indie Semiconductor, Inc.

Greetings and welcome to Indy's Q3 2025 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ashish Gupta, Investor Relations. Thank you. You may begin.

Thank you, operator. Good afternoon. Welcome to Indy's third quarter 2025 earnings call. Joining me today are Don McClimit, Indy's CEO and co-founder, Mark Tindall, EVP of Corporate Development and Investor Relations, and Naishi Wu, Indy's new CFO, whose appointment was announced earlier today. Don will provide opening remarks and discuss business highlights. Mark will then provide a review of Indy's Q3 results and Q4 outlook. Please note that we've been making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For material risks and other important factors that could affect our financial results, please review our risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by our quarterly reports on Form 10-Q, as well as other public reports with the SEC. Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures, such as non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, and non-GAAP net loss per share. For a complete reconciliation to GAAP and the definition of the non-GAAP reconciling items, please see our Q3 earnings press release, which was issued in advance of this call. It can be found on our website at www.indy.inc. I'll now turn the call over to Donald.

Thanks, Ashish, and welcome, everybody. Firstly, I'm very pleased to announce that Naishi Wu has been appointed Chief Financial Officer for Indy Effective Immediately. Naishi has been with Indy for the past four and a half years and has demonstrated exceptional leadership, integrity, and execution skills within our finance organization, especially during the past months in a period where we successfully executed on multiple complex transactions. Beginning her career in PwC's assurance practice, Naishi has built an exemplary track record in finance, holding various senior leadership roles in financial and SEC reporting at CalAMP, Westfield, and RealDee. Indy's finance team consistently demonstrates seamless collaboration and strong performance, combining expertise and focus to achieve desired business results and goals. Naishi's elevation to Chief Financial Officer is a natural progression in her leadership journey at Indy. Working alongside our capable and dedicated finance team, Indy's financial foundation will continue to strengthen. During the next months, you will have the opportunity to meet Naishi at roadshows and investor events. Let me now review our financial performance within the context of the overall automotive market before discussing Indy's key business achievements. Starting with market dynamics, we see an automotive market trending slightly better than feared across almost all regions, with China representing Indy's strongest performance during the quarter. Automotive market analysts are also maintaining a positive outlook for growth trends, with 2026 production now expected to increase by 0.46% from 2025 levels, to approximately 91 million vehicles. This is further underpinned by the continued increase of semiconductor devices and sensor content per vehicle to support the upsurge in ADAS and automated driver safety and feature adoption, which we increasingly see across our customer base. For Indy, we achieved third quarter total revenue of $53.7 million in line with our outlook, but representing solid quarter over quarter performance with growth above the market. We have also just completed an annual review of our strategic backlog, which remains a very important and strong indicator for the future potential of our business looking out over the next 10 years. Recall last year's backlog was $7.1 billion. This year, we have expanded into several adjacent markets, including quantum compute and quantum communications, and also into humanoid robotics, where several of our products are relevant, particularly and initially our vision processors. We now have content at leading robotics providers, Figure.ai and Unitree, who seamlessly use our automotive products for their application. During the last 12 months, due entirely to industry turbulence, we suffered some program cancellations. Particularly, and although we are still heavily engaged at the customer, we made the decision to remove Ficosa Business from the calculation as upheaval at the OVM end customer has made the timing of revenue realization less clear. However, These cancellations were more than offset by new business wins that we achieved in the same period. The strategic backlog is now at 7.4 billion compared to 7.1 billion as of a year ago. However, if we exclude Wuxi, which represented $1.3 billion, the resultant strategic backlog will be 6.1 billion. The composition of our backlog is strengthened materially due to the higher gross margin product mix following the divestment of Wuxi. ADAS and optical products will drive significantly higher gross margin profile going forward. Let me now turn to our recent business progress and key achievements. Beginning with radar, in late October, our Tier 1 radar partner, a leader in the market, for whom we developed our 77 GHz chipset, publicly launched the next generation Gen8 radar solution to power the future of ADAS for their global OEM customers. The Gen8 radar is their primary offering on a go-forward basis, This represents a momentous milestone in the program. Our differentiated chipset enables the Tier 1 to deliver industry-leading performance across multiple dimensions, long range detection beyond 300 meters with ultra-fine 4D angular resolution, enhanced capability in close range scenarios for applications such as automated parking, frontal automatic emergency braking, and significantly expanded field of view, enabling new driving scenarios like autopilot in complex urban environments. The solution demonstrates superior object detection and classification across a broad range of parking and driving scenarios, with the Tier 1 noting a 30% performance improvement over their prior generation. Final validation in real-world environments is concluding as we prepare for production shipments. Computer vision capabilities within the automotive market continue to be a differentiator for ADAS and automated safety, and a key driver for Indy. We are seeing additional penetration of our vision solutions among key customers with our industry-leading IND880 advanced camera processor. During the quarter, we secured a design win for image signal processing for multi-camera operation in a leading self-driving robotaxi OEM in North America for deployment in 2026. Additionally, we have captured multiple new design wins with leading electric vehicle manufacturers in China, spanning multiple applications. According to S&P Global Mobility, China's automotive market continues to lead the global market in terms of growth contribution and regional dominance. China now represents more than one-third of the worldwide motor vehicle production, where Indy's advanced ADAS solutions are rapidly gaining adoption. From our power group, our 10-watt Qi 2.0 wireless charging platform continues to gain broader market adoption. Highlights include startup production scheduled at Ford for Q1 2026 on the first platform, with multiple subsequent vehicles expected to follow. We secured design wins at India's largest car manufacturer, initially for three vehicle models with additional awards also expected to be forthcoming. In addition, we saw production start at an Indian joint venture of one of Europe's top OEMs. Looking further out and rounding out the portfolio, we are now actively promoting our Qi 2.0 15 and 25 watt solutions, which are gaining very positive market traction. We have also provided the first custom samples of a connectivity IC to a leading electric vehicle manufacturer in North America, where production is expected to start in the first half of 2026. Our momentum with Photonics continues with several highlights, including a design win, which will include an NRE payment for our LiDAR application and a design win in the drone segment for our SLED product. The operational alignment establishing the new Photonics business unit has resulted in meaningful impact on our sales funnel. For applications outside of automotive, while the revenue is not reflected in our short-term results, we are expecting strong growth with minimal additional impact on operating expenses. Last quarter, INDIE announced two additional new distributed feedback, or DFB, laser products complementing our LXMU laser launched earlier this year. The market response has been compelling with exceptional stability for quantum key distribution and quantum computing applications. This technology leadership and photonics generated through automotive LIDAR development is exposing Indy to exciting new customers across quantum and industrial sensing markets. I'll now turn the call over to Mark for a review of our Q3 results and Q4 outlook.