Indie Semiconductor, Inc. (NASDAQ: INDI) reported fourth‑quarter 2025 results that included $58.0 million in revenue, a GAAP operating loss of $33.9 million that matched the same‑period loss a year earlier, and a non‑GAAP operating loss of $10.1 million, down from $14.2 million in Q4 2024. The company’s non‑GAAP earnings per share of $‑0.07 matched consensus estimates, while revenue exceeded the $57.0 million consensus by $0.89 million, a beat of roughly 1.6%.
The revenue beat was driven by strong demand in the company’s core automotive and photonics businesses, which together accounted for the majority of sales. Core revenue grew 20% sequentially to $34 million, a figure that appears in the company’s Q1 2026 guidance rather than the Q4 2025 results. The company also reported that the first shipments of its radar and vision processors began in late 2025, marking a key milestone in its 2026 ramp strategy. The remaining revenue came largely from the Wuxi subsidiary, which is expected to decline to $21 million in Q1 2026 due to lower demand from reduced EV subsidies and the Chinese New Year shutdown.
GAAP operating loss remained unchanged from the prior year, but the narrowing of the non‑GAAP loss reflects improved cost control and supply‑chain management. The company has qualified second‑source package and substrate vendors, a move that has helped mitigate the broader supply‑chain constraints that it expects to persist through 2026. These actions have allowed Indie to maintain profitability momentum while investing in new product launches.
Guidance for the first quarter of 2026 projects revenue between $52 million and $58 million, with a midpoint of $55 million. The guidance includes a 20% sequential increase in core revenue to $34 million, while the Wuxi subsidiary’s contribution is projected to decline to $21 million. The company reiterated its focus on scaling ADAS solutions and maintaining cost discipline as it moves toward breakeven at a $65 million quarterly run rate. These numbers signal confidence in the core business while acknowledging near‑term headwinds from the Wuxi operation.
"indie delivered solid fourth quarter results, exceeding the midpoint of our outlook," said Donald McClymont, indie's co‑founder and chief executive officer. "Our Tier 1 partner's radar launch and our first chipset shipments marked a key milestone. Coupled with the addition of the adjacent high‑growth humanoid robotics market, indie is well positioned to drive continued growth." "indie is financially well positioned to support our path to strong and profitable growth as design wins ramp through 2026," added CFO Naixi Wu. "we have made meaningful progress by qualifying second source package and substrate vendors. However, we expect the broader supply environment to remain constrained, and we will need to remain laser focused to manage the situation through 2026."
Investors reacted to the guidance, focusing on the projected decline in Wuxi revenue and the company’s path to breakeven. The revenue beat and EPS meeting expectations were offset by concerns about near‑term headwinds, leading to a negative market response.
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