indie Semiconductor, Inc. Reports Q4 2025 Results: Revenue Beats, Strategic Progress & Key Outlooks

Key Highlights for Investors

• Q4 2025 Revenue: indie Semiconductor (Nasdaq: INDI) delivered \$58 million in revenue, up 8% sequentially and beating its own guidance midpoint by \$1 million.
• First Radar Chipset Shipments: indie commenced initial radar chipset shipments to a Tier 1 automotive partner, marking a significant milestone for the company’s entry into advanced driver-assistance systems (ADAS) and perception solutions.
• GAAP and Non-GAAP Losses:
  • GAAP operating loss for Q4 was \$33.9 million (flat YoY), with a GAAP net loss of \$32.2 million, or \$0.16 per share.
  • Non-GAAP operating loss improved to \$10.1 million (from \$14.2 million YoY), and Non-GAAP net loss was \$12.4 million, or \$0.07 per share.
• Business Expansion: The company is entering the high-growth humanoid robotics market, positioning itself for further diversification and potential growth.
• Q1 2026 Revenue Guidance:
  • Expected between \$52 million and \$58 million, with a midpoint of \$55 million.
  • Revenue from Wuxi indie Micro subsidiary is anticipated to decline to \$21 million, while core business revenue is forecasted to grow by 20% sequentially to \$34 million at the midpoint.

Business and Strategic Developments

• Secured a key design win (iND880) with a Chinese manufacturer for camera monitoring systems, expected to ramp in mid-2026.
• Completed the integration of emotion3D, expanding indie’s perception software ecosystem.
• Announced a strategic partnership with Mahindra for perception software in the XEV 93 and BE 6 Electric Origin SUVs.
• Awarded its largest LXM laser booking and a DFB laser design win for a non-automotive LiDAR application.
• Qi 2.0 wireless charging production is expected in H1 2026 with Ford, suggesting material automotive OEM traction.

Financial Details

• Full-Year 2025 Figures:
  • Total revenue: \$217.4 million (up from \$216.7 million in 2024).
  • GAAP net loss: \$151.7 million (vs. \$144.2 million in 2024); Non-GAAP net loss: \$58.5 million (vs. \$68.9 million in 2024).
  • Adjusted EBITDA for Q4 2025 was \$(7.9) million, an improvement from \$(12.3) million a year ago.
• Balance Sheet:
  • Cash and cash equivalents at year-end: \$145.5 million (down from \$274.2 million at 2024 year-end).
  • Total assets: \$840.8 million (down from \$941.4 million).
  • Total stockholders’ equity: \$382.7 million (down from \$445.4 million).
• Operating Expenses:
  • R&D for Q4 2025: \$35.5 million (down from \$38.3 million YoY).
  • Selling, general, and administrative: \$19.2 million (down YoY).
  • Restructuring costs: \$0.9 million for the quarter.

Important Shareholder Issues & Price-Sensitive Information

• Pending Sale of Wuxi indie Microelectronics:
  • Management highlights the potential adverse effects on business, financial condition, and stock price due to the pending sale of the entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd.
• Cash Usage & Profitability Path:
  • While the company continues to narrow non-GAAP losses, cash reserves have declined significantly year-over-year, which may concern investors regarding liquidity and the timeline to profitability.
• Strategic Partnerships & New Market Entry:
  • Partnerships with major OEMs (e.g., Ford, Mahindra) and entry into humanoid robotics could provide new growth catalysts and impact valuation multiples.
• Risks & Forward-Looking Statements:
  • Management cautions investors about macroeconomic headwinds, supply chain risks, integration risks from acquisitions, and geopolitical/trade risks affecting operations and outlook.

Conference Call Information

The company will host a conference call to discuss these results and its outlook. Details and replay will be available on the indie Semiconductor investor relations website.

Conclusion

indie Semiconductor delivered a solid quarter, beat guidance, and narrowed non-GAAP losses while achieving strategic milestones in radar, perception software, and robotics. However, ongoing losses, declining cash reserves, and the potential impact of the Wuxi divestiture pose risks. Investors should weigh the company’s accelerating design wins and partnerships against execution risks and ongoing cash burn.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All statements are based on the latest public filings and company disclosures as of the date of publication. Investors should review the company’s SEC filings and consult their financial advisors before making any investment decisions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

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