indie Semiconductor Reports Second Quarter 2024 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
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Product revenue

$

49,009

 

 

$

45,455

 

 

$

97,587

 

 

$

79,108

 

Contract revenue

 

3,346

 

 

 

6,653

 

 

 

7,121

 

 

 

13,452

 

Total revenue

 

52,355

 

 

 

52,108

 

 

 

104,708

 

 

 

92,560

 

Operating expenses:

 

 

 

 

 

 

 

Cost of goods sold

 

30,241

 

 

 

32,127

 

 

 

60,330

 

 

 

56,183

 

Research and development

 

41,301

 

 

 

42,069

 

 

 

90,890

 

 

 

78,632

 

Selling, general, and administrative

 

17,447

 

 

 

18,637

 

 

 

39,769

 

 

 

35,451

 

Total operating expenses

 

88,989

 

 

 

92,833

 

 

 

190,989

 

 

 

170,266

 

Loss from operations

 

(36,634

)

 

 

(40,725

)

 

 

(86,281

)

 

 

(77,706

)

Other income (expense), net:

 

 

 

 

 

 

 

Interest income

 

1,076

 

 

 

1,870

 

 

 

2,385

 

 

 

4,289

 

Interest expense

 

(2,134

)

 

 

(2,144

)

 

 

(4,240

)

 

 

(4,292

)

Gain (loss) from change in fair value of warrants

 

 

 

 

25,046

 

 

 

 

 

 

(22,286

)

Gain from change in fair value of contingent considerations and acquisition-related holdbacks

 

17,331

 

 

 

2,303

 

 

 

32,690

 

 

 

673

 

Other income (expense)

 

(553

)

 

 

429

 

 

 

(800

)

 

 

429

 

Total other income (loss), net

 

15,720

 

 

 

27,504

 

 

 

30,035

 

 

 

(21,187

)

Net loss before income taxes

 

(20,914

)

 

 

(13,221

)

 

 

(56,246

)

 

 

(98,893

)

Income tax benefit (provision)

 

(86

)

 

 

(342

)

 

 

1,023

 

 

 

3,364

 

Net loss

 

(21,000

)

 

 

(13,563

)

 

 

(55,223

)

 

 

(95,529

)

Less: Net loss attributable to noncontrolling interest

 

(1,840

)

 

 

(436

)

 

 

(4,884

)

 

 

(9,656

)

Net loss attributable to indie Semiconductor, Inc.

$

(19,160

)

 

$

(13,127

)

 

 

(50,339

)

 

 

(85,873

)

 

 

 

 

 

 

 

 

Net loss attributable to common shares — basic

$

(19,160

)

 

$

(13,127

)

 

$

(50,339

)

 

$

(85,873

)

Net loss attributable to common shares — diluted

$

(19,160

)

 

$

(13,127

)

 

$

(50,339

)

 

$

(85,873

)

 

 

 

 

 

 

 

 

Net loss per share attributable to common shares — basic

$

(0.11

)

 

$

(0.09

)

 

$

(0.30

)

 

$

(0.63

)

Net loss per share attributable to common shares — diluted

$

(0.11

)

 

$

(0.09

)

 

$

(0.30

)

 

$

(0.63

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding — basic

 

170,164,241

 

 

 

141,973,731

 

 

 

167,384,295

 

 

 

136,760,936

 

Weighted average common shares outstanding — diluted

 

170,164,241

 

 

 

141,973,731

 

 

 

167,384,295

 

 

 

136,760,936

 

INDIE SEMICONDUCTOR, INC.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

June 30, 2024

 

December 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

112,347

 

 

$

151,678

 

Restricted cash

 

10,300

 

 

 

 

Accounts receivable, net

 

58,074

 

 

 

63,602

 

Inventory, net

 

42,464

 

 

 

33,141

 

Prepaid expenses and other current assets

 

24,371

 

 

 

23,399

 

Total current assets

 

247,556

 

 

 

271,820

 

Property and equipment, net

 

33,511

 

 

 

26,966

 

Intangible assets, net

 

205,402

 

 

 

208,134

 

Goodwill

 

289,276

 

 

 

295,096

 

Operating lease right-of-use assets

 

14,481

 

 

 

13,790

 

Other assets and deposits

 

7,100

 

 

 

3,070

 

Total assets

$

797,326

 

 

$

818,876

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

Accounts payable

$

26,525

 

 

$

18,405

 

Accrued payroll liabilities

 

9,200

 

 

 

6,621

 

Contingent considerations

 

13,149

 

 

 

83,903

 

Accrued expenses and other current liabilities

 

27,595

 

 

 

21,411

 

Intangible asset contract liability

 

4,089

 

 

 

4,429

 

Current debt obligations

 

12,586

 

 

 

4,106

 

Total current liabilities

 

93,144

 

 

 

138,875

 

Long-term debt, net of current portion

 

157,263

 

 

 

156,735

 

Intangible asset contract liability, net of current portion

 

11,246

 

 

 

 

Deferred tax liabilities, non-current

 

12,996

 

 

 

13,696

 

Operating lease liability, non-current

 

11,393

 

 

 

10,850

 

Other long-term liabilities

 

8,651

 

 

 

21,695

 

Total liabilities

$

294,693

 

 

$

341,851

 

Commitments and contingencies

 

 

 

Stockholders' equity

 

 

 

Preferred stock

$

 

 

$

 

Class A common stock

 

18

 

 

 

16

 

Class V common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

896,220

 

 

 

813,742

 

Accumulated deficit

 

(411,780

)

 

 

(361,441

)

Accumulated other comprehensive loss

 

(13,750

)

 

 

(6,170

)

indie's stockholders' equity

 

470,710

 

 

 

446,149

 

Noncontrolling interest

 

31,923

 

 

 

30,876

 

Total stockholders' equity

 

502,633

 

 

 

477,025

 

Total liabilities and stockholders' equity

$

797,326

 

 

$

818,876

 

INDIE SEMICONDUCTOR, INC.

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