Underrated SPAC play! 🚘
🚘 indie Semiconductor $THBR

• The future of automobiles
- EV, AD, AI

• $2B in backlog orders..
in high growth market ($38B '25)

• Relationships w/ Tier 1 Auto suppliers

- an investment in the future

- $INDI post merge

Dive deeper 👇👇
1/ Products offered

Provide tech for the future of automobiles:

1⃣LiDar
- think of self-parking
- autonomous cars

2⃣Connectivity
- become essentially a smartphone

3⃣User Experience
- car play solutions
- LED lighting
- infotainment

4⃣Electrification
- charging controllers
2/ Global Company

🔹HQ
- California

🔹Design centers
- Austin, TX
- Scotland
- China

🔹Sales
- US
- Germany
- Taiwan

Also...
have manufacturing partners across the world

Set up for success with the EV boom!
3/ High Gross Margins 📈

'25 est. - $501M revenue

• 30% margin EBITDA (that's impressive!)

- it's so high because they do B2B transactions
.. low acquisition costs
.. repeat customers
.. large orders

Threat of entry is low; helping them lock-in lifelong customers.
4/ Comparables

indie is a very unique company because they don't have a true comparable thanks to their array of products

LiDar: Two similar previous SPACs
- $VLDR ($22.60)
- $LAZR ($32.63)

IMO, indie offers more and post merger will skyrocket past both of them.
5/ Management

• Very experienced + diverse w/ global connections

• Many have worked together for 20+ yrs

- Team at $THBR also brought $RPAY public via a SPAC (up 140% since merger)

Notable:
- Donald McClymont (CEO) named Top 100 intriguing entrepreneur by Goldman Sachs
6/ Silicon and Software

- indie's semiconductors and software are claimed to be unmatched

Today vehicles have around $310 in silicon content per vehicle.

🔹In the future, that total could rise to more than $4,000.

- High growth market for this tech
(from $12B to $38B)
7/ Financials

Already have $2B in backlog orders with

...28 contracts across a diverse portfolio

- expect to be profitable by 2023

- 85% 5 year CAGR

- strong pipeline of potential orders

- global company w/ global customers

- Conservative estimates of EV/AD growth
8/ Magna Deal

$INDI has a strong relationship with Magna

And Magna is the company producing the Ocean Electric SUV for Fisker

- so if you're a fan of $FSR and Henrik Fisker...

Then, you'll be happy to know indie's technology is being used in the car
Final Thoughts + Plan

- I'm bullish on $THBR (post merger $INDI)

- First position at $11.95

- I like how they have a diverse product offering and large backlog of orders

🔹Undoubtedly the future of automobiles..
question is "how long will it take"?
The chart is looking good for $THBR

Seems to be following typical SPAC movements and should continue to run-up higher through merger

Thanks to @SpacGuru for putting this on my radar.

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