Earnings

Indie Semiconductor's Core Revenue Accelerates Toward Fourth-Quarter Plan

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter revenue reached $70.2 million, 31% above a year earlier, as the company guided fourth-quarter core sales to about $47 million at the midpoint.

indie Semiconductor, Inc. (INDI), a Physical AI and automotive sensor company, reported third-quarter revenue of $70.2 million, up 31% from a year earlier, exceeding the midpoint of its $67 million to $73 million outlook.

Year-over-year growth accelerated from 24% in the second quarter. Sequential revenue growth was 10%. Core business revenue rose 14% from the prior quarter to $40.7 million, above the about $40 million midpoint the company had set for the period. Product revenue was $67.5 million and contract revenue $2.75 million.

Co-founder and chief executive Donald McClymont said the company delivered results ahead of its outlook and that the non-GAAP operating loss narrowed by more than a third.

GAAP operating loss was $39.0 million, compared with $38.3 million a year ago. Non-GAAP operating loss was $7.2 million, versus $11.3 million a year earlier. GAAP loss was $0.18 a share; non-GAAP loss was $0.05 a share. Adjusted EBITDA loss was $4.6 million, compared with $9.1 million a year ago.

Cost of goods sold was $47.9 million. Research and development was $40.3 million and selling, general, and administrative expense was $21.0 million. There were no restructuring costs in the quarter.

The company said a radar chipset in high-volume production was selected by one of the top three North American OEMs. It also listed more than 40 vision design wins year to date in 2026, including Physical AI applications such as humanoid robots and drones, eMirror and side-view mirror designs at major Indian and Korean OEMs, and an emotion3D in-cabin software program for an Australian-market vehicle with production starting in 2027. Quantum revenue and bookings were described as a record, including the largest CV-QKD order and two integrated laser NRE contracts. Photonic SLED products were selected for the CHIME satellite space program.

For the fourth quarter of 2026, indie expects revenue between $73 million and $81 million. At the midpoint, the company anticipates approximately 33% year-over-year growth, with about $47 million from the core business and $30 million from Wuxi indie Micro. Core revenue at that midpoint is up about 15% sequentially from Q3. The fourth-quarter outlook implies faster year-over-year growth than the 30% the company had anticipated for the third quarter.

Cash and cash equivalents were $134.2 million at September 30, 2026, compared with $145.5 million at year-end 2025. Inventory was $80.0 million. Long-term debt, net of the current portion, was $404.5 million. Current debt obligations were $25.5 million.

The company said it is providing fourth-quarter guidance on a non-GAAP basis only because certain information needed to reconcile those results to GAAP is difficult to estimate.

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