Detailed financial statements for indie Semiconductor, Inc. (INDI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
indie Semiconductor, Inc. specializes in delivering cutting-edge semiconductor and software solutions, primarily targeting the automotive industry. Their offerings enhance critical functions such as advanced driver assistance systems (ADAS), in-car connectivity, the overall user experience, and vehicle electrification.
Analysis Summary
indie Semiconductor, Inc. reported revenue of $217.4M in the most recent fiscal year, growing at a 5-year CAGR of 57.2%.
Trailing-twelve-month margins: gross margin 21.5%, operating margin -62.7%, net margin -65.2%.
At the current price of $3.02, INDI has negative trailing earnings (P/E not meaningful) and an ROE of -44.79%. Market capitalisation stands at $638M.
Balance sheet quality for INDI: current ratio of 3.7, net debt of $223.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $28.7M | $22.7M | $22.6M | $48.4M | $110.8M | $223.2M | $216.7M | $217.4M |
| Cost of Revenue | $19.1M | $35.9M | $13.0M | $28.7M | $60.5M | $278.3M | $126.4M | $129.8M |
| Gross Profit | $9.6M | -$13.2M | $9.6M | $19.7M | $50.3M | -$55.1M | $90.3M | $87.6M |
| Research & Development | $13.5M | $20.2M | $22.0M | $58.1M | $121.2M | $154.5M | $175.1M | $154.1M |
| Selling, General & Admin | $5.0M | 0 | $6.8M | $36.4M | $48.2M | 0 | $80.9M | $77.7M |
| Operating Expenses | $18.4M | $5.7M | $28.8M | $94.5M | $169.4M | $80.3M | $260.4M | $231.8M |
| Operating Income | -$8.5M | -$18.9M | -$19.2M | -$74.8M | -$119.1M | -$135.4M | -$170.1M | -$144.2M |
| EBITDA | -$6.7M | -$14.9M | -$93.5M | -$111.7M | -$35.7M | -$89.9M | -$93.9M | -$102.0M |
| Interest Expense | 0 | 0 | $2.2M | $1.2M | $1.7M | $8.7M | $9.3M | $17.6M |
| Pre-tax Income | -$10.6M | -$20.9M | -$98.3M | -$118.9M | -$53.8M | -$133.4M | -$146.1M | -$154.7M |
| Income Tax | $3000 | $11000 | $29000 | -$327000 | -$1.0M | -$4.5M | -$1.9M | -$3.0M |
| Net Income | -$10.2M | -$20.5M | -$97.5M | -$88.0M | -$43.4M | -$117.6M | -$132.6M | -$144.0M |
| EPS | $-0.10 | $-0.18 | $-0.78 | $-1.26 | $-0.37 | $-0.81 | $-0.76 | $-0.72 |
| EPS (Diluted) | $-0.10 | $-0.18 | $-0.78 | $-1.26 | $-0.37 | $-0.81 | $-0.76 | $-0.72 |
| Shares Outstanding (Diluted) | $106.2M | $111.1M | $101.5M | $70.0M | $118.7M | $145.2M | $175.0M | $199.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $53.7M | $58.0M | $55.5M | $64.0M |
| Gross Profit | -$16.5M | $22.1M | $21.1M | $23.1M |
| Operating Income | -$38.3M | -$32.6M | -$38.9M | -$35.1M |
| EBITDA | -$26.5M | -$21.5M | -$33.7M | -$26.0M |
| Net Income | -$38.3M | -$32.1M | -$43.2M | -$37.1M |
| EPS | $-0.19 | $-0.16 | $-0.22 | $-0.17 |
| EPS (Diluted) | $-0.19 | $-0.16 | $-0.22 | $-0.17 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $24.2M | $497549 | $18.7M | $219.1M | $321.6M | $151.7M | $274.2M | $155.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.1M | $4.6M | $6.0M | $13.8M | $26.4M | $72.1M | $52.0M | $57.5M |
| Inventory | $4.7M | $4.3M | $2.9M | $9.1M | $13.3M | $33.1M | $49.9M | $48.6M |
| Total Current Assets | $34.4M | $928843 | $30.0M | $248.0M | $373.9M | $271.8M | $408.7M | $285.8M |
| Property, Plant & Equipment | $1.6M | $2.4M | $2.2M | $11.1M | $27.9M | $40.8M | $50.4M | $57.7M |
| Goodwill | 0 | 0 | $1.7M | $113.6M | $136.5M | $295.1M | $266.4M | $292.6M |
| Intangible Assets | $5.3M | $2.3M | $1.1M | $96.3M | $63.1M | $208.1M | $208.9M | $195.9M |
| Total Assets | $41.5M | $348.4M | $35.1M | $469.3M | $603.4M | $818.9M | $941.4M | $840.8M |
| Accounts Payable | $3.0M | $4.7M | $4.6M | $5.4M | $14.2M | $18.4M | $28.3M | $23.1M |
| Short-term Debt | $2.3M | $4.2M | $8.5M | $2.3M | $15.7M | $4.1M | $12.2M | $13.6M |
| Total Current Liabilities | $8.0M | $23.4M | $122.2M | $33.7M | $64.0M | $138.9M | $84.9M | $77.8M |
| Long-term Debt | $18.0M | $14.8M | $12.3M | $5.6M | $155.7M | $156.7M | $369.1M | $352.9M |
| Total Liabilities | $29.4M | $35.5M | $136.6M | $177.4M | $289.0M | $341.9M | $496.0M | $458.1M |
| Retained Earnings | -$31.3M | -$34.6M | -$153.3M | -$200.4M | -$243.8M | -$361.4M | -$494.0M | -$638.0M |
| Total Equity | $10.5M | $312.9M | -$110.3M | $313.0M | $312.8M | $446.1M | $417.9M | $356.8M |
| Total Debt | $20.3M | $19.0M | $20.8M | $7.9M | $183.5M | $174.3M | $398.6M | $379.5M |
| Net Debt | -$3.8M | $18.5M | $2.1M | -$211.2M | -$138.2M | $22.7M | $124.3M | $223.8M |
| Working Capital | $26.4M | -$22.5M | -$92.2M | $214.3M | $309.9M | $132.9M | $323.9M | $207.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $171.2M | $145.5M | $184.7M | $139.0M |
| Total Assets | $855.1M | $840.8M | $869.6M | $841.5M |
| Total Liabilities | $462.2M | $458.1M | $520.6M | $519.4M |
| Total Equity | $369.2M | $356.8M | $324.6M | $294.7M |
| Total Debt | $370.5M | $379.5M | $430.9M | $431.3M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$10.2M | -$20.5M | -$98.4M | -$118.6M | -$52.8M | -$117.6M | -$144.2M | -$150.7M |
| Depreciation & Amortization | $1.8M | $4.2M | $2.7M | $6.0M | $16.8M | $34.6M | $43.1M | $43.6M |
| Stock-based Compensation | 0 | 0 | 0 | $22.9M | $41.9M | $43.7M | $67.2M | $65.1M |
| Change in Working Capital | -$5.6M | -$1.3M | -$4.4M | -$9.2M | -$18.1M | -$58.1M | $1.1M | -$12.2M |
| Operating Cash Flow | -$14.7M | -$14.9M | -$21.2M | -$55.8M | -$76.7M | -$104.4M | -$58.6M | -$57.1M |
| Capital Expenditure | -$842000 | -$1.7M | -$771000 | -$4.1M | -$7.6M | -$12.8M | -$14.3M | -$14.3M |
| Acquisitions | 0 | 0 | $6.2M | -$80.3M | -$8.7M | -$95.0M | -$3.2M | -$17.7M |
| Stock Repurchased | 0 | 0 | 0 | -$900000 | -$7.4M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$15.6M | -$16.5M | -$22.0M | -$59.9M | -$84.3M | -$117.1M | -$72.9M | -$71.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.2M | -$14.3M | -$22.1M | -$28.9M |
| Capital Expenditure | -$4.2M | -$1.7M | -$3.2M | -$3.1M |
| Free Cash Flow | -$10.3M | -$16.0M | -$25.3M | -$32.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $19.7M | $17.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -20.9% | -0.4% | +114.1% | +128.9% | +101.4% | -2.9% | +0.3% |
| Net Income Growth (YoY) | | -100.4% | -376.7% | +9.7% | +50.7% | -171.0% | -12.7% | -8.6% |
| EPS Growth (YoY) | | -87.3% | -333.3% | -61.5% | +70.6% | -118.9% | +6.2% | +5.3% |
| Shares Change (YoY) | | +4.6% | -8.7% | -31.0% | +69.5% | +22.4% | +20.6% | +13.9% |
| FCF Growth (YoY) | | -6.1% | -33.0% | -172.4% | -40.8% | -38.9% | +37.7% | +2.1% |
| Gross Margin | 33.5% | -58.1% | 42.3% | 40.7% | 45.4% | -24.7% | 41.7% | 40.3% |
| Operating Margin | -29.5% | -83.3% | -85.1% | -154.5% | -107.5% | -60.7% | -78.5% | -66.3% |
| EBITDA Margin | -23.2% | -65.7% | -413.5% | -230.8% | -32.2% | -40.3% | -43.4% | -46.9% |
| Net Margin | -35.5% | -90.1% | -431.2% | -181.9% | -39.2% | -52.7% | -61.2% | -66.2% |
| FCF Margin | -54.2% | -72.8% | -97.3% | -123.7% | -76.1% | -52.5% | -33.7% | -32.9% |
| Effective Tax Rate | -0.0% | -0.1% | -0.0% | 0.3% | 1.9% | 3.4% | 1.3% | 1.9% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.15 | $-0.15 | $-0.22 | $-0.86 | $-0.71 | $-0.81 | $-0.42 | $-0.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $106.2M | $111.1M | $101.5M | $70.0M | $118.7M | $145.2M | $175.0M | $199.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -44.79% |
| Return on Invested Capital | -18.27% |
| Return on Assets | -17.90% |
| Gross Margin | 21.51% |
| Operating Margin | -62.69% |
| Net Margin | -65.18% |
Financial Health
| Debt / Equity | 1.46 |
| Current Ratio | 3.65 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -0.15 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -101.98 | -55.28 | -16.95 | -9.52 | -15.76 | -10.01 | -5.33 | -4.90 |
| P/B | 98.73 | 3.53 | -12.16 | 2.68 | 2.21 | 2.64 | 1.70 | 1.97 |
| P/S | 36.22 | 48.66 | 59.34 | 17.34 | 6.24 | 5.28 | 3.27 | 3.24 |
| Gross Margin | 33.5% | -58.1% | 42.3% | 40.7% | 45.4% | -24.7% | 41.7% | 40.3% |
| Operating Margin | -29.5% | -83.3% | -85.1% | -154.5% | -107.5% | -60.7% | -78.5% | -66.3% |
| Net Margin | -35.5% | -90.1% | -431.2% | -181.9% | -39.2% | -52.7% | -61.2% | -66.2% |