indie Semiconductor Q1 2024 Earnings Report
Key Takeaways
indie Semiconductor reported a 29% year-over-year increase in revenue, reaching $52.4 million for Q1 2024. The company's non-GAAP gross margin was 50.3%. Despite automotive market contraction, indie exceeded industry peer growth, driven by Autotech market momentum. The company anticipates a return to high growth in the second half of the year, fueled by new product ramps and key vehicle launches.
indie Semiconductor's Q1 revenue increased 29% year-over-year to $52.4 million.
Non-GAAP gross margin was 50.3% for Q1 2024.
The company is ramping up Occupant Monitoring System (OMS) solutions for BMW and enabled Cadillac Escalade Augmented Reality (AR) navigational systems.
Q2 2024 revenue is expected to be flat to up 5% sequentially with non-GAAP gross margin expansion.
indie Semiconductor
indie Semiconductor
indie Semiconductor Revenue by Segment
Forward Guidance
For Q2 2024, indie Semiconductor expects revenue to be flat to up 5% sequentially. Gross margin is projected to expand to the 51 to 52 percent range.
Positive Outlook
- Revenue expected to be flat to up 5% sequentially.
- Gross margin expansion to the 51 to 52 percent range.
- Richer product mix anticipated.
- Flat expenses expected.
- Narrower operating loss on a sequential basis expected.
Challenges Ahead
- Ongoing industry-wide inventory rebalancing causing market softness.
- Certain information necessary to reconcile non-GAAP results and guidance to GAAP is difficult to estimate.
- Reconciliation is dependent on future events outside of their control.
- Reconciliation is not available without unreasonable efforts.
- Forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.