indie Semiconductor Q3 2024 Earnings Report
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.