indie Semiconductor Reports Q1 2025 Results

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indie Semiconductor, Inc., an automotive solutions innovator, today announced first quarter results for the period ended March 31, 2025. Q1 revenue was up 3.3 percent year-over-year to $54.1 million with Non-GAAP gross margin of 49.5 percent. On a GAAP basis, first quarter 2025 operating loss was $38.9 million compared to $49.6 million a year ago. Non-GAAP operating loss for the first quarter of 2025 was $15.1 million, versus $17.2 million during the same period last year. First quarter 2025 GAAP loss per share was $0.18, while Non-GAAP loss per share was $0.08.

“In Q1, indie delivered year-over-year growth despite persisting negative global macro-economic conditions and accelerated market uncertainty due to the dynamic tariff situation," said Donald McClymont, indie's co-founder and chief executive officer. “In the context of this challenging market environment, our Q1 results demonstrate an enduring business resilience, with growth through 2025 and beyond underpinned by an innovative product portfolio, strong and growing design-win activity, and multiple anticipated product ramps for our class-leading ADAS solutions.”

Business Highlights

• Secured iND880 vision processor in-cabin monitoring design-win with Valeo for a North American OEM
• Awarded eMirror design-win for iND880 vision processor for Korean OEM targeting trucks and buses
• Multiple design-wins in China for GW5 vision processor including Mercedes China for eMirror and BYD for in-cabin monitoring
• Selected by Bosch for second high-volume in-cabin monitoring application for Toyota
• iND87200 achieved full Qi wireless charging standards certification by three Tier 1 customers
• High-performance laser solutions achieve multiple design-wins for industrial measurement applications
• Surpassed 500 million cumulative chips shipped since company’s inception

Operational Updates

As an acceleration of the previously communicated review of operational expenditure, we have initiated a series of measures expected to be completed by year-end, delivering annualized operational expense reductions of up to $40 million.

Q2 2025 Outlook

We provide guidance on a non-GAAP basis only because certain information necessary to reconcile such results and guidance to GAAP is difficult to estimate and dependent on future events outside of our control and, therefore, is not available without unreasonable efforts. Please refer to the header captioned “Discussion Regarding the Use of Non-GAAP Financial Measures” in this release for a further discussion of our use of non-GAAP measures.

With the current market uncertainty continuing to impact the timing of anticipated production ramps in 2025, with current visibility, indie expects revenue between $50 and $53 million, or $51.5 million at the mid-point.