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BUY 6
HOLD 1
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| PRICE TARGET: $4.75 DETAILS
HIGH: $4.75
LOW: $4.75
MEDIAN: $4.75
CONSENSUS: $4.75
DOWNSIDE: 1.25%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4
Revenue
Revenue 55.5 58.0 53.7 51.6 54.1 58.0 54.0 52.4 52.4 70.1 60.5 52.1 40.5 33.0 30.0 25.8 22.0 19.0 12.2 9.2 8.1 6.7 7.6 3.7 4.7 6.2
Cost of Revenue 34.4 36.0 70.2 30.7 31.5 33.3 32.7 30.2 30.1 72.0 35.2 32.1 58.1 16.2 15.0 15.2 14.2 31.5 6.9 5.3 4.8 4.3 3.7 2.2 7.5 13.0
Gross Profit 21.1 22.1 (16.5) 20.9 22.5 24.7 21.2 22.1 22.3 (1.9) 25.3 20.0 (17.6) 16.9 15.0 10.6 7.8 (12.6) 5.2 3.9 3.3 2.4 3.9 1.5 (2.9) (6.8)
Operating Expenses
R&D Expenses 38.5 35.5 38.0 38.5 42.1 38.3 46.0 41.3 49.6 34.3 41.6 42.1 36.6 33.0 30.2 28.5 29.5 20.9 15.0 13.5 8.7 6.6 5.8 4.8 4.8 6.7
SG&A Expenses 21.4 19.2 0 18.4 19.4 20.3 20.8 17.4 22.3 0 19.8 18.6 0 12.8 10.7 12.1 12.6 0 11.4 8.9 2.7 2.7 1.3 1.3 0 0
Other Expenses 0 0 (16.1) 7.1 0 0.0 4.3 0 0 (14.6) 0 0 (17.2) 0 0 0 0 (6.6) 0 0 0 0 0 0 (3.2) (5.3)
Operating Expenses 59.9 54.7 21.9 63.9 61.5 58.6 71.1 58.7 71.9 19.7 61.4 60.7 19.4 45.8 40.9 40.6 42.1 14.4 26.5 22.4 11.4 9.3 7.1 6.1 1.7 1.4
Operating Income
Operating Income (38.9) (32.6) (38.3) (43.0) (38.9) (33.9) (49.9) (36.6) (49.6) (21.6) (36.1) (40.7) (37.0) (29.0) (25.9) (30.0) (34.3) (26.9) (21.3) (18.5) (8.1) (6.9) (3.2) (4.6) (4.5) (8.2)
Interest Expense 4.3 4.3 4.3 4.5 4.5 2.8 2.2 2.1 2.1 2.1 2.2 2.1 2.1 1.2 0.2 0.3 0.1 0.1 0.0 0.5 0.6 0.6 0.5 0.6 0 0
Interest Income 0.9 1.1 1.7 2.2 2.3 1.2 1.0 1.1 1.3 1.7 1.9 1.9 2.4 1.7 0.6 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 1.6
Profitability
EBITDA (29.5) (21.5) (26.5) (25.3) (22.1) (22.6) (40.2) (8.3) (22.9) (7.9) (4.7) (0.3) (28.4) (10.6) (43.3) (0.3) 19.0 (21.4) (106.7) 14.1 11.6 (62.5) (21.0) (4.0) (3.9) (6.1)
EBIT (38.9) (31.2) (36.7) (36.5) (32.6) (32.3) (52.7) (18.8) (33.2) (13.2) (15.8) (11.1) (34.4) (14.7) (44.5) (5.9) 13.1 (24.9) (108.2) 13.5 11.0 (63.1) (21.7) (4.6) (4.5) (8.2)
Income Before Tax (47.4) (35.5) (41.1) (41.1) (37.1) (35.0) (54.9) (20.9) (35.3) (16.4) (18.0) (13.2) (85.7) (16.1) (44.6) (6.2) 13.0 (34.2) (108.2) 13.0 10.4 (63.8) (22.2) (7.0) (5.4) (8.8)
Income Tax Expense (0.3) (3.3) (0.4) 0.6 0.1 (0.6) (0.3) 0.1 (1.1) (1.8) 0.7 0.3 (3.7) (0.4) 0.9 (0.9) (0.7) (0.4) (0.0) 0.1 0.0 0.0 (0.0) 0.0 0.0 0.0
Net Income (43.2) (32.1) (38.3) (39.0) (34.5) (32.6) (49.7) (19.2) (31.2) (14.7) (17.1) (13.1) (72.7) (12.4) (37.6) (4.2) 10.8 (25.4) (79.6) 6.1 10.8 (63.6) (22.0) (6.9) (5.1) (8.7)
Per Share Data
EPS (Basic) -0.22 -0.16 -0.19 -0.20 -0.18 -0.18 -0.28 -0.11 -0.19 -0.09 -0.12 -0.09 -0.55 -0.15 -0.31 -0.04 0.10 -0.25 -0.83 0.04 0.11 -0.63 -0.22 -0.00 -0.05 -0.08
EPS (Diluted) -0.22 -0.16 -0.19 -0.20 -0.18 -0.18 -0.28 -0.11 -0.19 -0.09 -0.12 -0.09 -0.55 -0.15 -0.31 -0.04 0.07 -0.24 -0.83 0.03 0.11 -0.63 -0.22 -0.00 -0.05 -0.08
Shares Outstanding 199.3 199.3 199.3 195.4 191.5 185.7 179.5 170.2 164.6 160.0 147.0 142.0 131.5 125.8 120.5 117.0 111.2 103.3 96.0 94.1 101.5 101.5 101.5 101.5 111.3 110.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2019 Q4
Current Assets
Cash & Cash Equivalents 184.7 145.5 171.2 192.6 236.6 274.2 96.9 122.6 138.2 151.7 160.6 180.7 207.4 321.6 150.4 163.7 193.0 219.1 323.9 354.2 8.9 18.7 9.0 7.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 60.5 57.5 53.2 59.1 62.9 52.0 56.2 66.0 52.4 63.6 43.5 34.9 24.6 26.4 22.4 15.8 16.1 13.8 8.9 7.2 7.0 5.9 5.0 4.6
Inventory 57.0 48.6 45.6 47.0 47.8 49.9 52.2 42.5 37.9 33.1 39.5 40.9 39.0 13.3 11.6 12.6 10.8 9.1 5.5 3.4 3.6 2.9 3.5 4.3
Other Current Assets 24.9 34.2 27.1 33.0 34.4 32.6 21.9 10.3 35.3 23.4 26.3 23.1 19.4 12.5 0.4 0.4 0.4 0.4 0 0 0 0 0 0
Total Current Assets 327.2 285.8 297.1 331.8 381.7 408.7 240.8 247.6 263.8 271.8 269.9 279.5 290.4 373.9 194.3 199.4 227.1 248.0 341.9 368.8 22.3 30.0 18.1 16.5
Non-Current Assets
Property, Plant & Equipment 57.8 57.7 57.2 55.2 50.2 50.4 51.6 48.0 43.7 40.8 40.0 34.3 32.8 27.9 22.3 22.2 24.6 11.1 3.3 2.7 2.2 2.2 2.2 2.4
Goodwill 289.7 292.6 290.8 276.2 267.6 266.4 275.4 289.3 290.4 295.1 309.5 281.8 278.9 136.5 142.0 125.7 130.4 113.6 1.7 1.7 1.7 1.7 1.7 0
Intangible Assets 186.3 195.9 203.9 198.5 203.1 208.9 222.7 205.4 198.6 208.1 196.4 181.4 189.5 63.1 60.9 97.3 104.8 96.3 11.6 12.5 0.7 1.1 1.5 2.3
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 8.6 8.8 6.0 5.9 6.4 6.9 7.0 7.1 7.1 3.1 3.6 3.9 2.0 2.0 1.9 1.6 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.2
Total Non-Current Assets 542.4 555.0 558.0 535.9 527.3 532.6 556.6 549.8 539.9 547.1 549.6 501.3 503.2 229.5 227.1 246.9 260.1 221.2 16.8 17.1 4.7 5.2 5.6 4.8
Total Assets 869.6 840.8 855.1 867.6 909.0 941.4 797.5 797.3 803.6 818.9 819.5 780.8 793.6 603.4 421.4 446.4 487.2 469.3 358.7 386.0 27.1 35.1 23.7 21.4
Current Liabilities
Account Payables 24.4 23.1 19.1 19.7 18.5 28.3 26.0 26.5 19.0 18.4 19.6 17.0 16.9 14.2 8.5 7.6 6.8 5.4 5.4 19.3 5.1 4.6 2.8 4.7
Short-Term Debt 12.3 13.6 14.4 14.2 12.0 12.2 19.1 12.6 13.2 4.1 4.9 3.7 4.7 15.7 13.1 13.2 12.3 2.3 2.3 2.3 9.4 8.5 3.6 4.2
Deferred Revenue 0 0 0 8.2 8.6 8.6 0 7.3 5.0 6.9 7.8 10.9 11.2 11.1 9.6 8.1 8.6 7.4 2.9 3.3 0 3.9 0 0
Other Current Liabilities 33.0 41.1 32.8 9.4 14.6 21.7 53.0 34.8 94.9 96.6 3.3 9.0 11.0 7.1 14.0 6.7 21.6 14.6 0 0 86.8 104.3 40.5 5.8
Total Current Liabilities 79.6 77.8 79.2 76.5 72.0 84.9 100.9 93.1 151.7 138.9 149.0 104.1 115.0 64.0 55.3 50.5 57 33.7 16.8 28.8 104.5 122.2 48.3 15.7
Non-Current Liabilities
Long-Term Debt 402.8 352.9 339.1 338.2 367.0 369.1 157.5 157.3 157.0 156.7 156.5 156.2 156.0 155.7 4.2 4.8 5.3 5.6 0 0 11.5 12.3 16.6 14.8
Deferred Tax Liabilities 14.1 14.2 16.0 12.9 11.8 11.7 17.1 13.0 13.0 13.7 15.7 10.8 10.6 7.8 11.9 23.3 24.2 19.5 0 0 0 0 0 0
Other Non-Current Liabilities 11.6 0.1 14.2 2.4 2.3 4.1 4.0 8.7 9.2 21.7 74.7 115.1 141.9 47.2 59.3 38.3 61.7 106.1 253.2 167.1 2.2 1.7 1.7 1.5
Total Non-Current Liabilities 441.0 380.2 383.0 376.1 405.3 411.1 207.8 201.5 190.5 203.0 257.7 291.5 320.4 225.1 89.7 84.5 113.0 143.7 262.5 177.2 13.7 14.4 18.3 16.3
Total Liabilities 520.6 458.1 462.2 452.5 477.3 496.0 308.7 294.7 342.2 341.9 406.7 395.6 435.4 289.0 145.1 135.1 170.0 177.4 279.3 205.9 118.2 136.6 66.5 32.0
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42.2 0.0 42.2 41.5
Retained Earnings (680.3) (638.0) (605.9) (567.6) (528.6) (494.0) (461.5) (411.8) (392.6) (361.4) (346.8) (329.7) (316.6) (243.8) (231.4) (193.8) (189.6) (200.4) (175.1) (95.4) (142.4) (153.3) (89.7) (55.8)
Accumulated Other Comprehensive Income (8.9) (3.9) (10.3) (5.9) (22.8) (24.7) (8.5) (13.8) (10.8) (6.2) (20.3) (9.5) (13.5) (12.0) (18.3) (8.5) (0.6) (1.4) 0.1 (0.1) (0.3) (0.2) (0.2) (0.2)
Total Stockholders' Equity 324.6 356.8 369.2 390.4 405.6 417.9 458.6 470.7 432.9 446.1 413.5 386.3 362.1 312.8 295.3 325.6 333.8 313.0 96.8 168.9 (99.6) (110.3) (47.1) (14.0)
Total Liabilities & Equity 869.6 840.8 855.1 867.6 909.0 941.4 797.5 797.3 803.6 818.9 819.5 780.8 793.6 603.4 421.4 446.4 487.2 469.3 358.7 386.0 27.1 35.1 23.7 21.4
Debt Metrics
Total Debt 427.5 379.5 367.2 369.0 395.8 398.6 195.0 184.0 184.2 174.3 175.1 172.1 172.4 183.5 26.8 28.4 30.2 7.9 2.3 2.3 20.9 20.8 20.1 19.0
Net Debt 242.8 234.0 196.1 176.5 159.2 124.3 98.1 61.3 46.0 22.7 14.4 (8.5) (35.0) (138.2) (123.6) (135.3) (162.7) (211.2) (321.6) (351.9) 12.1 2.1 11.2 11.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4
Operating Activities
Net Income (43.2) (32.1) (38.3) (41.6) (34.5) (34.4) (54.6) (19.2) (31.2) (14.1) (18.7) (13.1) (82.0) (15.8) (37.6) (4.2) 10.8 (25.4) (108.2) 13.0 10.4 (63.8) (22.2) (6.9) (5.1) (8.7)
Depreciation & Amortization 9.4 10.8 11.1 11.2 10.5 9.7 12.6 10.4 10.4 6.2 11.0 10.8 6.6 4.1 1.1 5.6 5.9 3.6 1.1 0.6 0.6 0.7 0.7 0.7 0.6 2.1
Stock-Based Compensation 0 0 0 15.0 17.2 11.9 17.9 11.9 25.6 7.1 12.8 0 11.4 11.0 0 0 0 8.7 6.2 8.0 0 0 0 0 0 0
Change in Working Capital (12.9) (7.5) 3.2 8.2 (16.1) 9.9 (7.0) (5.0) 3.2 (18.9) 3.6 (25.9) (16.9) (2.0) (8.7) (6.5) (0.9) (0.9) (1.3) (2.7) (1.5) (0.4) (1.1) (1.5) (0.6) (3.1)
Other Non-Cash Items 24.5 15.1 17.8 (0.4) (6.1) 1.5 8.4 (17.9) (16.2) (1.3) (18.5) (12.0) 51.8 (11.8) 21.7 (16.0) (31.5) (4.9) 87.3 (31.9) (18.6) 56.8 18.7 3.1 (1.1) 4.5
Operating Cash Flow (22.1) (14.3) (6.2) (7.6) (29.1) (6.7) (22.8) (19.7) (9.3) (16.4) (14.8) (40.3) (32.9) (17.9) (21.9) (21.2) (15.7) (18.9) (14.8) (13.0) (9.1) (6.7) (3.8) (4.6) (6.1) (5.1)
Investing Activities
Capital Expenditure (3.2) (1.7) (4.2) (6.0) (2.4) (2.5) (7.5) (3.7) (2.3) (4.2) (2.0) (3.4) (3.2) (3.1) (2.7) (1.3) (0.6) (1.0) (1.6) (0.7) (0.2) (0.0) (0.5) 0.0 (0.3) (0.2)
Acquisitions 0 0 (17.7) 0 0 0 0 0 (3.2) (0.0) 3.4 0 (98.4) 0 0 0 (8.7) (80.3) 0 0 0 0.0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 0 0 0 0 (0.7) (1.0) 0 0 0 0 0 0 0 0 0 0 (0.6) (0.7) (0.0) (0.0) (0.0) (0.2) 0 0 0
Investing Cash Flow (3.2) (1.7) (21.8) (6.0) (2.4) (2.5) (7.5) (3.7) (5.5) (4.2) 1.4 (3.4) (101.6) (3.1) (2.7) (1.3) (9.3) (81.9) (1.6) (0.7) (0.2) 0.0 (0.5) 0.0 (0.3) (0.2)
Financing Activities
Net Debt Issuance 57.5 (0.9) 0.2 (24.8) (2.9) 183.3 6.5 (0.6) 9.2 (10.0) 1.4 (1.1) (11.1) 159.7 (0.4) 0.1 (0.1) (1.9) 0 (9.9) 0 11.7 6.6 0.7 0.8 (1.0)
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 (7.4) 0 0 0 (1.8) 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 (17,250.7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (2.5) (2.1) (2.1) (4.4) (1.8) (3.6) (0.5) (2.1) (2.4) 17,256.6 (1.8) (2.1) (2.8) (9.0) (1.3) (7.2) (0.7) 0.1 (14.1) 369.0 (0.6) 4.7 (0.1) 5.7 3.3 2.2
Financing Cash Flow 55.1 (3.1) (1.9) (29.3) (4.7) 185.9 16.9 (0.3) 6.9 9.4 (1.5) 14.7 21.1 190.1 10.4 (7.1) (0.7) (3.7) (14.1) 359.1 (0.6) 16.4 6.5 6.5 4.1 1.2
Cash Position
Net Change in Cash 29.0 (15.4) (31.7) (44.1) (37.6) 177.4 (15.4) (25.5) (3.5) (9.0) (20.0) (26.7) (114.5) 171.1 (13.4) (29.2) (26.1) (104.4) (30.3) 345.3 (9.8) 9.7 2.2 1.9 (2.3) (4.2)
Cash at Beginning 155.7 171.2 202.9 246.9 284.5 107.2 122.6 148.2 151.7 160.6 180.7 207.4 321.9 150.8 164.1 193.4 219.5 323.9 354.2 8.9 18.7 9.0 6.8 4.9 7.2 11.4
Cash at End 184.7 155.7 171.2 202.9 246.9 284.5 107.2 122.6 148.2 151.7 160.6 180.7 207.4 321.9 150.8 164.1 193.4 219.5 323.9 354.2 8.9 18.7 9.0 6.8 4.9 7.2
Free Cash Flow (25.3) (16.0) (10.3) (13.6) (31.4) (9.3) (30.4) (23.4) (11.7) (20.6) (16.9) (43.6) (36.1) (21.0) (24.6) (22.4) (16.3) (19.9) (16.4) (13.7) (9.3) (6.7) (4.3) (4.5) (6.4) (5.4)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4
Income Statement
Revenue 55.5 58.0 53.7 51.6 54.1 58.0 54.0 52.4 52.4 70.1 60.5 52.1 40.5 33.0 30.0 25.8 22.0 19.0 12.2 9.2 8.1 6.7 7.6 3.7 4.7 6.2
Gross Profit 21.1 22.1 (16.5) 20.9 22.5 24.7 21.2 22.1 22.3 (1.9) 25.3 20.0 (17.6) 16.9 15.0 10.6 7.8 (12.6) 5.2 3.9 3.3 2.4 3.9 1.5 (2.9) (6.8)
Operating Income (38.9) (32.6) (38.3) (43.0) (38.9) (33.9) (49.9) (36.6) (49.6) (21.6) (36.1) (40.7) (37.0) (29.0) (25.9) (30.0) (34.3) (26.9) (21.3) (18.5) (8.1) (6.9) (3.2) (4.6) (4.5) (8.2)
Net Income (43.2) (32.1) (38.3) (39.0) (34.5) (32.6) (49.7) (19.2) (31.2) (14.7) (17.1) (13.1) (72.7) (12.4) (37.6) (4.2) 10.8 (25.4) (79.6) 6.1 10.8 (63.6) (22.0) (6.9) (5.1) (8.7)
EPS (Diluted) -0.22 -0.16 -0.19 -0.20 -0.18 -0.18 -0.28 -0.11 -0.19 -0.09 -0.12 -0.09 -0.55 -0.15 -0.31 -0.04 0.07 -0.24 -0.83 0.03 0.11 -0.63 -0.22 -0.00 -0.05 -0.08
Balance Sheet
Cash & Equivalents 184.7 145.5 171.2 192.6 236.6 274.2 96.9 122.6 138.2 151.7 160.6 180.7 207.4 321.6 150.4 163.7 193.0 219.1 323.9 354.2 8.9 18.7 9.0 7.2
Total Assets 869.6 840.8 855.1 867.6 909.0 941.4 797.5 797.3 803.6 818.9 819.5 780.8 793.6 603.4 421.4 446.4 487.2 469.3 358.7 386.0 27.1 35.1 23.7 21.4
Total Debt 427.5 379.5 367.2 369.0 395.8 398.6 195.0 184.0 184.2 174.3 175.1 172.1 172.4 183.5 26.8 28.4 30.2 7.9 2.3 2.3 20.9 20.8 20.1 19.0
Stockholders' Equity 324.6 356.8 369.2 390.4 405.6 417.9 458.6 470.7 432.9 446.1 413.5 386.3 362.1 312.8 295.3 325.6 333.8 313.0 96.8 168.9 (99.6) (110.3) (47.1) (14.0)
Cash Flow
Operating Cash Flow (22.1) (14.3) (6.2) (7.6) (29.1) (6.7) (22.8) (19.7) (9.3) (16.4) (14.8) (40.3) (32.9) (17.9) (21.9) (21.2) (15.7) (18.9) (14.8) (13.0) (9.1) (6.7) (3.8) (4.6) (6.1) (5.1)
Capital Expenditure (3.2) (1.7) (4.2) (6.0) (2.4) (2.5) (7.5) (3.7) (2.3) (4.2) (2.0) (3.4) (3.2) (3.1) (2.7) (1.3) (0.6) (1.0) (1.6) (0.7) (0.2) (0.0) (0.5) 0.0 (0.3) (0.2)
Free Cash Flow (25.3) (16.0) (10.3) (13.6) (31.4) (9.3) (30.4) (23.4) (11.7) (20.6) (16.9) (43.6) (36.1) (21.0) (24.6) (22.4) (16.3) (19.9) (16.4) (13.7) (9.3) (6.7) (4.3) (4.5) (6.4) (5.4)