Business
indie Semiconductor Achieves Record Q4 and 2022 Results
Posts Q4 Revenue of $33.0M, up 74% Year-over-Year and 10% sequentially Expands Q4 Non-GAAP Gross Margin to 52.2%, up 590 Basis Points Year-over-Year and 180
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nPosts Q4 Revenue of $33.0M, up 74% Year-over-Year and 10% sequentially\n\n\nExpands Q4 Non-GAAP Gross Margin to 52.2%, up 590 Basis Points Year-over-Year and 180 Basis Points Sequentially\n\n\nDelivers $110.8M in 2022 Revenue, up 129% Year-over-Year\n\n\nBroadens Design Win Pipeline Across ADAS, User Experience and EV Applications\n\n\nForecasts a $160M Q1 Annualized Revenue Run-rate and Profitability by 2H 2023\n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced fourth quarter and year end results for the period ended December 31, 2022. Fourth quarter revenue was up 74 percent from the same period a year ago and 10 percent sequentially to a record $33.0 million, slightly ahead of consensus estimates. Non-GAAP gross margin expanded 590 basis points year-over-year and 180 basis points sequentially to 52.2 percent, better than indie’s 51 percent guidance for the quarter. On a GAAP basis, fourth quarter 2022 operating loss was $28.0 million compared to $26.9 million a year ago. Non-GAAP operating loss for the fourth quarter of 2022 was $15.1 million, in line with guidance and versus $12.7 million during the same period last year, reflecting deeper R&D, sales and marketing investments.\n\nFull year 2022 revenue was up 129 percent year-over-year to a record $110.8 million with non-GAAP gross margin expanding to 49.9 percent, a 620 basis point improvement over the prior year.\n\n“indie capped off another solid growth year with record revenue and non-GAAP gross margin performance in the fourth quarter driven by increasing global demand for our highly innovative Autotech portfolio,” said Donald McClymont, indie’s co-founder and chief executive officer. “In fact, for the second consecutive year we more than doubled our top line on an annual basis, reflecting the strength of our Tier 1 and automotive OEM relationships underpinned by crisp operational execution. Entering 2023, we are ramping new programs and gaining design win momentum across ADAS, user experience and electrification applications. Our significant R&D investments coupled with targeted acquisitions are positioning indie to once again materially outpace our peers in 2023 and to capitalize on the $30 billion Autotech market opportunity.”\n\nBusiness Highlights\n\n\nLaunched ground-breaking...