Shares of Indie Semiconductor Inc. (NASDAQ: INDI) surged 6.41% in after-hours trading on Tuesday after the company reported better-than-expected third-quarter 2024 results and provided an optimistic outlook for the current quarter.

The automotive semiconductor solutions provider reported Q3 2024 revenue of $54.0 million, up 3.1% sequentially and exceeding consensus estimates. Non-GAAP gross margin improved to 50.4%, driven by the company's innovative product portfolio and robust demand.

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. The company attributed the growth to strong momentum in advanced driver-assistance systems (ADAS) design wins, particularly in vision and radar solutions.

For the fourth quarter of 2024, Indie Semiconductor expects revenue to increase by more than 7% sequentially at the midpoint of $58.0 million, outpacing industry growth. The company anticipates a return to its industry-leading growth trajectory in 2025 and beyond, backed by continued strong design-win activity for its new radar and vision products.