indie Semiconductor posts record annual revenue

The firm posted annual revenue of USD 223.2 million, more than double the previous year. For Q4, the numbers were even better at USD 70.1 million – a rise of 112% on 2022.

indie develops automotive semiconductors and software platforms, focusing on edge sensors for Advanced Driver Assistance Systems (ADAS), connected car, user experience, and electrification applications. This market proved challenging in 2023, thanks to industry-wide inventory corrections and muted consumer demand.

indie said its record-breaking revenue was primarily driven by product revenue, which accounted for USD 195.6 million and contract revenue contributing USD 27.5 million. The company's non-GAAP gross profit for Q4 stood at USD 37 million, translating to a non-GAAP gross margin of 52.7%, a slight increase from the previous year's 52.2%. Despite the positive revenue trajectory, Indie Semiconductor reported a GAAP net loss of $14.1 million for Q4 2023.

For 2024, Indie expects the boom to continue. It anticipates a tricky Q1 (38% year-over-year increase in revenue but a 20% sequential decrease) followed by sequential growth in the second half of the year. It reckons its focus on smart connectivity and ADAS technologies will drive future growth, particularly as the automotive industry shifts towards more automated and electrified vehicles.

Thomas Schiller, indie’s CFO and EVP of Strategy, said: “Looking forward, based on our new product pipeline, we anticipate Q1 to be a trough quarter with top line recovery in Q2 and a resumption of outsized sequential growth in Q3 and Q4, yielding a profitability baseline in the second half of this year, ahead of our significant Radar and Vision ramps in 2025.”