indie Semiconductor (INDI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $58 million, up 8% sequentially and $1 million above guidance midpoint, driven by key program ramps and strategic wins in radar, perception software, and wireless charging partnerships.

• Full-year 2025 revenue totaled $217.4 million.

• Strong momentum in radar and vision programs, with initial radar chipset shipments to a Tier 1 partner and new design wins in automotive and adjacent markets, including humanoid robotics.

• Integration of emotion3D and strategic partnerships in China and India, including Mahindra, expand ADAS and perception software reach.

Financial highlights

• Q4 non-GAAP operating loss was $10.1 million, improved from $14.2 million a year ago; GAAP operating loss was $33.9 million.

• Net loss for Q4 was $12.4 million non-GAAP ($0.07 per share) and $32.2 million GAAP ($0.16 per share).

• Cash and equivalents at quarter-end were $155.7 million, with year-end 2025 at $145.5 million, down from $274.2 million at year-end 2024.

• Adjusted EBITDA for Q4 2025 was $(7.9) million, an improvement from $(12.3) million in Q4 2024.

• Q4 Wuxi revenue was $29.7 million.

Outlook and guidance

• Q1 2026 revenue expected between $52 million and $58 million, with $55 million at midpoint; $21 million from Wuxi and $34 million from core business.

• Core business revenue projected to grow 20% sequentially in Q1 2026.

• 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.