indie Semiconductor(INDI) - 2025 Q1 - Quarterly Report

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $54.1 million, a 3$52.4 million in the same period of 2024, driven by a $1.8 million increase in product revenue [128]. - Product revenue accounted for 93$50.4 million in Q1 2025 from $48.6 million in Q1 2024, a 4$93.0 million in Q1 2025 from $102.0 million in Q1 2024, primarily due to a 15$42.1 million, down from $49.6 million in Q1 2024, reflecting a$7.5 million decrease [130]. - The company expects research and development expenses to stabilize over time following the recent decreases [130]. Cash Flow and Financial Position - As of March 31, 2025, the company had cash and cash equivalents of $246.9 million [146]. - For the three months ended March 31, 2025, net cash used in operating activities was$29.0 million, a 210% increase from $9.3 million in the same period of 2024 [147][149]. - The company reported a net cash used in investing activities of$2.4 million for the three months ended March 31, 2025, down from $5.5 million in 2024 [150]. - Net cash used in financing activities for the three months ended March 31, 2025 was$4.7 million, compared to a net cash provided of $6.9 million in the same period of 2024 [151][152]. - As of March 31, 2025, the company’s investment portfolio, including cash and cash equivalents, totals approximately$246.9 million [161]. Debt and Obligations - The company issued $218.5 million in aggregate principal amount of 2029 Notes, with approximately$23.4 million used for capped call transactions [144]. - Future material cash obligations total $462.5 million, including$390.5 million in debt obligations [154]. Interest Income and Expenses - Interest income increased by 73% to $2.3 million in Q1 2025 from$1.3 million in Q1 2024, attributed to higher cash balances [133]. - Interest expense rose by 114% to $4.5 million in Q1 2025 from$2.1 million in Q1 2024, primarily due to the addition of the 2029 Notes [134]. Foreign Currency and Risks - The company experienced a foreign currency translation exchange loss of $0.7 million for the three months ended March 31, 2025, compared to a loss of$0.2 million in 2024 [159]. - The company plans to enter into additional foreign currency forward contracts to mitigate currency fluctuation risks [160]. Other Financial Activities - The net gain from changes in fair value of contingent considerations and acquisition-related holdbacks was $4.8 million in Q1 2025, down from$15.4 million in Q1 2024, a decrease of 69% [135]. - Wuxi employees exercised options contributing a total capital of CNY 88.0 million (approximately $12.3 million) for a potential IPO in China [141]. - As of March 31, 2025, the company had raised gross proceeds of$90.2 million through the ATM Agreement, with approximately $59.8 million available for future issuances [140].