Financial Data and Key Metrics Changes - The company achieved record revenue of $70.1 million in Q4 2023, representing a 112% year-over-year growth and a 16% sequential increase, despite a challenging market environment [8][18] - Gross margin expanded by 50 basis points year-over-year to 52.7%, with Q4 gross profit amounting to $37 million [8][18] - Operating loss narrowed to $2.4 million compared to a loss of $15.1 million in the same period last year, driven by higher revenue and improved gross margin [26] Business Line Data and Key Metrics Changes - The company continues to gain traction in design wins, particularly in in-cabin monitoring programs with major automotive OEMs such as BMW, Ford, General Motors, and Toyota [13] - New product launches in interior lighting and power management portfolios were introduced to support OEMs' focus on enhancing in-cabin environments [16] Market Data and Key Metrics Changes - The automotive market is experiencing a slowdown, with S&P Global indicating a potential shrinkage in production after a strong 2023, where light vehicle production reached 90 million units [10] - The China e-vehicle market is showing signs of weakness, with a decline in luxury vehicle sales, marking the fifth consecutive month of declines [11] Company Strategy and Development Direction - The company aims to capitalize on the growing demand for advanced driver-assistance systems (ADAS) and innovative Autotech solutions, positioning itself at the intersection of vehicle safety systems and artificial intelligence [12] - A strategic partnership with Ficosa was established to enhance AI-based automotive camera solutions, targeting significant improvements in vehicle safety [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current market challenges but expressed confidence in a recovery starting in Q2 2024, with expectations for strong growth in Q3 and Q4 [10][30] - The company plans to maintain disciplined cost control while investing in new product development to address increasing demand from Tier 1 and OEM customers [12][20] Other Important Information - The company expects Q1 2024 revenue to be up 38% year-over-year but down 20% sequentially, reflecting seasonality and current industry softness [28] - For the full year 2024, revenue is projected to be in the range of $275 million to $300 million, representing a 29% increase at the midpoint [30] Q&A Session Summary Question: Can you provide insights on the demand weakness across geographies? - Management noted that the primary reason for demand weakness is inventory digestion across the market, with specific challenges in the China EV market [36] Question: Are there broader trends of program delays for future model years? - Management clarified that the program push-out is an isolated incident and not indicative of a broader trend, emphasizing that they are working on multiple programs simultaneously [37] Question: What is the outlook for gross margin moving forward? - Management expects gross margin to expand, projecting a return to growth towards 60% following the Q1 trough [41] Question: What gives confidence for a ramp in Q3 and Q4? - Management highlighted ongoing program ramps and a conservative approach to guidance, indicating confidence in recovery and growth in the second half of the year [50] Question: How does the updated outlook impact cash flow and capital needs? - Management anticipates cash flow usage in the range of $35 million to $40 million until cash generation begins, with a current cash position of over $150 million providing a cushion [55] Question: Can you size the significant design wins in Q4? - Management identified a notable design win with Ficosa, which is among the top five programs in the company's history, supporting two major European OEMs [57]

Exhibit 99.1 indie Semiconductor Achieves Record Fourth Quarter and 2023 Results ALISO VIEJO, Calif. – February 22, 2024 – indie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced fourth quarter and year end results for the period ended December 31, 2023. Fourth quarter revenue was up 112 percent from the same period a year ago and 16 percent sequentially to a record $70.1 million, within the Company's prior guidance range. Non-GAAP gross margin expanded 50 basis points yea ...

ALISO VIEJO, Calif.--(BUSINESS WIRE)--indie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced the promotion of a few outstanding senior executives within the organization. These individuals have demonstrated exceptional leadership, business acumen and automotive industry relationships, and have already made significant contributions to the success of indie in relatively short order. In their new roles, these key management team members will help drive indie’s market outper ...

Surasak Suwanmake/Moment via Getty Images This report shares updated data on over 50 top growth stocks (that Wall Street rates “Strong Buy”), and then reviews 3 names from the list that are particularly interesting. We have a special focus on indie Semiconductor (NASDAQ:INDI), considering it’s benefiting from a massive secular trend, but has sold off hard this year, and Wall Street thinks the shares have nearly 100% upside. After reviewing indie’s business model, its market opportunity, financials, valu ...

ALISO VIEJO, Calif.--(BUSINESS WIRE)--indie Semiconductor (Nasdaq: INDI), an Autotech solutions innovator, plans to conduct a conference call with analysts to discuss its fourth quarter 2023 results and business outlook on February 22, 2024 at 5:00 p.m. Eastern time. After the close of the market on February 22 and prior to the conference call, indie will issue a copy of the earnings press release via Business Wire. The press release may also be viewed on indie’s website at https://investors.indiesemi.com/ ...

Table of Contents INDIE SEMICONDUCTOR, INC. ___________________________________________________________________ (Exact name of registrant as specified in its charter) Delaware 88-1735159 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ___________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECUR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR Delaware 87-0913788 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 32 Journey Aliso Viejo, California 92656 (Address of Principal Executiv ...

Part I. Financial Information [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Presents indie Semiconductor's unaudited Q1 2023 financial statements, detailing 84% revenue growth, a $72.7 million net loss, and impacts from recent acquisitions [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) - Total assets increased to **$793.6 million** as of March 31, 2023, from **$603.4 million** at the end of 2022, primarily driven by a **$142.5 million** increase in Goodwill and a **$126.4 million** increase in Intangible Assets resulting from recent acquisitions[14](index=14&type=chunk) - Total liabilities rose to **$435.4 million** from **$289.0 million**, largely due to a **$47.3 million** increase in warrant liability and a **$57.5 million** increase in accrued expenses and other current liabilities, which includes contingent considerations for acquisitions[14](index=14&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$793,577** | **$603,351** | | Cash and cash equivalents | $207,398 | $321,629 | | Goodwill | $278,949 | $136,463 | | Intangible assets, net | $189,476 | $63,117 | | **Total Liabilities** | **$435,440** | **$289,019** | | Warrant liability | $92,730 | $45,398 | | Long-term debt, net | $155,959 | $155,699 | | **Total Stockholders' Equity** | **$358,137** | **$314,332** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) - The company reported a net loss attributable to indie of **$72.7 million** in Q1 2023, a significant shift from a net income of **$10.8 million** in Q1 2022, primarily driven by a **$47.3 million** non-cash loss from the change in fair value of warrants, compared to a **$47.4 million** gain in the prior-year period[16](index=16&type=chunk) Q1 2023 vs. Q1 2022 Operating Results (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total Revenue | $40,452 | $21,999 | | Loss from Operations | $(36,981) | $(34,334) | | Net Income (Loss) attributable to indie | $(72,746) | $10,833 | | Net Income (Loss) per share — diluted | $(0.55) | $0.07 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) - Net cash used in operating activities increased to **$32.9 million** in Q1 2023 from **$15.7 million** in Q1 2022[24](index=24&type=chunk) - Net cash used in investing activities was **$101.6 million**, dominated by **$98.4 million** used for business combinations (net of cash acquired)[24](index=24&type=chunk) - Net cash provided by financing activities was **$21.1 million**, primarily from **$34.2 million** in proceeds from an At-the-Market (ATM) stock offering, partially offset by debt and finance software payments[24](index=24&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company completed two significant acquisitions in Q1 2023: GEO Semiconductor Inc. for total consideration of **$253.1 million** and Silicon Radar GmbH for **$29.1 million**, which significantly increased goodwill and intangible assets[29](index=29&type=chunk)[30](index=30&type=chunk)[41](index=41&type=chunk) - As of March 31, 2023, total debt stood at **$160.6 million**, primarily composed of **$160.0 million** in 4.50% Convertible Senior Notes due 2027[68](index=68&type=chunk)[69](index=69&type=chunk) - The fair value of warrant liability increased from **$45.4 million** at year-end 2022 to **$92.7 million** as of March 31, 2023, resulting in a **$47.3 million** non-cash loss recognized in the statement of operations[90](index=90&type=chunk)[91](index=91&type=chunk) - For Q1 2023, two customers accounted for **15.8%** and **11.9%** of total revenue, respectively, indicating significant customer concentration[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, highlighting 84% revenue growth, increased operating expenses, a net loss from warrant adjustments, and the company's liquidity position [Operating Results](index=35&type=section&id=Operating%20Results) Revenue Breakdown Q1 2023 vs Q1 2022 (in thousands) | Revenue Type | Q1 2023 | Q1 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $33,653 | $18,086 | $15,567 | 86% | | Contract revenue | $6,799 | $3,913 | $2,886 | 74% | | **Total revenue** | **$40,452** | **$21,999** | **$18,453** | **84%** | - Cost of goods sold increased by **70%** to **$24.1 million**, primarily due to higher product shipments, a change in product mix, and a **$2.5 million** amortization charge for inventory step-up value related to recent acquisitions[151](index=151&type=chunk) - R&D expenses grew **24%** to **$36.6 million**, reflecting increased investment in product development and higher personnel costs[152](index=152&type=chunk) - SG&A expenses rose **33%** to **$16.8 million**, driven by **$3.0 million** in transaction costs for the GEO and Silicon Radar acquisitions, along with increased personnel costs and share-based compensation[153](index=153&type=chunk)[53](index=53&type=chunk) - A non-cash unrealized loss of **$47.3 million** from the change in fair value of warrants was recognized, primarily due to the increase in the company's stock price from **$5.83** to **$10.55** during the quarter[157](index=157&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2023, the company had **$207.4 million** in cash and cash equivalents[167](index=167&type=chunk) - The company utilized its At-The-Market (ATM) program, raising gross proceeds of **$52.1 million** as of March 31, 2023, with approximately **$97.9 million** remaining available for future issuance[168](index=168&type=chunk) - Significant cash was used for acquisitions in Q1 2023, including approximately **$93.4 million** for GEO Semiconductor and **$9.2 million** for Silicon Radar[173](index=173&type=chunk)[174](index=174&type=chunk) Future Material Cash Obligations (in thousands) | Contractual Obligations | Less than 1 year | 1 - 3 years | 3-5 years | >5 years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Debt obligations | $5,659 | $— | $160,000 | $— | $165,659 | | Operating leases | $1,993 | $4,325 | $3,590 | $4,132 | $14,040 | | Interest on debt obligations | $7,320 | $14,600 | $11,880 | $— | $33,800 | | **Total** | **$14,972** | **$18,925** | **$175,470** | **$4,132** | **$213,499** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies foreign currency and interest rate risks as primary market exposures, with foreign currency risk stemming from international operations and interest rate risk deemed minimal due to investment strategy - The company is exposed to foreign currency risk from its international operations, with primary exposures in the Canadian dollar, Chinese yuan, and Israeli New Shekel; as of March 31, 2023, a cumulative foreign currency translation loss of **$13.5 million** is included in 'Accumulated other comprehensive loss'[187](index=187&type=chunk) - Investment and interest rate risk is related to the company's **$207.4 million** portfolio of cash and cash equivalents, and the risk is considered not material as investments are short-term and focused on liquidity and capital preservation[189](index=189&type=chunk)[191](index=191&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2023, due to persistent material weaknesses in internal control over financial reporting, particularly regarding non-routine transactions and IT general controls - Management concluded that disclosure controls and procedures were not effective as of March 31, 2023[192](index=192&type=chunk) - The ineffectiveness is due to persistent material weaknesses related to risk assessment of non-routine transactions (e.g., mergers and acquisitions) and inadequate information control processes, including IT general controls (ITGCs)[195](index=195&type=chunk) - Remediation efforts are ongoing, but management cannot guarantee when the material weaknesses will be fully resolved[197](index=197&type=chunk) - The acquisitions of GEO and Silicon Radar in Q1 2023 represented material changes to the company's internal control over financial reporting[199](index=199&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not party to any material legal proceedings, though it may be involved in ordinary course of business claims from time to time[201](index=201&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company confirms no material changes to risk factors previously disclosed in its Form 10-K for the fiscal year ended December 31, 2022 - There have been no material changes to the Company's risk factors as disclosed in the Form 10-K for the year ended December 31, 2022[202](index=202&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company issued over **2.6 million** shares of Class A common stock in unregistered transactions, primarily for an acquisition and unit exchanges, exempt under Section 4(a)(2) of the Securities Act - The company issued **1,626,348** shares of Class A common stock to three ADK Minority Holders in exchange for an equal number of ADK LLC units[203](index=203&type=chunk) - In February 2023, the company issued **982,445** shares of Class A common stock as partial consideration in an acquisition[203](index=203&type=chunk) - All unregistered sales were conducted in reliance on the exemption under Section 4(a)(2) of the Securities Act of 1933[203](index=203&type=chunk) [Other Items (Items 3, 4, 5, 6)](index=43&type=section&id=Other%20Items%20%28Items%203%2C%204%2C%205%2C%206%29) This section confirms no defaults on senior securities, non-applicability of mine safety disclosures, and lists exhibits filed with the report - Item 3: No defaults upon senior securities[204](index=204&type=chunk) - Item 4: Mine safety disclosures are not applicable[205](index=205&type=chunk) - Item 6: A list of exhibits filed with the 10-Q is provided, including merger agreements and officer certifications[207](index=207&type=chunk)[208](index=208&type=chunk) [Signatures](index=45&type=section&id=Signatures) The report was signed on May 12, 2023, by Kanwardev Raja Singh, Chief Accounting Officer of indie Semiconductor, Inc - The report was signed on May 12, 2023, by Kanwardev Raja Singh, Chief Accounting Officer[213](index=213&type=chunk)

indie Semiconductor, Inc. (NASDAQ:INDI) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Ashish Gupta - Investor Relations Donald McClymont - Co-Founder and Chief Executive Officer Raja Bal - Chief Accounting Officer Conference Call Participants Suji DeSilva - Roth Capital Partners Anthony Stoss - Craig-Hallum Ross Seymore - Deutsche Bank Cody Acree - Benchmark Craig Ellis - B. Riley Securities Operator Good afternoon and welcome to indie Semiconductor 's First Quarter 2023 Earn ...

Market Opportunity & Growth - The company is well-positioned in a high-growth market with a $48 billion Served Addressable Market (SAM) expected by 2027[6] - The automotive semiconductor market is at an inflection point, driven by silicon content gains[21, 22] - The automotive semiconductor TAM is growing at an 11% Compound Annual Growth Rate (CAGR)[33] Strategic Focus - The company is capitalizing on three strategic auto megatrends: sensor fusion, user experience enhancement, and electrification[35, 37, 48, 88] - The company is enabling sensor fusion through radar acquisitions and computer vision solutions[37, 41, 46] - The company is supporting emerging autotech applications and accelerating electrification[86, 88] Financial Performance & Backlog - The company has a strategic backlog of $4.3 billion as of November 2022[95] - The company's revenue has grown significantly, with a year-over-year growth of 129% in 2021 and 49.9% gross margin in 2022[92] - The company has demonstrated improving fundamentals and has exceeded or met revenue and gross margin expectations in 7 consecutive quarters since its June 2021 IPO[78, 99]