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Indie Semiconductor Inc. shares surged 28% after reporting better-than-expected Q1 earnings per share of $0.07 and improved quarterly revenue of $22 million.
Source: Indie Semiconductor
INDI up +26.30%, SMH up +4.54%
The company’s revenue in Q1 surged by 171% from the same quarter a year ago and 16% sequentially to a record of $22 million.
The non-GAAP margin grew by 710 basis points year-over-year and 110 basis points sequentially to 47.4%, better than the company’s estimate of 47% for the quarter.
On a GAAP basis, Q1 operating loss widened to $34.3M compared to $8.1M a year ago, driven by increased customer-driven R&D and marketing investments as well as additional public company infrastructure costs.
Donald McClymont, Chief Executive Officer of Indie, stated that the company is off to a great start in 2022, reporting record first-quarter revenue driven by surging demand for the company’s innovative Autotech solutions.
In the next quarter, the company expects top-line growth of around 172 to 183%, with non-GAAP gross margin expansion into the 48% range.
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