indie Semiconductor, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Market Dynamics indie's fourth quarter revenue reached $58 million, exceeding the midpoint of the company's outlook and representing sequential growth of approximately 8%. Management attributes long-term growth to the structural transformation of ADAS from premium options to standardized safety features across all vehicle classes. The company is pivoting its automotive sensing technology into the humanoid roboti ...

Core Insights - The automotive market is undergoing a significant transformation as advanced driver-assistance systems (ADAS) and automated driving features transition from optional to standardized offerings, driven by consumer expectations and technological advancements [2][5] Financial Performance - indie Semiconductor reported Q4 2025 revenue of $58 million, exceeding the midpoint of its guidance by $1 million and reflecting an 8% sequential increase, with full-year revenue reaching $217.4 million [3][5] - The company recorded a non-GAAP operating loss of $10.1 million for Q4, an improvement from previous quarters, and ended the quarter with $155.7 million in cash [5][14] Market Developments - The company is seeing early adoption of its solutions in humanoid robotics, with deployments by Figure AI and Unitree, indicating a shift from laboratory applications to real-world use [1][4] - indie's Gen-8 77 GHz radar is gaining traction with global OEMs, with potential demand exceeding 50 million units annually as ADAS features become standardized [6][7] Product Innovations - indie has secured new design wins for its IND880 vision SoC and AI-based edge processors, which are expected to begin production in late 2026 [8] - The company is also advancing its Qi 2.0 wireless charging platform in collaboration with Ford, with production on track for H1 2026 [12] Supply Chain and Operational Challenges - The semiconductor industry is facing supply chain constraints, particularly in package substrate availability, which is expected to persist through 2026 [13][21] - indie is actively managing these constraints by qualifying second-source vendors and expanding production capabilities [21] Future Outlook - For Q1 2026, indie projects revenue between $52 million and $58 million, with expectations of a 20% sequential growth in core business revenue [17] - The company anticipates a significant increase in quantum sensing revenue, projecting it to triple in 2026 compared to 2025 [22]

Financial Data and Key Metrics Changes - The company reported Q4 revenue of $58 million, exceeding the midpoint of the outlook by $1 million, representing an 8% sequential growth and flat compared to the prior year period [5][15] - Full year revenue reached $217.4 million, with non-GAAP operating loss of $10.1 million, an improvement from $11.3 million in the previous quarter and $14.2 million a year ago [15] - The company exited the quarter with total cash and cash equivalents of $155.7 million, a decrease of $15.5 million from the third quarter [16] Business Line Data and Key Metrics Changes - The radar business is gaining traction with a Tier 1 partner, with initial shipments starting in December and expected demand exceeding 50 million units annually [9][10] - The vision portfolio is seeing momentum with design wins for image signal processor SoCs, including the IND880, and new design wins in e-mirror and camera mirror systems [10][11] - The company secured a design win with a leading electric vehicle manufacturer in China for a camera mirror system, expected to ramp in mid-2026 [11] Market Data and Key Metrics Changes - The automotive industry is transitioning towards standardization of ADAS features, creating opportunities for the company to leverage its technology investments [5][6] - The humanoid robotics market is transitioning from research to real-life applications, presenting new opportunities for the company [6][7] - The company is also gaining traction in the quantum communications and sensing market, with significant bookings for LXM lasers [12] Company Strategy and Development Direction - The company aims to capitalize on the structural transformation in the automotive market by focusing on software-defined intelligence and scalable sensor technology [5][6] - Plans to expand activities in humanoid robotics and enhance radar and vision technologies to maintain competitive advantages [8][10] - The company is actively managing supply chain constraints and expanding production capabilities to meet growing demand [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting revenue from core business to grow by 20% sequentially in Q1 2026, despite a decline in revenue from Wuxi due to reduced EV subsidies [18][19] - The company anticipates a steady ramp in radar revenue through 2026 and beyond, with increasing visibility on design wins and OEM traction [20][41] - Management acknowledged ongoing supply chain constraints but is confident in their ability to manage through 2026 [37][38] Other Important Information - The company is in the process of selling its equity interest in Wuxi Indie Micro for approximately $135 million, with the transaction expected to close by late 2026 [17] - Non-GAAP operating expenses for Q1 2026 are expected to be $37 million, relatively flat compared to Q4 2025 [18] Q&A Session Summary Question: What was the Wuxi revenue for Q4? - The revenue was around $29.7 million [23] Question: What are the reasons for the sequential decline in revenue? - The decline is primarily due to the upcoming Chinese New Year shutdown and reduced EV subsidies [24] Question: What is expected for the ramp in Q2? - A recovery is expected in Q2, although the business is in the process of being sold [25] Question: Can you provide an update on radar program ramp? - The company has made significant progress and expects strong traction with OEMs [26] Question: What impact do supply chain constraints have in Q1? - There was a trailing impact into Q1, with some demand still questionable due to supply issues [27] Question: Any updates on design wins and traction for core business? - The company is performing well across all regions, with exposure to OEMs in Europe, Asia, and India [33] Question: What is the size of the opportunity in robotics and quantum space? - The robotics market is expected to grow significantly, while quantum traction is also increasing, with a projected tripling of optical product shipments [35][36] Question: What is the timeline for resolving supply chain constraints? - The tightness is driven by AI demand, and while improvements are being made, full resolution may not occur until 2027 [37][38] Question: What are the expected radar revenues for 2026? - Radar revenue is expected to remain in the $30 million-$50 million range, with strong momentum from newer OEMs [41]

indie Semiconductor (NasdaqCM:INDI) Q4 2025 Earnings call February 19, 2026 05:00 PM ET Speaker6Good afternoon, and welcome to indie Semiconductor's fourth quarter 2025 earnings call. Currently, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded. I will now turn the call over to Ashish Gupta, Investor Relations. Mr. Gupta, please go ahead.Speaker1Thank you, operator. Good afternoon, and welcome ...

Financial Data and Key Metrics Changes - The company reported Q3 2025 total revenue of $53.7 million, consistent with expectations and showing solid quarter-over-quarter performance [6][15] - Non-GAAP gross margin was 49.6%, while non-GAAP operating loss was $11.3 million, improving from $14.5 million in the previous quarter and $16.8 million a year ago [15] - The company exited the quarter with total cash of $171.2 million, down from $202.9 million in Q2 2025, which included $17.7 million related to a recent M&A transaction [15][16] Business Line Data and Key Metrics Changes - The strategic backlog increased to $7.4 billion from $7.1 billion a year ago, with a stronger product mix contributing to higher gross margins [8][15] - The radar segment saw significant advancements, including the launch of a next-generation radar solution by a tier one partner, enhancing long-range detection capabilities [9] - The power group reported broader market adoption of the 10-watt Qi 2.0 wireless charging platform, with production starting at Ford in Q1 2026 [11] Market Data and Key Metrics Changes - The automotive market is expected to grow by 0.46% in 2026, with production projected at approximately 91 million vehicles, driven by increased semiconductor content per vehicle [5] - China's automotive market continues to dominate global production, representing over one-third of worldwide vehicle production, where the company's ADAS solutions are gaining traction [10] Company Strategy and Development Direction - The company is expanding into adjacent markets such as quantum computing and humanoid robotics, indicating a diversification strategy [6][8] - The acquisition of Emotion3D aims to enhance the company's capabilities in AI perception software for automotive applications, expected to contribute positively to revenue in the future [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term supply chain disruptions due to substrate shortages but expects resolution by Q1 2026, with revenue recovery anticipated [18][24] - The company remains optimistic about growth in 2026, driven by radar and vision programs, despite current operational challenges [27][39] Other Important Information - The company is actively working on second sourcing strategies to mitigate supply chain risks and enhance production capabilities [20][46] - The divestment of Wuxi is expected to improve the company's margin profile and lower the break-even revenue threshold [17][19] Q&A Session Summary Question: Can you explain the supply shortages and their resolution timeline? - Management indicated that the supply shortage was unexpected and is anticipated to resolve by Q1 2026, with revenue recovery expected [24] Question: What is causing the gross margin declines into Q4? - The decline is attributed to a mix of products, with higher-margin products being affected by the inability to meet market demand [25] Question: What is the visibility on radar ramp and customer engagement? - The company is preparing for a significant ramp in radar production, with strong customer engagement and expectations for high-volume market share [38] Question: Can you provide insights on the quantum laser market and design wins? - The company has begun shipping production in the quantum laser market, with rapid acceleration expected [31] Question: What are the primary contributors to backlog growth? - The backlog growth is primarily driven by expansions in radar and vision programs, along with some contributions from quantum-related optics products [32][36] Question: How will the acquisition of Emotion3D impact revenue and gross margin? - While immediate revenue synergies are not expected in Q4, contributions are anticipated to increase in 2026 [39]