Business
indie Semiconductor Exceeds Q2 2023 Growth Expectations
Delivers Q2 Revenue of $52.1M, up 102% YoY and 29% Sequentially Expands Non-GAAP Gross Margin 363 Basis Points YoY to 52.2% Secures Large Program Win at
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nDelivers Q2 Revenue of $52.1M, up 102% YoY and 29% Sequentially\n\n\n\nExpands Non-GAAP Gross Margin 363 Basis Points YoY to 52.2%\n\n\n\nSecures Large Program Win at Bosch\n\n\n\nGuides Q3 2023 Revenue up 100% YoY and 15% Sequentially to a $240M Annualized Run-rate\n\n\n\nReiterates Plan to Reach Non-GAAP Operating Income in Q4 and More Than Double Revenue in 2023\n\n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced Q2 results for the period ended June 30, 2023. Second quarter revenue was up 102 percent from the same period a year ago and 29 percent sequentially to a record $52.1 million, at the higher end of the Company’s guidance range and slightly ahead of consensus estimates. Non-GAAP gross margin expanded 363 basis points year-over-year to 52.2 percent and was also better than guidance. On a GAAP basis, second quarter 2023 operating loss was $40.7 million compared to $30.0 million a year ago. Non-GAAP operating loss for the second quarter of 2023 was $16.3 million, versus $17.0 million during the same period last year, reflecting deeper R&D and SG&A investments yet a 35 percentage point improvement in operating margin.\n\n\n“We once again delivered revenue and gross margin ahead of expectations in the second quarter of 2023, putting us on pace to more than double indie’s business base for a third year in a row,” said Donald McClymont, indie’s co-founder and chief executive officer. “Our steep growth trajectory reflects design win momentum across ADAS, user experience and electric vehicle applications. indie is increasingly well positioned to capitalize on these triple megatrends and the resulting $48 billion Autotech market opportunity, backed by our highly innovative semiconductor and software portfolio, targeted acquisitions, more than 400 patents and applications worldwide as well as engagements across all leading global automotive OEMs.”\n\n\nBusiness Highlights\n\n\n\nCaptured occupant monitoring program win at Bosch, initially in support of Toyota including Lexus\n\n\n\nRamped highly integrated smartphone vehicle access and driving authorization solutions with Marquardt\n\n\n\nLaunched breakthrough automotive wireless power charging system-on-chip\n\n\n\nEntered strategic technology partnership with SiLC Technologies to deliver ...