indie Semiconductor (INDI)
NASDAQ:INDI
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indie Semiconductor
(NASDAQ:INDI)
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Rating:47Neutral
Price Target:
$3.00
▲(3.09% Upside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by weak financial performance (large losses, negative cash flow, and rising leverage) and bearish technicals (price below all key moving averages with negative momentum). Offsetting these negatives, the latest earnings call pointed to improving cost control, core business growth outlook, and potential balance-sheet support from the planned Wuxi sale, while valuation remains difficult to assess due to losses and no dividend.
Positive Factors
Design-win momentum & radar shipments
Commercial radar shipments to a Tier 1 and a Gen 8 77GHz radar launch with OEM adoption across multiple regions indicate durable product-market fit. Sustained Tier‑1 design wins can convert to multi-year production volumes, recurring per-unit revenue and stronger customer credibility as ramps progress.
Negative Factors
Large, persistent net losses
Deep operating and net losses (net margin near -66% in 2025) mean the business remains unprofitable and cash‑consumptive. Persistent losses require external capital, limit reinvestment capacity, and increase execution risk until sustained high-volume production and operating leverage close the gap to profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Design-win momentum & radar shipments
Commercial radar shipments to a Tier 1 and a Gen 8 77GHz radar launch with OEM adoption across multiple regions indicate durable product-market fit. Sustained Tier‑1 design wins can convert to multi-year production volumes, recurring per-unit revenue and stronger customer credibility as ramps progress.
Read all positive factors
indie Semiconductor (INDI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$650.85M
Dividend YieldN/A
Average Volume (3M)5.60M
Price to Earnings (P/E)―
Beta (1Y)3.01
Revenue Growth-4.99%
EPS Growth-12.11%
CountryUS
Employees920
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.07
Shares Outstanding207,145,550
10 Day Avg. Volume2,608,845
30 Day Avg. Volume5,600,808
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 Cap1.29
Enterprise Value/Revenue3.85
Enterprise Value/Gross Profit17.06
Enterprise Value/Ebitda-8.77
Forecast
1Y Price Target
$5.75Price Target Upside97.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$269.70M
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 automotive semiconductors (and associated software/firmware where applicable) to customers such as Tier 1 automotive suppliers and automotive OEMs. Revenue is largely generated on a per-unit bas...
indie Semiconductor Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call balanced concrete near-term challenges (notably Wuxi-related timing and persistent supply-chain constraints) against multiple operational positives: a revenue beat with sequential growth, improving non-GAAP losses and cost control, early commercial shipments and broad design-win momentum across radar, vision, photonics/quantum and wireless power. Management has taken active steps to mitigate supply risks, is pursuing second-source suppliers and has a potentially material cash inflection from the pending Wuxi sale. On balance, achievements and growth catalysts appear to outweigh the risks, though execution and regulatory timing remain key.Positive Updates
Revenue Beat and Sequential Growth
Q4 revenue of $58.0M exceeded the midpoint of guidance by $1M and grew ~8% sequentially; Q4 revenue was flat year-over-year. Full year revenue was $217.4M.
Negative Updates
Reliance on Wuxi Revenue and Sale Uncertainty
Wuxi contributed approximately $29.7M of revenue in Q4. The announced sale of Wuxi (approx. $135M gross proceeds) remains subject to China regulatory approvals and timing is uncertain (targeted late-2026), creating execution and timing risk for expected proceeds.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Beat and Sequential Growth
Q4 revenue of $58.0M exceeded the midpoint of guidance by $1M and grew ~8% sequentially; Q4 revenue was flat year-over-year. Full year revenue was $217.4M.
Read all positive updates
Company Guidance
The company guided Q1 2026 revenue of $52–58 million (midpoint $55M), with Wuxi revenue expected to decline to about $21M and core business revenue projected to grow ~20% sequentially to ~$34M at the midpoint; non‑GAAP operating expenses are forecast at $37M (flat with Q4’s $36.8M), net interest expense of ~ $2.6M, and a net loss per share of $0.07 based on ~223M shares at the midpoint. For context, Q4 revenue was $58M (up ~8% sequentially; full‑year revenue $217.4M), Q4 non‑GAAP operating loss was $10.1M (vs $11.3M last quarter), Q4 net loss was $12.4M and loss per share $0.07 on 220.4M shares, and cash totaled $155.7M (down $15.5M vs Q3, including $6.8M interest). Management reiterated radar revenue remains in the prior ~$30–50M 2026 ZIP code, expects continued ramp through 2026–29, sees supply‑chain substrate/packaging constraints persisting into 2026 (Q4 impact ~ $5M, Q1 residual risk < $1M), and noted expected gross proceeds of ~ $135M from the planned sale of Wuxi (targeting late‑2026 close subject to approvals).indie Semiconductor Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
45
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 217.39M | 216.68M | 223.17M | 110.80M | 48.41M |
| Gross Profit | 87.57M | 90.31M | -55.12M | 50.31M | 19.71M |
| EBITDA | -101.98M | -93.94M | -89.94M | -35.67M | -111.73M |
| Net Income | -143.97M | -132.60M | -117.63M | -43.40M | -88.04M |
Balance Sheet | |||||
| Total Assets | 840.79M | 941.39M | 818.88M | 603.35M | 469.25M |
| Cash, Cash Equivalents and Short-Term Investments | 155.74M | 274.25M | 151.68M | 321.63M | 219.08M |
| Total Debt | 379.49M | 398.58M | 174.34M | 183.47M | 7.89M |
| Total Liabilities | 458.06M | 495.99M | 341.85M | 289.02M | 177.40M |
| Stockholders Equity | 356.82M | 417.89M | 446.15M | 312.81M | 313.05M |
Cash Flow | |||||
| Free Cash Flow | -72.94M | -72.94M | -117.14M | -84.31M | -59.89M |
| Operating Cash Flow | -58.60M | -58.60M | -104.39M | -76.75M | -55.82M |
| Investing Cash Flow | -19.26M | -19.26M | -107.74M | -16.27M | -84.33M |
| Financing Cash Flow | 209.33M | 209.33M | 43.57M | 192.66M | 340.65M |
indie Semiconductor Technical Analysis
Negative
2.91
Price Trends
3.22
Negative
3.59
Negative
3.98
Negative
Market Momentum
-0.05
Negative
46.86
Neutral
17.08
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDI, the sentiment is Negative. The current price of 2.91 is above the 20-day moving average (MA) of 2.87, below the 50-day MA of 3.22, and below the 200-day MA of 3.98, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 17.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.41B | 7.47 | 99.25% | ― | 0.19% | ― | |
62 Neutral | $1.99B | -12.29 | -7.72% | ― | 16.86% | -26.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $1.75B | -14.78 | -9.07% | ― | -4.50% | -45.79% | |
54 Neutral | $2.22B | -89.67 | -8.87% | ― | -3.23% | -122.16% | |
48 Neutral | $773.19M | -11.11 | -12.29% | ― | 5.81% | -376.55% | |
47 Neutral | $650.85M | -4.89 | -37.84% | ― | -4.99% | -12.11% |
* Technology Sector Average
INDI
indie Semiconductor
2.91
0.91
45.50%
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70.43
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748.55%
AOSL
Alpha and Omega
25.98
6.59
33.99%
COHU
Cohu
37.34
23.02
160.75%
ICHR
Ichor Holdings
57.50
39.72
223.40%
SKYT
SkyWater Technology
28.78
21.94
320.76%
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.