Earnings release
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Indie NEWS RELEASE indie Reports Second Quarter 2026 Results 2026-08-06 • Delivers Revenue of $ 64M , up 24 % Y - o - Y and exceeds midpoint of the guidance range • Guides for accelerating growth of 30 % Y - o - Y in Q3 2026 • • Substantially narrows GAAP and Non - GAAP Operating Losses Gains global OEM adoption of highly innovative radar solutions for both front and corner applications ALISO VIEJO , Calif .-- ( BUSINESS WIRE ) -- indie Semiconductor , Inc. ( Nasdaq : INDI ) , an automotive solutions innovator , today announced second quarter results for the period ended June 30 , 2026. Q2 revenue was $ 64.0 million . On a GAAP basis operating loss for the second quarter of 2026 was $ 35.1 million , compared to $ 43.0 million a year ago . Non - GAAP operating loss for the second quarter of 2026 was $ 8.9 million , compared to $ 14.5 million a year ago , representing continued significant progress towards achieving profitability . Second quarter 2026 GAAP loss per share was $ 0.17 , while Non - GAAP loss per share was $ 0.05 , in line with prior guidance . “ indie delivered a solid quarter of top line growth , with revenue up 24 percent year - over - year , above the midpoint of our guidance range , demonstrating the significant strides we have made in returning to a high - growth profile , " said Donald McClymont , indie's co - founder and chief executive officer . " Momentum continues for our 77GHz radar solution with OEMs spanning North America , Europe and China with new application use cases expanding our addressable market . Coupled with our growing computer vision activity , and our growing presence in Quantum and Physical Al , indie is well positioned to capture these rapidly emerging opportunities and drive disciplined , profitable growth . " Business Highlights • Secured radar design win with a leading Tier 1 supplier supporting Volvo • • Key Physical Al design wins at Unitree and Agibot for our sensing products Launched iND881 , a next - generation Edge Al SoC for automotive and physical Al applications Captured new iND880 vision processor design wins with leading OEMs in China Achieved a record quarter for Quantum bookings , including new customer - funded programs • Received Supplier Excellence Award from Mahindra for indie's emotion3D in - cabin software Showcased to much acclaim industry - first single - mirror integrated DMS / OMS and eMirror solution • 1
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Q3 2026 Outlook We provide guidance on a non-GAAP basis only because certain information necessary to reconcile such results and guidance to GAAP is di cult to estimate and dependent on future events outside of our control and, therefore, is not available without unreasonable e orts. Please refer to the header captioned “Discussion Regarding the Use of Non-GAAP Financial Measures” in this release for a further discussion of our use of non-GAAP measures. For the third quarter of 2026, indie expects revenue to be between $67 million and $73 million. At the midpoint of this outlook, the Company anticipates 30 percent year-over-year growth with approximately $40 million from the core business and $30 million from Wuxi indie Micro. indie’s Q2 2026 Conference Call indie Semiconductor will host a conference call with analysts to discuss its second quarter 2026 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please go to the Financials tab on the Investors page of indie’s website. To listen to the conference call via telephone, please call (877) 451-6152 (domestic) or (201) 389-0879 (international). A replay of the conference call will be available beginning at 9:00 p.m. Eastern time on August 6, 2026, until 11:59 p.m. Eastern time on August 20, 2026, under the Financials tab on the Investors page of indie’s website, or by calling (844) 512-2921 (domestic) or (412) 317-6671 (international), Access ID: 13761248. About indie Headquartered in Aliso Viejo, CA, indie is empowering the automotive revolution with next-generation semiconductors, photonics, and perception software platforms. We focus on developing innovative, high-performance, and energy-e cient mixed-signal SoCs and system solutions for ADAS and adjacent industrial applications, including humanoid robotics, and quantum technology. Our sensors span all major modalities (Radar, Computer Vision, LiDAR, and Ultrasound), accelerating the proliferation of automated vehicle safety and sensing features. As a global innovator, we are an approved vendor to Tier 1 partners, and our solutions can be found in marquee automotive OEMs worldwide. Please visit us at www.indie.inc to learn more. #indieSemi_earnings Safe Harbor Statement This communication contains “forward-looking statements” (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements can be identi ed by words such as “will likely result,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “project,” “outlook,” “should,” “could,” “may” or words of similar meaning and include, but are not limited to, projected nancial information, statements regarding our future business and nancial performance and prospects, including statements regarding our return to a high-growth pro le, expansion of our addressable market and our positioning to capture emerging opportunities and drive disciplined, pro table growth. 2
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Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to signi cant business, economic and competitive uncertainties and contingencies, many of which are di cult to predict and generally beyond our control. Actual results and the timing of events may di er materially from the results included in such forward-looking statements. In addition to the factors previously disclosed in our Annual Report on Form 10-K for the scal year ended December 31, 2025 led with the SEC on February 27, 2026, as supplemented by our Quarterly Reports on Form 10-Q and in our other public reports led with the SEC (including those identi ed under “Risk Factors” therein), the following factors, among others, could cause actual results and the timing of events to di er materially from the anticipated results or other expectations expressed in the forward-looking statements: macroeconomic conditions, including in ation, rising interest rates and volatility in the credit and nancial markets, our reliance on contract manufacturing and outsourced supply chain and the availability of semiconductors and manufacturing capacity; competitive products and pricing pressures; our ability to win competitive bid selection processes and achieve additional design wins; the impact of the pending sale of our entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd. and any potential adverse e ects of such sale on our business, nancial condition, operating results and stock price; the impact of recent acquisitions made and any other acquisitions we may make, including the announced acquisition of the CMOS Imaging Sensor Business from ams-OSRAM AG and the ability to complete such acquisition; our ability to develop, market and gain acceptance for new and enhanced products and expand into new technologies and markets; current and potential trade restrictions and trade tensions, including trade and tari actions taken or proposed by the US government a ecting the countries where we operate; and political or economic instability in our target markets. All forward-looking statements in this press release are expressly quali ed in their entirety by the foregoing cautionary statements. Investors are cautioned not to place undue reliance on the forward-looking statements in this press release, which information set forth herein speaks only as of the date hereof. We do not undertake, and we expressly disclaim, any intention or obligation to update any forward-looking statements made in this announcement or in our other public lings, whether as a result of new information, future events or otherwise, except as required by law. INDIE SEMICONDUCTOR, INC.PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts)(Unaudited)Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue:Product revenue$ 60,507$ 49,720$ 112,074$ 100,140Contract revenue 3,5021,9147,3925,571 Total revenue 64,00951,634119,466105,711Operating expenses:Cost of goods sold40,92330,69375,30262,221Research and development37,80938,47276,33780,587Selling, general, and administrative20,35918,35541,77837,722Restructuring costs— 7,107 — 7,107 Total operating expenses99,09194,627193,417187,637 Loss from operations(35,082) (42,993) (73,951) (81,926)Other income (expense), net:Interest income 1,2172,2262,0904,493Interest expense (4,688) (4,527) (9,031) (9,043)Gain (loss) from change in fair value ofcontingent considerations and iii l dhldbk 88 90 23 893 3
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acquisition-related holdbacks(188) 90 (1,273) 4,893Gain (loss) from extinguishment of debt— 2,623(3,656) 2,623Other income (expense)(661) 1,528(1,022) 792 Total other income (expense), net(4,320) 1,940(12,892) 3,758 Net loss before income taxes(39,402) (41,053) (86,843) (78,168)Income tax bene t (provision)448 (565) 767 (621) Net loss (38,954) (41,618) (86,076) (78,789)Less: Net loss attributable tononcontrolling interest(1,879) (2,580) (5,809) (5,205) Net loss attributable to indieSemiconductor, Inc.$ (37,075)$ (39,038)$ (80,267)$ (73,584) Net loss attributable to common shares— basic $ (37,075)$ (39,038)$ (80,267)$ (73,584) Net loss attributable to common shares— diluted $ (37,075)$ (39,038)$ (80,267)$ (73,584) Net loss per share attributable tocommon shares — basic$ (0.17)$ (0.20)$ (0.38)$ (0.38) Net loss per share attributable tocommon shares — diluted$ (0.17)$ (0.20)$ (0.38)$ (0.38) Weighted average common sharesoutstanding — basic212,010,301195,370,583209,532,199193,234,270 Weighted average common sharesoutstanding — diluted212,010,301195,370,583209,532,199193,234,270 INDIE SEMICONDUCTOR, INC.PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands)(Unaudited)June 30, 2026December 31, 2025AssetsCurrent assets:Cash and cash equivalents$138,975$ 145,456Restricted cash 10,02710,285Accounts receivable, net of allowance for doubtful accounts67,81657,485Inventory 67,62648,618Prepaid expenses and other current assets27,11523,924 Total current assets 311,559285,768Property and equipment, net44,36843,349Intangible assets, net 176,551195,908Goodwill 286,842292,644Operating lease right-of-use assets13,73014,363Other assets and deposits 8,481 8,754 Total assets $841,531$ 840,786 Liabilities and stockholders' equityAccounts payable $ 24,786$ 21,832Accrued payroll liabilities 14,0959,889Contingent considerations 5,366 611Accrued expenses and other current liabilities22,85224,772Intangible asset contract liability5,875 5,875Current debt obligations 12,32413,567 Total current liabilities 85,29876,546Long-term debt, net of current portion403,741339,834Intangible asset contract liability, net of current portion2,189 5,705Deferred tax liabilities, non-current13,84014,198Operating lease liability, non-current11,79813,046Ohl libilii 203 444 4
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Other long-term liabilities 2,503 7,444 Total liabilities 519,369456,773 Commitments and contingenciesStockholders' equityPreferred stock — —Class A common stock 21 20Class V common stock 1 2Additional paid-in capital 1,025,213998,730Accumulated de cit (717,377) (637,110)Accumulated other comprehensive loss(13,186) (3,611) indie's stockholders' equity294,672358,031 Noncontrolling interest 27,49025,982 Total stockholders' equity 322,162384,013 Total liabilities and stockholders' equity$841,531$ 840,786 INDIE SEMICONDUCTOR, INC. RECONCILIATION OF PRELIMINARY NON-GAAP MEASURES TO GAAP (Unaudited) GAAP refers to nancial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes non-GAAP nancial measures, as de ned in Regulation G promulgated by the Securities and Exchange Commission. We believe that our presentation of non- GAAP nancial measures provides useful supplementary information to investors. The presentation of non-GAAP nancial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP. The reconciliations of our preliminary GAAP to non-GAAP measures are as follows (in thousands, except share and per share amounts): Three MonthsEnded June 30,Six Months Ended June 30, 2026202520262025 Computation of non-GAAP operating loss:GAAP loss from operations$(35,082)$(42,993)$(73,951)$(81,926)Acquisition related and other non-recurringprofessional expenses477 63 477 223Amortization of intangible assets7,7996,53214,89912,501Share-based compensation17,91914,75938,48232,502Restructuring — 7,107— 7,107 Non-GAAP operating loss$(8,887)$(14,532)$(20,093)$(29,593) Three MonthsEnded June 30,Six Months Ended June 30, 2026202520262025 Computation of non-GAAP net loss:Net loss $(38,954)$(41,618)$(86,076)$(78,789)Acquisition related and other non-recurringprofessional expenses477 63 477 223Amortization of intangible assets7,7996,53214,89912,501Shb d i 99 4 9 384823202 5
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Share-based compensation17,91914,75938,48232,502Restructuring — 7,107— 7,107(Gain) loss from change in fair value of contingentconsiderations and acquisition-related holdbacks188 (90) 1,273(4,893)(Gain) loss from extinguishment of debt— (2,623) 3,656(2,623)Other (income) expense661(1,528) 1,022(792)Non-cash interest expense697 6721,3541,329Income tax (bene t) expense(448) 565(767) 621 Non-GAAP net loss $(11,661)$(16,161)$(25,680)$(32,814) Three MonthsEnded June 30,Six Months Ended June 30, 2026202520262025 Computation of Adjusted EBITDA:Net loss $(38,954)$(41,618)$(86,076)$(78,789)Interest income (1,217) (2,226) (2,090) (4,493)Interest expense 4,6884,5279,0319,043(Gain) loss from change in fair value of contingentconsiderations and acquisition-related holdbacks188 (90) 1,273(4,893)(Gain) loss from extinguishment of debt— (2,623) 3,656(2,623)Other (income) expense661(1,528) 1,022(792)Acquisition related and other non-recurringprofessional expenses477 63 477 223Depreciation and amortization10,2228,58719,60916,482Share-based compensation17,91914,75938,48232,502Restructuring — 7,107— 7,107Income tax (bene t) expense(448) 565(767) 621 Adjusted EBITDA $(6,464)$(12,477)$(15,383)$(25,612) For the Three Months Ended June 30, 2026Computation of non-GAAP share count:Weighted Average Class A common stock - Basic212,010,301Weighted Average Class V common stock - Basic15,056,599TeraXion Unexercised Options 489,820 Non-GAAP share count 227,556,720 Non-GAAP net loss $ (11,661)Less: Non-GAAP net income attributable to noncontrolling interest inWuxi 811 Non-GAAP net loss attributable to indie Semiconductor, Inc.$ (12,472) Non-GAAP net loss per share attributable to indie Semiconductor, Inc.$ (0.05) Discussion Regarding the Use of Non-GAAP Financial Measures Our earnings release contains some or all of the following nancial measures that have not been calculated in accordance with United States Generally Accepted Accounting Principles (“GAAP”): (i) non- GAAP operating loss, (ii) non-GAAP net loss, (iii) Adjusted EBITDA, (iv) non-GAAP share count and (v) non-GAAP net loss per share. As set forth in the tables above, we derive such non-GAAP nancial measures by excluding certain expenses and other items from the respective GAAP nancial measure that is most directly comparable to each non-GAAP nancial measure. Management may use these non-GAAP nancial measures to, amongst other things, evaluate operating performance and compare 6
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it against past periods or against peer companies, make operating decisions, forecast for future periods and to determine payments under compensation programs. These non-GAAP nancial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more di cult, obscure trends in ongoing operations or improve management’s ability to forecast future periods. We provide investors with non-GAAP operating loss, non-GAAP net loss and non-GAAP net loss per share because we believe it is important for investors to be able to closely monitor and understand changes in our ability to generate income from ongoing business operations. We believe these non- GAAP nancial measures give investors an additional method to evaluate historical operating performance and identify trends, an additional means of evaluating period-over-period operating performance and a method to facilitate certain comparisons of our operating results to those of our peer companies. We further believe these non-GAAP nancial measures allow investors to assess the overall nancial performance of our ongoing operations by eliminating the impact of (i) acquisition- related and other non-recurring professional expenses (including acquisition-related or other non- recurring professional fees and legal expenses, deemed compensation expense and expenses recognized in relation to changes in contingent consideration obligations), (ii) amortization of acquisition-related intangibles and certain license rights, (iii) restructuring costs, (iv) gains or losses recognized in relation to changes in the fair value of contingent considerations issued by indie, acquisition-related holdbacks and unrealized gains or losses from currency hedging contracts, (v) non- cash interest expenses related to the amortization of debt discounts and issuance costs, (vi) share- based compensation, and (vii) income tax bene t (provision). We believe that disclosing these non- GAAP nancial measures contributes to enhanced nancial reporting transparency and provides investors with added clarity about complex nancial performance measures. We do not report a GAAP measure of gross pro t or gross margin because certain costs related to contract revenues are expensed as incurred and included in research and development expenses, and not in cost of sales, as it is not practicable for us to bifurcate these expenses. We calculate non-GAAP operating loss by excluding from GAAP operating loss, any (i) acquisition-related and other non- recurring professional expenses (including acquisition-related or other non-recurring professional fees and legal expenses, deemed compensation expense and expenses recognized in relation to changes in contingent consideration obligations), (ii) amortization of acquisition-related intangibles and certain license rights, (iii) restructuring costs and (iv) share-based compensation. We calculate non-GAAP net loss by excluding from GAAP net income (loss), any (i) acquisition-related and other non-recurring professional expenses (including acquisition-related or non-recurring professional fees and legal expenses, deemed compensation expense and expenses recognized in relation to changes in contingent consideration obligations), (ii) amortization of acquisition-related intangibles and certain license rights, (iii) restructuring costs, (iv) gains or losses recognized in relation to changes in the fair value of contingent considerations issued by indie, acquisition-related holdbacks and unrealized gains or losses from currency hedging contracts, (v) non-cash interest expenses related to the amortization of debt discounts and issuance costs, (vi) share-based compensation, and (vii) income tax bene t (provision). We calculate Adjusted EBITDA by excluding from GAAP net income (loss), any (i) acquisition- related and other non-recurring professional expenses (including acquisition-related or non-recurring professional fees and legal expenses, deemed compensation expense and expenses recognized in relation to changes in contingent consideration obligations), (ii) amortization of acquisition-related intangibles and certain license rights, (iii) depreciation of xed assets, (iv) restructuring costs, (v) gains or losses recognized in relation to changes in the fair value of contingent considerations issued by indie, acquisition-related holdbacks and unrealized gains or losses from currency hedging contracts, (vi) non-cash interest expenses related to the amortization of debt discounts and issuance costs, (vii) share-based compensation, and (viii) income tax bene t (provision). We calculate non-GAAP share count by adding (i) weighted average Class A common stock, (ii) weighted average Class V common 7
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stock held by minority shareholders, which are exchangeable into Class A common stock and (iii) vested but unexercised options issued as part of the TeraXion acquisition. While both weighted average Class V common stock and vested but unexercised options issued as part of the TeraXion acquisition are considered anti-dilutive under ASC 260, therefore excluded from the GAAP earnings per share calculation, management includes both categories in this non-GAAP presentation because they will convert into Class A common stock over time. Management believes that including these categories provides investors with a more transparent view of the Company’s capital structure and potential impact of such conversions. Non-GAAP net loss per share is calculated by dividing non-GAAP net loss by non-GAAP share count. We exclude the items identi ed above from the respective non-GAAP nancial measure referenced above for the reasons set forth with respect to each such excluded item below: Acquisition-related and other non-recurring professional expenses - including such items as, when applicable, fair value charges incurred upon the sale of acquired inventory, accounting impact to the cost of goods sold due to one-time inventory costing realignment with a speci c supplier, acquisition- related professional fees and legal expenses and other professional fees that are non-recurring in nature because they are not considered by management in making operating decisions and we believe that such expenses do not have a direct correlation to our future business operations and thereby including such charges do not necessarily re ect the performance of our ongoing operations for the period in which such charges or reversals are incurred. Amortization expenses - related to the amortization expense for acquired intangible assets and certain license rights. Depreciation expenses - related to the depreciation expenses for all property and equipment on hand. Share-based compensation - related to the non-cash compensation expense associated with equity awards granted to our employees (including those granted in lieu of cash compensation) and employer tax related to employee stock transactions. These expenses are not considered by management in making operating decisions and such expenses do not have a direct correlation to our future business operations. Restructuring costs - related to the one-time expenses the Company incurs to reorganize its operations, which is primarily related to workforce reduction, long-lived intangible asset impairment, facilities and other purchase commitment charges. Gain (loss) from change in fair values - because these adjustments (1) are not considered by management in making operating decisions, (2) are not directly controlled by management, (3) do not necessarily re ect the performance of our ongoing operations for the period in which such charges are recognized and (4) cannot make comparisons between peer company performance less reliable. Non-cash interest expense - related to the amortization of debt discounts and issuance costs because (1) these expenses are not considered by management in making decision with respect to nancing decisions, and (2) these generally re ect non-cash costs. Income tax bene t (provision) - related to the estimated income tax bene t (provision) that does not result in a current period tax refunds (payments). The non-GAAP nancial measures presented should not be considered in isolation and are not an alternative for the respective GAAP nancial measure that is most directly comparable to each such 8
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non-GAAP nancial measure. Investors are cautioned against placing undue reliance on these non- GAAP nancial measures and are urged to review and consider carefully the adjustments made by management to the most directly comparable GAAP nancial measures to arrive at these non-GAAP nancial measures. Non-GAAP nancial measures may have limited value as analytical tools because they may exclude certain expenses that some investors consider important in evaluating our operating performance or ongoing business performance. Further, non-GAAP nancial measures are likely to have limited value for purposes of drawing comparisons between companies as a result of di erent companies potentially calculating similarly titled non-GAAP nancial measures in di erent ways because non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Adjusted EBITDA is calculated by removing non-recurring, irregular and one-time items that may distort EBITDA, to the current non-GAAP nancial measures. We calculate Adjusted EBITDA by excluding from GAAP net income (loss), any (i) acquisition-related and other non-recurring expenses (including acquisition-related or other non-recurring professional fees and legal expenses, deemed compensation expense and expenses recognized in relation to changes in contingent consideration obligations), (ii) amortization of acquisition-related intangibles and certain license rights, (iii) depreciation of property, plant and equipment, (iv) restructuring costs, (v) gains or losses recognized in relation to changes in the fair value of contingent considerations issued by indie, acquisition-related holdbacks and unrealized gains or losses from currency hedging contracts, (vi) non-cash interest expenses related to the amortization of debt discounts and issuance costs, (vii) share-based compensation, and (viii) income tax bene t (provision). To the extent our disclosures contain forward-looking estimates of non-GAAP nancial measures, these measures are provided to investors on a prospective basis for the same reasons (set forth above) we provide them to investors on a historical basis. We are generally unable to provide a reconciliation of our forward-looking non-GAAP measures because certain information needed to make a reasonable forward-looking estimate of such non-GAAP measures are di cult to predict and estimate and is often dependent on future events that may be uncertain or outside of our control and, therefore, is not available without unreasonable e orts. Such events may include unanticipated changes in our GAAP e ective tax rate, unanticipated one-time charges related to asset impairments ( xed assets, inventory, intangibles, or goodwill), unanticipated acquisition-related and other non-recurring professional expenses, unanticipated settlements, gains, losses and impairments and other unanticipated items not re ective of ongoing operations. Our forward-looking estimates of both GAAP and non-GAAP measures of our nancial performance may di er materially from our actual results and should not be relied upon as statements of fact. Media Inquiries media@indie.inc Investor Relations ir@indie.inc Source: indie Semiconductor 9