indie Semiconductor Achieves High End of Revenue Guidance Range in Q1 2022

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.

 
 

INDIE SEMICONDUCTOR, INC.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

Three Months Ended
March 31,

 

 

2022

 

 

 

2021

 

 

 

 

 

Revenue:

 

 

 

Product revenue

$

18,086

 

 

$

7,483

 

Contract revenue

 

3,913

 

 

 

631

 

Total revenue

 

21,999

 

 

 

8,114

 

Operating expenses:

 

 

 

Cost of goods sold

 

14,192

 

 

 

4,848

 

Research and development

 

29,499

 

 

 

8,677

 

Selling, general, and administrative

 

12,642

 

 

 

2,695

 

Total operating expenses

 

56,333

 

 

 

16,220

 

Loss from operations

 

(34,334

)

 

 

(8,106

)

Other income (expense), net:

 

 

 

Interest income

 

33

 

 

 

7

 

Interest expense

 

(58

)

 

 

(620

)

Gain (loss) from change in fair value of SAFEs

 

 

 

 

19,100

 

Gain (loss) from change in fair value of warrants

 

47,353

 

 

 

 

Gain (loss) from change in fair value of earn-out liabilities

 

83

 

 

 

 

Other expense

 

(30

)

 

 

(7

)

Total other income, net

 

47,381

 

 

 

18,480

 

Net income before income taxes

 

13,047

 

 

 

10,374

 

Income tax benefit (provision)

 

659

 

 

 

(13

)

Net income

 

13,706

 

 

 

10,361

 

Less: Net income (loss) attributable to noncontrolling interest

 

2,873

 

 

 

(454

)

Net income attributable to indie Semiconductor, Inc.

$

10,833

 

 

$

10,815

 

 

 

 

 

Net income attributable to common shares — basic

$

10,833

 

 

$

5,443

 

Net income (loss) attributable to common shares — diluted

$

10,833

 

 

$

(13,657

)

 

 

 

 

Net income per share attributable to common shares — basic

$

0.10

 

 

$

0.17

 

Net income (loss) per share attributable to common shares — diluted

$

0.07

 

 

$

(0.35

)

 

 

 

 

Weighted average common shares outstanding — basic (1)

 

111,189,340

 

 

 

32,284,863

 

Weighted average common shares outstanding — diluted (1)

 

147,396,772

 

 

 

39,218,016

 

 
 

 

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