ALISO VIEJO, CA – indie Semiconductor, Inc. (NASDAQ:INDI), a company specializing in semiconductors and related devices, announced today that its Chief Financial Officer and Executive Vice President, Strategy, Thomas Schiller, has taken a temporary medical leave of absence effective immediately. The company conveyed its best wishes to Mr. Schiller during his leave and expressed anticipation for his return.
Following Mr. Schiller's departure, indie Semiconductor's Board of Directors has named Raja Bal as the acting Chief Financial Officer and principal financial officer. Mr. Bal, who is currently 48 years old, will also maintain his role as the Chief Accounting Officer and principal accounting officer of the company.
Mr. Bal's experience in the financial sector of the technology industry spans several years and includes notable positions. He joined indie Semiconductor in January 2020 as Senior Vice President, Finance and Controller. In December 2022, he was appointed as Chief Accounting Officer, taking charge of the company's accounting and finance operations. Before his tenure at indie, Mr. Bal served as Operating Partner and Chief Financial Officer for True North Venture Partners and its portfolio companies from October 2017 to December 2019. He also held the role of Vice President and Chief Financial Officer for GT Advanced Technologies from January 2014 to October 2017. His earlier career includes positions at Skyworks Solutions (NASDAQ:SWKS), Lucent Technologies, and Ernst & Young.
Mr. Bal's qualifications include a CPA accounting designation, a Master of Management Analytics from Queen’s University's Smith School of Business, and a Bachelor of Commerce degree from the University of Ottawa's Telfer School of Management.
The company disclosed that there are no familial relationships necessitating disclosure under SEC regulations, nor are there any arrangements or understandings between Mr. Bal and any other persons in connection with his appointment as acting CFO. Furthermore, Mr. Bal is not involved in any transactions with the company that would require disclosure.
In other recent news, Indie Semiconductor experienced a 29% year-over-year revenue increase in the first quarter of 2024, amounting to $52.4 million. However, these figures were slightly below the company's own predictions, with a gross margin of 50.3% and an operating loss of $17.2 million.
The company expects to return to a high growth trajectory in the second half of the year and aims for EBITDA profitability by the fourth quarter. Indie Semiconductor also plans to focus on securing design wins and fostering innovation in ADAS, user experience, and electrification applications.
InvestingPro Insights
In light of the recent executive changes at indie Semiconductor, investors and stakeholders may find the following real-time data and InvestingPro Tips from https://www.investing.com/pro/INDI insightful. The company's market capitalization currently stands at approximately $1.16 billion. Despite a strong revenue growth of 81.87% over the last twelve months as of Q1 2024, the company's P/E ratio reflects its non-profitable status at -12.5, adjusted to -13.29 for the same period. The stock has experienced significant volatility with a 1-week price total return of -12.11%, although it has shown some recovery with a 1-month price total return of 1.96%.
Two InvestingPro Tips highlight the challenges facing indie Semiconductor: Analysts have recently revised their earnings expectations downwards for the upcoming period, and the consensus does not anticipate the company will be profitable this year. However, it's worth noting that the company's liquid assets exceed its short-term obligations, indicating a degree of financial resilience. For those interested in deeper analysis, there are additional InvestingPro Tips available on the platform, providing a more comprehensive outlook on indie Semiconductor's financial health and market position.
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