Indie Semiconductor (INDI)
Market Price (10/1/2026): $2.88 | Market Cap: $610.6 MilSector: Information Technology | Industry: Semiconductors
Indie Semiconductor (INDI)
Market Price (10/1/2026): $2.88Market Cap: $610.6 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Artificial Intelligence, and Autonomous Technologies. Themes include Autonomous Driving Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -131% Meaningful short interestShort 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 13.39 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -144 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -62% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% Significant short interestShort 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 29% Key risksINDI key risks include [1] its prolonged unprofitability, Show more. |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Artificial Intelligence, and Autonomous Technologies. Themes include Autonomous Driving Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -131% |
| Meaningful short interestShort 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 13.39 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -144 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -62% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -36% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -28% |
| Significant short interestShort 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 29% |
| Key risksINDI key risks include [1] its prolonged unprofitability, Show more. |
Qualitative Assessment
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Indie Semiconductor (INDI) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds and Semiconductor Sector De-rating.
The broader semiconductor market, while generally in an upcycle, faced warnings of a potential peak in fiscal Q4 2026 and subsequent "multiple compression" impacting chip stocks. This broader market sentiment, combined with pressures from surging Treasury yields, rising interest rates, and trade friction, created a challenging environment that disproportionately affected smaller-cap technology and semiconductor companies like Indie Semiconductor.
2. Persistent Profitability Concerns and Weakened Financial Outlook.
Despite delivering in-line EPS and exceeding revenue estimates by 24% year-over-year with $64.01 million for fiscal Q2 2026 (ended June 30, 2026), Indie Semiconductor continued to report GAAP and non-GAAP operating losses. Analysts subsequently revised fiscal year 2026 expected losses upwards from -$0.438 to -$0.579 per share, with some forecasting a delayed path to profitability until 2028. Additionally, cash declined sequentially to $149 million in fiscal Q2 2026 from $184.7 million in fiscal Q1 2026, and inventory growth outpaced revenue.
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Indie Semiconductor (INDI) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Macroeconomic Headwinds and Semiconductor Sector De-rating.
The broader semiconductor market, while generally in an upcycle, faced warnings of a potential peak in fiscal Q4 2026 and subsequent "multiple compression" impacting chip stocks. This broader market sentiment, combined with pressures from surging Treasury yields, rising interest rates, and trade friction, created a challenging environment that disproportionately affected smaller-cap technology and semiconductor companies like Indie Semiconductor.
2. Persistent Profitability Concerns and Weakened Financial Outlook.
Despite delivering in-line EPS and exceeding revenue estimates by 24% year-over-year with $64.01 million for fiscal Q2 2026 (ended June 30, 2026), Indie Semiconductor continued to report GAAP and non-GAAP operating losses. Analysts subsequently revised fiscal year 2026 expected losses upwards from -$0.438 to -$0.579 per share, with some forecasting a delayed path to profitability until 2028. Additionally, cash declined sequentially to $149 million in fiscal Q2 2026 from $184.7 million in fiscal Q1 2026, and inventory growth outpaced revenue.
3. Analyst Price Target Reductions and Cautious Ratings.
Although the overall analyst consensus remained generally positive, some firms adjusted their outlooks negatively. Roth MKM lowered its price target for Indie Semiconductor from $7 to $5 in early August 2026, and TD Cowen initiated coverage with a "Hold" rating and a $4 price target in June 2026. These adjustments reflected concerns about the company's long-term profitability and contributed to downward pressure on the stock's valuation.
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Stock Movement Drivers
Fundamental Drivers
The -34.9% change in INDI stock from 6/30/2026 to 9/30/2026 was primarily driven by a -36.9% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.49 | 2.92 | -34.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 219 | 231 | 5.7% |
| P/S Multiple | 4.2 | 2.7 | -36.9% |
| Shares Outstanding (Mil) | 207 | 212 | -2.4% |
| Cumulative Contribution | -34.9% |
Market Drivers
6/30/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| INDI | -34.9% | |
| Market (SPY) | 2.1% | 50.6% |
| Sector (XLK) | 2.7% | 64.8% |
Fundamental Drivers
The -9.2% change in INDI stock from 3/31/2026 to 9/30/2026 was primarily driven by a -10.8% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.22 | 2.92 | -9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 217 | 231 | 6.3% |
| P/S Multiple | 3.0 | 2.7 | -10.8% |
| Shares Outstanding (Mil) | 203 | 212 | -4.2% |
| Cumulative Contribution | -9.2% |
Market Drivers
3/31/2026 to 9/30/2026| Return | Correlation | |
|---|---|---|
| INDI | -9.2% | |
| Market (SPY) | 17.6% | 45.9% |
| Sector (XLK) | 47.5% | 58.6% |
Fundamental Drivers
The -28.1% change in INDI stock from 9/30/2025 to 9/30/2026 was primarily driven by a -26.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.07 | 2.92 | -28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 218 | 231 | 6.2% |
| P/S Multiple | 3.7 | 2.7 | -26.6% |
| Shares Outstanding (Mil) | 195 | 212 | -7.8% |
| Cumulative Contribution | -28.1% |
Market Drivers
9/30/2025 to 9/30/2026| Return | Correlation | |
|---|---|---|
| INDI | -28.1% | |
| Market (SPY) | 15.4% | 43.1% |
| Sector (XLK) | 39.4% | 48.9% |
Fundamental Drivers
The -53.6% change in INDI stock from 9/30/2023 to 9/30/2026 was primarily driven by a -53.3% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 9302026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.30 | 2.92 | -53.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 156 | 231 | 48.6% |
| P/S Multiple | 5.7 | 2.7 | -53.3% |
| Shares Outstanding (Mil) | 142 | 212 | -33.0% |
| Cumulative Contribution | -53.6% |
Market Drivers
9/30/2023 to 9/30/2026| Return | Correlation | |
|---|---|---|
| INDI | -53.6% | |
| Market (SPY) | 84.5% | 46.3% |
| Sector (XLK) | 143.1% | 45.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INDI Return | 11% | -51% | 39% | -50% | -13% | -16% | -72% |
| Peers Return | 48% | -6% | 27% | -13% | -6% | 27% | 83% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| INDI Win Rate | 57% | 42% | 58% | 33% | 50% | 44% | |
| Peers Win Rate | 69% | 43% | 60% | 37% | 47% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| INDI Max Drawdown | - | -56% | -57% | -61% | -66% | -47% | |
| Peers Max Drawdown | -16% | -30% | -28% | -33% | -41% | -35% | |
| 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 9/30/2026 (YTD)
How Low Can It Go
| Event | INDI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -60.5% | -18.8% |
| % Gain to Breakeven | 153.1% | 23.1% |
| Time to Breakeven | 103 days | 79 days |
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.
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Asset Allocation
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| Event | INDI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -60.5% | -18.8% |
| % Gain to Breakeven | 153.1% | 23.1% |
| Time to Breakeven | 103 days | 79 days |
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.
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Here are 1-2 brief analogies for Indie Semiconductor:
- Qualcomm for advanced in-car tech.
- NXP Semiconductors for specialized, next-gen automotive chips.
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- 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.
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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.
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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).
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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.
- 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.
- 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.
- 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.
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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.
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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.
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Indie Semiconductor (NASDAQ: INDI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| INDI | Indie Semiconductor | 16.6% | -4.1x | -28.1% | -53.6% | -75.8% | — |
| RMBS | Rambus | 18.1% | 48.3x | 2.5% | 91.4% | 378.1% | +454pp |
| MRVL | Marvell Technology | 20.5% | 89.8x | 214.9% | 392.6% | 349.9% | +426pp |
| SMTC | Semtech | 13.2% | 108.0x | 149.6% | 592.6% | 126.6% | +202pp |
| LASR | nLight | 13.7% | -177.9x | 31.4% | 274.5% | 44.5% | +120pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 63.9% | 180.7% | 305.5% | TTMI 870% · FLEX 722% · SANM 449% |
| Semiconductor Materials & Equipment | 28 | 106.8% | 103.7% | 125.8% | AXTI 835% · AEHR 691% · KLAC 511% |
| Technology Distributors | 9 | 37.8% | 81.3% | 97.4% | CLMB 416% · AVT 199% · SNX 158% |
| Communications Equipment | 36 | 9.1% | 76.4% | 70.3% | AAOI 1281% · LITE 1038% · FEIM 935% |
| Electronic Components | 26 | 41.1% | 72.7% | 67.7% | CLS 3807% · BELFA 1339% · LPTH 386% |
| Technology Hardware, Storage & Peripherals | 20 | 22.4% | 128.6% | 35.6% | STX 1159% · DELL 1011% · SMCI 1000% |
| Semiconductors ← | 55 | 29.8% | 46.2% | 35.0% | POET 1736% · MU 1436% · NVDA 1006% |
| Internet Services & Infrastructure | 6 | -4.5% | 37.5% | 18.0% | DOCN 65% · VRSN 39% · GDDY 33% |
| Electronic Equipment & Instruments | 26 | -22.0% | 19.5% | -6.7% | PI 220% · KEYS 120% · VPG 106% |
| IT Consulting & Other Services | 28 | -23.2% | -10.3% | -19.9% | CHRN 519111% · APLD 1020% · TSSI 785% |
| Application Software | 125 | -30.1% | -18.8% | -47.2% | VIDA 136567% · INLX 5104% · PLTR 669% |
| Systems Software | 70 | -16.6% | 21.3% | -51.9% | QNC 551% · PAYS 418% · ZETA 412% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 162.80 |
| Mkt Cap | 115.3 |
| Rev LTM | 9,691 |
| Op Inc LTM | 2,361 |
| FCF LTM | 2,075 |
| FCF 3Y Avg | 1,824 |
| CFO LTM | 2,400 |
| CFO 3Y Avg | 2,487 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 1.8% |
| Rev Chg Q | 21.1% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 11.4% |
| Op Inc Chg 3Y Avg | -2.8% |
| Op Mgn LTM | 22.7% |
| Op Mgn 3Y Avg | 24.4% |
| QoQ Delta Op Mgn LTM | 2.1% |
| CFO/Rev LTM | 25.6% |
| CFO/Rev 3Y Avg | 25.8% |
| FCF/Rev LTM | 22.1% |
| FCF/Rev 3Y Avg | 18.7% |
Price Behavior
| Market Price | $2.92 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 06/11/2021 | |
| Distance from 52W High | -51.2% | |
| 50 Days | 200 Days | |
| DMA Price | $3.54 | $3.74 |
| DMA Trend | down | down |
| Distance from DMA | -17.4% | -21.9% |
| 3M | 1YR | |
| Volatility | 84.2% | 85.5% |
| Downside Capture | 539.27 | 388.89 |
| Upside Capture | 240.23 | 289.60 |
| Correlation (SPY) | 50.3% | 43.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.64 | 3.88 | 3.85 | 3.30 | 2.84 | 2.67 |
| Up Beta | 3.93 | 3.39 | 5.13 | 0.98 | 1.33 | 2.05 |
| Down Beta | 5.36 | 3.49 | 3.30 | 3.89 | 2.74 | 2.61 |
| Up Capture | 108% | 404% | 273% | 569% | 816% | 7434% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 18 | 27 | 58 | 118 | 338 |
| Down Capture | 436% | 427% | 386% | 302% | 184% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 23 | 36 | 66 | 131 | 396 |
[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 | |
|---|---|---|---|---|
| INDI | -25.8% | 85.4% | 0.02 | - |
| Sector ETF (XLK) | 40.4% | 26.5% | 1.25 | 48.9% |
| Equity (SPY) | 15.9% | 13.0% | 0.87 | 43.1% |
| Gold (GLD) | 8.1% | 29.6% | 0.26 | 21.4% |
| Commodities (DBC) | 43.1% | 20.8% | 1.61 | 1.8% |
| Real Estate (VNQ) | 2.2% | 13.6% | -0.09 | 1.6% |
| Bitcoin (BTCUSD) | -27.1% | 44.5% | -0.58 | 20.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INDI | |
|---|---|---|---|---|
| INDI | -22.9% | 80.4% | 0.02 | - |
| Sector ETF (XLK) | 21.3% | 25.9% | 0.73 | 48.5% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 47.0% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 11.9% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 7.4% |
| Real Estate (VNQ) | 0.5% | 18.9% | -0.08 | 29.6% |
| Bitcoin (BTCUSD) | 13.9% | 52.3% | 0.44 | 24.0% |
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 | -11.8% | 80.1% | 0.04 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 47.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 45.7% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 11.2% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 8.2% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 28.7% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 22.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.8% | 20.7% | 5.0% |
| 5/7/2026 | -4.2% | -3.8% | -0.4% |
| 2/19/2026 | 5.8% | 7.6% | -25.4% |
| 11/6/2025 | 0.4% | -15.5% | -5.6% |
| 8/7/2025 | 5.2% | 22.8% | 11.0% |
| 5/12/2025 | 1.5% | 0.0% | 22.3% |
| 2/20/2025 | -12.8% | -22.8% | -43.0% |
| 11/7/2024 | 59.8% | 30.0% | 22.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 8 | 9 | 10 |
| Median Positive | 8.4% | 16.8% | 18.0% |
| Median Negative | -6.0% | -15.5% | -12.6% |
| Max Positive | 59.8% | 38.5% | 57.3% |
| Max Negative | -13.9% | -22.8% | -43.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 17.8% | 20.7% | 5.0% |
| 5/7/2026 | -4.2% | -3.8% | -0.4% |
| 2/19/2026 | 5.8% | 7.6% | -25.4% |
| 11/6/2025 | 0.4% | -15.5% | -5.6% |
| 8/7/2025 | 5.2% | 22.8% | 11.0% |
| 5/12/2025 | 1.5% | 0.0% | 22.3% |
| 2/20/2025 | -12.8% | -22.8% | -43.0% |
| 11/7/2024 | 59.8% | 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% |
| 11/9/2023 | 14.2% | 38.5% | 57.3% |
| 8/10/2023 | -5.5% | -9.3% | -15.9% |
| 5/11/2023 | 4.2% | 12.9% | 28.0% |
| 2/16/2023 | 8.4% | 11.1% | 9.6% |
| 11/10/2022 | 13.1% | -16.8% | -15.2% |
| 8/11/2022 | 3.3% | -0.4% | 10.1% |
| 5/12/2022 | 28.5% | 24.8% | 18.0% |
| 2/22/2022 | -2.0% | 0.3% | -2.1% |
| 11/10/2021 | 8.9% | 26.8% | -4.0% |
| 8/10/2021 | -6.4% | -15.8% | 3.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 11 |
| # Negative | 8 | 9 | 10 |
| Median Positive | 8.4% | 16.8% | 18.0% |
| Median Negative | -6.0% | -15.5% | -12.6% |
| Max Positive | 59.8% | 38.5% | 57.3% |
| Max Negative | -13.9% | -22.8% | -43.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/28/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 04/11/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 67.00 Mil | 70.00 Mil | 73.00 Mil | 12.9% | Higher New | Guidance: 62.00 Mil for Q2 2026 | |
| Q3 2026 Revenue Growth | Reported | 30.0% | ||||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 59.00 Mil | 62.00 Mil | 65.00 Mil | 12.7% | Higher New | Guidance: 55.00 Mil for Q1 2026 | |
| Q2 2026 Core Business Revenue | Reported | 37.00 Mil | 8.8% | Higher New | Guidance: 34.00 Mil for Q1 2026 | |||
| Q2 2026 Wuxi indie Micro Revenue | Reported | 25.00 Mil | 19.0% | Higher New | Guidance: 21.00 Mil for Q1 2026 | |||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 52.00 Mil | 55.00 Mil | 58.00 Mil | -3.5% | Lower New | Guidance: 57.00 Mil for Q4 2025 | |
| Q1 2026 Wuxi indie Micro subsidiary revenue | Reported | 21.00 Mil | ||||||
| Q1 2026 Core business revenue | Reported | 34.00 Mil | ||||||
| Q1 2026 Core business revenue growth | Reported | 20.0% | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 54.00 Mil | 57.00 Mil | 60.00 Mil | 5.6% | Higher New | Guidance: 54.00 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Gross Margin | Reported | 46.0% | 46.5% | 47.0% | -3.0% | Lower New | Guidance: 49.5% for Q3 2025 | |
Insider Activity
Updated 9/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9222026 | 3.18 | 3,750 | 11,937 | 499,533 | Form |
| 2 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9172026 | 3.11 | 50,000 | 155,460 | 1,495,606 | Form |
| 3 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9032026 | 3.59 | 40,625 | 145,693 | 415,731 | Form |
| 4 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9032026 | 3.53 | 13,384 | 47,286 | 1,699,465 | Form |
| 5 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9032026 | 3.54 | 21,171 | 74,971 | 542,453 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9222026 | 3.18 | 3,750 | 11,937 | 499,533 | Form |
| 2 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9172026 | 3.11 | 50,000 | 155,460 | 1,495,606 | Form |
| 3 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9032026 | 3.59 | 40,625 | 145,693 | 415,731 | Form |
| 4 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9032026 | 3.53 | 13,384 | 47,286 | 1,699,465 | Form |
| 5 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9032026 | 3.54 | 21,171 | 74,971 | 542,453 | Form |
| 6 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9032026 | 3.56 | 6,000 | 21,346 | 533,861 | Form |
| 7 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 9012026 | 3.72 | 23,170 | 86,183 | 580,473 | Form |
| 8 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9012026 | 3.72 | 46,928 | 174,553 | 1,742,413 | Form |
| 9 | Schiller, Thomas | Direct | Sell | 9012026 | 3.72 | 3,138 | 11,672 | 1,812,066 | Form | |
| 10 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9012026 | 3.72 | 17,045 | 63,401 | 419,560 | Form |
| 11 | Parekh, Sonalee Elizabeth | Direct | Sell | 8212026 | 4.07 | 59,932 | 244,163 | 406,817 | Form | |
| 12 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 8182026 | 4.10 | 42,468 | 174,199 | 397,408 | Form |
| 13 | Parekh, Sonalee Elizabeth | Direct | Sell | 8142026 | 3.80 | 20,000 | 76,000 | 607,198 | Form | |
| 14 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 7082026 | 4.67 | 6,250 | 29,214 | 651,359 | Form |
| 15 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 7062026 | 4.45 | 30,207 | 134,460 | 648,118 | Form |
| 16 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 7062026 | 4.37 | 19,640 | 85,913 | 588,029 | Form |
| 17 | Schiller, Thomas | Direct | Sell | 7062026 | 4.45 | 1,833 | 8,159 | 2,144,126 | Form | |
| 18 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 7062026 | 4.45 | 126,496 | 563,072 | 1,890,098 | Form |
| 19 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 6172026 | 4.19 | 50,000 | 209,255 | 1,286,345 | Form |
| 20 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 6052026 | 4.80 | 39,645 | 190,447 | 472,257 | Form |
| 21 | Aoki, Ichiro | President | Direct | Sell | 6032026 | 5.18 | 300,562 | 1,555,926 | 554,675 | Form |
| 22 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 6032026 | 5.13 | 37,500 | 192,480 | 708,090 | Form |
| 23 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 6032026 | 5.12 | 12,898 | 65,998 | 587,354 | Form |
| 24 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 6032026 | 5.12 | 9,425 | 48,227 | 1,572,746 | Form |
| 25 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 6032026 | 4.94 | 6,000 | 29,663 | 567,484 | Form |
| 26 | Aoki, Ichiro | President | Direct | Sell | 5292026 | 5.05 | 100,000 | 505,022 | 536,177 | Form |
| 27 | Aoki, Ichiro | President | Direct | Sell | 5292026 | 5.28 | 454,900 | 2,403,111 | 560,862 | Form |
| 28 | Aoki, Ichiro | President | Direct | Sell | 5292026 | 5.06 | 175,000 | 885,028 | 536,928 | Form |
| 29 | Aoki, Ichiro | President | Direct | Sell | 5272026 | 5.26 | 20,100 | 105,640 | 557,992 | Form |
| 30 | Aoki, Ichiro | President | Direct | Sell | 5272026 | 5.02 | 50,000 | 250,810 | 532,565 | Form |
| 31 | Aoki, Ichiro | President | Direct | Sell | 5132026 | 4.78 | 50,000 | 238,795 | 507,053 | Form |
| 32 | Aoki, Ichiro | President | Direct | Sell | 5012026 | 4.40 | 100,000 | 440,240 | 467,398 | Form |
| 33 | Aoki, Ichiro | President | Direct | Sell | 4292026 | 4.04 | 50,000 | 201,965 | 428,848 | Form |
| 34 | Aoki, Ichiro | President | Direct | Sell | 4272026 | 3.76 | 50,000 | 188,185 | 399,588 | Form |
| 35 | Aoki, Ichiro | President | Direct | Sell | 4272026 | 3.54 | 43,500 | 154,034 | 375,944 | Form |
| 36 | Aoki, Ichiro | President | Direct | Sell | 4232026 | 3.50 | 6,500 | 22,767 | 371,868 | Form |
| 37 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 4102026 | 2.81 | 55,000 | 154,561 | 339,436 | Form |
| 38 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 4072026 | 2.99 | 4,720 | 14,094 | 411,944 | Form |
| 39 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 4072026 | 2.99 | 18,420 | 55,006 | 891,381 | Form |
| 40 | Aoki, Ichiro | President | Direct | Sell | 4072026 | 2.99 | 3,506 | 10,470 | 317,042 | Form |
| 41 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 4072026 | 2.99 | 5,876 | 17,547 | 226,323 | Form |
| 42 | Aoki, Ichiro | President | Direct | Sell | 3272026 | 3.17 | 50,000 | 158,570 | 320,159 | Form |
| 43 | Aoki, Ichiro | President | Direct | Sell | 3272026 | 3.28 | 100,000 | 327,700 | 330,820 | Form |
| 44 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 3272026 | 3.06 | 50,000 | 153,110 | 864,744 | Form |
| 45 | Aoki, Ichiro | President | Direct | Sell | 3272026 | 3.14 | 50,000 | 156,915 | 316,818 | Form |
| 46 | Aoki, Ichiro | President | Direct | Sell | 3252026 | 2.83 | 50,000 | 141,555 | 285,805 | Form |
| 47 | Aoki, Ichiro | President | Direct | Sell | 3252026 | 2.61 | 50,000 | 130,260 | 263,000 | Form |
| 48 | Aoki, Ichiro | President | Direct | Sell | 3202026 | 2.59 | 50,000 | 129,655 | 261,779 | Form |
| 49 | Aoki, Ichiro | President | Direct | Sell | 3202026 | 2.57 | 50,000 | 128,595 | 259,638 | Form |
| 50 | Aoki, Ichiro | President | Direct | Sell | 3202026 | 2.60 | 50,000 | 129,875 | 262,223 | Form |
| 51 | Aoki, Ichiro | President | Direct | Sell | 3182026 | 2.59 | 50,000 | 129,440 | 261,345 | Form |
| 52 | Aoki, Ichiro | President | Direct | Sell | 3182026 | 2.54 | 50,000 | 126,960 | 256,337 | Form |
| 53 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 3172026 | 2.51 | 6,000 | 15,083 | 178,952 | Form |
| 54 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 3102026 | 2.54 | 18,750 | 47,586 | 330,270 | Form |
| 55 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 3052026 | 2.53 | 531 | 1,344 | 195,347 | Form |
| 56 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 3022026 | 3.50 | 37,500 | 131,422 | 434,167 | Form |
| 57 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 3022026 | 3.56 | 17,162 | 61,153 | 274,264 | Form |
| 58 | Aoki, Ichiro | President | Direct | Sell | 3022026 | 3.56 | 4,573 | 16,288 | 359,566 | Form |
| 59 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 3022026 | 3.56 | 90,644 | 322,847 | 1,005,799 | Form |
| 60 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 1062026 | 3.67 | 15,313 | 56,167 | 408,552 | Form |
| 61 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 1062026 | 3.67 | 82,957 | 304,220 | 682,840 | Form |
| 62 | Aoki, Ichiro | President | Direct | Sell | 1062026 | 3.67 | 7,188 | 26,360 | 347,376 | Form |
| 63 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 1062026 | 3.67 | 12,448 | 45,649 | 282,261 | Form |
| 64 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 12232025 | 3.86 | 6,354 | 24,501 | 260,442 | Form |
| 65 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 12172025 | 4.09 | 100,000 | 408,510 | 196,616 | Form |
| 66 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 12122025 | 4.44 | 10,386 | 46,116 | 299,898 | Form |
| 67 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 12122025 | 4.53 | 10,000 | 45,277 | 352,835 | Form |
| 68 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 12032025 | 3.74 | 37,500 | 140,272 | 351,635 | Form |
| 69 | Aoki, Ichiro | President | Direct | Sell | 12032025 | 3.54 | 1,166 | 4,128 | 299,842 | Form |
| 70 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 12032025 | 3.54 | 13,065 | 46,250 | 524,380 | Form |
| 71 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 11242025 | 3.30 | 7,096 | 23,427 | 287,818 | Form |
| 72 | Aoki, Ichiro | President | Direct | Sell | 11192025 | 3.44 | 25,000 | 86,058 | 284,451 | Form |
| 73 | Aoki, Ichiro | President | Direct | Sell | 11192025 | 3.50 | 75,000 | 262,215 | 288,905 | Form |
| 74 | Aoki, Ichiro | President | Direct | Sell | 11192025 | 3.66 | 75,000 | 274,470 | 302,407 | Form |
| 75 | Aoki, Ichiro | President | Direct | Sell | 11172025 | 3.91 | 75,000 | 293,092 | 322,925 | Form |
| 76 | Aoki, Ichiro | President | Direct | Sell | 11172025 | 3.92 | 250,000 | 979,375 | 323,719 | Form |
| 77 | Wu, Naixi | Chief Financial Officer | Direct | Sell | 11132025 | 4.18 | 5,261 | 21,991 | 364,404 | Form |
| 78 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 10172025 | 6.01 | 200,000 | 1,201,320 | 814,507 | Form |
| 79 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9242025 | 4.01 | 188,700 | 756,555 | 543,669 | Form |
| 80 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9172025 | 4.00 | 11,300 | 45,200 | 542,408 | Form |
| 81 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9162025 | 3.87 | 150,000 | 580,500 | 524,780 | Form |
| 82 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9122025 | 3.95 | 20,908 | 82,587 | 371,320 | Form |
| 83 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9092025 | 4.22 | 12,020 | 50,724 | 484,933 | Form |
| 84 | Aoki, Ichiro | President | Direct | Sell | 9092025 | 4.22 | 8,877 | 37,461 | 348,715 | Form |
| 85 | McClymont, Donald | Chief Executive Officer | Direct | Sell | 9092025 | 4.22 | 41,986 | 177,181 | 1,205,240 | Form |
| 86 | Wittmann, Michael | Chief Operating Officer | Direct | Sell | 9032025 | 4.29 | 59,375 | 254,719 | 403,281 | Form |
| 87 | Aoki, Ichiro | President | Direct | Sell | 9032025 | 4.25 | 4,770 | 20,272 | 285,579 | Form |
Investor Activity (13F)
Updated Oct 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.