indie Semiconductor Reports First Quarter 2021 Financial Highlights

Rhea-AI Summary

indie Semiconductor reported first quarter 2021 revenue of $8.1 million, a 74% increase year-over-year. Non-GAAP gross margin improved to 40.3%. The GAAP operating loss was $8.1 million, up from $4.5 million a year prior, reflecting heightened R&D investments. The company anticipates accelerated revenue growth and gross margin expansion in the second quarter, as it prepares for its merger with Thunder Bridge Acquisition II (THBR) expected to complete by June 10, 2021. This merger aims to solidify indie's position as an Autotech leader.

Positive

• First quarter revenue increased by 74% year-over-year to $8.1 million.
• Non-GAAP gross margin expanded to 40.3%, a 210 basis point improvement.
• Plans for nearly doubling revenue in 2021.
• Launch of new automotive technology solutions such as parking-assist sensor systems.

Negative

• GAAP operating loss rose to $8.1 million from $4.5 million year-over-year.
• Non-GAAP operating loss also increased to $7.6 million from $4.5 million.

indie Semiconductor, an Autotech solutions innovator which is currently in the process of merging with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company, today announced first quarter 2021 financial highlights for the period ending March 31, 2021. First quarter revenue increased to $8.1 million, up 74 percent from the same period a year ago. Non-GAAP gross margin expanded 210 basis points from March 2020 levels to 40.3 percent. GAAP operating loss for the first quarter of 2021 was $8.1 million compared to a loss of $4.5 million for the first quarter of 2020 reflecting increasing customer-driven R&D investments and preparations for becoming a publicly traded company. On a non-GAAP basis, first quarter 2021 operating loss was $7.6 million versus $4.5 million in the year ago period.

“indie delivered strong first quarter 2021 results driven by broad-based demand for our highly innovative automotive semiconductor and software solutions,” said Thomas Schiller, indie’s chief financial officer and executive vice president of strategy. “We are effectively navigating global supply chain dynamics and are well positioned to capitalize on ADAS, connected car, user interface and electrification applications in support of the world’s premier vehicle OEMs. For the second quarter of 2021, we anticipate accelerating year-over-year top line growth and sustained gross margin expansion, setting the stage for indie to nearly double revenue in 2021. At the same time, we’re excited about the pending closure of our business combination with Thunder Bridge Acquisition II. Upon completion, indie will emerge a pure-play Autotech powerhouse with the financial firepower and scalability to capture significantly larger programs and, in turn, increasingly add to our strategic backlog.”

Q1 Business Highlights

• Unveiled breakthrough on-board vehicle diagnostics solutions
• Launched ultrasonic automotive parking-assist sensor systems
• Augmented senior management team with the addition of Ellen Bancroft, General Counsel; Pilar Barrigas, Vice President, Global Corporate Communications; Steve Machuga, Chief Operating Officer
• Finalized post-merger board of directors including the addition of David Aldrich (Skyworks Solutions); Diane Brink (IBM); Peter Kight (REPAY); Jeffrey Owens (Delphi); Sonalee Parekh (Hewlett Packard Enterprise)

About indie

indie is empowering the Autotech revolution with next generation automotive semiconductors and software platforms. We focus on edge sensors for Advanced Driver Assistance Systems including LiDAR, connected car, user experience and electrification applications. These technologies represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs around the world. Headquartered in Aliso Viejo, CA, indie has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland and various locations throughout China.

Please visit us at www.indiesemi.com to learn more.

In December 2020, indie announced it entered into a definitive agreement to merge with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company. The transaction is expected to close on or about June 10, 2021, subject to regulatory and shareholder approval, and other customary closing conditions. The combined company will retain the indie Semiconductor name and be listed on Nasdaq under the new ticker symbol INDI.

About Thunder Bridge Acquisition II, Ltd.

Thunder Bridge Acquisition II, Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2019, Thunder Bridge Acquisition II consummated a $345 million initial public offering (the “IPO”) of 34.5 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and one-half warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge Acquisition II’s securities are quoted on the Nasdaq stock exchange under the ticker symbols THBRU, THBR and THBRW.

Additional Information about the Transaction and Where to Find It

In connection with the proposed business combination, on January 25, 2021, Thunder Bridge Acquisition II filed with the U.S. Securities and Exchange Commi

FAQ

What were indie Semiconductor's Q1 2021 revenue figures?

indie Semiconductor reported a revenue of $8.1 million for Q1 2021, marking a 74% increase from the same quarter in 2020.

What is the expected timeline for the merger with Thunder Bridge Acquisition II (THBR)?

The merger with Thunder Bridge Acquisition II is expected to close on or about June 10, 2021, pending regulatory and shareholder approvals.

What are the key financial highlights for indie Semiconductor in Q1 2021?

Key highlights include a revenue increase of 74% year-over-year, a non-GAAP gross margin of 40.3%, and an operating loss of $8.1 million.

How has indie Semiconductor's gross margin changed from last year?

The non-GAAP gross margin improved by 210 basis points to 40.3% as of Q1 2021 compared to the previous year.

What new products did indie Semiconductor launch in Q1 2021?

indie Semiconductor launched ultrasonic automotive parking-assist sensor systems and breakthrough vehicle diagnostics solutions in Q1 2021.