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INDI

indie Semiconductor, Inc.

INDI

indie Semiconductor, Inc. • NASDAQ
$3.56 ▲ 2.01% (+0.07)
Market Cap $721.29 M
52w High $6.05
52w Low $1.53
Dividend Yield 0%
P/E -4.75
Volume 1.11M
Outstanding Shares 202.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.676M ▲ $21.858M ▼ $-38.289M ▲ -71.334% ▲ $-0.19 ▲ $-26.466M ▼
Q2-2025 $51.634M ▼ $63.934M ▲ $-39.038M ▼ -75.605% ▼ $-0.2 ▼ $-25.294M ▼
Q1-2025 $54.077M ▼ $61.482M ▲ $-34.546M ▼ -63.883% ▼ $-0.18 $-22.079M ▲
Q4-2024 $58.009M ▲ $58.592M ▼ $-32.582M ▲ -56.167% ▲ $-0.18 ▲ $-22.576M ▲
Q3-2024 $53.965M $71.138M $-49.682M -92.063% $-0.28 $-40.168M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $171.162M ▼ $855.065M ▼ $462.151M ▲ $369.21M ▼
Q2-2025 $192.56M ▼ $867.63M ▼ $452.534M ▼ $390.407M ▼
Q1-2025 $236.608M ▼ $909.022M ▼ $477.289M ▼ $405.568M ▼
Q4-2024 $274.248M ▲ $941.386M ▲ $495.991M ▲ $417.886M ▼
Q3-2024 $96.897M $797.461M $308.658M $458.564M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-38.289M ▲ $-6.167M ▲ $-21.835M ▼ $-1.918M ▲ $-31.691M ▲ $-10.329M ▲
Q2-2025 $-41.618M ▼ $-7.605M ▲ $-6.014M ▼ $-29.268M ▼ $-44.052M ▼ $-13.619M ▲
Q1-2025 $-34.546M ▼ $-29.051M ▼ $-2.378M ▲ $-4.69M ▼ $-37.643M ▼ $-31.429M ▼
Q4-2024 $-34.369M ▲ $-6.724M ▲ $-2.533M ▲ $185.88M ▲ $177.351M ▲ $-9.257M ▲
Q3-2024 $-54.595M $-22.804M $-7.547M $16.896M $-15.45M $-30.351M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $50.00M ▲$100.00M ▲$50.00M ▼$50.00M ▲
Service
Service
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement indie looks like a classic early‑stage growth chip company: revenues have grown rapidly from a very small base over the last few years and are now at a more meaningful, but still modest, level. The encouraging piece is that the company consistently earns a positive gross margin, so its products are being sold at a healthy markup over direct costs. The challenge is further down the income statement. Operating expenses – especially for engineering, R&D, and go‑to‑market – are heavy, so operating losses remain sizable and have not yet shown a clear trend toward breakeven. Net losses are recurring and meaningful each year, and per‑share losses reflect that the business is still firmly in investment mode. In plain terms, the company is successfully selling more, but not yet close to covering its full cost base.

Balance Sheet

Balance Sheet The balance sheet shows a company that has bulked up its asset base as it scales, with total assets rising significantly over the past five years. Cash on hand is reasonable for a small tech firm and provides some cushion, but it is not so large that prolonged cash burn would be comfortable without improvement or additional funding. Debt has risen notably in the most recent year, which means leverage is becoming an important factor to watch. Servicing this debt will add to fixed obligations at a time when the business is still loss‑making. On the positive side, shareholders’ equity has moved from negative in the early days to solidly positive, reflecting capital raised and accumulated investments. Overall, the balance sheet is adequate for a growth story but not overly conservative, and the higher debt load increases sensitivity to execution risk.

Cash Flow

Cash Flow Cash flow patterns match the income statement story: indie is consistently using, not generating, cash from its operations. The operating cash outflow has been fairly steady over time rather than spiraling, which suggests some discipline, but the business is still far from self‑funding. Free cash flow is negative each year. Capital spending is relatively modest thanks to the fabless model, so most of the cash usage comes from funding R&D, staff, and working capital rather than large factories or equipment. This is typical for a design‑focused semiconductor firm, but it means the path to sustainability depends on scaling revenue and expanding margins, not cutting back on essential investment. Over time, the company will need either stronger internal cash generation or periodic access to external capital.

Competitive Edge

Competitive Edge indie is targeting a very attractive corner of the chip market: automotive systems tied to driver assistance, sensing, in‑cabin experience, and vehicle electrification. It competes not by being the biggest player, but by being specialized and highly integrated. Its mixed‑signal system‑on‑chips, broad sensor coverage (radar, vision, LiDAR, ultrasonic), and ability to combine hardware and software into complete solutions give it a differentiated offering. The company benefits from high switching costs in automotive: once a chip is designed into a car platform, it is difficult and expensive for automakers to replace. That, combined with a substantial patent portfolio and hard‑to‑obtain automotive safety qualifications, creates barriers for would‑be rivals. Its pure automotive focus helps it understand customer needs deeply but also concentrates its exposure in one cyclical, demanding industry. Larger, diversified semiconductor companies remain powerful competitors. Overall, indie’s position is that of a focused specialist with sticky customer relationships but significant execution and scale challenges against much bigger peers.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of indie’s strategy and a major reason for its current losses. The company is investing heavily in advanced radar chips, high‑performance vision processors, LiDAR and photonics capabilities, and AI‑driven perception software. This portfolio aims to address most of the sensing and intelligence needs in modern and future vehicles. indie’s fabless model lets it channel more resources into chip design and software rather than factories. It also pursues custom designs in close collaboration with automakers and tier‑one suppliers, which can lock in long‑term programs but extends development cycles. The roadmap includes next‑generation ADAS solutions, more efficient radar, deeper in‑cabin monitoring, and exploratory work in areas like quantum photonics. There is also an eye toward expanding into adjacent areas such as industrial and robotics. The upside is a strong technology story and large potential market; the risk is that these bets take time to pay off and must keep pace with rapid advances from much larger R&D budgets elsewhere in the industry.

Summary

Overall, indie Semiconductor is an early‑stage automotive chip specialist that has moved from concept to meaningful revenue, but is still firmly in the investment and cash‑consumption phase. Its income statement shows growing sales and solid product margins, but heavy operating costs keep the company in significant loss territory. The balance sheet is stronger than in its early days, with growing assets and positive equity, but rising debt and ongoing cash burn put a premium on successful execution. Strategically, the company is well aligned with powerful long‑term trends in the auto sector—driver assistance, electrification, and smarter cabins—and has built a defensible niche with integrated solutions, strong IP, and high switching costs. The large stated backlog underlines demand for its technology but does not remove the need to convert that pipeline into profitable, cash‑generating production. Key uncertainties center on the timing and scale of a potential move toward profitability, the ability to manage leverage and funding needs, and competitive pressure from much larger semiconductor players. The story is one of high innovation and compelling market alignment, balanced against financial losses and execution risk that will likely remain important factors for some time.

NEWS

November 20, 2025 · 9:15 AM UTC

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November 6, 2025 · 4:30 PM UTC

indie Reports Third Quarter 2025 Results

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November 6, 2025 · 4:15 PM UTC

indie Appoints New Chief Financial Officer

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October 28, 2025 · 8:30 AM UTC

indie Enters into Definitive Agreement to Sell its Interest in Wuxi indie Microelectronics

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October 14, 2025 · 9:15 AM UTC

indie's Narrow Linewidth Distributed Feedback Visible Lasers Empower Quantum-Enhanced Technologies

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