INDI

MKT CAP:$775M

indie Semiconductor, Inc.

Market Cap

$775M

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$3.38-$0.32 (-8.65%)

Apr 21, 2026

Company Details

indie Semiconductor, Inc. provides automotive semiconductors and software solutions for advanced driver assistance systems, connected car, user experience, and electrification applications. It offers devices for a multitude of automotive ap...

CEO

Donald McClymont

IPO Date

Oct 4, 2019

Website

www.indiesemi.com

Key Metrics TTM

Revenue

$212M

+63.6% YoY

Net Income

-$123M

EPS (Diluted)

-$0.67

Free Cash Flow

-$77M

Revenue / Share

$1.07

Gross Margin

23.7%

Operating Margin

-77.0%

Net Margin

-58.0%

FCF Margin

-36.2%

P/S

3.6x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 27, 2026

$217MEPS -$0.72

Q3 2025

Nov 7, 2025

$54MEPS -$0.19

Q1 2025

May 12, 2025

$54M+3.3%EPS -$0.18

Q2 2024

Aug 9, 2024

$52M+0.5%EPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$6M	-$7M	-$8M
Q1 20	$5M	-$3M	-$5M
Q2 20	$4M	$2M	-$5M
Q3 20	$8M	$4M	-$3M
Q4 20	$7M	$2M	-$7M
Q4 21	$19M	-$13M	-$27M
Q1 22	$22M	$8M	-$34M
Q2 22	$26M	$11M	-$30M
Q3 22	$30M	$15M	-$26M
Q2 23	$52M	$20M	-$41M
Q1 24	$52M	$22M	-$50M
Q2 24	$52M	$22M	-$37M
Q1 25	$54M	$23M	-$39M
Q3 25	$54M	-$16M	-$38M

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	35.0x	—
Q4 20	34.3x	—
Q4 21	21.0x	—
Q1 22	14.0x	—
Q2 22	10.6x	—
Q3 22	8.0x	—
Q2 23	6.0x	—
Q1 24	4.8x	—
Q2 24	4.1x	—
Q1 25	3.7x	—
Q3 25	3.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$5M	-$5M
Q1 20	-$6M	-$6M
Q2 20	-$5M	-$5M
Q3 20	-$4M	-$4M
Q4 20	-$7M	-$7M
Q4 21	-$19M	-$20M
Q1 22	-$16M	-$16M
Q2 22	-$21M	-$22M
Q3 22	-$22M	-$25M
Q2 23	-$40M	-$44M
Q1 24	-$9M	-$12M
Q2 24	-$20M	-$23M
Q1 25	-$29M	-$31M
Q3 25	-$6M	-$10M

Capital Expenditures

Quarter	CapEx
Q4 19	$234.0K
Q1 20	$259.0K
Q2 20	$32.0K
Q3 20	$511.0K
Q4 20	$33.0K
Q4 21	$1M
Q1 22	$565.0K
Q2 22	$1M
Q3 22	$3M
Q2 23	$3M
Q1 24	$2M
Q2 24	$4M
Q1 25	$2M
Q3 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+7.6%	-5.6%
Q4 21	+306.6%	+398.7%
Q1 22	+493.3%	+576.6%
Q2 22	+239.5%	+418.3%
Q3 22	+351.2%	+311.7%
Q2 23	+174.8%	+102.3%
Q1 24	+138.0%	+81.1%
Q2 24	+103.3%	+59.7%
Q1 25	+80.2%	+66.5%
Q3 25	+3.0%	-0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$9M	46.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q1 24	$26M	48.9%
Q2 24	$12M	22.8%
Q1 25	$17M	31.9%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 19	$7M	—	—
Q1 20	$5M	—	—
Q2 20	$5M	—	$1M
Q3 20	$6M	—	$1M
Q4 20	$7M	—	$3M
Q4 21	$21M	—	—
Q1 22	$29M	—	$13M
Q2 22	$28M	$12M	—
Q3 22	$30M	—	$11M
Q2 23	$42M	$19M	—
Q1 24	$50M	—	$22M
Q2 24	$41M	—	$17M
Q1 25	$42M	—	$19M
Q3 25	$38M	—	—

Revenue Segments

Quarter	Product	Service
Q4 21	$16M	$3M
Q1 22	$18M	$4M
Q2 22	$20M	$5M
Q3 22	$24M	$6M
Q2 23	$45M	$7M
Q1 24	$49M	$4M
Q2 24	$49M	$3M
Q1 25	$50M	$4M

Revenue by Geography

Quarter	Asia Pacific Excluding China	China	Europe	Latin America	South America	United States	North America Excluding United States
Q1 22	$325.0K	$9M	$4M	$1M	$412.0K	$7M	—
Q2 22	$1M	$11M	$4M	—	$293.0K	$9M	$870.0K
Q3 22	$881.0K	$11M	$5M	—	$321.0K	$11M	$1M
Q2 23	$8M	$20M	$9M	—	$655.0K	$12M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$193M	$0	$193M
Q2 22	$164M	$0	$164M
Q3 22	$150M	$0	$150M
Q4 22	$322M	$0	$322M
Q1 23	$207M	$0	$207M
Q2 23	$181M	$0	$181M
Q3 23	$161M	$0	$161M
Q4 23	$152M	$0	$152M
Q1 24	$138M	$0	$138M
Q2 24	$123M	$0	$123M
Q3 24	$97M	$0	$97M
Q4 24	$274M	$0	$274M
Q1 25	$237M	$0	$237M
Q2 25	$193M	$0	$193M
Q3 25	$171M	$0	$171M
Q4 25	$145M	$0	$145M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	111M	—	—
Q1 20	111M	+0.5%	—
Q2 20	101M	-8.9%	—
Q3 20	101M	0.0%	—
Q4 20	101M	0.0%	-8.4%
Q4 21	106M	+4.6%	-4.7%
Q1 22	147M	+38.8%	+45.2%
Q2 22	117M	-20.6%	+15.3%
Q3 22	121M	+3.0%	+18.7%
Q2 23	142M	+17.8%	+33.7%
Q1 24	165M	+15.9%	+11.7%
Q2 24	170M	+3.4%	+45.5%
Q1 25	191M	+12.5%	+58.9%
Q3 25	199M	+4.1%	+40.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q4 21	$47.4K	400
Q1 22	$55.0K	400
Q2 22	$64.4K	400
Q3 22	$75.0K	400
Q2 23	$86.8K	600
Q1 24	$58.2K	900
Q2 24	$58.2K	900
Q1 25	$58.8K	920
Q3 25	$58.3K	920

Revenue / Employee