0001193125-26-082535
SEC filingindie Semiconductor, Inc. reported total revenue of $217.4 million for fiscal year 2025, ending December 31, 2025. The company incurred a net loss of $150.7 million, with a net loss attributable to indie Semiconductor of $143.1 million, equating to a net loss per share of $1.00 (basic and diluted). Operating performance showed a loss from operations of $154.2 million, driven by total operating expenses of $371.6 million, which included significant research and development costs of $154.1 million and restructuring costs of $9.1 million. The company used $57.1 million in cash from operating activities and ended the period with $321.9 million in cash, cash equivalents, and restricted cash. A significant forward-looking event is the potential divestiture of Wuxi, which accounted for approximately 43% of consolidated revenue and 11% of operating expenses in 2025. The company also completed the acquisition of emotion3D GmbH in September 2025 for an initial cash consideration of $17.7 million.
indie Semiconductor reported total revenue of $217.4 million for the fiscal year ended December 31, 2025. The company experienced a significant net loss of $150.7 million, with a net loss attributable to indie Semiconductor of $143.1 million. This resulted in a net loss per share of $1.00 for both basic and diluted shares. The loss from operations was $154.2 million, driven by total operating expenses of $371.6 million, which included cost of goods sold of $130.8 million, research and development expenses of $154.1 million, selling, general and administrative expenses of $77.7 million, and restructuring costs of $9.1 million. Other income contributed $490,000, primarily from a $7.0 million gain from change in fair value of contingent considerations and acquisition-related holdbacks, partially offset by interest expense of $17.6 million.
The document does not provide a detailed segment breakdown of revenue. However, it discloses geographic concentration, with approximately 65% of product revenues recognized for shipments to customer locations in Asia for the year ended December 31, 2025. A significant company-specific development is the potential divestiture of Wuxi. For the year ended December 31, 2025, Wuxi accounted for approximately 43% of indie's consolidated revenue and 11% of operating expenses. The company entered into an agreement to sell its equity interest in Wuxi for approximately $135 million, though the transaction had not met accounting requirements for presentation as discontinued operations as of the filing date.
The company reported a gross profit of $86.6 million (calculated as total revenue of $217.4 million minus cost of goods sold of $130.8 million), resulting in a gross margin of 39.8%. Operating margin was negative 70.9%, reflecting the substantial operating loss relative to revenue. The cost structure was heavily weighted toward research and development, which at $154.1 million exceeded total revenue. Selling, general and administrative expenses accounted for $77.7 million, and restructuring costs added $9.1 million. Share-based compensation was a significant non-cash expense at $65.1 million, as reported in the cash flow statement adjustments.
Cash flow from operating activities was negative $57.1 million, primarily driven by the net loss of $150.7 million, adjusted for non-cash items including depreciation and amortization of $40.4 million and share-based compensation of $65.1 million. Investing activities used $32.0 million, mainly for purchases of property and equipment ($14.3 million) and business combinations ($17.7 million). Financing activities used $38.9 million, primarily for repurchase of debt obligations ($26.8 million) and payments on debt obligations and financed software. The company ended the period with total assets of $840.8 million, including $145.5 million in cash and cash equivalents and $10.3 million in restricted cash. Total liabilities were $456.8 million, with long-term debt of $339.8 million. Total stockholders' equity was $384.0 million.
The filing highlights several forward-looking considerations. The potential divestiture of Wuxi, if completed, would result in deconsolidation of Wuxi's financial results and recognition of a pre-tax gain or loss. The company acknowledges macroeconomic risks, including inflationary conditions, geopolitical tensions, and potential trade tariffs, particularly between the U.S. and China, which could adversely impact revenue and cost of goods sold. The company also references its At-The-Market offering program, though no activity occurred in 2025. The acquisition of emotion3D GmbH in September 2025 for $17.7 million in initial cash consideration, plus contingent considerations, represents a strategic investment. Management's discussion emphasizes the company's focus on mixed-signal system-on-chips for advanced driver assistance systems and adjacent industrial applications.