10 Best Lidar Stocks To Buy Now

2. indie Semiconductor, Inc. (NASDAQ:INDI)

Number of Hedge Fund Holders In Q2 2024: 16

indie Semiconductor, Inc. (NASDAQ:INDI) is a diversified sensor company that sells cameras, radar sensors, and lidar sensors. The fact that it sells both cameras and lidars is good since it means that the firm can pivot from lidars to cameras if the broader industry follows Elon Musk and shifts to cameras. However, like other lidar firms, indie Semiconductor, Inc. (NASDAQ:INDI) is yet to generate a profit. The firm’s trailing twelve month operating expenses are $241 million, and its cash and cash equivalents as of Q2 are $112 million. Naturally, this also makes it unsurprising that indie Semiconductor, Inc. (NASDAQ:INDI)’s stock is down 48.4% year to date. This has come on the back of several worrying developments, including news that indie Semiconductor, Inc. (NASDAQ:INDI)’s top management is taking a token base salary of $1. This creates doubts about the firm’s ability to fund its operations in the future. On the sales front, the firm’s revenue was flat during Q2.

One key factor that has hampered indie Semiconductor, Inc. (NASDAQ:INDI) is excess inventory. Here’s what management shared during the Q2 2024 earnings call:

“Additionally, given lower consumer pricing specials for vehicle purchases and reduced global electric vehicle stimulus programs, automotive OEMs have been prioritizing de-featured vehicles, which has led to reduced semiconductor content. These factors, coupled with ongoing inventory consumption which persisted in the second quarter, negatively impacted our revenue against our prior outlook. We now anticipate this trend will spill over into the second-half of 2024, as reflected in most recent analyst estimates, which project essentially flat to low single-digit negative growth for the automotive semiconductor industry in 2024. Despite these headwinds, we believe that with our new product launches and current customer status, indie is poised to deliver modest growth in the third quarter, growing above the market to reach outsized growth levels as we move through the second-half of 2024 and into 2025.”