indie Semiconductor Inc (INDI)

[JohnCM]

NEWS - August 10, 2021

indie Semiconductor Exceeds Q2 2021 Expectations and Reaffirms Strategic Outlook

Delivered 148% Year-over-Year Revenue Growth

Exited the Quarter with $354 million in Cash and Cash Equivalents

Guides to 30% Sequential Top Line Growth with Further Non-GAAP Gross Margin Expansion in Q3 2021

ALISO VIEJO, Calif.--(BUSINESS WIRE)-- indie Semiconductor, Inc. (Nasdaq: INDI), an Autotech solutions innovator, today announced results for the second quarter ended June 30, 2021. Second quarter revenue grew to a record $9.2 million, up 148 percent from the year ago period. Non-GAAP gross margin expanded 140 basis points from June 2020 levels to 42.1 percent. On a GAAP basis, second quarter 2021 operating loss was $18.5 million versus $4.6 million in the year ago period, including transaction costs and share-based compensation. Non-GAAP operating loss for the second quarter of 2021 was $9.6 million compared to a non-GAAP operating loss of $4.5 million for the second quarter of 2020, reflecting increasing customer-driven R&D investments and expenses associated with becoming a publicly traded company.

“indie’s solid second quarter 2021 revenue and margin performance demonstrate the growing, broad-based demand for our highly integrated automotive semiconductor and software solutions,” said Donald McClymont, indie’s co-founder and chief executive officer. “Automotive OEMs and Tier 1 customers are increasingly seeking partners who can deliver differentiated architectures that enhance vehicle safety, connectivity, electrification and the user experience. Given strong order visibility, our track record of innovation and ability to scale, indie is well positioned to substantially outpace the Autotech market and in turn, create strategic shareholder value.”

Q2 Business Highlights

Closed merger with Thunder Bridge Acquisition II and commenced trading on Nasdaq June 11

Won a new EV product design with one of the largest European automotive Tier 1s

Expanded shipments of highly integrated OnBrD™ telematics solution

Secured record orders for ultrasonic automatic park assist systems

Ramped advanced lighting controllers with multiple new OEMs

Extended engagement with a global innovator of sensor technology in support of access solutions

Third Quarter 2021 Outlook

We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. 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.

“Despite global supply chain tightness, we anticipate our top line growth to outperform the market with sustained gross margin expansion in the third quarter of 2021,” said Thomas Schiller, indie’s chief financial officer and executive vice president of strategy. “Specifically, we expect 30 percent sequential revenue growth and non-GAAP gross margin of roughly 43 percent. At this growth trajectory, the stage is set for indie to nearly double revenue in 2021.”