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Sep 30, 2024
indie Semiconductor Q3 2024 Earnings Report
indie Semiconductor exceeded third quarter growth expectations and guided for accelerating fourth quarter.
Key Takeaways
indie Semiconductor reported Q3 2024 revenue of $54.0 million, a 3.1% sequential increase, with a non-GAAP gross margin of 50.4%. The strategic backlog expanded to $7.1 billion, driven by strong ADAS design-win momentum. The company guides for Q4 2024 revenue to increase by more than 7% sequentially, reaching a mid-point of $58.0 million.
Q3 2024 revenue reached $54.0 million, up 3.1% sequentially, with a non-GAAP gross margin of 50.4%.
Q4 2024 revenue is guided to increase by more than 7% sequentially, with a mid-point of $58.0 million.
Strategic backlog expanded to $7.1 billion, up from $6.3 billion last year, driven by strong ADAS design-win momentum.
Vision and radar products now comprise over 72% of the strategic backlog.
indie Semiconductor
indie Semiconductor
Forward Guidance
For the fourth quarter of 2024, indie expects revenue to increase by more than 7 percent sequentially at the mid-point. The company anticipates a return to industry-leading growth trajectory in 2025 and beyond based on strong design-win activity for new radar and vision products.
Positive Outlook
- Revenue expected to increase by more than 7% sequentially in Q4 2024.
- Strong design-win activity for new radar and vision products.
- Anticipated return to industry-leading growth trajectory in 2025 and beyond.
- Flagship ADAS programs on track for 2025 volume shipments.
- Secured multiple wins for a large North American EV maker with high-performance custom networking solutions.
Challenges Ahead
- Guidance is provided on a non-GAAP basis only.
- Reconciling non-GAAP results and guidance to GAAP is difficult to estimate.
- Reconciliation is dependent on future events outside of the company's control.
- Macroeconomic conditions could impact future results.
- Reliance on contract manufacturing and outsourced supply chain presents risks.