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indie Semiconductor, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 3 new, 1 kept. The quarter’s numbers.

Key takeaways

  • Revenue rose 31% year over year: Third-quarter revenue was $70.2 million, against $53.7 million a year earlier. Product revenue was $67.5 million and contract revenue $2.75 million. Source
  • Fourth-quarter revenue guidance given: Fourth-quarter revenue is guided to $73 million to $81 million, with the midpoint implying about 33% growth year over year. Source
  • Core business revenue rose 14%: Core business revenue was $40.7 million, up 14% sequentially from the second quarter. Source
  • Radar chipset selected by top-three OEM: The radar chipset is in high-volume production and was selected by one of the top three North American OEMs. Source
  • Non-GAAP operating loss narrowed: Non-GAAP operating loss was $7.2 million, against $11.3 million a year earlier. Adjusted EBITDA was negative $4.6 million, against negative $9.1 million. Source
  • Inventory and receivables climbed: Inventory rose to $80.0 million and receivables to $79.3 million, from $67.6 million and $67.8 million at June 30. Source
  • Long-term debt rose: Long-term debt, net of current portion, was $404.5 million, up from $339.8 million at December 31, 2025. Current debt was $25.5 million. Source

“Our radar chipset, in high-volume production, has been selected by one of the top three North American OEMs,”

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

Guidance

AreaPeriodFigureAgainst last quarter
Revenue SourceFourth quarter 2026$73 million to $81 millionNew
Revenue growth SourceFourth quarter 2026, midpointapproximately 33 percent year over yearNew
Core business revenue SourceFourth quarter 2026, midpointapproximately $47 million, up 64% year over yearNew
Wuxi indie Micro revenue SourceFourth quarter 2026, midpointapproximately $30 millionKept

What changed from last quarter

  • New guidance: Revenue guidance now covers the fourth quarter of 2026; the August release gave guidance for the third quarter only. Source
  • New: The company description changed from automotive solutions innovator in August to Physical AI and automotive market leader. Source

Revenue and growth drivers

  • Revenue rose 31% year over year: Third-quarter revenue was $70.2 million, against $53.7 million a year earlier. Product revenue was $67.5 million and contract revenue $2.75 million. Source
  • Nine-month revenue rose 19%: Nine-month revenue was $189.7 million, against $159.4 million a year earlier. Product revenue made up $179.6 million of it. Source
  • Loss per share reported both ways: GAAP diluted loss per share was $0.18, against $0.19 a year earlier. Non-GAAP loss per share was $0.05. Source
  • Fourth-quarter revenue guidance given: Fourth-quarter revenue is guided to $73 million to $81 million, with the midpoint implying about 33% growth year over year. Source

Core business and Wuxi indie Micro

  • Core business revenue rose 14%: Core business revenue was $40.7 million, up 14% sequentially from the second quarter. Source
  • Wuxi indie Micro in August guidance: The August guidance for the third quarter placed about $40 million with the core business and about $30 million with Wuxi indie Micro.
  • Wuxi indie Micro sale pending: The sale of the entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd. is described as pending; the release gives no closing timing. Source

“revenue up 31 percent year-over-year, ahead of our outlook, and our non-GAAP operating loss narrowed by more than a third”

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

Design wins, products and quantum

  • Radar chipset selected by top-three OEM: The radar chipset is in high-volume production and was selected by one of the top three North American OEMs. Source
  • Over 40 vision design wins this year: Management reports more than 40 vision design wins in 2026 to date, including Physical AI uses such as humanoid robots and drones. Source
  • Mirror designs won in India and Korea: Designs were won for eMirror and side-view mirror applications at major OEMs in India and Korea. Source
  • In-cabin software win for Australia: Emotion3D in-cabin software was won for an Australian-market vehicle, with production starting in 2027. Source
  • Record quantum revenue and bookings: Quantum revenue and bookings were a record, including the largest CV-QKD order and two integrated laser NRE contracts. Source
  • Photonic SLED selected for satellite program: Photonic SLED products were selected for the CHIME satellite space program. Source

Costs, margins and operating loss

  • Non-GAAP operating loss narrowed: Non-GAAP operating loss was $7.2 million, against $11.3 million a year earlier. Adjusted EBITDA was negative $4.6 million, against negative $9.1 million. Source
  • GAAP operating loss stayed near prior year: GAAP operating loss was $39.0 million, against $38.3 million. The gap to non-GAAP is mainly share-based compensation and amortization of intangible assets, which the company excludes. Source
  • Share-based compensation rose: Share-based compensation was $24.3 million, against $19.0 million a year earlier. The company excludes it from non-GAAP results. Source
  • Cost of goods sold rose: Cost of goods sold was $47.9 million, up from $32.2 million a year earlier, while total revenue rose 31%. Source
  • R&D and SG&A rose slightly: Research and development was $40.3 million and selling, general and administrative $21.0 million. Restructuring costs were nil, against $1.0 million a year earlier. Source
  • No gross margin reported: The company reports no gross margin. It states that some contract-revenue costs are expensed in research and development rather than cost of goods sold. Source

“indie is very well positioned for the future”

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

Cash, debt and balance sheet

  • Cash balance eased: Cash and cash equivalents were $134.2 million, against $145.5 million at December 31, 2025. Restricted cash was $10.0 million. Source
  • Inventory and receivables climbed: Inventory rose to $80.0 million and receivables to $79.3 million, from $67.6 million and $67.8 million at June 30. Source
  • Long-term debt rose: Long-term debt, net of current portion, was $404.5 million, up from $339.8 million at December 31, 2025. Current debt was $25.5 million. Source
  • Contingent consideration gain in other income: Other income included a $4.3 million gain from changes in the fair value of contingent considerations and acquisition-related holdbacks, against $6 thousand a year earlier. Source

Share count and capital

  • Basic share count up about 10%: Weighted average basic shares were 219.3 million, against 199.3 million a year earlier and 212.0 million in the second quarter. Source
  • Non-GAAP share count includes Class V: Non-GAAP share count was 233.4 million, adding Class V shares and TeraXion options that management says will convert into Class A common stock over time. Source
  • Net loss split with noncontrolling interest: Net loss attributable to indie was $38.8 million, with $1.1 million of loss attributed to noncontrolling interest. Source

Strategy and portfolio

  • Broad multi-modal sensor portfolio: The company describes its portfolio as covering radar, computer vision, LiDAR and ultrasonic technologies across semiconductors, photonics, systems and perception software. Source
  • Sensing portfolio expanding into Physical AI: Management says the sensing and perception portfolio is expanding quickly into Physical AI. Source
  • CMOS sensor business acquisition announced: An acquisition of the CMOS imaging sensor business from ams-OSRAM AG has been announced; the release gives no completion date. Source

Coming up, as management said on 5 November 2026

  • Wuxi indie Micro sale completion: Completion of the pending sale of the entire Wuxi indie Micro equity interest is still to come; approval and closing timing are not given. Source

Earlier plans management reported on

  • Ahead: Revenue was ahead of the August guidance range of $67 million to $73 million, as management states. 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.