Business
indie Semiconductor Reports Second Quarter 2024 Results
Q2 2024 Revenue of $52.4 million within Outlook range with Non-GAAP Gross Margin of 50.3% Guides Q3 2024 Revenue up 2.5% sequentially at the midpoint Radar
About this update from Indie Semiconductor, Inc.
[{"type":"text","content":"\n\nQ2 2024 Revenue of $52.4 million within Outlook range with Non-GAAP Gross Margin of 50.3%\n\n\n\nGuides Q3 2024 Revenue up 2.5% sequentially at the midpoint\n\n\n\nRadar and Vision programs at Key Customers remain firmly on track for 2025 Revenue ramp\n\n\n\nContinued design win success across the portfolio at Global Automotive OEM’s\n\n\n\n ALISO VIEJO, Calif.--(BUSINESS WIRE)--\nindie Semiconductor, Inc. (Nasdaq: INDI), an Automotive solutions provider, today announced second quarter results for the period ended June 30, 2024. Second quarter 2024 revenue was flat to the prior year period at $52.4 million with Non-GAAP gross margin of 50.3 percent. On a GAAP basis, second quarter 2024 operating loss was $36.6 million compared to $40.7 million a year ago. Non-GAAP operating loss for the second quarter of 2024 was $17.2 million, versus $16.3 million during the same period last year. Second quarter 2024 GAAP loss per share was $0.11, while Non-GAAP loss per share was $0.09.\n\n\n“indie continues to demonstrate resilience in the face of challenging automotive market conditions,\" said Donald McClymont, indie's co-founder and chief executive officer. “We believe we’ve successfully navigated the cyclical trough that has persisted through 2024 for the automotive market and anticipate a return to revenue growth in the second half of 2024, driven by new product ramps in vehicle camera systems, power delivery, and advanced lighting solutions as well as key global flagship car launches, featuring increased indie content. Looking further ahead, we remain committed to resuming our trajectory of outsized growth in 2025 and beyond, propelled by the start of production ramps of our large-scale radar and computer vision programs. Longer term, we look forward to introducing new generations of sensor fusion SoC’s leveraging our capabilities in radar and computer vision which will position us uniquely in the industry,” added McClymont.\n\n\nBusiness Highlights\n\n\n\nSecured Automatic-Emergency-Breaking (AEB) program wins across three global OEMs\n\n\n\nCaptured lighting design wins at two of North America’s largest OEMs as well as a key South Korean OEM\n\n\n\nAchieved functional verification of the radar SoC with our lead radar customer for 2025 ramp\n\n\n\nValidated next generation radar solution for high resolution in-cabin vital signs mon...