indie Semiconductor Achieves Record Q4 and 2022 Results

Investors are cautioned not to place undue reliance on the forward-looking statements in this press release, which information set forth herein speaks only as of the date hereof. We do not undertake, and we expressly disclaim, any intention or obligation to update any forward-looking statements made in this announcement or in our other public filings, whether as a result of new information, future events or otherwise, except as required by law.

#indieSemi_Earnings

INDIE SEMICONDUCTOR, INC.
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
(Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021

Revenue:
Product revenue	$	26,494		$	16,326		$	89,457		$	43,796
Contract revenue		6,533			2,635			21,340			4,616
Total revenue		33,027			18,961			110,797			48,412
Operating expenses:
Cost of goods sold		16,216			11,606			60,556			28,703
Research and development		32,235			20,911			120,430			58,117
Selling, general, and administrative		12,536			13,369			47,939			36,384
Total operating expenses		60,987			45,886			228,925			123,204
Loss from operations		(27,960	)		(26,925	)		(118,128	)		(74,792	)
Other income (expense), net:
Interest income		1,747			13			2,567			49
Interest expense		(1,201	)		(64	)		(1,692	)		(1,239	)
Gain from change in fair value of SAFEs		—			—			—			21,600
Gain (loss) from change in fair value of warrants		6,474			3,025			55,069			(26,060	)
Loss from change in fair value of earn-out liabilities		—			(11,201	)		—			(38,758	)
Gain (loss) from change in fair value of contingent considerations		(1,482	)		40			2,064			(80	)
Gain from extinguishment of debt		—			—			—			304
Other income (expense)		(110	)		956			(107	)		42
Total other income (expense), net		5,428			(7,231	)		57,901			(44,142	)
Net loss before income taxes		(22,532	)		(34,156	)		(60,227	)		(118,934	)
Income tax benefit		275			361			940			327
Net loss		(22,257	)		(33,795	)		(59,287	)		(118,607	)
Less: Net loss attributable to noncontrolling interest		(4,019	)		(8,436	)		(10,041	)		(30,563	)
Net loss attributable to indie Semiconductor, Inc.	$	(18,238	)	$	(25,359	)	$	(49,246	)	$	(88,044	)

Net loss attributable to common shares — basic	$	(18,238	)	$	(25,359	)	$	(49,246	)	$	(88,044	)
Net loss attributable to common shares — diluted	$	(18,238	)	$	(28,384	)	$	(49,246	)	$	(88,044	)

Net loss per share attributable to common shares — basic	$	(0.15	)	$	(0.25	)	$	(0.42	)	$	(1.26	)
Net loss per share attributable to common shares — diluted	$	(0.15	)	$	(0.27	)	$	(0.42	)	$	(1.26	)

Weighted average common shares outstanding — basic		125,762,839			103,319,022			118,660,785			70,012,112
Weighted average common shares outstanding — diluted		125,762,839			106,194,213			118,660,785			70,012,112

INDIE SEMICONDUCTOR, INC.
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
	December 31, 2022			December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	321,629		$	219,081
Restricted cash		250			383
Accounts receivable, net		26,441			13,842
Inventory, net		13,256			9,080
Prepaid expenses and other current assets		12,462			5,648
Total current assets		374,038			248,034
Property and equipment, net		15,808			11,090
Intangible assets, net		61,254			96,285
Goodwill		135,710			115,206
Operating lease right-of-use assets		12,055			—
Other assets and deposits		2,021			270
Total assets	$	600,886		$	470,885

Liabilities and stockholders' equity
Accounts payable	$	14,186		$	5,441
Accrued payroll liabilities		11,271			4,021
Accrued expenses and other current liabilities		11,079			14,622
Intangible asset contract liability		9,377			5,516
Deferred revenue		1,739			1,840
Current debt obligations		11,822			2,275
Total current liabilities		59,474			33,715
Long-term debt, net of current portion		159,577			5,618
Warrant liability		45,398			100,467
Intangible asset contract liability, net of current portion		4,177			12,452
Deferred tax liabilities, non-current		11,687			21,164
Operating lease liability, non-current		10,115			—
Other long-term liabilities		3,105			5,612
Total liabilities		293,533			179,028

Stockholders' equity
Preferred stock		—			—
Class A common stock		13			11
Class V common stock		3			3
Additional paid-in capital		567,971			514,891
Accumulated deficit		(249,662	)		(200,416	)
Accumulated other comprehensive loss		(11,612	)		(1,443	)
indie's stockholders' equity		306,713			313,046
Noncontrolling interest		640			(21,189	)
Total stockholders' equity		307,353			291,857
Total liabilities and stockholders' equity	$	600,886		$	470,885

INDIE SEMICONDUCTOR, INC.

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