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indie Semiconductor, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 4 new. The quarter’s numbers.

Key takeaways

  • Revenue rose 24 percent year over year: Second-quarter revenue was $64.0 million, up from $51.6 million a year earlier. Six-month revenue was $119.5 million, compared with $105.7 million. Source
  • GAAP operating loss narrowed to $35.1M: GAAP operating loss was $35.1 million, compared with $43.0 million a year earlier. The prior-year quarter included $7.1 million of restructuring costs; none were recorded this quarter. Source
  • Non-GAAP operating loss fell to $8.9M: Non-GAAP operating loss was $8.9 million, compared with $14.5 million a year earlier. Non-GAAP results exclude $17.9 million of share-based compensation and $7.8 million of intangible amortization. Source
  • Long-term debt rose to $403.7M: Long-term debt, net of current portion, was $403.7 million at June 30, 2026, against $339.8 million at December 31, 2025. The release does not state the reason for the change. Source
  • Radar design win with Tier 1 supplier: The company reported a radar design win with a leading Tier 1 supplier supporting Volvo, listed among the quarter's business highlights. Source

“indie delivered a solid quarter of top line growth, with revenue up 24 percent year-over-year, above the midpoint of our guidance range, demonstrating the significant strides we have made in returning to a high-growth profile,”

Donald McClymont, indie’s co-founder and chief executive officer

Guidance

AreaPeriodFigureAgainst last quarter
Revenue SourceQ3 2026$67 million to $73 millionNew
Revenue growth, year over year SourceQ3 202630 percent at the midpointNew
Core business revenue SourceQ3 2026approximately $40 millionNew
Wuxi indie Micro revenue SourceQ3 2026approximately $30 millionNew

What changed from last quarter

  • New guidance: A third-quarter 2026 revenue range was given. The prior release gave a range only for the second quarter, $59 million to $65 million. Source
  • New: An acquisition of the CMOS Imaging Sensor Business from ams-OSRAM AG was announced. The prior release referred only to recent acquisitions and to any other acquisitions without naming a target. Source

Revenue growth and mix

  • Revenue rose 24 percent year over year: Second-quarter revenue was $64.0 million, up from $51.6 million a year earlier. Six-month revenue was $119.5 million, compared with $105.7 million. Source
  • Sequential increase from first quarter: First-quarter 2026 revenue was $55.5 million, up 3 percent year over year. Second-quarter revenue was about $8.6 million higher than that.
  • Product revenue rose from prior year: Product revenue was $60.5 million, up from $49.7 million a year earlier. Contract revenue was $3.5 million, up from $1.9 million. Source

Operating loss and cost lines

  • GAAP operating loss narrowed to $35.1M: GAAP operating loss was $35.1 million, compared with $43.0 million a year earlier. The prior-year quarter included $7.1 million of restructuring costs; none were recorded this quarter. Source
  • Non-GAAP operating loss fell to $8.9M: Non-GAAP operating loss was $8.9 million, compared with $14.5 million a year earlier. Non-GAAP results exclude $17.9 million of share-based compensation and $7.8 million of intangible amortization. Source
  • Adjusted EBITDA loss narrowed: Adjusted EBITDA was a loss of $6.5 million, compared with a loss of $12.5 million in the second quarter of 2025. Source
  • Cost lines rose or held steady: Cost of goods sold was $40.9 million, against $30.7 million. Research and development was $37.8 million, against $38.5 million. Selling, general and administrative was $20.4 million, against $18.4 million. Source

“Momentum continues for our 77GHz radar solution with OEMs spanning North America, Europe and China with new application use cases expanding our addressable market.”

Donald McClymont, indie’s co-founder and chief executive officer

Per-share results and share count

  • GAAP loss per share was $0.17: GAAP loss per share was $0.17, compared with $0.20 a year earlier. Net loss attributable to indie Semiconductor was $37.1 million, compared with $39.0 million. Source
  • Weighted share count increased: Weighted average basic shares were 212.0 million, compared with 195.4 million. The six-month figure was 209.5 million, against 193.2 million. Source
  • Non-GAAP net loss narrowed: Non-GAAP net loss was $11.7 million, compared with $16.2 million a year earlier. For the six months, it was $25.7 million, against $32.8 million. Source

Balance sheet and debt

  • Cash declined from year-end: Cash and cash equivalents were $139.0 million at June 30, 2026, against $145.5 million at December 31, 2025, and $174.4 million at March 31, 2026. Source
  • Long-term debt rose to $403.7M: Long-term debt, net of current portion, was $403.7 million at June 30, 2026, against $339.8 million at December 31, 2025. The release does not state the reason for the change. Source
  • Receivables and inventory increased: Accounts receivable were $67.8 million, against $57.5 million at December 31, 2025. Inventory was $67.6 million, against $48.6 million at that date. Source
  • Interest expense rose slightly: Interest expense was $4.7 million, compared with $4.5 million a year earlier. Interest income was $1.2 million, compared with $2.2 million. Source

“Coupled with our growing computer vision activity, and our growing presence in Quantum and Physical AI, indie is well positioned to capture these rapidly emerging opportunities and drive disciplined, profitable growth.”

Donald McClymont, indie’s co-founder and chief executive officer

Products, design wins and customers

  • Radar design win with Tier 1 supplier: The company reported a radar design win with a leading Tier 1 supplier supporting Volvo, listed among the quarter's business highlights. Source
  • Physical AI sensing design wins: Design wins for sensing products were reported at Unitree and Agibot, both cited under physical AI applications. Source
  • New Edge AI SoC launched: The company launched the iND881, described as a next-generation Edge AI SoC for automotive and physical AI applications. Source
  • IND880 vision processor wins in China: New iND880 vision processor design wins were captured with leading OEMs in China during the quarter. Source
  • Record quarter for Quantum bookings: Quantum bookings reached a record for the quarter, including new customer-funded programs. Source
  • Single-mirror DMS/OMS and eMirror shown: The company showcased a single-mirror integrated DMS/OMS and eMirror solution, which it describes as industry-first. Source

Strategy and acquisitions

  • Pending sale of Wuxi stake: The release refers to the pending sale of the company's entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd. Source
  • Expansion into quantum and physical AI: Management said the company continues to expand into quantum and physical AI.
  • Acquisition-related costs rose: Acquisition-related and other non-recurring professional expenses were $477 thousand, compared with $63 thousand a year earlier. Source

Earlier plans management reported on

  • Ahead: Management said second-quarter revenue exceeded the midpoint of the guidance range given in the prior release. Source
  • Met: Management said the non-GAAP loss per share of $0.05 was in line with prior guidance. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.