ALISO VIEJO, Calif.–(BUSINESS WIRE)– indie Semiconductor, Inc, which focuses on developing advanced mixed-signal integrated circuits (ICs) specifically for the automotive industry, announced fourth quarter and year end results for the period ended December 31, 2023. Fourth quarter revenue was up 112 percent from the same period a year ago and 16 percent sequentially to a record $70.1 million, within the Company’s prior guidance range. Non-GAAP gross margin expanded 50 basis points year-over-year to 52.7 percent, in-line with indie’s guidance for the period. On a GAAP basis, fourth quarter 2023 operating loss was $20.6 million compared to $29.0 million a year ago.
Non-GAAP operating loss for the fourth quarter of 2023 was $2.4 million, versus $15.1 million during the same period last year, reflecting higher revenue, improving gross margin and operating expense leverage. Q4 GAAP loss per share was $0.09, while Non-GAAP loss per share was $0.01, consistent with indie’s guidance and consensus estimates.
Full year 2023 revenue was up 101 percent year-over-year to a record $223.2 million with non-GAAP gross margin expanding to 52.5 percent, a 260 basis point improvement over the prior year.
“indie continues to outexecute and outperform our industry peer group,” said Donald McClymont, indie’s co-founder and chief executive officer. “In 2023, we more than doubled our top line for a third consecutive year. This growth was driven by increasing global demand for indie’s highly innovative semiconductor solutions spanning virtually all leading tier ones and vehicle OEMs. Further, we are at the unique intersection of vehicle safety systems, sensor fusion and Artificial Intelligence (AI) towards realizing our vision of the uncrashable car. While we are not immune from the current automotive end market weakness and the industry-wide inventory correction. We remain well positioned to demonstrate earnings power when the market recovers, to capitalize on the strategic Autotech opportunity, led by these exciting new technologies. Most importantly, to create shareholder value.”
Business Highlights
- Recognized by Morgan Stanley as the fastest growing semiconductor company in the world over the past two years, among 224 global suppliers
- Entered strategic partnership with Ficosa on AI-based automotive camera solutions
- Unveiled breakthrough computer vision processors enabling viewing and sensing capability at the vehicle’s edge
- Captured in-cabin monitoring programs at BMW, Ford, General Motors and Toyota
- Secured smart connectivity wins at one of the world’s leading Electric Vehicle (EV) OEMs
Q1 2024 Outlook
They provide guidance on a non-GAAP basis only. This is 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. Therefore, it is not available without unreasonable efforts. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release. This provides a further discussion of our use of non-GAAP measures.
“For the first quarter of 2024, we expect indie’s revenue to be up 38 percent year-over-year. However, it is anticipated to be down 20 percent sequentially, reflecting market seasonality and current industry softness,” said Thomas Schiller, indie’s chief financial officer and executive vice president of strategy. “Based on our new product pipeline, we anticipate Q1 to be a trough quarter with top line recovery in Q2. We expect a resumption of outsized sequential growth in Q3 and Q4, yielding a profitability baseline in the second half of this year. This is ahead of our significant Radar and Vision ramps in 2025.”
