Indie Semiconductor Posts Q2 Adjusted Loss of 5c/Shr, Wider Than Expected
INDI sits 68% above its 52-week low of $2.32.
Summary
indie Semiconductor reported a Q2 adjusted loss of 5 cents per share, missing expectations and extending a string of quarterly losses. The company has been burning cash, with a $43.2M net loss in Q1 and a $170.5M convertible notes offering in May to refinance debt. This follows the May acquisition of a CMOS image sensor business for $47.1M and the June resignation of co-founder and President Ichiro Aoki amid a pattern of insider selling. The persistent losses and management turnover raise concerns about the company's path to profitability. The company sees third-quarter revenue in the range of $67 million to $73 million. Q2 revenue rose 24% and beat estimates.
At the time of this announcement, INDI was trading at $3.90 on NASDAQ in the Technology sector, with a market capitalization of approximately $778.3M. The 52-week trading range was $2.32 to $6.05. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.