Shares of Indie Semiconductor Inc. (NASDAQ: INDI) surged 13.12% in a 24-hour period on November 7, 2024, driven by the company's impressive third-quarter 2024 financial performance, an optimistic outlook for the current quarter, and strong momentum in advanced driver-assistance systems (ADAS) design wins.
In its third-quarter 2024 earnings report, Indie Semiconductor reported revenue of $54.0 million, up 3.1% sequentially and beating analyst estimates. The company's non-GAAP gross margin improved to a robust 50.4%, fueled by its innovative product portfolio and robust demand. Notably, Indie Semiconductor's strategic backlog, representing expected revenue over the next 10 years, expanded to $7.1 billion, up from $6.3 billion a year ago.
Looking ahead, Indie Semiconductor provided an upbeat outlook for the fourth quarter of 2024, anticipating revenue to increase by more than 7% sequentially at the midpoint of $58.0 million, outpacing industry growth. The company also expressed confidence in returning to its industry-leading growth trajectory in 2025 and beyond, backed by continued strong design-win activity for its new radar and vision products.
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