indie Semiconductor Reports $54.1 Million Revenue in Q1 2025, Net Loss Increases

indie Semiconductor, Inc. reported a total revenue of $54.1 million for the first quarter of 2025, reflecting a 3% increase from $52.4 million in the same period last year. The growth was primarily driven by a $1.8 million rise in product revenue, which reached $50.4 million, while contract revenue slightly decreased by $0.1 million to $3.7 million. The increase in product revenue was attributed to higher product volumes, although this was partially offset by changes in average selling prices. The company recorded a net loss of $37.2 million, compared to a net loss of $34.2 million in the prior year, with a loss per share of $0.18, slightly improved from $0.19 per share in the previous year.

Operating expenses for the quarter totaled $93 million, down from $102 million in the same quarter of 2024, marking a 9% reduction. This decrease was driven by lower research and development expenses, which fell by 15% to $42.1 million, largely due to a reduction in share-based compensation. Selling, general, and administrative expenses also decreased by 13% to $19.4 million. The company’s cost of goods sold increased by 5% to $31.5 million, reflecting the higher product shipments associated with increased sales.

In terms of operational metrics, indie Semiconductor's cash and cash equivalents, including restricted cash, stood at $246.9 million as of March 31, 2025. The company reported a significant increase in interest income to $2.3 million, up from $1.3 million, while interest expenses rose sharply to $4.5 million due to the addition of the 2029 Notes issued in December 2024. The company also recognized a net gain of $4.8 million from changes in the fair value of contingent considerations and acquisition-related holdbacks, a decrease from $15.4 million in the previous year.

Looking ahead, indie Semiconductor is navigating a challenging macroeconomic environment characterized by inflation, rising interest rates, and geopolitical tensions, which could impact consumer demand and production levels. The company is closely monitoring these conditions and their potential effects on its operations. Additionally, indie has initiated a restructuring plan aimed at improving operational efficiencies and reducing costs, which is expected to incur charges between $8 million and $12 million. The company anticipates that these strategic measures will better align its workforce with key growth opportunities and enhance its financial performance in the future.