indie Semiconductor Reports $216.7 Million Revenue and $144.2 Million Net Loss for Fiscal Year 2024

indie Semiconductor, Inc. reported a total revenue of $216.7 million for the fiscal year ended December 31, 2024, a decrease from $223.2 million in the previous year. The decline in revenue was primarily attributed to a significant drop in contract revenue, which fell to $14.0 million from $27.5 million in 2023. In contrast, product revenue increased to $202.7 million, up from $195.6 million, reflecting a growing demand for the company's semiconductor solutions. Despite the increase in product revenue, the overall financial performance resulted in a net loss of $144.2 million, compared to a net loss of $128.8 million in 2023.

The company's cost of goods sold (COGS) decreased by 5% to $126.4 million, down from $133.6 million in the prior year. This reduction was primarily driven by a decrease in product costs, which was partially offset by increased costs associated with product shipments and changes in product mix. Additionally, indie Semiconductor incurred $175.1 million in research and development expenses, a 13% increase from $154.5 million in 2023, largely due to higher share-based compensation expenses and increased personnel costs to support growth initiatives.

Strategically, indie Semiconductor has been active in pursuing acquisitions to enhance its product offerings and market position. The company completed several acquisitions, including GEO Semiconductor, Silicon Radar, and Exalos, which collectively contributed to the expansion of its technology portfolio. The acquisition of Kinetic Technologies in January 2024 further bolstered its capabilities in custom product development for electric vehicle manufacturers. As of December 31, 2024, the company reported a total cash and cash equivalents balance of $284.5 million, reflecting its ongoing efforts to maintain liquidity amid its growth strategy.

Operationally, indie Semiconductor's employee headcount increased significantly, contributing to higher personnel costs across its research and development and administrative functions. The company also reported a total of 14.8 million shares of Class A common stock available for future grants under its equity incentive plans, indicating a commitment to incentivizing its workforce. The company anticipates that its research and development and administrative expenses will stabilize over time as it integrates its recent acquisitions and optimizes its operational structure.

Looking ahead, indie Semiconductor expects to continue facing challenges related to market conditions, including inflationary pressures and geopolitical uncertainties. The company remains focused on leveraging its acquisitions to drive growth and enhance its competitive position in the semiconductor market. Management believes that its current liquidity position, combined with anticipated operational cash flows, will be sufficient to meet its financial obligations over the next 12 months.