Liquidity is under pressure as the company reported a $25.3 million free cash flow deficit in 2026Q1, reflecting a persistent inability to convert revenue into positive cash generation.
| Cash from Operations | -50.2M | -58.6M | -58.6M | -104.39M | -76.75M | -55.82M | -21.22M | -14.88M | -14.73M |
| Operating CF Margin % | - | -26.96% | -27.04% | -46.77% | -69.27% | -115.3% | -93.84% | -65.49% | -51.29% |
| Operating CF Growth % | 45.46% | 0% | 43.86% | -36.02% | -37.49% | -163.07% | -42.64% | -0.96% | - |
| Net Income | -152.62M | -144.19M | -144.19M | -117.63M | -52.79M | -118.61M | -98.36M | -20.45M | -10.21M |
| Depreciation & Amortization | 42.45M | 43.06M | 43.06M | 34.59M | 16.76M | 5.97M | 2.65M | 4.18M | 1.82M |
| Stock-Based Compensation | 14.99M | 67.24M | 67.24M | 43.71M | 41.88M | 22.91M | 0 | 0 | 0 |
| Deferred Taxes | -536K | -5.37M | -5.37M | -4.2M | -2M | -516K | 0 | 0 | 0 |
| Other Non-Cash Items | 57M | -7.14M | -20.43M | -2.71M | -62.51M | 43.67M | 78.88M | 2.69M | -732K |
| Working Capital Changes | -8.92M | -12.21M | 1.08M | -58.15M | -18.09M | -9.24M | -4.38M | -1.29M | -5.62M |
| Change in Receivables | 4.65M | -2.86M | 9.59M | -32.2M | -12.16M | -4.48M | -1.3M | 280K | -3.1M |
| Change in Inventory | -8.43M | 2.52M | -16.97M | -5.79M | -4.3M | -3.17M | 767K | -1.86M | -2.61M |
| Change in Payables | 5.07M | -7.74M | 10.99M | -1.7M | 7.42M | -2.48M | -207K | 0 | 0 |
| Cash from Investing | -32.8M | -19.26M | -19.26M | -107.74M | -16.27M | -84.33M | -771K | -2.2M | -2.46M |
| Capital Expenditures | -15.13M | -14.34M | -14.34M | -12.75M | -7.57M | -4.07M | -771K | -1.66M | -842K |
| CapEx % of Revenue | 6.91% | 6.59% | 6.62% | 5.71% | 6.83% | 8.41% | 3.41% | 7.29% | 2.93% |
| Acquisitions | -17.67M | -3.2M | -3.2M | -94.99M | -8.71M | -80.26M | 6.18M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -1.72M | -1.72M | 0 | 0 | 0 | -6.18M | -544K | -1.62M |
| Cash from Financing | 20.81M | 209.33M | 209.33M | 43.57M | 192.66M | 340.65M | 33.47M | 125K | 39.29M |
| Debt Issued (Net) | 32M | -28.45M | 222.4M | -11.68M | 159.35M | -16.77M | 27.69M | -1.76M | 11.46M |
| Equity Issued (Net) | 5K | 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 | -11.19M | 237.78M | -32.91M | -10.23M | -18.04M | 353.31M | 5.78M | 1.88M | 27.83M |
| Net Change in Cash | -62.19M | 132.87M | 132.87M | -170.2M | 102.42M | 200.77M | 11.54M | -17.02M | 22.14M |
| Free Cash Flow | -65.33M | -72.94M | -72.94M | -117.14M | -84.31M | -59.89M | -21.99M | -16.53M | -15.58M |
| FCF Margin % | -29.86% | -33.55% | -33.66% | -52.49% | -76.1% | -123.71% | -97.25% | -72.79% | -54.22% |
| FCF Growth % | 30.81% | 0% | 37.73% | -38.93% | -40.78% | -172.36% | -33.02% | -6.13% | - |
| FCF per Share | -0.33 | -0.37 | -0.42 | -0.81 | -0.71 | -0.86 | -0.18 | -0.15 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.43x | 0.41x | 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 |
Persistent negative cash burn
According to the provided cash flow statements, indie Semiconductor consistently reports negative operating cash flow that tracks closely with net losses, with OCF/NI ratios fluctuating wildly between 0.16 and 1.12, suggesting that the company lacks a reliable mechanism for converting accounting earnings into actual liquidity.
The lack of a stable relationship between net income and operating cash flow indicates that the business model is currently structured to consume rather than generate capital. Investors should monitor whether the company can decouple its cash burn from its GAAP losses as it attempts to scale its automotive product portfolio.
As reported in financial statements, the company's free cash flow remains deeply negative, with quarterly outflows reaching as high as $31.4 million in 2025Q1, reflecting a business model that requires continuous external funding to support its aggressive R&D and operational expansion efforts.
The persistent negative FCF margins, which have reached as low as -58.1%, highlight the significant capital intensity required to maintain the company's fabless semiconductor operations. This trajectory suggests that the firm is far from achieving the self-sustaining cash generation necessary to fund its own growth initiatives.
Based on the reported figures, working capital changes have been highly inconsistent, swinging from a $16.1 million outflow in 2025Q1 to a $9.9 million inflow in 2024Q4, which indicates significant instability in the company's ability to manage its inventory and accounts receivable cycles effectively.
These fluctuations in working capital suggest that the company's cash conversion cycle is highly sensitive to the timing of automotive program shipments and supply chain logistics. Such volatility may complicate cash flow forecasting and increase the risk of liquidity crunches during periods of slower-than-expected revenue conversion.
Analysis of the cash flow data reveals that stock-based compensation, which peaked at $25.6 million in 2024Q1, serves as a critical non-cash adjustment that obscures the true economic cost of talent acquisition required to maintain the company's competitive position in the automotive semiconductor market.
While SBC is a non-cash expense, it represents a significant dilution risk and a real economic cost that is not fully captured in the operating cash flow figures. Investors should consider the impact of this compensation structure on the company's long-term capital structure and the potential for future cash requirements to offset dilution.
Quick answers to the most common questions about buying INDI stock.
indie Semiconductor, Inc. (INDI) generated $-58.6M 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 $72.9M 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.