Loss-making Indie considering sale, says report
Automotive chip vendor Indie Semiconductor Inc. (Aliso Viejo, Calif.) is considering strategic options including a sale of the company, according to Bloomberg.
Bloomberg cited unnamed sources saying that Indie is working with an adviser and is fielding interest from prospective buyers. The sources said Indie could attract interest from other semiconductor and electronics companies and possibly from private equity firms.
Shares in the company, which had been hovering around US$6.75 climbed to positions around US$7.50 on Monday and largely held the position on Tuesday. The company’ intraday market capitalization was US$1.27 billion.
The company, which makes chips and software for automated driving assistance systems, went public in 2020 through a reverse SPAC deal but has failed to make a profit. During the same period it has gone on a steady path of company acquisition. This acquisitions include Geo Semicoductor, Silicon Radar, Exalos and more besides.
The company has doubled revenue over each of the last two years but reported a net loss of US$128.8 million on revenue of US$223.2 million in 2023. In 2022 it reported a net loss of US$52.8 million on sales of US$110.8 million. In 2021 Indie made a net loss of US$118.6 million on sales revenue of US$48.4 million.
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