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Mar 31, 2023
indie Semiconductor Q1 2023 Earnings Report
Delivered record revenue and expanded non-GAAP gross margin ahead of guidance.
Key Takeaways
indie Semiconductor reported a record first quarter with revenue up 84% year-over-year to $40.5 million. Non-GAAP gross margin expanded to 52.2%. The company is guiding for continued growth in Q2 and expects to reach profitability in the second half of the year.
Revenue of $40.5M, up 84% YoY and 22% Sequentially
Non-GAAP Gross Margin expanded to 52.2%, up 484 Basis Points YoY
Guides Q2 2023 Revenue up 102% YoY and 28% Sequentially to a >$200M Annualized Run-rate
Awarded an ADAS design win at General Motors in partnership with Sharp Japan
Revenue by Segment
Forward Guidance
For the second quarter of 2023, the company plans to scale to a $205-$210 million annualized revenue run-rate, with non-GAAP gross margin in the 52 percent range and a narrower operating loss. Further, the company is on track to reach profitability in the second half of this year on its way to achieving its target operating model driven by sustained topline growth, further gross margin expansion and operating expense leverage.
Positive Outlook
- Plan to scale to a $205-$210 million annualized revenue run-rate
- Non-GAAP gross margin in the 52 percent range
- A narrower operating loss
- On track to reach profitability in the second half of this year
- Driven by sustained topline growth, further gross margin expansion and operating expense leverage
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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