indie Semiconductor, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and increased losses compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenue decreased to $53.965 million, down 11% from $60.476 million in the same period of 2023. Product revenue also saw a decline, falling to $51.285 million from $53.363 million, while contract revenue plummeted by 62% to $2.680 million, attributed to a cyclical downturn in the automotive market and the conclusion of a significant non-recurring engineering project. In contrast, for the nine months ended September 30, 2024, total revenue increased to $158.673 million, a 4% rise from $153.036 million in 2023, driven by a 12% increase in product revenue.

The company's operating expenses for the third quarter rose to $103.868 million, up from $96.622 million, primarily due to increased research and development costs and restructuring charges of $4.322 million related to a workforce reduction plan initiated in August 2024. As a result, indie Semiconductor reported a net loss of $54.595 million for the third quarter, significantly higher than the $18.677 million loss in the same period last year. The net loss attributable to common stockholders was $49.682 million, translating to a loss per share of $(0.28), compared to $(0.12) in 2023.

For the nine-month period, the net loss narrowed slightly to $109.818 million from $114.206 million in 2023. The company reported a decrease in cash and cash equivalents to $96.897 million as of September 30, 2024, down from $151.678 million at the end of 2023.

Strategically, indie Semiconductor completed several acquisitions, including Kinetic Technologies for $8.799 million in January 2024, and has been actively managing its capital structure through an At-The-Market (ATM) agreement, raising $83.865 million since its inception. The company also initiated a restructuring plan aimed at improving operational efficiency, which is expected to be completed by the end of 2024.

Overall, while indie Semiconductor experienced revenue growth in the nine-month period, the third quarter reflected challenges in the automotive sector, leading to increased losses and operational adjustments.