indie Semiconductor (INDI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $58 million, up 8% sequentially and $1 million above guidance midpoint, with strong momentum in ADAS, radar, and vision programs, and expansion into humanoid robotics and quantum sensing.

• Achieved key program ramps and strategic wins in radar, perception software, and wireless charging, including initial radar chipset shipments to Tier 1 partners and integration of emotion3D.

• Expanded perception software ecosystem via emotion3D integration and partnership with Mahindra for electric SUVs.

• Entered new markets such as humanoid robotics and secured new design wins and partnerships.

Financial highlights

• Q4 2025 revenue was $58 million, up 8% sequentially; non-GAAP operating loss improved to $10.1 million from $14.2 million a year ago.

• Non-GAAP net loss for Q4 was $12.4 million, or $0.07 per share, on 220.4 million shares; adjusted EBITDA for Q4 was $(7.9) million.

• Cash and equivalents at quarter-end were $155.7 million, down $15.5 million from Q3, including a $6.8 million interest payment.

• GAAP operating loss for Q4 2025 was $33.9 million, unchanged from the prior year.

• Year-end 2025 cash and equivalents were $145.5 million, down from $274.2 million at year-end 2024.

Outlook and guidance

• Q1 2026 revenue expected between $52 million and $58 million, with $55 million at midpoint; Wuxi revenue projected to decline to $21 million, while core business revenue is expected to grow 20% sequentially to $34 million.

• Non-GAAP operating expenses for Q1 2026 expected at $37 million; net loss per share forecasted at $0.07 on 223 million shares.

• Radar revenue for 2026 expected in the $30 million–$50 million range, with a steep ramp through 2029.