Business
indie Semiconductor Exceeds Q3 2021 Expectations
Delivered 32% Sequential and 60% Year-over-Year Revenue Growth Guides to 50% Sequential and More Than 170% Year-over-Year Revenue Growth with Sustained
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nDelivered 32% Sequential and 60% Year-over-Year Revenue Growth\n\n\nGuides to 50% Sequential and More Than 170% Year-over-Year Revenue Growth with Sustained Non-GAAP Gross Margin Expansion in the Fourth Quarter 2021\n\n\nUpdates Strategic Backlog to $2.6 Billion, Up from $2.0 Billion Last Year\n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced third quarter 2021 results for the period ended September 30, 2021. Third quarter revenue grew to a record $12.2 million, up 60 percent from the year ago period and ahead of analyst consensus expectations. Non-GAAP gross margin expanded 90 basis points sequentially to 43.0 percent. On a GAAP basis, third quarter 2021 operating loss was $21.3 million versus $3.2 million in the year ago period, including transaction costs and stock-based charges. Non-GAAP operating loss for the third quarter of 2021 was $11.5 million compared to a non-GAAP operating loss of $3.0 million during the same quarter last year, reflecting increasing customer-driven R&D investments as well as public company infrastructure costs.\n\n“Despite continued global supply chain constraints, indie exceeded third quarter top and bottom line expectations driven by ramps of our highly innovative automotive solutions,” said Donald McClymont, indie’s co-founder and chief executive officer. “Our advanced technologies are directly answering the market’s demand for higher integration as well as a step function increase in electronic performance to improve safety, accelerate electrification and enhance the user experience. Further to this end, we are substantially increasing our R&D investments to position indie as the semiconductor and software level solutions provider across all key sensor modalities, towards realizing our vision of creating an Autotech powerhouse.”\n\nQ3 Business Highlights\n\n\nRamped production of ultrasound devices for ADAS and park-assist systems\n\n\nCaptured next-generation sockets with a global automotive connectivity and power delivery leader\n\n\nSecured advanced lighting designs with a premier provider of electric vehicles\n\n\nExpanded footprint at a German automotive supplier for user experience applications\n\n\nSigned definitive agreement to acquire TeraXion, adding complementary LiDAR laser solutions\n\n\nFourt...