indie Semiconductor Defies Industry Headwinds with Strong Q3 Performance and Strategic ADAS Wins, Sets Sights on Accelerated Growth

indie Semiconductor (NASDAQ: INDI) reported Q3 2024 revenue of $54 million, reflecting a 3.1% sequential increase but an 11% decline compared to the same period in 2023. Despite a challenging automotive market, the company met revenue expectations but reported a net loss of $49.7 million, or $0.28 per share, widening from Q3 2023.

Key achievements included expanding its strategic backlog to $7.1 billion, driven primarily by design wins in advanced driver-assistance systems (ADAS), in-cabin user experience, and electrification solutions. Notable progress was seen in the company’s radar and vision product lines, with ADAS comprising over 72% of its strategic backlog. indie’s innovative portfolio and market traction reinforce its position as a key player in the automotive semiconductor market.

CEO Donald McClymont noted, “indie exceeded consensus revenue forecasts in Q3, despite the persisting near-term challenges impacting the automotive industry. Crucially, the market for indie’s innovative portfolio remains strong, driven by the long-term catalysts of advanced driver-assistance systems (ADAS), in-cabin user experience and electrification.”

During the earnings call, McClymont addressed industry headwinds and the company’s outlook:

Question (Ross Seymore, Deutsche Bank): “A lot of the peers talked about kind of another leg down in the business and visibility getting worse… What are you seeing from customers, whether you want to talk kind of geographically or just in general inventory burn? And why is indie able to buck the trend now?”

Donald McClymont: “…The reason that we’re able to buck the trend is that we’ve gone through the period where we had delays in program ramps and we’re now beginning to see much more solidity in that. And it really takes us back to our original business as usual where our profile and revenue is at a first order governed by our own share gain rather than by the macro.”

Looking ahead, indie anticipates Q4 2024 revenue growth of over 7% sequentially, reflecting continued customer demand and design-win momentum, with a strategic focus on ramping new solutions in ADAS, LiDAR, and in-cabin experience systems.

The company’s shares are up 57% from a week ago.