indie Semiconductor (INDI) Financials

$4.81 +0.63 (+15.07%)

Closing price 05/22/2026 04:00 PM Eastern

Extended Trading

$4.76 -0.05 (-1.00%)

As of 05/22/2026 08:00 PM Eastern

Annual Income Statements for indie Semiconductor

This table shows indie Semiconductor's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-97	-176	-43	-118	-133	-143
Consolidated Net Income / (Loss)	-98	-119	-53	-129	-144	-151
Net Income / (Loss) Continuing Operations	-98	-119	-53	-129	-144	-151
Total Pre-Tax Income	-98	-119	-54	-133	-146	-154
Total Operating Income	-19	-75	-119	-135	-170	-154
Total Gross Profit	9.57	20	50	90	90	87
Total Revenue	23	48	111	223	217	217
Operating Revenue	23	48	111	223	217	217
Total Cost of Revenue	13	29	60	134	126	131
Operating Cost of Revenue	13	29	60	134	126	131
Total Operating Expenses	29	95	169	225	260	241
Selling, General & Admin Expense	6.80	36	48	70	81	78
Research & Development Expense	22	58	121	155	175	154
Restructuring Charge	-	-	0.00	0.00	4.33	9.07
Total Other Income / (Expense), net	-79	-44	65	2.06	24	0.49
Interest Expense	2.19	0.94	1.69	8.65	9.26	15
Interest & Investment Income	0.03	0.05	2.57	7.80	4.59	7.29
Other Income / (Expense), net	-77	-43	64	2.91	29	8.22
Income Tax Expense	0.03	-0.33	-1.04	-4.53	-1.92	-3.01
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.87	-31	-9.39	-11	-12	-7.65
Basic Earnings per Share	($3.12)	($1.26)	($0.37)	($0.81)	($0.76)	($0.73)
Weighted Average Basic Shares Outstanding	31.24M	70.01M	118.66M	145.19M	175.03M	197.25M
Diluted Earnings per Share	($3.12)	($1.26)	($0.37)	($0.81)	($0.76)	($0.73)
Weighted Average Diluted Shares Outstanding	31.24M	70.01M	118.66M	145.19M	175.03M	197.25M
Weighted Average Basic & Diluted Shares Outstanding	-	-	160.16M	183.22M	208.49M	223.66M

This table shows indie Semiconductor's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-17	-15	-31	-19	-50	-33	-35	-39	-38	-31	-43
Consolidated Net Income / (Loss)	-19	-15	-34	-21	-55	-34	-37	-42	-41	-31	-47
Net Income / (Loss) Continuing Operations	-19	-15	-34	-21	-55	-34	-37	-42	-41	-31	-47
Total Pre-Tax Income	-18	-16	-35	-21	-55	-35	-37	-41	-41	-35	-47
Total Operating Income	-36	-22	-50	-37	-50	-34	-39	-43	-38	-34	-39
Total Gross Profit	25	28	22	22	21	25	23	21	22	22	21
Total Revenue	60	70	52	52	54	58	54	52	54	58	55
Operating Revenue	60	70	52	52	54	58	54	52	54	58	55
Total Cost of Revenue	35	42	30	30	33	33	32	31	32	36	34
Operating Cost of Revenue	35	42	30	30	33	33	32	31	32	36	34
Total Operating Expenses	61	49	72	59	71	59	61	64	60	56	60
Selling, General & Admin Expense	20	15	22	17	21	20	19	18	21	19	21
Research & Development Expense	42	34	50	41	46	38	42	38	38	36	39
Total Other Income / (Expense), net	18	5.13	14	16	-5.01	-1.06	1.82	1.94	-2.72	-0.55	-8.57
Interest Expense	2.24	2.12	2.11	2.13	2.18	2.84	4.52	1.90	4.35	4.25	8.00
Interest & Investment Income	1.86	1.65	1.31	1.08	0.99	1.21	2.27	2.23	1.66	1.14	0.87
Other Income / (Expense), net	19	5.59	15	17	-3.82	0.57	4.07	1.62	-0.02	2.55	-1.45
Income Tax Expense	0.65	-1.82	-1.11	0.09	-0.32	-0.58	0.06	0.57	-0.36	-3.27	-0.32
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.58	0.03	-3.04	-1.84	-4.91	-1.79	-2.63	-2.58	-2.41	-0.04	-3.93
Basic Earnings per Share	($0.12)	($0.05)	($0.19)	($0.11)	($0.28)	($0.18)	($0.18)	($0.20)	($0.19)	($0.16)	($0.21)
Weighted Average Basic Shares Outstanding	146.96M	145.19M	164.60M	170.16M	179.49M	175.03M	191.46M	195.37M	199.33M	197.25M	207.03M
Diluted Earnings per Share	($0.12)	($0.05)	($0.19)	($0.11)	($0.28)	($0.18)	($0.18)	($0.20)	($0.19)	($0.16)	($0.21)
Weighted Average Diluted Shares Outstanding	146.96M	145.19M	164.60M	170.16M	179.49M	175.03M	191.46M	195.37M	199.33M	197.25M	207.03M
Weighted Average Basic & Diluted Shares Outstanding	180.30M	183.22M	186.76M	197.42M	201.92M	208.49M	212.51M	216.17M	219.63M	223.66M	226.90M

This table details how cash moves in and out of indie Semiconductor's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	12	201	102	-170	133	-129
Net Cash From Operating Activities	-21	-56	-77	-104	-59	-57
Net Cash From Continuing Operating Activities	-21	-56	-77	-104	-59	-57
Net Income / (Loss) Continuing Operations	-98	-119	-53	-129	-144	-151
Consolidated Net Income / (Loss)	-98	-119	-53	-129	-144	-151
Depreciation Expense	2.65	5.97	15	32	40	40
Amortization Expense	0.25	0.20	2.37	14	5.36	5.91
Non-Cash Adjustments To Reconcile Net Income	79	66	-12	38	74	67
Changes in Operating Assets and Liabilities, net	-4.38	-9.26	-30	-59	-33	-20
Net Cash From Investing Activities	-0.77	-84	-16	-108	-19	-32
Net Cash From Continuing Investing Activities	-0.77	-84	-16	-108	-19	-32
Purchase of Property, Plant & Equipment	-0.64	-2.68	-7.57	-13	-14	-14
Acquisitions	-0.13	-82	-8.71	-95	-4.92	-18
Net Cash From Financing Activities	33	341	193	44	209	-39
Net Cash From Continuing Financing Activities	33	341	193	44	209	-39
Repayment of Debt	-4.18	-18	-7.53	-13	-8.63	-31
Repurchase of Common Equity	0.00	0.00	-7.44	0.00	0.00	0.00
Issuance of Debt	32	5.78	162	1.15	230	2.41
Issuance of Common Equity	6.18	0.00	59	52	19	0.00
Other Financing Activities, net	-0.40	353	-13	3.25	-32	-10
Effect of Exchange Rate Changes	0.06	0.27	2.77	-1.64	1.40	-0.77
Cash Interest Paid	1.48	1.23	0.38	7.42	7.44	15
Cash Income Taxes Paid	-	-	-	0.00	0.00	0.67

This table details how cash moves in and out of indie Semiconductor's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-20	-8.97	-3.50	-26	-15	177	-38	-44	-32	-15	29
Net Cash From Operating Activities	-15	-16	-9.35	-20	-23	-6.72	-29	-7.61	-6.17	-14	-22
Net Cash From Continuing Operating Activities	-15	-16	-9.35	-20	-23	-6.72	-29	-7.61	-6.17	-14	-22
Net Income / (Loss) Continuing Operations	-19	-15	-34	-21	-55	-34	-37	-42	-41	-31	-47
Consolidated Net Income / (Loss)	-19	-15	-34	-21	-55	-34	-37	-42	-41	-31	-47
Depreciation Expense	10	5.37	9.55	9.61	12	8.91	9.74	10	10	10.00	11
Amortization Expense	0.96	5.58	1.07	1.10	1.49	1.70	1.44	1.50	1.55	1.43	1.49
Non-Cash Adjustments To Reconcile Net Income	-2.45	-5.57	26	13	21	13	18	14	19	16	24
Changes in Operating Assets and Liabilities, net	-4.98	-7.16	-12	-22	-2.48	3.67	-21	8.10	3.24	-10	-12
Net Cash From Investing Activities	1.42	-4.17	-5.52	-3.66	-7.55	-2.53	-2.38	-6.01	-22	-1.74	-3.21
Net Cash From Continuing Investing Activities	1.42	-4.17	-5.52	-3.66	-7.55	-2.53	-2.38	-6.01	-22	-1.74	-3.21
Purchase of Property, Plant & Equipment	-2.02	-4.17	-2.32	-3.66	-6.53	-1.83	-2.38	-6.01	-4.16	-1.74	-3.21
Acquisitions	3.44	-0.00	-3.20	-	-1.02	-0.70	0.00	-	-18	-	0.00
Net Cash From Financing Activities	-1.53	9.37	6.88	-0.32	17	186	-4.74	-29	-1.92	-3.02	55
Net Cash From Continuing Financing Activities	-1.53	9.37	6.88	-0.32	17	186	-4.74	-29	-1.92	-3.02	55
Repayment of Debt	-0.35	-0.32	-1.54	-0.22	-0.34	-6.53	-2.96	-25	-2.63	-0.44	-113
Issuance of Debt	1.72	-0.57	11	-0.34	6.79	213	0.00	-	2.85	-0.44	171
Issuance of Common Equity	-	-	-	2.32	11	6.19	0.00	-	-	-	0.00
Other Financing Activities, net	-2.90	10	-2.32	-2.09	0.03	-27	-1.78	-4.44	-2.13	-2.13	-2.48
Effect of Exchange Rate Changes	-5.07	2.24	4.48	-1.82	-2.00	0.73	-1.52	-1.17	-1.77	3.69	-0.75
Cash Interest Paid	0.15	3.61	0.07	3.66	0.06	3.65	0.19	7.76	0.18	6.92	1.63

This table presents indie Semiconductor's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	35	469	603	819	941	841
Total Current Assets	30	248	374	272	409	286
Cash & Equivalents	19	219	322	152	274	145
Restricted Cash	-	0.38	0.25	0.00	10	10
Accounts Receivable	5.91	14	26	64	52	57
Inventories, net	2.90	9.08	13	33	50	49
Prepaid Expenses	2.47	5.65	12	23	22	24
Plant, Property, & Equipment, net	2.17	11	16	27	34	43
Total Noncurrent Assets	2.98	210	214	520	498	512
Goodwill	1.74	114	136	295	266	293
Intangible Assets	1.09	96	63	208	209	196
Other Noncurrent Operating Assets	0.15	0.27	14	17	23	23
Total Liabilities & Shareholders' Equity	35	469	603	819	941	841
Total Liabilities	137	177	289	342	496	457
Total Current Liabilities	122	34	64	139	85	77
Short-Term Debt	8.49	2.28	18	88	16	14
Accounts Payable	4.55	5.44	14	18	28	22
Accrued Expenses	2.52	16	11	21	29	25
Current Employee Benefit Liabilities	-	4.02	12	6.62	5.57	9.89
Other Current Liabilities	2.27	5.52	9.38	4.43	5.88	5.88
Total Noncurrent Liabilities	14	144	225	203	411	380
Long-Term Debt	12	5.62	156	157	369	340
Noncurrent Deferred & Payable Income Tax Liabilities	-	20	7.82	14	12	14
Other Noncurrent Operating Liabilities	2.07	119	62	33	30	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-101	292	314	477	445	384
Total Preferred & Common Equity	-110	313	313	446	418	358
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-110	313	313	446	418	358
Common Stock	43	515	569	814	937	999
Retained Earnings	-153	-200	-244	-361	-494	-637
Accumulated Other Comprehensive Income / (Loss)	-0.21	-1.44	-12	-6.17	-25	-3.61
Noncontrolling Interest	8.82	-21	1.52	31	28	26

This table presents indie Semiconductor's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	421	794	781	820	804	797	797	909	868	855	870
Total Current Assets	194	290	280	270	264	248	241	382	332	297	327
Cash & Equivalents	150	207	181	161	138	112	97	237	193	161	174
Restricted Cash	0.38	0.00	0.00	0.00	10	10	10	10	10	10	10
Accounts Receivable	22	25	35	43	52	58	56	63	59	53	60
Inventories, net	12	39	41	40	38	42	52	48	47	46	57
Prepaid Expenses	9.51	19	23	26	25	24	25	24	23	27	25
Plant, Property, & Equipment, net	13	21	22	26	29	34	35	35	41	42	44
Total Noncurrent Assets	215	482	479	524	510	516	522	492	495	516	499
Goodwill	142	279	282	310	290	289	275	268	276	291	290
Intangible Assets	61	189	181	196	199	205	223	203	199	204	186
Other Noncurrent Operating Assets	12	14	16	18	21	22	24	22	20	21	23
Total Liabilities & Shareholders' Equity	421	794	781	820	804	797	797	909	868	855	870
Total Liabilities	145	435	396	407	342	295	309	477	453	462	521
Total Current Liabilities	55	115	104	149	152	93	101	72	76	79	80
Short-Term Debt	13	4.66	3.66	4.91	88	26	41	15	15	18	14
Accounts Payable	8.47	17	17	20	19	27	26	18	20	19	24
Accrued Expenses	16	71	63	105	29	28	21	27	20	25	26
Current Employee Benefit Liabilities	8.57	13	11	13	13	9.20	7.66	6.45	17	13	9.90
Other Current Liabilities	7.97	9.40	9.42	6.52	2.09	4.09	5.88	5.50	4.93	4.55	5.88
Total Noncurrent Liabilities	90	320	292	258	191	202	208	405	376	383	441
Long-Term Debt	4.17	156	156	156	157	157	158	367	338	339	403
Noncurrent Deferred & Payable Income Tax Liabilities	12	11	11	16	13	13	17	12	13	16	14
Other Noncurrent Operating Liabilities	74	154	125	86	20	31	33	26	25	28	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	276	358	385	413	461	503	489	432	415	393	349
Total Preferred & Common Equity	295	362	386	414	433	471	459	406	390	369	325
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	295	362	386	414	433	471	459	406	390	369	325
Common Stock	545	692	725	781	836	896	929	957	964	985	1,014
Retained Earnings	-231	-317	-330	-347	-393	-412	-461	-529	-568	-606	-680
Accumulated Other Comprehensive Income / (Loss)	-18	-13	-9.51	-20	-11	-14	-8.55	-23	-5.87	-10	-8.89
Noncontrolling Interest	-19	-3.96	-1.08	-0.67	29	32	30	26	25	24	24

This table displays calculated financial ratios and metrics derived from indie Semiconductor's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	219,632,500.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	219,632,500.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.65
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-13	-52	-83	-95	-119	-108
Return On Investment Capital (ROIC_SIMPLE)	-	-	-17.08%	-13.13%	-14.34%	-14.63%
Earnings before Interest and Taxes (EBIT)	-96	-118	-55	-133	-141	-146
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-93	-112	-38	-87	-96	-100
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-129	-169	-499	-95	-144
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	3.34	80	166	570	546	582
Increase / (Decrease) in Invested Capital	0.00	77	86	404	-24	37
Book Value per Share	($3.53)	$2.41	$2.11	$2.47	$2.07	$1.63
Tangible Book Value per Share	($3.62)	$0.79	$0.76	($0.32)	($0.28)	($0.59)
Total Capital	-81	300	488	722	830	738
Total Debt	21	7.89	174	245	385	354
Total Long-Term Debt	12	5.62	156	157	369	340
Net Debt	2.14	-212	-148	93	100	198
Capital Expenditures (CapEx)	0.64	2.68	7.57	13	14	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-102	-2.87	6.22	69	55	68
Debt-free Net Working Capital (DFNWC)	-84	217	328	221	340	223
Net Working Capital (NWC)	-92	214	310	133	324	209
Net Nonoperating Expense (NNE)	85	66	-31	34	25	43
Net Nonoperating Obligations (NNO)	105	-212	-148	93	100	198
Total Depreciation and Amortization (D&A)	2.90	6.17	17	45	45	46
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.26)	($0.37)	($0.81)	($0.76)	($0.73)
Adjusted Weighted Average Basic Shares Outstanding	0.00	70.01M	118.66M	145.19M	175.03M	197.25M
Adjusted Diluted Earnings per Share	$0.00	($1.26)	($0.37)	($0.81)	($0.76)	($0.73)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	70.01M	118.66M	145.19M	175.03M	197.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	160.16M	183.22M	208.49M	223.66M
Normalized Net Operating Profit after Tax (NOPAT)	-13	-52	-83	-95	-116	-102
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from indie Semiconductor's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	219,632,500.00	223,660,705.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	219,632,500.00	223,660,705.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.14	-0.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	101.48%	112.35%	29.42%	0.47%	-10.77%	-17.29%	3.29%	-1.38%	-0.54%	-	2.55%
EBITDA Growth	85.45%	59.29%	68.78%	-1,139.66%	-535.99%	-351.67%	0.95%	-172.56%	31.64%	-	-16.54%
EBIT Growth	60.81%	4.14%	59.82%	-53.36%	-204.51%	-108.48%	-0.96%	-108.38%	28.59%	-	-15.63%
NOPAT Growth	-39.78%	25.51%	-34.25%	10.05%	-38.06%	-57.14%	21.58%	-17.36%	23.17%	-	0.16%
Net Income Growth	58.89%	7.18%	58.25%	-54.83%	-192.31%	-134.99%	-8.61%	-98.18%	25.46%	-	-26.77%
EPS Growth	61.29%	44.44%	65.45%	-22.22%	-133.33%	-260.00%	5.26%	-81.82%	32.14%	-	-16.67%
Operating Cash Flow Growth	32.35%	8.49%	71.57%	51.00%	-53.70%	59.02%	-210.20%	61.44%	72.96%	-	23.71%
Free Cash Flow Firm Growth	26.57%	-293.87%	-44.04%	1.55%	32.06%	100.15%	87.45%	85.69%	87.21%	-	-16.46%
Invested Capital Growth	189.56%	242.70%	79.41%	54.49%	40.19%	-4.27%	1.46%	0.35%	-0.19%	-	2.47%
Revenue Q/Q Growth	16.06%	15.97%	-25.35%	0.00%	3.08%	7.49%	-6.78%	-4.52%	3.95%	-	-4.40%
EBITDA Q/Q Growth	-824.09%	21.06%	-375.39%	61.74%	-342.94%	43.94%	-4.25%	-24.34%	9.78%	-	-38.21%
EBIT Q/Q Growth	-36.27%	9.40%	-116.06%	42.50%	-170.57%	37.97%	-4.63%	-18.67%	7.28%	-	-28.42%
NOPAT Q/Q Growth	11.24%	40.32%	-130.16%	26.21%	-36.22%	32.08%	-14.86%	-10.43%	10.82%	-	-14.50%
Net Income Q/Q Growth	-37.71%	21.69%	-133.99%	38.64%	-159.98%	37.05%	-8.15%	-11.96%	2.22%	-	-50.89%
EPS Q/Q Growth	-33.33%	58.33%	-280.00%	42.11%	-154.55%	35.71%	0.00%	-11.11%	5.00%	-	-31.25%
Operating Cash Flow Q/Q Growth	63.14%	-10.59%	43.02%	-110.97%	-15.62%	70.51%	-331.31%	73.78%	18.91%	-	-54.11%
Free Cash Flow Firm Q/Q Growth	-29.99%	-41.48%	32.67%	20.49%	10.30%	100.30%	-5,892.58%	9.30%	19.84%	-	31.66%
Invested Capital Q/Q Growth	13.49%	37.84%	-2.02%	0.79%	2.98%	-5.87%	3.84%	-0.31%	2.42%	-	-0.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.82%	39.78%	42.53%	42.24%	39.35%	42.57%	41.70%	40.56%	40.06%	-	38.01%
EBITDA Margin	-10.54%	-7.17%	-45.67%	-17.47%	-75.10%	-39.16%	-43.80%	-57.04%	-49.50%	-	-49.77%
Operating Margin	-59.77%	-30.76%	-94.83%	-69.97%	-92.47%	-58.43%	-72.00%	-83.26%	-71.43%	-	-70.09%
EBIT Margin	-29.17%	-22.79%	-65.97%	-37.93%	-99.55%	-57.45%	-64.47%	-80.13%	-71.47%	-	-72.70%
Profit (Net Income) Margin	-30.88%	-20.85%	-65.37%	-40.11%	-101.17%	-59.25%	-68.74%	-80.60%	-75.81%	-	-84.97%
Tax Burden Percent	103.61%	88.93%	96.86%	100.41%	99.43%	98.33%	100.15%	101.38%	99.12%	-	99.33%
Interest Burden Percent	102.18%	102.89%	102.31%	105.33%	102.21%	104.89%	106.45%	99.22%	107.02%	-	117.68%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	-27.98%	-13.05%	-35.87%	-24.86%	-29.82%	-15.89%	-19.56%	-22.50%	-18.77%	-	-18.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-37.96%	-14.77%	-33.77%	-1.38%	-72.70%	-26.89%	-28.11%	-33.46%	-28.78%	-	-29.57%
Return on Net Nonoperating Assets (RNNOA)	7.31%	1.03%	-2.07%	-0.06%	-7.39%	-5.64%	-7.30%	-7.66%	-9.03%	-	-13.89%
Return on Equity (ROE)	-20.67%	-12.02%	-37.95%	-24.92%	-37.21%	-21.52%	-26.87%	-30.16%	-27.80%	-	-32.60%
Cash Return on Invested Capital (CROIC)	-133.25%	-135.39%	-80.67%	-64.56%	-55.70%	-16.98%	-21.27%	-20.92%	-18.44%	-	-21.25%
Operating Return on Assets (OROA)	-8.75%	-7.15%	-19.42%	-11.31%	-28.17%	-14.14%	-16.44%	-20.95%	-18.81%	-	-17.88%
Return on Assets (ROA)	-9.26%	-6.54%	-19.24%	-11.96%	-28.63%	-14.59%	-17.53%	-21.08%	-19.95%	-	-20.90%
Return on Common Equity (ROCE)	-21.26%	-11.53%	-36.81%	-24.05%	-35.99%	-20.16%	-25.22%	-28.30%	-26.10%	-	-30.49%
Return on Equity Simple (ROE_SIMPLE)	-31.43%	0.00%	-18.73%	-18.81%	-27.14%	0.00%	-36.28%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-25	-15	-35	-26	-35	-24	-27	-30	-27	-24	-27
NOPAT Margin	-41.84%	-21.53%	-66.38%	-48.98%	-64.73%	-40.90%	-50.40%	-58.29%	-50.00%	-	-49.06%
Net Nonoperating Expense Percent (NNEP)	9.98%	1.73%	-2.10%	-23.48%	42.88%	11.00%	8.55%	10.96%	10.01%	-	10.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.09%	-	-	-	-2.86%	-3.35%	-3.92%	-3.58%	-3.22%	-3.55%
Cost of Revenue to Revenue	58.18%	60.22%	57.47%	57.76%	60.65%	57.43%	58.30%	59.44%	59.94%	-	61.99%
SG&A Expenses to Revenue	32.81%	21.65%	42.64%	33.32%	38.63%	35.04%	35.81%	35.55%	38.78%	-	38.62%
R&D to Revenue	68.78%	48.88%	94.72%	78.89%	85.18%	65.94%	77.88%	74.51%	70.77%	-	69.47%
Operating Expenses to Revenue	101.59%	70.53%	137.36%	112.21%	131.82%	101.01%	113.69%	123.82%	111.49%	-	108.10%
Earnings before Interest and Taxes (EBIT)	-18	-16	-35	-20	-54	-33	-35	-41	-38	-31	-40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.37	-5.03	-24	-9.15	-41	-23	-24	-29	-27	-20	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.51	3.28	3.00	2.45	1.72	1.96	1.05	1.94	2.38	-	2.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	5.58	6.55	5.52	4.90	3.44	3.77	1.94	3.48	4.05	-	3.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.51	2.78	2.55	2.21	1.57	1.73	1.03	1.65	1.88	-	1.68
Enterprise Value to Revenue (EV/Rev)	5.58	7.11	6.05	5.29	3.97	4.36	2.68	4.28	5.01	-	4.46
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.51	0.53	0.36	0.41	0.86	0.88	0.85	0.91	-	1.19
Long-Term Debt to Equity	0.38	0.33	0.34	0.31	0.32	0.83	0.85	0.81	0.86	-	1.15
Financial Leverage	-0.19	-0.07	0.06	0.04	0.10	0.21	0.26	0.23	0.31	-	0.47
Leverage Ratio	1.80	1.80	1.95	1.78	1.79	1.91	1.92	1.81	1.87	-	2.28
Compound Leverage Factor	1.84	1.85	1.99	1.87	1.83	2.00	2.04	1.80	2.01	-	2.68
Debt to Total Capital	28.10%	33.91%	34.71%	26.69%	28.85%	46.36%	46.94%	45.94%	47.60%	-	54.41%
Short-Term Debt to Total Capital	0.86%	12.19%	12.49%	3.75%	5.91%	1.90%	1.83%	1.89%	2.37%	-	1.79%
Long-Term Debt to Total Capital	27.25%	21.72%	22.21%	22.94%	22.93%	44.45%	45.11%	44.05%	45.23%	-	52.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	-0.12%	4.28%	4.05%	4.66%	4.40%	3.31%	3.22%	3.22%	3.16%	-	3.18%
Common Equity to Total Capital	72.01%	61.81%	61.25%	68.65%	66.75%	50.33%	49.85%	50.85%	49.24%	-	42.41%
Debt to EBITDA	-1.71	-2.81	-7.12	-4.12	-2.52	-4.00	-3.97	-3.07	-3.48	-	-4.02
Net Debt to EBITDA	-0.01	-1.07	-2.82	-1.36	-1.16	-1.04	-1.41	-1.31	-1.81	-	-2.24
Long-Term Debt to EBITDA	-1.66	-1.80	-4.56	-3.54	-2.00	-3.83	-3.82	-2.95	-3.31	-	-3.89
Debt to NOPAT	-1.61	-2.58	-2.37	-1.82	-1.79	-3.23	-3.42	-3.04	-3.31	-	-3.86
Net Debt to NOPAT	-0.01	-0.98	-0.94	-0.60	-0.82	-0.84	-1.21	-1.29	-1.72	-	-2.15
Long-Term Debt to NOPAT	-1.57	-1.65	-1.51	-1.56	-1.43	-3.10	-3.29	-2.92	-3.14	-	-3.73
Altman Z-Score	1.27	2.35	1.91	2.07	1.00	0.78	0.24	0.53	0.56	-	0.17
Noncontrolling Interest Sharing Ratio	-2.85%	4.09%	3.01%	3.47%	3.28%	6.33%	6.13%	6.17%	6.12%	-	6.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.81	1.96	1.74	2.66	2.39	4.82	5.30	4.34	3.75	-	4.11
Quick Ratio	1.37	1.55	1.26	1.83	1.52	3.84	4.16	3.29	2.70	-	2.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-296	-419	-282	-224	-201	0.61	-35	-32	-26	-60	-41
Operating Cash Flow to CapEx	-735.96%	-393.29%	-403.50%	-538.61%	-349.49%	-366.83%	-1,219.55%	-126.45%	-148.17%	-	-688.85%
Free Cash Flow to Firm to Interest Expense	-132.05	-197.94	-133.90	-105.07	-92.26	0.22	-7.83	-16.85	-5.92	-	-5.15
Operating Cash Flow to Interest Expense	-6.62	-7.75	-4.44	-9.24	-10.46	-2.37	-6.42	-3.99	-1.42	-	-2.77
Operating Cash Flow Less CapEx to Interest Expense	-7.52	-9.73	-5.54	-10.96	-13.45	-3.02	-6.95	-7.15	-2.38	-	-3.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.31	0.29	0.30	0.28	0.25	0.26	0.26	0.26	-	0.25
Accounts Receivable Turnover	5.65	4.96	6.10	5.06	4.59	3.75	3.79	3.71	3.97	-	3.55
Inventory Turnover	4.21	5.76	3.63	3.31	2.95	3.04	2.98	2.87	2.61	-	2.55
Fixed Asset Turnover	9.69	10.43	9.31	8.42	7.55	7.08	6.80	5.87	5.66	-	5.57
Accounts Payable Turnover	7.66	8.20	7.78	6.33	5.93	5.41	6.83	5.55	5.65	-	6.23
Days Sales Outstanding (DSO)	64.64	73.63	59.81	72.11	79.47	97.37	96.34	98.26	91.85	-	102.92
Days Inventory Outstanding (DIO)	86.71	63.38	100.47	110.41	123.64	119.90	122.40	127.33	139.73	-	143.23
Days Payable Outstanding (DPO)	47.68	44.52	46.89	57.66	61.56	67.49	53.44	65.72	64.55	-	58.56
Cash Conversion Cycle (CCC)	103.66	92.49	113.39	124.85	141.56	149.79	165.30	159.87	167.03	-	187.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	414	570	559	563	580	546	567	565	579	582	581
Invested Capital Turnover	0.67	0.61	0.54	0.51	0.46	0.39	0.39	0.39	0.38	-	0.38
Increase / (Decrease) in Invested Capital	271	404	247	199	166	-24	8.13	2.00	-1.12	37	14
Enterprise Value (EV)	1,038	1,586	1,423	1,245	909	946	585	931	1,089	-	976
Market Capitalization	1,038	1,462	1,297	1,152	788	818	424	757	880	-	720
Book Value per Share	$2.51	$2.47	$2.63	$2.52	$2.32	$2.07	$1.95	$1.84	$1.71	$1.63	$1.45
Tangible Book Value per Share	($0.56)	($0.32)	($0.34)	($0.13)	($0.20)	($0.28)	($0.31)	($0.40)	($0.58)	($0.59)	($0.68)
Total Capital	574	722	707	686	687	830	814	768	750	738	765
Total Debt	161	245	245	183	198	385	382	353	357	354	416
Total Long-Term Debt	156	157	157	157	158	369	367	338	339	340	403
Net Debt	0.73	93	97	60	91	100	135	150	186	198	232
Capital Expenditures (CapEx)	2.02	4.17	2.32	3.66	6.53	1.83	2.38	6.01	4.16	1.74	3.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-35	69	52	58	73	55	78	67	65	68	76
Debt-free Net Working Capital (DFNWC)	126	221	200	180	181	340	325	270	236	223	261
Net Working Capital (NWC)	121	133	112	154	140	324	310	255	218	209	248
Net Nonoperating Expense (NNE)	-6.63	-0.47	-0.53	-4.64	20	11	9.92	12	14	7.47	20
Net Nonoperating Obligations (NNO)	0.73	93	97	60	91	100	135	150	186	198	232
Total Depreciation and Amortization (D&A)	11	11	11	11	13	11	11	12	12	11	13
Debt-free, Cash-free Net Working Capital to Revenue	-18.68%	31.04%	22.21%	24.44%	32.07%	25.44%	35.55%	30.75%	29.68%	-	34.96%
Debt-free Net Working Capital to Revenue	67.66%	99.01%	85.25%	76.56%	78.92%	156.76%	148.59%	123.94%	108.41%	-	119.39%
Net Working Capital to Revenue	65.02%	59.57%	47.68%	65.62%	61.16%	149.47%	141.79%	117.27%	100.25%	-	113.14%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.05)	($0.19)	($0.11)	($0.28)	($0.18)	($0.18)	($0.20)	($0.19)	($0.16)	($0.21)
Adjusted Weighted Average Basic Shares Outstanding	146.96M	145.19M	164.60M	170.16M	179.49M	175.03M	191.46M	195.37M	199.33M	197.25M	207.03M
Adjusted Diluted Earnings per Share	($0.12)	($0.05)	($0.19)	($0.11)	($0.28)	($0.18)	($0.18)	($0.20)	($0.19)	($0.16)	($0.21)
Adjusted Weighted Average Diluted Shares Outstanding	146.96M	145.19M	164.60M	170.16M	179.49M	175.03M	191.46M	195.37M	199.33M	197.25M	207.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	180.30M	183.22M	186.76M	197.42M	201.92M	208.49M	212.51M	216.17M	219.63M	223.66M	226.90M
Normalized Net Operating Profit after Tax (NOPAT)	-25	-15	-35	-26	-32	-24	-27	-25	-26	-24	-27
Normalized NOPAT Margin	-41.84%	-21.53%	-66.38%	-48.98%	-59.12%	-40.90%	-50.40%	-48.65%	-48.64%	-	-49.06%
Pre Tax Income Margin	-29.81%	-23.45%	-67.49%	-39.95%	-101.75%	-60.25%	-68.63%	-79.51%	-76.49%	-	-85.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.87	-7.55	-16.40	-9.30	-24.64	-11.74	-7.72	-21.73	-8.82	-	-5.04
NOPAT to Interest Expense	-11.29	-7.14	-16.50	-12.02	-16.02	-8.36	-6.03	-15.81	-6.17	-	-3.40
EBIT Less CapEx to Interest Expense	-8.77	-9.53	-17.50	-11.02	-27.64	-12.39	-8.25	-24.89	-9.78	-	-5.44
NOPAT Less CapEx to Interest Expense	-12.18	-9.11	-17.60	-13.73	-19.02	-9.01	-6.56	-18.96	-7.13	-	-3.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.92%	0.00%	0.00%	0.00%	-0.40%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	-1.92%	0.00%	0.00%	0.00%	-0.40%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

indie Semiconductor (NASDAQ: INDI) has posted another quarter of negative earnings, but several margins and balance-sheet metrics show stability and liquidity that may be of interest to investors weighing the company’s long-term turnaround potential. Below are the key four-year trends and notable quarterly data points from INDI’s statements, focusing on the most recent four years of quarterly data (through Q4 2025).

Stable gross margins despite ongoing losses. In Q4 2025, gross profit was $21.64 million on revenue of $58.01 million, a margin of about 37.3%. The prior quarters in 2025 show similar margins (e.g., Q3 2025 gross profit $21.50m on $53.68m revenue, ~40.0% margin; Q2 2025 margin ~40.6%; Q1 2025 margin ~41.7%), indicating a relatively healthy gross margin even as net income remained negative.
Liquidity remains solid by mid-2025, with ample cash vs. near-term liabilities. As of Q3 2025, Cash & Equivalents stood at roughly $160.9 million. Total current assets were about $297.1 million and total current liabilities about $79.2 million, implying a current ratio well above 3x. This suggests the company has a cushion to fund ongoing operations despite quarterly losses.
Revenue has been in a relatively tight band across 2025. Quarterly operating revenue stayed in the $51–58 million range (Q1 2025: $54.08m; Q2 2025: $51.63m; Q3 2025: $53.68m; Q4 2025: $58.01m), indicating modest stability rather than a pronounced top-line up or downshift in the latest year.
Research & development remains a large, ongoing expense driver. R&D expense in Q4 2025 was $35.518 million, with SG&A around $19.151 million, contributing to a total operating expense of about $55.586 million. This level of R&D spend is typical for a hardware-focused fabless semiconductor company reinvesting in product development, but it continues to overwhelm gross profit and drive losses.
Per-share loss persists despite scale and margin support. Basic and diluted earnings per share in Q4 2025 were both -$0.16, based on about 197.25 million weighted-average shares. Similar levels of negative EPS have appeared across recent quarters, reflecting sustained net losses even as gross margin remains robust.
Cash flow from operations remains negative in 2025, underscoring ongoing cash burn. Net cash from continuing operating activities was approximately -$14.36 million in Q4 2025 and around -$6.17 million in Q3 2025, indicating ongoing negative cash flow from core operations despite a solid cash balance.
Leverage remains elevated, with meaningful long-term debt on the books. Long-term debt was about $338–$339 million in mid-2025, contributing to total liabilities of roughly $462 million and total equity around $370 million. The company carries substantial leverage relative to near-term cash flow, which is an important factor for investors to monitor.
Net loss progression shows some sequential improvement late in 2025. Net income attributable to common shareholders improved in Q4 2025 to about -$31.2 million from deeper losses in earlier 2025 quarters, suggesting a potential easing of losses as the year progressed, even as headline profitability remained negative.
Operating income remains negative as a structural trend. In Q4 2025, total operating income was about -$33.95 million, reflecting a persistent gap between gross profit and operating expenses. This indicates that, even with stable revenue and margins, the company’s cost structure continues to outpace earnings on an operating basis.

05/24/26 11:16 AM ETAI Generated. May Contain Errors.

indie Semiconductor Financials - Frequently Asked Questions

According to the most recent income statement we have on file, indie Semiconductor's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

indie Semiconductor's net income appears to be on an upward trend, with a most recent value of -$150.71 million in 2025, rising from -$98.36 million in 2020. The previous period was -$144.19 million in 2024. Find out what analysts predict for indie Semiconductor in the coming months.

indie Semiconductor's total operating income in 2025 was -$154.22 million, based on the following breakdown:

Total Gross Profit: $86.63 million
Total Operating Expenses: $240.85 million

Over the last 5 years, indie Semiconductor's total revenue changed from $22.61 million in 2020 to $217.39 million in 2025, a change of 861.5%.

indie Semiconductor's total liabilities were at $456.77 million at the end of 2025, a 7.9% decrease from 2024, and a 234.3% increase since 2020.

In the past 5 years, indie Semiconductor's cash and equivalents has ranged from $18.70 million in 2020 to $321.63 million in 2022, and is currently $145.46 million as of their latest financial filing in 2025.

Over the last 5 years, indie Semiconductor's book value per share changed from -3.53 in 2020 to 1.63 in 2025, a change of -146.2%.

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Financial statements for NASDAQ:INDI last updated on 5/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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indie Semiconductor (INDI) Financials

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