indie Semiconductor Exceeds Q3 2024 Growth Expectations, Guides Accelerating Q4

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indie Semiconductor, Inc., an automotive solutions innovator, announced third quarter results for the period ended September 30, 2024. Third quarter 2024 revenue increased 3.1% sequentially to $54.0 million, above the mid-point of the outlook with Non-GAAP gross margin up sequentially to 50.4 percent. On a GAAP basis, third quarter 2024 operating loss was $49.9 million compared to $136.2 million a year ago. Non-GAAP operating loss for the third quarter of 2024 was $16.8 million, versus $13.0 million during the same period last year. Third quarter 2024 GAAP loss per share was $0.28, while Non-GAAP loss per share was $0.09.

“indie exceeded consensus revenue forecasts in Q3, despite the persisting near-term challenges impacting the automotive industry," said Donald McClymont, indie's co-founder and chief executive officer. “Crucially, the market for indie’s innovative portfolio remains strong, driven by the long-term catalysts of advanced driver-assistance systems (ADAS), in-cabin user experience and electrification, consistent with the 12% year-over-year increase in our strategic backlog to $7.1 billion. Our continued design-win momentum has been broad across our extensive product portfolio, particularly in vision and radar, which now comprise over 72% of our strategic backlog. Delivering class-leading solutions and support to our global OEM and Tier 1 customer base ensures that indie remains well-positioned to capture significant value in the rapidly growing automotive semiconductor market opportunity.”

Business Highlights

• Expanded strategic backlog to $7.1 billion, driven by new ADAS program wins
• Flagship ADAS programs in customer homologation, are on track for 2025 volume shipments
• Secured design-win for LiDAR optical engine and photonics module program
• Captured design-win for Vision processor in Avatr12 EV, a leading Chinese OEM
• Extended ambient lighting design-wins in China, across Xiaomi, Avatr, BYD & Li Auto models
• Secured multiple wins for a large North American EV maker with high-performance custom networking solutions

Q4 2024 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.

“For the fourth quarter of 2024, we expect indie’s revenue to increase by more than 7 percent sequentially at the mid-point, once again outpacing the industry,” said Raja Bal, indie’s chief financial officer. “Based upon the continuing strong design-win activity for indie’s new radar and vision products, we anticipate a return to our industry-leading growth trajectory in 2025 and beyond.”