INDIE SEMICONDUCTOR INC Stock Price, News & Analysis

indie Semiconductor reported a Q4 2022 revenue of $33.0 million, a 74% increase year-over-year and 10% sequentially, slightly exceeding expectations. The company achieved a non-GAAP gross margin of 52.2%, up 590 basis points year-over-year. For the full year, revenue reached $110.8 million, a 129% increase from 2021. Despite an operating loss of $28.0 million in Q4, the firm aims for a $160 million annualized revenue run-rate in Q1 2023, with projected profitability in the second half of 2023. The company is expanding its design win pipeline in the ADAS and electrification markets, supported by recent investment initiatives.

indie Semiconductor (Nasdaq: INDI) has announced a definitive agreement to acquire GEO Semiconductor, a leader in video processors for automotive cameras, for $180 million. This acquisition, expected to close in Q1 2023, enhances indie's Image Processing program by integrating camera-based solutions into its Advanced Driver-Assistance Systems (ADAS) portfolio. The deal is projected to add $40 million in revenue for 2023 and is anticipated to be accretive to earnings. indie reaffirmed its Q4 2022 guidance, projecting a 129% increase in annual revenue, and will provide further details on the transaction in its next earnings call on February 16, 2023.

Altus Power, Inc. (NYSE: AMPS) has appointed Diane Brink to its Board of Directors, effective immediately. Brink will chair the Compensation Committee and serve on the Audit Committee. With over 35 years of experience at IBM, including her role as Chief Marketing Officer, Brink's expertise in digital transformation and customer experience is expected to enhance Altus' mission of creating a clean electrification ecosystem. She replaces Sharon Daley, who resigned on January 18, 2023, to pursue other opportunities. Brink will serve until the 2025 annual meeting, continuing Altus Power's commitment to solar facility development.

indie Semiconductor (NASDAQ: INDI) will hold a conference call on February 16, 2023 at 5:00 p.m. Eastern time to discuss its fourth quarter 2022 results and business outlook. The earnings press release will be issued after the market closes on the same day and available on indie's website. Investors can listen to the call online or via telephone. A replay will be accessible from 9:00 p.m. Eastern time on February 16 until 11:59 p.m. Eastern time on March 2, 2023. indie focuses on automotive semiconductors and software platforms, vital for electric and autonomous vehicles, with partnerships among major automotive manufacturers globally.

indie Semiconductor (Nasdaq: INDI) has partnered with Seeing Machines to enhance driver and occupant monitoring systems. This collaboration aims to leverage indie's sensing technology with Seeing Machines' Occula® Neural Processing Unit, providing superior vision performance and facilitating compliance with safety standards. The partnership is essential in addressing the serious issue of distracted driving, which accounts for numerous fatalities annually. The combined technology promises lower power consumption, reduced latency, and compact design, ultimately contributing to safer vehicles and easier regulatory compliance.

indie Semiconductor (Nasdaq: INDI) has launched its first system-on-chip (SoC), the iND83080, designed for external automotive lighting. This integrated LED matrix controller enhances pixel-level control for adaptive driving beam (ADB) and dynamic turn signal applications, reducing component requirements and costs. It is currently being sampled to customers, with high-volume production expected to ramp up in Q2 2023. The SoC is aimed at improving vehicle safety and user experience, reflecting a significant expansion of indie's automotive product portfolio.

indie Semiconductor, Inc. (NASDAQ: INDI) has priced an offering of $140 million in 4.500% Convertible Senior Notes due 2027, originally targeted at $125 million, to meet high investor demand. The offering will close on November 21, 2022, with an option for purchasers to buy an additional $20 million. The net proceeds are estimated at $135 million and will be used for share repurchases and general corporate purposes. The notes are convertible into cash or shares at an initial conversion price of $8.65, representing a 30% premium over the last sale price of $6.655.

indie Semiconductor plans to offer $125 million of Convertible Senior Notes due 2027 in a private placement. The offering includes an option for initial purchasers to buy an additional $18.75 million of notes. Concurrently, the Board authorized a $50 million stock repurchase, aiming to utilize up to $25 million from the notes' proceeds. The notes will be unsecured with interest paid semiannually, maturing on November 15, 2027. Proceeds will support stock buybacks and general corporate purposes.

indie Semiconductor reported a record $30.0 million in Q3 2022 revenue, up 147% year-over-year and 17% sequentially. The non-GAAP gross margin improved to 50.4%, reflecting a 740 basis point increase from the previous year. Despite an operating loss of $25.9 million (GAAP) and $15.8 million (non-GAAP), the company anticipates an annualized revenue run-rate of approximately $132 million for Q4 2022. Strategic backlog has grown to $4.3 billion, double from last year, indicating strong demand for their Autotech solutions.