Workflow
indie Semiconductor(INDI) - 2025 Q1 - Quarterly Results

First Quarter 2025 Results Overview 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 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 situation3 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 million7 - Guidance is provided on a non-GAAP basis only, as reconciling to GAAP is difficult due to the unpredictability of certain future events6 Business Highlights The company initiated a restructuring plan for efficiency, securing key design wins and surpassing 500 million cumulative chip shipments Operational Updates & 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-end5 - The company announced a restructuring plan to increase operational efficiencies and accelerate its path to profitability8 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 - The iND87200 product achieved full Qi wireless charging standards certification by three Tier 1 customers9 - The company surpassed 500 million cumulative chips shipped since its inception9 Financial Statements This section details Q1 2025 revenue, operating losses, and balance sheet positions, including assets and liabilities Condensed Consolidated Statements of Operations 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 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 This section reconciles GAAP to non-GAAP financial measures, explaining adjustments and their utility for performance evaluation Reconciliation of GAAP to Non-GAAP Measures 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)2122 Discussion Regarding the Use of Non-GAAP Financial Measures 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 periods25 - 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 liabilities262930 - 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 control39