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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