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indie Semiconductor, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $53,965,000 from $60,476,000 in the same quarter the previous year. This decrease is attributed to a decline in both product and contract revenue.
Cost of goods sold for the quarter was $32,730,000, representing 61% of sales, compared to 58% in the same quarter of the previous year. The increase in cost ratio is due to changes in product mix and amortization related to acquired intangible assets.
The company reported a loss from operations of $49,903,000 for the quarter, compared to $36,146,000 in the previous year, with the decline attributed to increased research and development expenses and restructuring costs.
Interest income for the quarter was $994,000, down from $1,858,000 in the previous year, due to lower cash balances.
Interest expense remained relatively consistent at approximately $2,180,000 for both the current and previous year quarters.
The company recorded a net loss of $54,595,000 for the quarter, compared to $18,677,000 in the previous year. After adjustments for noncontrolling interest, the net loss attributable to indie Semiconductor, Inc. was $49,682,000.
Cash used in operating activities was $51,877,000, while cash used in investing and financing activities was $16,726,000 and $23,454,000, respectively.
indie Semiconductor had total assets of $797,461,000 as of September 30, 2024, with cash and cash equivalents totaling $96,897,000.
The filing also details various acquisitions, including the recent acquisition of Kinetic Technologies, LLC, and the associated contingent considerations.
indie Semiconductor continues to focus on expanding its product offerings in the automotive semiconductor market, with an emphasis on Advanced Driver Assistance Systems and electrification applications.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the indie Semiconductor Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.