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indie Semiconductor Inc

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What Do They Do?

Develops automotive semiconductors, software and photonic components for automotive suppliers and vehicle makers, supporting driver-assistance, sensing and safety systems as well as industrial applications.

How Do They Make Money?

Customers buy semiconductor products, with sales counted when products ship or reach them, depending on contract terms. The company also earns fees for IC design services as the work is performed.

revenue
SegmentShareRevenue
Product revenue
Sold outright

95%
FY2022: 81%
Contract revenue
Recurring
4.8%
FY2022: 19%

Who Are Their Customers?

Works with Tier 1 automotive suppliers on custom designs; finished products also ship to customers through distributors.

Do Revenues Turn Into Profits?

No. It lost $143.1M in FY2025.

Operating income, FY2025
−71% of revenue
▼ −9% (Loss) vs FY2024 (−$170.1M, −78%)
Net income, FY2025
−66% of revenue
▲ +8% (Loss) vs FY2024 (−$132.6M, −61%)
Free cash flow, FY2025
−33% of revenue
▼ −2% (Loss) vs FY2024 (−$72.9M, −34%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +24%
vs $51.6M in Q2 FY2025
Net income
▼ −5% (Loss)
vs −$39M in Q2 FY2025
Product revenue share of revenue vs 96.3% in Q2 FY2025
  • Aug 6, 2026 Guides for 30% year-over-year revenue growth in Q3 Q3 revenue outlook is $67 million to $73 million.
  • May 11, 2026 Agrees to buy CMOS image sensor business from ams OSRAM The transaction is subject to customary closing conditions, including regulatory approvals.

Growing. Revenue grew 4.5x in 4 years, from $48.4M in FY2021 to $217.4M in FY2025, about 46% a year.

Broader end markets The earlier report framed its products around automotive driver assistance, autonomous driving, in-cabin experience and electrification. The latest report also targets industrial mobility, robotics and quantum applications.

Revenue over time
Product revenue Contract revenue
$250M$125M$0

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