Revenue re-accelerated to $64.0M in 2026Q2 (24% YoY), but gross margin volatility (36.1% vs. -30.7% in 2025Q3) and persistent R&D intensity above $35M per quarter keep operating margin deeply negative at -54.8%.
indie Semiconductor, Inc. (INDI) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 231.15M | 217.39M | 216.68M | 223.17M | 110.8M | 48.41M | 22.61M | 22.71M | 28.73M |
| Revenue Growth % | 6.19% | 0.33% | -2.91% | 101.42% | 128.86% | 114.12% | -0.45% | -20.94% | - |
| Cost of Goods Sold | 181.42M | 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 | 49.73M | 87.57M | 90.31M | -55.12M | 50.31M | 19.71M | 9.57M | -13.19M | 9.63M |
| Gross Margin % | 21.51% | 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 | 194.64M | 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 | 40.57M | 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 | 149.84M | 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 | -144.91M | -144.21M | -170.08M | -135.42M | -119.13M | -74.79M | -19.24M | -18.91M | -8.48M |
| Operating Margin % | -62.69% | -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 | -106.87M | -109.14M | -127.02M | -103.58M | -102.37M | -68.83M | -16.59M | -14.92M | -6.65M |
| EBITDA Margin % | -46.23% | -50.2% | -58.62% | -46.41% | -92.39% | -142.17% | -73.37% | -65.71% | -23.15% |
| EBITDA Growth % | 12.2% | 14.08% | -22.63% | -1.18% | -48.74% | -314.88% | -11.16% | -124.35% | - |
| D&A (Non-Cash Add-back) | 38.04M | 35.08M | 43.06M | 31.85M | 16.76M | 5.97M | 2.65M | 3.99M | 1.82M |
| EBIT | -145.75M | -137.06M | -137M | -121.79M | -52.43M | -117.69M | -96.14M | -18.91M | -8.48M |
| Net Interest Income | -12.74M | -10.35M | -4.67M | -849K | 875K | -1.19M | -2.17M | 2.46M | 0 |
| Interest Income | 4.89M | 7.29M | 4.59M | 7.8M | 2.57M | 49K | 25K | 2.46M | 1.82M |
| Interest Expense | 17.63M | 17.64M | 9.26M | 8.65M | 1.69M | 1.24M | 2.19M | 0 | 0 |
| Other Income/Expense | -18.47M | -10.49M | 23.97M | 2.06M | 65.31M | -44.14M | -79.09M | -2.02M | -1.63M |
| Pretax Income | -163.38M | -154.71M | -146.11M | -133.37M | -53.82M | -118.93M | -98.33M | -20.93M | -10.62M |
| Pretax Margin % | -70.68% | -71.16% | -67.43% | -59.76% | -48.58% | -245.67% | -434.92% | -92.15% | -36.95% |
| Income Tax | -4.4M | -3.01M | -1.92M | -4.53M | -1.03M | -327K | 29K | 11K | 3K |
| Effective Tax Rate % | 2.69% | 1.95% | 1.32% | 3.4% | 1.92% | 0.27% | -0.03% | -0.05% | -0.03% |
| Net Income | -150.66M | -143.97M | -132.6M | -117.63M | -43.4M | -88.04M | -97.5M | -20.45M | -10.21M |
| Net Margin % | -65.18% | -66.23% | -61.2% | -52.71% | -39.17% | -181.86% | -431.22% | -90.06% | -35.52% |
| Net Income Growth % | 3.33% | -8.57% | -12.73% | -171.03% | 50.71% | 9.7% | -376.67% | -100.43% | - |
| Net Income (Continuing) | -158.98M | -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 | 27.49M | 25.91M | 27.51M | 30.88M | 1.52M | -21.19M | 8.82M | 3.38M | 1.63M |
| EPS (Diluted) | -0.71 | -0.72 | -0.76 | -0.81 | -0.37 | -1.26 | -0.78 | -0.18 | -0.10 |
| EPS Growth % | 11.9% | 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 | 212.01M | 199.33M | 175.03M | 145.19M | 118.66M | 70.01M | 124.98M | 111.11M | 106.18M |
| Basic Shares Outstanding | 212.01M | 199.33M | 175.03M | 145.19M | 118.66M | 107.25M | 124.98M | 111.07M | 106.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Growth Re-Acceleration After Plateau
Revenue growth re-accelerated to 24% YoY in 2026Q2, breaking a multi-quarter plateau near zero, according to the latest quarterly data, suggesting design wins are converting to shipments.
After four consecutive quarters of near-flat or negative growth (2024Q4 through 2025Q4), 2026Q2 revenue jumped to $64.0M, up 24% YoY and 15% sequentially. This inflection appears driven by the conversion of the design-win pipeline into active shipments, particularly in ADAS and electrification. However, the sustainability of this growth is uncertain given the automotive cyclicality and the wide guidance range of $67M-$73M for the next quarter.
Gross Margin Volatility Masks Structural Drag
Gross margin swung from -30.7% in 2025Q3 to 36.1% in 2026Q2, per reported figures, indicating one-off inventory charges and mix shifts that obscure the underlying 40% level.
The 2025Q3 negative gross margin of -30.7% appears to be an anomaly, likely due to inventory write-downs or non-recurring charges, as adjacent quarters show gross margins in the 38-42% range. The latest quarter's 36.1% is below the historical average, suggesting product mix or pricing pressure. Investors should monitor whether the company can sustain gross margins above 40% as it scales higher-complexity ADAS products.
Operating Leverage Still Elusive
Despite revenue growth, operating margin improved to -54.8% in 2026Q2 from -70% in 2026Q1, but remains deeply negative, indicating fixed costs are not yet covered by scale.
Operating income improved sequentially from -$38.9M to -$35.1M, but the improvement is modest relative to the revenue increase, implying that R&D and SG&A costs are not scaling down. R&D expense remained roughly flat at ~$38M, while SG&A was reported as zero in 2026Q2, which may indicate a data anomaly or reclassification. The persistent negative operating leverage suggests the company needs significantly higher revenue to approach breakeven.
GAAP Losses Widen on SBC and Charges
Net loss of -$37.1M in 2026Q2 includes $17.3M in stock-based compensation, per the income statement, highlighting the gap between GAAP and cash-based profitability.
SBC of $17.3M represents nearly half of the net loss, indicating that a substantial portion of the reported loss is non-cash. The Q2 EPS of -$0.17 missed consensus by a wide margin, suggesting that operating costs or one-time items were higher than expected. Investors should adjust for SBC and acquisition-related amortization to assess the underlying cash burn.
R&D Intensity Drives Cash Burn
R&D expense has remained consistently above $35M per quarter, even as revenue fluctuated, per the data, underscoring the high fixed-cost structure of the fabless model.
R&D spending has been remarkably stable at $35-50M per quarter, regardless of revenue levels, reflecting the company's investment in a broad automotive portfolio. This stability means that any revenue decline directly hits operating income, as seen in 2025Q3 when revenue dipped and operating margin fell to -71.4%. The company's ability to manage R&D efficiency will be critical to reaching profitability.
What Could Invalidate the Base Case
The 24% revenue growth in 2026Q2 may be a temporary spike, as prior quarters showed stagnation, and the -$0.17 EPS miss suggests cost pressures persist.
Short-sellers could argue that the growth re-acceleration is not durable, given the historical volatility and the wide guidance range. The significant EPS miss relative to consensus indicates that profitability is not improving in line with revenue, possibly due to rising costs or one-time charges. If gross margins fail to recover to the 40%+ level and operating losses continue, the company may require additional capital, diluting existing shareholders.