indie Semiconductor, Inc.

What they do

indie designs and sells mixed-signal semiconductors and system solutions for ADAS, including radar, computer vision, LiDAR, and ultrasound sensing modalities. The company also develops perception software (emotion3D) and is expanding into humanoid robotics and quantum technology. It operates globally, with customers including automotive OEMs and Tier 1 suppliers, and has a significant operating subsidiary, Wuxi indie Microelectronics, which is being divested.

Revenue drivers

• Automotive ADAS semiconductors — Core business sells radar (77GHz), computer vision (iND880), and LiDAR solutions to global OEMs and Tier 1 suppliers; Q3 2026 midpoint guidance implies ~$40M per quarter from this business.
• Wuxi indie Microelectronics — Wholly-owned subsidiary focused on photonics and quantum technology; Q3 2026 midpoint guidance implies ~$30M per quarter; being divested (sale of up to all of Ay Dee Kay, LLC's equity interest).
• Physical AI / robotics sensing — Sensing products for humanoid robotics, with design wins at Unitree and Agibot; new iND881 Edge AI SoC launched for automotive and physical AI applications.
• Quantum technology — Record quarter for Quantum bookings in Q2 2026, including new customer-funded programs.

Recent performance

Q2 2026 revenue was $64.0 million, up 24% year-over-year and above the midpoint of guidance. GAAP operating loss narrowed to $35.1 million from $43.0 million a year ago; non-GAAP operating loss was $8.9 million versus $14.5 million. GAAP loss per share was $0.17; non-GAAP loss per share was $0.05. Annual revenue has been roughly flat around $217M for 2024-2025, with net losses of about $150M in 2025.

Strategy

Management is focused on returning to high growth by expanding 77GHz radar adoption across global OEMs (North America, Europe, China) and adding new use cases. The company is investing in computer vision, Physical AI, and quantum, launching new SoCs like the iND881 and securing design wins with leading robotics companies. It is actively divesting Wuxi indie Microelectronics, and highlighting disciplined, profitable growth with improving operating margins.

Risks

• Wuxi divestiture risk — Failure to complete the Wuxi Divestiture, or completion on less favorable terms, could materially adversely affect reported financial results.
• Deconsolidation risk — If required to deconsolidate Wuxi's financial results, reported revenue and results of operations would change significantly.
• Continued operating losses — Sustained net losses (net income -$150.7M in 2025) and negative operating cash flow (-$57.1M in 2025) require ongoing liquidity management.
• Customer concentration — Revenue relies on key customers; concentration risk exists with Customer A (referenced in SEC filings for 2023-2025).

Outlook

For Q3 2026, management guides revenue between $67 million and $73 million, representing approximately 30% year-over-year growth at the midpoint. This includes roughly $40 million from the core business and $30 million from Wuxi indie Micro. The company continues to expect substantial progress toward profitability, with non-GAAP operating losses narrowing significantly.