Automobile tech company Indie Semiconductor of Aliso Viejo reported a 147% increase in third-quarter revenue to $30 million, meeting analysts’ expectations and sending the shares up 3.1% in after-hours trading.
The company also said it narrowed the net loss to $45.4 million for the three months ended Sept. 30 from $108.2 million in the same period a year ago.
Indie said it is “on track to reach profitability in the second half of next year with narrowing losses in the interim.”
“We’re excited to announce that our strategic backlog has grown to $4.3 billion, more than doubling from the level we initially outlined during our IPO launch less than twenty-four months ago,” said Donald McClymont, Indie’s co-founder and chief executive officer.
Shares in Indie rose to $8.35 apiece following the earnings release. The stock was up 9.2% at the close for a market cap of $970 million.