indie Semiconductor(INDI) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 revenue increased 7.5% sequentially to $58.0 million, with a Non-GAAP gross margin of 50.4%[2][6] - GAAP operating loss for Q4 2024 was$ 33.9 million, compared to $21.6 million a year ago, while Non-GAAP operating loss was$ 14.2 million, up from $2.4 million in the same period last year[2][6] - The company reported a net loss attributable to common shares of$ 33.4 million for Q4 2024, with a loss per share of $0.18[16] - GAAP revenue for Q4 2024 was$ 58,009,000, down from $70,133,000 in Q4 2023, representing a decrease of 17.5%[20] - Non-GAAP gross profit for Q4 2024 was$ 29,238,000, compared to $36,984,000 in Q4 2023, a decline of 20.9%[20] - Non-GAAP gross margin for Q4 2024 was 50.4%, down from 52.7% in Q4 2023[20] - GAAP net loss for the year ended December 31, 2024, was$ 145,111,000, compared to $128,832,000 in 2023, an increase of 12.6%[21] - Non-GAAP net loss for the year ended December 31, 2024, was$ 68,863,000, up from $48,434,000 in 2023, a rise of 42.2%[21] - Non-GAAP EBITDA for the year ended December 31, 2024, was$ (58,521,000), compared to $(44,012,000) in 2023, indicating a worsening of 32.9%[21] Future Outlook - The company expects Q1 2025 revenue to be between$ 52.5 million and $57.5 million, representing a 5.2% sequential decline but a 5.1% year-over-year increase[5][6] - Flagship ADAS programs are on track for initial volume shipments in the second half of 2025, with significant design wins secured with major OEMs[7] Assets and Liabilities - Cash and cash equivalents increased to$ 274.2 million as of December 31, 2024, up from $151.7 million a year earlier[18] - Total assets rose to$ 941.4 million at the end of 2024, compared to $818.9 million at the end of 2023[18] - The accumulated deficit increased to$ 494.9 million as of December 31, 2024, from $361.4 million a year earlier[18] - Total liabilities increased to$ 496.9 million as of December 31, 2024, compared to $341.9 million at the end of 2023[18] Expenses and Costs - Acquisition-related expenses for Q4 2024 were$ 1,648,000, significantly lower than $8,538,000 in Q4 2023[21] - Share-based compensation for the year ended December 31, 2024, totaled$ 68,997,000, compared to $44,082,000 in 2023, an increase of 56.5%[21] - The company reported a non-GAAP operating loss of$ (14,194,000) for Q4 2024, compared to $(2,415,000) in Q4 2023, reflecting a deterioration of 487.5%[20] - Restructuring costs are one-time expenses incurred for reorganizing operations, primarily related to workforce reduction[32] Non-GAAP Measures - Non-GAAP EBITDA is calculated by excluding non-recurring and irregular items from GAAP net income, including acquisition-related expenses and share-based compensation[37] - Forward-looking estimates of non-GAAP financial measures are difficult to predict and may differ materially from actual results[38] - Non-GAAP financial measures should not be considered in isolation and may have limited value for comparisons between companies[35] - The company does not provide a reconciliation of forward-looking non-GAAP measures due to uncertainties in predicting future events[38] - Non-GAAP measures may exclude certain expenses that some investors consider important for evaluating ongoing business performance[36] Inventory and Depreciation - Depreciation expenses are related to the depreciation of all property and equipment on hand[30] - Inventory cost realignments have eliminated supplier allocation premiums introduced during COVID, deemed non-recurring[30] - Non-cash interest expenses relate to the amortization of debt discounts and issuance costs, not considered in financing decisions[34] - Share-based compensation is a non-cash expense associated with equity awards and is not considered in operating decisions[31] Stock Information - Weighted average Class A common stock for Q4 2024 was 185,682,996 shares, compared to 176,671,247 shares in Q4 2023[22]