Automobile-tech company Indie Semiconductor in Aliso Viejo reported a jump in quarterly revenue in line with analysts’ estimates while the net loss per share was larger than predicted. Indie shares decreased 2% to $9.17 apiece in after-hours trading after closing down 4% earlier in the day.
Revenue in the three-month period ended Dec. 31 was $33 million, up 74% on an annual basis. That compares with the $32.9 million average of six analysts’ estimates cited by Yahoo.
“Our significant R&D investments coupled with targeted acquisitions are positioning Indie to once again materially outpace our peers in 2023 and to capitalize on the $30 billion autotech market opportunity,” CEO Donald McClymont said in the earnings release.
Indie (Nasdaq: INDI) predicted it will become profitable “in the back half of this year.”
Fourth-quarter net loss per share was 15 cents, less than a year ago, but wider than the 9 cents predicted by analysts.
The company said that “for the first quarter of 2023, we plan to scale to a $160 million annualized revenue run-rate.” The 2022 revenue was $110.8 million.
For further details, see the Feb. 27 print edition of the Business Journal.
Â
