indie Semiconductor — Second Quarter 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue was $64.0 million, representing a 24% year-over-year increase compared to $51.6 million in Q2 2025.
• GAAP operating loss narrowed to $35.1 million in Q2 2026 from $43.0 million in Q2 2025.
• Non-GAAP operating loss narrowed to $8.9 million in Q2 2026 from $14.5 million in Q2 2025.
• GAAP net loss per share was $0.17, while Non-GAAP net loss per share was $0.05.
• GAAP net loss for the quarter was $38.95 million, compared to $41.62 million in the prior year period.
• Adjusted EBITDA for the quarter was $(6.464) million, improving from $(12.477) million in Q2 2025.
• Total operating expenses were $99.1 million, down from $94.6 million in Q2 2025, driven by a $7.1 million restructuring charge in the prior year.
• Cash and cash equivalents stood at $139.0 million as of June 30, 2026, down from $145.5 million at December 31, 2025.
• Long-term debt increased to $403.7 million as of June 30, 2026, from $339.8 million at December 31, 2025.
• Inventory increased to $67.6 million as of June 30, 2026, from $48.6 million at December 31, 2025.

Guidance and Future Outlook

• The company guides Q3 2026 revenue to be between $67 million and $73 million.
• At the midpoint of the Q3 guidance, the company anticipates 30% year-over-year growth.
• Q3 2026 revenue is expected to comprise approximately $40 million from the core business and $30 million from Wuxi indie Micro.
• Guidance is provided on a non-GAAP basis only, as GAAP reconciliation is difficult to estimate due to future events outside the company's control.

Business Segments and Product Lines

• Secured a radar design win with a leading Tier 1 supplier supporting Volvo.
• Achieved key Physical AI design wins with Unitree and Agibot for sensing products.
• Launched the iND881, a next-generation Edge AI SoC for automotive and physical AI applications.
• Captured new iND880 vision processor design wins with leading OEMs in China.
• Achieved a record quarter for Quantum bookings, including new customer-funded programs.
• Received a Supplier Excellence Award from Mahindra for the emotion3D in-cabin software.
• Showcased an industry-first single-mirror integrated DMS/OMS and eMirror solution.
• Momentum continues for the 77GHz radar solution with OEMs in North America, Europe, and China.
• Computer vision activity and presence in Quantum and Physical AI are growing.

Market and Competitive Landscape

• The company is expanding its addressable market through new application use cases for its 77GHz radar solution.
• Solutions are deployed in marquee automotive OEMs worldwide and the company is an approved vendor to Tier 1 partners.
• The company focuses on developing mixed-signal SoCs and system solutions for ADAS and adjacent industrial applications, including humanoid robotics and quantum technology.

Risks and Challenges

• Forward-looking statements are subject to uncertainties including macroeconomic conditions, inflation, rising interest rates, and credit market volatility.
• Risks include reliance on contract manufacturing, outsourced supply chains, and availability of semiconductor manufacturing capacity.
• Competitive products and pricing pressures may impact results.
• The pending sale of the company's entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd. could have adverse effects on business, financial condition, and stock price.
• The ability to complete the announced acquisition of the CMOS Imaging Sensor Business from ams-OSRAM AG is a risk factor.
• Trade restrictions, tariff actions, and political or economic instability in target markets could impact operations.

Management Commentary and Tone

• Donald McClymont, co-founder and CEO, described the quarter as "solid" with top-line growth above the midpoint of guidance, demonstrating a return to a "high-growth profile."
• Management stated the company is "well positioned to capture rapidly emerging opportunities" in Quantum and Physical AI.
• The tone reflects confidence in driving "disciplined, profitable growth" through the expansion of the addressable market.

Other Key Points

• The company announced the acquisition of the CMOS Imaging Sensor Business from ams-OSRAM AG.
• The company is pending the sale of its entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd.
• Non-GAAP measures exclude acquisition-related expenses, amortization, restructuring costs, share-based compensation, and other non-recurring items.
• The company hosts a conference call to discuss results and outlook, with a replay available until August 20, 2026.