indie Semiconductor, Inc. (NASDAQ: INDI) stock soared after the company’s FY22 Q1 revenue exceeded expectations. INDI was trading at $6.10 at the time of writing, representing a 16% gain.
indie Semiconductor reported a loss of $0.11 per share in the first quarter of March 2022 on revenue of $22.0 million. The consensus estimate was a loss of $0.11 per share on $21.6 million in revenue.
The company expects revenue of $25.00 million to $26.00 million in the second quarter. The current consensus revenue estimate for the quarter ending June 30, 2022, is $25.38 million.
- Delivers 171% Year-over-Year and 16% sequential revenue growth to a record $22.0M.
- Expands Non-GAAP Gross margin to 47.4%, up 710 basis points Year-over-Year and 110 basis points sequentially.
- Guides Q2 2022 to a ≥ $100M Annualized Revenue Run-rate with further Non-GAAP Gross margin expansion.
“indie is off to a great start in 2022, delivering record first quarter revenue fueled by growing demand for our highly innovative Autotech solutions. Our outperformance versus the industry in the face of continued supply chain headwinds reflects indie’s differentiated product portfolio and our team’s ability to obtain committed volumes from our strategic supply partners. At a higher level, we are well positioned to capitalize on several powerful automotive megatrends, including ADAS, enhanced user experience and electrification. We believe our deeper R&D investments coupled with successful acquisition integrations will leverage the indie platform to accelerate growth, enable us to become the leading provider of edge sensors across all key modalities and, in turn, create shareholder value.”Donald McClymont, indie’s chief executive officer
With next-generation automotive semiconductors and software platforms, indie enables the Autotech revolution.