Automobile tech company Indie Semiconductor in Aliso Viejo reported third-quarter revenue of $60.5 million, topping its own forecast and the analyst consensus for $60 million. The shares gained 4.3% to $5.15 apiece for a market cap of $793 million in after-hours trading.
The company said its strategic backlog increased to $6.3 billion, up 47% from the same period a year ago.
“Given the strength of our order visibility and new product pipeline, we plan to continue to far outpace our addressable markets over the long run,” said Thomas Schiller, Indie’s chief financial officer.
Indie Semiconductor said it expects revenue in the $70 million to $75 million range in the current quarter, up from $33 million in the same period a year ago. Â Adjusted EBITDA is expected to break even this quarter.
Analysts are also forecasting the company will break even on $73.7 million in sales during the fourth quarter.
