Earnings call transcript: Indie Semiconductor’s Q2 2025 results beat expectations

Indie Semiconductor Inc (INDI) reported its second-quarter 2025 earnings, surpassing revenue expectations with $51.63 million against a forecast of $51.4 million. The company posted a larger-than-expected loss per share of $0.20, compared to the anticipated $0.08. Following the earnings announcement, Indie Semiconductor’s stock rose 5.23% to $3.82 in after-hours trading, reflecting investor optimism despite the earnings miss. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculation, though six analysts have recently revised their earnings expectations downward.

Key Takeaways

• Revenue exceeded expectations at $51.63 million.
• The company reported a higher-than-expected loss per share of $0.20.
• Stock price increased by 5.23% in after-hours trading.
• Significant progress in product development and innovation, including RADAR chipset and camera monitoring systems.
• Ongoing restructuring efforts aimed at achieving $8-10 million in quarterly savings.

Company Performance

Indie Semiconductor demonstrated resilience in Q2 2025, achieving revenue above its forecasted range despite a challenging economic environment. The company continues to advance its position in the automotive semiconductor market, driven by strong demand for its RADAR and vision products. Year-over-year, the operating loss improved, indicating effective cost management and operational efficiency.

Financial Highlights

• Revenue: $51.63 million, surpassing the forecast of $51.4 million.
• Earnings per share: Loss of $0.20, compared to the forecasted loss of $0.08.
• Gross margin: 49.1% on a non-GAAP basis.
• Operating loss: $14.5 million, an improvement from $17.2 million a year ago.
• Total cash: $202.9 million, with a $30 million repurchase of convertible notes.

Earnings vs. Forecast

Indie Semiconductor’s revenue of $51.63 million slightly exceeded the forecast of $51.4 million, marking a 0.45% surprise. However, the company reported a significant earnings miss, with a loss per share of $0.20 compared to the expected $0.08, representing a 150% negative surprise.

Market Reaction

Following the earnings announcement, Indie Semiconductor’s stock rose by 5.23% in after-hours trading, reaching $3.82. This increase reflects investor confidence in the company’s strategic initiatives and potential for future growth, despite the earnings miss. The stock’s performance remains within its 52-week range, indicating stable investor sentiment.

Outlook & Guidance

Looking ahead, Indie Semiconductor projects Q3 2025 revenue between $52 million and $56 million, with a non-GAAP gross margin of 49-50%. The company aims to maintain operating expenses around $38 million, with an expected net loss per share of $0.06. Strategic focus areas include ADAS, quantum communications, and robotics markets.

Executive Commentary

CEO Donald McClimek emphasized the importance of ADAS in driving growth, highlighting global safety regulations and the demand for self-driving technologies. Mark Tyndall, Head of Corporate Development, noted the vibrant market for software, particularly following the eMotion3D acquisition.

Risks and Challenges

• Supply chain disruptions could impact production timelines.
• Market saturation in the automotive sector may limit growth opportunities.
• Economic uncertainties could affect consumer spending on vehicles.
• Regulatory changes in key markets could pose compliance challenges.
• Competition from established semiconductor manufacturers remains intense.

Q&A

During the earnings call, analysts probed the company’s acquisition of eMotion3D and its potential for software licensing. Executives confirmed progress on RADAR and vision design wins and explored opportunities in quantum communications and computing. Production capacity for photonics products was also discussed, addressing investor concerns about scalability.

Full transcript - indie Semiconductor Inc (INDI) Q2 2025:

Conference Operator: Ladies and gentlemen, greetings, and welcome to Indy Semiconductor Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr.

Ashish Gupta from ICR. Please go ahead.

Ashish Gupta, Investor Relations, ICR: Thank you, operator. Good afternoon and welcome to Indy Semiconductor’s second quarter twenty twenty five earnings call. Joining me today are Donald McClimek, Indy’s CEO and Mark Tyndall, Head of Corporate Development and Investor Relations. In addition, given the strong investor interest in our foray into photonics and quantum opportunities, I’m pleased to have Matthew Drole, Executive Vice President of our Photonics Business Unit joining us today as a special guest to address any questions you may have on this exciting sector. Donald will provide opening remarks and discuss business highlights.

Mark will then provide a review of Indy’s Q2 results and Q3 outlook. Please note that we are 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 about our 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 and our annual report on Form 10 ks for the fiscal year ended 12/31/2024, as well as other public reports filed 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 Q2 earnings press release, which was issued in advance of this call and can be found on our website at www.indi.inc. I’ll now turn the call over to Donald.

Donald McClimek, CEO, Indy Semiconductor: Thanks, Ashish, and welcome everybody. I’ll begin by reviewing our financial performance within the context of the overall automotive market before discussing Indy’s key business achievements in the quarter. During the second quarter, Indy achieved total revenue of $51,600,000 above the midpoint of our outlook, representing a solid performance given the challenging automotive market conditions we are experiencing. Starting with market dynamics, automotive market analysts have become tendentially more optimistic, including S and P Global Mobility, who recently raised forecasts for global light vehicle sales across all regions, including The U. S, China and Europe, now expecting modestly positive growth for 2025 compared to 2024.

Underlying demand has strengthened despite continued macroeconomic uncertainties. Regarding trade policy impacts, U. S. Trade policies to date have had minimal direct impact on our business. Our globally diversified supply chain of foundry and packaging partners provides significant resilience against policy shifts as our manufacturing is primarily based in regions strategically aligned to our customers’ locations.

Despite the ongoing uncertainty from policy volatility, which continues to create hesitation in the OEM decision making, our key projects remain on track. 2025 is proving to be a transitional year for India as we introduce new products, customers ramp our solutions across multiple ADAS sensing and user experience applications, while we expand into adjacent industrial markets. Despite the challenging automotive backdrop, we continue to secure new design wins across a global customer base, leveraging our highly differentiated and innovative technologies. Notably, RADAR and several key vision design wins previously communicated are poised to begin production in late twenty twenty five and through 2026. Let me now turn to our business progress and key achievements during the second quarter.

I want to stress that momentum in ADAS is strong and is the major long term focus for Indy, especially after our recent restructuring. It will be the core driver of our future growth. Today, our R and D investment is primarily focused on our key radar and vision programs, our differentiated engineering expertise in analog and mixed signal design, combined with world leading in house algorithmic capabilities, uniquely separates us from our peers, enabling a best in class product portfolio that spans all ADAS sensing mobilities, including both RADAR and vision. First, our flagship 77 gigahertz RADAR chipset continues to achieve more milestones and is receiving excellent feedback from our lead Tier one customer as we near production ramp. Our full custom solution will be adopted by multiple OEMs across several key geographic regions.

Results from actual road testing are demonstrating not only compliance with key performance specifications, but additionally are providing paradigm changing application capabilities together with economic benefit as compared to the performance of current competitor products on the market today. During the second quarter, we continued to build momentum for our Vision portfolio, featuring our best in class proprietary image signal processing and our latest IND880 processor. Notably, in less than one year from sampling, the processor will enter production at a leading Chinese OEM for a camera monitoring system. This exemplifies the rapid design into production cycles achievable in the Chinese market. We also secured an additional design win for an occupancy monitoring system at a different leading Chinese OEM with both customers considered prominent players in China’s electric vehicle market.

Beyond automotive, as I mentioned previously, we are also targeting adjacent industrial markets around mobility that have high development synergies with our automotive products. For Vision, I’m pleased to report our first success with the IND eight eighty powered cameras now shipping in humanoid robots. IND eight eighty is an ideal choice for image signal processing in such systems requiring multiple cameras and extremely low latency and again, an exciting new opportunity in an emerging market to drive growth. The momentum continues for our in cabin user experience products. During the quarter, we secured several notable design wins in wireless charging.

In Japan,

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: we were awarded a design win at a major OEM through our

Donald McClimek, CEO, Indy Semiconductor: Tier one partner, Hosiden. Additionally, in India, Mahindra continues to adopt our wireless charging technology for new model upgrades across multiple platforms in addition to VW Skoda starting production during the last quarter. As I’ve highlighted recently, we see growing applications for our existing products in automotive adjacent segments, particularly in the industrial sector. I already mentioned robotics. A second area is quantum.

I’m excited to report that our newly formed Photonics Group has already secured notable design wins with emerging players for our high performance LXMU laser, particularly in the area of quantum communications. Commercial quantum e distribution or QKD systems are being launched right now and their deployment is accelerating. A key ingredient of QKD performance is the quality of the optical system. Lower noise translates into longer range, breaking through an important barrier to the wider adoption of quantum secure communication systems, we deliver a 10x noise improvement versus our competitors in this space. It’s strategically important to be adopted by players at the forefront of developing development in an emerging market as we position Indi to be the default supplier once high volume is reached.

The ASPs and gross margins are proving to be highly attractive in this segment, and we expect the market size for Photonics in Quantum Communications to exceed USD 2,500,000,000.0 by 02/1930. As a reminder, the Photonics business unit also develops photonic solutions for applications, including automotive LIDAR and heads up displays. While we expect automotive sentiment to remain volatile, when you look past the near term noise, we continue to forecast that vehicle semiconductor content will grow beyond today’s average $1,000 per vehicle, and ADAS remains central to this growth, propelled by global safety regulation and self driving demands, uniquely positioning Indy as a leading and focused supplier of compelling differentiated solutions to address these transformative automotive megatrends. I’ll now turn the call over to Mark for a review of our Q2 and Q3 outlook.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Thank you, Donald, and good afternoon, everyone. Indy’s second quarter revenue was $51,600,000 with non GAAP gross margin of 49.1, both above the midpoint of our outlook. Non GAAP operating expenses totaled $39,900,000 consistent with our outlook. As a result, our second quarter non GAAP operating loss was $14,500,000 compared to $17,200,000 from a year ago, demonstrating our continued progress towards achieving profitability. With net interest expense of $1,600,000 our net loss was $16,200,000 and loss per share was $08 on a base of 215,300,000.0 shares.

Turning to the balance sheet, we exited the quarter with total cash, including restricted cash of $202,900,000 down from $246,900,000 in the first quarter. Dollars 26,800,000.0 of this cash usage was used to repurchase $30,000,000 principal of our 2027 convertible notes at an attractive discount, while an additional $1,300,000 of cash was used for the restructuring measures executed during the quarter. Excluding these two events, actual cash usage, including CapEx and semi annual interest payment for the outstanding notes declined from the prior quarter $16,000,000 demonstrating improved operating efficiency and benefits from working capital optimization, two areas where we strongly focus today. Additionally, as disclosed in the May ks filing, we entered into a non binding agreement with United Fate Auto Engineering or UFA for the sale of our 34% stake in our partially owned Chinese subsidiary. We have continued discussions with UFA and other interested parties and any cash proceeds will be used to further optimize our cash structure.

However, with the recent regulatory changes around new public offerings for technology companies in China, we may also explore the possibility of an IPO of our joint venture, which could potentially yield an even higher return for our holdings. Moving to our outlook. For the 2025, we expect to grow and deliver revenue within the range of 52,000,000 to $56,000,000 or $54,000,000 at the midpoint, an attractive growth over the prior quarter. Based on the anticipated product mix, we expect our non GAAP gross margin to be in the range of 49% to 50% for the 2025, with our reduced OpEx of approximately $38,000,000 Below the line, we expect net interest expense of approximately $1,900,000 with no tax expenses. Assuming the midpoint of the revenue ranges and with a base of 219,100,000 shares, we expect a $06 net loss per share, an improvement execution of certain targeted initiatives aimed at reducing operating expenses and accelerating our path to profitability.

I’m pleased to report that we remain on track. Progress in Q2 has been encouraging and is consistent with our communicated targets. We continue to expect to achieve our stated objectives of 8,000,000 to $10,000,000 in quarterly savings within the anticipated timeframe. This reflects strong execution across the organization and continued commitment to operational discipline and long term value creation. Finally, today we are very excited to announce the signing of the strategic acquisition of Emotion three d.

This represents our first acquisition in nearly eighteen months. The company is located in Vienna, Austria, and a leader in perception software, targeting automotive vision applications such as OMS and DMS within the cabin and external applications, including forward vision sensing. Their technology is already in the early stage of adoption with Tier one customers, and perfectly complements our family of vision processors. This will allow us to realize software royalties in addition to our chip sales, which will have a meaningful positive gross margin impact across our ADAS product range. This actually aligns exactly with our strategy and is supported by the desire of key Tier one partners to collaborate with Indy on the semiconductor side and Emotion three d for software.

The consideration paid at closing will be $20,000,000 in cash with a potential earn out of $10,000,000 in cash or stock at our discretion over approximately an eighteen month period. Finally, from a financial perspective, with our strong focus on operating expenses, further optimization of our capital structure and our solid balance sheet, India is well positioned to continue developing differentiated products for the automotive ADAS and adjacent industrial markets. This balanced approach will support our return to strong and profitable growth as design wins ramp through 2025 and beyond. With that, I’ll turn the call back to Donald for closing remarks.

Donald McClimek, CEO, Indy Semiconductor: Thank you, Mark. Our core business is solid and growing. Radar and vision programs remain on track, and the fundamental trend of increasing semiconductor content in vehicles continues unabated. With the addition of new high growth markets like quantum and robotics, Indy’s technology leadership and expanding product portfolio ensure we are well positioned to drive continued growth. No other semiconductor company has a product portfolio as comprehensive as Indy’s to meet the diverse needs of these markets.

That concludes our prepared remarks. Operator, please open the line for questions.

Conference Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Session. The first question comes from the line of Suji Desilva from ROTH Capital Partners. Please go ahead.

Suji Desilva, Analyst, ROTH Capital Partners: Hi, Donald. Hi, Mark. Congrats on the progress here. The eMotion acquisition, curious on that. Is this the first instance of software licensing revenue for Indy, or have there been instances of that in the in the past?

Just understanding if this is now an element of the model that’s coming in incrementally in terms of revenue margin.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yes, this is really the first major ingression into generating a meaningful licensing stream from the software that runs on our processors. We have made money from software deployments in the past, but it’s been mostly in the form of license fees and support fees. This really does change the model in terms of us building up or taking a share of the incremental software license fees that run on top of the processors that we make today.

Suji Desilva, Analyst, ROTH Capital Partners: Excellent. That’s great to hear. Also, guess I can ask about the photonics here. I mean, what are the type of customers your divisions engaged with? There are quantum computing companies out there and maybe emerging quantum comms companies, but curious what kind of customers have already started to talk to you about your products?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yeah, I mean, it’s all of the above. We’ve seen the greatest interest initially in quantum communications for the quantum key distribution. And we have many active engagements going in that space also which have already generated some revenue. The same goes for quantum compute applications with five of the six techniques that can be used to make quantum computers relying heavily on optical components, all of which we’re able to supply.

Suji Desilva, Analyst, ROTH Capital Partners: Okay, great. Thanks. I’ll pass along.

Conference Operator: Thank you. The next question comes from the line of Ross Seymore from Deutsche Bank. Please go ahead.

Ross Seymore, Analyst, Deutsche Bank: Hi, guys. Thanks for my last question. Donald, I want to start with you with any further update you could have on the RADAR and the Vision Design wins. You talked about some of the stuff ramping late this year. I know it’s going to be more so next year as far as the dollars go.

But especially on the radar side of things, any sort of more details on the magnitude of that ramp and if it’s being impacted in any way by the tariff and macro uncertainty?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Well, we’re taking the last one first. The larger share of where we would ship RADAR components is outside The U. S. There are some cases where it would cross into that border, but it’s relatively limited. In terms of the magnitude of this, remember, these products are high ASP and there are typically going to be four per car.

So we should easily be in the sort of $25 to $30 range of ASP per car that shipped. So the ramp could go significantly quickly. And the lead customer that we have, who is facilitating the drop into the market is well positioned in that space and has a large So without being too specific about it, we think it can be extremely large.

Analyst: And I guess as

Ross Seymore, Analyst, Deutsche Bank: my follow-up, number of adjacencies you’re talking about, is the go to market sufficiently similar that you don’t have to really invest in the sales channel side? Because I’m just trying to balance the attractive use of spreading the technology to adjacent markets on one hand, but then your ability to manage the OpEx, hit breakeven, all those sorts of things while trying to go to different markets.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yes. I mean, we don’t anticipate a significant increase in the OpEx because of that. In this case, pretty much all set with what we have. I mean, you’re talking about quantum really rather than radar, right?

Ross Seymore, Analyst, Deutsche Bank: Yes.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yes. No, we’re all set in that space. I mean, it’s kind of a rifle shop market at this point. So we can handle it with very limited OpEx increase.

Ross Seymore, Analyst, Deutsche Bank: Got it. Thank you.

Conference Operator: Thank you. The next question comes from the line of Cody Acree from The Benchmark Company. Please go ahead.

Cody Acree, Analyst, The Benchmark Company: Yes. Thanks guys and congrats on the progress. Maybe if we can go back to Ross’ question. Can you just talk about just remind us the number of radar and machine vision programs you expect to ramp in Q4 and then how that looks through 2026? And I guess what’s giving you the confidence that these programs are finally going to begin here at the end of the year?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Well, are multiple. I don’t believe that we actually put a number of programs on that in the past specifically, but we don’t depend on all of them. There multiple programs which can ramp and provide an even greater ramp up profile to what we’re committing to in the numbers right now. The confidence is really just linear execution from our stellar team and also from our customers’ great teams who are building these things into their products and beginning to put them out into the market. We do see trickle orders of the first products, particularly in the vision space already going out the door.

So it’s just we cross every hurdle and every milestone as we come to it. And I would say, tangentially versus last quarter, maybe we’re even a little bit ahead of where we thought we’d be at this time.

Cody Acree, Analyst, The Benchmark Company: Excellent. Thank you for that. And then on the Motion three d acquisition, am I to understand that this is going to be a separate licensing screen going forward? Or does this software get integrated on chip and become a feature that you’re additionally selling or just giving away into your product? Or is this a long term different licensing model?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: I mean, we will run them on our chips and we will sell them alongside each other, but we don’t intend to give them away. There’s a very vibrant market for software right now and it’s generating in some cases more licensing fees than the hardware that they’re running on. So we absolutely intend to drive it into perhaps not a bit different business model as such because we call them the same customers and sell the two products to them at the same time. But certainly, we’ll be driving a pricing model, which preserves the value of the company we just bought.

Cody Acree, Analyst, The Benchmark Company: And any help on the amount of revenue you expect in this?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: A little too early to tell. They’re quite small right now. They have some very good wins. We were nudged in that direction, of course, by our customers because they saw that the technology they were providing was really the best that they could get access to in the market. But if you assume that the sort of number of sockets that we were likely to ship in our hardware, then this will generate multiple dollars per instance for every either hardware socket or software standalone that we ship into the market.

Cody Acree, Analyst, The Benchmark Company: All right. Thank you, guys.

Conference Operator: Thank you. The next question comes from the line of Anthony Stoss from Craig Hallum. Please go ahead.

Analyst: Thanks. Donald, two for you, then I have a follow-up for Matthew. Donald, if you wouldn’t mind, can you just give us an update on both Bosch and Fekosa, timing, etcetera? And then haven’t heard much on the CFO hunt. And then again, have a follow-up for Matthew.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yes. I mean, the programs that we’re depending on are all on track. Bosch is at the point now where we’re beginning to see trickle orders coming in from those guys for those programs. Remains a little bit delayed as it was in the case when we reported last quarter. CFO search is ongoing, nothing to report yet.

We have excellent finance department who are running without breaking sweat at this point and making sure that all the gears keep running inside the corporation. But we’ll keep you posted when we have something to say about that.

Analyst: Got it. And then as a follow-up for Matthew, nice to have you on the call. I understand the initial lasers can do the communication side, but is there a roadmap or can you do the compute side? And then also my understanding is you guys are production constrained right now. What can you do to ease that and get scale and get production really ramped up?

Matthew Drole, Executive Vice President of Photonics Business Unit, Indy Semiconductor: Yes, indeed, right now, the most traction we have is really in the communication with our LXM product. And as Donald mentioned, we are positioned across multiple quantum implementation approaches, including quantum computing. And actually, our LXM can be used for quantum computing for very specific applications where the quantum bit needs to be generated with Foten. And one of the advantages of the LXM for the quantum computing is that it is intrinsically low noise, so it means that it can be the chip itself can be easily co packaged and integrated with other photonic components, which is an advantage for scalability and cost efficiency.

Analyst: And then just on the production expansion, I know you guys are sold out right now, but how quickly can you add production?

Matthew Drole, Executive Vice President of Photonics Business Unit, Indy Semiconductor: Actually, all the proposed products that we have for Quantum Areas are already existing products actually with some existing capacity. So we are we can ramp up the production as needed, I would say.

Ross Seymore, Analyst, Deutsche Bank: You.

Conference Operator: Thank you. We take the next question from the line of Craig Ellis from B. Riley Securities. Please go ahead.

Ashish Gupta, Investor Relations, ICR0: Yeah. Thanks for taking the question. And I wanted to start with a follow-up on Emotion three d, Donald. I think we typically look at anything in automotive having a multiyear gestation cycle before from design until it ramped revenue. Emotion three d seems like it could leapfrog that.

The question is, where does this new capability, once it’s in house, intercept with product that’s going into a customer ramp? Can it go immediately? And would there be any potential for it since it’s software to download into existing products and pull in revenues for you from ships that are already out there in the field and operating?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Yes. I mean, absolutely, we certainly believe so. There’s not necessarily dependence on any of our hardware being ready in order for them to ship the software. And if our hardware is being deployed with other vendors, then there is a possibility of upgrade. I’m not sure about infield.

I’ll hold back on that one. But certainly, at some point where there could be a very quick switchover in production, that’s definitely possible. And so we certainly believe that they’ll be able to ramp quicker than a hardware solution going into production. They also have wins of their own actually, which they’re bringing to the party, which are yet to ramp or at the very thin edge of a ramp and generating some royalty stream right now, which will begin to take some effect into 2026.

Ashish Gupta, Investor Relations, ICR0: Excellent. And then the second question is for Matthew. Matthew, I was hoping you could help frame Indy’s view of what the photonics and quantum opportunities look like, whether it’s 2030 or you’re approximate to that. How big is the market that Indy could serve and help us understand how you think you’re positioned or could be positioned from a market share standpoint in that market? Thank you.

Matthew Drole, Executive Vice President of Photonics Business Unit, Indy Semiconductor: Yep. Yeah, I said earlier, the quantum technologies are relying heavily on the photonics components. Indeed, photonics BU is well known for its cutting edge optical components. So we’ve been providing products to researchers and industrial actors for quantum application for many years. And today based on several market studies and on our own marketing effort, the total quantum photonics market is expected obviously to grow fast and to be between 3,000,000,000 and $5,000,000,000 by 02/1930.

So that’s our evaluation of the market. As of today, our most promising product is the LXM, as I mentioned, due to its noise that is 10 times lower than the competing technology, which enabled QKD system with even more range and reliability.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: I think what Matt is trying to tell you is we think we can take a big share of that 3 to $4,000,000,000 number he just mentioned. Or did you say 3,000,000,000 to 5,000,000,000 billion to

Matthew Drole, Executive Vice President of Photonics Business Unit, Indy Semiconductor: 5,000,000,000

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: 3,000,000,000 to 5,000,000,000

Ashish Gupta, Investor Relations, ICR0: Yes. Well, look forward to following that progress then guys. And good luck. Thank you.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Thank you. Thanks.

Conference Operator: Thank you. We take the next question from the line of Jon Tanwanteng from CJS Securities. Please go ahead.

Ashish Gupta, Investor Relations, ICR1: Hi, this is one for John. Just one for me. You bought back Convertz and announced the acquisition in the quarter. How should we think about cash burn and cash use from here?

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: You mean in terms of the acquisition or generally?

Ashish Gupta, Investor Relations, ICR1: Just generally.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Well, we are largely on track with the cash burn from operations that we mentioned in the last quarter of around GBP 25,000,000. We burned around GBP 10,000,000 in this quarter. We have GBP 15,000,000 to go over the course of the next two quarters, which should get us over the line. The cash burn for the acquisition is about 20,000,000 which is in addition to that. And as such, really has changed relative to where we were last quarter.

Ross Seymore, Analyst, Deutsche Bank: Thank you.

Conference Operator: Thank you. Ladies and gentlemen, as there are no further questions, I would now hand the conference over to Mr. Donald McClelland for closing comments.

Mark Tyndall, Head of Corporate Development and Investor Relations, Indy Semiconductor: Thanks everybody for your time and see you at the conferences in the next few weeks.

Conference Operator: Thank you. Ladies and gentlemen, the conference of Indy Semiconductor has now concluded. Thank you for your participation. You may now disconnect your lines.

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