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indie Semiconductor
(NASDAQ:INDI)
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Rating:46Neutral
Price Target:
$2.50
▼(-35.90% Downside)
Action:Reiterated
Date:10/08/26
The score is held back primarily by weak financial performance—deep losses, sharply lower TTM gross margin, and ongoing cash burn—despite improved leverage. Technicals also weigh on the rating with clear bearish trend signals, even though the stock appears oversold. The latest earnings call was a relative positive (stronger growth outlook and improving operating loss), but valuation remains hard to support with a negative P/E and no dividend yield data.
Positive Factors
Multi-year revenue scaling
Revenue expansion across several years shows that indie is increasing commercial reach and converting automotive semiconductor opportunities into sales. Although recent growth has cooled, the larger revenue base can support continued investment in ADAS, sensing, vision, and electrification products over the next several quarters.
Negative Factors
Deep losses and weak margins
Very low gross margin and deeply negative operating and net margins show that revenue growth has not yet translated into a sustainable earnings model. Persistent losses constrain internal funding capacity and leave profitability dependent on successful product mix, production ramps, and meaningful operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue scaling
Revenue expansion across several years shows that indie is increasing commercial reach and converting automotive semiconductor opportunities into sales. Although recent growth has cooled, the larger revenue base can support continued investment in ADAS, sensing, vision, and electrification products over the next several quarters.
Read all positive factors
indie Semiconductor Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue comes from each part of the business—product lines, solutions, or customer types—so you can see which areas drive growth, where margins are strongest, and how dependent the company is on any single product or market.
Shows how much revenue comes from each part of the business—product lines, solutions, or customer types—so you can see which areas drive growth, where margins are strongest, and how dependent the company is on any single product or market.
Data provided by:
The Fly
The Flyindie Semiconductor (INDI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$602.70M
Dividend YieldN/A
Average Volume (3M)4.80M
Price to Earnings (P/E)―
Beta (1Y)3.50
Revenue Growth6.19%
EPS Growth11.87%
CountryUS
Employees800
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.74
Shares Outstanding217,928,740
10 Day Avg. Volume4,863,320
30 Day Avg. Volume4,797,023
Financial Highlights & Ratios
PEG Ratio0.93
Price to Book (P/B)1.97
Price to Sales (P/S)3.24
P/FCF Ratio-9.85
Enterprise Value/Market Cap2.09
Enterprise Value/Revenue5.46
Enterprise Value/Gross Profit25.37
Enterprise Value/Ebitda-12.63
Forecast
1Y Price Target
$5.83Price Target Upside49.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.16
Revenue Forecast (FY)$265.74M
indie Semiconductor Business Overview & Revenue Model
Company Description
indie Semiconductor, Inc. specializes in delivering cutting-edge semiconductor and software solutions, primarily targeting the automotive industry. Their offerings enhance critical functions such as advanced driver assistance systems (ADAS), in-ca...
How the Company Makes Money
indie Semiconductor primarily makes money by selling automotive semiconductor products (and associated software/firmware and reference designs) to automotive OEMs and tier-1 suppliers through high-volume production programs. Its core revenue strea...
indie Semiconductor Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum: 24% YoY revenue growth, sequential core growth, expanding product traction across radar, vision and photonics (including record Quantum bookings), and improving non-GAAP operating loss. Management provided a positive Q3 revenue outlook and highlighted strategic M&A and product wins. Offsetting these positives are continued net losses, a $35.7M cash decline, concentration of revenue in the Wuxi subsidiary (with a pending divestiture), regulatory timing risk on transactions, and unclear gross-margin progression. On balance, the operational momentum and design-win-driven growth prospects outweigh the near-term financial and execution risks.Positive Updates
Revenue Growth Above Guidance
Q2 revenue of $64.0M, up 24% year-over-year and $2M above the midpoint of guidance.
Negative Updates
Ongoing Net Loss and Interest Expense
Net loss of $11.7M in Q2 with loss per share of $0.05; net interest expense of $2.8M (expected ~ $3.2M in Q3) continues to weigh on results.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth Above Guidance
Q2 revenue of $64.0M, up 24% year-over-year and $2M above the midpoint of guidance.
Read all positive updates
Company Guidance
Indie guided third‑quarter 2026 revenue of $67–73 million (midpoint $70M), with the core business expected to be roughly $40M and the Wuxi subsidiary about $30M at the midpoint; they forecast Q3 non‑GAAP operating expenses of $37M (down from ~ $38M in Q2), net interest expense of ≈ $3.2M, no tax expense, and a non‑GAAP net loss per share of about $0.04 assuming 230 million shares outstanding. For context, Q2 results were revenue $64M (up 24% YoY) with core ~$36M and Wuxi ~$28M, Q2 non‑GAAP operating expenses $37.9M and non‑GAAP operating loss $8.9M, net loss $11.7M or $0.05 per share on 227.6M shares, and cash & equivalents of $149M (including restricted cash), a sequential decline of $35.7M due primarily to inventory build, higher accounts receivable and CapEx.indie Semiconductor Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
58
Neutral
Cash Flow
31
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 231.15M | 217.39M | 216.68M | 223.17M | 110.80M | 48.41M |
| Gross Profit | 49.73M | 87.57M | 90.31M | -55.12M | 50.31M | 19.71M |
| EBITDA | -99.89M | -93.48M | -93.94M | -87.20M | -35.67M | -111.73M |
| Net Income | -150.66M | -143.97M | -132.60M | -117.63M | -43.40M | -88.04M |
Balance Sheet | ||||||
| Total Assets | 841.53M | 840.79M | 941.39M | 818.88M | 603.35M | 469.25M |
| Cash, Cash Equivalents and Short-Term Investments | 138.97M | 155.74M | 274.25M | 151.68M | 321.63M | 219.08M |
| Total Debt | 431.30M | 379.49M | 398.58M | 174.34M | 183.47M | 7.89M |
| Total Liabilities | 519.37M | 458.06M | 495.99M | 341.85M | 289.02M | 177.40M |
| Stockholders Equity | 294.67M | 356.82M | 417.89M | 446.15M | 312.81M | 313.05M |
Cash Flow | ||||||
| Free Cash Flow | -83.70M | -71.42M | -72.94M | -117.14M | -84.31M | -59.89M |
| Operating Cash Flow | -71.47M | -57.13M | -58.60M | -104.39M | -76.75M | -55.82M |
| Investing Cash Flow | -29.91M | -31.97M | -19.26M | -107.74M | -16.27M | -84.33M |
| Financing Cash Flow | 47.02M | -38.94M | 209.33M | 43.57M | 192.66M | 340.65M |
indie Semiconductor Technical Analysis
Negative
3.90
Price Trends
3.46
Negative
3.80
Negative
3.70
Negative
Market Momentum
-0.22
Positive
29.09
Positive
13.64
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INDI, the sentiment is Negative. The current price of 3.9 is above the 20-day moving average (MA) of 2.97, above the 50-day MA of 3.46, and above the 200-day MA of 3.70, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 29.09 is Positive, neither overbought nor oversold. The STOCH value of 13.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INDI.
indie Semiconductor Risk Analysis
indie Semiconductor disclosed 61 risk factors in its most recent earnings report. indie Semiconductor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
indie Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $57.37B | 19.31 | 28.05% | 1.78% | 8.77% | 39.24% | |
68 Neutral | $30.18B | 49.07 | 8.38% | ― | -3.14% | 44.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $6.63B | 439.14 | 1.48% | ― | 24.22% | ― | |
56 Neutral | $46.58B | 99.16 | 2.66% | 0.69% | 10.06% | -27.68% | |
56 Neutral | $2.98B | -52.27 | -9.34% | ― | 20.04% | 38.40% | |
46 Neutral | $602.70M | -3.51 | -44.79% | ― | 6.19% | 11.87% |
* Technology Sector Average
INDI
indie Semiconductor
2.33
-2.37
-50.43%
NXPI
NXP Semiconductors
225.21
12.27
5.76%
ON
ON Semiconductor
76.00
25.89
51.67%
STM
STMicroelectronics
50.48
21.90
76.65%
AMBA
Ambarella
64.81
-16.14
-19.94%
ALGM
Allegro MicroSystems
33.79
6.38
23.28%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.