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Dec 31, 2023
indie Semiconductor Q4 2023 Earnings Report
indie Semiconductor achieved record fourth quarter and 2023 results.
Key Takeaways
indie Semiconductor reported a record fourth-quarter revenue of $70.1 million, up 112% year-over-year, with a non-GAAP gross margin of 52.7%. The company's GAAP operating loss was $20.6 million, while the non-GAAP operating loss was $2.4 million.
Q4 Revenue reached $70.1M, showing a 112% increase year-over-year and 16% sequentially.
Q4 Non-GAAP Gross Margin expanded to 52.7%, a 50 basis points increase year-over-year.
GAAP operating loss for Q4 2023 was $20.6 million, improving from $29.0 million a year ago.
Non-GAAP loss per share was $0.01, consistent with guidance and consensus estimates.
indie Semiconductor
indie Semiconductor
indie Semiconductor Revenue by Segment
indie Semiconductor Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comContract Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
For the first quarter of 2024, indie expects revenue to be up 38 percent year-over-year but down 20 percent sequentially. The company anticipates Q1 to be a trough quarter with top line recovery in Q2 and a resumption of outsized sequential growth in Q3 and Q4, yielding a profitability baseline in the second half of this year.
Positive Outlook
- Revenue expected to be up 38% year-over-year in Q1 2024.
- Top line recovery anticipated in Q2 2024.
- Resumption of outsized sequential growth expected in Q3 and Q4 2024.
- Profitability baseline expected in the second half of 2024.
- Significant Radar and Vision ramps in 2025.
Challenges Ahead
- Revenue expected to be down 20% sequentially in Q1 2024.
- Market seasonality impacting Q1 2024.
- Current industry softness affecting Q1 2024.
- Automotive end market weakness.
- Industry-wide inventory correction.
Revenue & Expenses
Visualization of income flow from segment revenue to net income