Despite revenue growth, operating cash flow was -$28.9M in 2026Q2 (0.78x net loss), and FCF worsened to -$32.0M (50% FCF margin), with working capital swings amplifying burn and no capital returns to shareholders.
indie Semiconductor, Inc. (INDI) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -71.47M | -57.13M | -58.6M | -104.39M | -76.75M | -55.82M | -21.22M | -14.88M | -14.73M |
| Operating CF Margin % | - | -26.28% | -27.04% | -46.77% | -69.27% | -115.3% | -93.84% | -65.49% | -51.29% |
| Operating CF Growth % | -295.57% | 2.51% | 43.86% | -36.02% | -37.49% | -163.07% | -42.64% | -0.96% | - |
| Net Income | -150.66M | -150.71M | -144.19M | -117.63M | -52.79M | -118.61M | -98.36M | -20.45M | -10.21M |
| Depreciation & Amortization | 45.06M | 43.59M | 43.06M | 34.59M | 16.76M | 5.97M | 2.65M | 4.18M | 1.82M |
| Stock-Based Compensation | 37.07M | 65.11M | 67.24M | 43.71M | 41.88M | 22.91M | 0 | 0 | 0 |
| Deferred Taxes | -536K | -536K | -5.37M | -4.2M | -2M | -516K | 0 | 0 | 0 |
| Other Non-Cash Items | 43.76M | -2.37M | -20.43M | -2.71M | -62.51M | 43.67M | 78.88M | 2.69M | -732K |
| Working Capital Changes | -40.36M | -12.21M | 1.08M | -58.15M | -18.09M | -9.24M | -4.38M | -1.29M | -5.62M |
| Change in Receivables | -7.26M | -2.86M | 9.59M | -32.2M | -12.16M | -4.48M | -1.3M | 280K | -3.1M |
| Change in Inventory | -20.7M | 2.52M | -16.97M | -5.79M | -4.3M | -3.17M | 767K | -1.86M | -2.61M |
| Change in Payables | 4.36M | -7.74M | 10.99M | -1.7M | 7.42M | -2.48M | -207K | 0 | 0 |
| Cash from Investing | -29.91M | -31.97M | -19.26M | -107.74M | -16.27M | -84.33M | -771K | -2.2M | -2.46M |
| Capital Expenditures | -12.23M | -14.29M | -14.34M | -12.75M | -7.57M | -4.07M | -771K | -1.66M | -842K |
| CapEx % of Revenue | 5.29% | 6.58% | 6.62% | 5.71% | 6.83% | 8.41% | 3.41% | 7.29% | 2.93% |
| Acquisitions | -17.67M | -17.67M | -3.2M | -94.99M | -8.71M | -80.26M | 6.18M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -1.72M | 0 | 0 | 0 | -6.18M | -544K | -1.62M |
| Cash from Financing | 47.02M | -38.94M | 209.33M | 43.57M | 192.66M | 340.65M | 33.47M | 125K | 39.29M |
| Debt Issued (Net) | 56.9M | -28.45M | 222.4M | -11.68M | 159.35M | -16.77M | 27.69M | -1.76M | 11.46M |
| Equity Issued (Net) | 6K | 6K | 19.85M | 65.48M | 51.34M | 4.1M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -7.4M | -900K | 0 | 0 | 0 |
| Other Financing | -9.88M | -10.54M | -32.91M | -10.23M | -18.04M | 353.31M | 5.78M | 1.88M | 27.83M |
| Net Change in Cash | -53.85M | -128.81M | 132.87M | -170.2M | 102.42M | 200.77M | 11.54M | -17.02M | 22.14M |
| Free Cash Flow | -83.7M | -71.42M | -72.94M | -117.14M | -84.31M | -59.89M | -21.99M | -16.53M | -15.58M |
| FCF Margin % | -36.21% | -32.85% | -33.66% | -52.49% | -76.1% | -123.71% | -97.25% | -72.79% | -54.22% |
| FCF Growth % | 1.13% | 2.08% | 37.73% | -38.93% | -40.78% | -172.36% | -33.02% | -6.13% | - |
| FCF per Share | -0.39 | -0.36 | -0.42 | -0.81 | -0.71 | -0.86 | -0.18 | -0.15 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.56x | 0.40x | 0.44x | 0.89x | 1.77x | 0.63x | 0.22x | 0.73x | 1.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.79M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying INDI stock.
indie Semiconductor, Inc. (INDI) generated $-57.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
indie Semiconductor, Inc. (INDI) reported negative free cash flow of $71.4M in 2025, indicating capital requirements exceeded cash from operations.
indie Semiconductor, Inc. (INDI) spent $14.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Cash Conversion Remains Elusive
Despite a 24% revenue surge in 2026Q2, operating cash flow was -$28.9M, only 0.78x net loss, per reported figures, indicating persistent cash burn.
The OCF/NI ratio has hovered below 1.0 for most quarters, with 2026Q2 at 0.78, suggesting that non-cash charges like SBC and D&A are not fully offsetting working capital outflows. The negative working capital changes, particularly -$23.2M in 2026Q2, indicate that growth is consuming cash rather than generating it, a classic sign of a company scaling before profitability.
FCF Burn Deepens Despite Growth
Free cash flow worsened to -$32.0M in 2026Q2, a 50% FCF margin, per financial statements, as revenue growth failed to translate into cash generation.
The FCF margin has deteriorated from -16.0% in 2024Q4 to -50.0% in 2026Q2, indicating that the re-accelerating top line is not yet covering operating costs and capex. This suggests that the company is still in a heavy investment phase, and investors should monitor whether the design-win pipeline can eventually convert to positive FCF.
Capex Intensity Remains Modest
Capex averaged around 5-7% of revenue in recent quarters, per reported data, reflecting a fabless model with limited capital intensity.
Capex/Revenue peaked at 12.1% in 2024Q3 but has since moderated to 4.9% in 2026Q2, indicating that the company is not investing heavily in physical assets. This aligns with the fabless strategy, where the bulk of investment is in R&D and working capital, not fixed assets, which may keep capex low but does not alleviate the cash burn from operations.
Working Capital Swings Amplify Burn
Working capital changes swung from +$9.9M in 2024Q4 to -$23.2M in 2026Q2, per reported figures, indicating volatile cash absorption.
The negative working capital changes in recent quarters, particularly -$23.2M in 2026Q2, suggest that as revenue grows, the company is building inventory or extending receivables, consuming cash. This volatility may indicate supply chain challenges or customer payment terms, and investors should monitor whether this is a temporary phenomenon or a structural drag on cash flow.
No Capital Returns, All Cash to Growth
No dividends or buybacks were paid in any quarter, per the data, with all cash directed toward operations and acquisitions.
The absence of shareholder returns is consistent with a company in a high-growth, cash-burning phase, where every dollar is needed to fund R&D and working capital. The only acquisition-related cash outflow was -$17.7M in 2025Q3, indicating that M&A remains a key deployment strategy, though its impact on cash flow is currently negative.
Cumulative Losses Outpace Cash Burn
Over the last ten quarters, cumulative net losses totaled -$357M, while operating cash flow was -$166.7M, per reported data, showing a $190M gap.
The cumulative gap between net income and operating cash flow suggests that non-cash charges like SBC and D&A are significant, but they are not fully offsetting the cash outflows. This divergence indicates that the company's earnings quality is low, as losses are not fully reflecting the cash drain, and investors should be cautious about relying on GAAP metrics alone.
What the Cash Flow Statement Obscures
Stock-based compensation totaled $17.3M in 2026Q2, per reported figures, inflating reported losses while not consuming cash, yet the cash burn persists.
The cash flow statement shows SBC as a non-cash add-back, but the company's heavy use of SBC (averaging ~$15M per quarter) suggests that a portion of employee compensation is being settled in equity, preserving cash but diluting shareholders. Additionally, acquisition-related costs and capitalized expenses may be understating the true cash outflow, as the company continues to rely on external capital to fund operations.