• Delivers 181% Year-over-Year and 17% Sequential Revenue Growth to a Record $25.8M
• Expands Non-GAAP Gross Margin to 48.6%, up 650 Basis Points Year-over-Year and 120 Basis Points Sequentially
• Guides Q3 2022 Revenue up 140-150% Year-over-Year to an Approximately $120M Annualized Run-rate at the Midpoint with Further Non-GAAP Gross Margin Expansion into the 50% Range

ALISO VIEJO, Calif. — (BUSINESS WIRE) — August 11, 2022 — indie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced second quarter results for the period ended June 30, 2022. Second quarter revenue was up 181 percent from the same period a year ago and 17 percent sequentially to a record $25.8 million, at the high end of the Company’s prior guidance range and exceeding analyst consensus estimates. Non-GAAP gross margin expanded 650 basis points year-over-year and 120 basis points sequentially to 48.6 percent, better than indie’s 48.0 percent guidance for the quarter. On a GAAP basis, second quarter 2022 operating loss was $30.0 million compared to $18.5 million in the year ago timeframe. Non-GAAP operating loss for the second quarter of 2022 was $17.0 million versus $9.6 million during the same period last year, reflecting increasing customer-driven R&D and marketing investments as well as incremental public company infrastructure costs.

“indie exceeded Q2 top and bottom line expectations driven by increasing global demand for our differentiated Autotech portfolio, underpinned by crisp operational execution,” said Donald McClymont, indie’s co-founder and chief executive officer. “At a higher level, we’re gaining design win momentum across ADAS, electrification and user experience applications. Our R&D investments coupled with successful acquisitions are yielding unprecedented levels of semiconductor and software integration spanning LiDAR, Radar, Ultrasonic and Computer Vision sensor modalities as well as key EV and advanced lighting solutions. In short, indie is laser focused on capturing a disproportionate share of what is fast becoming a close to $50 billion serviceable Autotech market opportunity.”

Q2 Business Highlights

• Commenced sampling of the automotive industry’s most integrated USB-PD programmable controller
• Secured wireless charging and advanced lighting design wins at Honda, Hyundai / Kia and XPeng
• Broadened strategic engagement with two leading electric vehicle OEMs
• Expanded global reach with opening of Dresden, Germany Engineering Center of Excellence
• Joined the Russell 2000 market index

Q3 2022 Outlook

We provide earnings guidance on a non-GAAP basis only because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control and, therefore, is not available without unreasonable efforts. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.

“Based on our strong order visibility from new product and customer ramps, we expect to continue to far outpace indie’s addressable markets,” said Thomas Schiller, indie’s chief financial officer and executive vice president of strategy. “Specifically, for the third quarter of 2022, we anticipate top-line growth on the order of 140 to 150 percent year-over-year to an approximately $120 million annualized revenue run-rate at the midpoint with non-GAAP gross margin expansion into the 50 percent range. Further, given the depth of our design win pipeline, demonstrated scalability and planned operating leverage, we are on track to reach profitability in the second half of next year, marking another key step toward achieving our target model of 60 percent gross and 30 percent operating margins.”

indie’s Q2 2022 Conference Call

indie Semiconductor will host a conference call with analysts to discuss its second quarter 2022 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please go to the Financials tab on the Investors page of indie’s website. To listen to the conference call via telephone, please call (877) 451-6152 (domestic) or (201) 389-0879 (international), Conference ID: 13731710.

A replay of the conference call will be available beginning at 8:00 p.m. Eastern time on August 11, 2022 until 11:59 p.m. Eastern time on August 25, 2022 under the Financials tab on the Investors page of indie’s website, or by calling (844) 512-2921 (domestic) or (412) 317-6671 (international), Conference ID: 13731710.

About indie

indie is empowering the Autotech revolution with next-generation automotive semiconductors and software platforms. We focus on edge sensors spanning multiple modalities, including LiDAR, radar, ultrasound and computer vision for Advanced Driver Assistance Systems (ADAS), user experience and electrification applications. These technologies represent the core underpinnings of both electric and autonomous vehicles while our advanced user interfaces enabled by our mixed-signal SoCs transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs around the world. Headquartered in Aliso Viejo, CA, indie has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Córdoba, Argentina; Budapest, Hungary; Dresden and Munich, Germany; Cambridge, England; Edinburgh, Scotland; Haifa, Israel; Quebec City, Canada; Tokyo, Japan and several locations throughout China.

Please visit us at www.indiesemi.com to learn more.

Safe Harbor Statement

This communication contains “forward-looking statements” (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements include, but are not limited to, statements regarding our future business and financial performance and prospects, other statements identified by words such as “will likely result,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “project,” “outlook,” “should,” “could,” “may” or words of similar meaning, our ability to substantially outpace our addressable markets and drive further gross margin expansion, our guidance regarding top line growth and non-GAAP gross margin, our belief that our deeper investments and targeted acquisitions are setting the stage for accelerating growth in 2022 and positioning indie to become the leading provider of edge sensors spanning LiDAR, radar, ultrasound and computer vision applications and our belief we are well positioned to capitalize on several powerful automotive megatrends, including ADAS, enhanced user experience and electrification. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. The preliminary unaudited financial results for our second quarter and year to date June 30, 2022 included in this press release represent the most current information available to management. Our actual results when disclosed in the Form 10-Q may differ from these preliminary results as a result of the completion of our financial closing procedures; final adjustments; completion of the review by our independent registered accounting firm; and other developments that may arise between now and the disclosure of the final results. In addition to the factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on April 11, 2022 and in our other public reports filed with the SEC (including those identified under “Risk Factors” therein), the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the impact of the COVID-19 pandemic; the impact of Russia’s invasion of Ukraine; macroeconomic conditions, including inflation, rising interest rates and volatility in the credit and financial markets; our reliance on contract manufacturing and outsourced supply chain and the availability of semiconductors and manufacturing capacity; competitive products and pricing pressures; our ability to win competitive bid selection processes and achieve additional design wins; the impact of any acquisitions we may make, including our ability to successfully integrate acquired businesses and risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; our ability to develop, market and gain acceptance for new and enhanced products and expand into new technologies and markets; trade restrictions and trade tensions; and political or economic instability in our target markets. All forward-looking statements in this press release are expressly qualified in their entirety by the foregoing cautionary statements.