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INDIE SEMICONDUCTOR INC Financials

INDI
Source SEC Filings (10-K/10-Q) Updated Feb 27, 2026 Currency USD FYE February

This page shows INDIE SEMICONDUCTOR INC (INDI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 38 / 100
Financial Profile 38/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

INDIE SEMICONDUCTOR INC has an operating margin of -74.5%, meaning the company retains $-75 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -78.5% the prior year.

Growth
16

INDIE SEMICONDUCTOR INC's revenue declined 4.5% year-over-year, from $216.7M to $207.0M. This contraction results in a growth score of 16/100.

Leverage
76

INDIE SEMICONDUCTOR INC carries a low D/E ratio of 0.95, meaning only $0.95 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 3.73, INDIE SEMICONDUCTOR INC holds $3.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
0

While INDIE SEMICONDUCTOR INC generated -$57.1M in operating cash flow, capex of $14.3M consumed most of it, leaving -$71.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak
2/9

INDIE SEMICONDUCTOR INC passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.40x

For every $1 of reported earnings, INDIE SEMICONDUCTOR INC generates $0.40 in operating cash flow (-$57.1M OCF vs -$143.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-20.2x

INDIE SEMICONDUCTOR INC earns $-20.2 in operating income for every $1 of interest expense (-$154.2M vs $7.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue
$207.0M
YoY-4.5%
5Y CAGR+55.7%

INDIE SEMICONDUCTOR INC generated $207.0M in revenue in fiscal year 2025. This represents a decrease of 4.5% from the prior year.

EBITDA
N/A
Free Cash Flow
-$71.4M
YoY+2.1%

INDIE SEMICONDUCTOR INC generated -$71.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.1% from the prior year.

Net Income
-$143.1M
YoY-7.9%

INDIE SEMICONDUCTOR INC reported -$143.1M in net income in fiscal year 2025. This represents a decrease of 7.9% from the prior year.

EPS (Diluted)
$-0.73
YoY+3.9%

INDIE SEMICONDUCTOR INC earned $-0.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.9% from the prior year.

Cash & Debt
$145.5M
YoY-47.0%
5Y CAGR+50.7%

INDIE SEMICONDUCTOR INC held $145.5M in cash against $339.8M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
207M

INDIE SEMICONDUCTOR INC had 207M shares outstanding in fiscal year 2025.

Gross Margin
36.8%
YoY-4.9pp
5Y CAGR-5.5pp

INDIE SEMICONDUCTOR INC's gross margin was 36.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.9 percentage points from the prior year.

Operating Margin
-74.5%
YoY+4.0pp
5Y CAGR+10.6pp

INDIE SEMICONDUCTOR INC's operating margin was -74.5% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.

Net Margin
-69.1%
YoY-7.9pp
5Y CAGR+362.1pp

INDIE SEMICONDUCTOR INC's net profit margin was -69.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.9 percentage points from the prior year.

Return on Equity
N/A
R&D Spending
$154.1M
YoY-12.0%
5Y CAGR+47.6%

INDIE SEMICONDUCTOR INC invested $154.1M in research and development in fiscal year 2025. This represents a decrease of 12.0% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$14.3M
YoY-0.3%
5Y CAGR+86.3%

INDIE SEMICONDUCTOR INC invested $14.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.3% from the prior year.

INDI Income Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q3'24 Q2'24 Q1'24 Q4'23
Revenue $53.7M+4.0% $51.6M-4.5% $54.1M-6.8% $58.0M+7.5% $54.0M+3.1% $52.4M0.0% $52.4M-25.4% $70.1M
Cost of Revenue $32.2M+4.8% $30.7M-2.6% $31.5M-5.4% $33.3M+1.8% $32.7M+8.2% $30.2M+0.5% $30.1M-28.8% $42.2M
Gross Profit $21.5M+2.7% $20.9M-7.1% $22.5M-8.7% $24.7M+16.3% $21.2M-4.0% $22.1M-0.7% $22.3M-20.2% $27.9M
R&D Expenses $38.0M-1.3% $38.5M-8.7% $42.1M+10.1% $38.3M-16.8% $46.0M+11.3% $41.3M-16.7% $49.6M+44.7% $34.3M
SG&A Expenses $20.8M+13.4% $18.4M-5.2% $19.4M-4.7% $20.3M-2.5% $20.8M+19.5% $17.4M-21.8% $22.3M+47.0% $15.2M
Operating Income -$38.3M+10.8% -$43.0M-10.4% -$38.9M-14.9% -$33.9M+32.1% -$49.9M-36.2% -$36.6M+26.2% -$49.6M-130.2% -$21.6M
Interest Expense $4.3M-4.0% $4.5M+0.2% $4.5M+59.1% $2.8M+30.2% $2.2M+2.2% $2.1M+1.3% $2.1M-0.5% $2.1M
Income Tax -$363K-164.2% $565K+908.9% $56K+109.6% -$584K-85.4% -$315K-466.3% $86K+107.8% -$1.1M+39.1% -$1.8M
Net Income -$38.3M+1.9% -$39.0M-13.0% -$34.5M-6.0% -$32.6M+34.4% -$49.7M-159.3% -$19.2M+38.5% -$31.2M-112.8% -$14.7M
EPS (Diluted) $-0.19+5.0% $-0.20-11.1% $-0.180.0% $-0.18+35.7% $-0.28-154.5% $-0.11+42.1% $-0.19-280.0% $-0.05

INDI Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q3'24 Q2'24 Q1'24 Q4'23
Total Assets $855.1M-1.4% $867.6M-4.6% $909.0M-3.4% $941.4M+18.0% $797.5M0.0% $797.3M-0.8% $803.6M-1.9% $818.9M
Current Assets $297.1M-10.5% $331.8M-13.1% $381.7M-6.6% $408.7M+69.7% $240.8M-2.7% $247.6M-6.1% $263.8M-3.0% $271.8M
Cash & Equivalents $160.9M-16.5% $192.6M-18.6% $236.6M-13.7% $274.2M+183.0% $96.9M-13.8% $112.3M-18.7% $138.2M-8.9% $151.7M
Inventory $45.6M-3.0% $47.0M-1.7% $47.8M-4.1% $49.9M-4.4% $52.2M+22.8% $42.5M+12.0% $37.9M+14.4% $33.1M
Accounts Receivable $53.2M-10.0% $59.1M-6.0% $62.9M+20.9% $52.0M-7.4% $56.2M-3.3% $58.1M+10.8% $52.4M-17.6% $63.6M
Goodwill $290.8M0.0% $290.8M+8.7% $267.6M+0.5% $266.4M-3.3% $275.4M-4.8% $289.3M-0.4% $290.4M-1.6% $295.1M
Total Liabilities $462.2M+2.1% $452.5M-5.2% $477.3M-3.8% $496.0M+60.7% $308.7M+4.7% $294.7M-13.9% $342.2M+0.1% $341.9M
Current Liabilities $79.2M+3.5% $76.5M+6.2% $72.0M-15.1% $84.9M-15.9% $100.9M+8.3% $93.1M-38.6% $151.7M+9.2% $138.9M
Long-Term Debt $339.1M+0.3% $338.2M-7.8% $367.0M-0.6% $369.1M+134.3% $157.5M+0.2% $157.3M+0.2% $157.0M+0.2% $156.7M
Total Equity $369.2M-5.4% $390.4M-3.7% $405.6M-2.9% $417.9M-8.9% $458.6M-2.6% $470.7M+8.7% $432.9M-3.0% $446.1M
Retained Earnings -$605.9M-6.7% -$567.6M-7.4% -$528.6M-7.0% -$494.0M-7.1% -$461.5M-12.1% -$411.8M-4.9% -$392.6M-8.6% -$361.4M

INDI Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q3'24 Q2'24 Q1'24 Q4'23
Operating Cash Flow -$6.2M+18.9% -$7.6M+73.8% -$29.0M-331.3% -$6.7M+70.5% -$22.8M-15.6% -$19.7M-111.0% -$9.3M+43.0% -$16.4M
Capital Expenditures $4.2M-30.8% $6.0M+152.9% $2.4M+29.7% $1.8M-71.9% $6.5M+78.2% $3.7M+58.0% $2.3M-44.5% $4.2M
Free Cash Flow -$10.3M+24.2% -$13.6M+56.6% -$31.4M-266.7% -$8.6M+70.8% -$29.3M-25.4% -$23.4M-100.5% -$11.7M+43.3% -$20.6M
Investing Cash Flow -$21.8M-263.1% -$6.0M-152.9% -$2.4M+6.1% -$2.5M+66.4% -$7.5M-106.1% -$3.7M+33.6% -$5.5M-32.2% -$4.2M
Financing Cash Flow -$1.9M+93.4% -$29.3M-517.5% -$4.7M-102.6% $185.9M+1000.1% $16.9M+5347.2% -$322K-104.7% $6.9M-26.6% $9.4M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

INDI Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q3'24 Q3'24 Q2'24 Q1'24 Q4'23
Gross Margin 40.1%-0.5pp 40.6%-1.1pp 41.7%-0.9pp 42.6%+3.2pp 39.4%-2.9pp 42.2%-0.3pp 42.5%+2.8pp 39.8%
Operating Margin -71.4%+11.8pp -83.3%-11.3pp -72.0%-13.6pp -58.4%+34.0pp -92.5%-22.5pp -70.0%+24.9pp -94.8%-64.1pp -30.8%
Net Margin -71.3%+4.3pp -75.6%-11.7pp -63.9%-7.7pp -56.2%+35.9pp -92.1%-55.5pp -36.6%+23.0pp -59.6%-38.7pp -20.9%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets -4.5%+0.0pp -4.5%-0.7pp -3.8%-0.3pp -3.5%+2.8pp -6.2%-3.8pp -2.4%+1.5pp -3.9%-2.1pp -1.8%
Current Ratio 3.75-0.6 4.34-1.0 5.30+0.5 4.82+2.4 2.39-0.3 2.66+0.9 1.74-0.2 1.96
Debt-to-Equity 0.92+0.1 0.87-0.0 0.91+0.0 0.88+0.5 0.340.0 0.33-0.0 0.36+0.0 0.35
FCF Margin -19.2%+7.1pp -26.4%+31.7pp -58.0%-43.3pp -14.8%+39.6pp -54.4%-9.7pp -44.7%-22.4pp -22.3%+7.1pp -29.3%

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Frequently Asked Questions

What is INDIE SEMICONDUCTOR INC's annual revenue?

INDIE SEMICONDUCTOR INC (INDI) reported $207.0M in total revenue for fiscal year 2025. This represents a -4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is INDIE SEMICONDUCTOR INC's revenue growing?

INDIE SEMICONDUCTOR INC (INDI) revenue declined by 4.5% year-over-year, from $216.7M to $207.0M in fiscal year 2025.

Is INDIE SEMICONDUCTOR INC profitable?

No, INDIE SEMICONDUCTOR INC (INDI) reported a net income of -$143.1M in fiscal year 2025, with a net profit margin of -69.1%.

What is INDIE SEMICONDUCTOR INC's earnings per share (EPS)?

INDIE SEMICONDUCTOR INC (INDI) reported diluted earnings per share of $-0.73 for fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does INDIE SEMICONDUCTOR INC have?

As of fiscal year 2025, INDIE SEMICONDUCTOR INC (INDI) had $145.5M in cash and equivalents against $339.8M in long-term debt.

What is INDIE SEMICONDUCTOR INC's gross margin?

INDIE SEMICONDUCTOR INC (INDI) had a gross margin of 36.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is INDIE SEMICONDUCTOR INC's operating margin?

INDIE SEMICONDUCTOR INC (INDI) had an operating margin of -74.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is INDIE SEMICONDUCTOR INC's net profit margin?

INDIE SEMICONDUCTOR INC (INDI) had a net profit margin of -69.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is INDIE SEMICONDUCTOR INC's free cash flow?

INDIE SEMICONDUCTOR INC (INDI) generated -$71.4M in free cash flow during fiscal year 2025. This represents a 2.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is INDIE SEMICONDUCTOR INC's operating cash flow?

INDIE SEMICONDUCTOR INC (INDI) generated -$57.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are INDIE SEMICONDUCTOR INC's total assets?

INDIE SEMICONDUCTOR INC (INDI) had $840.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are INDIE SEMICONDUCTOR INC's capital expenditures?

INDIE SEMICONDUCTOR INC (INDI) invested $14.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does INDIE SEMICONDUCTOR INC spend on research and development?

INDIE SEMICONDUCTOR INC (INDI) invested $154.1M in research and development during fiscal year 2025.

How many shares does INDIE SEMICONDUCTOR INC have outstanding?

INDIE SEMICONDUCTOR INC (INDI) had 207M shares outstanding as of fiscal year 2025.

What is INDIE SEMICONDUCTOR INC's current ratio?

INDIE SEMICONDUCTOR INC (INDI) had a current ratio of 3.73 as of fiscal year 2025, which is generally considered healthy.

What is INDIE SEMICONDUCTOR INC's debt-to-equity ratio?

INDIE SEMICONDUCTOR INC (INDI) had a debt-to-equity ratio of 0.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is INDIE SEMICONDUCTOR INC's return on assets (ROA)?

INDIE SEMICONDUCTOR INC (INDI) had a return on assets of -17.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is INDIE SEMICONDUCTOR INC's cash runway?

Based on fiscal year 2025 data, INDIE SEMICONDUCTOR INC (INDI) had $145.5M in cash against an annual operating cash burn of $57.1M. This gives an estimated cash runway of approximately 31 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is INDIE SEMICONDUCTOR INC's Piotroski F-Score?

INDIE SEMICONDUCTOR INC (INDI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are INDIE SEMICONDUCTOR INC's earnings high quality?

INDIE SEMICONDUCTOR INC (INDI) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can INDIE SEMICONDUCTOR INC cover its interest payments?

INDIE SEMICONDUCTOR INC (INDI) has an interest coverage ratio of -20.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is INDIE SEMICONDUCTOR INC?

INDIE SEMICONDUCTOR INC (INDI) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.