NCM • United States
Automotive semiconductors and software for ADAS and autonomous vehicles; diversified photonics exposure.
Supply Chain Position
Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
Charts by TradingView
Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | 110.8M | 223.17M▲ | 216.68M▼ | 217.39M▲ |
| Net Income | — | -43.4M | -117.63M▼ | -132.6M▼ | -143.07M▼ |
| EPS | — | -$0.42 | -$0.81▼ | -$0.76▲ | -$0.73▲ |
| Free Cash Flow | — | -84.31M | -117.14M▼ | -74.66M▲ | -71.42M▲ |
| Capex | — | -7.57M | -12.75M▼ | -16.06M▼ | -14.29M▲ |
| Diluted Shares | — | 118.66M | 145.19M▲ | 175.03M▲ | 197.25M▲ |
| Net Debt Issuance | — | 159.35M | -11.68M▼ | 222.4M▲ | -28.41M▼ |
| Net Equity Issuance | — | 51.66M | 53.14M▲ | 19.85M▼ | 0▼ |
| SBC | — | 41.89M | 43.71M▲ | 67.24M▲ | 65.11M▼ |
Analyst Consensus
Estimate Revisions
Estimates trending downward
Earnings Track Record
Beat estimates 1 of last 8 quarters
Avg surprise: -1.9%
Growth
Ownership
Data from SEC 13F filings · Reported March 31, 2026
Earnings Calendar
Next earnings
November 5, 2026
Last earnings
August 6, 2026
AI Summary
Indie Semiconductor, Inc. operates as a diversified tech player with significant involvement in the semiconductor and photonics sectors. While not a pure play in the photonics field, the company designs semiconductor solutions that are integral to emerging technologies, effectively straddling both photonics and broader electronic infrastructure markets.
Indie Semiconductor is positioned to benefit from its diversified approach to the semiconductor market, offering a hedge against volatility in any single segment. The continued evolution and adoption of photonics technologies offer an upside potential, particularly if the company can successfully leverage its semiconductor expertise to capture market share in automotive and industrial applications. Given the recent downturn in share price and the ongoing interest in semiconductor innovations driven by AI and IoT, the stock could provide an intriguing entry point for value-driven investors looking for under-the-radar opportunities.
This diversified exposure may also be a weakness, as it can diffuse focus and drive operational inefficiencies. Indie Semiconductor has struggled with persistent net losses and negative free cash flow over the past several years, a red flag for financial sustainability. The semiconductor industry is fiercely competitive, and if Indie fails to innovate or execute its strategies effectively, it could see its market position erode further, especially with major players aggressively expanding their reach.
The financials reveal a worrying trend of consistent negative net income and free cash flow over the last three fiscal years. Despite relatively stable revenue—$223.2 million in FY2023 down marginally to $217.4 million by FY2025—net income plummeted to negative $143.1 million in FY2025 from negative $117.6 million in FY2023. Additionally, free cash flow remains significantly negative, although there's a slight narrowing from $-117.1 million in FY2023 to $-71.4 million in FY2025. The gross margin shows minor fluctuation, signaling some stability in product pricing or cost controls but not enough to propel a turnaround in profitability.
Compared to its peers, Indie Semiconductor appears overvalued on a price-to-sales ratio given its hefty losses. The negative P/E and P/FCF ratios highlight the company’s financial struggles, suggesting that current prices may not yet reflect the underlying risks. Valuation from a DCF perspective likely turns unattractive due to ongoing cash burn and debt-equity ratios indicative of stressed capital structure. Current pricing likely factors in a speculative turnaround or sector-wide upswing, leaving little margin for safety.
Customer concentration is a lurking risk, as losing a major client could significantly disrupt revenue streams. Furthermore, the semiconductor supply chain remains prone to geopolitical turbulence and regulatory shifts, particularly with regards to US-China tensions, which could result in supply constraints. Additionally, any technological disruption or pivot towards alternative photonics infrastructure by key players could dilute Indie’s competitive stance if it fails to adapt.
Over the next few quarters, focus on any strategic partnerships or major contract announcements that can provide revenue visibility and validation of its market strategy. Quarterly earnings are critical watches, particularly any forward guidance revisions or cost-cutting measures that could indicate attempts to stymie negative cash flows. Additionally, investor sentiment and possible insider activity could signal pivotal shifts in company prospects or market perception.
Last updated: June 16, 2026
Indie Semiconductor, Inc. operates as a diversified tech player with significant involvement in the semiconductor and photonics sectors. While not a pure play in the photonics field, the company designs semiconductor solutions that are integral to emerging technologies, effectively straddling both photonics and broader electronic infrastructure markets.
Indie Semiconductor is positioned to benefit from its diversified approach to the semiconductor market, offering a hedge against volatility in any single segment. The continued evolution and adoption of photonics technologies offer an upside potential, particularly if the company can successfully leverage its semiconductor expertise to capture market share in automotive and industrial applications. Given the recent downturn in share price and the ongoing interest in semiconductor innovations driven by AI and IoT, the stock could provide an intriguing entry point for value-driven investors looking for under-the-radar opportunities.
This diversified exposure may also be a weakness, as it can diffuse focus and drive operational inefficiencies. Indie Semiconductor has struggled with persistent net losses and negative free cash flow over the past several years, a red flag for financial sustainability. The semiconductor industry is fiercely competitive, and if Indie fails to innovate or execute its strategies effectively, it could see its market position erode further, especially with major players aggressively expanding their reach.
The financials reveal a worrying trend of consistent negative net income and free cash flow over the last three fiscal years. Despite relatively stable revenue—$223.2 million in FY2023 down marginally to $217.4 million by FY2025—net income plummeted to negative $143.1 million in FY2025 from negative $117.6 million in FY2023. Additionally, free cash flow remains significantly negative, although there's a slight narrowing from $-117.1 million in FY2023 to $-71.4 million in FY2025. The gross margin shows minor fluctuation, signaling some stability in product pricing or cost controls but not enough to propel a turnaround in profitability.
Compared to its peers, Indie Semiconductor appears overvalued on a price-to-sales ratio given its hefty losses. The negative P/E and P/FCF ratios highlight the company’s financial struggles, suggesting that current prices may not yet reflect the underlying risks. Valuation from a DCF perspective likely turns unattractive due to ongoing cash burn and debt-equity ratios indicative of stressed capital structure. Current pricing likely factors in a speculative turnaround or sector-wide upswing, leaving little margin for safety.
Customer concentration is a lurking risk, as losing a major client could significantly disrupt revenue streams. Furthermore, the semiconductor supply chain remains prone to geopolitical turbulence and regulatory shifts, particularly with regards to US-China tensions, which could result in supply constraints. Additionally, any technological disruption or pivot towards alternative photonics infrastructure by key players could dilute Indie’s competitive stance if it fails to adapt.
Over the next few quarters, focus on any strategic partnerships or major contract announcements that can provide revenue visibility and validation of its market strategy. Quarterly earnings are critical watches, particularly any forward guidance revisions or cost-cutting measures that could indicate attempts to stymie negative cash flows. Additionally, investor sentiment and possible insider activity could signal pivotal shifts in company prospects or market perception.
Indie Semiconductor, Inc. operates as a diversified tech player with significant involvement in the semiconductor and photonics sectors.
indie Semiconductor, Inc. is in the Adjacent / Diversified layer of the photonics supply chain. Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
In FY2025, indie Semiconductor, Inc. reported a net loss of $143.07M.
Companies in the same supply chain layer as indie Semiconductor, Inc. include Aeva Technologies, Inc., ASP Isotopes Inc., Draganfly Inc., GL Tech Co.,Ltd, and Han's Laser Technology Industry Group Co., Ltd..
indie Semiconductor, Inc. is expected to report around November 5, 2026.
Analysis updated June 2026
Revenue beat guidance as automotive radar demand accelerates and robotics adoption expands.
Moby summary of indie Semiconductor, Inc.'s Q2 2026 earnings call
indie Semiconductor (NASDAQ:INDI) reported second-quarter 2026 revenue of $64 million, up 24% from a year earlier and $2 million above the midpoint of its outlook, as growth in automotive advanced-driver-assistance systems and demand for its radar, vision and photonics products supported results. C
indie Semiconductor (INDI) delivered earnings and revenue surprises of 0.00% and +3.24%, respectively, for the quarter ended June 2026. Do the numbers hold clues to what lies ahead for the stock?
ALISO VIEJO, Calif., August 06, 2026--indie Semiconductor, Inc. (Nasdaq: INDI), an automotive solutions innovator, today announced second quarter results for the period ended June 30, 2026. Q2 revenue was $64.0 million. On a GAAP basis operating loss for the second quarter of 2026 was $35.1 million, compared to $43.0 million a year ago. Non-GAAP operating loss for the second quarter of 2026 was $8.9 million, compared to $14.5 million a year ago, representing continued significant progress toward
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Madison Small Cap Fund, managed by Madison Funds, released its Q2 2026 investor letter. A copy of the letter can be downloaded here. The small-cap market showed exceptional strength in Q2, largely due to anticipated peace in the Middle East. The Russell 2000 Index began to rally, propelled by Information Technology, Health Care, and Industrials. The […]
OUST targets EBITDA breakeven through strong revenue growth, steady margins and cost discipline, with profitability milestones expected during 2027.
ALISO VIEJO, Calif., July 07, 2026--indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, plans to conduct a conference call with analysts to discuss its second quarter 2026 results and business outlook on August 6, 2026, at 5:00 p.m. Eastern time.
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the Best Small-Cap Semiconductor Stocks to Buy Right Now. indie Semiconductor, Inc. (NASDAQ:INDI) has declined roughly 30% over the past month, mainly due to heavy insider selling. Wall Street remains bullish on the stock, with analysts’ 12-month average price target suggesting more than 69% upside from the current […]
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the 10 Best Technology Penny Stocks with Huge Upside Potential. On June 10, indie Semiconductor, Inc. (NASDAQ:INDI) announced the launch of its next-generation edge artificial intelligence (AI) system-on-chip (SoC) called iND881, which incorporates an AI compute engine to power intelligent cameras for robotic and automotive applications. The iND881 […]
ALISO VIEJO, Calif., June 22, 2026--indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, today announced that Dr. Ichiro Aoki will resign from his position as President of indie and member of indie’s board of directors, effective June 29, 2026, and has appointed Mr. Thomas Schiller to its board of directors.
What is moving indie Semiconductor today? indie Semiconductor (INDI) has drawn fresh attention after recent trading, with the stock last closing at $3.99. Investors are weighing this price against the company’s growth profile and recent share performance. See our latest analysis for indie Semiconductor. Short term sentiment has been weak, with a 7 day share price return down 16.88% and a 30 day share price return down 13.45%. However, the 90 day share price return of 60.89% and 1 year total...
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the top penny stocks to buy in investors’ stock portfolio. On May 12, Benchmark reiterated its Buy rating on indie Semiconductor, Inc. (NASDAQ:INDI) with an $8 price target. The positive stance is in response to the company announcing it has reached an agreement to acquire ams OSRAM’s fabless […]
Focused on automotive semiconductors and smart vehicle tech, this company reported a notable insider sale amid strong recent stock gains.
ALISO VIEJO, Calif., May 29, 2026--indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, today announced that it has granted equity awards (the "Inducement Grants") under its 2023 Inducement Incentive Plan to new employees who joined indie. The grants were previously approved by the Compensation Committee of the Board of Directors of indie Semiconductor. Information regarding the equity awards can be found on the company's investor relations website at: https://investors.indie.i
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the top must-buy semiconductor stocks to invest in now. UBS lifted the price target on indie Semiconductor, Inc. (NASDAQ:INDI) to $4.75 from $4.25 on May 8, and reiterated a Neutral rating on the shares. In a separate development, indie Semiconductor, Inc. (NASDAQ:INDI) announced on May 11 that it signed […]
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the Best Semiconductor Stocks to Buy Under $30. On May 11, the company announced that it had signed a definitive agreement for the acquisition of the fabless CMOS image sensor group from ams OSRAM AG. The total consideration stands at €40 million. The primary operations are in Belgium […]
ALISO VIEJO, Calif., May 11, 2026--indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, has announced the signing of a definitive agreement to acquire the fabless CMOS image sensor group from ams OSRAM AG for a total consideration of 40 million euros.
With indie Semiconductor on many watchlists, the key question for you is whether the current share price around US$4.30 fairly reflects what the business is worth, or if there is still a gap between price and value. The stock has had a mixed return profile, with the share price falling 1.4% over the past week, rising 47.8% over the past month, rising 16.2% year to date, and rising 62.9% over the past year. However, longer term returns over 3 and 5 years have been in decline at 46.9% and 57.3%...
indie Semiconductor (NASDAQ:INDI) reported first-quarter 2026 revenue of $55.5 million, topping the midpoint of its prior outlook by about $0.5 million and increasing roughly 3% year-over-year, as the automotive chip supplier cited improving market conditions and continued demand for higher semicond
Moby summary of indie Semiconductor, Inc.'s Q1 2026 earnings call
ALISO VIEJO, Calif., May 07, 2026--indie Semiconductor, Inc. (Nasdaq: INDI), an automotive solutions innovator, today announced first quarter results for the period ended March 31, 2026. Q1 revenue was $55.5 million. On a GAAP basis operating loss for the first quarter of 2026 was $38.9 million, the same as the prior year period. Non-GAAP operating loss for the first quarter of 2026 was $11.1 million, compared to $15.1 million a year ago, representing continued progress towards profitability. Fi
indie Semiconductor (INDI) delivered earnings and revenue surprises of +5.21% and +0.83%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
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Indie Semiconductor Inc (NASDAQ:INDI) is among the best lidar stocks to buy according to analysts. This lidar semiconductor stock is up around 30% in the past month and has soared more than 95% over the past 12 months. Indie Semiconductor Inc (NASDAQ:INDI) is scheduled to report its Q1 2026 results on May 7. Internal projections […]
indie Semiconductor, Inc. (NASDAQ:INDI) is among the 8 Best Up and Coming Semiconductor Stocks to Buy. On March 23, indie Semiconductor, Inc. (NASDAQ:INDI) released its first Ultraviolet Visible Distributed Feedback 399 nm single-frequency laser diode optimized for quantum computing systems based on cooled Ytterbium atoms. With the addition of this new device in the UV spectrum, […]
indie Semiconductor, Inc. (NASDAQ:INDI) is one of the Best Semiconductor Stocks Under $10 to Buy According to Analysts. On March 23, the company released first Ultraviolet (UV) Visible Distributed Feedback (DFB) 399 nm single-frequency laser diode that is optimized for quantum computing systems based on cooled Ytterbium atoms. Amidst this addition, indie Semiconductor, Inc. (NASDAQ:INDI) has been expanding […]
ALISO VIEJO, Calif., April 09, 2026--indie Semiconductor (Nasdaq: INDI), an automotive solutions innovator, plans to conduct a conference call with analysts to discuss its first quarter 2026 results and business outlook on May 7, 2026, at 5:00 p.m. Eastern time.
ALISO VIEJO, Calif., March 23, 2026--indie (Nasdaq: INDI), an automotive solutions innovator, has released its first Ultraviolet (UV) Visible Distributed Feedback (DFB) 399 nm single-frequency laser diode optimized for quantum computing systems based on cooled Ytterbium atoms. With the addition of this new device in the UV spectrum, indie is expanding on its previously announced LXM-U and narrow-linewidth visible DFB lasers, furthering our capabilities and strengthening our photonics portfolio,
indie Semiconductor, Inc. (NASDAQ:INDI) is included in our list of the 11 most oversold semiconductor stocks to buy now. Positive analyst sentiment continues to surround indie Semiconductor, Inc. (NASDAQ:INDI)’s stock, as 86% of analysts maintain bullish ratings on the stock as of March 13, 2026. The consensus price target of $6.00 implies 141.94% upside potential. […]
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indie Semiconductor, Inc. (NASDAQ:INDI) is among the 7 Small-Cap Semiconductor Stocks to Buy According to Analysts. On February 23, UBS cut the price target on indie Semiconductor, Inc. (NASDAQ:INDI) to $4.25 from $5 and maintained a Neutral rating. Additionally, the firm trimmed its EPS projections from $0.28 to $0.27, while raising its estimates for 2028 […]