Indie Semiconductor Inc. (NASDAQ: INDI) witnessed a sharp 7.29% surge in its stock price on November 7, 2024, following the company's impressive third-quarter 2024 financial results and an optimistic outlook for the future.

In the third quarter, Indie Semiconductor reported revenue of $54.0 million, up 3.1% sequentially and beating analyst estimates. The company's non-GAAP gross margin improved to 50.4%, driven by its innovative product portfolio and robust demand. Importantly, Indie Semiconductor's strategic backlog, representing expected revenue over the next 10 years, expanded to $7.1 billion, up from $6.3 billion a year ago. This growth was fueled by strong momentum in advanced driver-assistance systems (ADAS) design wins, particularly in vision and radar solutions.

Looking ahead, Indie Semiconductor expects its strong performance to continue. For the fourth quarter of 2024, the company anticipates revenue to increase by more than 7% sequentially at the midpoint of $58.0 million, outpacing industry growth. Furthermore, Indie Semiconductor believes it is on track to return to its industry-leading growth trajectory in 2025 and beyond, backed by continued strong design-win activity for its new radar and vision products.