Indie Semiconductor, Inc. (INDI)
NASDAQ:INDI
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indie Semiconductor
(NASDAQ:INDI)
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Rating:52Neutral
Price Target:
$5.00
▲(47.93% Upside)
Action:Reiterated
Date:05/23/26
The score is held back primarily by weak financial performance—heavy losses, compressed margins, and negative free cash flow—despite strong recent revenue growth. Offsetting this, technicals show a clear uptrend with positive momentum, and the latest earnings call was supportive with upbeat guidance, commercialization wins, and improved liquidity actions. Valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Design wins & production ramps
A multi‑OEM $25M radar production order converts a design win into recurring series production revenue, validating product performance and Tier‑1 relationships. This raises odds of sustained platform shipments, supports longer production life revenue and reduces commercialization risk over the next several quarters.
Negative Factors
Persistent negative cash flow
Sustained negative operating and free cash flow means the company must keep raising capital or refinancing to fund operations and volume ramps. That ongoing cash burn increases dilution or leverage risk, limits reinvestment capacity and could pressure strategic initiatives if profitability is not achieved timely.
Read all positive and negative factors
Positive Factors
Negative Factors
Design wins & production ramps
A multi‑OEM $25M radar production order converts a design win into recurring series production revenue, validating product performance and Tier‑1 relationships. This raises odds of sustained platform shipments, supports longer production life revenue and reduces commercialization risk over the next several quarters.
Read all positive factors
indie Semiconductor (INDI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$948.46M
Dividend YieldN/A
Average Volume (3M)5.20M
Price to Earnings (P/E)―
Beta (1Y)3.02
Revenue Growth0.17%
EPS Growth-1.78%
CountryUS
Employees920
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.77
Shares Outstanding211,288,590
10 Day Avg. Volume5,194,274
30 Day Avg. Volume5,198,392
Financial Highlights & Ratios
PEG Ratio0.93
Price to Book (P/B)1.97
Price to Sales (P/S)3.24
P/FCF Ratio-9.65
Enterprise Value/Market Cap1.33
Enterprise Value/Revenue5.76
Enterprise Value/Gross Profit26.46
Enterprise Value/Ebitda-12.25
Forecast
1Y Price Target
$5.92Price Target Upside75.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$265.99M
indie Semiconductor Business Overview & Revenue Model
Company Description
indie Semiconductor, Inc. provides automotive semiconductors and software solutions for advanced driver assistance systems, connected car, user experience, and electrification applications. It offers devices for a multitude of automotive applicati...
How the Company Makes Money
indie Semiconductor primarily makes money by selling semiconductor products (and associated software/firmware where applicable) to automotive OEMs and, more commonly, to automotive Tier 1 suppliers who integrate these components into vehicle subsy...
indie Semiconductor Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and commercial trajectory: revenue beat, strong core sequential growth (>20%), a significant $25M radar production order, multiple product ramps (iND880 production, camera mirror volumes), photonics and LiDAR technology wins (including 80% power and 40% size gains), improved non-GAAP operating loss and stronger liquidity after refinancing. Counterbalancing items include ongoing net losses, supply-chain and DRAM constraints, Wuxi-related headwinds and regulatory timing risk on the Wuxi divestiture. Overall, highlights substantially outweigh the lowlights given clear product commercialization, design-win ramps, and improved financial flexibility.Positive Updates
Revenue Beat and Year-over-Year Growth
Q1 revenue of $55.5M, $0.5M above the midpoint of guidance and up ~3% year-over-year.
Negative Updates
Ongoing Net Losses
Net loss of $13.9M and loss per share $0.06 in Q1 (on 223M shares) — while improved, the company remains unprofitable.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Beat and Year-over-Year Growth
Q1 revenue of $55.5M, $0.5M above the midpoint of guidance and up ~3% year-over-year.
Read all positive updates
Company Guidance
Indie guided Q2 2026 revenue of $59 million to $65 million (midpoint $62 million), with roughly $25 million expected from Wuxi and about $37 million from the core business at the midpoint (core = ~8% sequential growth and ~20% year‑over‑year growth), non‑GAAP operating expenses of $38 million (flat vs. Q1’s $37.3 million), net interest expense of ~ $3.1 million, no tax expense, and a share base of 227 million implying an improved net loss per share of $0.05 at the midpoint; management also noted balance‑sheet actions (Q1 cash of $184.7 million, issuance of $170.5 million 4% convertible notes due 2031 with net proceeds ~ $165 million, ~$108 million used to repurchase 2027 notes) and reiterated an expected closing of the previously announced ~$135 million Wuxi divestiture later this year to support liquidity and the path to profitability.indie Semiconductor Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
42
Neutral
Cash Flow
25
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 218.77M | 217.39M | 216.68M | 223.17M | 110.80M | 48.41M |
| Gross Profit | 47.59M | 87.57M | 90.31M | -55.12M | 50.31M | 19.71M |
| EBITDA | -102.78M | -101.98M | -93.94M | -89.94M | -35.67M | -111.73M |
| Net Income | -152.62M | -143.97M | -132.60M | -117.63M | -43.40M | -88.04M |
Balance Sheet | ||||||
| Total Assets | 869.56M | 840.79M | 941.39M | 818.88M | 603.35M | 469.25M |
| Cash, Cash Equivalents and Short-Term Investments | 184.71M | 155.74M | 274.25M | 151.68M | 321.63M | 219.08M |
| Total Debt | 427.55M | 379.49M | 398.58M | 174.34M | 183.47M | 7.89M |
| Total Liabilities | 520.61M | 458.06M | 495.99M | 341.85M | 289.02M | 177.40M |
| Stockholders Equity | 324.60M | 356.82M | 417.89M | 446.15M | 312.81M | 313.05M |
Cash Flow | ||||||
| Free Cash Flow | -65.33M | -72.94M | -72.94M | -117.14M | -84.31M | -59.89M |
| Operating Cash Flow | -50.20M | -58.60M | -58.60M | -104.39M | -76.75M | -55.82M |
| Investing Cash Flow | -32.80M | -19.26M | -19.26M | -107.74M | -16.27M | -84.33M |
| Financing Cash Flow | 20.81M | 209.33M | 209.33M | 43.57M | 192.66M | 340.65M |
indie Semiconductor Technical Analysis
Positive
3.38
Price Trends
3.53
Positive
3.62
Positive
3.97
Positive
Market Momentum
0.19
Positive
64.98
Neutral
45.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDI, the sentiment is Positive. The current price of 3.38 is below the 20-day moving average (MA) of 4.31, below the 50-day MA of 3.53, and below the 200-day MA of 3.97, indicating a bullish trend. The MACD of 0.19 indicates Positive momentum. The RSI at 64.98 is Neutral, neither overbought nor oversold. The STOCH value of 45.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INDI.
indie Semiconductor Risk Analysis
indie Semiconductor disclosed 61 risk factors in its most recent earnings report. indie Semiconductor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
indie Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.15B | -29.19 | -6.91% | ― | 23.10% | 35.49% | |
66 Neutral | $2.27B | -158.49 | -7.50% | ― | 7.53% | -203.93% | |
62 Neutral | $1.82B | -25.94 | 75.20% | ― | 67.18% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $1.17B | -12.01 | -12.98% | ― | 0.60% | -359.56% | |
56 Neutral | $2.87B | -89.67 | -8.87% | ― | -26.39% | -147.85% | |
52 Neutral | $948.46M | -3.71 | -42.36% | ― | 0.17% | -1.78% |
* Technology Sector Average
INDI
indie Semiconductor
4.81
2.39
98.76%
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AOSL
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101.25%
COHU
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46.53
29.57
174.35%
ICHR
Ichor Holdings
68.96
52.55
320.23%
SKYT
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37.21
27.73
292.51%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.