Financial Performance - In Q4 2024, the company achieved total revenue of $58 million, marking a sequential growth of 7.5% and consistent with the midpoint of guidance [5][13] - Non-GAAP gross profit was $29.2 million, resulting in a gross margin of 50.4%, flat sequentially [13] - The company reported a non-GAAP operating loss of $14.2 million, an improvement of 16% sequentially, with a net loss of $15.4 million and a loss per share of $0.07 [14][15] Business Line Performance - The flagship iND880 Vision Processor was selected for applications by a large Korean OEM for a new electric vehicle platform, starting production in 2027 [8] - The company continues to progress with major design wins for General Motors, Toyota, and Ford for its Vision products, with production expected to commence later this year [9] - The 77 GHz radar program is on track for production launch with multiple OEMs, with initial shipments expected in late 2025 [9][10] Market Data - The ultrasonic and radar-based automotive sensing market is projected to grow from $4 billion in 2024 to $6 billion by 2029 [9] - The company noted that inventory levels have significantly improved, although some pockets of inventory still exist [34][40] Company Strategy and Industry Competition - The company is well-positioned to capitalize on long-term megatrends in ADAS, in-cabin user experience, and electrification, leveraging a differentiated product technology portfolio [7][11] - M&A remains a key strategy to enhance technology and IP portfolio, with a strong balance sheet allowing for potential acquisitions [12] Management Commentary on Operating Environment and Future Outlook - Management acknowledged ongoing market uncertainties due to tariffs and inventory issues, but remains optimistic about growth drivers from new product launches in 2025 [16][17] - The company expects Q1 2025 revenue to be between $52.5 million and $57.5 million, down 5% sequentially but up 5% year-over-year [16] Other Important Information - The company issued $218.5 million in convertible notes, strengthening its cash position to $284.5 million, up from $107.2 million in the prior quarter [15] - The company has initiated an OpEx review, resulting in a $2 million reduction in quarterly non-GAAP operating expenses [17] Q&A Session Summary Question: Impact of new products in H2 2025 - Management highlighted multiple products ramping, particularly Vision products and radar, which are expected to significantly contribute to revenue [22] Question: OpEx management program - Management indicated that further reductions in OpEx are expected, with an anticipated $1 million to $2 million in run rate reductions as they approach the second half of 2025 [27] Question: Geopolitical impacts and tariffs - Management noted that current turbulence is short-term, with potential long-term implications still uncertain, but they are prepared for short-term impacts [29][30] Question: Inventory and macro demand - Management acknowledged mixed feedback from peers regarding inventory levels and macro demand, with their own inventory levels having improved [33][34] Question: Geographic performance and policy uncertainty - Management indicated that while the U.S. market is facing significant policy uncertainty, they have seen relative strength in the China market [40][41] Question: Radar launch timeline - Management confirmed that the radar program is still on track for the same schedule as previously indicated, with positive momentum expected [47][48] Question: Gross margin expectations - Management expects incremental improvements in gross margins as the year progresses, although achieving 55% by the end of 2025 remains uncertain [49]

Financial Performance - Fourth quarter 2024 revenue increased 7.5% sequentially to $58.0 million, with a Non-GAAP gross margin of 50.4%[2][6] - GAAP operating loss for Q4 2024 was $33.9 million, compared to $21.6 million a year ago, while Non-GAAP operating loss was $14.2 million, up from $2.4 million in the same period last year[2][6] - The company reported a net loss attributable to common shares of $33.4 million for Q4 2024, with a loss per share of $0.18[16] - GAAP revenue for Q4 2024 was $58,009,000, down from $70,133,000 in Q4 2023, representing a decrease of 17.5%[20] - Non-GAAP gross profit for Q4 2024 was $29,238,000, compared to $36,984,000 in Q4 2023, a decline of 20.9%[20] - Non-GAAP gross margin for Q4 2024 was 50.4%, down from 52.7% in Q4 2023[20] - GAAP net loss for the year ended December 31, 2024, was $145,111,000, compared to $128,832,000 in 2023, an increase of 12.6%[21] - Non-GAAP net loss for the year ended December 31, 2024, was $68,863,000, up from $48,434,000 in 2023, a rise of 42.2%[21] - Non-GAAP EBITDA for the year ended December 31, 2024, was $(58,521,000), compared to $(44,012,000) in 2023, indicating a worsening of 32.9%[21] Future Outlook - The company expects Q1 2025 revenue to be between $52.5 million and $57.5 million, representing a 5.2% sequential decline but a 5.1% year-over-year increase[5][6] - Flagship ADAS programs are on track for initial volume shipments in the second half of 2025, with significant design wins secured with major OEMs[7] Assets and Liabilities - Cash and cash equivalents increased to $274.2 million as of December 31, 2024, up from $151.7 million a year earlier[18] - Total assets rose to $941.4 million at the end of 2024, compared to $818.9 million at the end of 2023[18] - The accumulated deficit increased to $494.9 million as of December 31, 2024, from $361.4 million a year earlier[18] - Total liabilities increased to $496.9 million as of December 31, 2024, compared to $341.9 million at the end of 2023[18] Expenses and Costs - Acquisition-related expenses for Q4 2024 were $1,648,000, significantly lower than $8,538,000 in Q4 2023[21] - Share-based compensation for the year ended December 31, 2024, totaled $68,997,000, compared to $44,082,000 in 2023, an increase of 56.5%[21] - The company reported a non-GAAP operating loss of $(14,194,000) for Q4 2024, compared to $(2,415,000) in Q4 2023, reflecting a deterioration of 487.5%[20] - Restructuring costs are one-time expenses incurred for reorganizing operations, primarily related to workforce reduction[32] Non-GAAP Measures - Non-GAAP EBITDA is calculated by excluding non-recurring and irregular items from GAAP net income, including acquisition-related expenses and share-based compensation[37] - Forward-looking estimates of non-GAAP financial measures are difficult to predict and may differ materially from actual results[38] - Non-GAAP financial measures should not be considered in isolation and may have limited value for comparisons between companies[35] - The company does not provide a reconciliation of forward-looking non-GAAP measures due to uncertainties in predicting future events[38] - Non-GAAP measures may exclude certain expenses that some investors consider important for evaluating ongoing business performance[36] Inventory and Depreciation - Depreciation expenses are related to the depreciation of all property and equipment on hand[30] - Inventory cost realignments have eliminated supplier allocation premiums introduced during COVID, deemed non-recurring[30] - Non-cash interest expenses relate to the amortization of debt discounts and issuance costs, not considered in financing decisions[34] - Share-based compensation is a non-cash expense associated with equity awards and is not considered in operating decisions[31] Stock Information - Weighted average Class A common stock for Q4 2024 was 185,682,996 shares, compared to 176,671,247 shares in Q4 2023[22]

Core Viewpoint - Indie Semiconductor is experiencing a significant decline in stock price due to the announcement of a new convertible debt offering, which raises concerns about potential dilution for existing shareholders [1][4]. Group 1: Convertible Debt Offering - The company plans to sell up to $175 million in convertible senior debt notes in a private offering, with an option for an additional $26.25 million [2]. - The notes are set to mature on December 15, 2029, with provisions for cash redemption starting December 20, 2027 [2]. Group 2: Impact on Shareholders - If the stock performs well, holders of the convertible notes may convert them into shares, leading to an estimated 24% increase in shares outstanding based on the current market cap of approximately $852 million [3][4]. - The stock has already seen a substantial pullback in response to the debt offering, which may mitigate further concerns about conversion into common stock [4]. Group 3: Financial Health and Future Prospects - The move to raise capital through convertible debt highlights the company's profitability and funding concerns, indicating that the effectiveness of fund utilization will be crucial for long-term shareholders [5].

Core Viewpoint - indie Semiconductor has faced significant challenges in 2024, with shares down 43% year-to-date, yet analysts maintain a bullish outlook with an average price target of $8 per share, indicating a potential 72% upside from current levels [1][5]. Company Overview - indie Semiconductor specializes in designing chips and software for Advanced Driver Assistance Systems (ADAS), essential for the development of autonomous driving technology [3]. - The company's chips, known as edge sensors, are crucial for real-time data processing in vehicles, enabling immediate decision-making to enhance safety [4]. Financial Performance - Despite a challenging environment, indie Semiconductor's shares rose nearly 36% following its earnings report on November 7, indicating positive momentum [2]. - The company has revised its 2024 revenue forecast downward, expecting a 3% decline compared to an initial projection of 29% growth. However, it anticipates a 7% revenue growth in Q4 compared to Q3, which is a significant improvement over previous quarters [5][6]. - The adjusted gross margin improved by 250 basis points to 52.5% in 2023, although the company remains unprofitable, with a net loss per share of $0.01 in Q4 2023 and $0.09 in the last quarter [6]. Market Position and Future Outlook - indie Semiconductor has a substantial backlog of design wins valued at $7.1 billion, which is 31 times its revenue over the last 12 months, indicating strong future demand for its products [7]. - The company expects to generate $700 million in annual revenue by 2028, more than three times its projected revenue for 2024, with 72% of the backlog coming from ADAS systems [8]. - Recognition as "Auto Sensor Innovation of the Year" highlights the company's technological advancements and potential for growth as the automotive industry recovers [8].

Revenue Performance - Revenue for the three months ended September 30, 2024 was $54.0 million, a decrease of $6.5 million or 11% compared to $60.5 million for the same period in 2023, primarily due to a $2.1 million decrease in product revenue and a $4.4 million decrease in contract revenue [173]. - Product revenue for the three months ended September 30, 2024 was $51.3 million, representing 95% of total revenue, while contract revenue was $2.7 million, representing 5% of total revenue [173]. - Revenue for the nine months ended September 30, 2024 was $158.7 million, an increase of $5.6 million or 4% compared to $153.0 million for the same period in 2023, primarily driven by a $16.4 million increase in product revenue [184]. - Product revenue for the nine months ended September 30, 2024 was $148.9 million, representing 94% of total revenue, while contract revenue decreased by $10.8 million or 52% to $9.8 million [184]. Operating Expenses - Total operating expenses for the three months ended September 30, 2024 were $103.9 million, an increase of $7.2 million or 7% compared to $96.6 million for the same period in 2023 [175]. - Research and development expenses increased by $4.4 million or 11% to $46.0 million for the three months ended September 30, 2024, primarily due to increased share-based compensation [176]. - Selling, general, and administrative expenses rose by $1.0 million or 5% to $20.8 million for the three months ended September 30, 2024, driven by increased share-based compensation expenses [177]. - Total operating expenses for the nine months ended September 30, 2024 were $294.9 million, an increase of $27.9 million or 10% compared to $266.9 million for the same period in 2023 [186]. - Research and development (R&D) expenses increased by $16.6 million or 14% to $136.9 million for the nine months ended September 30, 2024, primarily due to increased headcount and share-based compensation [187]. - Selling, general, and administrative expenses rose by $5.3 million or 10% to $60.6 million for the nine months ended September 30, 2024, driven by higher personnel costs and share-based compensation [188]. Net Income and Loss - The company recognized a net loss of $5.0 million in other income (expense) for the three months ended September 30, 2024, compared to a gain of $18.1 million for the same period in 2023, reflecting significant changes in fair value of warrants and contingent considerations [180]. - The company reported a net loss of $109.8 million for the nine months ended September 30, 2024, compared to a net loss of $114.2 million for the same period in 2023 [209][210]. Cash Flow and Liquidity - As of September 30, 2024, the company had cash and cash equivalents of $107.2 million, including restricted cash [195]. - For the nine months ended September 30, 2024, net cash used in operating activities was $51.9 million, a decrease of 41% compared to $88.0 million for the same period in 2023 [207][210]. - Net cash used in investing activities decreased significantly to $16.7 million in 2024 from $103.6 million in 2023, primarily due to the Kinetic acquisition and reduced capital expenditures [211]. - Net cash provided by financing activities was $23.5 million for the nine months ended September 30, 2024, down 31% from $34.2 million in 2023 [212][213]. - The company expects to continue incurring net operating losses and negative cash flows as it expands operations and product offerings [205]. Acquisitions and Investments - The acquisition of Kinetic Technologies was completed on January 25, 2024, with an initial cash consideration of $3.2 million and additional contingent considerations totaling $4.6 million based on production and revenue milestones [169]. - The company completed multiple acquisitions, including GEO for $93.4 million in cash and stock, and Silicon Radar for approximately $9.2 million, with additional contingent considerations based on future performance [201][202]. - The company completed the acquisition of certain business properties from Kinetic for a total consideration of $3.2 million in cash, with additional contingent considerations of $2.3 million based on production and revenue milestones [204]. Interest Income and Currency - Interest income for the three months ended September 30, 2024 was $1.0 million, a decrease of $0.9 million or 47% compared to $1.9 million for the same period in 2023 [179]. - Interest income for the nine months ended September 30, 2024 was $3.4 million, a decrease of $2.8 million or 45% from the same period in 2023, primarily due to lower cash balances [190]. - The company has a cumulative foreign currency translation loss of $8.5 million as of September 30, 2024, compared to $20.3 million in 2023, primarily due to fluctuations in exchange rates [219][220]. - The company plans to enter into additional foreign currency forward contracts to mitigate risks associated with currency fluctuations [220]. Future Obligations - Future estimated cash payments due for contractual obligations total $221.8 million, with $20.4 million due within the next year [215]. - The investment portfolio totals approximately $107.2 million as of September 30, 2024, with a focus on liquidity and capital preservation [221].

Indie Semiconductor, Inc. (INDI) came out with a quarterly loss of $0.09 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.09 per share when it actually produced a loss of $0.09, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus EPS estimates.indie Semiconductor, which belongs t ...

Exhibit 99.1 indie Semiconductor Exceeds Third Quarter 2024 Growth Expectations, Guides Accelerating Fourth Quarter • Delivers Q3 2024 Revenue of $54.0M, up 3.1% Sequentially, with Non-GAAP Gross Margin of 50.4% • Guides Q4 2024 Revenue up more than 7% Sequentially at the Mid-point of $58.0M • Expands Strategic Backlog to $7.1B, up from $6.3B last year, driven by strong ADAS design-win momentum ALISO VIEJO, Calif. – November 7, 2024 – indie Semiconductor, Inc. (Nasdaq: INDI), an automotive solutions innovat ...

News of top executive pay cuts didn't exactly inspire confidence with investors. Indie Semiconductor (INDI -8.92%) shares were jammed in the slow lane as the abbreviated stock trading week kicked off on Tuesday. On news that the assisted-driving chip developer's top executives were subject to severe pay restrictions, investors aggressively traded out of the company. Its stock closed the day almost 9% lower in price, a far steeper fall than the 2.1% slide of the bellwether S&P 500 index. Slimmer paychecks fo ...

Core Insights - The information technology sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1][2]. Company Summaries - **indie Semiconductor Inc (INDI)**: Reported worse-than-expected Q2 results, with a stock price decline of approximately 37% over the past month and a 52-week low of $3.79. The RSI value is 28.53, and shares closed at $3.89 after a 5.6% drop [3]. - **Ouster Inc (OUST)**: Announced disappointing Q2 sales results and provided lower-than-expected Q3 revenue guidance. The stock has fallen around 46% in the last month, reaching a 52-week low of $3.67. The RSI value is 25.49, with shares closing at $7.24 after a 3.3% decline [4]. - **Super Micro Computer Inc (SMCI)**: Experienced a significant drop of about 36% in stock price over the past month following a short report from Hindenburg Research, with a 52-week low of $226.59. The RSI value is 25.38, and shares closed at $443.49 after a 19% decrease [5].

Indie Semiconductor, Inc. (INDI) came out with a quarterly loss of $0.09 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.11 per share a year ago. These figures are adjusted for nonrecurring items. A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.10, delivering a surprise of -25%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. indie Semiconductor, which ...