indie Semiconductor, Inc.

Indie reported Q2 revenue of $64 million, up 24% year over year and $2 million above the midpoint of outlook. Core business revenue was approximately $36 million, sequentially up more than 5%, while Wuxi subsidiary revenue was $28 million. Non-GAAP operating expenses were $37.9 million, non-GAAP operating loss was $8.9 million versus $14.5 million in the prior-year quarter, net loss was $11.7 million, and loss per share was $0.05 on 227.6 million shares. Cash and cash equivalents, including restricted cash, were $149 million, down $35.7 million sequentially. For Q3 2026, management guided total revenue to $67 million to $73 million, with core business around $40 million and Wuxi around $30 million at the midpoint; non-GAAP operating expenses are expected to be about $37 million, net interest expense about $3.2 million, and loss per share about $0.04 on 230 million shares.

Donald McClymont framed the quarter as evidence of broad-based momentum across radar, vision, and photonics, with growth expected to accelerate into Q3. He highlighted traction in the 77 GHz radar chipset, strong demand for the DRAMless iND880, record Quantum bookings, and rising interest in physical AI applications like humanoids, drones, and industrial systems. His tone was confident and expansive, emphasizing that indie’s portfolio is becoming broader and more differentiated as it adds the CMOS image sensor business and pursues adjacent markets.

Naixi Wu focused on execution and the path toward profitability. She pointed to $64 million of revenue, $37.9 million of non-GAAP operating expenses, and an $8.9 million non-GAAP operating loss, noting improvement versus the $14.5 million loss in Q2 2025. She also explained that the $149 million cash balance declined by $35.7 million sequentially mainly due to operating loss, inventory build, receivables growth, and ongoing CapEx, and she guided Q3 operating expenses to about $37 million with no tax expense and net interest expense of about $3.2 million.

Analysts focused on the timing and scale of radar, the DRAMless iND880 opportunity, gross margin, and cash burn. Management said it would not break out individual customer wins, but described the Volvo radar win as significant and said radar remains a major growth driver through 2026-2029; for iND880, they said DRAM shortages are translating quickly into revenue and design wins, with dozens of wins and rapid conversions. On gross margin, Donald said the company does not typically guide it, but the planned Wuxi divestiture should help support corporate goals. On cash usage, he said inventory investment is elevated ahead of steep ramps, but quarterly cash use should broadly track non-GAAP profit or loss, aside from some CapEx and other below-the-line items.