What caused INDP's net profit decline in 2023?

Indie Semiconductor, Inc. (INDI) experienced a net income decline of approximately -$128.83 million in 2023. While the exact reasons may not be publicly disclosed, we can infer several possible factors from the available data and industry trends:

1. **Financial Performance Challenges**: The company's financial performance has been impacted by significant research and development expenses, which increased to approximately $3.4 million for the six months ending June 30, 2023. This increase suggests a higher investment in innovation, which can temporarily strain financials before yielding returns.
2. **Cash Management**: INDI has been managing its cash position prudently, as evidenced by the company's statements. This careful management might have been a strategic decision to prioritize liquidity over profit in a potentially uncertain market environment.

In summary, the decline in Indie Semiconductor's net profit in 2023 is likely a result of a combination of increased investment in research and development and careful cash management.