• Delivers Q3 Revenue of $60.5M, up 101% YoY and 16% Sequentially
• Expands Non-GAAP Gross Margin 226 Basis Points YoY to 52.7%
• Guides Q4 2023 Revenue to $70M-$75M and non-GAAP EBITDA Breakeven
• Reiterates Plan to More than Double Revenue in 2023
• Raises Strategic Backlog to $6.3B, up from $4.3B last year and $2.6B in 2021

ALISO VIEJO, Calif. — (BUSINESS WIRE) — November 9, 2023 — indie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced Q3 results for the period ended September 30, 2023. Third quarter revenue was up 101 percent from the same period a year ago and 16 percent sequentially to a record $60.5 million, slightly better than the Company’s guidance and consensus estimates. Non-GAAP gross margin expanded 226 basis points year-over-year to 52.7 percent. On a GAAP basis, third quarter 2023 operating loss was $36.1 million compared to $25.9 million a year ago and $16.3 million in the second quarter of 2023. Non-GAAP operating loss for the third quarter of 2023 was $13.0 million, a further narrowing versus $15.8 million during the same period last year and $16.3 million in the second quarter of 2023, reflecting higher revenue, improving gross margin and operating expense leverage.

“indie posted solid third quarter results against a challenging macroeconomic backdrop, once again well above market growth rates, driven by increasing demand for indie’s highly differentiated Autotech solutions," said Donald McClymont, indie’s co-founder and chief executive officer. "Based on our ADAS, User Experience and Electrification design win traction, I’m pleased to report our strategic backlog has further increased to $6.3 billion, up from $4.3 billion last year and $2.6 billion in 2021. In fact, our commercial success has made indie the fastest-growing semiconductor company in the world, among 224 peers, over the past two years based on a recent assessment by Morgan Stanley. At the same time and perhaps more importantly, indie is the only semiconductor company from the 2021 IPO class that is expected to achieve non-GAAP EBITDA breakeven in the current quarter. With our world class design team, extensive product portfolio and leadership customer base including virtually every single OEM and tier one, backed by a highly scalable supply chain and augmented by successful bolt-on acquisitions, indie has never been better positioned to capitalize on the $48 billion Autotech market opportunity.”

Business Highlights

• Secured ADAS Computer Vision program win at a leading North American automotive OEM
• Ramped Advanced Lighting solutions for enhanced in-cabin applications
• Captured Qi2.0 Wireless Charging designs at a US carmaker
• Introduced breakthrough fully integrated 240 GHz radar front-end (RFE) silicon receiver
• Entered a development contract with a leading aerial mobility OEM leveraging Surya^TM FMCW LiDAR solution
• Acquired Exalos for Super Luminescent LEDs enabling in-cabin head-up displays plus semiconductor optical amplifiers for LiDAR applications
• Launched and completed warrant exchange program to minimize future equity dilution

Q4 2023 Outlook

We provide guidance on a non-GAAP basis only because certain information necessary to reconcile such results and 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.

“Given the strength of our order visibility and new product pipeline, we plan to continue to far outpace our addressable markets over the long run,” said Thomas Schiller, indie’s chief financial officer and executive vice president of strategy. “For the fourth quarter of this year, we expect accelerating revenue growth to the $70-$75 million range with sustained non-GAAP gross margin expansion on a year-over-year basis and operating expense leverage. Accordingly, we intend to reach non-GAAP EBITDA breakeven in the current period, representing a key milestone toward realizing our target model of 60 percent gross and 30 percent operating margins.”

indie’s Q3 2023 Conference Call

indie Semiconductor will host a conference call with analysts to discuss its third quarter 2023 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).

A replay of the conference call will be available beginning at 9:00 p.m. Eastern time on November 9, 2023 until 11:59 p.m. Eastern time on November 23, 2023 under the Financials tab on the Investors page of indie’s website, or by calling (844) 512-2921 (domestic) or (412) 317-6671 (international), Replay Pin Number: 13742118.

About indie

indie is empowering the Autotech revolution with next generation automotive semiconductors and software platforms. We focus on developing innovative, high-performance and energy-efficient technology for ADAS, user experience and electrification applications. Our mixed-signal SoCs enable edge sensors spanning Radar, LiDAR, Ultrasound, and Computer Vision, while our embedded system control, power management and interfacing solutions transform the in-cabin experience and accelerate increasingly automated and electrified vehicles. We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs worldwide. Headquartered in Aliso Viejo, CA, indie has design centers and regional support offices across the United States, Canada, Argentina, Scotland, England, Germany, Hungary, Morocco, Israel, Japan, South Korea, Switzerland and 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 can be identified by words such as “will likely result,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “project,” “outlook,” “should,” “could,” “may” or words of similar meaning and include, but are not limited to, statements regarding our future business and financial performance and prospects, including expectations regarding our strategic backlog and our serviceable market opportunity, expectations regarding our guidance for top line growth, non-GAAP financial metrics such as gross margin, operating margin, operating income (loss) and our belief that we are on track to reach non-GAAP EBITDA breakeven in the fourth quarter 2023, and our ability to gain design win momentum across ADAS, vehicle electrification and user experience applications and capitalize on these growing trends and the resulting $48 billion Autotech market opportunity. 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. Actual results and the timing of events may differ materially from the results included in such forward-looking statements. In addition to the factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 28, 2023 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: macroeconomic conditions, including inflation, rising interest rates and volatility in the credit and financial markets; the impacts of the ongoing conflicts in Ukraine and the Middle East, 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 recent acquisitions made and any other 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.