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Here are 1-2 brief analogies for Indie Semiconductor (INDI):

• A specialized Qualcomm for automotive sensing – designing advanced radar, lidar, and vision chips that power ADAS and autonomous driving features in modern cars.
• Like NXP Semiconductors, but solely focused on the cutting-edge sensor chips (radar, lidar, and vision) that enable advanced driver-assistance systems (ADAS) in vehicles.

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Indie Semiconductor (symbol: INDI) primarily sells its semiconductor solutions to other companies, operating on a Business-to-Business (B2B) model. Their products are integrated into automotive systems by their customers.

According to Indie Semiconductor's Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 28, 2024, no single customer accounted for 10% or more of their revenue for the years ended December 31, 2023, 2022, and 2021. This indicates a diversified customer base, and as such, there are no individually disclosed "major customers" by name that meet the standard revenue concentration threshold for SEC reporting.

However, Indie Semiconductor's customer base generally consists of leading players within the automotive industry supply chain:

• Tier 1 Automotive Suppliers: These are large, global companies that design and manufacture components and systems supplied directly to automotive manufacturers (OEMs). They integrate Indie Semiconductor's chips into their advanced driver-assistance systems (ADAS), in-cabin user experience (UX) systems, and electrification solutions for vehicles. While specific customer names are not disclosed by Indie Semiconductor due to revenue diversification, examples of companies in this category that would be potential partners or customers include Aptiv (APTV), Bosch, Continental, Magna International (MGA), Valeo, and ZF.
• Automotive Original Equipment Manufacturers (OEMs): These are the car manufacturers themselves. While Indie Semiconductor often sells to Tier 1 suppliers, they also engage directly with OEMs for certain strategic design wins and next-generation vehicle platform developments. Again, specific OEM customers are not disclosed by Indie Semiconductor, but this category encompasses all major global automotive brands like Ford (F), General Motors (GM), Volkswagen (VWAGY), Toyota (TM), and Mercedes-Benz (MBGYY).

Therefore, while specific major customer names are not disclosed by Indie Semiconductor due to its diversified revenue streams, its products are fundamental components for the automotive supply chain, serving key component suppliers and vehicle manufacturers globally.

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

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Donald McClymont, Chief Executive Officer

Donald McClymont is a Co-founder of Indie Semiconductor, established in 2007. He is responsible for formulating the company's strategic vision and ensuring the execution of business plans. Prior to co-founding Indie Semiconductor, Mr. McClymont served as Vice President of Marketing at Axiom Microdevices. He also held roles at Conexant, Fujitsu, Thesys (now Xfab/Melexis), and Wolfson (now Cirrus Logic) as a design engineer.

Thomas Schiller, Chief Financial Officer & Executive Vice President of Strategy

Thomas Schiller serves as the Chief Financial Officer and Executive Vice President of Strategy at Indie Semiconductor. In this role, he leads all corporate financing, reporting, investor relations, treasury, tax, and M&A activities. Before joining Indie Semiconductor in October 2019, Mr. Schiller was Vice President of Marketing at Marvell Semiconductor and previously held the position of Vice President of Strategy and Corporate Development at Skyworks Solutions.

Dr. Scott Kee, Chief Technology Officer

Dr. Scott Kee is a Co-founder and the Chief Technology Officer of Indie Semiconductor, overseeing all strategic product development and roadmap alignment. Prior to co-founding Indie Semiconductor, Dr. Kee was the Chief Technology Officer and a co-founder of Axiom Microdevices, a company that was subsequently sold to Skyworks Solutions. He holds 35 worldwide patents.

Dr. Ichiro Aoki, President

Dr. Ichiro Aoki is a Co-founder and President of Indie Semiconductor, working closely with the executive team and Board to manage company strategies and technical roadmaps. He co-founded Axiom Microdevices, where he served as a Board Member and Chief Architect, and which was later sold to Skyworks Solutions. Dr. Aoki also founded and served as co-CEO of PST Eletronica Ltda in Brazil, which was sold to Stoneridge, Inc.

Michael Wittmann, Chief Operating Officer

Michael Wittmann is the Chief Operating Officer at Indie Semiconductor, responsible for expanding and optimizing the company's global supply chain, managing manufacturing engineering functions, and overseeing day-to-day operations. Before joining Indie in March 2021, Mr. Wittmann held various senior and General Manager roles in wireless connectivity at Intel. He also held senior marketing and business development positions with Infineon Technologies, including Director of Automotive Power Modules at International Rectifier (which was acquired by Infineon).

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The key risks to Indie Semiconductor's (INDI) business include its unprofitability, significant reliance on the cyclical automotive and semiconductor markets, and its dependence on an outsourced supply chain.

1. Unprofitability and Uncertain Path to Profitability: Indie Semiconductor has consistently reported net losses and negative operating margins, and is not projected to achieve profitability in the near term, with some forecasts suggesting a break-even point in 2027. This prolonged unprofitability raises concerns about the company's financial sustainability and its ability to generate positive cash flow.

2. Dependence on the Automotive Market and Cyclical Semiconductor Industry: A substantial portion of Indie Semiconductor's revenue is derived from the automotive industry, which is inherently cyclical and susceptible to significant downturns. Furthermore, the broader semiconductor industry itself is characterized by cyclicality, rapid technological change, and intense competitive pressures, which can lead to declines in demand, production overcapacity, and price erosion.

3. Reliance on Contract Manufacturing and Outsourced Supply Chain: Indie Semiconductor depends heavily on contract manufacturing and an outsourced supply chain for its production. This reliance exposes the company to risks related to the availability of semiconductor components, manufacturing capacity, and potential disruptions in the global supply chain, which could adversely affect its ability to deliver products and meet customer demand.

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1. Growth in Advanced Driver Assistance Systems (ADAS) and Autonomous Driving: Indie Semiconductor is heavily focused on the burgeoning ADAS market, with its strategic backlog significantly driven by ADAS components. The company's radar and vision processors, including the iND880 vision processor and advanced 77 GHz and 120 GHz radar solutions, are key to enabling features like collision avoidance, automated parking, and in-cabin monitoring. The increasing adoption of ADAS and autonomous driving features in vehicles is expected to drive substantial demand for Indie Semiconductor's solutions.
2. New Product Launches and Portfolio Expansion: Indie Semiconductor is continuously launching new and advanced products, which are crucial for revenue growth. This includes next-generation radar systems (77 GHz and 120 GHz), particularly with a Tier 1 partner's recent launch of a Gen8 radar system powered by Indie's 77 GHz chipset, and new image signal processing design wins. The company is also developing and deploying solutions for in-cabin user experience, such as ambient lighting ICs and smart connectivity, and integrating AI/Machine Learning (ML) processor acceleration into its offerings.
3. Expansion into New Markets: Beyond its core automotive segment, Indie Semiconductor is strategically expanding into new, high-growth markets. These include quantum computing, communications, humanoid robotics, and other industrial applications. This diversification, supported by relevant product offerings, is positioning the company as a versatile player in emerging technology sectors and opening new revenue streams.
4. Strong and Growing Strategic Backlog: Indie Semiconductor has consistently reported a robust and increasing strategic backlog, which reached $7.4 billion as of Q3 2025. This substantial backlog indicates strong future demand for the company's products and reflects successful design wins, providing a clear runway for future revenue.
5. Increasing Semiconductor Content per Vehicle: The automotive industry is experiencing a significant trend of increasing semiconductor and sensor content per vehicle, driven by the proliferation of ADAS features, in-cabin enhancements, and the overall electrification of vehicles. This fundamental industry trend directly benefits Indie Semiconductor, as its solutions are integral to these advancements, leading to higher revenue per vehicle.

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Share Repurchases

• Indie Semiconductor's annual share repurchases were $51.76 million in 2022, $65.513 million in 2023, and $19.9 million in 2024.
• For the quarter ending March 31, 2025, the company's share repurchases were $1,000.00.
• In Q2 2025, $26.8 million of cash was used to repurchase $30 million principal of its 2027 convertible notes at a discount.

Share Issuance

• Indie Semiconductor completed a private offering of $190 million aggregate principal amount of 3.50% Convertible Senior Notes due 2029 in December 2024, with net proceeds estimated at approximately $183.3 million.
• The company updated its at-the-market equity offering program in October 2025, registering unsold shares worth approximately $59.8 million under a new shelf registration statement.
• Indie Semiconductor went public in June 2021 via a SPAC vehicle.

Outbound Investments

• In Q2 2025, Indie Semiconductor acquired emotion3D, gaining AI perception software, for $20 million upfront in cash, with a potential earn-out of $10 million in cash or stock.
• The company entered an agreement in October 2025 to sell its 34.38% equity stake in Wuxi Indie Microelectronics Technology Co., Ltd. for approximately $135 million in cash, with the deal expected to close in late 2026.

Capital Expenditures

• From 2021 to 2024, Indie Semiconductor spent $40 million on capital expenditures.
• Over the past four years (ending March 2025), the average annual reinvestment, defined as CAPEX & Acquisition - Depreciation & Amortization + increase in Net Working Capital, was $53 million; excluding acquisitions, this figure averaged $6 million annually.