indie Semiconductor Inc Reports Q2 2024 Financial Results

indie Semiconductor, Inc. Reports Q2 2024 Financial Results

indie Semiconductor, Inc. (NASDAQ: INDI), an automotive solutions provider, announced its financial results for the second quarter of 2024, ending June 30, 2024.

Key Financial Metrics

Interpretation: indie Semiconductor's Q2 2024 performance was stable year-over-year, maintaining a flat revenue of $52.4 million. However, it missed the Wall Street consensus estimate of $53.75 million. On the cost side, both GAAP and Non-GAAP operating losses showed marginal improvements, suggesting effective cost management. The Non-GAAP loss per share aligned with consensus estimates.

Revenue Performance by Major Segments

Interpretation: Although segment-specific revenue breakdowns were not provided, the company expects a modest sequential revenue increase for Q3 2024 of approximately 2.5%, which signals optimistic forward momentum.

Key Operational Data

Comments from Company Officers

Donald McClymont, indie's CEO, highlighted the company's resilience amid challenging market conditions and pointed towards a positive outlook with anticipated revenue growth in the latter half of 2024, fueled by new product ramps. He also expressed optimism for 2025, driven by large-scale radar and computer vision programs.

Dividends and Share Repurchase Program

No information on dividends or share repurchase programs was provided in the earnings release.

Forward Guidance

indie Semiconductor provided Q3 2024 guidance on a non-GAAP basis, expecting revenue growth between 0 to 5%, with a midpoint of 2.5%. They also anticipate maintaining approximately 50% gross margins.

Stock Price Movement

Following the earnings release, indie Semiconductor's stock experienced a positive movement of 3.65%.

For further details, please refer to indie's investor relations webpage or attend the conference call scheduled at 5:00 p.m. Eastern time.