indie Semiconductor (INDI) investor relations material

Executive summary

• Q3 revenue was $70.241M, up 31% YoY and above the outlook midpoint; core revenue rose 14% sequentially to $40.7M.

• High-volume radar production, 40+ vision design wins, Physical AI programs and record quantum results supported growth prospects.

• Strategic backlog rose slightly to $6.2B, excluding Wuxi and recent Physical AI wins.

Financial highlights

• Q3 product revenue was $67.491M and contract revenue was $2.750M, versus $53.676M total revenue a year earlier.

• GAAP net loss was $39.906M versus $40.7M; GAAP operating loss was $39.0M versus $38.3M.

• Non-GAAP operating loss narrowed to $7.196M from $11.304M; non-GAAP net loss was $10.260M, or $0.05 per share.

• Adjusted EBITDA loss was $4.618M versus $9.111M in Q3 2025.

• Cost of goods sold rose 49% to $47.874M, primarily on higher volume, product mix and increased acquired-intangible amortization.

Outlook and guidance

• Q4 revenue guidance is $73M–$81M, midpoint $77M, including $47M core revenue and $30M from Wuxi; midpoint implies ~33% YoY growth.

• Q4 non-GAAP operating expenses are expected at ~$37.5M; non-GAAP net loss per share is expected at $0.04 on 240M shares, with ~$3.4M net interest expense and no tax expense.

• FY 2026 revenue growth is expected above 20%; 2027 revenue outlook was described as in line with analyst estimates.

• Non-GAAP profitability is expected in Q2 2027, followed by positive cash flow in Q3 2027; organic radar and vision growth is expected to more than replace Wuxi revenue in 2027.