indie Semiconductor Q2 2023 Earnings Report
Key Takeaways
indie Semiconductor reported Q2 revenue of $52.1 million, a 102% increase year-over-year and a 29% increase sequentially. The company's non-GAAP gross margin expanded to 52.2%. They anticipate achieving non-GAAP operating income in Q4.
Q2 revenue reached $52.1M, up 102% YoY and 29% sequentially.
Non-GAAP gross margin expanded 363 basis points YoY to 52.2%.
Secured a large program win at Bosch.
Company guides Q3 2023 revenue up 100% YoY and 15% sequentially, reaching a $240M annualized run-rate.
indie Semiconductor
indie Semiconductor
indie Semiconductor Revenue by Segment
Forward Guidance
For Q3 2023, indie Semiconductor anticipates scaling into a $240 million annualized revenue run-rate, reflecting a 100% year-over-year increase and a 15% sequential increase. The company expects further non-GAAP gross margin improvement, leading to a narrower operating loss. They remain on track to achieve non-GAAP operating income in the fourth quarter of this year.
Positive Outlook
- Strong order flow
- Deep design win pipeline
- Continue to deliver outsized top line growth
- Targeting 60% gross margin
- Targeting 30% operating margin
Revenue & Expenses
Visualization of income flow from segment revenue to net income