Revenue growth has plateaued at 2.6% in 2026Q1, while structural margin volatility remains evident with operating margins reaching a deeply negative -70.1%.
| Sales/Revenue | 218.77M | 217.39M | 216.68M | 223.17M | 110.8M | 48.41M | 22.61M | 22.71M | 28.73M |
| Revenue Growth % | 0.17% | 0.33% | -2.91% | 101.42% | 128.86% | 114.12% | -0.45% | -20.94% | - |
| Cost of Goods Sold | 171.19M | 129.83M | 126.37M | 278.29M | 60.49M | 28.7M | 13.04M | 35.9M | 19.1M |
| COGS % of Revenue | - | 59.72% | 58.32% | 124.7% | 54.6% | 59.29% | 57.68% | 158.08% | 66.49% |
| Gross Profit | 47.59M | 87.57M | 90.31M | -55.12M | 50.31M | 19.71M | 9.57M | -13.19M | 9.63M |
| Gross Margin % | 21.75% | 40.28% | 41.68% | -24.7% | 45.4% | 40.71% | 42.32% | -58.08% | 33.51% |
| Gross Profit Growth % | - | -3.04% | 263.85% | -209.57% | 155.24% | 105.99% | 172.53% | -237.02% | - |
| Operating Expenses | 200.41M | 231.78M | 260.39M | 80.31M | 169.43M | 94.5M | 28.81M | 5.72M | 18.42M |
| OpEx % of Revenue | - | 106.62% | 120.17% | 35.98% | 152.92% | 195.2% | 127.42% | 25.18% | 64.12% |
| Selling, General & Admin | 58.92M | 77.69M | 80.94M | 0 | 48.24M | 36.38M | 6.8M | 0 | 5.02M |
| SG&A % of Revenue | - | 35.74% | 37.36% | - | 43.54% | 75.15% | 30.06% | - | 17.48% |
| Research & Development | 150.5M | 154.09M | 175.11M | 154.51M | 121.2M | 58.12M | 22.01M | 20.19M | 13.55M |
| R&D % of Revenue | - | 70.88% | 80.82% | 69.23% | 109.39% | 120.05% | 97.36% | 88.88% | 47.15% |
| Other Operating Expenses | 0 | 0 | 4.33M | -74.2M | 0 | 0 | 0 | -14.47M | 0 |
| Operating Income | -152.82M | -144.21M | -170.08M | -135.42M | -119.13M | -74.79M | -19.24M | -18.91M | -8.48M |
| Operating Margin % | -69.85% | -66.34% | -78.49% | -60.68% | -107.52% | -154.49% | -85.1% | -83.26% | -29.51% |
| Operating Income Growth % | - | 15.21% | -25.59% | -13.68% | -59.28% | -288.71% | -1.75% | -123.07% | - |
| EBITDA | -112.27M | -109.14M | -127.02M | -103.58M | -102.37M | -68.83M | -16.59M | -14.92M | -6.65M |
| EBITDA Margin % | -51.32% | -50.2% | -58.62% | -46.41% | -92.39% | -142.17% | -73.37% | -65.71% | -23.15% |
| EBITDA Growth % | 3.35% | 14.08% | -22.63% | -1.18% | -48.74% | -314.88% | -11.16% | -124.35% | - |
| D&A (Non-Cash Add-back) | 40.56M | 35.08M | 43.06M | 31.85M | 16.76M | 5.97M | 2.65M | 3.99M | 1.82M |
| EBIT | -143.33M | -137.06M | -137M | -121.79M | -52.43M | -117.69M | -96.14M | -18.91M | -8.48M |
| Net Interest Income | -11.57M | -10.35M | -4.67M | -849K | 875K | -1.19M | -2.17M | 2.46M | 0 |
| Interest Income | 5.9M | 7.29M | 4.59M | 7.8M | 2.57M | 49K | 25K | 2.46M | 1.82M |
| Interest Expense | 17.47M | 17.64M | 9.26M | 8.65M | 1.69M | 1.24M | 2.19M | 0 | 0 |
| Other Income/Expense | -12.21M | -10.49M | 23.97M | 2.06M | 65.31M | -44.14M | -79.09M | -2.02M | -1.63M |
| Pretax Income | -165.03M | -154.71M | -146.11M | -133.37M | -53.82M | -118.93M | -98.33M | -20.93M | -10.62M |
| Pretax Margin % | -75.43% | -71.16% | -67.43% | -59.76% | -48.58% | -245.67% | -434.92% | -92.15% | -36.95% |
| Income Tax | -3.39M | -3.01M | -1.92M | -4.53M | -1.03M | -327K | 29K | 11K | 3K |
| Effective Tax Rate % | 2.05% | 1.95% | 1.32% | 3.4% | 1.92% | 0.27% | -0.03% | -0.05% | -0.03% |
| Net Income | -152.62M | -143.97M | -132.6M | -117.63M | -43.4M | -88.04M | -97.5M | -20.45M | -10.21M |
| Net Margin % | -69.76% | -66.23% | -61.2% | -52.71% | -39.17% | -181.86% | -431.22% | -90.06% | -35.52% |
| Net Income Growth % | -12.24% | -8.57% | -12.73% | -171.03% | 50.71% | 9.7% | -376.67% | -100.43% | - |
| Net Income (Continuing) | -161.64M | -151.69M | -144.19M | -128.83M | -52.79M | -118.61M | -98.36M | -20.94M | -10.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 24.35M | 25.91M | 27.51M | 30.88M | 1.52M | -21.19M | 8.82M | 3.38M | 1.63M |
| EPS (Diluted) | -0.77 | -0.72 | -0.76 | -0.81 | -0.37 | -1.26 | -0.78 | -0.18 | -0.10 |
| EPS Growth % | -2.67% | 5.26% | 6.17% | -118.92% | 70.63% | -61.54% | -333.33% | -87.3% | - |
| EPS (Basic) | - | -0.72 | -0.76 | -0.81 | -0.37 | -0.82 | -0.78 | -0.18 | -0.10 |
| Diluted Shares Outstanding | 199.33M | 199.33M | 175.03M | 145.19M | 118.66M | 70.01M | 124.98M | 111.11M | 106.18M |
| Basic Shares Outstanding | 199.33M | 199.33M | 175.03M | 145.19M | 118.66M | 107.25M | 124.98M | 111.07M | 106.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
According to recent quarterly financial filings, indie Semiconductor's revenue growth has decelerated significantly, with the most recent period showing a marginal 2.6% year-over-year increase, highlighting a potential plateau in the conversion of the company's design-win pipeline into realized product shipments within the automotive sector.
The transition from high double-digit growth to near-flat performance suggests that the company's reliance on specific vehicle programs may be creating lumpy revenue recognition patterns. Investors should monitor whether this deceleration reflects a broader cooling in automotive demand or specific delays in the ramp-up of new ADAS and electrification product cycles.
As reported in financial statements, the company's gross margin has exhibited significant instability, fluctuating from a negative 30.7% in 2025Q3 to a peak of 42.6% in 2024Q4, which indicates a lack of consistent pricing power and vulnerability to foundry cost fluctuations.
The inability to maintain a stable gross margin profile suggests that the product mix is heavily influenced by lower-margin legacy components or intermittent NRE fee recognition. This volatility complicates the path to sustainable profitability, as the company lacks the manufacturing scale to absorb input cost shocks effectively.
Based on the company's income statement data, operating expenses continue to dwarf gross profit, resulting in a persistent negative operating margin that reached -70.1% in 2026Q1, demonstrating that the firm has yet to achieve the necessary scale to leverage its heavy R&D investment.
The high fixed-cost structure, dominated by engineering talent, appears to be a structural drag that prevents operating income from scaling alongside revenue. Without a significant inflection in top-line growth or a reduction in R&D intensity, the company may continue to face substantial operating losses for the foreseeable future.
Analysis of the provided financial data reveals that stock-based compensation, which reached as high as $25.6 million in a single quarter, creates a significant wedge between GAAP losses and the company's underlying operational performance, warranting caution regarding the true cost of talent acquisition.
The reliance on equity-based incentives to manage cash burn suggests that the company's reported net losses may understate the economic cost of operations. Investors should scrutinize the impact of these non-cash charges on shareholder dilution, as they represent a recurring burden that is not fully captured in standard operating margin metrics.
As indicated by the persistent negative net income and the absence of positive operating cash flow, the company's current trajectory suggests a high risk of future capital requirements to sustain its aggressive R&D-led growth strategy in a competitive automotive semiconductor landscape.
Short-sellers may focus on the widening gap between the company's ambitious design-win projections and the actual GAAP revenue realization. The lack of a clear path to breakeven, combined with a reliance on external financing, implies that any disruption in automotive production could rapidly exacerbate the company's liquidity constraints.
Quick answers to the most common questions about buying INDI stock.
For fiscal year 2025, indie Semiconductor, Inc. (INDI) reported total revenue of $217.4M. This represents a 656.7% increase compared to $28.7M in 2018.
indie Semiconductor, Inc. (INDI) reported a net loss of $144.0M for the fiscal year ending 2025.
indie Semiconductor, Inc. (INDI) reported an operating income of $-144.2M, resulting in an operating profit margin of -66.3%. This margin reflects the operational efficiency of the business before interest and taxes.
indie Semiconductor, Inc. (INDI) generated $87.6M in gross profit for the year, representing a gross profit margin of 40.3%. This demonstrates the company's core pricing power and production efficiency.