[First Quarter 2024 Results Overview](index=1&type=section&id=First%20Quarter%202024%20Results%20Overview) [Q1 2024 Financial Performance Summary](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Summary) indie Semiconductor reported a 29% year-over-year revenue increase to $52.4 million in Q1 2024, with a Non-GAAP gross margin of 50.3% | Metric | Q1 2024 | Q1 2023 | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | Revenue | $52.4 million | $40.452 million | +29% | | Non-GAAP Gross Margin | 50.3% | 52.2% | -1.9 ppts | | GAAP Operating Loss | $(49.6) million | $(37.0) million | -34.05% | | Non-GAAP Operating Loss | $(17.2) million | $(16.8) million | -2.38% | | GAAP Loss Per Share | $(0.19) | $(0.55) | +65.45% | | Non-GAAP Loss Per Share | $(0.10) | N/A | N/A | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Donald McClymont highlighted indie's significant outperformance relative to peers and its capitalization on Autotech market technology deployment - indie Semiconductor **significantly outpaced its industry peer group**, capitalizing on technology deployment momentum in the Autotech market[3](index=3&type=chunk) - Despite contracting automotive end market units, the company achieved **29% year-over-year top-line growth** to a record first-quarter level[3](index=3&type=chunk) - Management believes the company has passed its trough and expects a **resumption of outsized sales growth in the second half of 2024**, driven by new product ramps and key global flagship car launches[3](index=3&type=chunk) [Business Highlights](index=1&type=section&id=Business%20Highlights) indie Semiconductor achieved several key milestones in Q1 2024, including ramping new solutions for major automotive OEMs and securing strategic design wins - Ramped Occupant Monitoring System (OMS) solutions for BMW[7](index=7&type=chunk) - Enabled Cadillac Escalade Augmented Reality (AR) navigational systems[7](index=7&type=chunk) - Secured Image Signal Processor (ISP) wins at a leading Japanese OEM for blindspot monitoring and captured strategic camera design wins at Valeo[7](index=7&type=chunk) - Supported Xiaomi's SU7 electric vehicle launch with multiple User Experience solutions[7](index=7&type=chunk) - Achieved production readiness with a mixed-signal solution for Ultrasonic Intrusion Detection applications at Volkswagen[7](index=7&type=chunk) [Q2 2024 Outlook and Future Growth](index=1&type=section&id=Q2%202024%20Outlook%20and%20Future%20Growth) For Q2 2024, indie Semiconductor anticipates sequential revenue growth of flat to 5% and gross margin expansion to 51-52% | Metric | Q2 2024 Outlook | | :-------------------- | :-------------------- | | Revenue (Sequential) | Flat to up 5% | | Non-GAAP Gross Margin | 51% to 52% | - The company expects to offset current market softness from industry-wide inventory rebalancing[6](index=6&type=chunk) - **Gross margin expansion** is expected due to a richer product mix and flat expenses, leading to a **narrower operating loss sequentially**[6](index=6&type=chunk)[8](index=8&type=chunk) - indie plans to **return to high growth mode in the back half of 2024** and **resume its industry-leading growth trajectory into 2025 and beyond**, supported by new product pipeline strength and general market recovery[8](index=8&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [About indie Semiconductor](index=2&type=section&id=About%20indie%20Semiconductor) indie Semiconductor is an Autotech solutions innovator focused on developing high-performance, energy-efficient automotive semiconductors and software platforms - indie Semiconductor **empowers the Autotech revolution** with next-generation automotive semiconductors and software platforms[10](index=10&type=chunk) - Focus areas include **ADAS, user experience, and electrification applications**, with mixed-signal SoCs enabling **edge sensors (Radar, LiDAR, Ultrasound, Computer Vision)**[10](index=10&type=chunk) - Their embedded system control, power management, and interfacing solutions **enhance the in-cabin experience** and **support automated and electrified vehicles**[10](index=10&type=chunk) [Q1 2024 Conference Call Details](index=2&type=section&id=Q1%202024%20Conference%20Call%20Details) indie Semiconductor hosted a conference call on May 9, 2024, to discuss Q1 2024 results and business outlook - A conference call was held on May 9, 2024, at 5:00 p.m. Eastern time to discuss Q1 2024 results and business outlook[8](index=8&type=chunk) - Conference call access was available via the Investors page of indie's website or by telephone (domestic: 1-888-886-7786, international: 416-764-8658, Conference ID: 34978665)[8](index=8&type=chunk) - A replay was available from May 9, 2024, to May 23, 2024, via the website or by calling (844) 512-2921 (domestic) or (412) 317-6671 (international), Replay Pin Number: 34978665[9](index=9&type=chunk) [Media & Investor Relations](index=3&type=section&id=Media%20%26%20Investor%20Relations) Contact information for media and investor inquiries is provided - Media inquiries can be directed to media@indiesemi.com[14](index=14&type=chunk) - Investor relations inquiries can be directed to ir@indiesemi.com[14](index=14&type=chunk) [Legal Disclosures](index=3&type=section&id=Legal%20Disclosures) [Safe Harbor Statement](index=3&type=section&id=Safe%20Harbor%20Statement) This section contains forward-looking statements regarding future business and financial performance, subject to significant uncertainties and risks - The communication contains **forward-looking statements** regarding future business and financial performance, including expectations for financial outlook, market recovery, product ramps, gross margin expansion, and revenue growth[12](index=12&type=chunk) - These statements are based on current beliefs and expectations but are subject to **significant business, economic, and competitive uncertainties and contingencies**, many of which are difficult to predict and beyond the company's control[12](index=12&type=chunk) - Key risk factors include **macroeconomic conditions** (inflation, interest rates), ongoing conflicts, **reliance on contract manufacturing**, **competitive pressures**, ability to achieve design wins, **impacts of acquisitions**, ability to develop new products, **trade restrictions**, and political/economic instability[12](index=12&type=chunk) - Investors are cautioned **not to place undue reliance on forward-looking statements**, and the company does not undertake to update them except as required by law[13](index=13&type=chunk) [Preliminary Condensed Consolidated Financial Statements](index=4&type=section&id=Preliminary%20Condensed%20Consolidated%20Financial%20Statements) [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) The condensed consolidated statements of operations show indie Semiconductor's financial performance for the three months ended March 31, 2024 | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------ | :---------------------------------- | :---------------------------------- | | Product revenue | $48,578 | $33,653 | | Contract revenue | $3,775 | $6,799 | | **Total revenue** | **$52,353** | **$40,452** | | Cost of goods sold | $30,089 | $24,056 | | Research and development | $49,589 | $36,563 | | Selling, general, and administrative | $22,322 | $16,814 | | **Total operating expenses** | **$102,000** | **$77,433** | | **Loss from operations** | **$(49,647)** | **$(36,981)** | | Total other income (loss), net | $14,315 | $(48,691) | | Net loss before income taxes | $(35,332) | $(85,672) | | Income tax benefit | $1,109 | $3,706 | | **Net loss** | **$(34,223)** | **$(81,966)** | | Net loss attributable to indie Semiconductor, Inc. | $(31,179) | $(72,746) | | Net loss per share attributable to common shares — basic | $(0.19) | $(0.55) | | Weighted average common shares outstanding — basic | 164,602,608 | 131,490,221 | [Balance Sheets](index=5&type=section&id=Balance%20Sheets) The condensed consolidated balance sheets present indie Semiconductor's financial position as of March 31, 2024, compared to December 31, 2023 | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :---------------------------------- | :--------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $138,174 | $151,678 | | Accounts receivable, net | $52,418 | $63,602 | | Inventory, net | $37,899 | $33,141 | | Total current assets | $263,750 | $271,820 | | Property and equipment, net | $29,399 | $26,966 | | Intangible assets, net | $198,635 | $208,134 | | Goodwill | $290,397 | $295,096 | | **Total assets** | **$803,648** | **$818,876** | | **Liabilities and stockholders' equity** | | | | Accounts payable | $18,955 | $18,405 | | Contingent considerations | $75,122 | $83,903 | | Total current liabilities | $151,666 | $138,875 | | Long-term debt, net of current portion | $156,996 | $156,735 | | **Total liabilities** | **$342,177** | **$341,851** | | indie's stockholders' equity | $432,877 | $446,149 | | Noncontrolling interest | $28,594 | $30,876 | | **Total stockholders' equity** | **$461,471** | **$477,025** | | **Total liabilities and stockholders' equity** | **$803,648** | **$818,876** | [Non-GAAP Financial Measures Reconciliation and Discussion](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation%20and%20Discussion) [Reconciliation of Preliminary Non-GAAP Measures to GAAP](index=6&type=section&id=Reconciliation%20of%20Preliminary%20Non-GAAP%20Measures%20to%20GAAP) This section provides a reconciliation of indie Semiconductor's preliminary GAAP financial measures to non-GAAP measures by adjusting for specific expenses Non-GAAP Gross Margin Reconciliation | Metric (in thousands) | Q1 2024 | Q1 2023 | | :-------------------------- | :------ | :------ | | GAAP revenue | $52,353 | $40,452 | | GAAP cost of goods sold | $30,089 | $24,056 | | Acquisition-related expenses | $(110) | $(2,648) | | Amortization of intangible assets | $(3,735) | $(2,019) | | Inventory cost realignments | $(145) | — | | Share-based compensation | $(100) | $(68) | | **Non-GAAP gross profit** | **$26,354** | **$21,131** | | **Non-GAAP gross margin** | **50.3%** | **52.2%** | Non-GAAP Operating Loss Reconciliation | Metric (in thousands) | Q1 2024 | Q1 2023 | | :-------------------------- | :------ | :------ | | GAAP loss from operations | $(49,647) | $(36,981) | | Acquisition-related expenses | $1,195 | $5,133 | | Amortization of intangible assets | $5,771 | $3,423 | | Inventory cost realignments | $145 | — | | Share-based compensation | $25,384 | $11,626 | | **Non-GAAP operating loss** | **$(17,152)** | **$(16,799)** | Non-GAAP Net Loss and EBITDA Reconciliation | Metric (in thousands) | Q1 2024 | Q1 2023 | | :------------------------------------------------------------------ | :------ | :------ | | GAAP Net loss | $(34,223) | $(81,966) | | Non-GAAP Net loss | $(17,699) | $(16,269) | | Non-GAAP Net loss per share | $(0.10) | N/A | | Non-GAAP share count | 185,710,540 | N/A | | Non-GAAP EBITDA | $(15,616) | $(15,842) | [Discussion Regarding the Use of Non-GAAP Financial Measures](index=9&type=section&id=Discussion%20Regarding%20the%20Use%20of%20Non-GAAP%20Financial%20Measures) indie Semiconductor uses non-GAAP financial measures to provide supplementary information to investors, believing they offer a clearer view of ongoing business operations - Non-GAAP financial measures are used to provide **useful supplementary information to investors**, **evaluate operating performance**, make operating decisions, and forecast future periods[23](index=23&type=chunk) - Key exclusions from GAAP measures to derive non-GAAP figures include: **acquisition-related expenses**, **amortization of intangible assets**, **inventory cost realignments**, **share-based compensation**, gains/losses from changes in **fair value changes** of warrants/contingent considerations, **non-cash interest expense**, and **income tax benefit/expense**[24](index=24&type=chunk)[25](index=25&type=chunk) - **Non-GAAP EBITDA was added starting in Q4 2023** to remove non-recurring, irregular, and one-time items that may distort EBITDA[34](index=34&type=chunk) - The company emphasizes that non-GAAP measures should **not be considered in isolation or as a substitute for GAAP results** and may have **limited value for comparisons** due to varying calculation methods across companies[33](index=33&type=chunk)

Hiroshi Watanabe indie Semiconductor (NASDAQ:INDI) designs semiconductors and components for automotive compute. indie's main business is in making processors for ADAS (advanced driver assistance systems) that use data from various sensors like cameras, radar, and LiDAR. indie also makes systems for cabin experience elements like lighting and wireless charging, and is making inroads in automotive electrification. indie's revenue doubled in 2023 and has more than quadrupled since 2021. Margins have also impr ...

The AI gold rush has turned several chip stocks into globally important firms. Of course, none has become more important than Nvidia (NASDAQ:NVDA). The company’s AI accelerator GPUs are in high demand. Share prices have surged to astronomical levels, leading some to believe they are overvalued. While that may or may not be the case, we are looking for overlooked chip stocks today.Some firms are connected to the AI gold rush, while others possess different catalysts. Regardless, each represents an undervalue ...

ALISO VIEJO, Calif.--(BUSINESS WIRE)--indie Semiconductor (Nasdaq: INDI), an Autotech solutions innovator, today announced that it has granted equity awards (the “Inducement Grants”) under its 2023 Inducement Incentive Plan to new employees who joined indie. The grants were previously approved by the Compensation Committee of the Board of Directors of indie Semiconductor. Information regarding the equity awards can be found on the company's investor relations website at: https://investors.indiesemi.com/news ...

Industry Dynamics - The semiconductor industry is cyclical, which may limit the company's ability to maintain or improve net sales and profitability[93]. - The company relies heavily on the automotive market, with significant fluctuations in demand impacting revenue and profitability[101]. - Average selling prices of semiconductor products have historically decreased, which could adversely affect revenue and profit margins[99]. - Significant consolidation in the semiconductor industry may create competitive disadvantages for the company[97]. - The semiconductor industry faces continued price erosion, particularly for older technology products, which may impact product margins[110]. - The semiconductor industry is characterized by frequent litigation regarding intellectual property rights, which could result in substantial costs and impact the company's ability to compete[159]. Financial Performance - Total revenue for 2023 reached $223.169 million, a significant increase of 101% compared to $110.797 million in 2022[358]. - The net loss for 2023 was $128.832 million, compared to a net loss of $52.788 million in 2022, indicating a worsening financial position[360]. - Cash and cash equivalents decreased to $151.678 million from $321.629 million in 2022, a decline of 53%[356]. - The company reported a loss from operations of $135.423 million, compared to a loss of $119.128 million in 2022[358]. - Comprehensive loss attributable to indie Semiconductor, Inc. was $111.506 million for 2023, compared to $53.282 million in 2022[360]. Capital and Funding - The company may seek additional capital, which could result in dilution for existing stockholders[89]. - The company may pursue mergers and acquisitions to enhance market coverage, but such transactions carry risks that could adversely affect operations[113]. - The company raised gross proceeds of $53,136,000 from the issuance of 5,219,500 shares of Class A common stock at an average price of $10.18 per share during 2023[373]. - The company has approximately $79,661,000 available for future issuances under the At-The-Market Agreement as of December 31, 2023[373]. Operational Risks - The company depends on third parties for manufacturing, assembly, and testing, exposing it to risks related to supply chain disruptions[106]. - Geopolitical uncertainties and macroeconomic conditions could adversely impact customer demand and disrupt the supply chain[89]. - The company faces challenges in managing future growth, which could strain resources and systems[120]. - The loss of key management or skilled personnel could materially affect product development and overall business performance[121]. - Cybersecurity incidents could result in the misappropriation of proprietary information, with potential significant costs and operational consequences[163]. Regulatory and Compliance - The company is subject to various regulations, and failure to comply could result in investigations, fines, and a diversion of management resources[168]. - The company is now required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, incurring additional compliance costs[209]. - The company faces regulatory uncertainties regarding data protection laws in China, which could impact its operations and financial results[202]. Tax and Financial Obligations - Payments under the Tax Receivable Agreement will require the company to pay 85% of tax benefits related to tax depreciation or amortization deductions, which may be substantial[142]. - The company’s ability to declare and pay dividends may be restricted if ADK LLC does not have sufficient funds to make distributions[141]. - The company may not have sufficient funds to settle the 2027 Notes or to repurchase them upon a fundamental change, which could lead to a default under the indenture[131]. Acquisitions and Investments - The company recorded a developed technology intangible asset valued at $69.33 million following the acquisition of GEO Semiconductor Inc. on March 3, 2023[342]. - The acquisition of GEO Semiconductor Inc. involved $93,448 in cash and the issuance of 6,868,768 shares of Class A common stock valued at $75,556, with additional contingent consideration based on revenue targets[378]. - The acquisition of Silicon Radar GmbH included $9,245 in cash and 982,445 shares of Class A common stock valued at $9,834, with contingent consideration based on revenue milestones[379]. Shareholder Considerations - The weighted average common shares outstanding increased to 145,188,867 from 118,660,785 in 2022, reflecting dilution[358]. - There is a risk that substantial sales of Class A common stock by stockholders could adversely affect the market price of the company's securities[213]. - The company has provisions in its Certificate of Incorporation and Bylaws that may limit stockholders' ability to take certain actions, potentially affecting share price[215].

In today's video, I discuss recent updates affecting Indie Semiconductor (INDI -2.33%). Check out the short video to learn more, consider subscribing, and click the special offer link below.*Stock prices used were the after-market prices of Feb. 27, 2024. The video was published on Feb. 27, 2024. ...

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 ...