Business
indie Semiconductor Achieves High End of Revenue Guidance Range in Q1 2022
Delivers 171% Year-over-Year and 16% Sequential Revenue Growth to a Record $22.0M Expands Non-GAAP Gross Margin to 47.4%, up 710 Basis Points Year-over-Year
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nDelivers 171% Year-over-Year and 16% Sequential Revenue Growth to a Record $22.0M\n\n\nExpands Non-GAAP Gross Margin to 47.4%, up 710 Basis Points Year-over-Year and 110 Basis Points Sequentially\n\n\nGuides Q2 2022 to a ≥ $100M Annualized Revenue Run-rate with Further Non-GAAP Gross Margin Expansion\n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced first quarter results for the period ended March 31, 2022. First quarter revenue was up 171 percent from the same period a year ago and 16 percent sequentially to a record $22.0 million, at the high end of the Company’s prior guidance range and exceeding analyst consensus estimates. Non-GAAP gross margin expanded 710 basis points year-over-year and 110 basis points sequentially to 47.4 percent, better than indie’s 47.0 percent guidance for the quarter. On a GAAP basis, first quarter 2022 operating loss was $34.3 million compared to $8.1 million in the year ago timeframe. Non-GAAP operating loss for the first quarter of 2022 was $16.5 million versus $7.6 million during the same period last year, reflecting increasing customer-driven R&D and marketing investments as well as incremental public company infrastructure costs.\n\n“indie is off to a great start in 2022, delivering record first quarter revenue fueled by growing demand for our highly innovative Autotech solutions,” said Donald McClymont, indie’s chief executive officer. “Our outperformance versus the industry in the face of continued supply chain headwinds reflects indie’s differentiated product portfolio and our team’s ability to obtain committed volumes from our strategic supply partners. At a higher level, we are well positioned to capitalize on several powerful automotive megatrends, including ADAS, enhanced user experience and electrification. We believe our deeper R&D investments coupled with successful acquisition integrations will leverage the indie platform to accelerate growth, enable us to become the leading provider of edge sensors across all key modalities and, in turn, create shareholder value.”\n\nQ1 Business Highlights\n\n\nCommenced sampling of Surya™, a highly integrated LiDAR SoC, augmented by TeraXion’s world class lasers and sensors\n\n\nExpanded design win pipeline for wired and wireless charging automotive solution...