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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