Business
indie Semiconductor Exceeds Q1 2023 Growth Expectations
Delivers Revenue of $40.5M, up 84% YoY and 22% Sequentially Expands Non-GAAP Gross Margin to 52.2%, up 484 Basis Points YoY Guides Q2 2023 Revenue up 102%
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nDelivers Revenue of $40.5M, up 84% YoY and 22% Sequentially\n\n\n\nExpands Non-GAAP Gross Margin to 52.2%, up 484 Basis Points YoY\n\n\n\nGuides Q2 2023 Revenue up 102% YoY and 28% Sequentially to a >$200M Annualized Run-rate\n\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, 2023. First quarter revenue was up 84 percent from the same period a year ago and 22 percent sequentially to a record $40.5 million, ahead of indie’s guidance and consensus estimates. Non-GAAP gross margin expanded 484 basis points year-over-year to 52.2 percent and was also better than analyst expectations. On a GAAP basis, first quarter 2023 operating loss was $37.0 million compared to $34.3 million a year ago. Non-GAAP operating loss for the first quarter of 2023 was $16.8 million, versus $16.5 million during the same period last year, reflecting customer-driven R&D, sales and marketing investments.\n\n\n“indie once again delivered record results ahead of guidance and is off to a strong start to 2023,” said Donald McClymont, indie’s co-founder and chief executive officer. “Our growth trajectory reflects continued design win momentum spanning ADAS, vehicle electrification and user experience applications. At the same time, our deeper R&D investments and targeted acquisitions are beginning to contribute, enabling us to sharply outpace our peer group. Accordingly, today we are even better positioned to capitalize on the 2025 Autotech market opportunity of $42 billion.”\n\n\nBusiness Highlights\n\n\n\nAwarded an ADAS design win at General Motors in partnership with Sharp Japan\n\n\n\nLaunched breakthrough 120 GHz Radar transceivers for in-cabin monitoring applications\n\n\n\nCaptured advanced lighting design wins at leading Chinese EV OEMs including BYD, Nio and Li Auto\n\n\n\nSecured initial Vision sockets at Panasonic in support of Honda\n\n\n\nClosed the acquisition of GEO Semiconductor and Silicon Radar\n\n\n\nQ2 2023 Outlook\n\n\nWe provide guidance on a non-GAAP basis only because certain information necessary to reconcile such results and guidance to GAAP is difficult to estimate and dependent on future events outside of our control and, therefore, is not available without unreasonable efforts. Please refer t...