分组1 - indie Semiconductor reported a quarterly loss of $0.08 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $0.09 per share a year ago [1] - The company posted revenues of $51.63 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.26%, but down from $52.35 million year-over-year [2] - The stock has underperformed the market, losing about 10.4% since the beginning of the year, while the S&P 500 gained 7.9% [3] 分组2 - The current consensus EPS estimate for the coming quarter is -$0.05 on revenues of $56 million, and -$0.20 on revenues of $228.8 million for the current fiscal year [7] - The Zacks Industry Rank for Electronics - Semiconductors is in the bottom 31% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - The company achieved total revenue of $51.6 million in Q2 2025, exceeding the midpoint of its outlook, reflecting solid performance amid challenging automotive market conditions [5][16] - Non-GAAP gross margin was reported at 49.1%, and non-GAAP operating loss was $14.5 million, an improvement from $17.2 million a year ago, indicating progress towards profitability [16] - The net loss for the quarter was $16.2 million, with a loss per share of $0.08 based on 215.3 million shares [16] Business Line Data and Key Metrics Changes - The company is focusing on Advanced Driver Assistance Systems (ADAS) as a core growth driver, with strong momentum in RADAR and vision programs [7][9] - The flagship 77 GHz RADAR chipset is nearing production ramp, with positive feedback from lead Tier 1 customers [9] - The IND880 processor for vision applications is set to enter production at a leading Chinese OEM, showcasing rapid design-to-production cycles [10] Market Data and Key Metrics Changes - Automotive market analysts have become more optimistic, with forecasts for global light vehicle sales expected to show modest growth in 2025 compared to 2024 [5] - The company is expanding into adjacent industrial markets, including robotics and quantum communications, which are expected to drive future growth [11][13] Company Strategy and Development Direction - The company is strategically positioned to leverage its differentiated technologies in both automotive and adjacent markets, focusing on ADAS and quantum opportunities [14][22] - The recent acquisition of Emotion 3D aims to enhance software licensing revenue, marking a shift in the company's revenue model [20][26] Management's Comments on Operating Environment and Future Outlook - Management noted that despite ongoing macroeconomic uncertainties, underlying demand remains strong, and key projects are on track [6][7] - The company expects revenue growth in 2025 to range from $52 million to $56 million, with a non-GAAP gross margin of 49% to 50% [18] - Management expressed confidence in achieving targeted operational savings and maintaining a strong focus on cash optimization [19] Other Important Information - The company exited the quarter with total cash of $202.9 million, down from $246.9 million in the previous quarter, partly due to cash used for repurchasing convertible notes [17] - The company is exploring the possibility of an IPO for its joint venture in China, which could yield higher returns [17] Q&A Session Summary Question: Is the eMotion acquisition the first instance of software licensing revenue for Indy? - Management confirmed that this is the first major move into generating a meaningful licensing stream from software running on their processors, changing the revenue model significantly [25][26] Question: Any updates on RADAR and Vision Design wins? - Management indicated that RADAR components are primarily shipped outside the U.S., and the ASP per car is expected to be in the $25 to $30 range, suggesting a significant ramp-up potential [30][31] Question: How does the Motion 3D acquisition fit into the existing product offerings? - Management stated that the software will run on their chips and will be sold alongside hardware, with a vibrant market for software licensing expected to generate significant revenue [41][42] Question: What is the expected market size for photonics and quantum opportunities? - Management projected the total quantum photonics market to grow between $3 billion and $5 billion by 2030, with the company positioned to capture a significant share [58][61]

[Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) indie Semiconductor exceeded Q2 2025 outlook with $51.6 million revenue and 49.1% Non-GAAP gross margin, while acquiring emotion3D and repurchasing convertible notes Q2 2025 Key Financial Metrics | Metric | Value | Comparison | | :--- | :--- | :--- | | Revenue | $51.6 million | Above midpoint of outlook | | Non-GAAP Gross Margin | 49.1% | Above midpoint of outlook | | GAAP Operating Loss | $(43.0) million | vs. $(36.6) million in Q2 2024 | | Non-GAAP Operating Loss | $(14.5) million | vs. $(17.2) million in Q2 2024 | | GAAP Loss Per Share | $(0.20) | - | | Non-GAAP Loss Per Share | $(0.08) | - | - Announced acquisition of emotion3D GmbH for **$20 million** at closing plus a potential **$10 million** earnout, enhancing vision capabilities and expected to be immediately accretive[5](index=5&type=chunk)[7](index=7&type=chunk) - Strengthened balance sheet by repurchasing **$30 million** of 2027 convertible notes at a discount[5](index=5&type=chunk)[8](index=8&type=chunk) - Achieved key operational milestones including positive validation of **77GHz radar solution**, commenced production of **iND880 vision processor** for a Camera Monitoring System, and secured new design-wins for Occupancy Monitoring Systems, wireless charging, and laser applications[3](index=3&type=chunk)[6](index=6&type=chunk) [Q3 2025 Outlook](index=2&type=section&id=Q3%202025%20Outlook) The company projects Q3 2025 Non-GAAP revenue between $52 million and $56 million, with gross margin anticipated at 49% to 50% Q3 2025 Guidance (Non-GAAP) | Metric | Guidance Range | Midpoint | | :--- | :--- | :--- | | Revenue | $52M - $56M | $54M | | Non-GAAP Gross Margin | 49% - 50% | 49.5% | [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the unaudited preliminary condensed consolidated statements of operations and balance sheets for Q2 2025 [Consolidated Statements of Operations](index=4&type=section&id=PRELIMINARY%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 total revenue was $51.6 million, with GAAP loss from operations widening to $43.0 million and net loss increasing to $39.0 million Statement of Operations Highlights (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $51,634 | $52,355 | | Cost of Goods Sold | $30,693 | $30,241 | | Total Operating Expenses | $94,627 | $88,989 | | Loss from Operations | $(42,993) | $(36,634) | | Net Loss Attributable to indie | $(39,038) | $(19,160) | | Net Loss Per Share (Basic & Diluted) | $(0.20) | $(0.11) | [Consolidated Balance Sheets](index=5&type=section&id=PRELIMINARY%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets were $867.6 million, with cash and equivalents at $192.6 million, and total liabilities at $452.5 million Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $192,560 | $274,248 | | Total current assets | $331,760 | $408,748 | | Total assets | $867,630 | $941,386 | | Total current liabilities | $76,481 | $84,880 | | Total liabilities | $452,534 | $495,991 | | Total stockholders' equity | $415,096 | $445,395 | [Reconciliation of GAAP to Non-GAAP Measures](index=5&type=section&id=RECONCILIATION%20OF%20PRELIMINARY%20NON-GAAP%20MEASURES%20TO%20GAAP) This section details the reconciliation of GAAP to Non-GAAP financial measures, highlighting adjustments for share-based compensation, amortization, and restructuring costs Q2 2025 GAAP to Non-GAAP Operating Loss Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | GAAP loss from operations | $(42,993) | | Amortization of intangible assets | $6,532 | | Share-based compensation | $14,759 | | Restructuring | $7,107 | | Other adjustments | $63 | | **Non-GAAP operating loss** | **$(14,532)** | Q2 2025 GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | GAAP Net loss | $(41,618) | | Total Adjustments (Share-based comp, Amortization, etc.) | $25,457 | | **Non-GAAP net loss** | **$(16,161)** | - The Non-GAAP net loss per share for Q2 2025 was **$(0.08)**, based on **215.3 million** Non-GAAP shares[25](index=25&type=chunk) [Discussion Regarding the Use of Non-GAAP Financial Measures](index=9&type=section&id=Discussion%20Regarding%20the%20Use%20of%20Non-GAAP%20Financial%20Measures) This section explains the company's rationale for using non-GAAP financial measures to provide a clearer view of ongoing business trends and performance - Management utilizes non-GAAP measures for evaluating operating performance, making decisions, and forecasting future periods[27](index=27&type=chunk) - Key expenses excluded from GAAP to non-GAAP adjustments include acquisition-related expenses, amortization of intangibles, share-based compensation, restructuring costs, fair value changes of warrants and contingent considerations, and non-cash interest expenses[28](index=28&type=chunk)[29](index=29&type=chunk) - The company cannot provide a reconciliation for forward-looking non-GAAP guidance due to the unpredictable nature of certain necessary items[40](index=40&type=chunk)

Core Viewpoint - Indie Semiconductor's stock has seen a significant rally, increasing by 17.7% recently, driven by positive analyst sentiment and potential future growth opportunities [1]. Company Overview - Indie Semiconductor specializes in manufacturing specialty chips for automotive applications, particularly in advanced driver assistance systems (ADAS), fast-charging, and infotainment [3]. - Despite the slowdown in the automotive sector leading to unprofitability, the company has a promising pipeline of design wins and operational efficiency initiatives [4]. Analyst Insights - Analyst Cody Acree from Benchmark has raised the price target for Indie Semiconductor from $6 to $8, indicating over 100% upside potential from the current stock price of $3.73 [2][4]. - Acree highlights Indie’s differentiated technology and strategic positioning in global markets, including China, as key factors for future growth [4]. Market Context - The semiconductor industry is characterized by high cyclicality, with small-cap chip stocks being particularly volatile [6]. - There is an expectation of recovery in the automotive chip market, which could benefit Indie Semiconductor as investors look for opportunities in this sector [6].

Core Viewpoint - The semiconductor stocks focused on the automotive industry are experiencing a recovery, with several companies seeing significant increases in share prices from their lows in 2025, indicating potential for further growth [1][2]. Group 1: ON Semiconductor - ON Semiconductor's stock has increased from a low of approximately $32 in early April 2025 to nearly $54 as of June 16, representing a recovery of nearly 69% [2][3]. - The stock is still about 32% below its 52-week high of almost $79 reached in July 2024 and around 50% below its all-time high of $108 from August 2023 [3]. - The company expects automotive chip demand to reach a bottom in Q2 2025, with signs of recovery in the industrial market, which is the second-largest for the company [4][5]. Group 2: Indie Semiconductor - Indie Semiconductor's stock has risen approximately 113% from its low of $1.60 in early April 2025, trading at $3.41 as of June 16 [6][7]. - Despite being down 54% from its 52-week high of $7.42 in July 2024, analysts see a potential upside of 76% based on price target updates [7][9]. - The company faces challenges due to potential tariff increases affecting vehicle prices, which could lower vehicle demand [8]. Group 3: STMicroelectronics - STMicroelectronics' stock has rebounded around 67% from its 2025 closing low in April, trading at nearly $30 as of June 16 [10][11]. - The stock is still down about 28% from its 52-week high and 45% from its all-time high [10]. - The company reported a book-to-bill ratio above parity, indicating growing demand, and believes Q1 will be the bottom of its revenue [12]. Group 4: Overall Market Sentiment - There is evidence of a recovery in the auto chip market, with stocks benefiting from this trend, yet they remain below their historical highs, suggesting further growth potential [13].

Financial Data and Key Metrics Changes - The company reported total revenue of $54.1 million for Q1 2025, representing a 3.3% increase year-over-year but slightly below the midpoint of the revenue outlook [6][17] - Non-GAAP gross margin was 49.5%, consistent with expectations [17] - The net loss for the quarter was $16.7 million, with a loss per share of $0.08 based on 211.5 million shares [17] Business Line Data and Key Metrics Changes - The company is focusing on ADAS (Advanced Driver Assistance Systems) as a core driver for future growth, with significant design wins in radar and vision technologies expected to ramp production in the second half of 2025 [11][12] - The flagship 77 GHz radar solution is receiving positive feedback from OEMs, with initial production orders on track for late 2025 [12] - The Vision portfolio is also gaining traction, with new design wins for in-cabin monitoring and eMirror applications [13][14] Market Data and Key Metrics Changes - The global automotive market is experiencing weaker demand, particularly in the U.S. and China, with analysts forecasting a reduction in global vehicle sales by 1.3 million units in 2025 [9] - U.S. vehicle prices are expected to increase by over 9% in 2025 due to new tariffs impacting over half of the vehicles sold [10] Company Strategy and Development Direction - The company is committed to maintaining a focus on developing market-leading solutions and deep commercial partnerships to capitalize on the automotive semiconductor opportunity [15] - A restructuring plan has been initiated to exit lower-margin product lines and reduce operating expenses, with expected quarterly reductions of $8 million to $10 million [20] Management's Comments on Operating Environment and Future Outlook - Management noted that while the automotive market is facing challenges, the trend of increasing semiconductor content in vehicles continues [22] - The company remains confident in its innovation and growth objectives, particularly in the ADAS segment, despite current market uncertainties [19] Other Important Information - The company has shipped over 500 million chips cumulatively since inception, highlighting the value of its solutions to Tier 1s and OEMs [15] - The company is currently reviewing its operating expenditures to accelerate its path to profitability [19] Q&A Session Summary Question: Can you provide more details on the ramp of vision and radar technologies? - Management indicated that there are many applications for in-cabin monitoring and radar products, with each product line having the potential to generate over $100 million annually [26] Question: What is the expected operating expense level for Q4 after restructuring? - The expected operating expense for Q4 is approximately $33 million, with a flat outlook for 2026 [30] Question: What are the uncertainties regarding the ramp of radar and vision technologies? - The uncertainties primarily revolve around the timing and volume of launches, with management feeling confident about the peak of the ramp [34] Question: How will restructuring impact the strategic backlog? - The impact on the strategic backlog will be minimal, with some short-term revenue impacts expected but long-term execution on the strategic plan remaining intact [35] Question: Is the company still on track for EBITDA breakeven in Q4? - Management confirmed that the goal remains to achieve EBITDA breakeven in Q4 [39] Question: What is the current situation regarding competition in China? - Management noted that while there is increased competition from local Chinese OEMs, the company's products remain strongly differentiated [44] Question: What is the status of M&A plans given current market conditions? - The company is being conservative with its balance sheet and has put initial M&A opportunities on hold [52]

Financial Performance - The company achieved total revenue of $54.1 million in Q1 2025, representing a 3.3% increase year-over-year, but was slightly below the midpoint of revenue outlook [5][16] - Non-GAAP gross margin was 49.5%, consistent with expectations [16] - The company reported a non-GAAP operating loss of $15.1 million, with a net loss of $16.7 million and a loss per share of $0.08 based on 211.5 million shares [16] Business Lines and Key Achievements - The company is focusing on ADAS (Advanced Driver Assistance Systems) as a core driver for future growth, with significant design wins in radar and vision technologies expected to ramp production in the second half of 2025 [10][11] - Notable design wins include a flagship radar solution with a Tier 1 customer and multiple vision applications with OEMs like Valeo and BYD, each expected to generate over $100 million in annual revenue [12][13] Market Dynamics - The automotive market is experiencing weaker demand, particularly in the U.S. and China, with analysts forecasting a reduction in global vehicle sales by 1.3 million in 2025 [8][9] - The company maintains a diversified supply chain, which has provided resilience against recent U.S. trade policy changes and tariffs [6][7] Company Strategy and Industry Competition - The company is executing a restructuring plan to exit lower-margin product lines and reduce operating expenses, aiming for a quarterly reduction of $8 million to $10 million [19] - Despite market challenges, the company remains committed to innovation in ADAS technologies and expects to maintain strong operational discipline [18][21] Management Commentary on Future Outlook - Management expressed confidence in the long-term trends of increasing semiconductor content in vehicles, despite current market uncertainties [21] - The company anticipates that vehicle semiconductor content will grow significantly, driven by safety regulations and consumer demand [14] Other Important Information - The company exited Q1 2025 with total cash of $246.9 million, down from $284.5 million in Q4 2024 [16] - The company is currently reviewing its operating expenditures to accelerate its path to profitability [18] Q&A Session Summary Question: Can you provide more details on the ramp of vision and radar technologies? - Management indicated that the ramp includes various applications such as in-cabin monitoring and e-mirrors, with each product line having the potential to exceed $100 million in annual revenue [25] Question: What is the expected operating expense level for Q4 after restructuring? - The expected operating expense for Q4 is approximately $33 million, with a flat outlook for the second half of 2026 [29] Question: What are the uncertainties regarding the ramp of radar and vision technologies? - The uncertainties primarily revolve around the timing and volume of product launches, with management feeling confident about the peak of the ramp [32] Question: How will restructuring impact the company's backlog? - The impact on the backlog is expected to be minimal, with some short-term revenue impacts but long-term strategic plans remaining intact [34] Question: Is the company still on track for EBITDA breakeven in Q4? - Management confirmed that the goal remains to achieve EBITDA breakeven in Q4, with a revenue base of approximately $65 million [38] Question: What is the current situation regarding competition in China? - The company noted increased competition from local Chinese OEMs but emphasized that their products remain strongly differentiated [43] Question: What are the M&A plans given the current market conditions? - The company is taking a conservative approach to its balance sheet and has put initial M&A opportunities on hold [50]

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $54.1 million, a 3% increase from $52.4 million in the same period of 2024, driven by a $1.8 million increase in product revenue [128]. - Product revenue accounted for 93% of total revenue in both Q1 2025 and Q1 2024, with product revenue increasing to $50.4 million in Q1 2025 from $48.6 million in Q1 2024, a 4% increase [128]. - Approximately 63% of product revenues for the three months ended March 31, 2025, were recognized from shipments to customer locations in Asia [122]. Operating Expenses - Operating expenses decreased by 9% to $93.0 million in Q1 2025 from $102.0 million in Q1 2024, primarily due to a 15% reduction in research and development expenses [129]. - Research and development expenses for Q1 2025 were $42.1 million, down from $49.6 million in Q1 2024, reflecting a $7.5 million decrease [130]. - The company expects research and development expenses to stabilize over time following the recent decreases [130]. Cash Flow and Financial Position - As of March 31, 2025, the company had cash and cash equivalents of $246.9 million [146]. - For the three months ended March 31, 2025, net cash used in operating activities was $29.0 million, a 210% increase from $9.3 million in the same period of 2024 [147][149]. - The company reported a net cash used in investing activities of $2.4 million for the three months ended March 31, 2025, down from $5.5 million in 2024 [150]. - Net cash used in financing activities for the three months ended March 31, 2025 was $4.7 million, compared to a net cash provided of $6.9 million in the same period of 2024 [151][152]. - As of March 31, 2025, the company’s investment portfolio, including cash and cash equivalents, totals approximately $246.9 million [161]. Debt and Obligations - The company issued $218.5 million in aggregate principal amount of 2029 Notes, with approximately $23.4 million used for capped call transactions [144]. - Future material cash obligations total $462.5 million, including $390.5 million in debt obligations [154]. Interest Income and Expenses - Interest income increased by 73% to $2.3 million in Q1 2025 from $1.3 million in Q1 2024, attributed to higher cash balances [133]. - Interest expense rose by 114% to $4.5 million in Q1 2025 from $2.1 million in Q1 2024, primarily due to the addition of the 2029 Notes [134]. Foreign Currency and Risks - The company experienced a foreign currency translation exchange loss of $0.7 million for the three months ended March 31, 2025, compared to a loss of $0.2 million in 2024 [159]. - The company plans to enter into additional foreign currency forward contracts to mitigate currency fluctuation risks [160]. Other Financial Activities - The net gain from changes in fair value of contingent considerations and acquisition-related holdbacks was $4.8 million in Q1 2025, down from $15.4 million in Q1 2024, a decrease of 69% [135]. - Wuxi employees exercised options contributing a total capital of CNY 88.0 million (approximately $12.3 million) for a potential IPO in China [141]. - As of March 31, 2025, the company had raised gross proceeds of $90.2 million through the ATM Agreement, with approximately $59.8 million available for future issuances [140].

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) indie Semiconductor reported a 3.3% revenue increase to **$54.1 million** in Q1 2025, with improved operating losses and a Q2 outlook [Q1 2025 Performance Summary](index=1&type=section&id=q1_2025_performance_summary) indie Semiconductor reported a 3.3% revenue increase to **$54.1 million** in Q1 2025, with improved GAAP and Non-GAAP operating losses Q1 2025 Financial Highlights (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $54.1 million | $52.4 million | +3.3% YoY | | Non-GAAP Gross Margin | 49.5% | 50.3% | -0.8 p.p. | | GAAP Operating Loss | $(38.9) million | $(49.6) million | Improved | | Non-GAAP Operating Loss | $(15.1) million | $(17.2) million | Improved | | GAAP Loss per Share | $(0.18) | $(0.19) | Improved | | Non-GAAP Loss per Share | $(0.08) | N/A | N/A | - The company delivered year-over-year growth despite persisting negative global macroeconomic conditions and accelerated market uncertainty due to the dynamic tariff situation[3](index=3&type=chunk) [Q2 2025 Outlook](index=1&type=section&id=q2_2025_outlook) For Q2 2025, indie Semiconductor anticipates revenue between **$50 million and $53 million**, reflecting continued market uncertainty - Due to current market uncertainty impacting production ramps, indie expects Q2 2025 revenue to be between **$50 million and $53 million**, with a midpoint of **$51.5 million**[7](index=7&type=chunk) - Guidance is provided on a non-GAAP basis only, as reconciling to GAAP is difficult due to the unpredictability of certain future events[6](index=6&type=chunk) [Business Highlights](index=1&type=section&id=Business%20Highlights) The company initiated a restructuring plan for efficiency, securing key design wins and surpassing **500 million** cumulative chip shipments [Operational Updates & Restructuring](index=1&type=section&id=operational_updates_and_restructuring) The company initiated a restructuring plan to enhance operational efficiencies and achieve up to **$40 million** in annualized expense reductions - A series of measures have been initiated to deliver annualized operational expense reductions of up to **$40 million**, expected to be completed by year-end[5](index=5&type=chunk) - The company announced a restructuring plan to increase operational efficiencies and accelerate its path to profitability[8](index=8&type=chunk) [Key Design Wins and Milestones](index=1&type=section&id=key_design_wins_and_milestones) indie secured multiple design wins in ADAS and in-cabin applications with major OEMs, surpassing **500 million** cumulative chips shipped - Secured multiple design wins for its vision processors (iND880, GW5) and other solutions with key industry players: Valeo for a North American OEM (in-cabin monitoring), Korean OEM (eMirror for trucks/buses), Mercedes China (eMirror) and BYD (in-cabin monitoring), and Bosch for a second high-volume application for Toyota (in-cabin monitoring)[9](index=9&type=chunk) - The iND87200 product achieved full Qi wireless charging standards certification by three Tier 1 customers[9](index=9&type=chunk) - The company surpassed **500 million** cumulative chips shipped since its inception[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section details Q1 2025 revenue, operating losses, and balance sheet positions, including assets and liabilities [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenue reached **$54.1 million**, with GAAP operating loss improving to **$38.9 million** Preliminary Condensed Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total revenue** | **$54,077** | **$52,353** | | Cost of goods sold | 31,528 | 30,089 | | Research and development | 42,115 | 49,589 | | Selling, general, and administrative | 19,367 | 22,322 | | **Loss from operations** | **$(38,933)** | **$(49,647)** | | Total other income, net | 1,818 | 14,315 | | **Net loss** | **$(37,171)** | **$(34,223)** | | **Net loss attributable to indie Semiconductor, Inc.** | **$(34,546)** | **$(31,179)** | | **Net loss per share — basic & diluted** | **$(0.18)** | **$(0.19)** | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were **$909.0 million**, with cash at **$236.6 million** and liabilities at **$477.3 million** Preliminary Condensed Consolidated Balance Sheets (Unaudited, in thousands) | | **March 31, 2025** | **December 31, 2024** | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $236,608 | $274,248 | | Total current assets | $381,713 | $408,748 | | **Total assets** | **$909,022** | **$941,386** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $72,036 | $84,880 | | Long-term debt, net | $367,037 | $369,097 | | **Total liabilities** | **$477,289** | **$495,991** | | **Total stockholders' equity** | **$431,733** | **$445,395** | | **Total liabilities and stockholders' equity** | **$909,022** | **$941,386** | [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, explaining adjustments and their utility for performance evaluation [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP measures, highlighting a **49.5%** Non-GAAP gross margin and **$15.1 million** Non-GAAP operating loss Q1 2025 GAAP to Non-GAAP Reconciliation Highlights (in thousands) | Metric | GAAP Value | Non-GAAP Value | | :--- | :--- | :--- | | Gross Profit | $22,549 | $26,791 | | Gross Margin | 41.7% | 49.5% | | Loss from Operations | $(38,933) | $(15,060) | | Net Loss | $(37,171) | $(16,652) | | Net Loss per Share | $(0.18) | $(0.08) | - Major adjustments to reconcile GAAP to Non-GAAP results include excluding share-based compensation (**$17.7 million**), amortization of intangible assets (**$6.0 million**), and gain from change in fair value of contingent considerations (**$4.8 million**)[21](index=21&type=chunk)[22](index=22&type=chunk) [Discussion Regarding the Use of Non-GAAP Financial Measures](index=9&type=section&id=Discussion%20Regarding%20the%20Use%20of%20Non-GAAP%20Financial%20Measures) Non-GAAP measures are used to provide a clearer view of core operational performance by excluding specific non-recurring or non-cash items - Management uses non-GAAP measures to evaluate operating performance, compare against past periods and peers, make operating decisions, and forecast for future periods[25](index=25&type=chunk) - Key exclusions from GAAP results to arrive at non-GAAP measures include: acquisition-related expenses, amortization of intangibles, inventory cost realignments, share-based compensation, non-cash interest, and changes in fair value of certain liabilities[26](index=26&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company is unable to provide a reconciliation for forward-looking non-GAAP measures to GAAP because certain items, such as unanticipated charges or acquisition expenses, are difficult to predict and are outside of its control[39](index=39&type=chunk)

Company Overview - indie Semiconductor, Inc. (NASDAQ: INDI) is a U.S. semiconductor company primarily focused on the automotive sector and also offers software solutions [1] Current Performance - The company has experienced poor performance amid ongoing geopolitical issues [1] - Recent easing of tensions may provide a potential for recovery [1] Investment Insights - The analyst expresses interest in initiating a long position in INDI within the next 72 hours [2]