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Indie Semiconductor (INDI)


Market Price (7/6/2026): $4.37 | Market Cap: $904.7 MilSector: Information Technology | Industry: Semiconductors

Indie Semiconductor (INDI)


Market Price (7/6/2026): $4.37
Market Cap: $904.7 Mil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, Artificial Intelligence, and Autonomous Technologies. Themes include Autonomous Driving Technology, Show more.

Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -124%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.14

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -145 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -66%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -30%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31%

Key risks
INDI key risks include [1] its prolonged unprofitability, Show more.

0 Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, Artificial Intelligence, and Autonomous Technologies. Themes include Autonomous Driving Technology, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -124%
2 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.14
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -145 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -66%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -30%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21%
7 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31%
8 Key risks
INDI key risks include [1] its prolonged unprofitability, Show more.

INDI in ETFs

Weight = INDI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
IWO0.06%
VTWO0.03%
SCHA0.02%
DFAS0.02%
VGT0.01%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/2/2026

Indie Semiconductor (INDI) stock has gained about 35% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Narrowing Losses. Indie Semiconductor reported fiscal Q1 2026 revenue of $55.5 million, exceeding the midpoint of its guidance by $0.5 million and representing a 3% year-over-year increase. The company also demonstrated progress towards profitability, with a non-GAAP operating loss that narrowed to $11.1 million, an improvement from $15.1 million in the comparable period of fiscal 2025. Adjusted EBITDA improved by 33% year-over-year, reaching a loss of $8.8 million in fiscal Q1 2026.

2. Significant Design Wins and Production Orders in Key Automotive Segments. The company secured a substantial $25 million production order for its radar chipset from a Tier 1 partner, driven by demand from two automotive OEM customers. Additionally, Indie Semiconductor commenced volume shipments of its vision processor to NIO for electronic mirror camera deployment and ramped production of its iND880 chip for camera mirror systems with a major Chinese OEM. These wins highlight strong validation and adoption of its advanced driver assistance systems (ADAS) technologies.

Show more
Updated on 7/2/2026

Indie Semiconductor (INDI) stock has gained about 35% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Narrowing Losses. Indie Semiconductor reported fiscal Q1 2026 revenue of $55.5 million, exceeding the midpoint of its guidance by $0.5 million and representing a 3% year-over-year increase. The company also demonstrated progress towards profitability, with a non-GAAP operating loss that narrowed to $11.1 million, an improvement from $15.1 million in the comparable period of fiscal 2025. Adjusted EBITDA improved by 33% year-over-year, reaching a loss of $8.8 million in fiscal Q1 2026.

2. Significant Design Wins and Production Orders in Key Automotive Segments. The company secured a substantial $25 million production order for its radar chipset from a Tier 1 partner, driven by demand from two automotive OEM customers. Additionally, Indie Semiconductor commenced volume shipments of its vision processor to NIO for electronic mirror camera deployment and ramped production of its iND880 chip for camera mirror systems with a major Chinese OEM. These wins highlight strong validation and adoption of its advanced driver assistance systems (ADAS) technologies.

3. Positive Fiscal Q2 2026 Revenue Guidance. Indie Semiconductor provided an upbeat outlook for fiscal Q2 2026, projecting revenue between $59 million and $65 million, with a midpoint of $62 million. This forecast suggests continued sequential revenue growth and reflects confidence in ongoing market demand for its products.

4. Expansion of Product Portfolio and Market Reach. The company expanded its technological offerings by introducing its next-generation edge AI system-on-chip, the iND881, designed for automotive ADAS, driver and occupant monitoring, and robotics applications. Furthermore, Indie Semiconductor launched the first commercially available UV DFB laser at 399 nanometers for next-generation quantum systems, diversifying its presence beyond core automotive applications.

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Stock Movement Drivers

Fundamental Drivers

The 34.5% change in INDI stock from 3/31/2026 to 7/5/2026 was primarily driven by a 36.2% change in the company's P/S Multiple.
(LTM values as of)33120267052026Change
Stock Price ($)3.224.3334.5%
Change Contribution By: 
Total Revenues ($ Mil)2172190.6%
P/S Multiple3.04.136.2%
Shares Outstanding (Mil)203207-1.9%
Cumulative Contribution34.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/5/2026
ReturnCorrelation
INDI34.5% 
Market (SPY)14.5%41.0%
Sector (XLK)35.9%52.3%

Fundamental Drivers

The 22.7% change in INDI stock from 12/31/2025 to 7/5/2026 was primarily driven by a 26.6% change in the company's P/S Multiple.
(LTM values as of)123120257052026Change
Stock Price ($)3.534.3322.7%
Change Contribution By: 
Total Revenues ($ Mil)2172190.6%
P/S Multiple3.24.126.6%
Shares Outstanding (Mil)199207-3.7%
Cumulative Contribution22.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/5/2026
ReturnCorrelation
INDI22.7% 
Market (SPY)9.5%37.8%
Sector (XLK)25.6%44.4%

Fundamental Drivers

The 21.6% change in INDI stock from 6/30/2025 to 7/5/2026 was primarily driven by a 31.3% change in the company's P/S Multiple.
(LTM values as of)63020257052026Change
Stock Price ($)3.564.3321.6%
Change Contribution By: 
Total Revenues ($ Mil)2182190.2%
P/S Multiple3.14.131.3%
Shares Outstanding (Mil)191207-7.5%
Cumulative Contribution21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/5/2026
ReturnCorrelation
INDI21.6% 
Market (SPY)21.6%41.9%
Sector (XLK)43.2%43.4%

Fundamental Drivers

The -53.9% change in INDI stock from 6/30/2023 to 7/5/2026 was primarily driven by a -57.2% change in the company's P/S Multiple.
(LTM values as of)63020237052026Change
Stock Price ($)9.404.33-53.9%
Change Contribution By: 
Total Revenues ($ Mil)12921969.3%
P/S Multiple9.64.1-57.2%
Shares Outstanding (Mil)131207-36.5%
Cumulative Contribution-53.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/5/2026
ReturnCorrelation
INDI-53.9% 
Market (SPY)74.0%46.1%
Sector (XLK)111.6%44.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
INDI Return11%-51%39%-50%-13%29%-58%
Peers Return48%-6%27%-13%-6%43%106%
S&P 500 Return27%-19%24%23%16%9%99%

Monthly Win Rates [3]
INDI Win Rate57%42%58%33%50%57% 
Peers Win Rate69%43%60%37%47%54% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
INDI Max Drawdown--56%-57%-61%-66%-47% 
Peers Max Drawdown-16%-30%-28%-33%-41%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NXPI, ON, TXN, ADI, MBLY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/2/2026 (YTD)

How Low Can It Go

EventINDIS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.1%23.1%
  Time to Breakeven103 days79 days

Compare to NXPI, ON, TXN, ADI, MBLY

In The Past

Indie Semiconductor's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventINDIS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.1%23.1%
  Time to Breakeven103 days79 days

Compare to NXPI, ON, TXN, ADI, MBLY

In The Past

Indie Semiconductor's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Indie Semiconductor (INDI)

Indie Semiconductor (INDI) is a technology company specializing in advanced semiconductor and software solutions primarily for the automotive industry. Its core focus is on enhancing modern vehicles across critical areas such as advanced driver assistance systems (ADAS), connected car capabilities, in-cabin user experience, and electrification applications.

Within the automotive sector, Indie Semiconductor provides a range of specialized devices and technologies. This includes ultrasound systems for parking assistance, wireless charging solutions for vehicle cabins, infotainment systems, and LED lighting for interior and exterior applications. The company also supplies telematics and cloud access technologies, enabling enhanced connectivity and data services for vehicles.

Beyond its robust automotive offerings, Indie Semiconductor also develops and manufactures high-performance photonic components. These advanced components encompass technologies like fiber Bragg gratings, low noise lasers, and integrated photonic solutions, serving demanding markets such as laser systems, optical sensing, and optical communication.

AI Analysis | Feedback

Here are 1-2 brief analogies for Indie Semiconductor:

  • Qualcomm for advanced in-car tech.
  • NXP Semiconductors for specialized, next-gen automotive chips.

AI Analysis | Feedback

  • Ultrasound Devices: Automotive semiconductors used for parking assistance systems.
  • In-Cabin Wireless Charging Devices: Semiconductors enabling wireless power transfer within vehicle interiors.
  • Infotainment Devices: Solutions for in-car entertainment and information systems.
  • LED Lighting Devices: Semiconductors providing advanced lighting solutions to enhance the automotive user experience.
  • Telematics and Cloud Access Devices: Connectivity solutions enabling telematics and cloud integration for vehicles.
  • Photonic Components: A range of optical technologies, including fiber Bragg gratings and low noise lasers, for laser systems, optical sensing, and optical communication markets.

AI Analysis | Feedback

Indie Semiconductor (symbol: INDI) primarily sells its automotive semiconductors and software solutions to other businesses, specifically within the automotive industry supply chain.

According to Indie Semiconductor's public filings (such as their annual 10-K reports), its major customers are leading **Tier 1 automotive suppliers**. While these customers represent a significant portion of the company's revenue, Indie Semiconductor does not publicly disclose the specific names of these customer companies in its regulatory filings.

For example, in their Form 10-K for the fiscal year ended December 31, 2023, Indie Semiconductor stated that sales to its largest customer, a Tier 1 automotive supplier, represented approximately 26% of its revenue for 2023. Sales to its second largest customer, also a Tier 1 automotive supplier, represented approximately 14% of its revenue for the same period. However, the names of these suppliers are not provided.

Therefore, while the customer category is "Tier 1 automotive suppliers," specific company names and their symbols cannot be provided as they are not publicly disclosed by Indie Semiconductor.

AI Analysis | Feedback

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  • Taiwan Semiconductor Manufacturing Company Limited (TSM)
  • GlobalFoundries Inc. (GFS)
  • ASE Technology Holding Co., Ltd. (ASX)
  • Amkor Technology, Inc. (AMKR)
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Donald McClymont

Chief Executive Officer

Donald McClymont is a co-founder of Indie Semiconductor, established in 2007. Prior to co-founding Indie Semiconductor, he co-founded Axiom Microdevices, Inc., a company known for developing the world's first CMOS power amplifier for the cellphone market. Axiom Microdevices was subsequently sold to Skyworks Solutions. His past roles also include Vice President of Marketing at Axiom Microdevices, Product Line Director at Skyworks Solutions/Conexant, Marketing Manager at Fujitsu, and Design Engineer at Thesys (now X-FAB/Melexis) and Wolfson (now Cirrus Logic).

Naixi Wu

Chief Financial Officer

Naixi Wu was appointed as Chief Financial Officer of Indie Semiconductor, Inc. effective November 6, 2025.

Ichiro Aoki

President

Ichiro Aoki is a co-founder of Indie Semiconductor and serves as the company's President and a Board Member. He was also a co-founder, Board Member, and Chief Architect of Axiom Microdevices, which was later sold to Skyworks Solutions. Additionally, Dr. Aoki founded and served as co-CEO of PST Eletronica Ltda in Brazil, which was sold to Stoneridge, Inc. He holds 35 patents worldwide.

Scott Kee

Chief Technology Officer

Scott Kee is a co-founder of Indie Semiconductor and currently holds the position of Chief Technology Officer. Before co-founding Indie Semiconductor, he was also a co-founder and Chief Technology Officer at Axiom Microdevices, a company that was subsequently sold to Skyworks Solutions. Dr. Kee has developed 35 patents worldwide.

Michael Wittmann

Chief Operating Officer

Michael Wittmann serves as the Chief Operating Officer for Indie Semiconductor. Prior to his current role, he was the Senior Vice President and General Manager of Indie's Power business unit. Before joining Indie in March 2021, Mr. Wittmann held various senior and General Manager roles in wireless connectivity at Intel. He also previously held senior marketing and business development positions with Infineon Technologies, including Director of Automotive Power Modules at International Rectifier (which was acquired by Infineon).

AI Analysis | Feedback

The key risks to Indie Semiconductor's business include ongoing profitability challenges and cash burn, intense competitive pressures within the semiconductor industry, and significant dependence on the cyclical automotive market.

  1. Profitability Challenges and Cash Burn: Indie Semiconductor has consistently reported operating losses and a shrinking cash balance, necessitating additional financing. Recent convertible note offerings introduce potential dilution for existing shareholders and higher fixed obligations, raising questions about the company's capital structure and long-term financial health. The company's Return on Invested Capital (ROIC) is negative, indicating it is not generating sufficient returns to cover its cost of capital.
  2. Competitive Pressures and Cyclical Semiconductor Industry: The semiconductor industry is highly competitive, characterized by rapid technological change, significant price erosion, and cyclical downturns. Indie Semiconductor competes with larger, established players like Infineon, NXP Semiconductors, STMicroelectronics, and Texas Instruments, which possess greater scale, broader product portfolios, and more extensive resources. This competitive landscape can lead to substantial declines in demand, production overcapacity, and pricing pressures.
  3. Dependence on the Automotive Market: A substantial portion of Indie Semiconductor's revenue is derived from the automotive industry, specifically from advanced driver-assistance systems (ADAS), connected car, user experience, and electrification applications. A downturn in the broader automotive market or slower-than-anticipated adoption of the specific advanced automotive technologies that Indie Semiconductor targets could significantly harm the company's financial results and growth prospects.

AI Analysis | Feedback

The increasing trend of major automotive Original Equipment Manufacturers (OEMs) and Tier 1 suppliers to vertically integrate and design their own custom silicon for critical automotive applications, such as advanced driver assistance systems (ADAS), infotainment, and electrification, poses a clear emerging threat. This strategic shift, exemplified by companies like Tesla developing in-house chips, could significantly reduce reliance on third-party specialized semiconductor suppliers like Indie Semiconductor for key components and solutions.

AI Analysis | Feedback

Indie Semiconductor (NASDAQ: INDI) targets substantial addressable markets with its automotive semiconductors and software solutions. The company's main products and services cater to advanced driver assistance systems (ADAS), connected car technology, user experience applications (including in-cabin wireless charging, infotainment, and LED lighting), electrification, and photonic components for laser systems, optical sensing, and optical communication markets.

The addressable markets for Indie Semiconductor's key product areas are as follows:

  • Automotive Semiconductors (Overall): The global automotive semiconductor market was valued at USD 65.55 billion in 2023 and is projected to grow to USD 123.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.9% during the forecast period. In 2026, the global automotive semiconductor market is estimated to be USD 83.84 billion and is expected to reach USD 148.41 billion by 2033, growing at a CAGR of 8.5%.
  • Advanced Driver Assistance Systems (ADAS) Semiconductors: The global ADAS semiconductors market was estimated at USD 11.3 billion in 2024 and is expected to grow to USD 41.4 billion by 2034, with a CAGR of 15.2%. Another estimate projects the ADAS semiconductor market to reach approximately USD 15 billion in 2025, with the potential to reach USD 45 billion by 2033. The market for autonomous driving chips is projected to reach USD 29.73 billion in 2025.
  • Connected Car Devices: The global connected car devices market size is estimated at USD 72.52 billion in 2026 and is projected to reach USD 143.47 billion by 2031, growing at a CAGR of 14.62%.
  • In-Cabin Wireless Charging: The global in-car wireless charging market was estimated at USD 6 billion in 2021 and is expected to reach USD 15 billion by 2030, growing at a CAGR of 38% from 2022 to 2030. The broader wireless charging IC market was valued at USD 3.32 billion in 2023 and is expected to reach USD 20.36 billion by 2032. The automotive sector is expected to contribute 28.1% of the global wireless charging market share in 2025.
  • Automotive Infotainment Solutions: The global automotive infotainment solutions market was valued at USD 24.44 billion in 2025 and is projected to reach USD 38.36 billion by 2034, exhibiting a CAGR of 6.9%. The automotive audio semiconductor market, with infotainment audio as a dominant segment, was valued at USD 6.5 billion in 2024 and is projected to reach USD 20.3 billion by 2034.
  • Automotive LED Lighting Semiconductors: The global automotive LED lighting market was valued at USD 9.18 billion in 2024 and is expected to reach USD 18.61 billion by 2032, growing at a CAGR of 9.24% from 2025-2032. Another report indicates the global automotive LED lighting market size is anticipated to rise from USD 12.2 billion in 2025 to USD 20.2 billion by 2032. The global automotive lighting semiconductors market, specifically, is projected to grow from USD 2.3 billion in 2025 to USD 5.9 billion by 2034, with a CAGR of 10.8%.
  • Electric Vehicle (EV) Semiconductors (Electrification Applications): The global electric vehicle semiconductors market was estimated at USD 25.7 billion in 2024 and is expected to grow to USD 175.9 billion by 2034, at a CAGR of 21.3%.
  • Semiconductor Laser (Photonic Components): The global semiconductor laser market was valued at USD 8.3 billion in 2024 and is projected to reach USD 29.9 billion by 2034, driven by a CAGR of 13.8%. Other estimates place the global market at USD 8.89 billion in 2024, growing to USD 22.12 billion by 2034 at a CAGR of 9.54%.
  • Optical Sensors (Photonic Components): The global optical sensors market was valued at USD 23.8 billion in 2025 and is projected to grow to USD 61.9 billion by 2034, exhibiting a CAGR of 11.20%. Another report estimates the market at USD 26.6 billion in 2025, growing to USD 71.7 billion in 2035 at a CAGR of 10.4%.
  • Optical Communication and Networking: The global optical communication and networking market was valued at USD 21.82 billion in 2023 and is anticipated to register a CAGR of over 8.7% over the forecast period of 2024-2032.

AI Analysis | Feedback

Indie Semiconductor (NASDAQ: INDI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Accelerated Adoption of Advanced Driver Assistance Systems (ADAS) and Radar Solutions: The automotive industry's increasing standardization of ADAS and automated driving features (L2 and above) presents a significant growth opportunity for Indie Semiconductor. The company has commenced initial shipments of its Gen 8 77-gigahertz radar solution to a Tier 1 partner, anticipating strong commercial traction with global OEMs and potential for annual production exceeding 50 million units post ramp-up.
  2. Expansion of Vision and Camera Monitoring Systems: Indie Semiconductor is broadening its vision portfolio, evidenced by a design win with a Chinese electric vehicle (EV) manufacturer for its iND880 camera mirror system, expected to ramp in mid-2026. The integration of emotion3D also strengthens its ecosystem for AI-based perception algorithms.
  3. Growth in Electrification Applications, including Wireless Charging: The company's power group is positioned for growth in electrification applications, specifically with its Qi 2.0 wireless charging platform. Production for this technology with Ford is anticipated to begin in the first half of 2026.
  4. Penetration into the Humanoid Robotics Market: Indie Semiconductor is actively expanding into the high-growth humanoid robotics market. Its sensing technology, initially developed for autonomous vehicles, is being adopted by humanoid robotics companies, creating an adjacent revenue stream.
  5. Growth in Photonics for Automotive and Non-Automotive LiDAR: The Photonics unit is contributing to revenue growth through both automotive and non-automotive applications. Indie Semiconductor has secured its largest-ever booking for LXM lasers and was awarded a DFB laser design win for a non-automotive LiDAR application, demonstrating diversification beyond traditional automotive uses.

AI Analysis | Feedback

Share Repurchases

  • Indie Semiconductor plans to use approximately $100 million from a recent convertible notes offering (issued in March 2026) to repurchase existing 4.50% Convertible Senior Notes due 2027.
  • In June 2025, the company repurchased $30 million in aggregate principal amount of its 4.50% Convertible Senior Notes due 2027 for an estimated total purchase price of $27 million.

Share Issuance

  • Indie Semiconductor has an active at-the-market (ATM) equity program authorizing up to $150 million in Class A stock issuance, having raised $90.2 million through this program with $59.8 million remaining.
  • In March 2026, Indie Semiconductor priced a private offering of $150 million aggregate principal amount of 4.00% Convertible Senior Notes due 2031, with an option for initial purchasers to buy an additional $25.0 million.
  • The company completed its business combination with Thunder Bridge Acquisition II, Ltd. in June 2021, issuing 13,229,944 shares of Class A common stock.

Outbound Investments

  • Indie Semiconductor acquired emotion3D in August 2025 for an initial $17.7 million in cash, plus up to $7.3 million in contingent consideration, to enhance its AI-based driver and occupant monitoring software capabilities.
  • In September 2023, the company acquired EXALOS, a manufacturer of SLED-based lighting products, for $45 million.
  • Other acquisitions include TeraXion in 2021 for $159 million, Symeo GmbH in 2022 for $8.7 million, Kinetic Technologies in 2024, and GEO Semiconductor Inc. and Silicon Radar GmbH in 2023.

Capital Expenditures

  • Indie Semiconductor's capital expenditures were $14.3 million over the last 12 months as of Q4 2025.
  • Capital expenditures in Q4 2025 were $1.7 million, representing a 58.2% decrease from the prior quarter.
  • The company anticipates making additional capital expenditures in the future, including for licenses to intangible assets, to support business growth.

Better Bets vs. Indie Semiconductor (INDI)

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Peer Comparisons

Peers to compare with:

Financials

INDINXPIONTXNADIMBLYMedian
NameIndie Se.NXP Semi.ON Semic.Texas In.Analog D.Mobileye. 
Mkt Price4.33273.3691.22293.08377.169.57182.29
Mkt Cap0.969.135.9266.4183.97.852.5
Rev LTM21912,6156,06318,43812,7402,0149,339
Op Inc LTM-1453,2141,0616,6414,192-4312,138
FCF LTM-652,5541,1813,7214,5654731,868
FCF 3Y Avg-842,3431,0722,0393,6413461,555
CFO LTM-503,0481,3977,8245,1065682,222
CFO 3Y Avg-703,0921,8256,7504,4124332,458

Growth & Margins

INDINXPIONTXNADIMBLYMedian
NameIndie Se.NXP Semi.ON Semic.Texas In.Analog D.Mobileye. 
Rev Chg LTM0.2%2.4%-9.0%14.9%29.8%8.7%5.5%
Rev Chg 3Y Avg25.0%-1.4%-9.8%-1.1%1.6%1.5%0.2%
Rev Chg Q2.6%12.2%4.7%18.6%37.2%27.4%15.4%
QoQ Delta Rev Chg LTM0.6%2.8%1.1%4.3%8.4%6.3%3.5%
Op Inc Chg LTM6.4%-3.0%-20.8%20.7%81.4%-5.4%1.7%
Op Inc Chg 3Y Avg-6.6%-4.9%-25.3%-9.3%9.3%-94.8%-7.9%
Op Mgn LTM-66.3%25.5%17.5%36.0%32.9%-21.4%21.5%
Op Mgn 3Y Avg-66.8%26.8%22.9%36.4%27.4%-17.9%24.8%
QoQ Delta Op Mgn LTM0.5%0.7%5.0%1.3%3.2%1.8%1.6%
CFO/Rev LTM-23.0%24.2%23.0%42.4%40.1%28.2%26.2%
CFO/Rev 3Y Avg-31.1%24.2%26.2%39.4%40.1%22.6%25.2%
FCF/Rev LTM-29.9%20.2%19.5%20.2%35.8%23.5%20.2%
FCF/Rev 3Y Avg-37.5%18.3%16.1%11.6%32.9%18.0%17.0%

Valuation

INDINXPIONTXNADIMBLYMedian
NameIndie Se.NXP Semi.ON Semic.Texas In.Analog D.Mobileye. 
Mkt Cap0.969.135.9266.4183.97.852.5
P/S4.15.55.914.414.43.95.7
P/Op Inc-6.221.533.940.143.9-18.127.7
P/EBIT-6.017.650.439.743.1-18.128.7
P/E-5.926.062.749.655.5-1.937.8
P/CFO-17.822.725.734.136.013.824.2
Total Yield-16.9%5.3%1.6%3.9%2.9%-52.5%2.2%
Dividend Yield0.0%1.5%0.0%1.9%1.1%0.0%0.5%
FCF Yield 3Y Avg-14.0%4.3%5.0%1.2%3.1%4.2%3.6%
D/E0.50.20.10.10.00.00.1
Net D/E0.30.10.00.00.0-0.20.0

Returns

INDINXPIONTXNADIMBLYMedian
NameIndie Se.NXP Semi.ON Semic.Texas In.Analog D.Mobileye. 
1M Rtn6.9%-7.3%-22.2%2.8%-6.0%1.1%-2.5%
3M Rtn38.3%41.0%46.7%51.2%18.8%28.5%39.7%
6M Rtn17.0%24.6%60.9%67.0%38.6%-14.8%31.6%
12M Rtn17.0%19.9%63.0%39.5%55.6%-49.4%29.7%
3Y Rtn-51.1%41.1%-1.5%83.0%112.6%-76.1%19.8%
1M Excs Rtn-13.4%-13.6%-27.4%-3.2%-9.2%-9.6%-11.5%
3M Excs Rtn26.8%26.4%32.8%36.3%4.2%15.7%26.6%
6M Excs Rtn12.8%16.8%59.7%60.5%29.5%-18.3%23.2%
12M Excs Rtn-2.1%5.0%49.5%22.4%38.1%-67.8%13.7%
3Y Excs Rtn-124.5%-26.9%-71.6%10.6%34.9%-145.4%-49.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Designs, develops, manufactures and markets a broad range of integrated circuits217217223  
Contract revenue   215
Product revenue   8944
Total21721722311148


Price Behavior

Price Behavior
Market Price$4.33 
Market Cap ($ Bil)0.9 
First Trading Date06/11/2021 
Distance from 52W High-27.8% 
   50 Days200 Days
DMA Price$3.09$4.12
DMA Trendindeterminateup
Distance from DMA40.1%5.1%
 3M1YR
Volatility95.8%82.5%
Downside Capture506.89352.07
Upside Capture396.67299.60
Correlation (SPY)42.5%41.9%
INDI Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta4.313.832.712.312.732.59
Up Beta-0.41-0.93-0.720.521.231.98
Down Beta2.672.984.172.422.882.62
Up Capture743%659%548%463%812%5402%
Bmk +ve Days11244067140429
Stock +ve Days9173261114335
Down Capture494%463%382%212%188%113%
Bmk -ve Days10172358112321
Stock -ve Days11233062133399

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INDI
INDI24.1%82.3%0.61-
Sector ETF (XLK)44.7%24.0%1.4843.4%
Equity (SPY)21.7%12.5%1.2941.8%
Gold (GLD)23.1%27.7%0.7317.3%
Commodities (DBC)21.3%18.6%0.909.0%
Real Estate (VNQ)13.6%13.8%0.685.4%
Bitcoin (BTCUSD)-42.0%42.7%-1.1522.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INDI
INDI-14.2%79.9%0.15-
Sector ETF (XLK)20.9%25.4%0.7346.2%
Equity (SPY)13.3%17.1%0.6045.8%
Gold (GLD)17.9%18.3%0.799.8%
Commodities (DBC)6.9%19.5%0.259.7%
Real Estate (VNQ)3.1%18.9%0.0630.1%
Bitcoin (BTCUSD)12.2%53.8%0.4122.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with INDI
INDI-8.3%79.9%0.12-
Sector ETF (XLK)24.9%24.8%0.9146.0%
Equity (SPY)15.4%18.0%0.7345.7%
Gold (GLD)12.1%16.1%0.619.9%
Commodities (DBC)5.7%18.0%0.259.8%
Real Estate (VNQ)5.5%20.7%0.2329.9%
Bitcoin (BTCUSD)59.0%66.2%0.9922.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity64.1 Mil
Short Interest: % Change Since 53120262.1%
Average Daily Volume5.3 Mil
Days-to-Cover Short Interest12.1 days
Basic Shares Quantity207.0 Mil
Short % of Basic Shares31.0%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-4.2%-3.8%-0.4%
2/19/20265.8%7.6%-25.4%
11/6/20250.4%-15.5%-5.6%
8/7/20255.2%22.8%11.0%
5/12/20251.5%0.0%22.3%
2/20/2025-12.8%-22.8%-43.0%
11/7/202459.8%30.0%22.7%
8/8/2024-8.5%-17.2%-33.3%
...
SUMMARY STATS   
# Positive121110
# Negative8910
Median Positive7.1%12.9%20.2%
Median Negative-6.0%-15.5%-12.6%
Max Positive59.8%38.5%57.3%
Max Negative-13.9%-22.8%-43.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-4.2%-3.8%-0.4%
2/19/20265.8%7.6%-25.4%
11/6/20250.4%-15.5%-5.6%
8/7/20255.2%22.8%11.0%
5/12/20251.5%0.0%22.3%
2/20/2025-12.8%-22.8%-43.0%
11/7/202459.8%30.0%22.7%
8/8/2024-8.5%-17.2%-33.3%
5/9/2024-0.5%5.9%28.2%
2/22/2024-13.9%-10.2%-10.0%
11/9/202314.2%38.5%57.3%
8/10/2023-5.5%-9.3%-15.9%
5/11/20234.2%12.9%28.0%
2/16/20238.4%11.1%9.6%
11/10/202213.1%-16.8%-15.2%
8/11/20223.3%-0.4%10.1%
5/12/202228.5%24.8%18.0%
2/22/2022-2.0%0.3%-2.1%
11/10/20218.9%26.8%-4.0%
8/10/2021-6.4%-15.8%3.5%
SUMMARY STATS   
# Positive121110
# Negative8910
Median Positive7.1%12.9%20.2%
Median Negative-6.0%-15.5%-12.6%
Max Positive59.8%38.5%57.3%
Max Negative-13.9%-22.8%-43.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/15/202310-Q
12/31/202203/28/202310-K
09/30/202211/14/202210-Q
06/30/202208/12/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/13/202310-Q
06/30/202308/11/202310-Q
03/31/202305/15/202310-Q
12/31/202203/28/202310-K
09/30/202211/14/202210-Q
06/30/202208/12/202210-Q
03/31/202205/13/202210-Q
12/31/202104/11/202210-K
09/30/202111/12/202110-Q
06/30/202108/13/202110-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue59.00 Mil62.00 Mil65.00 Mil12.7% Higher NewGuidance: 55.00 Mil for Q1 2026
Q2 2026 Core Business Revenue 37.00 Mil 8.8% Higher NewGuidance: 34.00 Mil for Q1 2026
Q2 2026 Wuxi indie Micro Revenue 25.00 Mil 19.0% Higher NewGuidance: 21.00 Mil for Q1 2026

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue52.00 Mil55.00 Mil58.00 Mil-3.5% LoweredGuidance: 57.00 Mil for Q4 2025
Q1 2026 Wuxi indie Micro subsidiary revenue 21.00 Mil    
Q1 2026 Core business revenue 34.00 Mil    
Q1 2026 Core business revenue growth 20.0%    

Insider Activity

Updated 6/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McClymont, DonaldChief Executive OfficerDirectSell61720264.1950,000209,2551,286,345Form
2Wittmann, MichaelChief Operating OfficerDirectSell60520264.8039,645190,447472,257Form
3Aoki, IchiroPresidentDirectSell60320265.18300,5621,555,926554,675Form
4Wittmann, MichaelChief Operating OfficerDirectSell60320265.1337,500192,480708,090Form
5Wu, NaixiChief Financial OfficerDirectSell60320265.1212,89865,998587,354Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McClymont, DonaldChief Executive OfficerDirectSell61720264.1950,000209,2551,286,345Form
2Wittmann, MichaelChief Operating OfficerDirectSell60520264.8039,645190,447472,257Form
3Aoki, IchiroPresidentDirectSell60320265.18300,5621,555,926554,675Form
4Wittmann, MichaelChief Operating OfficerDirectSell60320265.1337,500192,480708,090Form
5Wu, NaixiChief Financial OfficerDirectSell60320265.1212,89865,998587,354Form
6McClymont, DonaldChief Executive OfficerDirectSell60320265.129,42548,2271,572,746Form
7Wu, NaixiChief Financial OfficerDirectSell60320264.946,00029,663567,484Form
8Aoki, IchiroPresidentDirectSell52920265.05100,000505,022536,177Form
9Aoki, IchiroPresidentDirectSell52920265.28454,9002,403,111560,862Form
10Aoki, IchiroPresidentDirectSell52920265.06175,000885,028536,928Form
11Aoki, IchiroPresidentDirectSell52720265.2620,100105,640557,992Form
12Aoki, IchiroPresidentDirectSell52720265.0250,000250,810532,565Form
13Aoki, IchiroPresidentDirectSell51320264.7850,000238,795507,053Form
14Aoki, IchiroPresidentDirectSell50120264.40100,000440,240467,398Form
15Aoki, IchiroPresidentDirectSell42920264.0450,000201,965428,848Form
16Aoki, IchiroPresidentDirectSell42720263.7650,000188,185399,588Form
17Aoki, IchiroPresidentDirectSell42720263.5443,500154,034375,944Form
18Aoki, IchiroPresidentDirectSell42320263.506,50022,767371,868Form
19Wu, NaixiChief Financial OfficerDirectSell41020262.8155,000154,561339,436Form
20Wittmann, MichaelChief Operating OfficerDirectSell40720262.994,72014,094411,944Form
21McClymont, DonaldChief Executive OfficerDirectSell40720262.9918,42055,006891,381Form
22Aoki, IchiroPresidentDirectSell40720262.993,50610,470317,042Form
23Wu, NaixiChief Financial OfficerDirectSell40720262.995,87617,547226,323Form
24Aoki, IchiroPresidentDirectSell32720263.1750,000158,570320,159Form
25Aoki, IchiroPresidentDirectSell32720263.28100,000327,700330,820Form
26McClymont, DonaldChief Executive OfficerDirectSell32720263.0650,000153,110864,744Form
27Aoki, IchiroPresidentDirectSell32720263.1450,000156,915316,818Form
28Aoki, IchiroPresidentDirectSell32520262.8350,000141,555285,805Form
29Aoki, IchiroPresidentDirectSell32520262.6150,000130,260263,000Form
30Aoki, IchiroPresidentDirectSell32020262.5950,000129,655261,779Form
31Aoki, IchiroPresidentDirectSell32020262.5750,000128,595259,638Form
32Aoki, IchiroPresidentDirectSell32020262.6050,000129,875262,223Form
33Aoki, IchiroPresidentDirectSell31820262.5950,000129,440261,345Form
34Aoki, IchiroPresidentDirectSell31820262.5450,000126,960256,337Form
35Wu, NaixiChief Financial OfficerDirectSell31720262.516,00015,083178,952Form
36Wittmann, MichaelChief Operating OfficerDirectSell31020262.5418,75047,586330,270Form
37Wu, NaixiChief Financial OfficerDirectSell30520262.535311,344195,347Form
38Wittmann, MichaelChief Operating OfficerDirectSell30220263.5037,500131,422434,167Form
39Wu, NaixiChief Financial OfficerDirectSell30220263.5617,16261,153274,264Form
40Aoki, IchiroPresidentDirectSell30220263.564,57316,288359,566Form
41McClymont, DonaldChief Executive OfficerDirectSell30220263.5690,644322,8471,005,799Form
42Wittmann, MichaelChief Operating OfficerDirectSell10620263.6715,31356,167408,552Form
43McClymont, DonaldChief Executive OfficerDirectSell10620263.6782,957304,220682,840Form
44Aoki, IchiroPresidentDirectSell10620263.677,18826,360347,376Form
45Wu, NaixiChief Financial OfficerDirectSell10620263.6712,44845,649282,261Form
46Wu, NaixiChief Financial OfficerDirectSell122320253.866,35424,501260,442Form
47McClymont, DonaldChief Executive OfficerDirectSell121720254.09100,000408,510196,616Form
48Wu, NaixiChief Financial OfficerDirectSell121220254.4410,38646,116299,898Form
49Wu, NaixiChief Financial OfficerDirectSell121220254.5310,00045,277352,835Form
50Wittmann, MichaelChief Operating OfficerDirectSell120320253.7437,500140,272351,635Form
51Aoki, IchiroPresidentDirectSell120320253.541,1664,128299,842Form
52McClymont, DonaldChief Executive OfficerDirectSell120320253.5413,06546,250524,380Form
53Wu, NaixiChief Financial OfficerDirectSell112420253.307,09623,427287,818Form
54Aoki, IchiroPresidentDirectSell111920253.4425,00086,058284,451Form
55Aoki, IchiroPresidentDirectSell111920253.5075,000262,215288,905Form
56Aoki, IchiroPresidentDirectSell111920253.6675,000274,470302,407Form
57Aoki, IchiroPresidentDirectSell111720253.9175,000293,092322,925Form
58Aoki, IchiroPresidentDirectSell111720253.92250,000979,375323,719Form
59Wu, NaixiChief Financial OfficerDirectSell111320254.185,26121,991364,404Form
60McClymont, DonaldChief Executive OfficerDirectSell101720256.01200,0001,201,320814,507Form
61McClymont, DonaldChief Executive OfficerDirectSell92420254.01188,700756,555543,669Form
62McClymont, DonaldChief Executive OfficerDirectSell91720254.0011,30045,200542,408Form
63McClymont, DonaldChief Executive OfficerDirectSell91620253.87150,000580,500524,780Form
64Wittmann, MichaelChief Operating OfficerDirectSell91220253.9520,90882,587371,320Form
65Wittmann, MichaelChief Operating OfficerDirectSell90920254.2212,02050,724484,933Form
66Aoki, IchiroPresidentDirectSell90920254.228,87737,461348,715Form
67McClymont, DonaldChief Executive OfficerDirectSell90920254.2241,986177,1811,205,240Form
68Wittmann, MichaelChief Operating OfficerDirectSell90320254.2959,375254,719403,281Form
69Aoki, IchiroPresidentDirectSell90320254.254,77020,272285,579Form
70Wittmann, MichaelChief Operating OfficerDirectSell70320253.644,53216,496399,053Form
71Parekh, Sonalee Elizabeth DirectSell61820253.4211,84140,496409,911Form
72Wittmann, MichaelChief Operating OfficerDirectSell60320252.5913,72535,548263,305Form
Core Cache Last Updated: 7/5/2026