10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 10-Q

___________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-40481

___________________________________________________________________

INDIE SEMICONDUCTOR, INC.

___________________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware	87-0913788
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
32 Journey Aliso Viejo, California	92656
(Address of Principal Executive Offices)	(Zip Code)

(949) 608-0854

Registrant’s telephone number, including area code

___________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	INDI	The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share	INDIW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  o    No  x

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x

The number of shares outstanding of the registrant’s Class A and Class V common stock as of November 8, 2021 was 96,241,328 (excluding 3,450,000 Class A shares held in escrow and 1,603,933 Class A shares subject to restricted stock awards) and 33,827,371, respectively.

INDIE SEMICONDUCTOR, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2021

Table of Contents

		Page
Part I. Financial Information		2
Item 1.	Condensed Consolidated Financial Statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020 (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) and Noncontrolling Interest	6
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Unaudited Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
Part II. Other Information		44
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 5	Other Information	44
Item 6.	Exhibits	45
Signatures		46

1

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements” (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements include, but are not limited to, statements regarding the Company’s future business and financial performance and prospects, and other statements identified by words such as “will likely result,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “project,” “outlook,” “should,” “could,” “may” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of the management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results included in such forward-looking statements. In addition to the factors previously disclosed in our registration statement on Form S-1 (SEC File No. 333-257629), in the Company’s other public reports filed with the SEC (including those identified under “Risk Factors” therein) and under “Risk Factors” in Part II, Item 1A herein, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the impact of the COVID-19 pandemic; the Company’s reliance on contract manufacturing and outsourced supply chain and the availability of semiconductors and manufacturing capacity; competitive products and pricing pressures; our ability to win competitive bid selection processes and achieve additional design wins; the impact of any acquisitions the Company may make, including our ability to successfully integrate acquired businesses and risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; management’s ability to develop, market and gain acceptance for new and enhanced products and expand into new technologies and markets; trade restrictions and trade tensions; and political and economic instability in the Company’s target markets. indie cautions that the foregoing list of factors is not exclusive.

All information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements made in this report or in its other public filings, whether as a result of new information, future events or otherwise, except as required by law.

1

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	September 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	323,865	$	18,698
Accounts receivable, net of allowance for doubtful accounts of $60 as of September 30, 2021 and $185 as of December 31, 2020	8,857		5,913
Inventory, net	5,549		2,900
Prepaid expenses and other current assets	3,599		2,465
Total current assets	341,870		29,976
Property and equipment, net	3,282		2,169
Intangible assets, net	11,608		1,088
Goodwill	1,739		1,739
Other assets and deposits	193		154
Total assets	$	358,692	$	35,126
Liabilities and stockholders' equity
Accounts payable	$	5,365	$	4,554
Accrued expenses and other current liabilities	6,282		2,522
Intangible asset contract liability	2,499		2,270
Deferred revenue	377		1,665
Simple agreements for future equity ("SAFEs")	—		102,700
Current debt obligations	2,296		8,488
Total current liabilities	16,819		122,199
Long-term debt, net of current portion	—		12,345
Warrant liability	103,492		—
Earn-out liability	147,317		—
Intangible asset contract liability, net of current portion	9,316		400
Other long-term liabilities	2,401		1,674
Total liabilities	279,345		136,618
Commitments and contingencies (Note 17)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding	—		—
Class A common stock, $0.0001 par value, 250,000,000 shares authorized, 101,482,466 and 38,255,490 shares issued, 96,428,533 and 34,413,634 shares outstanding as of September 30, 2021 and December 31, 2020, respectively.	9		3
Class V common stock, $0.0001 par value, 40,000,000 shares authorized, 33,827,371 and 33,373,294 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively.	3		3
Additional paid-in capital	271,738		43,155
Accumulated deficit	(175,056)		(153,264)
Accumulated other comprehensive loss	61		(209)
indie's stockholders' equity (deficit)	96,755		(110,312)
Noncontrolling interest	(17,408)		8,820

2

Total stockholders' equity (deficit)	79,347		(101,492)
Total liabilities and stockholders' equity	$	358,692	$	35,126

See accompanying notes to the condensed consolidated financial statements.

3

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
Product revenue	$	11,099	$	5,732	$	27,470	$	13,294
Contract revenue	1,058		1,854		1,981		2,663
Total revenue	12,157		7,586		29,451		15,957
Operating expenses:
Cost of goods sold	6,930		3,664		17,097		8,742
Research and development	15,043		5,823		37,206		15,457
Selling, general, and administrative	11,442		1,265		23,015		4,080
Total operating expenses	33,415		10,752		77,318		28,279
Loss from operations	(21,258)		(3,166)		(47,867)		(12,322)
Other income (expense), net:
Interest income	16		6		36		18
Interest expense	(25)		(517)		(1,175)		(1,620)
Gain (loss) from change in fair value of SAFEs	—		(18,520)		21,600		(20,735)
Gain (loss) from change in fair value of warrants	(40,401)		—		(29,085)		—
Gain (loss) from change in fair value of earn-out liabilities	(45,516)		—		(27,677)		—
Gain (loss) from extinguishment of debt	—		—		304		—
Other income (expense)	(1,013)		28		(914)		140
Total other expense, net	(86,939)		(19,003)		(36,911)		(22,197)
Net loss before income taxes	(108,197)		(22,169)		(84,778)		(34,519)
Income tax (benefit) expense	(36)		(13)		34		9
Net loss	(108,161)		(22,156)		(84,812)		(34,528)
Less: Net loss attributable to noncontrolling interest	(28,512)		(197)		(22,127)		(590)
Net loss attributable to indie Semiconductor, Inc.	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss attributable to common shares —basic	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss attributable to common shares —diluted	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss per share attributable to common shares —basic	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)
Net loss per share attributable to common shares —diluted	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)
Weighted average common shares outstanding—basic (1)	96,368,379		31,349,643		58,791,245		31,153,933
Weighted average common shares outstanding—diluted (1)	96,368,379		31,349,643		58,791,245		31,153,933

(1) Retroactively restated to give effect to the reverse recapitalization.

See accompanying notes to the condensed consolidated financial statements.

4

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net loss	$	(108,161)	$	(22,156)	$	(84,812)	$	(34,528)
Other comprehensive income (loss):
Foreign currency translation adjustments	172		119		230		58
Comprehensive loss	(107,989)		(22,037)		(84,582)		(34,470)
Less: Comprehensive loss attributable to noncontrolling interest	(28,514)		(197)		(22,127)		(590)
Comprehensive loss attributable to indie Semiconductor, Inc.	$	(79,475)	$	(21,840)	$	(62,455)	$	(33,880)

See accompanying notes to the condensed consolidated financial statements.

5

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND NONCONTROLLING INTEREST

(Amounts in thousands, except unit and share amounts)

(Unaudited)

	Members' Equity			Common Stock Class A			Common Stock Class V			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Deficit Attributable to indie Semiconductor, Inc.		Noncontrolling Interest		Total Stockholders' Deficit
	Units	Amount		Shares (1)	Amount		Shares (1)	Amount
Balance as of December 31, 2019	2,251,020	$	41,468	—	$	—	—	$	—	$	577	$	(55,766)	$	(241)	$	(13,962)	$	3,380	$	(10,582)
Retroactive application of recapitalization	(2,251,020)	(41,468)		33,405,625	3		33,373,294	3		41,462		—		—		—		—		—
Adjusted balance, beginning of period	—	—		33,405,625	3		33,373,294	3		42,039		(55,766)		(241)		(13,962)		3,380		(10,582)
Vesting of equity awards	—	—		213,673	—		—	—		—		—		—		—		—		—
Proceeds from sale of noncontrolling interest	—	—		—	—		—	—		—		—		—		—		1,452		1,452
Net loss	—	—		—	—		—	—		—		(5,121)		—		(5,121)		(259)		(5,380)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		(68)		(68)		(10)		(78)
Balance as of March 31, 2020	—	—		33,619,298	$	3	33,373,294	$	3	$	42,039	$	(60,887)	$	(309)	$	(19,151)	$	4,563	$	(14,588)
Vesting of equity awards	—	—		130,522	—		—	—		—		—		—		—		—		—
Issuance of Class H Units	—	—		125,101	—		—	—		711		—		—		711		—		711
Net loss	—	—		—	—		—	—		—		(6,858)		—		(6,858)		(134)		(6,992)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		7		7		10		17
Balance as of June 30, 2020	—	—		33,874,921	$	3	33,373,294	$	3	$	42,750	$	(67,745)	$	(302)	$	(25,291)	$	4,439	$	(20,852)
Vesting of equity awards	—	—		215,174	—		—	—		—		—		—		—		—		—
Net loss	—	—		—	—		—	—		—		(21,959)		—		(21,959)		(197)		(22,156)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		119		119		—		119
Balance as of September 30, 2020	—	$	—	34,090,095	$	3	33,373,294	$	3	$	42,750	$	(89,704)	$	(183)	$	(47,131)	$	4,242	$	(42,889)

(1) Retroactively restated to give effect to the reverse recapitalization.

6

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND NONCONTROLLING INTEREST

(Amounts in thousands, except unit and share amounts)

(Unaudited)

	Members' Equity			Common Stock Class A			Common Stock Class V			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity (Deficit) Attributable to indie Semiconductor, Inc.		Noncontrolling Interest		Total Stockholders' Equity (Deficit)
	Units	Amount		Shares (1)	Amount		Shares (1)	Amount
Balance as of December 31, 2020	2,287,279	$	42,179	—	$	—	—	$	—	$	982	$	(153,264)	$	(209)	$	(110,312)	$	8,820	$	(101,492)
Retroactive application of recapitalization	(2,287,279)	(42,179)		34,413,634	$	3	33,373,294	$	3	$	42,173	$	—	$	—	$	—	$	—	$	—
Adjusted balance, beginning of period	—	—		34,413,634	3		33,373,294	3		43,155		(153,264)		(209)		(110,312)		8,820		(101,492)
Vesting of equity awards	—	—		631,121	—		—	—		—		—		—		—		—		—
Net income	—	—		—	—		—	—		—		10,815		—		10,815		(454)		10,361
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		(88)		(88)		36		(52)
Balance as of March 31, 2021	—	—		35,044,755	$	3	33,373,294	$	3	$	43,155	$	(142,449)	$	(297)	$	(99,585)	$	8,402	$	(91,183)
Vesting of equity awards	—	—		1,133,889	—		—	—		—		—		—		—		—		—
Share-based compensation	—	—		—	—		—	—		7,968		—		—		7,968		—		7,968
Net loss through June 10, 2021	—	—		—	—		—	—		—		(13,434)		—		(13,434)		(132)		(13,566)
Reverse recapitalization on June 10, 2021	—	—		60,441,289	6		454,077	—		250,129		—		—		250,135		—		250,135
Reverse recapitalization: ADK Minority Holders interest on June 10, 2021	—	—		(378,605)	—		—	—		(36,831)		40,892		40		4,101		(4,101)		—
Net income after June 10, 2021	—	—		—	—		—	—		—		19,584		—		19,584		6,971		26,555
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		146		146		(34)		112
Balance as of June 30, 2021	—	$	—	96,241,328	$	9	33,827,371	$	3	$	264,421	$	(95,407)	$	(111)	$	168,915	$	11,106	$	180,021
Vesting of equity awards	—	—		187,205	—		—	—		—		—		—		—		—		—
Share-based compensation	—	—		—	—		—	—		6,217		—		—		6,217		—		6,217
Reverse recapitalization adjustment	—	—		—	—		—	—		1,100		—		—		1,100		—		1,100

7

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND NONCONTROLLING INTEREST

(Amounts in thousands, except unit and share amounts)

(Unaudited)

Net loss	—	—		—	—		—	—		—		(79,649)		—		(79,649)		(28,512)		(108,161)
Foreign currency translation adjustment	—	—		—	—		—	—		—		—		172		172		(2)		170
Balance as of September 30, 2021	—	$	—	96,428,533	$	9	33,827,371	$	3	$	271,738	$	(175,056)	$	61	$	96,755	$	(17,408)	$	79,347

(1) Retroactively restated to give effect to the reverse recapitalization.

See accompanying notes to the condensed consolidated financial statements.

8

INDIE SEMICONDUCTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Nine Months Ended September 30,
	2021		2020
Cash flows from operating activities:
Net loss	$	(84,812)	$	(34,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,397		1,984
Inventory impairment charges	78		485
Share-based compensation	14,185		—
Amortization of discount and cost of issuance of debt	198		149
Bad debts	125		74
Non-cash interest expense	—		327
(Gain) loss from change in fair value remeasurement of SAFEs	(21,600)		20,735
(Gain) loss from change in fair value of warrants	29,085		—
(Gain) loss from change in fair value of earn-out liability	27,677		—
(Gain) loss from change in fair value of currency forward contract	1,200		—
(Gain) loss from extinguishment of debt	(304)		—
Deferred City Semi compensation	375		278
Changes in operating assets and liabilities:
Accounts receivable	(3,047)		(471)
Inventory	(2,730)		350
Accounts payable	625		(1,755)
Accrued expenses and other current liabilities	2,814		37
Deferred revenue	(1,113)		(2,139)
Prepaid and other current assets	(2,848)		—
Other long-term liabilities	782		(53)
Net cash used in operating activities	(36,913)		(14,527)
Cash flows from investing activities:
Purchases of property and equipment	(1,668)		(625)
Purchases of intangible assets	(784)		—
Payments for acquired software license	—		(113)
Business combination, net of cash	—		(38)
Net cash used in investing activities	(2,452)		(776)
Cash flows from financing activities:
Proceeds from issuance of SAFEs	5,000		15,250
Proceeds from sale of noncontrolling interest	—		1,452
Proceeds from issuance of debt obligations	155		4,973
Proceeds from reverse recapitalization	377,663		—
Issuance costs related to reverse recapitalization	(19,902)		—
Payments on debt obligations	(15,008)		(4,183)
Payments on financed software	(2,270)		(400)
Redemption of Class H units	(900)		—
Settlement of City Semi first tranche contingent consideration	(399)		—
Net cash provided by financing activities	344,339		17,092
Effect of exchange rate changes on cash and cash equivalents	193		21
Net increase in cash and cash equivalents	305,167		1,810
Cash and cash equivalents at beginning of period	18,698		7,155

9

Cash and cash equivalents at end of period	$	323,865	$	8,965
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,188	$	1,121
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid	$	206	$	3
Conversion of historical members' equity	$	41,278	$	—
Class G warrants cashless exchange	$	407	$	—
Conversion of SAFEs	$	86,100	$	—
Conversion of Embry Notes	$	4,119	$	—
Recognition of earn-out considerations	$	119,759	$	—
Recognition of warrant liabilities	$	74,408	$	—
Accrual for purchases of intangible assets	$	12,198	$	64

See accompanying notes to the condensed consolidated financial statements.

10

INDIE SEMICONDUCTOR, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in thousands, except unit and share amounts and per unit and per share amounts)

(Unaudited)

1.    Nature of the Business and Basis of Presentation

indie Semiconductor, Inc. (“indie”) and its predecessor for accounting purposes, Ay Dee Kay, LLC, a California limited liability company (“ADK LLC”) are collectively referred to herein as the “Company”. The Company offers highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems (“ADAS”), autonomous vehicle, connected car, user experience and electrification applications. The Company focuses on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. indie is an approved vendor to Tier 1 automotive suppliers and its platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Boston, Massachusetts; Detroit, Michigan; San Francisco and San Jose, California; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland; Haifa, Israel; Quebec City, Canada; Tokyo, Japan and several locations throughout China. The Company engages subcontractors to manufacture its products. The majority of these subcontractors are located in Asia.

Reverse Recapitalization with Thunder Bridge Acquisition II

On June 10, 2021 (the “Closing Date”), the Company completed a series of transactions (the “Transaction”) with Thunder Bridge Acquisition II, Ltd. (“TB2”) pursuant to the Master Transactions Agreement dated December 14, 2020, as amended on May 3, 2021. In connection with the Transaction, Thunder Bridge Acquisition II Surviving Pubco, Inc, a Delaware corporation (“Surviving Pubco”), was formed to be the successor public company to TB2, and TB2 was domesticated into a Delaware corporation and merged with and into a merger subsidiary of Surviving Pubco. Immediately prior to the closing of the Transaction (the “Closing”), shareholders of TB2 redeemed an aggregate of 9,877,106 common shares of TB2 and the outstanding common shares and warrants of TB2 were converted into 24,622,894 Class A common shares of Surviving Pubco and 17,250,000 warrants to purchase Class A common shares of Surviving Pubco. The outstanding common shares and warrants of TB2 sponsors were converted into 8,625,000 shares of Class A common shares and 8,650,000 private placement warrants. In addition, TB2 issued 1,500,000 working capital warrants to an affiliate of the sponsor in satisfaction of a working capital promissory note (see Note 7 - Warrant Liability). Concurrent with the Closing, TB2 raised $150,000 in a Private Investment in Public Entity (“PIPE”) financing, pursuant to which Surviving Pubco issued 15,000,000 Class A common shares. On the Closing Date, Surviving PubCo changed its name to indie Semiconductor, Inc., and listed its shares of Class A common stock, par value $0.0001 per share (“Common Stock”) on the Nasdaq under the symbol “INDI”.

Immediately prior to the Transaction, (i) the Company’s existing warrants to purchase the Company’s Class G units were net exercised and 10,019 Class G units of the Company were issued to the holders of the warrants; (ii) the SAFEs were converted into an aggregate of 284,925 Class A units; (iii) the Embry notes and the interest accrued thereunder were converted into 185,000 Class A units and 100,000 Class C units; and (iv) all 1,251,566 Class C, D, E, F and G units of the Company were converted into Class A units as per their rights and preferences. Immediately thereafter, each outstanding Class A unit and Class B unit was split into approximately 27.8 Class A units and Class B units, respectively (the “Exchange Ratio”). Following the split, 77,497,793 Class A units were exchanged for 43,670,422 Class A common shares and 33,827,371 Class V common shares in indie and 9,564,150 Class B units were exchanged for 9,564,150 Class A common shares in indie (1,791,147 of such shares were subject to vesting conditions).

The closing Exchange Ratio was determined by dividing (i) a number of shares of the Company’s Class A common stock equal to (A) the Closing Merger Consideration (as defined below), divided by (B) $10.00 per share, by (ii) the total number of ADK LLC membership units outstanding immediately prior to the Closing. The “Closing Merger Consideration” of $894,628 was determined by taking $900,000 of merger consideration less applicable adjustments of $5,372.

3,450,000 Class A common shares of indie were issued and held in escrow (“Escrow Shares”) for the potential future release to the sponsors of TB2 in the event the earn-out milestones are met. Additionally, the former owners of ADK LLC may be entitled to receive up to 10,000,000 earn-out shares of the Company’s Class A common stock if the earn-out milestones are met. See Note 8 for the milestones details.

Immediately following the Closing, the Company’s board of directors consisted of nine directors, seven of whom were designated by the Company. A majority of the directors qualified as independent directors under rules of Nasdaq.

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The Transaction was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under the guidance in Accounting Standards Codifications (“ASC”) Topic 805, indie is treated as the “acquirer” for financial reporting purposes. As such, the Company is deemed the accounting predecessor of the combined business and is the successor registrant for U.S. Securities and Exchange Commission (“SEC”) purposes, meaning that the Company’s financial statements for previous periods will be disclosed in the registrant’s future periodic reports filed with the SEC. The most significant change in the Company’s reported financial position and results of operations was gross cash proceeds of $399,511 from the merger transaction, which includes $150,000 in gross proceeds from the PIPE financing that was consummated in conjunction with the Transaction. The increase in cash was offset by transaction costs incurred in connection with the Transaction of approximately $43,423 plus the retirement of indie’s long-term debt of $15,607. Approximately $29,770 of the transaction costs and all of indie’s long-term debt were paid as of June 30, 2021. Approximately $21,848 of the transaction costs paid as of June 30, 2021 were paid by TB2 as part of the Closing. The remainder of the transaction costs were paid as of September 30, 2021.

The table below summarizes the shares of Class A and Class V common stock issued immediately after the closing of the Transaction as well as the impact of the Transaction on the condensed consolidated statement of stockholders’ equity as of June 10, 2021:

	Class A Common Stock			Class V Common Stock			Additional Paid in Capital
	Shares	Amount		Shares	Amount
Redemption of Class H units	(125,101)	$	—	—	$	—	$	(900)
Embry notes conversion	8,023,072	1		—	—		4,118
Warrants net settlement conversion	278,533	—		—	—		—
SAFEs conversion	7,466,891	1		454,077	—		86,099
PIPE and SPAC financing	44,797,894	4		—	—		377,654
Earn-out liability	—	—		—	—		(119,759)
Transaction expenses	—	—		—	—		(22,675)
Warrants liability	—	—		—	—		(74,408)
Reverse recapitalization on June 10, 2021	60,441,289	$	6	454,077	$	—	$	250,129

Impact of COVID-19

The COVID-19 pandemic (the “Pandemic”) and efforts to control its spread have significantly curtailed the movement of people, goods, and services worldwide. The duration and extent of the Pandemic depends on future developments that cannot be accurately predicted at this time, including the duration and severity of the Pandemic, the severity and transmission rates of new and more contagious and/or vaccine-resistant variants of COVID-19, and the actions taken to contain it or treat COVID-19, including the availability, distribution, rate of public acceptance and efficacy of vaccines for COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Pandemic has already had an adverse effect on the global economy, and the ultimate societal and economic impact of the Pandemic remains unknown.

The Company experienced a decrease in customer demand and product shipments in the second quarter of fiscal year 2020. This decrease was primarily the result of closures or reduced capacity at customer manufacturing facilities in China. During the second half of fiscal year 2020, customer manufacturing facilities re-opened and demand increased. As customer demand increased during the second half of fiscal year 2020 and continued through the third quarter of 2021, the semiconductor industry, and automotive semiconductors in particular, experienced material shortages and supply constraints. Given the Company’s reliance on third-party manufacturing suppliers, these industry dynamics have resulted in certain instances of extended production lead times, increased production and expedite costs, and delays in meeting increasing customer demand for its products, which if unabated, present a significant risk to the Company. In certain circumstances, the Company has increased order lead times, and placed purchase orders with suppliers based on its anticipated demand requirements in efforts to secure production capacity allocation. However, the Company cannot predict the duration or magnitude of the Pandemic or the full impact that it may have on the Company’s financial condition, operations, and workforce. The Company will continue to actively monitor the rapidly evolving situation related to the Pandemic and may take further actions that alter the Company’s operations, including those that may be required by federal, state or local authorities, or that the Company determines are in the best interests of its employees and other third parties with whom the Company does business.

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Basis of Presentation

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the consolidated accounts of the Company’s majority-owned subsidiary, ADK LLC, of which 74% was owned by indie as of September 30, 2021. ADK LLC’s consolidated financial statements include its wholly-owned subsidiaries Indie Services Corporation, indie LLC and Indie City LLC, all California entities, Ay Dee Kay Limited, a private limited company incorporated under the laws of Scotland, indie GmbH, a private limited liability company incorporated under the laws of Germany, indie Kft, a limited liability company incorporated under the laws of Hungary, its majority owned subsidiary, Wuxi indie Microelectronics Ltd. (“Wuxi”), a Chinese entity 50% owned by the Company as of September 30, 2021 and Wuxi’s wholly-owned subsidiaries, indie Semiconductor HK, Ltd and Shanghai Ziying Microelectronics Co., Ltd.

All significant intercompany accounts and transactions of the subsidiaries have been eliminated in consolidation. The noncontrolling interest attributable to the Company’s less-than-wholly-owned subsidiaries is presented as a separate component from stockholders’ deficit in the condensed consolidated balance sheets, and a noncontrolling interest in the condensed consolidated statements of operations and condensed consolidated statements of stockholders’ deficit and noncontrolling interest.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity (deficit) and cash flows. The condensed consolidated balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2020.

Emerging Growth Company

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) permits an emerging growth company (“EGC”) to delay complying with new or revised financial accounting standards that do not yet apply to private companies (that is, those that have not had a registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company qualifies as an EGC. The JOBS Act provides that an EGC can elect to opt-out of the extended transition period and comply with the requirements that apply to non-EGCs, but any such election to opt-out is irrevocable. The Company has elected not to opt-out of such an extended transition period. As a result, when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This different adoption timing may make a comparison of the Company’s financial statements with other public companies difficult or impossible because of the potential differences in accounting standards used.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. The FASB issued ASU 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates in November 2019 and ASU 2020-05-Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities in June 2020. The ASUs change some effective dates for ASU 2016-02 on leasing. After applying ASU 2019-10 and 2020-05, ASU 2016-02 is effective for annual periods beginning after

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December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management has initiated the process to identify the various categories of capital and operating leases existing in its business operations. Management is also accumulating information for the additional disclosure requirements of the new standard and is evaluating changes to its internal control structure and accounting policy. Management has not completed the assessment of the impact of the accounting pronouncement on the condensed consolidated financial statements, but the adoption of the new standard is expected to result in the recognition of additional lease liabilities and right-of-use assets as of January 1, 2022.

In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and will be effective for the Company beginning in 2023. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 from the goodwill impairment test and instead requires that an entity measure the impairment of goodwill assigned to a reporting unit if the carrying value of assets and liabilities assigned to the reporting unit, including goodwill, exceed the reporting unit's fair value. The new guidance must be adopted for annual and interim goodwill tests by the Company beginning on January 1, 2022. After the adoption of this standard, which will be applied prospectively, the Company will follow a one-step model for goodwill impairment. The Company does not anticipate this pronouncement will have a significant impact on the Company’s consolidated financial statements upon adoption.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (and December 15, 2021 for nonpublic companies) and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective, or prospective basis. The Company is currently assessing the impact that this standard will have on its condensed consolidated financial statements and related disclosures.

2.    Business Combinations

Acquisition of City Semiconductor, Inc.

On May 13, 2020, the Company acquired certain assets and liabilities of City Semiconductor, Inc. (“City Semi”), which had developed technology related to analog and mixed-signal integrated circuitry, with a focus on high-speed analog-to-digital converters and digital-to-analog intellectual property cores. The Company accounted for the acquisition as a business combination. The transaction costs associated with the acquisition were not material and were expensed as incurred. The acquisition date fair value of the consideration transferred for City Semi was approximately $2,029, which consisted of the following:

	Fair Value As of May 13, 2020
Class H units issued	$	711
Contingent consideration	1,180
Cash consideration to be transferred at a later date	138
Total	$	2,029

The maximum contingent consideration payable in connection with the acquisition is $2,000. The acquisition date fair value of the contingent consideration was determined based on the Company’s assessment of the probability of achieving the performance targets that ultimately obligate the Company to transfer additional consideration to the seller. The contingent consideration is comprised of two tranches. The first tranche is payable, up to a maximum of $500, upon the achievement of cash collection targets within twelve months of the acquisition, and $456 was achieved in May 2021. The second tranche is payable, up to a maximum of $1,500 upon the shipment of a product incorporating the acquired developed technology. The fair value of any outstanding contingent consideration liabilities will be remeasured as of the end of each reporting period with any

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resulting remeasurement gains or losses recognized in the condensed consolidated statement of operations. In September 2021, the Company paid off the first tranche of the contingent consideration. The fair value of the second tranche contingent consideration liabilities was $1,200 as of September 30, 2021. The fair value of the first and second tranche contingent consideration liabilities was $500 and $900, respectively, as of December 31, 2020. The fair value of the first tranche contingent consideration liability as of December 31, 2020 was reflected in Other current liabilities within the condensed consolidated balance sheet and the fair value of the second tranche contingent consideration liability as of September 30, 2021 and December 31, 2020 is reflected in Other long-term liabilities.

In connection with this acquisition, the two existing employees of City Semi, including the founder and sole shareholder of City Semi, entered into employment agreements with the Company. As there is a service condition associated with these agreements, the related compensation expense is accounted for separately from the acquisition. The Company recognizes the related compensation expense as research and development expense in the condensed consolidated statement of operations on a straight-line basis over the requisite service period.

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:

	Fair Value As of May 13, 2020
Intangible asset – Software license	$	139
Intangible asset - Developed technology	369
Goodwill	1,739
Deferred revenue	(41)
Accrued expenses	(177)
Net assets acquired	$	2,029

The Company estimates that the useful life of the acquired developed technology intangible asset is seven years and the useful life of the acquired software license intangible asset is approximately one year, which represents the remaining duration of the software license. The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce. None of the goodwill recognized is expected to be deductible for income tax purposes.

There are no amounts of revenue or earnings of City Semi included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2021.

The unaudited pro forma financial information shown below summarizes the combined results of operations for the Company and City Semi as if the closing of the acquisition had occurred on January 1, 2020.

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Combined revenue	$	8,122	$	17,101
Combined net loss before income taxes	(22,152)		(34,741)

The unaudited pro forma financial information includes adjustments that are directly attributable to the business combination and are factually supportable. The adjustments primarily reflect the amortization of acquired developed technology and compensation expense related to consideration to be transferred to the founder upon the second anniversary of his employment. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been realized if the acquisition had taken place on January 1, 2020.

On June 10, 2021, in connection with the closing of the Transaction, the Company paid $900 to redeem the Class H units previously issued.

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3.    Inventory, Net

Inventory, net consists of the following:

	September 30, 2021		December 31, 2020
Work-in-process	$	5,980	$	4,277
Finished goods	262		882
Inventory, gross	6,242		5,159
Less: Inventory reserves	693		2,259
Inventory, net	$	5,549	$	2,900

During the nine months ended September 30, 2021 and 2020, the Company recognized write-downs in the value of inventory of $78 and $485, respectively. Write-downs in the value of inventory were $13 and $163 for the three months ended September 30, 2021 and 2020.

4.    Intangible Assets, Net

Intangible assets, net consist of the following:

	September 30, 2021							December 31, 2020
	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Software licenses	3.0	$	16,545	$	(5,290)	$	11,255	0.6	$	4,391	$	(3,759)	$	632
Intellectual property licenses	1.8	1,736		(1,677)		59		1.7	1,736		(1,614)		122
Developed technology	5.6	369		(75)		294		6.4	369		(35)		334
Total		$	18,650	$	(7,042)	$	11,608		$	6,496	$	(5,408)	$	1,088

The Company obtained software licenses which it uses for its research and development efforts related to its products.

Amortization of intangible assets for the three months ended September 30, 2021 and 2020 was $1,459 and $479, respectively. Amortization of intangible assets for the nine months ended September 30, 2021 and 2020 was $2,222 and $1,281, respectively. Amortization of intangible assets is included in research and development expense in the condensed consolidated statements of operations, respectively.

Based on the amount of intangible assets subject to amortization as of September 30, 2021, amortization expense for each of the next five fiscal years is expected to be as follows:

2021 (remaining three months)	$	888
2022	3,805
2023	4,570
2024	2,221
2025	53
Thereafter	71
	$	11,608

5.    Goodwill

There was no change in goodwill recorded between September 30, 2021 and December 31, 2020.

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6.    Debt

The following table sets forth the components of debt as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
	Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount		Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount
Trinity term loan, due 2022	$	—	$	—	$	—	$	12,000	$	(665)	$	11,335
Short term loans, due 2021	621		—		621		459		—		459
PPP Loan, due 2022	—		—		—		1,868		—		1,868
Tropez loan, due 2021	—		—		—		2,000		—		2,000
Total term loans	621		—		621		16,327		(665)		15,662
Revolving line of credit	1,675		—		1,675		1,675		—		1,675
Embry convertible notes, due 2021	—		—		—		3,606		(110)		3,496
Total debt	$	2,296	$	—	$	2,296	$	21,608	$	(775)	$	20,833

The outstanding debt as of September 30, 2021 and December 31, 2020 is classified in the condensed consolidated balance sheets as follows:

	September 30, 2021		December 31, 2020
Current liabilities - Current debt obligations	$	2,296	$	8,488
Noncurrent liabilities - Long-term debt, net of current maturities	—		12,345
	$	2,296	$	20,833

Embry Convertible Subordinated Notes Payable

On December 4, 2012, the Company entered into two convertible note and exchange agreements with an investor (“Embry”), pursuant to which the entire outstanding principal of $3,500 and corresponding accrued interest of $107 held under existing loan agreements were exchanged for two convertible subordinated notes with aggregate principal amounts of $2,604 and $1,003. The convertible subordinated notes bore interest of 0.93% per annum, which was compounded annually. The aggregate principal and all accrued and unpaid interest were due in full on December 4, 2017. On December 3, 2017, the Company entered into a 12-month extension of these two convertible notes and exchange agreements.

On December 3, 2018, the Company entered into a 36-month extension of these two convertible note and exchange agreements. The interest rate on the 36-month extension was amended to 3.07% per annum. The Company recorded a discount on this convertible debt extension and a corresponding increase in additional paid-in capital related to the enhanced value of the embedded conversion options. The Company amortized the discount to interest expense over the 36-month extension period.

The amendments to extend the maturity date were treated as modifications of the debt.

The convertible subordinated notes with aggregate principal of $2,604 and $1,003 were convertible into an aggregate 185,000 Class A units and 100,000 Class C units, respectively, at the investors’ discretion prior to the maturity date or automatically upon a liquidity event, as defined in the loan agreement. The Company determined that the embedded conversion options should not be bifurcated from their host instruments.

In December 2020, Embry assigned the notes to its affiliate, Cézanne Investments Ltd. (“Cézanne”). At December 31, 2020, the total carrying value of such convertible subordinated notes payable, net of unamortized discount, was $3,496. Total accrued interest as of December 31, 2020 was $458, and is included in Accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. On June 10, 2021, Cézanne exercised its right to convert at the closing of the Transaction and the Embry convertible notes were converted to equity at their carrying value of $4,119, inclusive of $3,607 principal balance and accrued interest of $512.

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PacWest Term Loan and Revolving Line of Credit

The Company entered into a loan and security agreement with Pacific Western Bank (“PacWest”, formerly Square 1 Bank) in January 2015, that provided a term loan of up to $10,000 with a maturity date of September 2020. The term loan bore interest equal to the greater of one percent above the prime rate in effect, or 4.5% on outstanding borrowings. In addition, the loan and security agreement provided for a revolving line of credit. The revolving line of credit bore interest equal to the greater of seventy-five basis points above the prime rate in effect, or 4.25% on outstanding borrowings. The terms of the loan and security agreement have been amended from time to time, with the most recent amendment dated November 5, 2021 as described below. The amendments have, among other things, extended the maturity date of the loan and adjusted the financial covenants’ borrowing limits. In August 2017 and as part of an amendment to the loan and security agreement, the Company issued a warrant to PacWest to purchase 3,388 Class G units. On June 10, 2021, these warrants were net exercised and ultimately converted into 82,187 shares of indie Class A common stock.

During 2020, the Company entered into three amendments to the PacWest loan agreement. Pursuant to the terms of the amendments, $889, the full amount of unpaid principal and interest, was transferred from the PacWest term loan to the revolving line of credit as of January 30, 2020. In addition, the amendments modified certain financial covenants, including that the Company maintain a minimum cash balance of $2,300 and adjusted the borrowing limits to $2,000.

As of September 30, 2021 and December 31, 2020, the Company had no outstanding balance on the term loan.

As of September 30, 2021 and December 31, 2020, the revolving line of credit had an outstanding balance of $1,675. The Company’s borrowings under the term loan and revolving line of credit were subject to an aggregate borrowing limit of $2,000 as of September 30, 2021 and December 31, 2020. Total borrowings at any given time under the line of credit are limited to a percentage of domestic accounts receivables less than 90 days past due and other factors.

The revolving line of credit is subject to debt covenants which, if violated, could result in the outstanding balance becoming immediately due. The Company has complied with or obtained waivers for all such covenants as of the date these financial statements were issued.

On November 5, 2021, the Company entered into an amendment to the PacWest loan agreement that (i) increased the maximum borrowing capacity under the revolving line of credit to $20,000, (ii) limited the security interests of the bank to the cash collateral set at 102.5% of the drawn amount of the loan, (iii) removed various reporting and restrictive covenants, (iv) extended the maturity date to November 4, 2022 and (iv) reduced the interest rate to 2.1% per annum. In addition, the amendment requires the Company to collateralize a cash balance equal to the total outstanding balance in a cash security account with PacWest. Upon execution of the amendment, the Company repaid the outstanding balance of $1,675 under the original line of credit to this new arrangement.

Trinity Term Loan

In June 2018, the Company entered into a term loan agreement with Trinity Capital Fund (“Trinity”) to borrow $15,000 at a rate of 11.25% per annum. In connection with such loan, the Company issued a warrant to Trinity to acquire 6,250 Class G units at an exercise price per unit of $35.42.

In October 2020, the Company entered into a new loan agreement with Trinity, which replaced the March 2018 agreement. The new loan had a principal of $12,000, which was exchanged for the old loan’s principal balance of $11,325, lender fees of $474 and a cash payment to the Company of $194. In addition, the Company issued to Trinity 1,844 additional warrants to purchase the Company’s Class G units, which had a fair value of $405. The new loan agreement was treated as a modification for accounting purposes. The unamortized discount from the old loan was treated as additional debt discount on the new loan along with the lender fees paid to and additional warrants issued to Trinity in October 2020. On June 10, 2021, these warrants were net exercised and ultimately converted into 196,346 shares of indie Class A common stock.

The new loan had a maturity date of October 1, 2024 and interest equal to the greater of 10.75% or the Prime Rate plus 7.5%. The term loan may be prepaid by paying the principal and interest plus a prepayment fee ranging from 4.0% to 1.0% of the principal being repaid, depending on the length of time between the effective date and the prepayment date. Upon final repayment, an end-of-term fee of $720 must be paid by the Company to Trinity. The term loan was collateralized by substantially all of the Company’s assets to the extent they were not already securing the senior debt of PacWest.

As of December 31, 2020, the Company had $11,335 outstanding under the Trinity Term loans, net of the unamortized discount and issuance cost generated as a result of the warrant issuance described in Note 11 – Members’ Equity. The debt discount and issuance costs were being amortized through interest expense over the term of the loan using the effective interest method. The

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old loan required monthly interest only payments of $141 until November 2019 when repayment of principal began, and payments increased to $493 per month. The new loan required interest only payments of $108 until October 2021 when repayment of principal begins, and payments increased to $391 per month with an effective interest rate of 15.8%.

On June 21, 2021, the Company fully repaid the outstanding loan balance and the accrued interest of $13,261, including principal of $12,000, end-of-term fee and early termination fee of $1,200 and accrued interest of $61. As a result of the repayment, the Company recognized a loss from extinguishment of debt for $1,585, which included (i) the remaining unamortized discount and debt issuance cost of $577 and (ii) end-of-term fee and early termination fee paid not previously accrued of $1,008, in the condensed consolidated statement of operations for the nine months ended September 30, 2021.

Short Term Loans

On November 13, 2019, Wuxi entered into a short term loan agreement with CITIC Group Corporation Ltd. with aggregate principal balance of CNY 2,000, or approximately $285, and bearing interest of 4.785% per annum. The principal balance is denominated in Chinese Yuan and the outstanding balance is adjusted for changes in foreign currency exchange rates at each reporting period. On November 13, 2020, the terms of the agreement were extended for twelve months, and the principal and interest are due on November 15, 2021. On October 15, 2020, Wuxi entered into a short term loan agreement with Netherlands China Business Council (“NCBC”) with aggregate principal balance of CNY1,000 or approximately $151 and bearing interest of 4.785%. On April 29, 2021, Wuxi increased its short term loan principal with NCBC by CNY1,000 or approximately $155 to a total principal balance of CNY4,000. As of September 30, 2021 and December 31, 2020, the aggregate outstanding principal balance of the short term loans was $621 and $459, respectively.

Tropez Note

On January 31, 2020, the Company entered into a convertible loan agreement with Tropez Fund Limited (“Tropez”) with principal amount of $2,000 and subject to interest of 12% per annum. The terms of the loan provide for a renewable 180-day period for a maximum term of twelve months. The Company renewed the loan on July 29, 2020 for the additional 180-day period. The note was amended on January 21, 2021 to extend the maturity date to the earlier of December 31, 2021 or the closing of the Transaction. Additionally, the January 21, 2021 amendment removed the conversion rights associated with the loan. On June 17, 2021, the Company fully repaid the outstanding loan balance and the accrued interest of $2,346 and the loan was terminated.

Paycheck Protection Program

In April 2020, the Company applied for a loan pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act as administered by the U.S. Small Business Administration (the “SBA”). In May 2020, the loan was approved, and the Company received gross proceeds from the loan in the amount of $1,868 (the “PPP Loan”). The PPP Loan took the form of a promissory note that matures two years after the date of the note and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below). The PPP Loan provides for customary events of default, including, among others, those relating to failure to make payments thereunder. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment penalties. The PPP Loan is non-recourse against any individual shareholder, except to the extent that such party uses the loan proceeds for an unauthorized purpose.

On May 10, 2021, the entire balance of the PPP Loan was forgiven by the SBA and lender. As a result, the Company recorded a gain on extinguishment of debt of $1,889, which represented the principal balance of $1,868 and accrued interest of $21, in the condensed consolidated statement of operations for the nine months ended September 30, 2021.

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The table below sets forth the components of interest expense for the three and nine months ended September 30, 2021 and September 30, 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense on Trinity Term Loan:
Contractual interest	—		357		719		1,163
Amortization of discount and issuance cost	—		13		138		40
	—		370		857		1,203
Interest expense on other debt obligations:
Contractual interest	24		112		258		308
Amortization of discount and issuance cost	1		35		60		109
	25		147		318		417
Total interest expense	$	25	$	517	$	1,175	$	1,620

7.    Warrant Liability

In connection with the closing of the Transaction, holders of TB2 Class A ordinary shares automatically received Class A common stock of indie, and holders of TB2 warrants automatically received 17,250,000 warrants of indie with substantively identical terms (“Public Warrants”). At the Closing, 8,625,000 Class B ordinary shares of TB2 owned by the Sponsor, automatically converted into 8,625,000 shares of indie Class A common stock, and 8,650,000 private placement warrants held by the sponsor, each exercisable for one Class A ordinary share of TB2 at $11.50 per share, automatically converted into warrants to purchase one share of indie Class A common stock at $11.50 per share with substantively identical terms (“the “Private Placement Warrants”). Also at the Closing, TB2 issued 1,500,000 working capital warrants to an affiliate of the Sponsor in satisfaction of a working capital promissory note of $1,500 (the “Working Capital Warrants” and, together with the Private Placement Warrants, the “Private Warrants”). These Working Capital Warrants have substantially identical terms to the Private Placement Warrants.

The warrants may be exercised only during the period commencing on July 10, 2021 (30 days after the closing of the Transaction) through June 10, 2026. The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the Class A common stock is at least $18.00 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the Class A common stock underlying such warrants during the 30 day redemption period. If the Company redeems the warrants as described above, management will have the option to require all holders to exercise warrants on a “cashless basis.”

In accordance with the warrant agreement relating to the Public Warrants, the Company is required to use its best efforts to maintain the effectiveness of the registration statement covering the warrants. If a registration statement is not effective within 90 days following the consummation of a business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. In the event that a registration statement is not effective at the time of exercise or no exemption is available for a cashless exercise, the holder of such warrant shall not be entitled to exercise such warrant for cash and in no event (whether in the case of a registration statement being effective or otherwise) will the Company be required to net cash settle the warrant exercise.

The terms of the Private Warrants are identical to the Public Warrants as described above, except that the Private Warrants are not redeemable so long as they are held by the sponsor or its permitted transferees.

The Company has reviewed the terms of warrants to purchase its Class A common stock to determine whether warrants should be classified as liabilities or stockholders’ equity in its consolidated balance sheet. In order for a warrant to be classified in stockholders’ equity, the warrant must be (a) indexed to the Company’s equity and (b) meet the conditions for equity classification in ASC 815-40, Derivatives and Hedging – Contracts in an Entity’s Own Equity. If a warrant does not meet the conditions for equity classification, it is carried on the consolidated balance sheet as a warrant liability measured at fair value, with subsequent changes in the fair value of the warrant recorded in the statement of operations as change in fair value of warrants in Other income (expense), net. The Company determined that all warrants are required to be carried as a liability in

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the condensed consolidated balance sheet at fair value, with changes in fair value recorded in the condensed consolidated statement of operations (see Note 10). At the closing of the Transaction on June 10, 2021, the warrants had an initial fair value of $74,408, which was recorded as liability and a reduction to additional paid in capital in the condensed consolidated balance sheet.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants outstanding at June 10, 2021 (there were no warrants outstanding at December 31, 2020):

	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	Initial Fair Value
Public Warrants	17,250,000	$	11.50	$	18.00	June 10, 2026	Liability	$	42,435
Private Warrants	10,150,000	$	11.50	N/A		June 10, 2026	Liability	$	31,973

As of September 30, 2021, there have been no exercises of the warrants and the fair value was $103,492 (see Note 10).

8.     Earn-Out Liability

Earn-Out Milestones

Certain of indie’s stockholders are entitled to receive up to 10,000,000 earn-out shares of the Company’s Class A common stock if the Earn-Out Milestones are met. The Earn-Out Milestones represents two independent criteria, which each entitles the eligible stockholders to 5,000,000 earn-out shares per milestone met. Each Earn-Out Milestone is considered met if at anytime following the Transaction and prior to December 31, 2027, the volume weighted average price of indie’s Class A common stock is greater than or equal to $12.50 or $15.00 for any twenty trading days within any thirty trading day period, respectively. Further, the Earn-Out Milestones are also considered to be met if indie undergoes a Sale. A Sale is defined as the occurrence of any of the following for indie: (i) engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) Class A common stock ceases to be listed on a national security exchange, other than for the failure to satisfy minimum listing requirements under applicable stock exchange rules; or (iii) change of ownership (including a merger or consolidation) or approval of a plan for complete liquidation or dissolution.

These earn-out shares have been categorized into two components: (i) those associated with stockholders with vested equity at the closing of the Transaction that will be earned upon achievement of the Earn-Out Milestones (the “Vested Shares”) and (ii) those associated with stockholders with unvested equity at the closing of the Transaction that will be earned over the remaining service period with the Company on their unvested equity shares and upon achievement of the Earn-Out Milestones (the “Unvested Shares”). The Vested Shares are classified as liabilities in the condensed consolidated balance sheet and the Unvested Shares are equity-classified share-based compensation to be recognized over time (see Note 14 - Share-based Compensation). The earn-out liability was initially measured at fair value at the closing of the Transaction and subsequently remeasured at the end of each reporting period. The change in fair value of the earn-out liability is recorded as part of Other income (expense), net in the condensed consolidated statement of operations.

The estimated fair value of the earn-out liability was determined using a Monte Carlo simulation that simulated the future path of the Company’s stock price over the earn-out period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate.

Escrow Shares

3,450,000 Class A common shares of indie were placed in escrow for the potential future release to the sponsors of TB2 in the event the earn-out milestones are met. The earn-out milestones for the Escrow Shares are identical to those of the earn-out shares. Achievement of each milestone entitles the shareholders to 50% of the total Escrow Shares. The Escrow Shares have been accounted for as a liability and remeasured to fair value each reporting period.

At the closing of the Transaction on June 10, 2021, the earn-out liability had an initial fair value of $119,759, which was recorded as a long-term liability and a reduction to additional paid in capital in the condensed consolidated balance sheet.

As of September 30, 2021, neither of the milestones have been achieved and the fair value was $147,317 (see Note 10). As of November 9, 2021, the first Earn-Out Milestone was achieved. It is not practicable to estimate and to disclose the preliminary

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fair value of the Earn-out liability upon achievement of this milestone by the issuance date of these consolidated financial statements.

9.    Simple Agreement for Future Equity (“SAFEs”)

During the year ended December 31, 2020, the Company entered into SAFEs with existing investors and third-party investors for total proceeds of $25,765. The SAFEs require that the Company issue equity to the SAFE holders in exchange for their investment upon an equity raise of at least $35,000. During April 2021, the Company entered into SAFEs with a third-party investor for a total purchase amount of $5,000. The SAFEs require that the Company issue equity to the SAFE holders in exchange for their investment upon an equity financing (including a SPAC transaction) with an aggregate purchase price of at least $35,000. 

In connection with the closing of the Transaction on June 10, 2021, all SAFEs converted into Class A membership units in ADK LLC, and then into 7,466,891 shares of Class A common stock and 454,077 shares of Class V common stock of indie. At the time of conversion, the SAFEs had a fair value of $86,100, which was recorded as a reduction of additional paid in capital in the condensed consolidated balance sheet. The fair value of the SAFEs was $102,700 as of December 31, 2020. The change in fair value between the last measurement date and the conversion date was recorded in Other income (expense), net in the condensed consolidated statement of operations.

10.    Fair Value Measurements

The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The fair values of the Company’s convertible notes are estimated using the valuation of the securities into which the debt is convertible, external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company’s outstanding borrowings. The fair value of the Embry convertible notes was determined using valuation inputs categorized as Level 3. The fair values of the Company’s term loans and Tropez note generally approximated their carrying values.

On September 3, 2021, the Company also entered into a currency forward contracts of CAD $85,000 in order to hedge the risk of changes in the exchange rate of the Canadian dollar versus the U.S. dollar between the signing and closing of the TeraXion acquisition (see Note 18 - Subsequent event). An unrealized loss of $1,200 that represented the change in the exchange rate between the contract issuance date and period-end is recorded as part of Other income (expense) for both the three and nine months ended September 30, 2021. This unrealized loss was offset by a gain to a de minimis amount in October 2021 when this contract was settled.

The following table presents the Company’s fair value hierarchy for financial assets and liabilities:

	Fair Value Measurements as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant Liability	$	—	$	—	$	103,492	$	103,492
Contingent earn-outs - first milestone	$	—	$	—	$	76,698	$	76,698
Contingent earn-outs - second milestone	$	—	$	—	$	70,619	$	70,619
Second tranche contingent consideration	$	—	$	—	$	1,200	$	1,200
Currency forward contract	$	—	$	1,200	$	—	$	1,200

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
SAFEs	$	—	$	—	$	102,700	$	102,700
First tranche contingent consideration	$	—	$	—	$	500	$	500
Second tranche contingent consideration	$	—	$	—	$	900	$	900

As of September 30, 2021 and December 31, 2020, the Company’s cash and cash equivalents were all held in cash or Level 1 instruments where the fair values approximates the carrying values.

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Level 3 Disclosures

SAFEs

The SAFEs were valued using a probability-weighted expected return method (“PWERM”) valuation approach aligned to the SAFEs provisions, including (i) conversion through qualified equity financing, (ii) conversion through acquisition of a special purpose acquisition company, (iii) no conversion through equity or acquisition prior to December 31, 2021, (iv) a liquidation event, and (v) a dissolution event. Determining the fair value of the SAFEs using the PWERM requires assumptions and estimates for both the probability of each scenario and the fair value determined under each scenario. The SAFEs were valued through each scenario using an appropriate valuation approach, including calculations based on the terms of the SAFEs and a Monte Carlo simulation, which utilized the Geometric Brownian Motion formula to simulate the conversion and payout of the SAFEs. The significant unobservable inputs include the discount rate, constant volatility factor and the Geometric Brownian Motion. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

Warrants

Warrants were valued using the Black-Scholes-Merton formula and a Monte Carlo Simulations analysis. Calculating the fair value of warrants requires the input of subjective assumptions. Other reasonable assumptions could provide differing results. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value.

Contingent Earn-Outs

Contingent earn-outs were valued using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the earn-out period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value.

The following table presents the significant unobservable inputs assumed for each of the fair value measurements:

	September 30, 2021		June 10, 2021		December 31, 2020
	Input		Input		Input
Liabilities:
SAFEs
Discount rate	—	%	—	%	75	%
Constant volatility factor	—	%	—	%	40	%
Geometric Brownian Motion	—		—		0.98
Warrants
Expected volatility	35.5	%	34.1	%	—	%
First tranche contingent consideration
Discount rate	—	%	—	%	10.3	%
Second tranche contingent consideration
Discount rate	7.5	%	7.5	%	10.3	%
Contingent earn-outs - first milestone
Constant volatility factor	40	%	35	%	—	%
Contingent earn-outs - second milestone
Constant volatility factor	40	%	35	%	—	%

11.    Stockholders’ Equity

Post Transaction Stockholders’ Equity

In connection with the closing of the Transaction on June 10, 2021, all of the historical members’ equity in ADK LLC that was issued and outstanding at the Closing were converted to either Class A or Class V common stock of the Company per its rights and privileges as follows:

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	As of June 10, 2021
Member Units	Outstanding	Class A Common Stock	Class V Common Stock
Class A	1,381,424	12,612,470	25,791,473
Class B	293,221	9,564,150	—
Class C	400,000	11,520,101	—
Class D	236,521	1,568,565	5,806,776
Class E	112,916	1,309,971	2,229,122
Class F	492,110	16,380,782	—
Class G	10,019	278,533	—
Total	2,926,211	53,234,572	33,827,371

Class H units were redeemed for a cash payment of $900.

Pre-Merger Members’ Equity

The table and information set forth below reflects information about the historical ADK LLC members’ equity immediately prior to the closing as of June 10, 2021 and as of December 31, 2020:

	As of June 10, 2021			As of December 31, 2020
Member Units	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Class A	3,136,518	1,381,424	1,381,424	3,136,518	911,500	911,500
Class B	513,846	367,395	293,221	513,846	367,927	229,732
Class C	400,000	400,000	400,000	400,000	300,000	300,000
Class D	236,521	236,521	236,521	236,521	236,521	236,521
Class E	112,916	112,916	112,916	112,916	112,916	112,916
Class F	492,110	492,110	492,110	492,110	492,110	492,110
Class G	11,482	10,019	10,019	11,482	—	—
Class H	5,000	4,500	4,500	5,000	4,500	4,500
Total	4,908,393	3,004,885	2,930,711	4,908,393	2,425,474	2,287,279

In connection with its formation on February 9, 2007, the Company issued 911,500 Class A units to the four initial members. On December 28, 2012, the Company issued 300,000 Class C units to an investor at an original issue price of $10 per unit for total consideration of $3,000.

The Company reserved 185,000 Class A units and 100,000 Class C units in connection with the convertible note described in Note 6 — Debt. These units are not issued or outstanding until conversion of the outstanding principal in accordance with the terms of the notes.

The Fifth Amended and Restated LLC Agreement (the “ADK LLC Operating Agreement”) authorized an increase of Class B units from 243,000 units to 513,846 units. The Class B units are profit interests issued to employees, directors, and consultants. See Note 14 – Share-based Compensation.

On July 24, 2015, the Company issued 221,739 Class D units to an investor at an original issue price of $33.82 per unit for cash consideration of approximately $7,215, net of issuance costs of $285. On August 28, 2015, the Company issued an additional 14,782 Class D units to an existing investor at an original issue price of $33.82 per unit for cash consideration of $500.

On July 25, 2017, the Company issued 112,916 Class E units to investors at an original issue price of $35.42 per unit for cash consideration of $3,963, net of issuance costs of $37.

The Company issued warrants to purchase Class G units as part of amendments to the terms of debt agreements with Trinity and PacWest, see Note 6 – Debt. In connection with entering into the term loan agreement with Trinity in March 2018, the Company issued an aggregate of 6,250 warrants with a strike price of $35.42 to purchase Class G units. In April 2018, as part of an amendment to the loan and security agreement, the Company issued warrants to PacWest to purchase 3,388 Class G units with a strike price of $35.42. On October 1, 2020, in connection with the new loan agreement with Trinity, the Company issued

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additional warrants to Trinity to purchase 1,844 Class G units at a strike price of $35.42 under the same terms and features as previously issued Class G warrants.

Following the Company’s announcement of the Master Transactions Agreement (“MTA”), PacWest issued a letter dated February 3, 2021 to the Company demanding 52,632 warrants in satisfaction of the provisions contained in the August 9, 2017 credit facility amendment. On June 8, 2021, the Company and PacWest entered into a settlement agreement and mutual release where both parties acknowledged and agreed that the original 3,388 warrants issued were in full compliance of the credit facility amendment.

In June 2018, the Company issued 492,110 Class F units to investors at an issue price of $54.87 per unit for cash consideration of $26,790, net of issuance costs of $210.

In May 2020, the Company issued 4,500 Class H units to the owners of City Semi as part of the business combination, see Note 2 – Acquisition of City Semiconductor.

12.    Noncontrolling Interest

In connection with the closing of the Transaction on June 10, 2021, certain members of ADK LLC (the “ADK Minority Holders”) retained approximately 26% membership interest in ADK LLC. As a result, the Company’s ownership of ADK LLC, was approximately 74% as of September 30, 2021. The ADK Minority Holders may from time to time, after December 10, 2021, exchange with indie, such holders’ units in ADK LLC for an equal number of shares of indie’s Class A common stock. As a result, indie’s ownership interest in ADK LLC will increase. The ADK Minority Holders’ ownership interests are accounted for as noncontrolling interests in the Company’s condensed consolidated financial statements.

In connection with the Transaction, the Company issued to certain members of ADK LLC an aggregate of 33,827,371 shares of Class V common stock of indie (the “Class V Holders”). The shares of Class V common stock provides no economic rights in indie to the holder thereof; however, each Class V Holder is entitled to vote with the holders of Class A common stock of indie, with each share of Class V common stock entitling the holder to one (1) vote per share of Class V common stock at the time of such vote (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications).

ADK LLC held 50% ownership in Wuxi as of September 30, 2021 and December 31, 2020. From time to time, Wuxi has sold equity ownership and the transactions have reduced ADK LLC’s controlling interest in Wuxi on the condensed consolidated balance sheets. As of September 30, 2021, ADK LLC maintained its controlling ownership and financial interest in Wuxi. Accordingly, Wuxi’s financial statements are consolidated with those of ADK LLC and its other wholly-owned subsidiaries. Minority interests held in Wuxi are accounted for as non-controlling interests in the Company’s condensed consolidated financial statements.

13.    Revenue

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by geographic region, as the Company’s management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

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The following tables present revenue disaggregated by geography of the customer’s shipping location for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	2,033	$	1,959	$	5,910	$	3,403
Greater China	7,591		4,548		17,800		9,868
Rest of North America	1,286		167		2,513		525
South America	409		214		1,004		483
Rest of Asia Pacific	127		455		701		1,168
Europe	711		243		1,523		510
Total revenue	$	12,157	$	7,586	$	29,451	$	15,957

Contract Balances

Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed. The Company also recorded unbilled revenue of $0 and $55 at September 30, 2021 and December 31, 2020, respectively, as part of its Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.

The following table presents the liabilities associated with the engineering services contracts as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Deferred revenue	$	377	$	1,665

As of September 30, 2021 and December 31, 2020, contract liabilities were included as Deferred revenue and classified as current liabilities in the condensed consolidated balance sheets.

During the three months ended September 30, 2021 and 2020, the Company recognized $206 and $1,056, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. During the nine months ended September 30, 2021 and 2020, the Company recognized $819 and $1,865, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates overtime due to changes in the timing of payments received from customers and revenue recognized for services provided.

Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the unaudited condensed consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of September 30, 2021, the amount of performance obligations that have not been recognized as revenue was $3,763, of which approximately 95% is expected to be recognized as revenue over the next twelve months and the remainder thereafter. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized.

Concentrations

As identified below, some of our customers accounted for more than 10% of the Company’s total revenue for the three and nine months ended September 30, 2021 and 2020:

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Customer A	25.7	%	51.6	%	39.3	%	57.3	%
Customer B	12.9	%	10.3	%	5.4	%	13.6	%
Customer C	—	%	13.2	%	—	%	6.4	%

The loss of these customers would have a material impact on the Company’s condensed consolidated financial results.

The two largest customers represented 34% and 18% of accounts receivable as of September 30, 2021 and the two largest customers represented 35% and 12% of accounts receivable as of December 31, 2020. No other individual customer represented more than 10% of accounts receivable at either September 30, 2021 or December 31, 2020.

14.    Share-Based Compensation

At the closing of the Transaction on June 10, 2021, ADK LLC’s share-based compensation awards (as such terms are defined below) were converted into equity in indie at the Exchange Ratio of 27.80. Share and per share information below have been converted from historical disclosure based on the Exchange Ratio.

Profit Interests

Historically, per the ADK LLC Operating Agreement, ADK LLC issued Class B units (“Profits Interests” or “Class B units”) to employees, directors and consultants. Class B units entitle the holders of such units to a share of ADK LLC’s profits and distributions of ADK’s assets to the extent their capital accounts are positive. Holders of Class B units do not have voting rights except to the extent required by law.

The board of directors authorized 14,284,919 shares (or 513,846 units prior to the exchange) for grant under the ADK LLC Operating Agreement. The Class B units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period.

These Profit Interests are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Phantom Units

On January 29, 2021, indie issued Phantom Units that give employees rights to receive, upon vesting, either 1,751,360 shares of Class A common stock (or 62,998 Phantom Units prior to giving effect to the Exchange Ratio) or the equivalent in cash at the election of indie (the “Phantom Units”). These Phantom Units had a grant date fair value of $6.83 per share of Class A common stock. The Phantom Units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period. Certain awards vest based on specific performance conditions. Notwithstanding the foregoing, no Phantom Units vest until December 10, 2021.

These Phantom Units are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Unvested Earn-out Shares

A portion of the earn-out shares may be issued to individuals with unvested equity awards. While the payout of these shares require achievement of the Earn-out Milestones, the individuals are required to complete the remaining service period associated with these unvested equity awards to be eligible to receive the earn-out shares. As a result, these unvested earn-out shares are equity-classified awards and have an aggregated grant date fair value of $3,919 (or $9.20 per share).

2021 Omnibus Equity Incentive Plan

The Company’s Board of Directors adopted the indie Semiconductor, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Plan”) effective June 10, 2021, which provides for the granting of nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights, performance stock awards, performance stock awards, unrestricted stock awards, distribution equivalent rights or any combination of the foregoing to employees and directors for a total of 10,368,750 shares.

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The primary purpose of the 2021 Plan is to enhance the Company’s ability to attract, motivate and retain the services of qualified employees, officers and directors.

Accounting Policy

The Company accounts for share-based compensation arrangements with employees in accordance with ASC 718-10, Compensation — Stock Compensation, which requires the Company to account for the compensation expense related to all equity awards on a fair value based method.

Prior to the consummation of the Transaction, the grant date fair value of the Class B units were determined using the Monte Carlo simulation. The significant assumptions used in valuation include the constant risk-free rate, constant volatility factor and the Geometric Brownian Motion. The following table presents the weighted average assumptions used in the valuations for grants in the nine months ended September 30, 2021 (there were no grants in the three months ended September 30, 2021):

	Nine Months Ended September 30, 2021
Constant risk free rate	0.8	%
Constant volatility factor	40.0	%
Geometric Brownian Motion	0.981

The grant date fair value of the Phantom Units was determined by dividing the expected equity value of the Company upon the Transaction by the Company’s expected capitalization structure at the time of the grant.

The grant date fair value of the earn-out shares was valued based on the fair value of the earn-out liability at inception divided by total shares subject to earn-out liability.

The grant date fair value of restricted stock units issued per the 2021 Plan was valued based on indie’s common stock on the date of grant.

For all Class B units and Phantom Units, the consummation of the Transaction is considered to be a qualifying liquidation event, such that all historically vested units are now considered to have value. As a result, the Company recognized the expenses pro-rata over the term of the vesting period or per the satisfaction of performance conditions.

Expenses related to all unvested shares will be recognized pro-rata through the remainder of the vesting period or when the performance conditions become probable in accordance with ASC 718.

Stock compensation expense is recorded in research and development and general and administrative expenses based on the classification of the work performed by the grantees.

The following table sets forth the share-based compensation for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	2,588		—		5,185		—
Selling, general, and administrative	3,629		—		9,000		—
Total	$	6,217	$	—	$	14,185	$	—

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The following table sets forth the changes in the Company’s outstanding equity awards during the nine months ended September 30, 2021:

	Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested shares as of December 31, 2020	3,868,225	$	2.72
Granted	5,188,548	$	8.61
Vested	(2,005,004)	$	5.31
Forfeited	(78,036)	$	6.65
Nonvested shares as of September 30, 2021	6,973,733	$	8.58

As of September 30, 2021, there was $44,538 of total unrecognized share-based compensation costs related to all unvested shares.

15.    Net Income (Loss) per Common Share

Basic and diluted net loss per common share was calculated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(108,161)	$	(22,156)	$	(84,812)	$	(34,528)
Less: Net loss attributable to noncontrolling interest	(28,512)		(197)		(22,127)		(590)
Net loss attributable to indie Semiconductor, Inc.	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss attributable to common shareholders - dilutive	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Denominator:
Weighted average shares outstanding - basic	96,368,379		31,349,643		58,791,245		31,153,933
Weighted average common shares outstanding—diluted	96,368,379		31,349,643		58,791,245		31,153,933
Net loss per share attributable to common shares— basic	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)
Net loss per share attributable to common shares— diluted	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)

On June 10, 2021, the Company completed a series of business transactions with TB2 pursuant to the MTA. The Transaction materially impacted the number of shares outstanding. Weighted average shares outstanding in the table above have been retroactively restated to give effect to the reverse recapitalization. See Note 1 - Nature of Business and Basis of Presentation for more information regarding the Transaction.

The Company’s potentially dilutive securities, which include SAFEs, unvested Class B units, unvested restricted stock units, preferred units, warrants for Class A units, warrants for Class G units, and convertible debt, have been excluded from the computation of diluted net loss per unit as the effect would be to reduce the net loss per unit. In the three and nine months ended September 30, 2021 and 2020, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be antidilutive. The Company excluded the following potential shares, presented based on

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amounts outstanding at each period end, from the computation of diluted net loss per share attributable to shareholders for the periods indicated because including them would have had an antidilutive effect:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
SAFEs	—	4,711,711	7,651,982	4,711,711
Unvested Class B units	—	3,710,500	1,817,375	3,710,500
Unvested Phantom units	1,727,730	—	1,727,730	—
Unvested Restricted stock units	3,437,188	—	3,437,188	—
Convertible preferred units	—	35,935,292	—	35,935,292
Warrants to purchase Class G units	—	267,939	—	267,939
Convertible debt into Class A and preferred units	—	285,000	—	285,000
Convertible Class V common shares	33,827,371	—	33,827,371	—
Public warrants for the purchase of Class A common shares	17,250,000	—	17,250,000	—
Private warrants for the purchase of Class A common shares	10,150,000	—	10,150,000	—
Earn-out Shares	10,000,000	—	10,000,000	—
Escrow Shares	3,450,000	—	3,450,000	—
	79,842,289	44,910,442	89,311,646	44,910,442

16.    Income Taxes

We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of ADK, LLC, as well as any stand-alone income or loss we generate. ADK, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, ADK, LLC’s taxable income or loss is passed through to its members, including us. Despite its partnership treatment, ADK, LLC is liable for income taxes for subsidiaries in foreign jurisdictions in which it operates, primarily within the United Kingdom.

Our effective tax rate in 2021 differ from the U.S. federal statutory rate primarily due to changes in valuation allowance and taxes in foreign jurisdictions.

Based primarily on our limited operating history and ADK LLC’s historical losses, we believe there is a significant uncertainty as to when we will be able to use our deferred tax assets (“DTAs”). Therefore, we have recorded a valuation allowance against the DTAs for which we have concluded it is more likely than not that they will not be realized.

As part of reverse capitalization, the Company entered into Tax Receivable Agreements (“TRAs”) with certain shareholders that will represent approximately 85% of the calculated tax savings based on the portion of basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed that we anticipate to be able to utilize in future years. Through September 30, 2021, there have not been any exchanges of units that would generate a DTA; therefore, we have not recorded a liability under the TRAs.

The Company recorded a benefit for income taxes of $36 and $13 for the three months ended September 30, 2021 and 2020, respectively. The Company recorded a provision for income taxes of $34 and $9 for the nine months ended September 30, 2021 and 2020, respectively. Income taxes are primarily related to the Company’s operations in Europe.

17.    Commitments and Contingencies

Litigation

The Company may be a party to routine claims or litigation incidental to its business. The Company does not believe that it is a party to any pending legal proceeding that is likely to have a material adverse effect on its business, financial condition or results of operations or cash flows.

Lease Commitments

In July 2015, the Company entered into a five-year operating lease for its 14,881 square foot headquarters in Aliso Viejo, California, which is payable monthly with periodic rent adjustments over the lease term. The lease requires a security deposit of

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$30, which is recorded in other assets on the Company’s condensed consolidated balance sheets as well as a tiered, time-based letter of credit that has now reached its lowest tier of $200. Subsequently, the lease was extended through the end of June 2023.

In October 2015, the Company entered into a five-year operating lease for its Scotland Design Center in Edinburgh, Scotland, which is payable monthly with periodic rent adjustments over the lease term. The lease expired in October 2020. During 2019, the Company entered into a sub-lease agreement with a third party for the Scotland Design Center facility. Separately, effective January 2020, the Company entered into a lease for a property in Scotland. The lease agreement has a term through December 2022 and monthly rent of approximately $19.

In August 2017, the Company entered into a lease assignment and assumption agreement for its design center in Austin, Texas. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expired in April 2021 and is currently on a month-to-month basis.

In October 2017, the Company entered into a 26-month operating lease for its Wuxi sales and design center. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term. The lease was subsequently extended through December 2021.

In April 2020, the Company entered into a lease for a location in Shanghai, China. The lease expires in February 2022. Rent is approximately $3 per month.

In June 2020, the Company entered into a month-to-month lease for a location in San Francisco for approximately $1 a month.

In April 2021, the Company entered into a three-year operating lease for a location in Budapest, Hungary, which is payable monthly for approximately $6 a month.

In May 2021, the Company entered into a seven-year operating lease for a location in Detroit, Michigan, which is payable monthly with periodic rent adjustments over the lease term. The lease will expire in 2028 with an initial monthly rent of approximately $22 a month.

In July 2021, the Company entered into a three-year operating lease for a location in Dresden, Germany as the office location for its German entity. Rent for the associated office is payable monthly with periodic rent adjustment over the lease term. The lease will commence on October 1, 2021 and expire on September 30, 2023.

In September 2021, the Company entered into a three-year operating lease for another location in Dresden, Germany as a research and design lab for its German entity. Rent for the associated lab is payable monthly with periodic rent adjustment over the lease term. The lease will commence on November 1, 2021 and expire on October 31, 2023.

Rent expense is recognized on a straight-lined basis over the lease term and is included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	219	$	211	$	619	$	581
Selling, general, and administrative	49		22		136		95
	$	268	$	233	$	755	$	676

The following table summarizes the future minimum lease payments due under operating leases as of September 30, 2021:

2021 (remaining three months)	$	287
2022	1,074
2023	637
2024	315
2025	286
Thereafter	817
	$	3,416

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Tax Distributions

To the extent the Company has funds legally available, the board of directors will approve distributions to each member, prior to March 15 of each year, in an amount per unit that, when added to all other distributions made to such member with respect to the previous calendar year, equals the estimated federal and state income tax liabilities applicable to such member as the result of its, his or her ownership of the units and the associated net taxable income allocated with respect to such units for the previous calendar year. There were no distributions approved by the board of directors or paid by the Company during the nine months ended September 30, 2021 and 2020.

18.    Subsequent Events 

For its condensed consolidated financial statements as of September 30, 2021 and the three and nine months then ended, management reviewed and evaluated material subsequent events from the condensed consolidated balance sheet date of September 30, 2021 through November 12, 2021, the date the condensed consolidated financial statements were issued. 

Acquisition of TERAXION INC

On August 27, 2021, indie entered into a Share Purchase Agreement (the “Purchase Agreement”), pursuant to which indie’s wholly-owned Canadian subsidiary (“Purchaser”) agreed to purchase all of the outstanding capital stock of TERAXION INC, a Canadian corporation (“TeraXion”) from the existing stockholders of TeraXion (the “Acquisition”). The aggregate purchase price of the Acquisition is CAD $200 million (the “Purchase Price”), which is payable 50% in cash and 50% in indie’s shares of Class A common stock, subject to various purchase price adjustments. The Acquisition was completed on October 12, 2021 and the total consideration paid for the Acquisition consisted of (i) approximately $80.0 million in cash; (ii) the issuance by indie of 5,805,144 shares of indie Class A common stock; and (iii) the assumption by indie of TeraXion options, which will become exercisable to purchase 1,542,332 shares of indie Class A common stock.

Acquisition of ON Design Israel Ltd

On October 1, 2021, indie entered into a definitive agreement and completed its acquisition of ON Design Israel Ltd. (“ON Design Israel”), for $5.0 million in cash at closing, $7.5 million of cash in 2022 and up to $7.5 million of cash based on design win performance. Upon completion of the acquisition, ON Design Israel was renamed to indie Semiconductor Design Israel Ltd.

Acquisition of Symeo GmbH

On October 21, 2021, indie entered into a definitive agreement with Analog Devices to acquire Symeo GmbH (“Symeo”) for $10.0 million in cash at closing, $10.0 million in cash in 2023 and an equity-based earn-out of up to 858,369 shares of indie Class A common stock based on future revenue growth. The Symeo transaction is pending approval by the German government.

The Company expects to account for the acquisitions of TeraXion and ON Design Israel as business combinations and is currently evaluating the purchase price allocation. It is not practicable to disclose the preliminary purchase price allocation or unaudited pro forma combined financial information for these transactions, given the short period of time between the acquisition date and the issuance of these consolidated financial statements. The Company will assess the appropriate accounting recognition for Symeo upon completion of the acquisition.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF INDIE

Unless the context otherwise requires, all references in this section to the “Company,” “we,” “us, or “our” refer to the business of indie and its subsidiaries prior to the consummation of the Transaction. Throughout this section, unless otherwise noted, “indie” refers to indie Semiconductor and its consolidated subsidiaries.

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the accompanying unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q. Certain amounts may not foot due to rounding. This discussion and analysis contains forward-looking statements. See “Forward Looking Statements.” We assume no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements.

OUR COMPANY

indie Semiconductor offers highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems (“ADAS”), autonomous vehicle, connected car, user experience and electrification applications. We focus on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 automotive suppliers and our platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Boston, Massachusetts; Detroit, Michigan; San Francisco and San Jose, California; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland; Haifa, Israel; Quebec, Canada; Tokyo, Japan and several locations throughout China.

We maintain design centers for our semiconductor engineers and designers in the United States, Scotland and China. We engage subcontractors to manufacture our products. These subcontractors, as well as the majority of our customers’ locations, are primarily in Asia. For the nine months ended September 30, 2021 and 2020, approximately 67% and 83%, respectively, of our product revenues were recognized for shipments to customer locations in Asia.

Recent Acquisitions

TERAXION INC

In August 2021, we entered into a definitive agreement to acquire TERAXION INC, a Canadian corporation (“TeraXion”) from the existing stockholders of TeraXion (the “Acquisition”). The Acquisition was completed on October 12, 2021 and the total consideration paid for the Acquisition consisted of (i) approximately $80.0 million in cash; (ii) the issuance by indie of 5,805,144 shares of indie Class A common stock; and (iii) the assumption by indie of TeraXion options, which will become exercisable to purchase 1,542,332 shares of indie Class A common stock. TeraXion produces low noise lasers, Bragg gratings and integrated photonic elements to address high-performance applications. More recently, TeraXion was an optical sensing reference design partner of indie, supporting next-generation Frequency Modulated Continuous Wave systems for automotive LiDAR. The addition of TeraXion is expected to be highly synergistic and will position us to accelerate mass market deployments of LiDAR platforms.

ON Design Israel

On October 1, 2021, we entered into a definitive agreement and completed the acquisition of ON Design Israel Ltd. (“ON Design Israel”), for $5.0 million in cash at closing, $7.5 million of cash in 2022 and up to $7.5 million of cash based on design win performance.

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Symeo GmbH

On October 21, 2021, we entered into a definitive agreement with Analog Devices to acquire Symeo GmbH (“Symeo”) for $10.0 million in cash at closing, $10.0 million in cash in 2023 and an equity-based earn-out of up to 858,369 shares of indie Class A common stocks based on future revenue growth. The Symeo transaction is pending approval by the German government.

The acquisition of ON Design Israel and Symeo will bring us engineering development teams with broad experience in millimeter wave technology and radar system implementation, respectively. These combinations accelerate our entry into the radar market and enable us to capture strategic opportunities among Tier 1 customers.

Reverse Recapitalization with Thunder Bridge Acquisition II

On June 10, 2021, we completed a series of transactions (the “Transaction”) with Thunder Bridge Acquisition II, Ltd (“TB2”) pursuant to the Master Transactions Agreement dated December 14, 2020, as amended on May 3, 2021 (the “MTA”). In connection with the Transaction, Thunder Bridge II Surviving Pubco, Inc, a Delaware corporation (“Surviving Pubco”), was formed to be the successor public company to TB2, TB2 was domesticated into a Delaware corporation and merged with and into and a merger subsidiary of Surviving Pubco. Additionally, we consummated a Private Investment in Public Entity (“PIPE”) financing, pursuant to which Surviving Pubco issued 15 million Class A common shares, generating net proceeds of $150 million as a result of the Transaction. Also on June 10, 2021, Surviving Pubco changed its name to indie Semiconductor, Inc., and listed our shares of Class A common stock, par value $0.0001 per share on The Nasdaq Stock Market LLC under the symbol “INDI”.

The most significant change in our reported financial position and results of operations in comparison to the prior year is gross cash proceeds of $399.5 million from the Transaction, which includes $150.0 million in proceeds from the PIPE financing that was consummated in conjunction with the Transaction. The increase in cash was offset by transaction costs incurred in connection with the Transaction of approximately $43.4 million plus the retirement of indie’s long-term debt of $15.6 million. Approximately $29.8 million of the transaction costs and all of indie’s long-term debt were paid as of June 30, 2021. Approximately $21.8 million of the transaction costs paid as of June 30, 2021 were paid by TB2 as part of the closing of the Transaction. The remainder transaction costs were paid as of September 30, 2021.

Upon consummation of the Transaction, indie-designated directors were appointed to seven of the nine seats of the combined company’s board of directors; our Chief Executive Officer and President were appointed as the other two board members; our existing senior management became the senior management of the combined company; and the current stockholders of indie became the owners of approximately 26% of the outstanding shares of Class A common stock of the combined company. Accordingly, the Transaction is being accounted for as a reverse recapitalization, whereby indie is the acquirer for accounting and financial reporting purposes and Surviving Pubco, Inc is the legal acquirer. A reverse recapitalization does not result in a new basis of accounting, and the financial statements of the combined entity represent the continuation of the consolidated financial statements of legacy ADK LLC in many respects. The shares remaining after redemptions, and the unrestricted net cash and cash equivalents on the closing of the Transaction, are being accounted for as a capital infusion to ADK LLC.

As a consequence of the Transaction, we became an SEC-registered, Nasdaq-listed company, which has required, and will continue to require, us to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices. We expect to incur additional annual expenses as a public company for, among other things, directors’ and officers’ liability insurance, director fees and additional internal and external accounting, legal and administrative expenses.

Additionally, we expect our capital and operating expenditures will increase significantly in connection with ongoing activities as we invest additional working capital for various research and development projects, additional investments in equipment to meet increased project needs, and additional operating expenses to hire project managers, technicians, sales, partnership and customer service personnel, data scientists, trading teams, software engineers and administrative staff.

Our historical operations and statements of assets and liabilities may not be comparable to the operations and statements of assets and liabilities of the combined company as a result of the Transaction.

Impact of COVID-19

The COVID-19 pandemic (the “Pandemic”) and efforts to control its spread have significantly curtailed the movement of people, goods, and services worldwide. The duration and extent of the Pandemic depends on future developments that cannot

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be accurately predicted at this time, including the duration and severity of the Pandemic, the severity and transmission rates of new and more contagious and/or vaccine-resistant variants of COVID-19, and the actions taken to contain it or treat COVID-19, including the availability, distribution, rate of public acceptance and efficacy of vaccines for COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Pandemic has already had an adverse effect on the global economy, and the ultimate societal and economic impact of the Pandemic remains unknown.

We experienced a decrease in customer demand and product shipments in the second quarter of fiscal year 2020. This decrease was primarily the result of closures or reduced capacity at customer manufacturing facilities in China. During the second half of fiscal year 2020, customer manufacturing facilities re-opened and demand increased. As customer demand increased beginning the second half of fiscal year 2020, the semiconductor industry, and automotive semiconductors in particular, experienced material shortages and supply constraints. Given our reliance on third-party manufacturing suppliers, these industry dynamics have resulted in certain instances of extended production lead times, increased production and expedite costs, and delays in meeting increasing customer demand for its products, which if unabated, present a significant risk to us. In certain circumstances, we have increased order lead times and placed purchase orders with suppliers based on our anticipated demand requirements for the balance of 2021 in efforts to secure production capacity allocation. However, we cannot predict the duration or magnitude of the pandemic or the full impact that it may have on our financial condition, operations, and workforce. We will continue to actively monitor the rapidly evolving situation related to the Pandemic and may take further actions that alter our operations, including those that may be required by federal, state or local authorities, or that we determine are in the best interests of our employees and other third parties with whom we do business.

OPERATING RESULTS

Comparison of the Three Months Ended September 30, 2021 and 2020

Revenue

	Three Months Ended September 30,
	2021				2020
(in thousands)	$		% of Revenue		$		% of Revenue		$ Change		% Change
Revenue:
Product revenue	$	11,099	91	%	$	5,732	76	%	$	5,367	94	%
Contract revenue	1,058		9	%	1,854		24	%	(796)		(43)	%
Total revenue	$	12,157	100	%	$	7,586	100	%	$	4,571	60	%

Revenue for the three months ended September 30, 2021 was $12.2 million, compared to $7.6 million for the three months ended September 30, 2020, an increase of $4.6 million or 60%, which was primarily driven by a $5.4 million increase in product revenue and partially offset by lower contract revenue. The increase in product revenue was due primarily to higher product volume (units sold) given the continued growth in demand from our customers globally. Change in product mix and increases in average selling price (“ASP”) contributed to the increase in revenue year-over-year. The decrease in contract revenue was due to completion of a significant project in the prior year.

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Operating Expenses

	Three Months Ended September 30,
	2021				2020
(in thousands)	$		% of Revenue		$		% of Revenue		$ Change		% Change
Operating expenses:
Cost of goods sold	$	6,930	57	%	$	3,664	48	%	$	3,266	89	%
Research and development	15,043		124	%	5,823		77	%	9,220		158	%
Selling, general, and administrative	11,442		94	%	1,265		17	%	10,177		805	%
Total operating expenses	$	33,415	275	%	$	10,752	142	%	$	22,663	211	%

Cost of goods sold for the three months ended September 30, 2021 was $6.9 million, compared to $3.7 million for the three months ended September 30, 2020. The increase of $3.3 million or 89% was primarily due to a $2.8 million increase in product shipments given the increase in revenue above and a $1.1 million increase in product cost, partially offset by a $0.4 million decrease due to change in product mix.

Research and development expense for the three months ended September 30, 2021 was $15.0 million, compared to $5.8 million for the three months ended September 30, 2020. The increase of $9.2 million or 158% was primarily due to $3.1 million increase in personnel costs as we increased the number of employees working on product development, $2.5 million increase in product development costs, $2.6 million share-based compensation expense and a $0.9 million increase in various outside professional services and equipment costs as we continue to expand produce development activities. We started recognizing share-based compensation expense in the current year as it required the consummation of the Transaction in June 2021 and implementation of the 2021 Omnibus Equity Plan in August 2021 to be recognized. We expect research and development expense to continue to increase due to the aforementioned acquisitions in the fourth quarter of 2021 and as we continue to grow our headcount organically to support expanded product development activities.

Selling, general and administrative expense for the three months ended September 30, 2021 was $11.4 million, compared to $1.3 million for the three months ended September 30, 2020. The increase of $10.2 million or 805% was primarily due to a $3.2 million increase in various professional and consulting services to support our acquisitions, a $3.6 million increase in share-based compensation expense, a $1.2 million increase in outside service costs given expanded obligations as a publicly traded company and a $1.0 million increase in personnel costs due to increase in headcounts. We started recognizing share-based compensation expense in the current year as it required the consummation of the Transaction in June 2021 and implementation of the 2021 Omnibus Equity Plan in August 2021 to be recognized. We expect selling, general, and administrative expense to continue to increase due to the aforementioned acquisitions in the fourth quarter of 2021 and as we grow our headcount to support our global expansion and to fulfill our obligations as a publicly traded company.

Other income (expense), net

	Three Months Ended September 30,
	2021		2020
(in thousands)	$		$		$ Change		% Change
Other income (expense), net:
Interest income	$	16	$	6	$	10	167	%
Interest expense	(25)		(517)		492		(95)	%
Gain (loss) from change in fair value of SAFEs	—		(18,520)		18,520		(100)	%
Gain (loss) from change in fair value of warrants	(40,401)		—		(40,401)		100	%
Gain (loss) from change in fair value of earn-out liabilities	(45,516)		—		(45,516)		100	%
Other income (expense)	(1,013)		28		(1,041)		(3718)	%
Total other expense, net	$	(86,939)	$	(19,003)	$	(67,936)	358	%

Interest expense for the three months ended September 30, 2021 was $25 thousand, compared to $0.5 million for the three months ended September 30, 2020. Interest expense relate to the routine cash and non-cash interest expenses on outstanding

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debt obligations. All long-term debts were paid off as of June 30, 2021, which resulted in the decrease in total interest expense compared to the same period in prior year.

During the three months ended September 30, 2021, we recognized unrealized losses from change in fair value of our warrants, earn-out liabilities and a currency forward contract of $40.4 million, $45.5 million and $1.2 million, respectively. The losses recorded for the three months ended September 30, 2021 each represent the following:

i) Warrants: Subsequent to the recognition of warrant liability upon the consummation of the Transaction on June 10, 2021, we continue to remeasure the fair value of the warrant liability at each reporting date. The increase in fair value of our warrant liability of $40.4 million was primarily a result of the increase of the closing price of our Class A common stock listed on the Nasdaq to $12.31 per share on September 30, 2021 from $9.88 per share on June 30, 2021.

ii) Earn-out liability: Subsequent to the recognition of earn-out liability upon the consummation of the Transaction on June 10, 2021, we continue to remeasure the fair value of this liability at each reporting date. The increase in fair value of our earn-out liability of $45.5 million was primarily a result of the increase of the closing price of our Class A common stock listed on the Nasdaq to $12.31 per share on September 30, 2021 from $9.88 per share on June 30, 2021.

iii) Currency forward contract: In preparation for the closing of the TeraXion acquisition, we entered into a CAD $85 million currency forward contract on September 3, 2021 to hedge against the potential fluctuations in exchange rate between the Canadian dollar and U.S. dollar. This contract’s fair value was remeasured as of period-end, which resulted in an unrealized loss of $1.2 million and represented the change in the exchange rate between the contract issuance date and period-end and is recorded as part of Other income (expense) for the three months ended September 30, 2021. This unrealized loss is offset to a de minimis amount as this currency forward contract was settled upon the completion of the acquisition of TeraXion in October 2021.

Income Tax Benefits

We evaluate our estimated annual effective tax rate (“ETR”) on a quarterly basis based on current and forecasted operating results. The relationship between our income tax provision or benefit and our pretax book income or loss can vary significantly from period to period considering, among other factors, the overall level of pretax book income or loss and changes in the blend of jurisdictional income or loss that is taxed at different rates and changes in valuation allowances. Consequently, our ETR may fluctuate significantly period to period and may make quarterly comparisons less than meaningful.

Income tax benefits for the three months ended September 30, 2021 and 2020 were primarily a result of operations in Europe.

Comparison of the Nine Months Ended September 30, 2021 and 2020

Revenue

	Nine Months Ended September 30,
	2021				2020
(in thousands)	$		% of Revenue		$		% of Revenue		$ Change		% Change
Revenue:
Product revenue	$	27,470	93	%	$	13,294	83	%	$	14,176	107	%
Contract revenue	1,981		7	%	2,663		17	%	(682)		(26)	%
Total revenue	$	29,451	100	%	$	15,957	100	%	$	13,494	85	%

Revenue for the nine months ended September 30, 2021 was $29.5 million, compared to $16.0 million for the nine months ended September 30, 2020, an increase of $13.5 million or 85%, which was primarily driven by a $14.2 million increase due to higher product volume (units sold) as demand from our customers continue to grow worldwide. Change in product mix and increase in ASP attributed to the remainder increase in revenue year-over-year.

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Operating expenses

	Nine Months Ended September 30,
	2021				2020
(in thousands)	$		% of Revenue		$		% of Revenue		$ Change		% Change
Operating expenses:
Cost of goods sold	$	17,097	58	%	$	8,742	55	%	$	8,355	96	%
Research and development	37,206		126	%	15,457		97	%	21,749		141	%
Selling, general, and administrative	23,015		78	%	4,080		26	%	18,935		464	%
Total operating expenses	$	77,318	263	%	$	28,279	177	%	$	49,039	173	%

Cost of goods sold for the nine months ended September 30, 2021 was $17.1 million, compared to $8.7 million for the nine months ended September 30, 2020. The increase of $8.4 million or 96% was primarily due to a $6.7 million increase in production volume given the increase in revenue above and a $2.6 million increase due to an increase in material costs partially offset by a $0.8 million net decrease due to change in product mix, which included the sell-through of previously reserved inventory.

Research and development (“R&D”) expense for the nine months ended September 30, 2021 was $37.2 million, compared to $15.5 million for the nine months ended September 30, 2020. This increase of $21.7 million or 141% is primarily driven by a $7.4 million increase in personnel costs, a $6.2 million increase in various R&D program expenses, $5.2 million increase in share-based compensation and a $2.8 million in outside professional fees and general office equipment as we continue with our growth. The increase in personnel costs was driven by increase in the headcount to support the continuous growth in customer demand. Additionally, we started recognizing share-based compensation expense in the current year as it required the consummation of the Transaction in June 2021 and implementation of the 2021 Omnibus Equity Plan in August 2021 to be recognized. We expect research and development expense to continue to increase due to the aforementioned acquisitions in the fourth quarter of 2021 and as we continue to grow our headcount organically to support pent-up customer demand.

Selling, general and administrative expense for the nine months ended September 30, 2021 was $23.0 million, compared to $4.1 million for the nine months ended September 30, 2020. The increase of $18.9 million or 464% is primarily due to a $9.0 million increase in share-based compensation expense, a $7.7 million increase in outside professional fees and $2.4 million increase in personnel costs due to an increase in headcounts. We started recognizing share-based compensation expense in the current year as it required the consummation of the Transaction in June 2021 and implementation of the 2021 Omnibus Equity Plan in August 2021 to be recognized. The increase in outside professional fees includes $3.2 million in acquisition related professional fees that is primarily for legal related services, $1.5 million in professional fees related to obligations as a publicly traded company, and $1.5 million in SPAC related transaction fees that is primarily for audit and tax related services. We expect selling, general, and administrative expense to continue to increase as we grow our headcount to support our global expansion and our obligations as a publicly traded company.

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Other income (expense), net

	Nine Months Ended September 30,
	2021		2020
(in thousands)	$		$		$ Change		% Change
Other income (expense), net:
Interest income	$	36	$	18	$	18	100	%
Interest expense	(1,175)		(1,620)		445		(27)	%
Gain (loss) from change in fair value of SAFEs	21,600		(20,735)		42,335		(204)	%
Gain (loss) from change in fair value of warrants	(29,085)		—		(29,085)		100	%
Gain (loss) from change in fair value of earn-out liabilities	(27,677)		—		(27,677)		100	%
Gain (loss) from extinguishment of debt	304		—		304		100	%
Other income (expense)	(914)		140		(1,054)		(753)	%
Total other expense, net	$	(36,911)	$	(22,197)	$	(14,714)	66	%

Interest income for the nine months ended September 30, 2021 increased by 100% from the nine months ended September 30, 2020. The increase was a result of higher cash balances held in interest bearing accounts.

Interest expense for the nine months ended September 30, 2021 was $1.2 million, compared to $1.6 million for the nine months ended September 30, 2020. Interest expense relate to the routine cash and non-cash interest expenses on outstanding debt obligations. All long-term debts have been paid off as of June 30, 2021 post our consummation of the Transaction.

For the nine months ended September 30, 2021, we recognized unrealized gain (loss) from fair value remeasurement for SAFEs, warrants and contingent earn-outs of $21.6 million, $(29.1) million, and $(27.7) million, respectively. The unrealized gain (loss) recorded for the nine months ended September 30, 2021 represents the following:

i) SAFEs: Upon the closing of the Transaction on June 10, 2021, the SAFE holders converted their SAFEs to Class A common stock of indie. The gain of $21.6 million represents the increase in fair value in SAFEs from December 31, 2021 to June 10, 2021. No change in fair value of SAFEs is recorded going forward.

ii) Warrants: Upon the consummation of the Transaction on June 10, 2021, we recognized warrant liability of $74.4 million and subsequently remeasured the warrant liability to the fair value of $103.5 million at the reporting date. The increase in fair value of our warrant liability of $29.1 million was primarily a result of the increase of the closing price of our Class A common stock listed on the Nasdaq for $12.31 per share on September 30, 2021 from $10.87 per share on June 10, 2021.

iii) Earn-out liability: Upon the consummation of the Transaction on June 10, 2021, we recognized earn-out liability of $119.8 million and subsequently remeasured the earn-out liability to the fair value of $147.3 million at the reporting date. The increase in fair value of our earn-out liability of $27.7 million was primarily a result of the increase of the closing price of our Class A common stock listed on the Nasdaq to $12.31 per share on September 30, 2021 from $10.87 per share on June 10, 2021.

For the nine months ended September 30, 2021, we recognized a net gain of $0.3 million on extinguishment of debt. The net gain was attributable to a gain of $1.9 million from the PPP loan as we received forgiveness from the SBA on May 10, 2021, partially offset by a loss of $1.6 million from the repayment of the Trinity loan on June 17, 2021.

Other income (expense) for the nine months ended September 30, 2021 decreased to a loss of $1.0 million, compared to an income of $0.1 million for the nine months ended September 30, 2020. The decrease was primarily due to a $1.2 million unrealized loss in fair value remeasurement of a currency forward contract as described above. This unrealized loss is offset to a de minimis amount as this currency forward contract was settled upon the completion of the acquisition of TeraXion in October 2021.

Income Tax Expense

We evaluate our estimated annual ETR on a quarterly basis based on current and forecasted operating results. The relationship between our income tax provision or benefit and our pretax book income or loss can vary significantly from period to period considering, among other factors, the overall level of pretax book income or loss and changes in the blend of jurisdictional

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income or loss that is taxed at different rates and changes in valuation allowances. Consequently, our ETR may fluctuate significantly period to period and may make quarterly comparisons less than meaningful.

Income tax expenses for the nine months ended September 30, 2021 and 2020 were primarily a result of operations in the United Kingdom.

JOBS Act

The JOBS Act permits an emerging growth company (“EGC”) such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use the extended transition period under the JOBS Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest to occur of: (1) the last day of the fiscal year in which we have more than $1.07 billion in annual revenue; (2) the date on which we are deemed to be a “large accelerated filer,” which would occur if the market value of our equity securities held by nonaffiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; (3) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; and (4) the last day of the fiscal year ending after the fifth anniversary of our initial public offering, or December 31, 2024.

We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for public companies.

Liquidity and Capital Resources

Historically, we derive liquidity primarily from debt and equity financing activities as we have historically had negative cash flows from operations. On June 10, 2021, we completed the Transaction, which resulted in approximately $341.3 million of net cash proceeds. As of September 30, 2021, our balance of cash and cash equivalents was $323.9 million.

Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, working capital requirements related to inventory, accounts payable and accounts receivable, and general and administrative expenditures. In addition, from time to time, we use cash to fund our mergers and acquisitions as well as for purchases of various capital and software assets.

In October 2021, we completed the acquisition of TeraXion and On Design Israel, for which we made initial cash payments of approximately $80.0 million and $5.0 million, respectively. We expect to pay up to an additional $15.0 million for the acquisition of ON Design Israel as part of the total closing consideration in 2022 and later. In October 2021, we also entered into a definitive agreement to acquire Symeo which will result in a total cash payment of $20.0 million as part of the overall closing consideration payable in accordance to the definitive agreement. See “Recent Acquisitions” above for further information.

We expect to continue to incur net operating losses and negative cash flows from operations. We also expect our research and development expenses, general and administrative expenses and capital expenditures will continue to increase as we continue to expand our operations, product offerings and customer base.

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The following table summarizes our consolidated cash flows for the nine months ended September 30, 2021 and 2020:

	Nine Months Ended September 30,				Change		Change
	2021		2020		$		%
Net cash used in operating activities	$	(36,913)	$	(14,527)	$	(22,386)	154	%
Net cash used in investing activities	(2,452)		(776)		(1,676)		216	%
Net cash provided by financing activities	344,339		17,092		327,247		1915	%

Operating Activities

For the nine months ended September 30, 2021, net cash used in the operating activities was $36.9 million, which included net loss of $84.8 million and adjusted for certain non-cash items and changes in operating assets and liabilities. Non-cash decreases primarily consisted of $36.4 million of net gains resulting from change in fair values for SAFEs, warrants, earn-out liability and currency forward contract and a $0.3 million net gain from extinguishment of long-term debts and forgiveness from the PPP loan. These non-cash decreases were partially offset by $14.2 million in share-based compensation expense and $2.4 million in depreciation and amortization. Changes in operating assets and liabilities from operations used $5.5 million of cash, primarily driven by an increase in accounts receivable, inventory and prepaid and other current assets.

Cash used in operating activities during the nine months ended September 30, 2020 was $14.5 million, mostly consisting of net loss of $34.5 million adjusted for certain non-cash items and changes in operating assets and liabilities. Non-cash charges primarily consisted of a $20.7 million loss from change in fair value of SAFEs and $2.0 million in depreciation and amortization. Changes in operating assets and liabilities from operations used $4.0 million of cash, primarily driven by a decrease in accounts payable and other liabilities and an increase in inventory.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2021 and 2020 was $2.5 million and $0.8 million, respectively. In each of these periods, our primary investing activities consisted of capital expenditures. We expect that we will make additional capital expenditures in the future, including licenses to various intangible assets, in order to support the future growth of our business.

Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2021 was $344.3 million, which was primarily attributed to $377.7 million net cash acquired from TB2 as we closed the Transaction on June 10, 2021 and $5.0 million of proceeds from issuance of SAFEs in April 2021. These increases in cash were partially offset by $19.9 million transaction costs paid in connection with the Transaction and a $15.0 million repayment of long-term debt and related termination fees. Total transaction costs incurred in relation to the Transaction were approximately $44.5 million.

Cash provided by financing activities for the nine months ended September 30, 2020 of $17.1 million was primarily the result of $12.8 million in proceeds from the issuance of debt and SAFEs, and $1.5 million in proceeds from the sale of noncontrolling interest. Proceeds received from the sale of noncontrolling interest related to our Chinese subsidiary, Wuxi, which used the proceeds to fund operations. The increase was partially offset by $3.4 million of repayment of long-term debt.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency Risk

We have international operations, giving rise to exposure to market risks from changes in currency exchange rates. A cumulative foreign currency translation loss of $61 thousand related to our foreign subsidiaries is included in “Accumulated other comprehensive loss” within the Stockholders' Equity section of the condensed consolidated balance sheet at September 30, 2021. The aggregate foreign currency transaction exchange rate income (loss) included in determining loss before income taxes was $230 thousand and $58 thousand for the nine months ended September 30, 2021 and 2020, respectively.

As our international operations grow, our risks associated with fluctuation in foreign currency rates will become greater, and we will continue to reassess our approach to managing this risk. In addition, currency fluctuations or a weakening U.S. dollar could increase the costs of our international expansion and operation.

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Investment and Interest Rate Risk

Our exposure to interest rate and general market risks relates principally to our investment portfolio, which consists of cash and cash equivalents (money market funds and marketable securities purchased with less than ninety days until maturity) that totals approximately $226.3 million as of September 30, 2021.

The main objectives of our investment activities are liquidity and preservation of capital. Our cash equivalent investments have short-term maturity periods that dampen the impact of market or interest rate risk. Credit risk associated with our investments is not material because our investments are diversified across securities with high credit ratings.

Given the current low interest rate environment, the objectives of our investment activities, and the relatively low interest income generated from our cash, cash equivalents, and other investments, we do not believe that investment or interest rate risks currently pose material exposures to our business or results of operations.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2021, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2021, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below. Notwithstanding the identified material weaknesses, management, including our Chief Executive Officer and Chief Financial Officer, believes the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly represent in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with U.S. GAAP.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Material Weaknesses in Internal Control over Financial Reporting

In connection with the preparation of our consolidated financial statements for the years ended December 31, 2020 and 2019, we identified control deficiencies in the design and operation of our internal control over financial reporting that constituted material weaknesses, which remain unremediated as of September 30, 2021. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified in our internal control over financial reporting related to lack of segregation of duties related to roles and responsibilities in the accounting department. As of September 30, 2021, we took a number of actions to continue to remediate these material weaknesses, including:

•we added finance personnel to the organization to improve the current segregation of roles and responsibilities; and

•we initiated the process of evaluating of a new Enterprise Resource Planning (“ERP”) system in order to mitigate the internal control gaps and limitations that cannot be addressed by the current ERP around segregation of duties, and to enhance the information technology general controls environment.

We are still in the process of implementing these controls. We intend to continue to take steps to remediate the material weaknesses through formalizing documentation of policies and procedures and further evolving our accounting processes.

While we believe that these efforts will improve our internal control over financial reporting, the design and implementation of our remediation is ongoing and will require validation and testing of the design and operating effectiveness of our internal controls over a sustained period of financial reporting cycles. The actions that we are taking are subject to ongoing senior management review, as well as audit committee oversight. We will not be able to conclude whether the steps we are taking will

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fully remediate the material weaknesses in our internal control over financial reporting until we have completed our remediation efforts and subsequent evaluation of their effectiveness.

Changes in Internal Control Over Financial Reporting

We are taking actions to remediate the material weakness relating to our internal control over financial reporting, as described above. Except as described above, during the three months ended September 30, 2021, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not party to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. The outcome of litigation is inherently uncertain, and there can be no assurances that favorable outcomes will be obtained. In addition, regardless of the outcome, such proceedings or claims can have an adverse impact on us, which may be material because of defense and settlement costs, diversion of resources and other factors.

ITEM 1A. RISK FACTORS

The business, financial condition, and operating results of the Company can be affected by many factors, whether currently known or unknown, including but not limited to those described in Form S-1 under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past or the anticipated future financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results, and stock price. There have been no material changes to the Company’s risk factors disclosed under the heading “Risk Factors” in the Form S-1 filed on July 2, 2021, except for the following:

We have identified a material weakness in our internal control over financial reporting. If we fail to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in our company.

In connection with the preparation of our consolidated financial statements for the years ended December 31, 2020 and 2019, we identified control deficiencies in the design and operation of our internal control over financial reporting that constituted material weaknesses, which remain unremediated as of September 30, 2021. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified in our internal control over financial reporting related to lack of segregation of duties related to roles and responsibilities in the accounting department. As of September 30, 2021, we took a number of actions to continue to remediate these material weaknesses, including:

•we added finance personnel to the organization to improve the current segregation of roles and responsibilities; and

•we initiated the process of evaluating of a new Enterprise Resource Planning (“ERP”) system in order to mitigate the internal control gaps and limitations that cannot be addressed by the current ERP around segregation of duties, and to enhance the information technology general controls environment.

We are still in the process of implementing these controls. We intend to continue to take steps to remediate the material weaknesses through formalizing documentation of policies and procedures and further evolving our accounting processes.

While we believe that these efforts will improve our internal control over financial reporting, the design and implementation of our remediation is ongoing and will require validation and testing of the design and operating effectiveness of our internal controls over a sustained period of financial reporting cycles. The actions that we are taking are subject to ongoing senior management review, as well as audit committee oversight. We will not be able to conclude whether the steps we are taking will fully remediate the material weaknesses in our internal control over financial reporting until we have completed our remediation efforts and subsequent evaluation of their effectiveness.

ITEM 5. OTHER INFORMATION

On November 5, 2021, the Company entered into an amendment to the PacWest loan agreement that (i) increased the maximum borrowing capacity under the revolving line of credit to $20.0 million, (ii) limited the security interests of the bank to the cash collateral set at 102.5% of the drawn amount of the loan, (iii) removed various reporting and restrictive covenants, (iv) extended the maturity date to November 4, 2022 and (iv) reduced the interest rate to 2.1% per annum. In addition, the amendment requires the Company to collateralize a cash balance equal to the total outstanding balance in a cash security account with PacWest. Upon execution of the amendment, the Company repaid the outstanding balance of $1.7 million under the original line of credit to this new arrangement.

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ITEM 6. EXHIBITS.

(d) Exhibits

Exhibit Number	Description of Exhibit
2.1	Master Transactions Agreement, dated effective December 14, 2020, by and among Surviving Pubco, Thunder Bridge II, the Merger Subs named therein, indie, the ADK Blocker Group, ADK Service Provider Holdco, and the indie Securityholder Representative named therein, and also included as Annex B-1 to the proxy statement/prospectus (previously filed as Exhibit 2.1 of Form 8-K filed by Thunder Bridge II with the SEC on December 15, 2020).
2.2	Amendment to Master Transactions Agreement, dated effective May 3, 2021, by and among Surviving Pubco, Thunder Bridge II, the Merger Subs named therein, indie, the ADK Blocker Group, ADK Service Provider Holdco, and the indie Securityholder Representative named therein (previously filed by Thunder Bridge II as Exhibit 2.2 of Form S-4/A filed with the SEC on May 4, 2021)
2.3	Share Purchase Agreement, dated as of August 27, 2021, by and among indie, TeraXion, Purchaser and certain stockholders of TeraXion and their ultimate beneficial owners (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K filed by the registrant with the SEC on September 2, 2021)
3.1	Amended and Restated Certificate of Incorporation of indie Semiconductor, Inc., filed with the Secretary of State of Delaware on June 10, 2021 (incorporated by reference to Exhibit 3.1 of the Form 8-K filed by the registrant with the SEC on June 16, 2021)
3.2	Amended and Restated Bylaws of indie Semiconductor, Inc. (incorporated by reference to Exhibit 3.2 of the Form 8-K filed by the registrant with the SEC on June 16, 2021)
4.1	Specimen Common Stock Certificate. (incorporated by reference to Exhibit 4.1 of the Form 8-K filed by the registrant with the SEC on June 16, 2021)
4.2	Specimen Warrant Certificate (included in Exhibit 4.3, as amended by Exhibit 4.4). (incorporated by reference to Exhibit 4.2 of the form 8-K filed by the registrant with the SEC on June 16, 2021)
4.3	Warrant Agreement between Continental Stock Transfer & Trust Company and Thunder Bridge II (incorporated by reference to Exhibit 4.1 of Form 8-K filed by Thunder Bridge II with the SEC on August 14, 2019).
4.4	Warrant Agreement Assignment and Assumption Agreement (incorporated by reference to Exhibit 4.4 of the Form 8-K filed by the registrant with the SEC on June 16, 2021)
10.1	Form of Option Settlement Agreement by and among indie, TeraXion, Purchaser and certain holders of options to purchase TeraXion capital stock (incorporated by reference to Exhibit 2.2 of the Current Report on Form 8-K filed by the registrant with the SEC on September 2, 2021)
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 .INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101 .SCH	Inline XBRL Taxonomy Extension Schema Document
101 .CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101 .DEF	Inline XBRL Taxonomy Definition Linkbase Document
101 .LAB	Inline XBRLTaxonomy Extension Label Linkbase Document
101 .PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	INDIE SEMICONDUCTOR, INC.
November 12, 2021	By:	/s/ Thomas Schiller
		Name:	Thomas Schiller
		Title:	Chief Financial Officer & EVP of Strategy (Principal Financial Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Donald McClymont, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of indie Semiconductor, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.[Reserved];

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 12, 2021	/s/ Donald McClymont
Date	Donald McClymont Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Thomas Schiller, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of indie Semiconductor, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.[Reserved];

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

November 12, 2021	/s/ Thomas Schiller
Date	Thomas Schiller Chief Financial Officer & EVP of Strategy

EX-32

Exhibit 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of indie Semiconductor, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission (the "Report"), we, Donald McClymont, Chief Executive Officer of the Company, and Thomas Schiller, Chief Financial Officer and EVP of Strategy of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge: (1). The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and (2). The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Donald McClymont

Donald McClymont

Chief Executive Officer

/s/ Thomas Schiller

Thomas Schiller

Chief Financial Officer and EVP of Strategy

November 12, 2021

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Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40481
Entity Registrant Name	INDIE SEMICONDUCTOR, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0913788
Entity Address, Address Line One	32 Journey
Entity Address, City or Town	Aliso Viejo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92656
City Area Code	949
Local Phone Number	608-0854
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001841925
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	INDI
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share
Trading Symbol	INDIW
Security Exchange Name	NASDAQ
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		96,241,328
Class V
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,827,371

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 323,865	$ 18,698
Accounts receivable, net of allowance for doubtful accounts of $60 as of September 30, 2021 and $185 as of December 31, 2020	8,857	5,913
Inventory, net	5,549	2,900
Prepaid expenses and other current assets	3,599	2,465
Total current assets	341,870	29,976
Property and equipment, net	3,282	2,169
Intangible assets, net	11,608	1,088
Goodwill	1,739	1,739
Other assets and deposits	193	154
Total assets	358,692	35,126
Liabilities and stockholders' equity
Accounts payable	5,365	4,554
Accrued expenses and other current liabilities	6,282	2,522
Intangible asset contract liability	2,499	2,270
Deferred revenue	377	1,665
Simple agreements for future equity ("SAFEs")	0	102,700
Current debt obligations	2,296	8,488
Total current liabilities	16,819	122,199
Long-term debt, net of current portion	0	12,345
Warrant liability	103,492	0
Earn-out liability	147,317	0
Intangible asset contract liability, net of current portion	9,316	400
Other long-term liabilities	2,401	1,674
Total liabilities	279,345	136,618
Commitments and contingencies (Note 17)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	271,738	43,155
Accumulated deficit	(175,056)	(153,264)
Accumulated other comprehensive loss	61	(209)
indie's stockholders' equity (deficit)	96,755	(110,312)
Noncontrolling interest	(17,408)	8,820
Total stockholders' equity (deficit)	79,347	(101,492)
Total liabilities and stockholders' equity	358,692	35,126
Class A
Stockholders' equity
Common stock	9	3
Class V
Stockholders' equity
Common stock	$ 3	$ 3

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 60	$ 185
Preferred stock, par value (in dollars per share)	$ 0.1000	$ 0.1000
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Common stock, par value (in dollars per share)	$ 0.1000	$ 0.1000
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	101,482,466	38,255,490
Common stock, shares outstanding (in shares)	96,428,533	34,413,634
Class V
Common stock, par value (in dollars per share)	$ 0.1000	$ 0.1000
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	33,827,371	33,373,294
Common stock, shares outstanding (in shares)	33,827,371	33,373,294

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue		$ 12,157	$ 7,586	$ 29,451	$ 15,957
Operating expenses:
Cost of goods sold		6,930	3,664	17,097	8,742
Research and development		15,043	5,823	37,206	15,457
Selling, general, and administrative		11,442	1,265	23,015	4,080
Total operating expenses		33,415	10,752	77,318	28,279
Loss from operations		(21,258)	(3,166)	(47,867)	(12,322)
Other income (expense), net:
Interest income		16	6	36	18
Interest expense		(25)	(517)	(1,175)	(1,620)
(Gain) loss from change in fair value remeasurement of SAFEs		0	(18,520)	21,600	(20,735)
Gain (loss) from change in fair value of warrants		(40,401)	0	(29,085)	0
Gain (loss) from change in fair value of earn-out liabilities		(45,516)	0	(27,677)	0
Gain (loss) from extinguishment of debt		0	0	304	0
Other income (expense)		(1,013)	28	(914)	140
Total other expense, net		(86,939)	(19,003)	(36,911)	(22,197)
Net loss before income taxes		(108,197)	(22,169)	(84,778)	(34,519)
Income tax (benefit) expense		(36)	(13)	34	9
Net loss		(108,161)	(22,156)	(84,812)	(34,528)
Less: Net loss attributable to noncontrolling interest		(28,512)	(197)	(22,127)	(590)
Net loss attributable to indie Semiconductor, Inc.		(79,649)	(21,959)	(62,685)	(33,938)
Net loss attributable to common shares —basic		(79,649)	(21,959)	(62,685)	(33,938)
Net loss attributable to common shares —diluted		$ (79,649)	$ (21,959)	$ (62,685)	$ (33,938)
Net loss per share attributable to common shares - basic (in dollars per unit)		$ (0.83)	$ (0.70)	$ (1.07)	$ (1.09)
Net loss per share attributable to common shares - diluted (in dollars per unit)		$ (0.83)	$ (0.70)	$ (1.07)	$ (1.09)
Weighted average common shares outstanding - basic (in shares)	[1]	96,368,379	31,349,643	58,791,245	31,153,933
Weighted average common shares outstanding - diluted (in shares)	[1]	96,368,379	31,349,643	58,791,245	31,153,933
Product revenue
Revenue:
Total revenue		$ 11,099	$ 5,732	$ 27,470	$ 13,294
Contract revenue
Revenue:
Total revenue		$ 1,058	$ 1,854	$ 1,981	$ 2,663

[1] (1) Retroactively restated to give effect to the reverse recapitalization.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (108,161)	$ (22,156)	$ (84,812)	$ (34,528)
Other comprehensive income (loss):
Foreign currency translation adjustments	172	119	230	58
Comprehensive loss	(107,989)	(22,037)	(84,582)	(34,470)
Less: Comprehensive loss attributable to noncontrolling interest	(28,514)	(197)	(22,127)	(590)
Comprehensive loss attributable to indie Semiconductor, Inc.	$ (79,475)	$ (21,840)	$ (62,455)	$ (33,880)

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AND NONCONTROLLING INTEREST - USD ($) $ in Thousands		Total	Previously reported	Retroactive application of recapitalization	Total Stockholders' Equity (Deficit) Attributable to indie Semiconductor, Inc.	Total Stockholders' Equity (Deficit) Attributable to indie Semiconductor, Inc. Previously reported	Common Stock Common Stock Class A	Common Stock Common Stock Class V	Common Stock Previously reported Common Stock Class A	Common Stock Previously reported Common Stock Class V	Common Stock Retroactive application of recapitalization Common Stock Class A	Common Stock Retroactive application of recapitalization Common Stock Class V	Additional Paid-in Capital	Additional Paid-in Capital Previously reported	Additional Paid-in Capital Retroactive application of recapitalization	Accumulated Deficit	Accumulated Deficit Previously reported	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Previously reported	Noncontrolling Interest	Noncontrolling Interest Previously reported
Beginning balance (in shares) at Dec. 31, 2019		0	2,251,020	(2,251,020)
Beginning balance at Dec. 31, 2019		$ 0	$ 41,468	$ (41,468)
Beginning balance (in shares) at Dec. 31, 2019	[1]						33,405,625	33,373,294	0	0	33,405,625	33,373,294
Beginning balance at Dec. 31, 2019		(10,582)	$ (10,582)	$ 0	$ (13,962)	$ (13,962)	$ 3	$ 3	$ 0	$ 0	$ 3	$ 3	$ 42,039	$ 577	$ 41,462	$ (55,766)	$ (55,766)	$ (241)	$ (241)	$ 3,380	$ 3,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						213,673
Proceeds from sale of noncontrolling interest		1,452																		1,452
Net loss		(5,380)			(5,121)											(5,121)				(259)
Foreign currency translation adjustment		(78)			(68)													(68)		(10)
Ending balance (in shares) at Mar. 31, 2020	[1]						33,619,298	33,373,294
Ending balance at Mar. 31, 2020		$ (14,588)			(19,151)		$ 3	$ 3					42,039			(60,887)		(309)		4,563
Beginning balance (in shares) at Dec. 31, 2019		0	2,251,020	(2,251,020)
Beginning balance at Dec. 31, 2019		$ 0	$ 41,468	$ (41,468)
Beginning balance (in shares) at Dec. 31, 2019	[1]						33,405,625	33,373,294	0	0	33,405,625	33,373,294
Beginning balance at Dec. 31, 2019		(10,582)	$ (10,582)	$ 0	(13,962)	(13,962)	$ 3	$ 3	$ 0	$ 0	$ 3	$ 3	42,039	577	41,462	(55,766)	(55,766)	(241)	(241)	3,380	3,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(34,528)
Ending balance (in shares) at Sep. 30, 2020	[1]						34,090,095	33,373,294
Ending balance at Sep. 30, 2020		(42,889)			(47,131)		$ 3	$ 3					42,750			(89,704)		(183)		4,242
Beginning balance (in shares) at Mar. 31, 2020	[1]						33,619,298	33,373,294
Beginning balance at Mar. 31, 2020		(14,588)			(19,151)		$ 3	$ 3					42,039			(60,887)		(309)		4,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						130,522
Issuance of Class H Units		711			711								711
Issuance of Class H Units (in shares)	[1]						125,101
Net loss		(6,992)			(6,858)											(6,858)				(134)
Foreign currency translation adjustment		17			7													7		10
Ending balance (in shares) at Jun. 30, 2020	[1]						33,874,921	33,373,294
Ending balance at Jun. 30, 2020		(20,852)			(25,291)		$ 3	$ 3					42,750			(67,745)		(302)		4,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						215,174
Net loss		(22,156)			(21,959)											(21,959)				(197)
Foreign currency translation adjustment		119			119													119
Ending balance (in shares) at Sep. 30, 2020	[1]						34,090,095	33,373,294
Ending balance at Sep. 30, 2020		$ (42,889)			(47,131)		$ 3	$ 3					42,750			(89,704)		(183)		4,242
Beginning balance (in shares) at Dec. 31, 2020		0	2,287,279	(2,287,279)
Beginning balance at Dec. 31, 2020		$ 0	$ 42,179	$ (42,179)
Beginning balance (in shares) at Dec. 31, 2020	[1]						34,413,634	33,373,294	0	0	34,413,634	33,373,294
Beginning balance at Dec. 31, 2020		(101,492)	$ (101,492)	$ 0	(110,312)	(110,312)	$ 3	$ 3	$ 0	$ 0	$ 3	$ 3	43,155	982	42,173	(153,264)	(153,264)	(209)	(209)	8,820	8,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						631,121
Net loss		10,361			10,815											10,815				(454)
Foreign currency translation adjustment		(52)			(88)													(88)		36
Ending balance (in shares) at Mar. 31, 2021	[1]						35,044,755	33,373,294
Ending balance at Mar. 31, 2021		$ (91,183)			(99,585)		$ 3	$ 3					43,155			(142,449)		(297)		8,402
Beginning balance (in shares) at Dec. 31, 2020		0	2,287,279	(2,287,279)
Beginning balance at Dec. 31, 2020		$ 0	$ 42,179	$ (42,179)
Beginning balance (in shares) at Dec. 31, 2020	[1]						34,413,634	33,373,294	0	0	34,413,634	33,373,294
Beginning balance at Dec. 31, 2020		(101,492)	$ (101,492)	$ 0	(110,312)	$ (110,312)	$ 3	$ 3	$ 0	$ 0	$ 3	$ 3	43,155	$ 982	$ 42,173	(153,264)	$ (153,264)	(209)	$ (209)	8,820	$ 8,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(84,812)
Ending balance (in shares) at Sep. 30, 2021	[1]						96,428,533	33,827,371
Ending balance at Sep. 30, 2021		79,347			96,755		$ 9	$ 3					271,738			(175,056)		61		(17,408)
Beginning balance (in shares) at Mar. 31, 2021	[1]						35,044,755	33,373,294
Beginning balance at Mar. 31, 2021		(91,183)			(99,585)		$ 3	$ 3					43,155			(142,449)		(297)		8,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		$ (13,566)			(13,434)											(13,434)				(132)
Ending balance (in shares) at Jun. 10, 2021		2,930,711
Beginning balance (in shares) at Mar. 31, 2021	[1]						35,044,755	33,373,294
Beginning balance at Mar. 31, 2021		$ (91,183)			(99,585)		$ 3	$ 3					43,155			(142,449)		(297)		8,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						1,133,889
Reverse recapitalization on June 10, 2021 (in shares)	[1]						60,441,289	454,077
Reverse recapitalization on June 10, 2021		250,135			250,135		$ 6						250,129
Share-based compensation		7,968			7,968								7,968
Reverse recapitalization: ADK Minority Holders interest on June 10, 2021		0			4,101								(36,831)			40,892		40		(4,101)
Reverse recapitalization: ADK Minority Holders interest on June 10, 2021 (in shares)	[1]						(378,605)
Foreign currency translation adjustment		112			146													146		(34)
Ending balance (in shares) at Jun. 30, 2021	[1]						96,241,328	33,827,371
Ending balance at Jun. 30, 2021		$ 180,021			168,915		$ 9	$ 3					264,421			(95,407)		(111)		11,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class H Units							$ 4						377,654
Issuance of Class H Units (in shares)							44,797,894
Reverse recapitalization on June 10, 2021 (in shares)							60,441,289	454,077
Reverse recapitalization on June 10, 2021							$ 6	$ 0					250,129
Ending balance (in shares) at Jun. 10, 2021		2,930,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		$ 26,555			19,584											19,584				6,971
Ending balance (in shares) at Jun. 30, 2021	[1]						96,241,328	33,827,371
Ending balance at Jun. 30, 2021		180,021			168,915		$ 9	$ 3					264,421			(95,407)		(111)		11,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity awards (in shares)	[1]						187,205
Reverse recapitalization on June 10, 2021		1,100			1,100								1,100
Net loss		(108,161)			(79,649)											(79,649)				(28,512)
Share-based compensation		6,217			6,217								6,217
Foreign currency translation adjustment		170			172													172		(2)
Ending balance (in shares) at Sep. 30, 2021	[1]						96,428,533	33,827,371
Ending balance at Sep. 30, 2021		$ 79,347			$ 96,755		$ 9	$ 3					$ 271,738			$ (175,056)		$ 61		$ (17,408)

[1] (1) Retroactively restated to give effect to the reverse recapitalization.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (108,161)	$ 10,361	$ (22,156)	$ (5,380)	$ (84,812)	$ (34,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					2,397	1,984
Inventory impairment charges	13		163		78	485
Share-based compensation					14,185	0
Amortization of discount and cost of issuance of debt					198	149
Bad debts					125	74
Non-cash interest expense					0	327
(Gain) loss from change in fair value remeasurement of SAFEs	0		18,520		(21,600)	20,735
(Gain) loss from change in fair value of warrants	40,401		0		29,085	0
(Gain) loss from change in fair value of derivatives	45,516		0		27,677	0
(Gain) loss from extinguishment of debt	0		0		(304)	0
Deferred City Semi compensation					375	278
Changes in operating assets and liabilities:
Accounts receivable					(3,047)	(471)
Inventory					(2,730)	350
Accounts payable					625	(1,755)
Accrued expenses and other current liabilities					2,814	37
Deferred revenue					(1,113)	(2,139)
Prepaid and other current assets					(2,848)	0
Other long-term liabilities					782	(53)
Net cash used in operating activities					(36,913)	(14,527)
Cash flows from investing activities:
Purchases of property and equipment					(1,668)	(625)
Accrual for purchases of intangible assets					(784)	0
Payments for acquired software license					0	(113)
Business combination, net of cash					0	(38)
Net cash used in investing activities					(2,452)	(776)
Cash flows from financing activities:
Proceeds from issuance of SAFEs					5,000	15,250
Proceeds from sale of noncontrolling interest					0	1,452
Proceeds from issuance of debt obligations					155	4,973
Proceeds from reverse recapitalization					377,663	0
Issuance costs related to reverse recapitalization					(19,902)	0
Payments on debt obligations					(15,008)	(4,183)
Payments on financed software					(2,270)	(400)
Redemption of Class H units					(900)	0
Settlement of City Semi first tranche contingent consideration					(399)	0
Net cash provided by financing activities					344,339	17,092
Effect of exchange rate changes on cash and cash equivalents					193	21
Net increase in cash and cash equivalents					305,167	1,810
Cash and cash equivalents at beginning of period		$ 18,698		$ 7,155	18,698	7,155	$ 7,155
Cash and cash equivalents at end of period	$ 323,865		$ 8,965		323,865	8,965	$ 18,698
Supplemental disclosure of cash flow information:
Interest paid					1,188	1,121
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid					206	3
Conversion of historical members' equity					41,278	0
Class G warrants cashless exchange					407	0
Conversion of SAFEs					86,100	0
Conversion of Embry Notes					4,119	0
Recognition of earn-out considerations					119,759	0
Recognition of warrant liabilities					74,408	0
Accrual for purchases of intangible assets					12,198	64
Earnout shares
Adjustments to reconcile net loss to net cash used in operating activities:
(Gain) loss from change in fair value of derivatives					27,677	0
Currency forward contract
Adjustments to reconcile net loss to net cash used in operating activities:
(Gain) loss from change in fair value of derivatives					$ 1,200	$ 0

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Nature of the Business and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

Nature of the Business and Basis of Presentationindie Semiconductor, Inc. (“indie”) and its predecessor for accounting purposes, Ay Dee Kay, LLC, a California limited liability company (“ADK LLC”) are collectively referred to herein as the “Company”. The Company offers highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems (“ADAS”), autonomous vehicle, connected car, user experience and electrification applications. The Company focuses on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. indie is an approved vendor to Tier 1 automotive suppliers and its platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Boston, Massachusetts; Detroit, Michigan; San Francisco and San Jose, California; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland; Haifa, Israel; Quebec City, Canada; Tokyo, Japan and several locations throughout China. The Company engages subcontractors to manufacture its products. The majority of these subcontractors are located in Asia.

Reverse Recapitalization with Thunder Bridge Acquisition II

On June 10, 2021 (the “Closing Date”), the Company completed a series of transactions (the “Transaction”) with Thunder Bridge Acquisition II, Ltd. (“TB2”) pursuant to the Master Transactions Agreement dated December 14, 2020, as amended on May 3, 2021. In connection with the Transaction, Thunder Bridge Acquisition II Surviving Pubco, Inc, a Delaware corporation (“Surviving Pubco”), was formed to be the successor public company to TB2, and TB2 was domesticated into a Delaware corporation and merged with and into a merger subsidiary of Surviving Pubco. Immediately prior to the closing of the Transaction (the “Closing”), shareholders of TB2 redeemed an aggregate of 9,877,106 common shares of TB2 and the outstanding common shares and warrants of TB2 were converted into 24,622,894 Class A common shares of Surviving Pubco and 17,250,000 warrants to purchase Class A common shares of Surviving Pubco. The outstanding common shares and warrants of TB2 sponsors were converted into 8,625,000 shares of Class A common shares and 8,650,000 private placement warrants. In addition, TB2 issued 1,500,000 working capital warrants to an affiliate of the sponsor in satisfaction of a working capital promissory note (see Note 7 - Warrant Liability). Concurrent with the Closing, TB2 raised $150,000 in a Private Investment in Public Entity (“PIPE”) financing, pursuant to which Surviving Pubco issued 15,000,000 Class A common shares. On the Closing Date, Surviving PubCo changed its name to indie Semiconductor, Inc., and listed its shares of Class A common stock, par value $0.0001 per share (“Common Stock”) on the Nasdaq under the symbol “INDI”.

Immediately prior to the Transaction, (i) the Company’s existing warrants to purchase the Company’s Class G units were net exercised and 10,019 Class G units of the Company were issued to the holders of the warrants; (ii) the SAFEs were converted into an aggregate of 284,925 Class A units; (iii) the Embry notes and the interest accrued thereunder were converted into 185,000 Class A units and 100,000 Class C units; and (iv) all 1,251,566 Class C, D, E, F and G units of the Company were converted into Class A units as per their rights and preferences. Immediately thereafter, each outstanding Class A unit and Class B unit was split into approximately 27.8 Class A units and Class B units, respectively (the “Exchange Ratio”). Following the split, 77,497,793 Class A units were exchanged for 43,670,422 Class A common shares and 33,827,371 Class V common shares in indie and 9,564,150 Class B units were exchanged for 9,564,150 Class A common shares in indie (1,791,147 of such shares were subject to vesting conditions).

The closing Exchange Ratio was determined by dividing (i) a number of shares of the Company’s Class A common stock equal to (A) the Closing Merger Consideration (as defined below), divided by (B) $10.00 per share, by (ii) the total number of ADK LLC membership units outstanding immediately prior to the Closing. The “Closing Merger Consideration” of $894,628 was determined by taking $900,000 of merger consideration less applicable adjustments of $5,372.

3,450,000 Class A common shares of indie were issued and held in escrow (“Escrow Shares”) for the potential future release to the sponsors of TB2 in the event the earn-out milestones are met. Additionally, the former owners of ADK LLC may be entitled to receive up to 10,000,000 earn-out shares of the Company’s Class A common stock if the earn-out milestones are met. See Note 8 for the milestones details.

Immediately following the Closing, the Company’s board of directors consisted of nine directors, seven of whom were designated by the Company. A majority of the directors qualified as independent directors under rules of Nasdaq.

The Transaction was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under the guidance in Accounting Standards Codifications (“ASC”) Topic 805, indie is treated as the “acquirer” for financial reporting purposes. As such, the Company is deemed the accounting predecessor of the combined business and is the successor registrant for U.S. Securities and Exchange Commission (“SEC”) purposes, meaning that the Company’s financial statements for previous periods will be disclosed in the registrant’s future periodic reports filed with the SEC. The most significant change in the Company’s reported financial position and results of operations was gross cash proceeds of $399,511 from the merger transaction, which includes $150,000 in gross proceeds from the PIPE financing that was consummated in conjunction with the Transaction. The increase in cash was offset by transaction costs incurred in connection with the Transaction of approximately $43,423 plus the retirement of indie’s long-term debt of $15,607. Approximately $29,770 of the transaction costs and all of indie’s long-term debt were paid as of June 30, 2021. Approximately $21,848 of the transaction costs paid as of June 30, 2021 were paid by TB2 as part of the Closing. The remainder of the transaction costs were paid as of September 30, 2021.

The table below summarizes the shares of Class A and Class V common stock issued immediately after the closing of the Transaction as well as the impact of the Transaction on the condensed consolidated statement of stockholders’ equity as of June 10, 2021:

	Class A Common Stock			Class V Common Stock			Additional Paid in Capital
	Shares	Amount		Shares	Amount
Redemption of Class H units	(125,101)	$	—	—	$	—	$	(900)
Embry notes conversion	8,023,072	1		—	—		4,118
Warrants net settlement conversion	278,533	—		—	—		—
SAFEs conversion	7,466,891	1		454,077	—		86,099
PIPE and SPAC financing	44,797,894	4		—	—		377,654
Earn-out liability	—	—		—	—		(119,759)
Transaction expenses	—	—		—	—		(22,675)
Warrants liability	—	—		—	—		(74,408)
Reverse recapitalization on June 10, 2021	60,441,289	$	6	454,077	$	—	$	250,129

Impact of COVID-19

The COVID-19 pandemic (the “Pandemic”) and efforts to control its spread have significantly curtailed the movement of people, goods, and services worldwide. The duration and extent of the Pandemic depends on future developments that cannot be accurately predicted at this time, including the duration and severity of the Pandemic, the severity and transmission rates of new and more contagious and/or vaccine-resistant variants of COVID-19, and the actions taken to contain it or treat COVID-19, including the availability, distribution, rate of public acceptance and efficacy of vaccines for COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Pandemic has already had an adverse effect on the global economy, and the ultimate societal and economic impact of the Pandemic remains unknown.

The Company experienced a decrease in customer demand and product shipments in the second quarter of fiscal year 2020. This decrease was primarily the result of closures or reduced capacity at customer manufacturing facilities in China. During the second half of fiscal year 2020, customer manufacturing facilities re-opened and demand increased. As customer demand increased during the second half of fiscal year 2020 and continued through the third quarter of 2021, the semiconductor industry, and automotive semiconductors in particular, experienced material shortages and supply constraints. Given the Company’s reliance on third-party manufacturing suppliers, these industry dynamics have resulted in certain instances of extended production lead times, increased production and expedite costs, and delays in meeting increasing customer demand for its products, which if unabated, present a significant risk to the Company. In certain circumstances, the Company has increased order lead times, and placed purchase orders with suppliers based on its anticipated demand requirements in efforts to secure production capacity allocation. However, the Company cannot predict the duration or magnitude of the Pandemic or the full impact that it may have on the Company’s financial condition, operations, and workforce. The Company will continue to actively monitor the rapidly evolving situation related to the Pandemic and may take further actions that alter the Company’s operations, including those that may be required by federal, state or local authorities, or that the Company determines are in the best interests of its employees and other third parties with whom the Company does business.

Basis of Presentation

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the consolidated accounts of the Company’s majority-owned subsidiary, ADK LLC, of which 74% was owned by indie as of September 30, 2021. ADK LLC’s consolidated financial statements include its wholly-owned subsidiaries Indie Services Corporation, indie LLC and Indie City LLC, all California entities, Ay Dee Kay Limited, a private limited company incorporated under the laws of Scotland, indie GmbH, a private limited liability company incorporated under the laws of Germany, indie Kft, a limited liability company incorporated under the laws of Hungary, its majority owned subsidiary, Wuxi indie Microelectronics Ltd. (“Wuxi”), a Chinese entity 50% owned by the Company as of September 30, 2021 and Wuxi’s wholly-owned subsidiaries, indie Semiconductor HK, Ltd and Shanghai Ziying Microelectronics Co., Ltd.

All significant intercompany accounts and transactions of the subsidiaries have been eliminated in consolidation. The noncontrolling interest attributable to the Company’s less-than-wholly-owned subsidiaries is presented as a separate component from stockholders’ deficit in the condensed consolidated balance sheets, and a noncontrolling interest in the condensed consolidated statements of operations and condensed consolidated statements of stockholders’ deficit and noncontrolling interest.

Unaudited Interim Financial Information

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders’ equity (deficit) and cash flows. The condensed consolidated balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended December 31, 2020.

Emerging Growth Company

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) permits an emerging growth company (“EGC”) to delay complying with new or revised financial accounting standards that do not yet apply to private companies (that is, those that have not had a registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company qualifies as an EGC. The JOBS Act provides that an EGC can elect to opt-out of the extended transition period and comply with the requirements that apply to non-EGCs, but any such election to opt-out is irrevocable. The Company has elected not to opt-out of such an extended transition period. As a result, when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an EGC, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This different adoption timing may make a comparison of the Company’s financial statements with other public companies difficult or impossible because of the potential differences in accounting standards used.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. The FASB issued ASU 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates in November 2019 and ASU 2020-05-Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities in June 2020. The ASUs change some effective dates for ASU 2016-02 on leasing. After applying ASU 2019-10 and 2020-05, ASU 2016-02 is effective for annual periods beginning after

December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management has initiated the process to identify the various categories of capital and operating leases existing in its business operations. Management is also accumulating information for the additional disclosure requirements of the new standard and is evaluating changes to its internal control structure and accounting policy. Management has not completed the assessment of the impact of the accounting pronouncement on the condensed consolidated financial statements, but the adoption of the new standard is expected to result in the recognition of additional lease liabilities and right-of-use assets as of January 1, 2022.

In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and will be effective for the Company beginning in 2023. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 from the goodwill impairment test and instead requires that an entity measure the impairment of goodwill assigned to a reporting unit if the carrying value of assets and liabilities assigned to the reporting unit, including goodwill, exceed the reporting unit's fair value. The new guidance must be adopted for annual and interim goodwill tests by the Company beginning on January 1, 2022. After the adoption of this standard, which will be applied prospectively, the Company will follow a one-step model for goodwill impairment. The Company does not anticipate this pronouncement will have a significant impact on the Company’s consolidated financial statements upon adoption.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (and December 15, 2021 for nonpublic companies) and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective, or prospective basis. The Company is currently assessing the impact that this standard will have on its condensed consolidated financial statements and related disclosures.

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Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business Combinations

Acquisition of City Semiconductor, Inc.

On May 13, 2020, the Company acquired certain assets and liabilities of City Semiconductor, Inc. (“City Semi”), which had developed technology related to analog and mixed-signal integrated circuitry, with a focus on high-speed analog-to-digital converters and digital-to-analog intellectual property cores. The Company accounted for the acquisition as a business combination. The transaction costs associated with the acquisition were not material and were expensed as incurred. The acquisition date fair value of the consideration transferred for City Semi was approximately $2,029, which consisted of the following:

	Fair Value As of May 13, 2020
Class H units issued	$	711
Contingent consideration	1,180
Cash consideration to be transferred at a later date	138
Total	$	2,029

The maximum contingent consideration payable in connection with the acquisition is $2,000. The acquisition date fair value of the contingent consideration was determined based on the Company’s assessment of the probability of achieving the performance targets that ultimately obligate the Company to transfer additional consideration to the seller. The contingent consideration is comprised of two tranches. The first tranche is payable, up to a maximum of $500, upon the achievement of cash collection targets within twelve months of the acquisition, and $456 was achieved in May 2021. The second tranche is payable, up to a maximum of $1,500 upon the shipment of a product incorporating the acquired developed technology. The fair value of any outstanding contingent consideration liabilities will be remeasured as of the end of each reporting period with any

resulting remeasurement gains or losses recognized in the condensed consolidated statement of operations. In September 2021, the Company paid off the first tranche of the contingent consideration. The fair value of the second tranche contingent consideration liabilities was $1,200 as of September 30, 2021. The fair value of the first and second tranche contingent consideration liabilities was $500 and $900, respectively, as of December 31, 2020. The fair value of the first tranche contingent consideration liability as of December 31, 2020 was reflected in Other current liabilities within the condensed consolidated balance sheet and the fair value of the second tranche contingent consideration liability as of September 30, 2021 and December 31, 2020 is reflected in Other long-term liabilities.

In connection with this acquisition, the two existing employees of City Semi, including the founder and sole shareholder of City Semi, entered into employment agreements with the Company. As there is a service condition associated with these agreements, the related compensation expense is accounted for separately from the acquisition. The Company recognizes the related compensation expense as research and development expense in the condensed consolidated statement of operations on a straight-line basis over the requisite service period.

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:

	Fair Value As of May 13, 2020
Intangible asset – Software license	$	139
Intangible asset - Developed technology	369
Goodwill	1,739
Deferred revenue	(41)
Accrued expenses	(177)
Net assets acquired	$	2,029

The Company estimates that the useful life of the acquired developed technology intangible asset is seven years and the useful life of the acquired software license intangible asset is approximately one year, which represents the remaining duration of the software license. The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce. None of the goodwill recognized is expected to be deductible for income tax purposes.

There are no amounts of revenue or earnings of City Semi included in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2021.

The unaudited pro forma financial information shown below summarizes the combined results of operations for the Company and City Semi as if the closing of the acquisition had occurred on January 1, 2020.

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Combined revenue	$	8,122	$	17,101
Combined net loss before income taxes	(22,152)		(34,741)

The unaudited pro forma financial information includes adjustments that are directly attributable to the business combination and are factually supportable. The adjustments primarily reflect the amortization of acquired developed technology and compensation expense related to consideration to be transferred to the founder upon the second anniversary of his employment. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been realized if the acquisition had taken place on January 1, 2020.

On June 10, 2021, in connection with the closing of the Transaction, the Company paid $900 to redeem the Class H units previously issued.

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Inventory, Net

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventory, Net

Inventory, Net

Inventory, net consists of the following:

	September 30, 2021		December 31, 2020
Work-in-process	$	5,980	$	4,277
Finished goods	262		882
Inventory, gross	6,242		5,159
Less: Inventory reserves	693		2,259
Inventory, net	$	5,549	$	2,900

During the nine months ended September 30, 2021 and 2020, the Company recognized write-downs in the value of inventory of $78 and $485, respectively. Write-downs in the value of inventory were $13 and $163 for the three months ended September 30, 2021 and 2020.

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Intangible Assets, Net

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets, Net

Intangible assets, net consist of the following:

	September 30, 2021							December 31, 2020
	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Software licenses	3.0	$	16,545	$	(5,290)	$	11,255	0.6	$	4,391	$	(3,759)	$	632
Intellectual property licenses	1.8	1,736		(1,677)		59		1.7	1,736		(1,614)		122
Developed technology	5.6	369		(75)		294		6.4	369		(35)		334
Total		$	18,650	$	(7,042)	$	11,608		$	6,496	$	(5,408)	$	1,088

The Company obtained software licenses which it uses for its research and development efforts related to its products.

Amortization of intangible assets for the three months ended September 30, 2021 and 2020 was $1,459 and $479, respectively. Amortization of intangible assets for the nine months ended September 30, 2021 and 2020 was $2,222 and $1,281, respectively. Amortization of intangible assets is included in research and development expense in the condensed consolidated statements of operations, respectively.

Based on the amount of intangible assets subject to amortization as of September 30, 2021, amortization expense for each of the next five fiscal years is expected to be as follows:

2021 (remaining three months)	$	888
2022	3,805
2023	4,570
2024	2,221
2025	53
Thereafter	71
	$	11,608

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Goodwill	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GoodwillThere was no change in goodwill recorded between September 30, 2021 and December 31, 2020.

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Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

The following table sets forth the components of debt as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
	Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount		Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount
Trinity term loan, due 2022	$	—	$	—	$	—	$	12,000	$	(665)	$	11,335
Short term loans, due 2021	621		—		621		459		—		459
PPP Loan, due 2022	—		—		—		1,868		—		1,868
Tropez loan, due 2021	—		—		—		2,000		—		2,000
Total term loans	621		—		621		16,327		(665)		15,662
Revolving line of credit	1,675		—		1,675		1,675		—		1,675
Embry convertible notes, due 2021	—		—		—		3,606		(110)		3,496
Total debt	$	2,296	$	—	$	2,296	$	21,608	$	(775)	$	20,833

The outstanding debt as of September 30, 2021 and December 31, 2020 is classified in the condensed consolidated balance sheets as follows:

	September 30, 2021		December 31, 2020
Current liabilities - Current debt obligations	$	2,296	$	8,488
Noncurrent liabilities - Long-term debt, net of current maturities	—		12,345
	$	2,296	$	20,833

Embry Convertible Subordinated Notes Payable

On December 4, 2012, the Company entered into two convertible note and exchange agreements with an investor (“Embry”), pursuant to which the entire outstanding principal of $3,500 and corresponding accrued interest of $107 held under existing loan agreements were exchanged for two convertible subordinated notes with aggregate principal amounts of $2,604 and $1,003. The convertible subordinated notes bore interest of 0.93% per annum, which was compounded annually. The aggregate principal and all accrued and unpaid interest were due in full on December 4, 2017. On December 3, 2017, the Company entered into a 12-month extension of these two convertible notes and exchange agreements.

On December 3, 2018, the Company entered into a 36-month extension of these two convertible note and exchange agreements. The interest rate on the 36-month extension was amended to 3.07% per annum. The Company recorded a discount on this convertible debt extension and a corresponding increase in additional paid-in capital related to the enhanced value of the embedded conversion options. The Company amortized the discount to interest expense over the 36-month extension period.

The amendments to extend the maturity date were treated as modifications of the debt.

The convertible subordinated notes with aggregate principal of $2,604 and $1,003 were convertible into an aggregate 185,000 Class A units and 100,000 Class C units, respectively, at the investors’ discretion prior to the maturity date or automatically upon a liquidity event, as defined in the loan agreement. The Company determined that the embedded conversion options should not be bifurcated from their host instruments.

In December 2020, Embry assigned the notes to its affiliate, Cézanne Investments Ltd. (“Cézanne”). At December 31, 2020, the total carrying value of such convertible subordinated notes payable, net of unamortized discount, was $3,496. Total accrued interest as of December 31, 2020 was $458, and is included in Accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. On June 10, 2021, Cézanne exercised its right to convert at the closing of the Transaction and the Embry convertible notes were converted to equity at their carrying value of $4,119, inclusive of $3,607 principal balance and accrued interest of $512.

PacWest Term Loan and Revolving Line of Credit

The Company entered into a loan and security agreement with Pacific Western Bank (“PacWest”, formerly Square 1 Bank) in January 2015, that provided a term loan of up to $10,000 with a maturity date of September 2020. The term loan bore interest equal to the greater of one percent above the prime rate in effect, or 4.5% on outstanding borrowings. In addition, the loan and security agreement provided for a revolving line of credit. The revolving line of credit bore interest equal to the greater of seventy-five basis points above the prime rate in effect, or 4.25% on outstanding borrowings. The terms of the loan and security agreement have been amended from time to time, with the most recent amendment dated November 5, 2021 as described below. The amendments have, among other things, extended the maturity date of the loan and adjusted the financial covenants’ borrowing limits. In August 2017 and as part of an amendment to the loan and security agreement, the Company issued a warrant to PacWest to purchase 3,388 Class G units. On June 10, 2021, these warrants were net exercised and ultimately converted into 82,187 shares of indie Class A common stock.

During 2020, the Company entered into three amendments to the PacWest loan agreement. Pursuant to the terms of the amendments, $889, the full amount of unpaid principal and interest, was transferred from the PacWest term loan to the revolving line of credit as of January 30, 2020. In addition, the amendments modified certain financial covenants, including that the Company maintain a minimum cash balance of $2,300 and adjusted the borrowing limits to $2,000.

As of September 30, 2021 and December 31, 2020, the Company had no outstanding balance on the term loan.

As of September 30, 2021 and December 31, 2020, the revolving line of credit had an outstanding balance of $1,675. The Company’s borrowings under the term loan and revolving line of credit were subject to an aggregate borrowing limit of $2,000 as of September 30, 2021 and December 31, 2020. Total borrowings at any given time under the line of credit are limited to a percentage of domestic accounts receivables less than 90 days past due and other factors.

The revolving line of credit is subject to debt covenants which, if violated, could result in the outstanding balance becoming immediately due. The Company has complied with or obtained waivers for all such covenants as of the date these financial statements were issued.

On November 5, 2021, the Company entered into an amendment to the PacWest loan agreement that (i) increased the maximum borrowing capacity under the revolving line of credit to $20,000, (ii) limited the security interests of the bank to the cash collateral set at 102.5% of the drawn amount of the loan, (iii) removed various reporting and restrictive covenants, (iv) extended the maturity date to November 4, 2022 and (iv) reduced the interest rate to 2.1% per annum. In addition, the amendment requires the Company to collateralize a cash balance equal to the total outstanding balance in a cash security account with PacWest. Upon execution of the amendment, the Company repaid the outstanding balance of $1,675 under the original line of credit to this new arrangement.

Trinity Term Loan

In June 2018, the Company entered into a term loan agreement with Trinity Capital Fund (“Trinity”) to borrow $15,000 at a rate of 11.25% per annum. In connection with such loan, the Company issued a warrant to Trinity to acquire 6,250 Class G units at an exercise price per unit of $35.42.

In October 2020, the Company entered into a new loan agreement with Trinity, which replaced the March 2018 agreement. The new loan had a principal of $12,000, which was exchanged for the old loan’s principal balance of $11,325, lender fees of $474 and a cash payment to the Company of $194. In addition, the Company issued to Trinity 1,844 additional warrants to purchase the Company’s Class G units, which had a fair value of $405. The new loan agreement was treated as a modification for accounting purposes. The unamortized discount from the old loan was treated as additional debt discount on the new loan along with the lender fees paid to and additional warrants issued to Trinity in October 2020. On June 10, 2021, these warrants were net exercised and ultimately converted into 196,346 shares of indie Class A common stock.

The new loan had a maturity date of October 1, 2024 and interest equal to the greater of 10.75% or the Prime Rate plus 7.5%. The term loan may be prepaid by paying the principal and interest plus a prepayment fee ranging from 4.0% to 1.0% of the principal being repaid, depending on the length of time between the effective date and the prepayment date. Upon final repayment, an end-of-term fee of $720 must be paid by the Company to Trinity. The term loan was collateralized by substantially all of the Company’s assets to the extent they were not already securing the senior debt of PacWest.

As of December 31, 2020, the Company had $11,335 outstanding under the Trinity Term loans, net of the unamortized discount and issuance cost generated as a result of the warrant issuance described in Note 11 – Members’ Equity. The debt discount and issuance costs were being amortized through interest expense over the term of the loan using the effective interest method. The

old loan required monthly interest only payments of $141 until November 2019 when repayment of principal began, and payments increased to $493 per month. The new loan required interest only payments of $108 until October 2021 when repayment of principal begins, and payments increased to $391 per month with an effective interest rate of 15.8%.

On June 21, 2021, the Company fully repaid the outstanding loan balance and the accrued interest of $13,261, including principal of $12,000, end-of-term fee and early termination fee of $1,200 and accrued interest of $61. As a result of the repayment, the Company recognized a loss from extinguishment of debt for $1,585, which included (i) the remaining unamortized discount and debt issuance cost of $577 and (ii) end-of-term fee and early termination fee paid not previously accrued of $1,008, in the condensed consolidated statement of operations for the nine months ended September 30, 2021.

Short Term Loans

On November 13, 2019, Wuxi entered into a short term loan agreement with CITIC Group Corporation Ltd. with aggregate principal balance of CNY 2,000, or approximately $285, and bearing interest of 4.785% per annum. The principal balance is denominated in Chinese Yuan and the outstanding balance is adjusted for changes in foreign currency exchange rates at each reporting period. On November 13, 2020, the terms of the agreement were extended for twelve months, and the principal and interest are due on November 15, 2021. On October 15, 2020, Wuxi entered into a short term loan agreement with Netherlands China Business Council (“NCBC”) with aggregate principal balance of CNY1,000 or approximately $151 and bearing interest of 4.785%. On April 29, 2021, Wuxi increased its short term loan principal with NCBC by CNY1,000 or approximately $155 to a total principal balance of CNY4,000. As of September 30, 2021 and December 31, 2020, the aggregate outstanding principal balance of the short term loans was $621 and $459, respectively.

Tropez Note

On January 31, 2020, the Company entered into a convertible loan agreement with Tropez Fund Limited (“Tropez”) with principal amount of $2,000 and subject to interest of 12% per annum. The terms of the loan provide for a renewable 180-day period for a maximum term of twelve months. The Company renewed the loan on July 29, 2020 for the additional 180-day period. The note was amended on January 21, 2021 to extend the maturity date to the earlier of December 31, 2021 or the closing of the Transaction. Additionally, the January 21, 2021 amendment removed the conversion rights associated with the loan. On June 17, 2021, the Company fully repaid the outstanding loan balance and the accrued interest of $2,346 and the loan was terminated.

Paycheck Protection Program

In April 2020, the Company applied for a loan pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act as administered by the U.S. Small Business Administration (the “SBA”). In May 2020, the loan was approved, and the Company received gross proceeds from the loan in the amount of $1,868 (the “PPP Loan”). The PPP Loan took the form of a promissory note that matures two years after the date of the note and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below). The PPP Loan provides for customary events of default, including, among others, those relating to failure to make payments thereunder. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment penalties. The PPP Loan is non-recourse against any individual shareholder, except to the extent that such party uses the loan proceeds for an unauthorized purpose.

On May 10, 2021, the entire balance of the PPP Loan was forgiven by the SBA and lender. As a result, the Company recorded a gain on extinguishment of debt of $1,889, which represented the principal balance of $1,868 and accrued interest of $21, in the condensed consolidated statement of operations for the nine months ended September 30, 2021.

The table below sets forth the components of interest expense for the three and nine months ended September 30, 2021 and September 30, 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense on Trinity Term Loan:
Contractual interest	—		357		719		1,163
Amortization of discount and issuance cost	—		13		138		40
	—		370		857		1,203
Interest expense on other debt obligations:
Contractual interest	24		112		258		308
Amortization of discount and issuance cost	1		35		60		109
	25		147		318		417
Total interest expense	$	25	$	517	$	1,175	$	1,620

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Warrant Liability

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Warrant Liability

Warrant Liability

In connection with the closing of the Transaction, holders of TB2 Class A ordinary shares automatically received Class A common stock of indie, and holders of TB2 warrants automatically received 17,250,000 warrants of indie with substantively identical terms (“Public Warrants”). At the Closing, 8,625,000 Class B ordinary shares of TB2 owned by the Sponsor, automatically converted into 8,625,000 shares of indie Class A common stock, and 8,650,000 private placement warrants held by the sponsor, each exercisable for one Class A ordinary share of TB2 at $11.50 per share, automatically converted into warrants to purchase one share of indie Class A common stock at $11.50 per share with substantively identical terms (“the “Private Placement Warrants”). Also at the Closing, TB2 issued 1,500,000 working capital warrants to an affiliate of the Sponsor in satisfaction of a working capital promissory note of $1,500 (the “Working Capital Warrants” and, together with the Private Placement Warrants, the “Private Warrants”). These Working Capital Warrants have substantially identical terms to the Private Placement Warrants.

The warrants may be exercised only during the period commencing on July 10, 2021 (30 days after the closing of the Transaction) through June 10, 2026. The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days’ notice, only in the event that the last sale price of the Class A common stock is at least $18.00 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the Class A common stock underlying such warrants during the 30 day redemption period. If the Company redeems the warrants as described above, management will have the option to require all holders to exercise warrants on a “cashless basis.”

In accordance with the warrant agreement relating to the Public Warrants, the Company is required to use its best efforts to maintain the effectiveness of the registration statement covering the warrants. If a registration statement is not effective within 90 days following the consummation of a business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. In the event that a registration statement is not effective at the time of exercise or no exemption is available for a cashless exercise, the holder of such warrant shall not be entitled to exercise such warrant for cash and in no event (whether in the case of a registration statement being effective or otherwise) will the Company be required to net cash settle the warrant exercise.

The terms of the Private Warrants are identical to the Public Warrants as described above, except that the Private Warrants are not redeemable so long as they are held by the sponsor or its permitted transferees.

The Company has reviewed the terms of warrants to purchase its Class A common stock to determine whether warrants should be classified as liabilities or stockholders’ equity in its consolidated balance sheet. In order for a warrant to be classified in stockholders’ equity, the warrant must be (a) indexed to the Company’s equity and (b) meet the conditions for equity classification in ASC 815-40, Derivatives and Hedging – Contracts in an Entity’s Own Equity. If a warrant does not meet the conditions for equity classification, it is carried on the consolidated balance sheet as a warrant liability measured at fair value, with subsequent changes in the fair value of the warrant recorded in the statement of operations as change in fair value of warrants in Other income (expense), net. The Company determined that all warrants are required to be carried as a liability in

the condensed consolidated balance sheet at fair value, with changes in fair value recorded in the condensed consolidated statement of operations (see Note 10). At the closing of the Transaction on June 10, 2021, the warrants had an initial fair value of $74,408, which was recorded as liability and a reduction to additional paid in capital in the condensed consolidated balance sheet.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants outstanding at June 10, 2021 (there were no warrants outstanding at December 31, 2020):

	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	Initial Fair Value
Public Warrants	17,250,000	$	11.50	$	18.00	June 10, 2026	Liability	$	42,435
Private Warrants	10,150,000	$	11.50	N/A		June 10, 2026	Liability	$	31,973

As of September 30, 2021, there have been no exercises of the warrants and the fair value was $103,492 (see Note 10).

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Earn-Out Liability

9 Months Ended

Sep. 30, 2021

Reverse Capitalization [Abstract]

Earn-Out Liability

Earn-Out Liability

Earn-Out Milestones

Certain of indie’s stockholders are entitled to receive up to 10,000,000 earn-out shares of the Company’s Class A common stock if the Earn-Out Milestones are met. The Earn-Out Milestones represents two independent criteria, which each entitles the eligible stockholders to 5,000,000 earn-out shares per milestone met. Each Earn-Out Milestone is considered met if at anytime following the Transaction and prior to December 31, 2027, the volume weighted average price of indie’s Class A common stock is greater than or equal to $12.50 or $15.00 for any twenty trading days within any thirty trading day period, respectively. Further, the Earn-Out Milestones are also considered to be met if indie undergoes a Sale. A Sale is defined as the occurrence of any of the following for indie: (i) engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) Class A common stock ceases to be listed on a national security exchange, other than for the failure to satisfy minimum listing requirements under applicable stock exchange rules; or (iii) change of ownership (including a merger or consolidation) or approval of a plan for complete liquidation or dissolution.

These earn-out shares have been categorized into two components: (i) those associated with stockholders with vested equity at the closing of the Transaction that will be earned upon achievement of the Earn-Out Milestones (the “Vested Shares”) and (ii) those associated with stockholders with unvested equity at the closing of the Transaction that will be earned over the remaining service period with the Company on their unvested equity shares and upon achievement of the Earn-Out Milestones (the “Unvested Shares”). The Vested Shares are classified as liabilities in the condensed consolidated balance sheet and the Unvested Shares are equity-classified share-based compensation to be recognized over time (see Note 14 - Share-based Compensation). The earn-out liability was initially measured at fair value at the closing of the Transaction and subsequently remeasured at the end of each reporting period. The change in fair value of the earn-out liability is recorded as part of Other income (expense), net in the condensed consolidated statement of operations.

The estimated fair value of the earn-out liability was determined using a Monte Carlo simulation that simulated the future path of the Company’s stock price over the earn-out period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate.

Escrow Shares

3,450,000 Class A common shares of indie were placed in escrow for the potential future release to the sponsors of TB2 in the event the earn-out milestones are met. The earn-out milestones for the Escrow Shares are identical to those of the earn-out shares. Achievement of each milestone entitles the shareholders to 50% of the total Escrow Shares. The Escrow Shares have been accounted for as a liability and remeasured to fair value each reporting period.

At the closing of the Transaction on June 10, 2021, the earn-out liability had an initial fair value of $119,759, which was recorded as a long-term liability and a reduction to additional paid in capital in the condensed consolidated balance sheet.

As of September 30, 2021, neither of the milestones have been achieved and the fair value was $147,317 (see Note 10). As of November 9, 2021, the first Earn-Out Milestone was achieved. It is not practicable to estimate and to disclose the preliminary

fair value of the Earn-out liability upon achievement of this milestone by the issuance date of these consolidated financial statements. Share-Based Compensation

At the closing of the Transaction on June 10, 2021, ADK LLC’s share-based compensation awards (as such terms are defined below) were converted into equity in indie at the Exchange Ratio of 27.80. Share and per share information below have been converted from historical disclosure based on the Exchange Ratio.

Profit Interests

Historically, per the ADK LLC Operating Agreement, ADK LLC issued Class B units (“Profits Interests” or “Class B units”) to employees, directors and consultants. Class B units entitle the holders of such units to a share of ADK LLC’s profits and distributions of ADK’s assets to the extent their capital accounts are positive. Holders of Class B units do not have voting rights except to the extent required by law.

The board of directors authorized 14,284,919 shares (or 513,846 units prior to the exchange) for grant under the ADK LLC Operating Agreement. The Class B units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period.

These Profit Interests are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Phantom Units

On January 29, 2021, indie issued Phantom Units that give employees rights to receive, upon vesting, either 1,751,360 shares of Class A common stock (or 62,998 Phantom Units prior to giving effect to the Exchange Ratio) or the equivalent in cash at the election of indie (the “Phantom Units”). These Phantom Units had a grant date fair value of $6.83 per share of Class A common stock. The Phantom Units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period. Certain awards vest based on specific performance conditions. Notwithstanding the foregoing, no Phantom Units vest until December 10, 2021.

These Phantom Units are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Unvested Earn-out Shares

A portion of the earn-out shares may be issued to individuals with unvested equity awards. While the payout of these shares require achievement of the Earn-out Milestones, the individuals are required to complete the remaining service period associated with these unvested equity awards to be eligible to receive the earn-out shares. As a result, these unvested earn-out shares are equity-classified awards and have an aggregated grant date fair value of $3,919 (or $9.20 per share).

2021 Omnibus Equity Incentive Plan

The Company’s Board of Directors adopted the indie Semiconductor, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Plan”) effective June 10, 2021, which provides for the granting of nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights, performance stock awards, performance stock awards, unrestricted stock awards, distribution equivalent rights or any combination of the foregoing to employees and directors for a total of 10,368,750 shares.

The primary purpose of the 2021 Plan is to enhance the Company’s ability to attract, motivate and retain the services of qualified employees, officers and directors.

Accounting Policy

The Company accounts for share-based compensation arrangements with employees in accordance with ASC 718-10, Compensation — Stock Compensation, which requires the Company to account for the compensation expense related to all equity awards on a fair value based method.

Prior to the consummation of the Transaction, the grant date fair value of the Class B units were determined using the Monte Carlo simulation. The significant assumptions used in valuation include the constant risk-free rate, constant volatility factor and the Geometric Brownian Motion. The following table presents the weighted average assumptions used in the valuations for grants in the nine months ended September 30, 2021 (there were no grants in the three months ended September 30, 2021):

	Nine Months Ended September 30, 2021
Constant risk free rate	0.8	%
Constant volatility factor	40.0	%
Geometric Brownian Motion	0.981

The grant date fair value of the Phantom Units was determined by dividing the expected equity value of the Company upon the Transaction by the Company’s expected capitalization structure at the time of the grant.

The grant date fair value of the earn-out shares was valued based on the fair value of the earn-out liability at inception divided by total shares subject to earn-out liability.

The grant date fair value of restricted stock units issued per the 2021 Plan was valued based on indie’s common stock on the date of grant.

For all Class B units and Phantom Units, the consummation of the Transaction is considered to be a qualifying liquidation event, such that all historically vested units are now considered to have value. As a result, the Company recognized the expenses pro-rata over the term of the vesting period or per the satisfaction of performance conditions.

Expenses related to all unvested shares will be recognized pro-rata through the remainder of the vesting period or when the performance conditions become probable in accordance with ASC 718.

Stock compensation expense is recorded in research and development and general and administrative expenses based on the classification of the work performed by the grantees.

The following table sets forth the share-based compensation for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	2,588		—		5,185		—
Selling, general, and administrative	3,629		—		9,000		—
Total	$	6,217	$	—	$	14,185	$	—

The following table sets forth the changes in the Company’s outstanding equity awards during the nine months ended September 30, 2021:

	Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested shares as of December 31, 2020	3,868,225	$	2.72
Granted	5,188,548	$	8.61
Vested	(2,005,004)	$	5.31
Forfeited	(78,036)	$	6.65
Nonvested shares as of September 30, 2021	6,973,733	$	8.58

As of September 30, 2021, there was $44,538 of total unrecognized share-based compensation costs related to all unvested shares.

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Simple Agreement for Future Equity (SAFEs)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Simple Agreement for Future Equity ("SAFEs")	Simple Agreement for Future Equity (“SAFEs”)During the year ended December 31, 2020, the Company entered into SAFEs with existing investors and third-party investors for total proceeds of $25,765. The SAFEs require that the Company issue equity to the SAFE holders in exchange for their investment upon an equity raise of at least $35,000. During April 2021, the Company entered into SAFEs with a third-party investor for a total purchase amount of $5,000. The SAFEs require that the Company issue equity to the SAFE holders in exchange for their investment upon an equity financing (including a SPAC transaction) with an aggregate purchase price of at least $35,000. In connection with the closing of the Transaction on June 10, 2021, all SAFEs converted into Class A membership units in ADK LLC, and then into 7,466,891 shares of Class A common stock and 454,077 shares of Class V common stock of indie. At the time of conversion, the SAFEs had a fair value of $86,100, which was recorded as a reduction of additional paid in capital in the condensed consolidated balance sheet. The fair value of the SAFEs was $102,700 as of December 31, 2020. The change in fair value between the last measurement date and the conversion date was recorded in Other income (expense), net in the condensed consolidated statement of operations.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The fair values of the Company’s convertible notes are estimated using the valuation of the securities into which the debt is convertible, external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company’s outstanding borrowings. The fair value of the Embry convertible notes was determined using valuation inputs categorized as Level 3. The fair values of the Company’s term loans and Tropez note generally approximated their carrying values.

On September 3, 2021, the Company also entered into a currency forward contracts of CAD $85,000 in order to hedge the risk of changes in the exchange rate of the Canadian dollar versus the U.S. dollar between the signing and closing of the TeraXion acquisition (see Note 18 - Subsequent event). An unrealized loss of $1,200 that represented the change in the exchange rate between the contract issuance date and period-end is recorded as part of Other income (expense) for both the three and nine months ended September 30, 2021. This unrealized loss was offset by a gain to a de minimis amount in October 2021 when this contract was settled.

The following table presents the Company’s fair value hierarchy for financial assets and liabilities:

	Fair Value Measurements as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant Liability	$	—	$	—	$	103,492	$	103,492
Contingent earn-outs - first milestone	$	—	$	—	$	76,698	$	76,698
Contingent earn-outs - second milestone	$	—	$	—	$	70,619	$	70,619
Second tranche contingent consideration	$	—	$	—	$	1,200	$	1,200
Currency forward contract	$	—	$	1,200	$	—	$	1,200

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
SAFEs	$	—	$	—	$	102,700	$	102,700
First tranche contingent consideration	$	—	$	—	$	500	$	500
Second tranche contingent consideration	$	—	$	—	$	900	$	900

As of September 30, 2021 and December 31, 2020, the Company’s cash and cash equivalents were all held in cash or Level 1 instruments where the fair values approximates the carrying values.

Level 3 Disclosures

SAFEs

The SAFEs were valued using a probability-weighted expected return method (“PWERM”) valuation approach aligned to the SAFEs provisions, including (i) conversion through qualified equity financing, (ii) conversion through acquisition of a special purpose acquisition company, (iii) no conversion through equity or acquisition prior to December 31, 2021, (iv) a liquidation event, and (v) a dissolution event. Determining the fair value of the SAFEs using the PWERM requires assumptions and estimates for both the probability of each scenario and the fair value determined under each scenario. The SAFEs were valued through each scenario using an appropriate valuation approach, including calculations based on the terms of the SAFEs and a Monte Carlo simulation, which utilized the Geometric Brownian Motion formula to simulate the conversion and payout of the SAFEs. The significant unobservable inputs include the discount rate, constant volatility factor and the Geometric Brownian Motion. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

Warrants

Warrants were valued using the Black-Scholes-Merton formula and a Monte Carlo Simulations analysis. Calculating the fair value of warrants requires the input of subjective assumptions. Other reasonable assumptions could provide differing results. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value.

Contingent Earn-Outs

Contingent earn-outs were valued using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the earn-out period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value.

The following table presents the significant unobservable inputs assumed for each of the fair value measurements:

	September 30, 2021		June 10, 2021		December 31, 2020
	Input		Input		Input
Liabilities:
SAFEs
Discount rate	—	%	—	%	75	%
Constant volatility factor	—	%	—	%	40	%
Geometric Brownian Motion	—		—		0.98
Warrants
Expected volatility	35.5	%	34.1	%	—	%
First tranche contingent consideration
Discount rate	—	%	—	%	10.3	%
Second tranche contingent consideration
Discount rate	7.5	%	7.5	%	10.3	%
Contingent earn-outs - first milestone
Constant volatility factor	40	%	35	%	—	%
Contingent earn-outs - second milestone
Constant volatility factor	40	%	35	%	—	%

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Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Post Transaction Stockholders’ Equity

In connection with the closing of the Transaction on June 10, 2021, all of the historical members’ equity in ADK LLC that was issued and outstanding at the Closing were converted to either Class A or Class V common stock of the Company per its rights and privileges as follows:

	As of June 10, 2021
Member Units	Outstanding	Class A Common Stock	Class V Common Stock
Class A	1,381,424	12,612,470	25,791,473
Class B	293,221	9,564,150	—
Class C	400,000	11,520,101	—
Class D	236,521	1,568,565	5,806,776
Class E	112,916	1,309,971	2,229,122
Class F	492,110	16,380,782	—
Class G	10,019	278,533	—
Total	2,926,211	53,234,572	33,827,371

Class H units were redeemed for a cash payment of $900.

Pre-Merger Members’ Equity

The table and information set forth below reflects information about the historical ADK LLC members’ equity immediately prior to the closing as of June 10, 2021 and as of December 31, 2020:

	As of June 10, 2021			As of December 31, 2020
Member Units	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Class A	3,136,518	1,381,424	1,381,424	3,136,518	911,500	911,500
Class B	513,846	367,395	293,221	513,846	367,927	229,732
Class C	400,000	400,000	400,000	400,000	300,000	300,000
Class D	236,521	236,521	236,521	236,521	236,521	236,521
Class E	112,916	112,916	112,916	112,916	112,916	112,916
Class F	492,110	492,110	492,110	492,110	492,110	492,110
Class G	11,482	10,019	10,019	11,482	—	—
Class H	5,000	4,500	4,500	5,000	4,500	4,500
Total	4,908,393	3,004,885	2,930,711	4,908,393	2,425,474	2,287,279

In connection with its formation on February 9, 2007, the Company issued 911,500 Class A units to the four initial members. On December 28, 2012, the Company issued 300,000 Class C units to an investor at an original issue price of $10 per unit for total consideration of $3,000.

The Company reserved 185,000 Class A units and 100,000 Class C units in connection with the convertible note described in Note 6 — Debt. These units are not issued or outstanding until conversion of the outstanding principal in accordance with the terms of the notes.

The Fifth Amended and Restated LLC Agreement (the “ADK LLC Operating Agreement”) authorized an increase of Class B units from 243,000 units to 513,846 units. The Class B units are profit interests issued to employees, directors, and consultants. See Note 14 – Share-based Compensation.

On July 24, 2015, the Company issued 221,739 Class D units to an investor at an original issue price of $33.82 per unit for cash consideration of approximately $7,215, net of issuance costs of $285. On August 28, 2015, the Company issued an additional 14,782 Class D units to an existing investor at an original issue price of $33.82 per unit for cash consideration of $500.

On July 25, 2017, the Company issued 112,916 Class E units to investors at an original issue price of $35.42 per unit for cash consideration of $3,963, net of issuance costs of $37.

The Company issued warrants to purchase Class G units as part of amendments to the terms of debt agreements with Trinity and PacWest, see Note 6 – Debt. In connection with entering into the term loan agreement with Trinity in March 2018, the Company issued an aggregate of 6,250 warrants with a strike price of $35.42 to purchase Class G units. In April 2018, as part of an amendment to the loan and security agreement, the Company issued warrants to PacWest to purchase 3,388 Class G units with a strike price of $35.42. On October 1, 2020, in connection with the new loan agreement with Trinity, the Company issued

additional warrants to Trinity to purchase 1,844 Class G units at a strike price of $35.42 under the same terms and features as previously issued Class G warrants.

Following the Company’s announcement of the Master Transactions Agreement (“MTA”), PacWest issued a letter dated February 3, 2021 to the Company demanding 52,632 warrants in satisfaction of the provisions contained in the August 9, 2017 credit facility amendment. On June 8, 2021, the Company and PacWest entered into a settlement agreement and mutual release where both parties acknowledged and agreed that the original 3,388 warrants issued were in full compliance of the credit facility amendment.

In June 2018, the Company issued 492,110 Class F units to investors at an issue price of $54.87 per unit for cash consideration of $26,790, net of issuance costs of $210.

In May 2020, the Company issued 4,500 Class H units to the owners of City Semi as part of the business combination, see Note 2 – Acquisition of City Semiconductor.

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Noncontrolling Interest

9 Months Ended

Sep. 30, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

In connection with the closing of the Transaction on June 10, 2021, certain members of ADK LLC (the “ADK Minority Holders”) retained approximately 26% membership interest in ADK LLC. As a result, the Company’s ownership of ADK LLC, was approximately 74% as of September 30, 2021. The ADK Minority Holders may from time to time, after December 10, 2021, exchange with indie, such holders’ units in ADK LLC for an equal number of shares of indie’s Class A common stock. As a result, indie’s ownership interest in ADK LLC will increase. The ADK Minority Holders’ ownership interests are accounted for as noncontrolling interests in the Company’s condensed consolidated financial statements.

In connection with the Transaction, the Company issued to certain members of ADK LLC an aggregate of 33,827,371 shares of Class V common stock of indie (the “Class V Holders”). The shares of Class V common stock provides no economic rights in indie to the holder thereof; however, each Class V Holder is entitled to vote with the holders of Class A common stock of indie, with each share of Class V common stock entitling the holder to one (1) vote per share of Class V common stock at the time of such vote (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications).

ADK LLC held 50% ownership in Wuxi as of September 30, 2021 and December 31, 2020. From time to time, Wuxi has sold equity ownership and the transactions have reduced ADK LLC’s controlling interest in Wuxi on the condensed consolidated balance sheets. As of September 30, 2021, ADK LLC maintained its controlling ownership and financial interest in Wuxi. Accordingly, Wuxi’s financial statements are consolidated with those of ADK LLC and its other wholly-owned subsidiaries. Minority interests held in Wuxi are accounted for as non-controlling interests in the Company’s condensed consolidated financial statements.

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Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers by geographic region, as the Company’s management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following tables present revenue disaggregated by geography of the customer’s shipping location for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	2,033	$	1,959	$	5,910	$	3,403
Greater China	7,591		4,548		17,800		9,868
Rest of North America	1,286		167		2,513		525
South America	409		214		1,004		483
Rest of Asia Pacific	127		455		701		1,168
Europe	711		243		1,523		510
Total revenue	$	12,157	$	7,586	$	29,451	$	15,957

Contract Balances

Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed. The Company also recorded unbilled revenue of $0 and $55 at September 30, 2021 and December 31, 2020, respectively, as part of its Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.

The following table presents the liabilities associated with the engineering services contracts as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Deferred revenue	$	377	$	1,665

As of September 30, 2021 and December 31, 2020, contract liabilities were included as Deferred revenue and classified as current liabilities in the condensed consolidated balance sheets.

During the three months ended September 30, 2021 and 2020, the Company recognized $206 and $1,056, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. During the nine months ended September 30, 2021 and 2020, the Company recognized $819 and $1,865, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates overtime due to changes in the timing of payments received from customers and revenue recognized for services provided.

Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the unaudited condensed consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of September 30, 2021, the amount of performance obligations that have not been recognized as revenue was $3,763, of which approximately 95% is expected to be recognized as revenue over the next twelve months and the remainder thereafter. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized.

Concentrations

As identified below, some of our customers accounted for more than 10% of the Company’s total revenue for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Customer A	25.7	%	51.6	%	39.3	%	57.3	%
Customer B	12.9	%	10.3	%	5.4	%	13.6	%
Customer C	—	%	13.2	%	—	%	6.4	%

The loss of these customers would have a material impact on the Company’s condensed consolidated financial results.

The two largest customers represented 34% and 18% of accounts receivable as of September 30, 2021 and the two largest customers represented 35% and 12% of accounts receivable as of December 31, 2020. No other individual customer represented more than 10% of accounts receivable at either September 30, 2021 or December 31, 2020.

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Share-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Earn-Out Liability

Earn-Out Milestones

Certain of indie’s stockholders are entitled to receive up to 10,000,000 earn-out shares of the Company’s Class A common stock if the Earn-Out Milestones are met. The Earn-Out Milestones represents two independent criteria, which each entitles the eligible stockholders to 5,000,000 earn-out shares per milestone met. Each Earn-Out Milestone is considered met if at anytime following the Transaction and prior to December 31, 2027, the volume weighted average price of indie’s Class A common stock is greater than or equal to $12.50 or $15.00 for any twenty trading days within any thirty trading day period, respectively. Further, the Earn-Out Milestones are also considered to be met if indie undergoes a Sale. A Sale is defined as the occurrence of any of the following for indie: (i) engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) Class A common stock ceases to be listed on a national security exchange, other than for the failure to satisfy minimum listing requirements under applicable stock exchange rules; or (iii) change of ownership (including a merger or consolidation) or approval of a plan for complete liquidation or dissolution.

These earn-out shares have been categorized into two components: (i) those associated with stockholders with vested equity at the closing of the Transaction that will be earned upon achievement of the Earn-Out Milestones (the “Vested Shares”) and (ii) those associated with stockholders with unvested equity at the closing of the Transaction that will be earned over the remaining service period with the Company on their unvested equity shares and upon achievement of the Earn-Out Milestones (the “Unvested Shares”). The Vested Shares are classified as liabilities in the condensed consolidated balance sheet and the Unvested Shares are equity-classified share-based compensation to be recognized over time (see Note 14 - Share-based Compensation). The earn-out liability was initially measured at fair value at the closing of the Transaction and subsequently remeasured at the end of each reporting period. The change in fair value of the earn-out liability is recorded as part of Other income (expense), net in the condensed consolidated statement of operations.

The estimated fair value of the earn-out liability was determined using a Monte Carlo simulation that simulated the future path of the Company’s stock price over the earn-out period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate.

Escrow Shares

3,450,000 Class A common shares of indie were placed in escrow for the potential future release to the sponsors of TB2 in the event the earn-out milestones are met. The earn-out milestones for the Escrow Shares are identical to those of the earn-out shares. Achievement of each milestone entitles the shareholders to 50% of the total Escrow Shares. The Escrow Shares have been accounted for as a liability and remeasured to fair value each reporting period.

At the closing of the Transaction on June 10, 2021, the earn-out liability had an initial fair value of $119,759, which was recorded as a long-term liability and a reduction to additional paid in capital in the condensed consolidated balance sheet.

As of September 30, 2021, neither of the milestones have been achieved and the fair value was $147,317 (see Note 10). As of November 9, 2021, the first Earn-Out Milestone was achieved. It is not practicable to estimate and to disclose the preliminary

fair value of the Earn-out liability upon achievement of this milestone by the issuance date of these consolidated financial statements. Share-Based Compensation

At the closing of the Transaction on June 10, 2021, ADK LLC’s share-based compensation awards (as such terms are defined below) were converted into equity in indie at the Exchange Ratio of 27.80. Share and per share information below have been converted from historical disclosure based on the Exchange Ratio.

Profit Interests

Historically, per the ADK LLC Operating Agreement, ADK LLC issued Class B units (“Profits Interests” or “Class B units”) to employees, directors and consultants. Class B units entitle the holders of such units to a share of ADK LLC’s profits and distributions of ADK’s assets to the extent their capital accounts are positive. Holders of Class B units do not have voting rights except to the extent required by law.

The board of directors authorized 14,284,919 shares (or 513,846 units prior to the exchange) for grant under the ADK LLC Operating Agreement. The Class B units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period.

These Profit Interests are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Phantom Units

On January 29, 2021, indie issued Phantom Units that give employees rights to receive, upon vesting, either 1,751,360 shares of Class A common stock (or 62,998 Phantom Units prior to giving effect to the Exchange Ratio) or the equivalent in cash at the election of indie (the “Phantom Units”). These Phantom Units had a grant date fair value of $6.83 per share of Class A common stock. The Phantom Units generally have a four-year vesting schedule, in which 25% of units vest after 12 months and the remaining 75% vest monthly over the following three-year period. Certain awards vest based on specific performance conditions. Notwithstanding the foregoing, no Phantom Units vest until December 10, 2021.

These Phantom Units are equity-classified awards. No compensation cost was recognized historically until the closing of the Transaction.

Unvested Earn-out Shares

A portion of the earn-out shares may be issued to individuals with unvested equity awards. While the payout of these shares require achievement of the Earn-out Milestones, the individuals are required to complete the remaining service period associated with these unvested equity awards to be eligible to receive the earn-out shares. As a result, these unvested earn-out shares are equity-classified awards and have an aggregated grant date fair value of $3,919 (or $9.20 per share).

2021 Omnibus Equity Incentive Plan

The Company’s Board of Directors adopted the indie Semiconductor, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Plan”) effective June 10, 2021, which provides for the granting of nonqualified stock options, incentive stock options, restricted stock awards, stock appreciation rights, performance stock awards, performance stock awards, unrestricted stock awards, distribution equivalent rights or any combination of the foregoing to employees and directors for a total of 10,368,750 shares.

The primary purpose of the 2021 Plan is to enhance the Company’s ability to attract, motivate and retain the services of qualified employees, officers and directors.

Accounting Policy

The Company accounts for share-based compensation arrangements with employees in accordance with ASC 718-10, Compensation — Stock Compensation, which requires the Company to account for the compensation expense related to all equity awards on a fair value based method.

Prior to the consummation of the Transaction, the grant date fair value of the Class B units were determined using the Monte Carlo simulation. The significant assumptions used in valuation include the constant risk-free rate, constant volatility factor and the Geometric Brownian Motion. The following table presents the weighted average assumptions used in the valuations for grants in the nine months ended September 30, 2021 (there were no grants in the three months ended September 30, 2021):

	Nine Months Ended September 30, 2021
Constant risk free rate	0.8	%
Constant volatility factor	40.0	%
Geometric Brownian Motion	0.981

The grant date fair value of the Phantom Units was determined by dividing the expected equity value of the Company upon the Transaction by the Company’s expected capitalization structure at the time of the grant.

The grant date fair value of the earn-out shares was valued based on the fair value of the earn-out liability at inception divided by total shares subject to earn-out liability.

The grant date fair value of restricted stock units issued per the 2021 Plan was valued based on indie’s common stock on the date of grant.

For all Class B units and Phantom Units, the consummation of the Transaction is considered to be a qualifying liquidation event, such that all historically vested units are now considered to have value. As a result, the Company recognized the expenses pro-rata over the term of the vesting period or per the satisfaction of performance conditions.

Expenses related to all unvested shares will be recognized pro-rata through the remainder of the vesting period or when the performance conditions become probable in accordance with ASC 718.

Stock compensation expense is recorded in research and development and general and administrative expenses based on the classification of the work performed by the grantees.

The following table sets forth the share-based compensation for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	2,588		—		5,185		—
Selling, general, and administrative	3,629		—		9,000		—
Total	$	6,217	$	—	$	14,185	$	—

The following table sets forth the changes in the Company’s outstanding equity awards during the nine months ended September 30, 2021:

	Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested shares as of December 31, 2020	3,868,225	$	2.72
Granted	5,188,548	$	8.61
Vested	(2,005,004)	$	5.31
Forfeited	(78,036)	$	6.65
Nonvested shares as of September 30, 2021	6,973,733	$	8.58

As of September 30, 2021, there was $44,538 of total unrecognized share-based compensation costs related to all unvested shares.

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Net Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

Net Income (Loss) per Common Share

Basic and diluted net loss per common share was calculated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(108,161)	$	(22,156)	$	(84,812)	$	(34,528)
Less: Net loss attributable to noncontrolling interest	(28,512)		(197)		(22,127)		(590)
Net loss attributable to indie Semiconductor, Inc.	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss attributable to common shareholders - dilutive	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Denominator:
Weighted average shares outstanding - basic	96,368,379		31,349,643		58,791,245		31,153,933
Weighted average common shares outstanding—diluted	96,368,379		31,349,643		58,791,245		31,153,933
Net loss per share attributable to common shares— basic	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)
Net loss per share attributable to common shares— diluted	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)

On June 10, 2021, the Company completed a series of business transactions with TB2 pursuant to the MTA. The Transaction materially impacted the number of shares outstanding. Weighted average shares outstanding in the table above have been retroactively restated to give effect to the reverse recapitalization. See Note 1 - Nature of Business and Basis of Presentation for more information regarding the Transaction.

The Company’s potentially dilutive securities, which include SAFEs, unvested Class B units, unvested restricted stock units, preferred units, warrants for Class A units, warrants for Class G units, and convertible debt, have been excluded from the computation of diluted net loss per unit as the effect would be to reduce the net loss per unit. In the three and nine months ended September 30, 2021 and 2020, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be antidilutive. The Company excluded the following potential shares, presented based on

amounts outstanding at each period end, from the computation of diluted net loss per share attributable to shareholders for the periods indicated because including them would have had an antidilutive effect:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
SAFEs	—	4,711,711	7,651,982	4,711,711
Unvested Class B units	—	3,710,500	1,817,375	3,710,500
Unvested Phantom units	1,727,730	—	1,727,730	—
Unvested Restricted stock units	3,437,188	—	3,437,188	—
Convertible preferred units	—	35,935,292	—	35,935,292
Warrants to purchase Class G units	—	267,939	—	267,939
Convertible debt into Class A and preferred units	—	285,000	—	285,000
Convertible Class V common shares	33,827,371	—	33,827,371	—
Public warrants for the purchase of Class A common shares	17,250,000	—	17,250,000	—
Private warrants for the purchase of Class A common shares	10,150,000	—	10,150,000	—
Earn-out Shares	10,000,000	—	10,000,000	—
Escrow Shares	3,450,000	—	3,450,000	—
	79,842,289	44,910,442	89,311,646	44,910,442

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Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of ADK, LLC, as well as any stand-alone income or loss we generate. ADK, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, ADK, LLC’s taxable income or loss is passed through to its members, including us. Despite its partnership treatment, ADK, LLC is liable for income taxes for subsidiaries in foreign jurisdictions in which it operates, primarily within the United Kingdom.

Our effective tax rate in 2021 differ from the U.S. federal statutory rate primarily due to changes in valuation allowance and taxes in foreign jurisdictions.

Based primarily on our limited operating history and ADK LLC’s historical losses, we believe there is a significant uncertainty as to when we will be able to use our deferred tax assets (“DTAs”). Therefore, we have recorded a valuation allowance against the DTAs for which we have concluded it is more likely than not that they will not be realized.

As part of reverse capitalization, the Company entered into Tax Receivable Agreements (“TRAs”) with certain shareholders that will represent approximately 85% of the calculated tax savings based on the portion of basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed that we anticipate to be able to utilize in future years. Through September 30, 2021, there have not been any exchanges of units that would generate a DTA; therefore, we have not recorded a liability under the TRAs.

The Company recorded a benefit for income taxes of $36 and $13 for the three months ended September 30, 2021 and 2020, respectively. The Company recorded a provision for income taxes of $34 and $9 for the nine months ended September 30, 2021 and 2020, respectively. Income taxes are primarily related to the Company’s operations in Europe.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Litigation

The Company may be a party to routine claims or litigation incidental to its business. The Company does not believe that it is a party to any pending legal proceeding that is likely to have a material adverse effect on its business, financial condition or results of operations or cash flows.

Lease Commitments

In July 2015, the Company entered into a five-year operating lease for its 14,881 square foot headquarters in Aliso Viejo, California, which is payable monthly with periodic rent adjustments over the lease term. The lease requires a security deposit of

$30, which is recorded in other assets on the Company’s condensed consolidated balance sheets as well as a tiered, time-based letter of credit that has now reached its lowest tier of $200. Subsequently, the lease was extended through the end of June 2023.

In October 2015, the Company entered into a five-year operating lease for its Scotland Design Center in Edinburgh, Scotland, which is payable monthly with periodic rent adjustments over the lease term. The lease expired in October 2020. During 2019, the Company entered into a sub-lease agreement with a third party for the Scotland Design Center facility. Separately, effective January 2020, the Company entered into a lease for a property in Scotland. The lease agreement has a term through December 2022 and monthly rent of approximately $19.

In August 2017, the Company entered into a lease assignment and assumption agreement for its design center in Austin, Texas. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expired in April 2021 and is currently on a month-to-month basis.

In October 2017, the Company entered into a 26-month operating lease for its Wuxi sales and design center. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term. The lease was subsequently extended through December 2021.

In April 2020, the Company entered into a lease for a location in Shanghai, China. The lease expires in February 2022. Rent is approximately $3 per month.

In June 2020, the Company entered into a month-to-month lease for a location in San Francisco for approximately $1 a month.

In April 2021, the Company entered into a three-year operating lease for a location in Budapest, Hungary, which is payable monthly for approximately $6 a month.

In May 2021, the Company entered into a seven-year operating lease for a location in Detroit, Michigan, which is payable monthly with periodic rent adjustments over the lease term. The lease will expire in 2028 with an initial monthly rent of approximately $22 a month.

In July 2021, the Company entered into a three-year operating lease for a location in Dresden, Germany as the office location for its German entity. Rent for the associated office is payable monthly with periodic rent adjustment over the lease term. The lease will commence on October 1, 2021 and expire on September 30, 2023.

In September 2021, the Company entered into a three-year operating lease for another location in Dresden, Germany as a research and design lab for its German entity. Rent for the associated lab is payable monthly with periodic rent adjustment over the lease term. The lease will commence on November 1, 2021 and expire on October 31, 2023.

Rent expense is recognized on a straight-lined basis over the lease term and is included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	219	$	211	$	619	$	581
Selling, general, and administrative	49		22		136		95
	$	268	$	233	$	755	$	676

The following table summarizes the future minimum lease payments due under operating leases as of September 30, 2021:

2021 (remaining three months)	$	287
2022	1,074
2023	637
2024	315
2025	286
Thereafter	817
	$	3,416

Tax Distributions

To the extent the Company has funds legally available, the board of directors will approve distributions to each member, prior to March 15 of each year, in an amount per unit that, when added to all other distributions made to such member with respect to the previous calendar year, equals the estimated federal and state income tax liabilities applicable to such member as the result of its, his or her ownership of the units and the associated net taxable income allocated with respect to such units for the previous calendar year. There were no distributions approved by the board of directors or paid by the Company during the nine months ended September 30, 2021 and 2020.

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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events 

For its condensed consolidated financial statements as of September 30, 2021 and the three and nine months then ended, management reviewed and evaluated material subsequent events from the condensed consolidated balance sheet date of September 30, 2021 through November 12, 2021, the date the condensed consolidated financial statements were issued. 

Acquisition of TERAXION INC

On August 27, 2021, indie entered into a Share Purchase Agreement (the “Purchase Agreement”), pursuant to which indie’s wholly-owned Canadian subsidiary (“Purchaser”) agreed to purchase all of the outstanding capital stock of TERAXION INC, a Canadian corporation (“TeraXion”) from the existing stockholders of TeraXion (the “Acquisition”). The aggregate purchase price of the Acquisition is CAD $200 million (the “Purchase Price”), which is payable 50% in cash and 50% in indie’s shares of Class A common stock, subject to various purchase price adjustments. The Acquisition was completed on October 12, 2021 and the total consideration paid for the Acquisition consisted of (i) approximately $80.0 million in cash; (ii) the issuance by indie of 5,805,144 shares of indie Class A common stock; and (iii) the assumption by indie of TeraXion options, which will become exercisable to purchase 1,542,332 shares of indie Class A common stock.

Acquisition of ON Design Israel Ltd

On October 1, 2021, indie entered into a definitive agreement and completed its acquisition of ON Design Israel Ltd. (“ON Design Israel”), for $5.0 million in cash at closing, $7.5 million of cash in 2022 and up to $7.5 million of cash based on design win performance. Upon completion of the acquisition, ON Design Israel was renamed to indie Semiconductor Design Israel Ltd.

Acquisition of Symeo GmbH

On October 21, 2021, indie entered into a definitive agreement with Analog Devices to acquire Symeo GmbH (“Symeo”) for $10.0 million in cash at closing, $10.0 million in cash in 2023 and an equity-based earn-out of up to 858,369 shares of indie Class A common stock based on future revenue growth. The Symeo transaction is pending approval by the German government.

The Company expects to account for the acquisitions of TeraXion and ON Design Israel as business combinations and is currently evaluating the purchase price allocation. It is not practicable to disclose the preliminary purchase price allocation or unaudited pro forma combined financial information for these transactions, given the short period of time between the acquisition date and the issuance of these consolidated financial statements. The Company will assess the appropriate accounting recognition for Symeo upon completion of the acquisition.

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Nature of the Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of PresentationThe condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

Consolidation

The condensed consolidated financial statements include the consolidated accounts of the Company’s majority-owned subsidiary, ADK LLC, of which 74% was owned by indie as of September 30, 2021. ADK LLC’s consolidated financial statements include its wholly-owned subsidiaries Indie Services Corporation, indie LLC and Indie City LLC, all California entities, Ay Dee Kay Limited, a private limited company incorporated under the laws of Scotland, indie GmbH, a private limited liability company incorporated under the laws of Germany, indie Kft, a limited liability company incorporated under the laws of Hungary, its majority owned subsidiary, Wuxi indie Microelectronics Ltd. (“Wuxi”), a Chinese entity 50% owned by the Company as of September 30, 2021 and Wuxi’s wholly-owned subsidiaries, indie Semiconductor HK, Ltd and Shanghai Ziying Microelectronics Co., Ltd. All significant intercompany accounts and transactions of the subsidiaries have been eliminated in consolidation. The noncontrolling interest attributable to the Company’s less-than-wholly-owned subsidiaries is presented as a separate component from stockholders’ deficit in the condensed consolidated balance sheets, and a noncontrolling interest in the condensed consolidated statements of operations and condensed consolidated statements of stockholders’ deficit and noncontrolling interest.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the condensed consolidated financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. The FASB issued ASU 2019-10-Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates in November 2019 and ASU 2020-05-Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities in June 2020. The ASUs change some effective dates for ASU 2016-02 on leasing. After applying ASU 2019-10 and 2020-05, ASU 2016-02 is effective for annual periods beginning after

December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Management has initiated the process to identify the various categories of capital and operating leases existing in its business operations. Management is also accumulating information for the additional disclosure requirements of the new standard and is evaluating changes to its internal control structure and accounting policy. Management has not completed the assessment of the impact of the accounting pronouncement on the condensed consolidated financial statements, but the adoption of the new standard is expected to result in the recognition of additional lease liabilities and right-of-use assets as of January 1, 2022.

In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and will be effective for the Company beginning in 2023. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 from the goodwill impairment test and instead requires that an entity measure the impairment of goodwill assigned to a reporting unit if the carrying value of assets and liabilities assigned to the reporting unit, including goodwill, exceed the reporting unit's fair value. The new guidance must be adopted for annual and interim goodwill tests by the Company beginning on January 1, 2022. After the adoption of this standard, which will be applied prospectively, the Company will follow a one-step model for goodwill impairment. The Company does not anticipate this pronouncement will have a significant impact on the Company’s consolidated financial statements upon adoption.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 (and December 15, 2021 for nonpublic companies) and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective, or prospective basis. The Company is currently assessing the impact that this standard will have on its condensed consolidated financial statements and related disclosures.

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Nature of the Business and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Reverse Capitalization

The table below summarizes the shares of Class A and Class V common stock issued immediately after the closing of the Transaction as well as the impact of the Transaction on the condensed consolidated statement of stockholders’ equity as of June 10, 2021:

	Class A Common Stock			Class V Common Stock			Additional Paid in Capital
	Shares	Amount		Shares	Amount
Redemption of Class H units	(125,101)	$	—	—	$	—	$	(900)
Embry notes conversion	8,023,072	1		—	—		4,118
Warrants net settlement conversion	278,533	—		—	—		—
SAFEs conversion	7,466,891	1		454,077	—		86,099
PIPE and SPAC financing	44,797,894	4		—	—		377,654
Earn-out liability	—	—		—	—		(119,759)
Transaction expenses	—	—		—	—		(22,675)
Warrants liability	—	—		—	—		(74,408)
Reverse recapitalization on June 10, 2021	60,441,289	$	6	454,077	$	—	$	250,129

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Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition date fair value of the consideration transferred for City Semi was approximately $2,029, which consisted of the following:

	Fair Value As of May 13, 2020
Class H units issued	$	711
Contingent consideration	1,180
Cash consideration to be transferred at a later date	138
Total	$	2,029

Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:

	Fair Value As of May 13, 2020
Intangible asset – Software license	$	139
Intangible asset - Developed technology	369
Goodwill	1,739
Deferred revenue	(41)
Accrued expenses	(177)
Net assets acquired	$	2,029

Pro Forma Financial Information

The unaudited pro forma financial information shown below summarizes the combined results of operations for the Company and City Semi as if the closing of the acquisition had occurred on January 1, 2020.

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Combined revenue	$	8,122	$	17,101
Combined net loss before income taxes	(22,152)		(34,741)

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Inventory, Net (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Components of Net Inventories

Inventory, net consists of the following:

	September 30, 2021		December 31, 2020
Work-in-process	$	5,980	$	4,277
Finished goods	262		882
Inventory, gross	6,242		5,159
Less: Inventory reserves	693		2,259
Inventory, net	$	5,549	$	2,900

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Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following:

	September 30, 2021							December 31, 2020
	Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Software licenses	3.0	$	16,545	$	(5,290)	$	11,255	0.6	$	4,391	$	(3,759)	$	632
Intellectual property licenses	1.8	1,736		(1,677)		59		1.7	1,736		(1,614)		122
Developed technology	5.6	369		(75)		294		6.4	369		(35)		334
Total		$	18,650	$	(7,042)	$	11,608		$	6,496	$	(5,408)	$	1,088

Schedule of Future Amortization Expense

Based on the amount of intangible assets subject to amortization as of September 30, 2021, amortization expense for each of the next five fiscal years is expected to be as follows:

2021 (remaining three months)	$	888
2022	3,805
2023	4,570
2024	2,221
2025	53
Thereafter	71
	$	11,608

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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Components of Debt

The following table sets forth the components of debt as of September 30, 2021 and December 31, 2020:

	September 30, 2021						December 31, 2020
	Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount		Principal Outstanding		Unamortized Discount and Issuance Cost		Carrying Amount
Trinity term loan, due 2022	$	—	$	—	$	—	$	12,000	$	(665)	$	11,335
Short term loans, due 2021	621		—		621		459		—		459
PPP Loan, due 2022	—		—		—		1,868		—		1,868
Tropez loan, due 2021	—		—		—		2,000		—		2,000
Total term loans	621		—		621		16,327		(665)		15,662
Revolving line of credit	1,675		—		1,675		1,675		—		1,675
Embry convertible notes, due 2021	—		—		—		3,606		(110)		3,496
Total debt	$	2,296	$	—	$	2,296	$	21,608	$	(775)	$	20,833

The outstanding debt as of September 30, 2021 and December 31, 2020 is classified in the condensed consolidated balance sheets as follows:

	September 30, 2021		December 31, 2020
Current liabilities - Current debt obligations	$	2,296	$	8,488
Noncurrent liabilities - Long-term debt, net of current maturities	—		12,345
	$	2,296	$	20,833

Components of Interest Expense on Debt

The table below sets forth the components of interest expense for the three and nine months ended September 30, 2021 and September 30, 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense on Trinity Term Loan:
Contractual interest	—		357		719		1,163
Amortization of discount and issuance cost	—		13		138		40
	—		370		857		1,203
Interest expense on other debt obligations:
Contractual interest	24		112		258		308
Amortization of discount and issuance cost	1		35		60		109
	25		147		318		417
Total interest expense	$	25	$	517	$	1,175	$	1,620

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Warrant Liability (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Summary of Warrants

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants outstanding at June 10, 2021 (there were no warrants outstanding at December 31, 2020):

	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	Initial Fair Value
Public Warrants	17,250,000	$	11.50	$	18.00	June 10, 2026	Liability	$	42,435
Private Warrants	10,150,000	$	11.50	N/A		June 10, 2026	Liability	$	31,973

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Liabilities

The following table presents the Company’s fair value hierarchy for financial assets and liabilities:

	Fair Value Measurements as of September 30, 2021
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant Liability	$	—	$	—	$	103,492	$	103,492
Contingent earn-outs - first milestone	$	—	$	—	$	76,698	$	76,698
Contingent earn-outs - second milestone	$	—	$	—	$	70,619	$	70,619
Second tranche contingent consideration	$	—	$	—	$	1,200	$	1,200
Currency forward contract	$	—	$	1,200	$	—	$	1,200

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities:
SAFEs	$	—	$	—	$	102,700	$	102,700
First tranche contingent consideration	$	—	$	—	$	500	$	500
Second tranche contingent consideration	$	—	$	—	$	900	$	900

Unobservable Input Reconciliation

The following table presents the significant unobservable inputs assumed for each of the fair value measurements:

	September 30, 2021		June 10, 2021		December 31, 2020
	Input		Input		Input
Liabilities:
SAFEs
Discount rate	—	%	—	%	75	%
Constant volatility factor	—	%	—	%	40	%
Geometric Brownian Motion	—		—		0.98
Warrants
Expected volatility	35.5	%	34.1	%	—	%
First tranche contingent consideration
Discount rate	—	%	—	%	10.3	%
Second tranche contingent consideration
Discount rate	7.5	%	7.5	%	10.3	%
Contingent earn-outs - first milestone
Constant volatility factor	40	%	35	%	—	%
Contingent earn-outs - second milestone
Constant volatility factor	40	%	35	%	—	%

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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Stockholders' Equity

In connection with the closing of the Transaction on June 10, 2021, all of the historical members’ equity in ADK LLC that was issued and outstanding at the Closing were converted to either Class A or Class V common stock of the Company per its rights and privileges as follows:

	As of June 10, 2021
Member Units	Outstanding	Class A Common Stock	Class V Common Stock
Class A	1,381,424	12,612,470	25,791,473
Class B	293,221	9,564,150	—
Class C	400,000	11,520,101	—
Class D	236,521	1,568,565	5,806,776
Class E	112,916	1,309,971	2,229,122
Class F	492,110	16,380,782	—
Class G	10,019	278,533	—
Total	2,926,211	53,234,572	33,827,371

The table and information set forth below reflects information about the historical ADK LLC members’ equity immediately prior to the closing as of June 10, 2021 and as of December 31, 2020:

	As of June 10, 2021			As of December 31, 2020
Member Units	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Class A	3,136,518	1,381,424	1,381,424	3,136,518	911,500	911,500
Class B	513,846	367,395	293,221	513,846	367,927	229,732
Class C	400,000	400,000	400,000	400,000	300,000	300,000
Class D	236,521	236,521	236,521	236,521	236,521	236,521
Class E	112,916	112,916	112,916	112,916	112,916	112,916
Class F	492,110	492,110	492,110	492,110	492,110	492,110
Class G	11,482	10,019	10,019	11,482	—	—
Class H	5,000	4,500	4,500	5,000	4,500	4,500
Total	4,908,393	3,004,885	2,930,711	4,908,393	2,425,474	2,287,279

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Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present revenue disaggregated by geography of the customer’s shipping location for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
United States	$	2,033	$	1,959	$	5,910	$	3,403
Greater China	7,591		4,548		17,800		9,868
Rest of North America	1,286		167		2,513		525
South America	409		214		1,004		483
Rest of Asia Pacific	127		455		701		1,168
Europe	711		243		1,523		510
Total revenue	$	12,157	$	7,586	$	29,451	$	15,957

Schedule of Contract Liabilities

The following table presents the liabilities associated with the engineering services contracts as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Deferred revenue	$	377	$	1,665

Schedules of Customers Accounting for More Than 10% of Total Revenue

As identified below, some of our customers accounted for more than 10% of the Company’s total revenue for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Customer A	25.7	%	51.6	%	39.3	%	57.3	%
Customer B	12.9	%	10.3	%	5.4	%	13.6	%
Customer C	—	%	13.2	%	—	%	6.4	%

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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions

The following table presents the weighted average assumptions used in the valuations for grants in the nine months ended September 30, 2021 (there were no grants in the three months ended September 30, 2021):

	Nine Months Ended September 30, 2021
Constant risk free rate	0.8	%
Constant volatility factor	40.0	%
Geometric Brownian Motion	0.981

Schedule of the Components of Share-Based Compensation Expense

The following table sets forth the share-based compensation for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	2,588		—		5,185		—
Selling, general, and administrative	3,629		—		9,000		—
Total	$	6,217	$	—	$	14,185	$	—

Schedule of Profit Interest Activity

The following table sets forth the changes in the Company’s outstanding equity awards during the nine months ended September 30, 2021:

	Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested shares as of December 31, 2020	3,868,225	$	2.72
Granted	5,188,548	$	8.61
Vested	(2,005,004)	$	5.31
Forfeited	(78,036)	$	6.65
Nonvested shares as of September 30, 2021	6,973,733	$	8.58

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Net Income (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Common Unit

Basic and diluted net loss per common share was calculated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(108,161)	$	(22,156)	$	(84,812)	$	(34,528)
Less: Net loss attributable to noncontrolling interest	(28,512)		(197)		(22,127)		(590)
Net loss attributable to indie Semiconductor, Inc.	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Net loss attributable to common shareholders - dilutive	$	(79,649)	$	(21,959)	$	(62,685)	$	(33,938)
Denominator:
Weighted average shares outstanding - basic	96,368,379		31,349,643		58,791,245		31,153,933
Weighted average common shares outstanding—diluted	96,368,379		31,349,643		58,791,245		31,153,933
Net loss per share attributable to common shares— basic	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)
Net loss per share attributable to common shares— diluted	$	(0.83)	$	(0.70)	$	(1.07)	$	(1.09)

Schedule of Antidilutive Units Excluded from Computation of Net Loss Per Unit

The Company excluded the following potential shares, presented based on

amounts outstanding at each period end, from the computation of diluted net loss per share attributable to shareholders for the periods indicated because including them would have had an antidilutive effect:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
SAFEs	—	4,711,711	7,651,982	4,711,711
Unvested Class B units	—	3,710,500	1,817,375	3,710,500
Unvested Phantom units	1,727,730	—	1,727,730	—
Unvested Restricted stock units	3,437,188	—	3,437,188	—
Convertible preferred units	—	35,935,292	—	35,935,292
Warrants to purchase Class G units	—	267,939	—	267,939
Convertible debt into Class A and preferred units	—	285,000	—	285,000
Convertible Class V common shares	33,827,371	—	33,827,371	—
Public warrants for the purchase of Class A common shares	17,250,000	—	17,250,000	—
Private warrants for the purchase of Class A common shares	10,150,000	—	10,150,000	—
Earn-out Shares	10,000,000	—	10,000,000	—
Escrow Shares	3,450,000	—	3,450,000	—
	79,842,289	44,910,442	89,311,646	44,910,442

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Rent Expense

Rent expense is recognized on a straight-lined basis over the lease term and is included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Research and development	$	219	$	211	$	619	$	581
Selling, general, and administrative	49		22		136		95
	$	268	$	233	$	755	$	676

Schedule of Future Minimum Lease Payments

The following table summarizes the future minimum lease payments due under operating leases as of September 30, 2021:

2021 (remaining three months)	$	287
2022	1,074
2023	637
2024	315
2025	286
Thereafter	817
	$	3,416

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Nature of the Business and Basis of Presentation - Narrative (Details)				3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 10, 2021 USD ($) $ / shares shares	Jun. 09, 2021 $ / shares shares	Feb. 09, 2007 shares	Jun. 30, 2021 USD ($)	Jun. 30, 2021 member shares	Sep. 30, 2021 shares convertibleNote $ / shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 shares
Schedule of Equity Method Investments [Line Items]
Warrants outstanding (in shares)							0
Total proceeds | $	$ 150,000,000
Outstanding (in shares)	2,930,711						0	0
Recapitalization exchange ratio	27.80
Price per share of stock sold (in dollars per share) | $ / shares		$ 10.00
Merger consideration | $	$ 894,628
Enterprise value | $	900,000,000
Liabilities incurred | $	5,372,000
Number of Board of Directors members (in members) | member					9
Number of designated Board of Directors members (in members) | member					7
Proceeds from reverse recapitalization | $	399,511,000
Proceeds from issuance of private placement | $	150,000,000
Transaction cost payments | $	43,423,000
Repayments of assumed debt | $	$ 15,607,000
Transaction costs paid | $				$ 29,770,000
Transaction costs paid by counterparty | $				$ 21,848,000
Private Placement Warrants | Thunder Bridge Acquisition II, Ltd
Schedule of Equity Method Investments [Line Items]
Warrants outstanding (in shares)		8,650,000
Working Capital Warrants
Schedule of Equity Method Investments [Line Items]
Warrants issued upon conversion (in shares)					1,500,000	1,500,000
Escrow Shares
Schedule of Equity Method Investments [Line Items]
Earn-out liability (in shares)	3,450,000
Earnout shares
Schedule of Equity Method Investments [Line Items]
Earn-out liability (in shares)	10,000,000
Class G
Schedule of Equity Method Investments [Line Items]
SAFEs converted into Class A units (in shares)	10,019
Outstanding (in shares)	10,019
Common Unit, Class C, D, E and F
Schedule of Equity Method Investments [Line Items]
Outstanding (in shares)		1,251,566
Class A
Schedule of Equity Method Investments [Line Items]
Number of shares issued in transaction (in shares)			911,500
Outstanding (in shares)	1,381,424
Class A | Conversion of Class A units
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares converted (in shares)	77,497,793
Class B
Schedule of Equity Method Investments [Line Items]
Outstanding (in shares)	293,221
Class B | Conversion of Class B units
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares converted (in shares)	9,564,150
Thunder Bridge Acquisition II, Ltd
Schedule of Equity Method Investments [Line Items]
Redemption of shares (in shares)		9,877,106
Class A
Schedule of Equity Method Investments [Line Items]
SAFEs converted into Class A units (in shares)		284,925
Common stock, shares outstanding (in shares)						96,428,533	34,413,634
Conversion of stock, shares issued (in shares)		8,625,000
Number of shares issued in transaction (in shares)	15,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001					$ 0.1000	$ 0.1000
Class A | Conversion of Class A units
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares issued (in shares)	43,670,422
Class A | Conversion of Class B units
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares issued (in shares)	9,564,150
Class A | Class B
Schedule of Equity Method Investments [Line Items]
Shares subject to vesting (in shares)	1,791,147
Class A | First Convertible subordinated note | Convertible debt
Schedule of Equity Method Investments [Line Items]
SAFEs converted into Class A units (in shares)		185,000
Number of convertible equity instruments (in shares)						185,000
Class A | Thunder Bridge Acquisition II, Ltd
Schedule of Equity Method Investments [Line Items]
SAFEs converted into Class A units (in shares)		24,622,894
Warrants outstanding (in shares)		17,250,000
Class C | Second convertible subordinated note | Convertible debt
Schedule of Equity Method Investments [Line Items]
SAFEs converted into Class A units (in shares)		100,000
Number of convertible equity instruments (in shares) | convertibleNote						100,000
Class B
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares converted (in shares)		8,625,000
Class V
Schedule of Equity Method Investments [Line Items]
Common stock, shares outstanding (in shares)						33,827,371	33,373,294
Common stock, par value (in dollars per share) | $ / shares						$ 0.1000	$ 0.1000
Class V | Conversion of Class A units
Schedule of Equity Method Investments [Line Items]
Conversion of stock, shares issued (in shares)	33,827,371
Wuxi indie Microelectronics Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent						50.00%
Ay Dee Kay, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent						74.00%

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Nature of the Business and Basis of Presentation - Schedule of Reverse Capitalization (Details) - USD ($) $ in Thousands			3 Months Ended
	Jun. 10, 2021	Jun. 09, 2021	Sep. 30, 2021	Jun. 30, 2021		Jun. 30, 2020
Reverse Capitalization, Value [Abstract]
PIPE and SPAC financing						$ 711
Reverse recapitalization			$ 1,100	$ 250,135
Additional Paid-in Capital
Reverse Capitalization, Value [Abstract]
Redemption of Class H units	$ (900)
PIPE and SPAC financing	377,654					$ 711
Earn-out liability	(119,759)
Transaction expenses	(22,675)
Warrants liability	(74,408)
Reverse recapitalization	250,129		$ 1,100	$ 250,129
Embry Convertible Subordinated Notes Payable | Convertible debt | Additional Paid-in Capital
Reverse Capitalization, Value [Abstract]
SAFEs conversion	4,118
Public Warrants | Additional Paid-in Capital
Reverse Capitalization, Value [Abstract]
SAFEs conversion	0
Securities Subject to Mandatory Redemption | Additional Paid-in Capital
Reverse Capitalization, Value [Abstract]
SAFEs conversion	$ 86,099
Class A
Reverse Capitalization, Shares [Abstract]
SAFEs converted into Class A units (in shares)		284,925
Class A | Common Stock
Reverse Capitalization, Shares [Abstract]
Redemption of shares (in shares)	(125,101)
PIPE and SPAC financing (in shares)	44,797,894					125,101	[1]
Reverse recapitalization (in shares)	60,441,289			60,441,289	[1]
Reverse Capitalization, Value [Abstract]
PIPE and SPAC financing	$ 4
Reverse recapitalization	$ 6			$ 6
Class A | Embry Convertible Subordinated Notes Payable | Convertible debt | Common Stock
Reverse Capitalization, Shares [Abstract]
SAFEs converted into Class A units (in shares)	8,023,072
Reverse Capitalization, Value [Abstract]
SAFEs conversion	$ 1
Class A | Public Warrants | Common Stock
Reverse Capitalization, Shares [Abstract]
SAFEs converted into Class A units (in shares)	278,533
Class A | Securities Subject to Mandatory Redemption | Common Stock
Reverse Capitalization, Shares [Abstract]
SAFEs converted into Class A units (in shares)	7,466,891
Reverse Capitalization, Value [Abstract]
SAFEs conversion	$ 1
Class V | Common Stock
Reverse Capitalization, Shares [Abstract]
Reverse recapitalization (in shares)	454,077			454,077	[1]
Reverse Capitalization, Value [Abstract]
Reverse recapitalization	$ 0
Class V | Securities Subject to Mandatory Redemption | Common Stock
Reverse Capitalization, Shares [Abstract]
SAFEs converted into Class A units (in shares)	454,077

[1] (1) Retroactively restated to give effect to the reverse recapitalization.

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Business Combinations - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Jun. 10, 2021	May 13, 2020	May 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Deferred City Semi compensation					$ 375,000	$ 278,000
Redemption of Class H units	$ (900,000)				$ (900,000)	$ 0
Software licenses
Business Acquisition [Line Items]
Weighted average remaining useful life					3 years		7 months 6 days
City Semi
Business Acquisition [Line Items]
Consideration transferred		$ 2,029,000
Maximum contingent consideration		2,000,000
Deferred City Semi compensation		1,180,000
Tax deductible goodwill		$ 0
Revenue of acquiree since acquisition date				$ 0
Earnings or loss of acquiree since acquisition date				$ 0
City Semi | Developed technology
Business Acquisition [Line Items]
Weighted average remaining useful life		7 years
City Semi | Software licenses
Business Acquisition [Line Items]
Weighted average remaining useful life		1 year
Contingent consideration, tranche one
Business Acquisition [Line Items]
Contingent consideration							$ 500,000
Contingent consideration, tranche one | City Semi
Business Acquisition [Line Items]
Maximum contingent consideration		$ 500,000
Deferred City Semi compensation			$ 456,000
Contingent consideration							500,000
Contingent consideration, tranche two
Business Acquisition [Line Items]
Contingent consideration					$ 1,200,000		900,000
Contingent consideration, tranche two | City Semi
Business Acquisition [Line Items]
Maximum contingent consideration		$ 1,500,000
Contingent consideration					$ 1,200,000		$ 900,000

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Business Combinations - Consideration Transferred for City Semi (Details) - USD ($) $ in Thousands		9 Months Ended
	May 13, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Deferred City Semi compensation		$ 375	$ 278
City Semi
Business Acquisition [Line Items]
Class H units issued	$ 711
Deferred City Semi compensation	1,180
Cash consideration to be transferred at a later date	138
Total	$ 2,029

XML

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	May 13, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,739	$ 1,739
City Semi
Business Acquisition [Line Items]
Goodwill			$ 1,739
Deferred revenue			(41)
Accrued expenses			(177)
Net assets acquired			2,029
City Semi | Software licenses
Business Acquisition [Line Items]
Intangible asset			139
City Semi | Developed technology
Business Acquisition [Line Items]
Intangible asset			$ 369

XML

Business Combinations - Pro Forma Financial Information (Details) - City Semi - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Combined revenue	$ 8,122	$ 17,101
Combined net loss before income taxes	$ (22,152)	$ (34,741)

XML

Inventory, Net - Components of Net Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Work-in-process	$ 5,980	$ 4,277
Finished goods	262	882
Inventory, gross	6,242	5,159
Less: Inventory reserves	693	2,259
Inventory, net	$ 5,549	$ 2,900

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Inventory, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory impairment charges	$ 13	$ 163	$ 78	$ 485

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Intangible Assets, Net - Summary (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,650	$ 6,496
Accumulated Amortization	(7,042)	(5,408)
Net Carrying Amount	$ 11,608	$ 1,088
Software licenses
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	3 years	7 months 6 days
Gross Carrying Amount	$ 16,545	$ 4,391
Accumulated Amortization	(5,290)	(3,759)
Net Carrying Amount	$ 11,255	$ 632
Intellectual property licenses
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	1 year 9 months 18 days	1 year 8 months 12 days
Gross Carrying Amount	$ 1,736	$ 1,736
Accumulated Amortization	(1,677)	(1,614)
Net Carrying Amount	$ 59	$ 122
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	5 years 7 months 6 days	6 years 4 months 24 days
Gross Carrying Amount	$ 369	$ 369
Accumulated Amortization	(75)	(35)
Net Carrying Amount	$ 294	$ 334

XML

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,459	$ 479	$ 2,222	$ 1,281

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Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining three months)	$ 888
2022	3,805
2023	4,570
2024	2,221
2025	53
Thereafter	71
Net Carrying Amount	$ 11,608	$ 1,088

XML

Goodwill - Narrative (Details)	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Change in goodwill	$ 0

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Debt - Components of Debt (Details) - USD ($)	Sep. 30, 2021	Jun. 10, 2021	Dec. 31, 2020	Oct. 30, 2020
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Short-term debt	$ 621,000		$ 459,000
Total term loans	2,296,000		21,608,000
Unamortized discount and issuance cost	0		(775,000)
Total Debt	2,296,000		20,833,000
Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total term loans	621,000		16,327,000
Unamortized discount and issuance cost	0		(665,000)
Total Debt	621,000		15,662,000
Trinity term loan, due 2022 | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount	0		12,000,000
Unamortized discount and issuance cost	0		(665,000)
Total	0		11,335,000	$ 11,325,000
PPP Loan, due 2022 | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount	0		1,868,000
Unamortized discount and issuance cost	0		0
Total	0		1,868,000
Tropez note | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount	0		2,000,000
Unamortized discount and issuance cost	0		0
Total	0		2,000,000
Revolving line of credit | Line of credit | Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount	1,675,000		1,675,000
Unamortized discount and issuance cost	0		0
Total	1,675,000		1,675,000
Embry Convertible Subordinated Notes Payable | Convertible notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount	0	$ 4,119,000	3,606,000
Unamortized discount and issuance cost	0		(110,000)
Total	$ 0	$ 3,607,000	$ 3,496,000

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Debt - Balance Sheet Components (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Current liabilities - Current debt obligations	$ 2,296	$ 8,488
Noncurrent liabilities - Long-term debt, net of current maturities	0	12,345
Total Debt	$ 2,296	$ 20,833

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Debt - Narrative (Details)															1 Months Ended					3 Months Ended		9 Months Ended		36 Months Ended
	Nov. 05, 2021 USD ($)	Nov. 05, 2021 USD ($)	Jun. 21, 2021 USD ($)	Jun. 17, 2021 USD ($)	Jun. 10, 2021 USD ($) shares	Jun. 09, 2021 shares	Apr. 29, 2021 USD ($)	Apr. 29, 2021 CNY (¥)	Nov. 13, 2020	Oct. 30, 2020 USD ($)	Jan. 31, 2020 USD ($)	Dec. 03, 2018	Dec. 03, 2017	Jan. 31, 2015 USD ($)	Oct. 31, 2021 USD ($)	Oct. 31, 2020 USD ($) shares	May 31, 2020 USD ($)	Nov. 30, 2019 USD ($)	Jun. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) shares convertibleNote	Sep. 30, 2020 USD ($)	Oct. 01, 2024 USD ($)	May 10, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 15, 2020 USD ($)	Oct. 15, 2020 CNY (¥)	Oct. 01, 2020 $ / shares shares	Nov. 13, 2019 USD ($)	Nov. 13, 2019 CNY (¥)	Apr. 30, 2018 $ / shares shares	Mar. 31, 2018 $ / shares shares	Aug. 31, 2017 shares	Dec. 04, 2012 USD ($) convertibleNote
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt																						$ 15,008,000	$ 4,183,000
Warrants outstanding					$ 74,408,000															$ 103,492,000		103,492,000				$ 0
Interest paid																						1,188,000	1,121,000
Gain (loss) on extinguishment of debt																				0	$ 0	304,000	$ 0
Short-term debt																				621,000		621,000				459,000
Class A
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Conversion of convertible securities (in shares) | shares						284,925
Trinity term loan, due 2022 | Class G | Common warrant
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Warrants issued (in shares) | shares																																	6,250
Exercise price (in dollars per share) | $ / shares																																	$ 35.42
Short term loan agreement | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount | ¥								¥ 4,000,000
Short term loan agreement | CITIC Group Corporation Ltd. | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																														$ 285,000	¥ 2,000
Interest rate																														4.785%	4.785%
Extension term									12 months
Short term loan agreement | NCBC | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																											$ 151,000	¥ 1,000,000
Interest rate																											4.785%	4.785%
Increase in short-term debt							$ 155,000	¥ 1,000,000
Line of credit | PacWest Term Loan and Revolving Line of Credit
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Outstanding amount																										889,000
Minimum cash balance																										2,300,000
Line of credit facility, maximum borrowing capacity																				2,000,000		2,000,000				2,000,000
Line of credit | PacWest Term Loan and Revolving Line of Credit | Common warrant
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Warrants issued (in shares) | shares																																3,388		3,388,000
Line of credit | PacWest Term Loan and Revolving Line of Credit | Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Interest rate														4.25%
Outstanding amount																				1,675,000		1,675,000				1,675,000
Line of credit | PacWest Term Loan and Revolving Line of Credit | Secured debt
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount														$ 10,000,000
Interest rate														4.50%
Outstanding amount																				0		0				0
Line of credit | PacWest Term Loan and Revolving Line of Credit | Prime rate | Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Basis spread on variable rate														0.75%
Line of credit | PacWest Term Loan and Revolving Line of Credit | Prime rate | Secured debt
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Basis spread on variable rate														1.00%
Line of credit | PacWest Term Loan and Revolving Line of Credit | Class A | Common warrant
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Conversion of convertible securities (in shares) | shares					82,187
Line of credit | Amended PacWest Term Loan and Revolving Line of Credit | Subsequent Event
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000	$ 20,000,000
Line of credit | Amended PacWest Term Loan and Revolving Line of Credit | Revolving credit facility | Subsequent Event
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Interest rate	2.10%	2.10%
Collateral percentage	102.50%
Line of credit | PacWest Revolving Line of Credit | Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Carrying amount																				1,675,000		1,675,000				1,675,000
Outstanding amount																				1,675,000		1,675,000				1,675,000
Line of credit | PacWest Revolving Line of Credit | Revolving credit facility | Subsequent Event
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt		$ 1,675,000
Convertible debt | Embry Convertible Subordinated Notes Payable
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Number of convertible notes (in convertible notes) | convertibleNote																																			2
Principal amount																																			$ 3,500,000
Accrued interest					$ 512,000																					458,000									$ 107,000
Interest rate												3.07%																							0.93%
Extension term												36 months	12 months
Carrying amount					3,607,000															0		0				3,496,000
Outstanding amount					$ 4,119,000															0		$ 0				3,606,000
Convertible debt | First Convertible subordinated note
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																																			$ 2,604,000
Convertible debt | First Convertible subordinated note | Class A
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Number of convertible equity instruments (in shares) | shares																						185,000
Conversion of convertible securities (in shares) | shares						185,000
Convertible debt | Second convertible subordinated note
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																																			$ 1,003,000
Convertible debt | Second convertible subordinated note | Class C
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Number of convertible equity instruments (in shares) | convertibleNote																						100,000
Conversion of convertible securities (in shares) | shares						100,000
Loans | Trinity term loan, due 2022
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																$ 12,000,000			$ 15,000,000
Interest rate																10.75%			11.25%
Carrying amount										$ 11,325,000										0		$ 0				11,335,000
Outstanding amount																				0		0				12,000,000
Repayment of debt			$ 13,261,000
Lender fee			1,200,000													$ 474,000
Proceeds from issuance of long-term debt										$ 194,000
Prepayment fee																4.00%
Prepayment fee																1.00%
End-of-term fee																$ 720,000
Monthly interest payment																			$ 141,000
Monthly loan payment																		$ 493,000
Repurchased face amount			12,000,000
Interest paid			61,000
Gain (loss) on extinguishment of debt			$ (1,585,000)
Unamortized discount																				577,000		577,000
Unamortized debt issuance costs																				1,008,000		1,008,000
Loans | Trinity term loan, due 2022 | Subsequent Event
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Monthly interest payment															$ 108,000
Effective interest rate															15.80%
Loans | Trinity term loan, due 2022 | Forecast | Subsequent Event
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Monthly loan payment																								$ 391,000
Loans | Trinity term loan, due 2022 | Prime rate
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Basis spread on variable rate																7.50%
Loans | Trinity term loan, due 2022 | Class A | Common warrant
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Conversion of convertible securities (in shares) | shares					196,346
Loans | Trinity term loan, due 2022 | Class G | Common warrant
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Warrants issued (in shares) | shares																1,844,000			6,250,000										1,844
Exercise price (in dollars per share) | $ / shares																			$ 35.42										$ 35.42			$ 35.42
Warrants outstanding																$ 405,000
Loans | Tropez note
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount											$ 2,000,000
Interest rate											12.00%
Extension term											12 months
Carrying amount																				0		0				2,000,000
Outstanding amount																				0		0				2,000,000
Repayment of debt				$ 2,346,000
Renewal period											180 days
Loans | PPP Loan, due 2022
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Principal amount																									$ 1,868,000
Accrued interest																									$ 21,000
Interest rate																	1.00%
Carrying amount																				0		0				1,868,000
Outstanding amount																				$ 0		0				$ 1,868,000
Proceeds from issuance of long-term debt																	$ 1,868,000
Gain (loss) on extinguishment of debt																						$ 1,889,000

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Debt - Components of Interest Expense on Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Amortization of discount and cost of issuance of debt			$ 198	$ 149
Total	$ 25	$ 517	1,175	1,620
Other debt
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Contractual interest	24	112	258	308
Amortization of discount and cost of issuance of debt	1	35	60	109
Total	25	147	318	417
Interest expense on Trinity Term Loan: | Loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Contractual interest	0	357	719	1,163
Amortization of discount and cost of issuance of debt	0	13	138	40
Total	$ 0	$ 370	$ 857	$ 1,203

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Warrant Liability - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	9 Months Ended
	Jun. 09, 2021	Jun. 30, 2021	Sep. 30, 2021	Jun. 10, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					0
Warrants outstanding			$ 103,492	$ 74,408	$ 0
Class B
Class of Warrant or Right [Line Items]
Conversion of stock, shares converted (in shares)	8,625,000
Class A
Class of Warrant or Right [Line Items]
Conversion of stock, shares issued (in shares)	8,625,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)			17,250,000
Exercise price (in dollars per share)			$ 11.50
Warrant exercise period			30 days
Redemption price of warrants (in dollars per share)			$ 0.01
Redemption period			30 days
Stock price trigger (in dollars per share)			$ 18.00
Trading period			30 days
Redemption period, minimum sale price trading days			20 days
Warrants outstanding			$ 42,435
Public Warrants | Minimum
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share)			$ 18.00
Private Placement Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant (in shares)	1
Exercise price (in dollars per share)			$ 11.50
Private Placement Warrants | Thunder Bridge Acquisition II, Ltd
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	8,650,000
Number of securities called by each warrant (in shares)	1
Exercise price (in dollars per share)	$ 11.50
Working Capital Warrants
Class of Warrant or Right [Line Items]
Warrants issued upon conversion (in shares)		1,500,000	1,500,000
Original debt amount			$ 1,500

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Warrant Liability - Summary of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Jun. 10, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			0
Initial Fair Value	$ 103,492	$ 74,408	$ 0
Public Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	17,250,000
Exercise price (in dollars per share)	$ 11.50
Redemption Price (in dollars per share)	$ 18.00
Initial Fair Value	$ 42,435
Private Warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	10,150,000
Exercise price (in dollars per share)	$ 11.50
Initial Fair Value	$ 31,973

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Earn-Out Liability - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 10, 2021 USD ($) tradingDay $ / shares shares	Sep. 30, 2021 USD ($)
Reverse Capitalization [Line Items]
Earn-out liability | $	$ 119,759	$ 147,317
Earnout shares
Reverse Capitalization [Line Items]
Earn-out liability (in shares)	10,000,000
Earnout period, threshold trading days (in trading days) | tradingDay	20
Earnout period, threshold consecutive trading days (in trading days) | tradingDay	30
Milestone one, earn out
Reverse Capitalization [Line Items]
Earn-out liability (in shares)	5,000,000
Earn-out liability | $		76,698
Milestone one, earn out | Minimum
Reverse Capitalization [Line Items]
Earn-out liability, price trigger (in dollars per share) | $ / shares	$ 12.50
Milestone one, earn out | Maximum
Reverse Capitalization [Line Items]
Earn-out liability, price trigger (in dollars per share) | $ / shares	$ 15.00
Milestone two, earn out
Reverse Capitalization [Line Items]
Earn-out liability (in shares)	5,000,000
Earn-out liability | $		$ 70,619
Escrow shares
Reverse Capitalization [Line Items]
Earn-out liability (in shares)	3,450,000
Milestone one, escrow shares
Reverse Capitalization [Line Items]
Percentage of shares by milestone		0.50
Milestone two, escrow shares
Reverse Capitalization [Line Items]
Percentage of shares by milestone		0.50

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Simple Agreement for Future Equity (SAFEs) - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended		12 Months Ended
	Jun. 10, 2021	Jun. 09, 2021	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of SAFEs				$ 5,000	$ 15,250
SAFEs	$ 86,100					$ 102,700
Class A
Subsidiary or Equity Method Investee [Line Items]
SAFEs converted into Class A units (in shares)		284,925
Class A | Securities Subject to Mandatory Redemption | Common Stock
Subsidiary or Equity Method Investee [Line Items]
SAFEs converted into Class A units (in shares)	7,466,891
Common Stock Class V | Securities Subject to Mandatory Redemption | Common Stock
Subsidiary or Equity Method Investee [Line Items]
SAFEs converted into Class A units (in shares)	454,077
Financial instruments subject to mandatory redemption issued in 2020
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of SAFEs						$ 25,765
Minimum equity raise requiring exchange to SAFE holders				35,000
Financial instruments subject to mandatory redemption issued in 2021
Subsidiary or Equity Method Investee [Line Items]
Proceeds from issuance of SAFEs			$ 5,000
Minimum equity raise requiring exchange to SAFE holders				$ 35,000

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Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities (Details) $ in Thousands, $ in Thousands	Sep. 30, 2021 USD ($)	Sep. 03, 2021 CAD ($)	Jun. 10, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding	$ 103,492		$ 74,408	$ 0
Derivative liability	147,317		119,759
SAFEs			$ 86,100	102,700
Milestone one, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	76,698
Milestone two, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	70,619
Currency forward contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,200	$ 85
Contingent consideration, tranche one
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration				500
Contingent consideration, tranche two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,200			900
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding	0
SAFEs				0
Level 1 | Milestone one, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 1 | Milestone two, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 1 | Currency forward contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 1 | Contingent consideration, tranche one
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration				0
Level 1 | Contingent consideration, tranche two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding	0
SAFEs				0
Level 2 | Milestone one, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 2 | Milestone two, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 2 | Currency forward contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,200
Level 2 | Contingent consideration, tranche one
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration				0
Level 2 | Contingent consideration, tranche two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0			0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding	103,492
SAFEs				102,700
Level 3 | Milestone one, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	76,698
Level 3 | Milestone two, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	70,619
Level 3 | Currency forward contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Level 3 | Contingent consideration, tranche one
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration				500
Level 3 | Contingent consideration, tranche two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 1,200			$ 900

XML

Fair Value Measurements - Unobservable Input Reconciliation (Details)	Sep. 30, 2021	Jun. 10, 2021	Dec. 31, 2020
Discount rate | Option pricing model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SAFEs, measurement input	0	0	0.75
Discount rate | Discounted cash flow | Contingent consideration, tranche one
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input	0	0	0.103
Discount rate | Discounted cash flow | Contingent consideration, tranche two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, measurement input	0.075	0.075	0.103
Volatility | Option pricing model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SAFEs, measurement input	0	0	0.40
Warrant, measurement input	0.355	0.341	0
Volatility | Option pricing model | Milestone one, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earn-out, measurement input	0.40	0.35	0
Volatility | Option pricing model | Milestone two, earn out
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earn-out, measurement input	0.40	0.35	0
Geometric Brownian Motion | Option pricing model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
SAFEs, measurement input	0	0	0.0098

XML

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - shares	Jun. 10, 2021	Dec. 31, 2020	Dec. 31, 2019
Capital Unit [Line Items]
Outstanding (in shares)	2,930,711	0	0
Authorized (in shares)	4,908,393
Issued (in shares)	3,004,885
Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		2,287,279	2,251,020
Authorized (in shares)		4,908,393
Issued (in shares)		2,425,474
Class A
Capital Unit [Line Items]
Outstanding (in shares)	1,381,424
Authorized (in shares)	3,136,518
Issued (in shares)	1,381,424
Class A | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		911,500
Authorized (in shares)		3,136,518
Issued (in shares)		911,500
Class A | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	12,612,470
Class A | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	25,791,473
Class B
Capital Unit [Line Items]
Outstanding (in shares)	293,221
Authorized (in shares)	513,846
Issued (in shares)	367,395
Class B | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		229,732
Authorized (in shares)		513,846
Issued (in shares)		367,927
Class B | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	9,564,150
Class B | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	0
Class C
Capital Unit [Line Items]
Outstanding (in shares)	400,000
Authorized (in shares)	400,000
Issued (in shares)	400,000
Class C | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		300,000
Authorized (in shares)		400,000
Issued (in shares)		300,000
Class C | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	11,520,101
Class C | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	0
Class D
Capital Unit [Line Items]
Outstanding (in shares)	236,521
Authorized (in shares)	236,521
Issued (in shares)	236,521
Class D | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		236,521
Authorized (in shares)		236,521
Issued (in shares)		236,521
Class D | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	1,568,565
Class D | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	5,806,776
Class E
Capital Unit [Line Items]
Outstanding (in shares)	112,916
Authorized (in shares)	112,916
Issued (in shares)	112,916
Class E | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		112,916
Authorized (in shares)		112,916
Issued (in shares)		112,916
Class E | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	1,309,971
Class E | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	2,229,122
Class F
Capital Unit [Line Items]
Outstanding (in shares)	492,110
Authorized (in shares)	492,110
Issued (in shares)	492,110
Class F | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		492,110
Authorized (in shares)		492,110
Issued (in shares)		492,110
Class F | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	16,380,782
Class F | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	0
Class G
Capital Unit [Line Items]
Outstanding (in shares)	10,019
Authorized (in shares)	11,482
Issued (in shares)	10,019
Class G | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		0
Authorized (in shares)		11,482
Issued (in shares)		0
Class G | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	278,533
Class G | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	0
Common Units, Except Common Unit Class H
Capital Unit [Line Items]
Outstanding (in shares)	2,926,211
Common Units, Except Common Unit Class H | Class A
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	53,234,572
Common Units, Except Common Unit Class H | Common Stock Class V
Capital Unit [Line Items]
Conversion of common units into common stock (in shares)	33,827,371
Class H
Capital Unit [Line Items]
Outstanding (in shares)	4,500
Authorized (in shares)	5,000
Issued (in shares)	4,500
Class H | Previously reported
Capital Unit [Line Items]
Outstanding (in shares)		4,500
Authorized (in shares)		5,000
Issued (in shares)		4,500

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Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands							1 Months Ended		9 Months Ended
	Jun. 10, 2021	Jul. 25, 2017	Aug. 28, 2015	Jul. 24, 2015	Dec. 28, 2012	Feb. 09, 2007	May 31, 2020	Jun. 30, 2018	Sep. 30, 2021	Sep. 30, 2020	Jun. 09, 2021	Jun. 08, 2021	Feb. 03, 2021	Oct. 31, 2020	Oct. 01, 2020	Dec. 31, 2019	Apr. 30, 2018	Mar. 31, 2018	Aug. 31, 2017
Capital Unit [Line Items]
Payments for repurchase of equity	$ 900								$ 900	$ 0
Authorized (in shares)	4,908,393
Price per share of stock sold (in dollars per share)											$ 10.00
Total proceeds	$ 150,000
Class A
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)						911,500
Authorized (in shares)	3,136,518
Capital shares reserved for future issuance (in shares)									185,000
Class C
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)					300,000
Authorized (in shares)	400,000
Price per share of stock sold (in dollars per share)					$ 10
Total proceeds					$ 3,000
Capital shares reserved for future issuance (in shares)									100,000
Class B
Capital Unit [Line Items]
Authorized (in shares)	513,846
Class D
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)				221,739
Authorized (in shares)	236,521
Price per share of stock sold (in dollars per share)				$ 33.82
Total proceeds				$ 7,215
Stock issuance costs paid				$ 285
Class E
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)		112,916
Authorized (in shares)	112,916
Price per share of stock sold (in dollars per share)		$ 35.42
Total proceeds		$ 3,963
Stock issuance costs paid		$ 37
Class G
Capital Unit [Line Items]
Authorized (in shares)	11,482
Class F
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)								492,110
Authorized (in shares)	492,110
Price per share of stock sold (in dollars per share)								$ 54.87
Total proceeds								$ 26,790
Stock issuance costs paid								$ 210
Class H
Capital Unit [Line Items]
Authorized (in shares)	5,000
City Semi | Class H
Capital Unit [Line Items]
Equity interest issued or issuable (in shares)							4,500
Members' Equity | Class B
Capital Unit [Line Items]
Authorized (in shares)	513,846															243,000
Private Warrants
Capital Unit [Line Items]
Warrants issued (in shares)									10,150,000
Exercise price (in dollars per share)									$ 11.50
Common warrant | Trinity term loan, due 2022 | Class G
Capital Unit [Line Items]
Warrants issued (in shares)																		6,250
Exercise price (in dollars per share)																		$ 35.42
Common warrant | Trinity term loan, due 2022 | Class G | Loans
Capital Unit [Line Items]
Warrants issued (in shares)								6,250,000						1,844,000	1,844
Exercise price (in dollars per share)								$ 35.42							$ 35.42		$ 35.42
Common warrant | PacWest Term Loan and Revolving Line of Credit | Line of credit
Capital Unit [Line Items]
Warrants issued (in shares)																	3,388		3,388,000
Investor | Class D
Capital Unit [Line Items]
Number of shares issued in transaction (in shares)			14,782
Price per share of stock sold (in dollars per share)			$ 33.82
Total proceeds			$ 500
PacWest | Private Warrants | Class G
Capital Unit [Line Items]
Warrants issued (in shares)												3,388
Warrants demanded (in shares)													52,632

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Noncontrolling Interest - Narrative (Details)	Jun. 10, 2021 vote shares	Sep. 30, 2021	Dec. 31, 2020
Common Stock Class V | Common Units, Except Common Unit Class H
Noncontrolling Interest [Line Items]
Conversion of common units into common stock (in shares) | shares	33,827,371
Common stock, votes per share (in votes) | vote	1
Ay Dee Kay, LLC
Noncontrolling Interest [Line Items]
Ownership interest by noncontrolling owners		26.00%
Ownership percentage by parent		74.00%
Wuxi indie Microelectronics Ltd. | Ay Dee Kay, LLC
Noncontrolling Interest [Line Items]
Ownership percentage by parent		50.00%	50.00%

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Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,157	$ 7,586	$ 29,451	$ 15,957
United States
Disaggregation of Revenue [Line Items]
Total revenue	2,033	1,959	5,910	3,403
Greater China
Disaggregation of Revenue [Line Items]
Total revenue	7,591	4,548	17,800	9,868
Rest of North America
Disaggregation of Revenue [Line Items]
Total revenue	1,286	167	2,513	525
South America
Disaggregation of Revenue [Line Items]
Total revenue	409	214	1,004	483
Rest of Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	127	455	701	1,168
Europe
Disaggregation of Revenue [Line Items]
Total revenue	$ 711	$ 243	$ 1,523	$ 510

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Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract asset	$ 0		$ 0		$ 55
Contract revenue
Disaggregation of Revenue [Line Items]
Revenue recognized from previously recorded contract liabilities	$ 206	$ 1,056	$ 819	$ 1,865
Customer Concentration Risk | Accounts receivable | Largest customer
Disaggregation of Revenue [Line Items]
Concentration risk			34.00%		35.00%
Customer Concentration Risk | Accounts receivable | Second largest customer
Disaggregation of Revenue [Line Items]
Concentration risk			18.00%		12.00%

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Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 377	$ 1,665

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Revenue - Performance Obligation (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,763
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	95.00%
Remaining performance obligation period	12 months

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Revenue - Schedules of Customers Accounting for More Than 10% of Total Revenue (Details) - Total revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Customer A
Disaggregation of Revenue [Line Items]
Concentration risk	25.70%	51.60%	39.30%	57.30%
Customer B
Disaggregation of Revenue [Line Items]
Concentration risk	12.90%	10.30%	5.40%	13.60%
Customer C
Disaggregation of Revenue [Line Items]
Concentration risk	0.00%	13.20%	0.00%	6.40%

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Share-Based Compensation - Narrative (Details)		3 Months Ended		9 Months Ended
	Jan. 29, 2021 $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Jun. 10, 2021 shares	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recapitalization exchange ratio						27.80
Stock compensation expense | $		$ 6,217,000	$ 0	$ 14,185,000	$ 0
Granted (in shares)		0
Total unrecognized compensation cost related to profit interests | $		$ 44,538,000		$ 44,538,000
2021 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units authorized (in shares)						10,368,750
Profit interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Stock compensation expense | $				$ 0
Weighted-average grant date fair value (in dollars per share) | $ / shares				$ 8.61
Grant date fair value (in dollars per share) | $ / shares		$ 8.58		$ 8.58			$ 2.72
Granted (in shares)				5,188,548
Profit interest | One year milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				12 months
Vesting percentage				25.00%
Profit interest | Remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Vesting percentage				75.00%
Profit interest | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units authorized (in shares)		14,284,919		14,284,919
Profit interest | Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units authorized (in shares)		513,846		513,846
Unvested Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Stock compensation expense | $				$ 0
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 6.83
Unvested Restricted stock units | One year milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	12 months
Vesting percentage	25.00%
Unvested Restricted stock units | Remaining three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Vesting percentage	75.00%
Unvested Restricted stock units | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units authorized (in shares)	1,751,360
Unvested Restricted stock units | Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units authorized (in shares)	62,998
Unvested Earn-out Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value | $		$ 3,919,000		$ 3,919,000
Grant date fair value (in dollars per share) | $ / shares		$ 9.20		$ 9.20

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Share-Based Compensation - Weighted Average Assumptions (Details) - Profit interest	9 Months Ended
	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Constant risk free rate	0.80%
Constant volatility factor	40.00%
Geometric Brownian Motion	0.00981

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Share-Based Compensation - Components of Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 6,217	$ 0	$ 14,185	$ 0
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	2,588	0	5,185	0
Selling, general, and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 3,629	$ 0	$ 9,000	$ 0

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Share-Based Compensation - Roll Forward (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Profit interest activity
Granted (in shares)	0
Profit interest
Profit interest activity
Beginning balance, Nonvested profit interest (in shares)		3,868,225
Granted (in shares)		5,188,548
Vested (in shares)		(2,005,004)
Forfeited (in shares)		(78,036)
Ending balance, Nonvested profit interest (in shares)	6,973,733	6,973,733
Weighted Average Grant Date Fair Value
Beginning balance, weighted-average grant date fair value (in dollars per share)		$ 2.72
Granted (in dollars per share)		8.61
Vested (in dollars per share)		5.31
Forfeited (in dollars per share)		6.65
Ending balance, weighted-average grant date fair value (in dollars per share)	$ 8.58	$ 8.58

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Net Income (Loss) per Common Share - Basic and Diluted Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended					9 Months Ended
		Jun. 30, 2021	Jun. 10, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss		$ 26,555	$ (13,566)	$ (108,161)	$ 10,361	$ (22,156)	$ (6,992)	$ (5,380)	$ (84,812)	$ (34,528)
Less: Net loss attributable to noncontrolling interest				(28,512)		(197)			(22,127)	(590)
Net loss attributable to indie Semiconductor, Inc.				(79,649)		(21,959)			(62,685)	(33,938)
Net loss attributable to common shareholders - dilutive				$ (79,649)		$ (21,959)			$ (62,685)	$ (33,938)
Denominator:
Weighted average common shares outstanding - basic (in shares)	[1]			96,368,379		31,349,643			58,791,245	31,153,933
Weighted average common shares outstanding - diluted (in shares)	[1]			96,368,379		31,349,643			58,791,245	31,153,933
Earnings Per Unit:
Net loss per share attributable to common shares - basic (in dollars per unit)				$ (0.83)		$ (0.70)			$ (1.07)	$ (1.09)
Net loss per share attributable to common shares - diluted (in dollars per unit)				$ (0.83)		$ (0.70)			$ (1.07)	$ (1.09)

[1] (1) Retroactively restated to give effect to the reverse recapitalization.

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Net Income (Loss) per Common Share - Antidilutive Units Excluded from Computation of Net Loss Per Unit (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	79,842,289	44,910,442	89,311,646	44,910,442
SAFEs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	0	4,711,711	7,651,982	4,711,711
Unvested Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	0	3,710,500	1,817,375	3,710,500
Unvested Phantom units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	1,727,730	0	1,727,730	0
Unvested Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	3,437,188	0	3,437,188	0
Convertible preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	0	35,935,292	0	35,935,292
Warrants to purchase Class G units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	0	267,939	0	267,939
Convertible debt into Class A and preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	0	285,000	0	285,000
Convertible Class V common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	33,827,371	0	33,827,371	0
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	17,250,000	0	17,250,000	0
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	10,150,000	0	10,150,000	0
Earn-out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	10,000,000	0	10,000,000	0
Escrow Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities excluded from the calculation of net loss per unit (in shares)	3,450,000	0	3,450,000	0

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Calculated tax savings (as a percent)			85.00%
Income tax (benefit) expense	$ (36)	$ (13)	$ 34	$ 9

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Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended
	May 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Jan. 31, 2020 USD ($)	Jul. 31, 2015 USD ($) ft²	Sep. 30, 2021	Jul. 31, 2021	Oct. 31, 2017	Oct. 31, 2015
Aliso Viejo headquarters
Other Commitments [Line Items]
Lease term						5 years
Square footage of lease space (in square feet) | ft²						14,881
Security deposit						$ 30
Lowest tier of letter of credit						$ 200
Scotland Design Center facility
Other Commitments [Line Items]
Lease term										5 years
Monthly rent					$ 19
Wuxi sales and design center
Other Commitments [Line Items]
Lease term									26 months
Shanghai lease
Other Commitments [Line Items]
Monthly rent				$ 3
Month-to-month lease
Other Commitments [Line Items]
Monthly rent			$ 1
Budapest, Hungary
Other Commitments [Line Items]
Lease term		3 years
Monthly rent		$ 6
Detroit, Michigan
Other Commitments [Line Items]
Lease term	7 years
Monthly rent	$ 22
Dresden, Germany
Other Commitments [Line Items]
Lease term								3 years
Dresden, Germany
Other Commitments [Line Items]
Lease term							3 years

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Commitments and Contingencies - Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Commitments [Line Items]
Rent expense	$ 268	$ 233	$ 755	$ 676
Research and development
Other Commitments [Line Items]
Rent expense	219	211	619	581
Selling, general, and administrative
Other Commitments [Line Items]
Rent expense	$ 49	$ 22	$ 136	$ 95

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Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remaining three months)	$ 287
2022	1,074
2023	637
2024	315
2025	286
Thereafter	817
Total	$ 3,416

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Subsequent Events (Details) $ in Millions, $ in Millions						12 Months Ended
	Oct. 21, 2021 USD ($) shares	Oct. 12, 2021 USD ($) shares	Oct. 01, 2021 USD ($)	Aug. 27, 2021 CAD ($)	Jun. 10, 2021 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 12, 2021 USD ($)
Subsequent Event [Line Items]
Cash portion of consideration				0.50
Share portion of consideration				0.50
Earnout shares
Subsequent Event [Line Items]
Earn-out liability (in shares) | shares					10,000,000
TeraXion
Subsequent Event [Line Items]
Total				$ 200
TeraXion | Subsequent Event
Subsequent Event [Line Items]
Cash paid to acquire business		$ 80.0
Equity interest issued or issuable (in shares) | shares		5,805,144
TeraXion | Subsequent Event | Class A
Subsequent Event [Line Items]
Options exercisable to purchase (in shares) | shares		1,542,332
ON Design Israel | Subsequent Event
Subsequent Event [Line Items]
Cash paid to acquire business			$ 5.0
Payment to acquire business based on design win performance								$ 7.5
ON Design Israel | Subsequent Event | Forecast
Subsequent Event [Line Items]
Cash paid to acquire business							$ 7.5
Symeo GmbH | Subsequent Event
Subsequent Event [Line Items]
Cash paid to acquire business	$ 10.0
Earn-out liability (in shares) | shares	858,369
Symeo GmbH | Subsequent Event | Forecast
Subsequent Event [Line Items]
Cash paid to acquire business						$ 10.0