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.
In addition, our strategic backlog estimate included herein represents the revenue we expect to recognize from product orders within the next ten years. The estimate of our strategic backlog requires substantial judgment and is based on a number of assumptions, including management’s current assessment of customer and third-party contracts that exist as of the date the estimate is made, as well as revenues from expected contract renewals and/or expected design wins, to the extent that we believe that recognition of the related revenue will be realizable within the next ten years. Although we believe the assumptions underlying our strategic backlog estimate are reasonable, they are not guarantees and we can give no assurance that we will be able to recognize the revenues reflected in the strategic backlog estimate. A number of factors could result in actual revenues being less than the amounts reflected in strategic backlog. Our customers or third-party partners may attempt to renegotiate or terminate their contracts for a number of reasons, including mergers, changes in their financial condition, or general changes in economic conditions within their industries or geographic locations, we may experience delays in the development or delivery of products or services specified in customer contracts, or we may be unable to win competitive bid selection processes or achieve additional design wins on the timeline currently anticipated or at all. Accordingly, there can be no assurance that contracts, renewals or expected design wins included in strategic backlog will actually generate the specified revenues. Additionally, because strategic backlog estimates are operating metrics, the estimates are not required to be subject to the same level of internal review or controls as a U.S. generally accepted accounting principles (“GAAP”) financial measures.
#indieSemi_Earnings
INDIE SEMICONDUCTOR, INC. PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts) (Unaudited) |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|||||||||
Revenue: |
|
|
|
|
|
|
|
|||||||||
Product revenue |
$ |
53,363 |
|
|
$ |
24,425 |
|
|
$ |
132,471 |
|
|
$ |
62,963 |
|
|
Contract revenue |
|
7,113 |
|
|
|
5,591 |
|
|
|
20,565 |
|
|
|
14,807 |
|
|
| Total revenue |
|
60,476 |
|
|
|
30,016 |
|
|
|
153,036 |
|
|
|
77,770 |
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|||||||||
| Cost of goods sold |
|
35,187 |
|
|
|
14,970 |
|
|
|
91,370 |
|
|
|
44,340 |
|
|
| Research and development |
|
41,594 |
|
|
|
30,229 |
|
|
|
120,226 |
|
|
|
88,195 |
|
|
| Selling, general, and administrative |
|
19,841 |
|
|
|
10,676 |
|
|
|
55,292 |
|
|
|
35,403 |
|
|
| Total operating expenses |
|
96,622 |
|
|
|
55,875 |
|
|
|
266,888 |
|
|
|
167,938 |
|
|
| Loss from operations |
|
(36,146 |
) |
|
|
(25,859 |
) |
|
|
(113,852 |
) |
|
|
(90,168 |
) |
|
| Other income (expense), net: |
|
|
|
|
|
|
|
|||||||||
| Interest income |
|
1,858 |
|
|
|
612 |
|
|
|
6,147 |
|
|
|
820 |
|
|
| Interest expense |
|
(2,242 |
) |
|
|
(166 |
) |
|
|
(6,534 |
) |
|
|
(491 |
) |
|
| Gain (loss) from change in fair value of warrants |
|
15,660 |
|
|
|
(19,059 |
) |
|
|
(6,626 |
) |
|
|
48,595 |
|
|
| Gain (loss) from change in fair value of contingent considerations and acquisition-related holdbacks |
|
3,535 |
|
|
|
(121 |
) |
|
|
4,208 |
|
|
|
3,546 |
|
|
| Other income (expense) |
|
(692 |
) |
|
|
24 |
|
|
|
(263 |
) |
|
|
3 |
|
|
| Total other income (expense), net |
|
18,119 |
|
|
|
(18,710 |
) |
|
|
(3,068 |
) |
|
|
52,473 |
|
|
| Net loss before income taxes |
|
(18,027 |
) |
|
|
(44,569 |
) |
|
|
(116,920 |
) |
|
|
(37,695 |
) |
|
| Income tax benefit (expense) |
|
(650 |
) |
|
|
(863 |
) |
|
|
2,714 |
|
|
|
665 |
|
|
| Net loss |
|
(18,677 |
) |
|
|
(45,432 |
) |
|
|
(114,206 |
) |
|
|
(37,030 |
) |
|
| Less: Net loss attributable to noncontrolling interest |
|
(1,580 |
) |
|
|
(7,825 |
) |
|
|
(11,236 |
) |
|
|
(6,022 |
) |
|
| Net loss attributable to indie Semiconductor, Inc. |
$ |
(17,097 |
) |
|
$ |
(37,607 |
) |
|
$ |
(102,970 |
) |
|
$ |
(31,008 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to common shares — basic |
$ |
(17,097 |
) |
|
$ |
(37,607 |
) |
|
$ |
(102,970 |
) |
|
$ |
(31,008 |
) |
|
| Net loss attributable to common shares — diluted |
$ |
(17,097 |
) |
|
$ |
(37,607 |
) |
|
$ |
(102,970 |
) |
|
$ |
(31,008 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss per share attributable to common shares — basic |
$ |
(0.12 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.27 |
) |
|
| Net loss per share attributable to common shares — diluted |
$ |
(0.12 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.73 |
) |
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares outstanding — basic |
|
146,962,717 |
|
|
|
120,507,152 |
|
|
|
140,198,899 |
|
|
|
116,272,459 |
|
|
| Weighted average common shares outstanding — diluted |
|
146,962,717 |
|
|
|
120,507,152 |
|
|
|
140,198,899 |
|
|
|
116,272,459 |
|
|
| INDIE SEMICONDUCTOR, INC. PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) |
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|
|
September 30, 2023 |
|
December 31, 2 022 |
|||||
| Assets |
|
|
|
|||||
| Current assets: |
|
|
|
|||||
| Cash and cash equivalents |
$ |
160,648 |
|
|
$ |
321,629 |
|
|
| Restricted cash |
|
— |
|
|
|
250 |
|
|
| Accounts receivable, net |
|
43,476 |
|
|
|
26,441 |
|
|
| Inventory, net |
|
39,505 |
|
|
|
13,256 |
|
|
| Prepaid expenses and other current assets |
|
26,304 |
|
|
|
12,290 |
|
|
| Total current assets |
|
269,933 |
|
|
|
373,866 |
|
|
| Property and equipment, net |
|
25,913 |
|
|
|
15,829 |
|
|
| Intangible assets, net |
|
196,424 |
|
|
|
63,117 |
|
|
| Goodwill |
|
309,525 |
|
|
|
136,463 |
|
|
| Operating lease right-of-use assets |
|
14,135 |
|
|
|
12,055 |
|
|
| Other assets and deposits |
|
3,594 |
|
|
|
2,021 |
|
|
| Total assets |
$ |
819,524 |
|
|
$ |
603,351 |
|
|
|
|
|
|
|
|||||
| Liabilities and stockholders' equity |
|
|
|
|||||
| Accounts payable |
$ |
19,617 |
|
|
$ |
14,186 |
|
|
| Accrued payroll liabilities |
|
13,057 |
|
|
|
11,541 |
|
|
| Accrued expenses and other current liabilities |
|
104,857 |
|
|
|
13,159 |
|
|
| Intangible asset contract liability |
|
6,517 |
|
|
|
9,377 |
|
|
| Current debt obligations |
|
4,910 |
|
|
|
15,700 |
|
|
| Total current liabilities |
|
148,958 |
|
|
|
63,963 |
|
|
| Long-term debt, net of current portion |
|
156,472 |
|
|
|
155,699 |
|
|
| Warrant liability |
|
52,024 |
|
|
|
45,398 |
|
|
| Intangible asset contract liability, net of current portion |
|
— |
|
|
|
4,177 |
|
|
| Deferred tax liabilities, non-current |
|
15,711 |
|
|
|
7,823 |
|
|
| Operating lease liability, non-current |
|
10,867 |
|
|
|
10,115 |
|
|
| Other long-term liabilities |
|
22,650 |
|
|
|
1,844 |
|
|
| Total liabilities |
$ |
406,682 |
|
|
$ |
289,019 |
|
|
| Commitments and contingencies |
|
|
|
|||||
| Stockholders' equity |
|
|
|
|||||
| Preferred stock |
$ |
— |
|
|
$ |
— |
|
|
| Class A common stock |
|
15 |
|
|
|
13 |
|
|
| Class V common stock |
|
2 |
|
|
|
2 |
|
|
| Additional paid-in capital |
|
780,627 |
|
|
|
568,564 |
|
|
| Accumulated deficit |
|
(346,786 |
) |
|
|
(243,816 |
) |
|
| Accumulated other comprehensive loss |
|
(20,343 |
) |
|
|
(11,951 |
) |
|
| indie's stockholders' equity |
|
413,515 |
|
|
|
312,812 |
|
|
| Noncontrolling interest |
|
(673 |
) |
|
|
1,520 |
|
|
| Total stockholders' equity |
|
412,842 |
|
|
|
314,332 |
|
|
| Total liabilities and stockholders' equity |
$ |
819,524 |
|
|
$ |
603,351 |
|
|
INDIE SEMICONDUCTOR, INC.
