INDI · indie Semiconductor, Inc.

indie Semiconductor delivered Q1 2026 results with revenue of $55.5 million, surpassing the midpoint of prior guidance by $0.5 million and marking 3% year-over-year growth driven by product revenue of $51.6 million and contract revenue of $3.9 million. GAAP operating expenses totaled $94.3 million, including elevated R&D at $38.5 million and SG&A at $21.4 million, resulting in a GAAP operating loss of $38.9 million, flat to the prior year. Non-GAAP operating loss improved to $11.1 million from $15.1 million, reflecting adjustments for $7.1 million in intangible amortization, $20.6 million in share-based compensation, and other items, signaling progress toward profitability as noted by CEO Donald McClymont. A key highlight was the $25 million production order for radar chipsets from a Tier 1 partner, fueled by demand from two automotive OEMs, alongside volume shipments of vision processors to NIO for eMirror cameras and production ramp of iND880 for the largest Chinese OEM. Expansion into adjacent markets included launching the first commercial UV DFB laser at 399 nm for quantum systems and securing a perception software design win with Mahindra. Balance sheet shows cash and equivalents at $174.4 million, up from year-end, supporting operations amid $402.8 million in long-term debt. Q2 outlook projects revenue of $59-65 million at midpoint $62 million, with $37 million from core business and $25 million from Wuxi indie Micro, alongside non-GAAP operating expenses of ~$38 million and net loss per share of $0.05, indicating sustained momentum in automotive sensing and emerging technologies like quantum and robotics.