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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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