indie Semiconductor(INDI) - 2025 Q4 - Annual Results

Financial Performance - Q4 2025 revenue was $58.0 million, up 8% sequentially, exceeding the midpoint of the outlook by $1 million[6] - GAAP operating loss for Q4 2025 was $33.9 million, consistent with the previous year, while Non-GAAP operating loss improved to $10.1 million from $14.2 million year-over-year[2] - For Q1 2026, revenue is expected to be between $52 million and $58 million, with core business revenue anticipated to grow by 20% sequentially to $34 million at the midpoint[3] - GAAP loss from operations for the three months ended December 31, 2025, was $(33,946) thousand, compared to $(33,896) thousand for the same period in 2024[19] - Non-GAAP operating loss for the year ended December 31, 2025, was $(51,030) thousand, an improvement from $(65,365) thousand in 2024[19] - Non-GAAP net loss for the three months ended December 31, 2025, was $(12,418) thousand, compared to $(15,414) thousand for the same period in 2024[20] - Adjusted EBITDA for the year ended December 31, 2025, was $(42,604) thousand, compared to $(58,521) thousand in 2024[20] - The company reported a net loss of $(151,693) thousand for the year ended December 31, 2025, compared to $(144,187) thousand in 2024[20] Assets and Liabilities - Total current assets decreased to $285.8 million from $408.7 million year-over-year[16] - Total liabilities decreased to $458.1 million from $496.0 million year-over-year[16] Share-Based Compensation and Expenses - Share-based compensation for the year ended December 31, 2025, amounted to $66,531 thousand, slightly down from $68,997 thousand in 2024[19] - Acquisition-related and other non-recurring professional expenses for the year ended December 31, 2025, totaled $935 thousand, down from $5,596 thousand in 2024[19] - Amortization of intangible assets for the year ended December 31, 2025, was $26,653 thousand, compared to $25,645 thousand in 2024[19] - Restructuring costs for the year ended December 31, 2025, were $9,066 thousand, up from $4,332 thousand in 2024[19] Strategic Partnerships and Product Developments - The company commenced first radar chipset shipments to a Tier 1 partner, marking a significant milestone[6] - A design win for the iND880 chipset with a Chinese EV manufacturer is expected to ramp up in mid-2026[7] - The integration of emotion3D has been completed, expanding the perception software ecosystem[7] - A strategic partnership with Mahindra for perception software has been announced for their electric SUVs[7] - Qi 2.0 wireless charging production is expected in the first half of 2026 with Ford[7] Non-GAAP Measures and Forward-Looking Statements - Adjusted EBITDA is calculated by excluding non-recurring, irregular, and one-time items from GAAP net income, including acquisition-related expenses and share-based compensation[34] - The company is unable to provide a reconciliation of forward-looking non-GAAP measures due to the unpredictability of certain future events[35] - Forward-looking estimates of both GAAP and non-GAAP financial measures may differ materially from actual results and should not be relied upon as statements of fact[35]