The following is a summary of the Indie Semiconductor, Inc. (INDI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Indie Semiconductor's Q1 2024 revenue increased by 29% year-over-year to $52.4 million, falling slightly below the company's guidance.
The profits tallied up to $26.4 million, leading to a 50.3% gross margin.
The company is predicting Q2 revenue to be either flat or up to 5% sequentially.
An expansion in gross margin is expected in the Q2, reverting back to the 51% to 52% range.
Business Progress:
Indie Semiconductor's innovative product portfolio is seeing design win traction across ADAS, user experience, and electrification applications.
The company is positioned to benefit from significant growth due to new program ramps in the H2 of the year and long-term planning.
Indie Semiconductor has collaborated with IDERA for integrating custom neural network processing IP to bring improved ADAS AI processing to mass-market vehicles.
The company secured notable design wins in the quarter which are projected to contribute significantly to annual revenue.
Despite challenges in the quarter due to decreased visibility and macro conditions, Indie Semiconductor maintains the situation as not a result of lost share or customers.
More details: indie Semiconductor IR
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