indie Semiconductor, Inc. (NASDAQ:INDI) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Ashish Gupta – Investor Relations
Donald McClymont – Co-Founder and Chief Executive Officer
Raja Bal – Chief Financial Officer

Conference Call Participants

Suji Desilva – Roth Capital Partners
Ross Seymore – Deutsche Bank
Cody Acree – The Benchmark Company
Anthony Stoss – Craig-Hallum
Craig Ellis – B. Riley Securities
Jon Tanwanteng – CJS Securities

Operator

Good afternoon, and welcome to indie Semiconductor’s Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded.

I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.

Ashish Gupta

Thank you, operator. Good afternoon and welcome to indie Semiconductor’s third quarter 2024 earnings call. Joining me today are Donald McClymont, indie's Co-Founder and CEO; Raja Bal, indie's CFO and Mark Tyndall, Head of Corporate Development and Investor Relations. Don will provide opening remarks and discuss business highlights followed by Raja’s review of indie's Q3 results and Q4 outlook. Please note that we will be making forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties.

These statements reflect our views only as of today and should not be relied upon as representative about views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For material risks and other important factors that could affect our financial results, please review our risk factors and our annual report on Form 10-K for the fiscal year ended December 31, 2023, as well as other public reports filed with the SEC.

Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures such as non-GAAP gross margin, non-GAAP operating income loss, non-GAAP net loss and non-GAAP net loss per share. For a complete reconciliation to GAAP and the definition of the non-GAAP reconciling items, please see our Q3 earnings press release which was issued in advance of this call and can be found on our website at www.indiesemi.com.

And I'll turn the call over to Donald.

Donald McClymont

Thanks Ashish and welcome everybody. Let me first briefly cover our financial performance within the context of the overall automotive market environment before focusing on indie's business achievements. During the third quarter of 2024, indie achieved total revenue of $54 million coming in above the midpoint of our guidance. Given the persisting unfavorable global macroeconomic environment and the well reported short-term challenges impacting the automotive industry, these results are a testament to indie's resilience.