indie Semiconductor Exceeds Q3 2023 Growth Expectations

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)

 

 

 

 

 

 

 

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)

 

 

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.

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