Business
indie Semiconductor Exceeds Q2 2021 Expectations and Reaffirms Strategic Outlook
Delivered 148% Year-over-Year Revenue Growth Exited the Quarter with $354 million in Cash and Cash Equivalents Guides to 30% Sequential Top Line Growth with
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nDelivered 148% Year-over-Year Revenue Growth \n\n\nExited the Quarter with $354 million in Cash and Cash Equivalents\n\n\nGuides to 30% Sequential Top Line Growth with Further Non-GAAP Gross Margin Expansion in Q3 2021 \n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced results for the second quarter ended June 30, 2021. Second quarter revenue grew to a record $9.2 million, up 148 percent from the year ago period. Non-GAAP gross margin expanded 140 basis points from June 2020 levels to 42.1 percent. On a GAAP basis, second quarter 2021 operating loss was $18.5 million versus $4.6 million in the year ago period, including transaction costs and share-based compensation. Non-GAAP operating loss for the second quarter of 2021 was $9.6 million compared to a non-GAAP operating loss of $4.5 million for the second quarter of 2020, reflecting increasing customer-driven R&D investments and expenses associated with becoming a publicly traded company.\n\n“indie’s solid second quarter 2021 revenue and margin performance demonstrate the growing, broad-based demand for our highly integrated automotive semiconductor and software solutions,” said Donald McClymont, indie’s co-founder and chief executive officer. “Automotive OEMs and Tier 1 customers are increasingly seeking partners who can deliver differentiated architectures that enhance vehicle safety, connectivity, electrification and the user experience. Given strong order visibility, our track record of innovation and ability to scale, indie is well positioned to substantially outpace the Autotech market and in turn, create strategic shareholder value.”\n\nQ2 Business Highlights\n\n\nClosed merger with Thunder Bridge Acquisition II and commenced trading on Nasdaq June 11\n\n\nWon a new EV product design with one of the largest European automotive Tier 1s\n\n\nExpanded shipments of highly integrated OnBrD™ telematics solution\n\n\nSecured record orders for ultrasonic automatic park assist systems\n\n\nRamped advanced lighting controllers with multiple new OEMs\n\n\nExtended engagement with a global innovator of sensor technology in support of access solutions\n\n\nThird Quarter 2021 Outlook\n\nWe provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidan...