What drove INDP's Q1 2024 operating loss?

INDP's Q1 2024 operating loss was driven by several key factors:

1. **Increased Costs**: The company experienced significant increases in cost of goods sold, research and development expenses, and sales and marketing expenses. For instance, the cost of goods sold rose by 34.3% and research and development expenses increased by 28.9%. Sales and marketing expenses also saw a notable rise of 40.5%. These substantial cost increases outpaced the revenue growth, contributing to the operating loss.
2. **Supply Chain Disruptions**: INDI's operating loss was also influenced by supply chain disruptions. The company faced challenges in sourcing materials, which affected production and delivery schedules. These disruptions led to additional expenses and reduced profitability.
3. **Price Increases**: To mitigate the impact of inflation and supply chain disruptions, INDI implemented price increases across its product portfolio. While these price increases were necessary to maintain profitability, they temporarily affected sales volumes and revenue recognition, thereby impacting the operating loss.
4. **Inventory Management**: INDI's inventory levels increased significantly, primarily due to the need to secure materials amid supply chain uncertainties. This led to higher inventory holding costs and the recognition of inventory-related liabilities, which further contributed to the operating loss.

In summary, INDI's Q1 2024 operating loss was primarily driven by increased costs, supply chain disruptions, price increases, and inventory management challenges. These factors combined to negatively impact the company's profitability for the period.