point about surround data is that this is a product that addresses a very clear pain point for customers and for OEMs, I mean, in the sense that it simplifies the system, it reduces costs, it provides advanced functionality, it meets future regulation. So it ticks most of the boxes that OEMs want to tick for the high-volume vehicle segment in the upcoming years. Therefore, the first OEM that we announced with Volkswagen was kind of starting a trend that created a flywheel effect of more and more OEMs being interested. Now, having announced the second design win with, we now have two out of the top six OEMs on the planet in major markets adopting this and launching this in a few years, this has definitely created a stronger realization among other OEMs that this has to happen for them also, at least to some degree. We've seen an increase in the amount of engagements we have. I don't want to predict timing and quantities, but we're definitely encouraged by the increase in different engagements we have with multiple OEMs across our customer base. And we also believe that we have inherent advantages for this product category because it requires a very reliable system performance, very high safety standards, advanced functionalities like hands-free driving in primary roads and so on, but also be extremely cost-efficient. And just to give you some sense, these two programs we won are going to be integrated in the kind of a standard fit across the highest volume vehicle categories for these two OEMs. So every dollar counts. And also, the implications for the OEMs to adopt this product means how much conviction they have that they need such a product, for it's not a balloon project in a small amount of vehicles that if it fails, then nothing happened. If this project is delayed, for example, this is obviously affecting the entire vehicle portfolio. So it shows about the confidence they have in Mobileye, how much conviction they have in this product, and it's definitely an encouraging sign. Thanks. My other question was on Mentee. Given the announcement and engagements that you've had with potential future customers and industry participants, can you help us better understand to what extent it's catalyzed additional interest in partnering with Mentee Robotics, including opportunities to have your humanoid robots in factory and commercial environments to gather data? As you think about that 2028 commercialization target you shared at CES, how important is that data collection and gathering for hitting that timeframe? Thank you. I think it's a very interesting question. We've had, in two weeks since the announcement at CES, and I've received reach-outs from a significant number of customers asking about our interest and readiness to support on-site pilots and proof of concepts and kind of starting from our industrialization partners that want to contribute in manufacturing and components because they understand we do the full robot, starting from that and really trying to attract us to work with them for manufacturing and for all of our industrial partners, whether it's tier ones, OEMs, and others that want to see how they can work with Mobileye and integrate robots into their logistics centers, warehouses, manufacturing lines. The need is definitely there. And for them, it made perfect sense. I think one of the encouraging signs that we've seen is that already at CES, we've had meetings with OEMs. In most of these meetings, it came up as, "Let's take a follow-up and schedule when we can actually talk about a plan to deploy this in our environment." I think that the fact that they know Mobileye from the automotive business and they trust the standards of the company and that they have a need for longer-term finding solutions for human labor that is becoming a bigger and bigger problem for them, especially in developed countries, this gives them an easier path to evaluate a new technology with a partner they trust, as opposed to working with a startup in humanoids that who knows what you can get from them and whether or not they can deliver. Definitely, we're leveraging these relationships. We definitely think of this as an area to continue to develop in the next few months. Thank you. Thank you, Mark. Next question, please. Our next question is coming from Chris McNally of Evercore ISI. Please go ahead. Good morning. This is John Saager on for Chris McNally. Thanks for taking the questions. Amnon, you've made this sandwich analogy for ADAS and AV demand, basically with high demand for surround at the low end or Drive at the high end. If we could focus on just Drive for the time being, you guys announced VW- MOIA, one of the two big partners, Marubeni, and an unnamed OEM. But the forecast is for a fleet of 100,000 AVs by 2033, obviously a bit of a ways away. So my question, can we get a sense for what the near-term demand for your Drive system might be for just like the next two to three years, 2027, 2028, or on phase I on the growing list of cities? We announced together with MOIA six cities to expand to 60 cities in 2027. That includes also Los Angeles together with Uber. We have another high-volume program with Holon that will come six months later, have also its expansion. T he CEO of ADMT on stage mentioned that they foresee about 100,000 vehicles in the next eight years. The exact numbers of the rollout will depend on the success of 2027, the deployment of the first six cities. We are talking about thousands of vehicles to start. Just to add to this, I think it may be somewhat challenging to understand what it means, 100,000, because it sounds like a big number. I think what we're taking away from this, what it means is that Volkswagen has in place the manufacturing capacity to produce as many vehicles as needed. The 100,000, if we're successful in 2026 and 2027 and then in 2028, which we have high confidence in our chances, means that 100,000 can also be a small number in hindsight. The manufacturing capacity they have and the funding they've pulled into this in the past few years to build everything needed to produce robotaxis in scale, essentially it's Volkswagen. So they can produce 10,000 per year, 50,000 per year, 75,000 per year when the demand will be there. The demand from mobility operators, TNCs, municipalities is far greater than tens of thousands per year globally. Once the technology gets to this maturity level and allows quick economic and geographic expansion, which we believe we have clear advantages in, then the demand will not be our problem, I think. We have a partner that can scale and give the supply at the best extent possible. Understood. And just how should we think about the volume for a phase I launch? Should that be like 1,000-1,500 like Waymo in San Francisco? You can think of it as a few hundreds of vehicles per city as a good measuring stick. Just also seeing how Waymo rolls out, that's roughly the numbers they've had. In some cities, it's 200. Some cities are closer to 500. That's a sufficient number to kind of facilitate for the mobility demand in that city and also to build a meaningful business, and that's also roughly what we're planning. Thanks, John. Just one last follow-up. Do the AV customers pay for anything before the purchase of the $45,000 drive content like R&D in advance? Or do you get any protection if their volumes are less than planned? Without going into the details of our contracts, we are receiving or just delivering samples and engineering samples throughout the year, and there is an engineering budget that covers the direct engineering costs and development costs, so there is definitely a good amount of investment well before the commercialization, so I think when we have high confidence in our chances of getting to driverless, I think we're not that concerned about the downside potential. Okay. Thank you so much. Thank you. The next question is coming from Joseph Spak of UBS. Please go ahead. Thanks. Hello, everyone. Just to maybe talk about a couple of more near-term things. Obviously, memory has become a larger issue and concern in the automotive industry. And I know, or I believe you don't really buy a lot of that memory directly, but clearly it is used in the modules at your Tier 1 customers to assemble to sort of ship onto the OEMs. So I'm just curious what you're hearing from your customers and the supply chain as to whether this is really a pricing issue. Is it an availability issue? Is there any sort of volume risk embedded in your outlook? And even if it's a pricing issue, I guess, do you see any risk of decontenting? So as you said, Joe, that's an exposure that we have is not direct because we're not purchasing a lot of these units. It's mostly indirect through the fact that our Tier 1 customers are purchasing memory components. What we have been doing in the past few months, and we have been actively working on this, I think well before it was public knowledge that this dynamic is developing, is to create kind of maximizing our supply of these components and working with multiple vendors to ensure that we have enough flexibility to kind of mitigate the direct cost impact from specific vendors and that we will be able to ensure that vehicle manufacturing will not be impacted by these fluctuations. And I think that, like we did last year, our forecast for this year is maybe opting for the conservative side. You can see the difference between Q1 and other quarters. It does bake in some level of understanding that there is some volatility in the industry. So we want it to be on the more conservative side. But we haven't seen any, let's say, direct evidence or indication that there is an imminent change to volume as a consequence. But we will keep close monitoring on this as it develops. We're doing everything in our powers with our Tier 1 partners to create the availability of these components. Thank you. The second question, just on you mentioned some of the appreciation of the shekel, and I know you give very helpful exposure in your 10-Qs on what a change in that currency can do to your cost base, but I believe also at this time, a year ago or earlier in 2025, you made a comment on one of the calls about how a lot of the costs on the shekel were hedged, so did something change with the hedging strategy? Maybe you could just sort of update us on sort of why it's a little bit maybe more of an issue now than you thought a year ago. Yeah. So I will start with 2025. We have a hedging plan that basically caused that we can meet our OpEx expectation for 2025. For example, for the second half of 2025, the rate that we had in our financials was like 5% or 6% favorable than the average market rate. These are transactions that we made in the beginning of 2025. But as the appreciation of the shekel continues into 2026, and we're talking about, I think, 10% or 12% in the last year, we still have hedging in place for 2026. We are more than 50% hedged on our payroll expenses at a favorable rate. The risk is obviously heavier as the duration gets bigger. We took it into account in our guidance. So we took into account some further hedging, but it will be at a less favorable rate, the fact that we are already more than 50% hedged. I think we're in a good place in terms of the rate, but it's still the year-on-year impact because it's a significant impact. It's worth mentioning. Okay. Thank you. That's helpful. Appreciate it. Thank you, Joe. Next question, please. The next question is coming from Aaron Rakers of Wells Fargo. Please go ahead. Yeah. Thanks for taking the question. I want to kind of double-click on the Porsche and VW and the Audi kind of programs. I'm curious, as you kind of thought about your guidance for this year, I think the initial expectation was maybe early volumes on Porsche late this year. Just give me an update on where we stand on some of those programs and how we should think about volumes, appreciating that I think 2026 in the past has been more characterized as an execution year. So 2026 is an execution year. The SuperVision on Porsche and Audi should start Q1 next year, Q1 2027. There was some pushback of deadlines unrelated to us that pushed the SOP to the first quarter of 2027. Want to add something, Nimrod? Just to say that it didn't really change the plans of the project. It's just a one-month change between December 26th to February 27th. It's not really material. We think made clear in previous calls as well that we do not expect meaningful volumes from these programs in 2026. Right. Right. Appreciate that. And then as a quick follow-up, in the prepared comments, you talked about inventory levels at your customers, your major OEMs being fairly lean. I know you've guided 10 million EyeQ units this quarter. I'm just curious, can you kind of go a little bit deeper on what you're seeing as far as the inventory levels your customers are holding? And do you expect any replenishment when you gave the unit expectations for this year, or is it more lean inventories continuing? I'm just curious how you kind of bake that into your guidance. Thank you. Yeah. So I think for what we're seeing, and I mentioned it also in the remarks, we are seeing increased demand in terms of order flow for 2025, and then higher than expectation, 2026 is constantly increasing in terms of production. But what happened specifically in Q4 was also that the orders were relatively low in the first place. As December is a slow month in ordering, it's a short month with holidays, etc. So it was low. And then production level came up even higher. So it basically means that we believe the inventory levels that our customers are not reaching their inventory target at the end of 2025. So they are tighter than usual. And it has some impact on Q1. But again, we're also seeing very good demand. 2026 production levels are going up. But yeah, Q1 does have some impact of Q4 low volume combined with heavier or bigger demand. Yep. Thank you. Thank you, Aaron. Thank you. The next question is coming from Edison Yu of Deutsche Bank. Please go ahead. Hi. Thank you for taking our questions. I want to follow up on Mentee. Can you give us a sense of what are the next steps with some of these customers you're talking with? I know you mentioned proof of concept. Are you going to basically ship maybe a few units, and then if that turns out well, you'll ship 30, 40, and then much more? How do we think about those kind of next steps to commercialization? I believe that 2026 is going to be maybe high tens of units in terms of POC. 2027 should be more, and 2028 should be even further. 2027, we go also into production with a production partner. So 2026 is tens of units. What we would like also is to have, in addition to the POCs, also to produce more units for the sake of Mobileye to start experimenting with robots, not only Mentee themselves. But again, it's going to be a high double-digit number of robots in 2026. And maybe just to add, from the viewpoint of the customers in these pilots, the purpose is to start with a smaller amount of robots that perform specific tasks that they're kind of outlining. And you just go to the logistics center, for example, and there are a few shelves with boxes, and human beings today are moving boxes according to their instructions and so forth. And basically, they want to see how robots can perform over a certain period of time, what's the precision, reliability, durability, maintenance, and so on, and gradually afterwards expand this to more and more tasks and in larger volumes. We are talking about companies that employ tens of thousands of employees today in these types of positions. And so I think, again, it's going to be a question of supply. That's why it's so important to have a manufacturing partner, as Amnon said, that already in 2027 is able to produce robots in a serious production manner, which is important both for costs and also for scale, for volume. Understood. Appreciate the color. Follow-up on Robotaxi. Obviously, there's a lot of excitement coming out of CES. Has your view on owning more of the, shall we say, ecosystem changed at all? And I ask this in the context of you obviously have a lot of parties involved. Could that kind of hinder the speed of deployment or some of the logistical aspects? And obviously, it would require capital, but I think that's not that big of an issue anymore. Thanks. I think the current arrangements we have with Volkswagen and MOIA is really optimized for speed of the volume of deployment. So going right now more vertically integrated is not going to increase the volume of deployment. This is something perhaps to be considered towards the end of the decade or further than that. I think what we have in place is really optimal to where Mobileye's at. Mobileye will be producing the self-driving system as a Tier 1, taking responsibility not only for the electronics, but also for the sensors, of course, the software stack, and all the validation. And the revenue per vehicle plus the recurring revenue per mile is very, very attractive. The focus is execution now. Thank you very much. Thank you, Edison. Thank you. The next question is coming from Tom Narayan of RBC Capital Markets. Please go ahead. Thanks a lot, guys. The first one I have is on the 2026, I guess, adjusted operating expenses. I think you guys said it's up $100 million. And I know that FX was mentioned, some other issues. But then the one that I'm wondering if that's the biggest piece of it is the Mentee R&D, or maybe it's consolidating Mentee if it's operating at a loss. Just curious how we should think about that OpEx going higher. What's really the biggest driver of that? Then I've got a follow-up. Yeah. Okay. So I think I've mentioned that we have incorporated Mentee R&D into our guidance. So the guidance includes, in terms of operating expenses, mainly 5% of regular inflation enhancement or comp, and then the additional portion is Mentee R&D. So these are the significant two items. I also mentioned we have also a headwind from the FX rate, but that is mostly offset by the efficiencies initiative we did in Q4. So I hope that answered the question. Yeah. Just to follow up, I mean, I think that's pretty clear, but just to follow up, we do expect to have normal OpEx inflation per year of around 5%. This relates to salary and benefit inflation as well as kind of additional infrastructure to support the AV activities and the advanced product activities. That's normal. On top of that, this year, we are assuming consolidation of the Mentee R&D expenses. We talked about that as somewhere in the lower single digits, but probably think towards 4% type of thing, and additionally, we do have this FX headwind, which is mostly offset by the workforce initiative we did in the fourth quarter, but not completely, so that should give you a decent walk from 2025 to 2026. Yeah. I think you described it quite accurately, right, but take into account that also growing in terms of being a Tier 1 in a Tier 1 position with our programs with Porsche and Audi and Drive, and sometimes you need to make adjustments in terms of increasing headcount. Again, this is non-material compared to the overall OpEx of what it adds, few percentage, so take the walkthrough that you mentioned, which was quite accurate, few percentage of growth that we need to account for when we are taking a Tier 1 position and investing heavily into the future, so two years ago, we calculated our OpEx growth, but we cannot be precise to the single percent in an area which is experiencing the rapid growth. Got it. And for a follow-up on Mentee, I know this is very early to ask this question. But I mean, look, we're seeing the market's reaction to the potential news out of from Hyundai with Boston Dynamics and the credit that Hyundai is getting. Is this something you guys might think about in maybe the distant future? I don't know about trying to crystallize the value. Right now, there's so much appetite for the capital market, certainly. Is this something you could consider monetizing Mentee in some way? Or do you believe that together as a combined entity, that's how you kind of view the business? So I think that the market is taking some time to internalize the news of the acquisition or the news of Mobileye entering into humanoid. I do believe that in some near future, this would create a dividend, the like of what's happened between Hyundai and Boston Dynamics. Mentee has all the potential to make big steps forward, has demonstrated quite a mature technology, as the clips that I have shown and the clips that they have on their website. And together with Mobileye, they can make rapid steps forward. Now, whether we're going to see this dividend in a month or whether we're going to see this in a year, I don't know, but it has the potential to catalyze the same benefits that Hyundai is receiving from Boston Dynamics. Got it. Thank you. Thanks, Tom. Thank you. The next question is coming from Colin Rusch of Oppenheimer. Please go ahead. Thanks so much, guys. Can you talk a little bit about the near-term pricing dynamics on EyeQ? Just curious how much movement there really is as you see some of these larger volumes move through in the first part of the year and how we should think about that trending to the balance? So, maybe if you refer to the EyeQ prices, just to make sure I'm. EyeQ volume. Volume or prices? I didn't get the question. I'm concerned about pricing as you ship a higher volume here and then how the pricing trends through the balance of the year as you normalize out. Yeah. So the pricing every year is affected by the mix of EyeQs. And as you know, the EyeQs have different generations with different software features and software packages. And this has somewhat of a different price. But overall, on average, there's no, let's say, meaningful change in the prices. There is a different mix this year compared to last year, as Moran said in her remarks, where we see higher volumes of EyeQ5-based ADAS products. And EyeQ5 has somewhat of a higher cost, but still, it's advanced products with meaningful volumes this year compared to last year. So this does have some impact, but it's all natural mix in some questions. Also, the second chip that I mentioned, the second chip that I mentioned, combined the fact that the second chip is at a lower price than the first one, so it's a higher gross profit per vehicle, but lower ASP. I think that the combined natural mix that Nimrod mentioned and the second chip, I think, is approximately like $0.80 or so year on year. Yeah, but just to clarify, this second chip, where the car has two EyeQ4 chips, this is a one-off thing. It's not that we see a trend having two EyeQ chips in the car with one of the EyeQ chips at a discounted price. This is what we call a bridge. This is a bridge towards EyeQ6 Lite. The car maker wanted to meet a certain regulatory environment that EyeQ4 alone could not meet. Therefore, a second EyeQ4 was added. But again, this is a one-off. We don't expect it to be a trend. Okay. Perfect. Thanks, guys. And as you think about doing the Drive route demonstration here later this year, can you talk about the regulatory process and any bottlenecks or hurdles that are still remaining here, things that are of concern that you guys are focused on getting ready to do that demonstration? In the U.S., it's self-certification. We have stringent KPIs in terms of mean time between failures that we are meeting towards going driverless. Outside of the U.S., there is homologation. And as we mentioned, together with Volkswagen, homologation will occur in 2027 outside of the U.S. But nothing on a regional basis or city basis that you guys are concerned about? No. We don't see. Actually, the homologation in Europe will have a strong tailwind given that the vehicles are produced by Volkswagen, Level 4 vehicles, and our corporation together with ADMT and MOIA and Volkswagen will allow us to go through the homologation in a much easier way than if we were doing it alone. This is a significant entry barrier to the European markets as it involves a lot of activities and direct engagements with regulatory bodies that we are already doing with Volkswagen. Getting this approval in 2027, as Amnon mentioned, will also separate us in the European market from others. Yeah. It's an important point and just to clarify on the timing of homologation, we're saying that it will be completed in 2027 and start in 2026 and the six cities commercialized in 2027 that Volkswagen talked about include some European cities, which is going to require the homologation process to be completed. Thanks so much, guys. Appreciate your time with me there. Thank you, Colin. Thank you. We are asking remaining analysts to please ask your question and your follow-up at the same time. Our next question is coming from Joshua Buchalter of TD Cowen. Please go ahead. Hey, guys. Thanks for taking my questions, I guess, both at once. I guess to start, you highlighted the potential for conversions on Surround ADAS this year, but you haven't made the same comments about SuperVision and Chauffeur. Maybe you can provide an update there. Are you guys de-emphasizing that in your go-to-market and conversations with customers? And then for my follow-up that's on a completely unrelated topic, Amnon, you've touched on this in the CES presentation, but I was hoping you could provide some more details about specifically how your EyeQ roadmap is going to accelerate Mentee's time to market. And perhaps as important, how much software development is needed to move further into robotics given EyeQ's design specifically for autos? Thank you. We have multiple engagements also on SuperVision Chauffeur. There's definitely an active engagement there with the market. Just to put things in perspective, our relationship with Volkswagen Group with the different brands on these products started maybe in 2021. It took us a couple of years to kind of cross all the items that are needed. We are also focused now on opportunities that have a meaningful business potential as opposed to smaller scientific projects that some OEMs are trying to explore. Maybe in some cases, it's in-house development that they're doing, and they want to allocate one car in the future and see if it works. We're trying to focus on opportunities that present significant volumes, multiple vehicle models with concrete timelines so that we can scale the products. We're not looking for the first opportunity. We want to kind of scale, and we have several of those. I don't want to predict timing, but we are encouraged by the activity there. Guys in Mentee, we feel that it's too early to talk about EyeQ chips on humanoid robots. We think this is a longer-term, this is a longer horizon issue. Currently, the robots are based on NVIDIA's chips, and we see that we're very proud of that relationship, and we see that going on for the foreseeable future. Now, when we go into really high-volume production where every cent counts, then I think EyeQ8, EyeQ9 could be quite relevant, but it's not in the foreseeable future. Okay. Thank you both. Thank you. We're showing time for one final questioner. Our last question is coming from Samik Chatterjee of JPMorgan. Please go ahead. Hi. Thank you for taking my question. This is MP on for Samik Chatterjee. My first one would be, since you said that Porsche and Audi programs are now pushed out to 1Q 2027, will Drive or Robotaxi be the biggest swing factor for 2026 revenues? And on that itself, any updated thoughts on the monetization for Drive in terms of upfront revenues versus recurring consumption-based revenues? And for my follow-up, I want—sorry. For my follow-up, I wanted to ask on the second Surround ADAS customer. You said that there could be a potential decision for the second architecture with this customer in 1Q. So if that happens, will that potentially double your pipeline with that customer? That's it. Thank you. MP, the answer to your first question is that we did not expect any meaningful impact from the advanced products in 2026. We've been saying that for the last several quarters. So there's no change related to what you talked about. We did not account for Drive revenue in 2026 guidance. So there is no, it's not in the guidance. Regarding the second question on the second design with surround ADAS, so the discussions are obviously ongoing, and we are making good progress. Again, I don't want to go into predicting time, but we continue to work on this, and it's progressing. Thank you, MP. Thank you. At this time, I would like to turn the floor back over to Mr. Galves for closing comments. Thanks, everyone, for tuning into our earnings call, and we'll talk to you next quarter. Thank you very much. Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.