indie Semiconductor (INDI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $55.5M, up 3% year-over-year and above guidance midpoint, driven by higher product and contract revenue.

• Secured a $25M production order for Gen8 radar technology, supporting two major OEMs and marking a major commercial milestone.

• Vision processor iND880 entered production with NIO and is gaining global traction due to DRAM-less architecture, with volume shipments for eMirror camera deployment.

• Expanded into quantum computing, robotics, and physical AI with new product launches, including a UV DFB laser and LiDAR SoC.

• Completed acquisition of emotion3D GmbH in September 2025, enhancing in-cabin sensing and ADAS capabilities.

Financial highlights

• Q1 2026 revenue: $55.5M, up 3% year-over-year and above guidance midpoint.

• Non-GAAP operating loss: $11.1M, improved from $15.1M in Q1 2025.

• GAAP net loss attributable to shareholders: $43.2M, or $0.21 per share; non-GAAP net loss: $13.9M, or $0.06 per share.

• Cash and equivalents: $174.4M at quarter-end, with total liquidity (including restricted cash) at $184.7M.

• Adjusted EBITDA for Q1 2026 was $(8.8)M, improving from $(13.1)M in Q1 2025.

Outlook and guidance

• Q2 2026 revenue expected between $59M and $65M, with a midpoint of $62M.

• Core business projected to contribute $37M and Wuxi $25M to Q2 revenue.

• Non-GAAP operating expenses for Q2 expected at $38M.

• Net loss per share expected to improve to $0.05 on 227M shares.

• Management expects R&D and SG&A expenses to stabilize over time.