Q3 2024 Outlook
We provide guidance on a non-GAAP basis only because certain information necessary to reconcile such results and guidance to GAAP is difficult to estimate and dependent on future events outside of our control and, therefore, is not available without unreasonable efforts. Please refer to the header captioned "Discussion Regarding the Use of Non-GAAP Financial Measures" in this release for a further discussion of our use of non-GAAP measures.
"For the third quarter of 2024, we expect indie's revenue to increase within the range of zero to 5 percent, or 2.5 percent at the midpoint, outpacing the projected Automotive industry performance," said Raja Bal, indie's acting chief financial officer and chief accounting officer. "At the same time, we expect to achieve gross margins of approximately 50 percent. Based on the production ramp plans for our Radar and Vision programs, we anticipate a return to our industry-leading growth trajectory in 2025 and beyond."
