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Highlights

  • Indi’s Q1 FY24 revenue was USD 52.4 million, demonstrating a 29% YoY growth
  • The company’s revenue was up 29.42% to USD 52.35 million due to higher demand
  • Revenue rose from USD 22.7 million in 2020 to USD 223.2 million in 2024
  • For Q2 FY24, Indie anticipates revenue to remain stable or grow by up to 5% sequentially

Indie Semiconductor, Inc. (NASDAQ:INDI) has a market cap of USD 915.14mn and offers automotive semiconductors and software solutions.

In Q1FY24, the company delivered 29% year-over-year top-line growth to USD 52.4 million. The Non-GAAP gross margin was 50.3%. Further, the company’s total revenue stood at USD 52.35 million during the quarter, representing a surge of 29.42% compared to the previous corresponding period. The revenue increase was primarily driven by increased demand for the company’s products and services.

Over the past four years, the company's revenue has skyrocketed from USD 22.7 million in 2020 to USD 223.2 million in 2024, with a CAGR of 77.08%. Gross profit also grew significantly from USD 7 million to USD 89.6 million, at a CAGR of 89.15%. Despite some fluctuations, gross margin peaked at 45.40% in 2023 and stood at 40.14% in 2024.

Recent update

On July 2, 2024, the company appointed Mark Tyndall as Executive Vice President of Corporate Development and Investor Relations, effective on an immediate basis. Tyndall brings a wealth of experience from his previous senior leadership positions at Dialog Semiconductor and other organizations in the semiconductor industry.

Company outlook

For the second quarter of 2024, Indie is expecting revenue to remain steady or grow by up to 5% sequentially. The company also anticipates Non-GAAP gross margins to increase to between 51% and 52%, due to a more favorable product mix and stable expenses. This is expected to lead to a reduced operating loss on a sequential basis.

Chief Financial Officer Thomas Schiller noted that the company's new product pipeline and the normalization of channel inventory are expected to drive a return to strong growth in the latter half of the year and into 2025.

Top 10 shareholders:

The top 10 shareholders of INDI collectively own approximately 54.68% of the company's shares, indicating a high level of concentrated ownership. Granahan Investment Management, LLC, and Baron Capital Management, Inc. are the largest shareholders, holding about 11.52% and 8.50% of the company, respectively.

Stock performance

INDI's stock price has declined by 20.06% over the past three months and by 4.11% over the past nine months. Currently, the stock is approaching the lower end of its 52-week range, which spans from a high of USD 8.83 to a low of USD 4.67.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is August 05, 2024. The reference data in this report has been partly sourced from EODHD/Others.