indie Semiconductor(INDI) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 revenue was $53.7 million, with a Non-GAAP gross margin of 49.6%[2] - The company reported a GAAP operating loss of $38.3 million in Q3 2025, an improvement from a loss of $49.9 million a year ago[2] - Non-GAAP operating loss for Q3 2025 was $11.3 million, compared to $16.8 million in the same period last year[2] - The net loss attributable to indie Semiconductor, Inc. for Q3 2025 was $38.3 million, or $0.19 per share[15] - GAAP revenue for the three months ended September 30, 2025, was $53,676 million, slightly down from $53,965 million in the same period of 2024, a decrease of about 0.5%[20] - Non-GAAP gross margin for the three months ended September 30, 2025, was 49.6%, compared to 50.4% for the same period in 2024, indicating a decline of 0.8 percentage points[20] - GAAP loss from operations for the three months ended September 30, 2025, was $(38,342) million, an improvement from $(49,903) million in the same period of 2024[21] - Non-GAAP net loss for the three months ended September 30, 2025, was $(13,259) million, compared to $(17,739) million in the same period of 2024, reflecting a reduction of approximately 25.5%[21] - Adjusted EBITDA for the three months ended September 30, 2025, was $(9,111) million, an improvement from $(14,814) million in the same period of 2024[21] - Non-GAAP net loss per share attributable to indie Semiconductor, Inc. for the three months ended September 30, 2025, was $(0.07)[21] Guidance and Forecast - Q4 2025 revenue guidance is between $54 million and $60 million, with a midpoint estimate of $57 million[5] - The supply shortage of package substrates is expected to negatively impact Q4 revenue by approximately $5 million[5] Strategic Developments - The strategic backlog increased to $7.4 billion, driven by design wins in ADAS and industrial markets[3] - The Gen8 radar product, incorporating indie's radar chipset, was launched by a Tier 1 partner[6] - The company commenced supply to market leaders in humanoid robotics in both the U.S. and China[7] - The first connectivity ICs were shipped to a leading North American EV manufacturer for production in the first half of 2026[7] Asset and Liability Management - Total assets decreased from $941,386 million on December 31, 2024, to $855,065 million on September 30, 2025, representing a decline of approximately 9.2%[17] - Total current liabilities decreased from $84,880 million on December 31, 2024, to $79,159 million on September 30, 2025, a reduction of approximately 6.4%[17] - Cash and cash equivalents decreased from $274,248 million on December 31, 2024, to $160,873 million on September 30, 2025, a decline of about 41.1%[17] - Stockholders' equity decreased from $445,395 million on December 31, 2024, to $392,914 million on September 30, 2025, a decline of approximately 11.8%[17] Non-GAAP Financial Measures - The company does not report GAAP gross profit or gross margin due to certain costs related to contract revenues being expensed as incurred, impacting the calculation of non-GAAP gross profit[25] - Non-GAAP operating loss excludes acquisition-related and other non-recurring professional expenses, totaling significant amounts that do not reflect ongoing operations[25] - Adjusted EBITDA is calculated by excluding various non-recurring items, including acquisition-related expenses and share-based compensation, to provide a clearer view of operational performance[35] - Non-GAAP net loss per share is derived by dividing non-GAAP net loss by a non-GAAP share count that includes weighted average Class A and Class V common stock[26] - The company emphasizes that non-GAAP financial measures should not be considered in isolation and may have limited value for comparisons between companies due to different calculation methods[34] - Restructuring costs related to workforce reduction and other one-time expenses are excluded from non-GAAP measures as they do not reflect ongoing performance[31] - The company acknowledges that forward-looking estimates of non-GAAP financial measures may differ materially from actual results due to uncertainties and unanticipated events[36] - Non-cash interest expenses related to the amortization of debt discounts are excluded from non-GAAP calculations as they do not influence operational decision-making[32] - The impact of inventory cost realignments introduced during COVID is deemed non-recurring and excluded from ongoing performance evaluations[29] - Management believes that including certain categories in non-GAAP presentations provides investors with a more transparent view of the company's capital structure[26]