Mobileye Global Inc reported its Q1 2024 financial results against a backdrop of inventory corrections, significant developments in advanced driver assistance systems (ADAS), and a strengthening market position among OEMs. Revenues of $239 million represented a staggering decline of 47.8% year-over-year, significantly impacted by inventory destocking among customers, particularly in EyeQ chip shipments. Despite this decline, management expressed confidence in the core ADAS volume growth, driven by newly secured design wins and product innovations. Looking ahead, Mobileye anticipates a robust rebound in Q2 with expected shipments of 7.4 million EyeQ units, hinting at recovery from the inventory consumption phase. In this context, Mobileye is well-positioned for future growth, particularly with its expansion into advanced products like SuperVision.