PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) indie Semiconductor provides innovative automotive semiconductors and software solutions, expanding its portfolio through acquisitions and operating on a fabless model - The company focuses on high-growth automotive applications including **ADAS**, autonomous vehicles, connected car, user experience, and electrification, targeting edge sensors like LiDAR, radar, ultrasound, and computer vision[17](index=17&type=chunk) - Growth has been accelerated through strategic acquisitions including **TeraXion**, **ON Design Israel**, and **Symeo** to bolster its technology portfolio[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) - indie operates a **fabless business model**, partnering with third-party foundries for wafer manufacturing to ensure scalability and minimize capital expenditures[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has significant customer concentration, with **Aptiv** accounting for approximately **37% of total revenue in 2022** and **39% in 2021**[53](index=53&type=chunk)[119](index=119&type=chunk) - The company heavily invests in innovation, with **research and development expenses representing approximately 109% of its revenues in 2022** to support product development[56](index=56&type=chunk) [Item 1A. Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including industry cyclicality, intense competition, reliance on third-party manufacturing, financial losses, debt, and internal control weaknesses - Operational risks include the **cyclical nature of the semiconductor industry**, intense competition, dependence on third-party manufacturers, and **high customer concentration with Aptiv representing 37% of 2022 revenue**[90](index=90&type=chunk)[93](index=93&type=chunk)[105](index=105&type=chunk)[119](index=119&type=chunk) - Financial risks are significant, with a history of **net losses** and total consolidated indebtedness of **$171.4 million as of December 31, 2022**, including **$160.0 million in 4.50% convertible senior notes**[121](index=121&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - The company's holding structure depends on distributions from its subsidiary, ADK LLC, and a **Tax Receivable Agreement requires payments of 85% of certain tax benefits** to pre-transaction equity holders, which could be substantial[131](index=131&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - A majority of revenue is generated from **China**, exposing the company to risks from the PRC legal system, economic and political instability, and currency conversion controls[179](index=179&type=chunk)[182](index=182&type=chunk)[184](index=184&type=chunk) - The company identified **material weaknesses in its internal control over financial reporting** for the years ended December 31, 2022 and 2021, related to risk assessment, information and communication, and control activities[199](index=199&type=chunk)[625](index=625&type=chunk)[626](index=626&type=chunk) [Item 1B. Unresolved Staff Comments](index=37&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - Not applicable[225](index=225&type=chunk) [Item 2. Properties](index=37&type=section&id=Item%202.%20Properties) The company's principal facilities include its California headquarters and various design and sales offices globally, with manufacturing outsourced to subcontractors Principal Facilities | Location | Square Footage | | :--- | :--- | | Aliso Viejo, California | 18,000 | | Quebec City, Canada | 50,050 | | Detroit, Michigan | 32,700 | | Austin, Texas | 5,753 | | Suzhou, China | 6,841 | | Edinburgh, Scotland | 5,328 | | Haifa, Israel | 6,641 | | Shanghai, China | 5,162 | [Item 3. Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, with incidental claims not expected to have a material adverse impact - The company is not party to any material legal proceedings[227](index=227&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[228](index=228&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A Common Stock and warrants began trading on Nasdaq in June 2021, with no cash dividends paid and a $50 million stock repurchase program authorized in November 2022 - Class A Common Stock and redeemable warrants began trading on the Nasdaq Capital Market under the symbols **\"INDI\"** and **\"INDIW\"** on **June 10, 2021**[229](index=229&type=chunk) - The company has not paid any cash dividends to date and does not anticipate declaring any in the foreseeable future[231](index=231&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased | Average Price Paid per share | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan (in thousands) | | :--- | :--- | :--- | :--- | | 11/1/2022 - 11/30/2022 | 1,112,524 | $6.65 | $42,596 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company reported a **129% revenue increase to $110.8 million in 2022**, driven by product and contract revenue growth, alongside significant increases in operating expenses and a strengthened liquidity position Revenue Comparison (FY 2022 vs. FY 2021) | Revenue Type | 2022 (in thousands) | 2021 (in thousands) | $ Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $89,457 | $43,796 | $45,661 | 104% | | Contract revenue | $21,340 | $4,616 | $16,724 | 362% | | **Total revenue** | **$110,797** | **$48,412** | **$62,385** | **129%** | Operating Expenses Comparison (FY 2022 vs. FY 2021) | Expense Category | 2022 (in thousands) | 2021 (in thousands) | $ Change (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | | Cost of goods sold | $60,491 | $28,703 | $31,788 | 111% | | Research and development | $121,197 | $58,117 | $63,080 | 109% | | Selling, general, and administrative | $48,237 | $36,384 | $11,853 | 33% | | **Total operating expenses** | **$229,925** | **$123,204** | **$106,721** | **87%** | - The company recognized a **net gain of $65.3 million in 'Other income (expense), net' for 2022**, primarily from a **$55.1 million unrealized gain on warrants**, contrasting with a **$44.1 million net loss in 2021**[273](index=273&type=chunk)[276](index=276&type=chunk) Cash Flow Summary (FY 2022 vs. FY 2021) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(76,745) | $(55,819) | | Net cash used in investing activities | $(16,273) | $(84,326) | | Net cash provided by financing activities | $192,659 | $340,646 | - As of December 31, 2022, the company had **$321.6 million in cash and cash equivalents**, with major financing activities in 2022 including **$160 million from convertible notes** and **$17.2 million from an ATM equity program**[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is foreign currency exposure from international operations, resulting in a **$12.0 million cumulative translation loss**, while investment and interest rate risks are minimal - The company has significant exposure to **foreign currency risk** from its international operations, primarily in the Canadian dollar, Chinese yuan, and Israeli New Shekel[312](index=312&type=chunk) - A **cumulative foreign currency translation loss of $12.0 million** was included in 'Accumulated other comprehensive loss' as of December 31, 2022, up from **$1.4 million in 2021**[312](index=312&type=chunk) - Investment and interest rate risk is considered not material due to the investment portfolio consisting of **$321.6 million in cash and cash equivalents** with short-term maturities, prioritizing liquidity and capital preservation[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=51&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2022 and 2021, reflecting significant asset and revenue growth, increased operating losses, and capital structure changes Consolidated Balance Sheet Highlights (as of Dec 31) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $321,629 | $219,081 | | Total Assets | $603,351 | $469,253 | | Long-term debt | $155,699 | $5,618 | | Warrant liability | $45,398 | $100,467 | | Total Liabilities | $289,019 | $177,396 | | Total Stockholders' Equity | $314,332 | $291,857 | Consolidated Statement of Operations Highlights (Year ended Dec 31) | Metric (in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Total revenue | $110,797 | $48,412 | | Loss from operations | $(119,128) | $(74,792) | | Total other income (expense), net | $65,305 | $(44,142) | | Net loss attributable to indie | $(43,400) | $(88,044) | | Net loss per share — basic & diluted | $(0.37) | $(1.26) | - The company adopted the new lease accounting standard (ASC 842) on **January 1, 2022**, recognizing **operating lease right-of-use assets of $12.1 million** and **lease liabilities of $12.1 million**[320](index=320&type=chunk)[416](index=416&type=chunk)[603](index=603&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](index=107&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting and financial disclosures - None[620](index=620&type=chunk) [Item 9A. Controls and Procedures](index=107&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of December 31, 2022, due to material weaknesses in internal control over financial reporting, with remediation efforts ongoing - Management concluded that **disclosure controls and procedures were not effective as of December 31, 2022**[621](index=621&type=chunk) - Material weaknesses in internal control over financial reporting were identified and continue to exist as of December 31, 2022, in **Risk Assessment**, **Information and Communication**, and **Control Activities**[625](index=625&type=chunk)[626](index=626&type=chunk) - Remediation efforts are ongoing, including hiring a Head of Internal Audit, establishing an Internal Audit function, implementing a new ERP system, and enhancing control activities, with efforts expected to continue through 2023[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk)[631](index=631&type=chunk)[632](index=632&type=chunk) [Item 9B. Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[637](index=637&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=109&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[638](index=638&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details biographical information for directors and executive officers, the staggered Board structure, and highlights the company's Code of Ethics and independent Audit Committee - The report lists the names, ages, and positions of all directors and executive officers, along with their biographical information[640](index=640&type=chunk)[641](index=641&type=chunk) - The Board of Directors is divided into three classes with **staggered three-year terms**, expiring at the annual meetings in 2023, 2024, and 2025[642](index=642&type=chunk) - The company has adopted a **Code of Ethics** and maintains a standing Audit Committee chaired by **Sonalee Parekh**, designated as the 'Audit Committee financial expert'[656](index=656&type=chunk)[657](index=657&type=chunk) [Item 11. Executive Compensation](index=113&type=section&id=Item%2011.%20Executive%20Compensation) This section details the compensation for named executive officers and non-employee directors for fiscal year 2022, including salaries, bonuses, equity awards, and severance provisions 2022 Summary Executive Compensation Table | Name and Principal Position | Salary | Bonus | Stock Awards | Option Awards | All Other Compensation | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Donald McClymont, CEO | $400,000 | $241,671 | $1,316,424 | $422,463 | $19,075 | $2,399,633 | | Ichiro Aoki, President | $275,000 | $72,690 | $764,884 | $108,914 | $6,855 | $1,228,343 | | Thomas Schiller, CFO | $300,000 | $101,955 | $493,660 | $158,422 | $23,418 | $1,077,455 | | Steve Machuga, COO | $330,000 | $106,349 | $968,536 | $174,269 | $8,250 | $1,587,404 | - Employment agreements for NEOs provide for **severance payments** upon termination without cause or for good reason, including accelerated equity vesting, with enhanced benefits for change-in-control related terminations[668](index=668&type=chunk)[669](index=669&type=chunk) - The **2021 Omnibus Equity Incentive Plan** authorizes up to **20,868,750 shares of Class A common stock** for various equity awards[670](index=670&type=chunk)[672](index=672&type=chunk) - Non-employee directors receive an annual cash retainer of **$75,000** and an annual equity grant of **$175,000 in RSUs**, with committee chairs receiving an additional **$15,000 cash retainer**[689](index=689&type=chunk)[691](index=691&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](index=120&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owner%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details beneficial ownership of common stock as of March 21, 2023, including holdings by executive officers, directors, and major shareholders, along with securities available under equity compensation plans Beneficial Ownership as of March 21, 2023 | Name of Beneficial Owner | % of Total Common Stock | | :--- | :--- | | Donald McClymont (CEO) | 3.7% | | Ichiro Aoki (President) | 3.5% | | All Executive Officers and Directors as a Group (12 persons) | 9.7% | | Anthem/MIC Strategic Partners LP | 8.0% | | Soros Fund Management LLC | 5.4% | - As of December 31, 2022, **10,824,527 securities** were to be issued upon exercise of outstanding options, warrants, and rights, with **10,187,807 securities remaining available** for future issuance under equity compensation plans[700](index=700&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=122&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company has a policy for related person transactions, key agreements like the Exchange Agreement and Tax Receivable Agreement, and a majority of its directors are independent, with one disclosed related party employment - The Board has determined that **seven of its directors are independent** under Nasdaq and SEC rules[701](index=701&type=chunk)[704](index=704&type=chunk) - The company is party to an **Exchange Agreement** allowing certain pre-merger ADK LLC unitholders to exchange units for Class A common stock on a one-for-one basis[707](index=707&type=chunk)[708](index=708&type=chunk) - A **Tax Receivable Agreement (TRA)** requires the company to pay **85% of cash tax savings** from increases in tax basis due to LLC unit exchanges, with potential payments expected to be substantial[714](index=714&type=chunk)[715](index=715&type=chunk)[718](index=718&type=chunk) - The spouse of CEO Donald McClymont is employed as head of human resources, with a base salary of approximately **$175,000 in fiscal year 2022**[737](index=737&type=chunk) [Item 14. Principal Accountant Fees and Services](index=127&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section discloses fees paid to KPMG LLP for professional services in fiscal years 2022 and 2021, totaling **$2,436,780** and **$1,787,393** respectively, all pre-approved by the Audit Committee Principal Accountant Fees (KPMG LLP) | Fee Type | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $2,420,000 | $1,779,382 | | Audit-Related Fees | $1,780 | $8,011 | | Tax Fees | $15,000 | $0 | | **Total** | **$2,436,780** | **$1,787,393** | PART IV [Item 15. Exhibits and Financial Statement Schedules](index=128&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides a comprehensive index of all financial statements, schedules, and exhibits filed with or incorporated by reference into the Annual Report on Form 10-K - This section provides a comprehensive index of all financial statements, schedules, and exhibits filed with or incorporated by reference into the Annual Report on Form 10-K[742](index=742&type=chunk)[743](index=743&type=chunk)[744](index=744&type=chunk) [Item 16. Form 10-K Summary](index=131&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary under this item - None[748](index=748&type=chunk)

indie Semiconductor, Inc. (NASDAQ:INDI) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET Company Participants Ashish Gupta - IR Donald McClymont - Co-Founder and CEO Tom Schiller - CFO and EVP, Strategy Conference Call Participants Suji Desilva - ROTH Anthony Stoss - Craig-Hallum Ross Seymore - Deutsche Bank Craig Ellis - B. Riley Securities Cody Acree - Benchmark Operator Good afternoon and welcome to indie Semiconductor's Fourth Quarter and Year End 2022 Earnings Call. [Operator Instructions] ...

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 September 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 __________ ...

indie Semiconductor, Inc. (NASDAQ:INDI) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET Company Participants Ashish Gupta - Investor Relations Donald McClymont - Co-Founder & Chief Executive Officer Tom Schiller - Chief Financial Officer & Executive Vice President, Strategy Conference Call Participants Suji Desilva - Roth Capital Ross Seymore - Deutsche Bank Anthony Stoss - Craig-Hallum Craig Ellis - B. Riley Securities Operator Good afternoon, ladies and gentlemen, and welcome to indie Semico ...

SEMICONDUCTOR Corporate Overview l Summer 2022 DISCLAIMER Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," "project," "may, ...

indie Semiconductor, Inc. (NASDAQ:INDI) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants Ashish Gupta - Investor Relations Donald McClymont - Co-Founder & Chief Executive Officer Tom Schiller - Chief Financial Officer & Executive Vice President, Strategy Conference Call Participants Suji Desilva - ROTH Capital Ross Seymore - Deutsche Bank Anthony Stoss - Craig-Hallum Cody Acree - Benchmark Craig Ellis - B. Riley Securities Operator Good afternoon, and welcome to indie Semicon ...

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, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 _______________ ...

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 March 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40481 ______________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________________ FORM 10-K __________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $19 million for Q4 2021, representing a 185% year-over-year increase and a 56% sequential increase [22][24] - Full year 2021 revenue reached $48.4 million, more than doubling the 2020 figure, with gross margin improving to 43.7%, a 140 basis point increase from the previous year [11][24] - Gross profit for Q4 was $8.8 million, translating to a gross margin of 46.3%, up 1,090 basis points year-over-year and 330 basis points sequentially [22] Business Line Data and Key Metrics Changes - The company expanded its product portfolio significantly, particularly in LiDAR and radar, through both organic development and acquisitions [10][12] - Increased R&D investments to $15.6 million in Q4 to accelerate product development, reflecting a strategic focus on innovation [22] Market Data and Key Metrics Changes - The global automotive semiconductor total addressable market (TAM) is expected to grow from $36 billion in 2021 to $62 billion by 2026, driven by the demand for advanced automotive technologies [29] - The automotive radar market is projected to reach a TAM of $7.6 billion by 2026, highlighting significant growth opportunities [16] Company Strategy and Development Direction - The company aims to become a premier supplier of embedded mixed signal solutions for user experience and full system offerings, capitalizing on the increasing complexity of automotive technologies [12][19] - Strategic acquisitions, such as the Symeo radar division, are intended to enhance capabilities in the radar field and support entry into new markets [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges and anticipates continued revenue growth, projecting Q1 2022 revenue to be between $21 million and $22 million, representing a year-over-year increase of 160% to 170% [25][26] - The company expects to reach profitability in the latter half of 2023, with long-term targets of 60% gross and 30% operating margins by 2025 [27] Other Important Information - The company is focused on expanding its production capabilities and enhancing its marketing reach globally to meet increasing customer demand [26] - The average semiconductor content per vehicle is expected to grow from approximately $500 to over $4,000 over the next decade, indicating a significant market opportunity [14] Q&A Session Summary Question: Update on strategic backlog and design win activity - Management indicated that they do not plan to regularly update the strategic backlog but highlighted significant progress in design wins, particularly in radar [35] Question: Revenue commencement from new strategic relationships and supply chain impact - New design wins in automotive will not generate volume revenue until 2025, and supply chain management has been effective, though some potential revenue was lost due to inventory constraints [37] Question: Details on strategic radar engagement - The radar engagement is a significant milestone, driven by differentiated technology in terms of cost and performance, with expectations of capturing a large portion of the addressable market [40][41] Question: Factors driving gross margin expansion - Gross margin expansion is attributed to product mix quality, transition to advanced product generations, and operational scale [42] Question: Clarification on system-level wins versus product wins - There is no meaningful difference; the company continues to provide semiconductor components with embedded software across all product areas [46] Question: Fleet market dynamics and revenue ramp - The fleet market has a shorter time to market compared to traditional passenger vehicles, allowing for quicker revenue generation [48] Question: Revenue contribution from TeraXion - The company does not plan to segment the business but noted that both indie and TeraXion exceeded expectations in the last quarter [50] Question: Vehicle security system program details - The vehicle security system is a complex intruder detection system, providing access to new markets and expected to ramp up production around 2025 [59][60] Question: Pipeline and revenue contribution across segments - Growth is anticipated across all product areas, with the sensing space expected to see the largest medium-term demand [62]