indie Semiconductor — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $70.2 million, a 31% year-over-year increase compared to $53.7 million in Q3 2025.
• Core business revenue increased 14% sequentially to $40.7 million.
• GAAP operating loss for Q3 2026 was $39.0 million, compared to $38.3 million in Q3 2025.
• Non-GAAP operating loss for Q3 2026 was $7.2 million, a narrowing from $11.3 million in Q3 2025.
• GAAP net loss per share was $0.18, while Non-GAAP net loss per share was $0.05 for Q3 2026.
• Total operating expenses for Q3 2026 were $109.2 million, up from $92.0 million in Q3 2025.
• Cost of goods sold for Q3 2026 was $47.9 million compared to $32.2 million in Q3 2025.
• Research and development expenses for Q3 2026 were $40.3 million compared to $38.0 million in Q3 2025.
• Adjusted EBITDA for Q3 2026 was $(4.6) million, improving from $(9.1) million in Q3 2025.
• Cash and cash equivalents were $134.2 million as of September 30, 2026, down from $145.5 million as of December 31, 2025.
• Total debt (current and long-term) was $430.0 million as of September 30, 2026, up from $353.4 million as of December 31, 2025.
• Inventory increased to $80.0 million as of September 30, 2026, from $48.6 million as of December 31, 2025.

Guidance and Future Outlook:

• Q4 2026 revenue is guided to be between $73 million and $81 million.
• At the midpoint of Q4 guidance, the company anticipates approximately 33% year-over-year revenue growth.
• Q4 2026 core business revenue is expected to be approximately $47 million, with $30 million attributed to Wuxi indie Micro.
• Q4 2026 core revenue is guided to grow 64% year-over-year at the midpoint.
• Guidance is provided on a non-GAAP basis only.

Business Segments and Product Lines:

• Radar chipset is in high-volume production and selected by one of the top three North American OEMs.
• Secured 40+ vision design wins year-to-date in 2026, including in Physical AI applications such as humanoid robots and drones.
• Won eMirror and side-view mirror designs at major Indian and Korean OEMs.
• Won the emotion3D in-cabin software program for an Australian-market vehicle with production starting in 2027.
• Delivered record quantum revenue and bookings, including the largest CV-QKD order and two integrated laser NRE contracts.
• Photonic SLED products selected for the CHIME satellite space program.
• Received "In-Cabin Solution of the Year" award from AutoTech Breakthrough for the combined SoC and perception software solution.
• Sensing and perception portfolio is expanding rapidly into Physical AI.

Market and Competitive Landscape:

• The company positions itself as a leader in Physical AI and automotive with the industry's broadest multi-modal sensor portfolio.
• Portfolio spans radar, computer vision, LiDAR, and ultrasonic technologies.
• Platforms power advanced safety, automation, and positioning capabilities for leading automotive OEMs, intelligent machines, and emerging AI-driven systems.

Risks and Challenges:

• Forward-looking statements are subject to uncertainties including macroeconomic conditions, inflation, rising interest rates, and financial market volatility.
• Risks include reliance on contract manufacturing, outsourced supply chain, and availability of semiconductors and manufacturing capacity.
• Potential impacts from competitive products, pricing pressures, and ability to win competitive bid selection processes.
• Risks associated with the pending sale of the entire equity interest in Wuxi indie Microelectronics Technology Co., Ltd., including timing of regulatory approvals and closing.
• Risks related to the announced acquisition of the CMOS Imaging Sensor Business from ams-OSRAM AG and the ability to complete such acquisition.
• Risks involving current and potential trade restrictions, trade tensions, and tariff actions by the US government.
• Risks of political or economic instability in target markets.

Management Commentary and Tone:

• Donald McClymont, co-founder and CEO, stated the company reported strong third-quarter results with revenue ahead of outlook and non-GAAP operating loss narrowed by more than a third.
• Management expressed confidence that indie is "very well positioned for the future" due to the radar chipset selection, expanding sensing portfolio, and Q4 growth outlook.
• The tone indicates continued significant progress towards achieving profitability.

Other Key Points:

• The company is a Nasdaq-listed entity (INDI).
• Conference call was scheduled for November 5, 2026, at 5:00 p.m. Eastern time.
• The company excludes certain costs related to contract revenues from gross profit calculations, expensing them as R&D.
• Non-GAAP financial measures exclude acquisition-related expenses, amortization, restructuring costs, share-based compensation, and other non-recurring items.
• Non-GAAP share count includes Class A common stock, Class V common stock, and TeraXion unexercised options.
• The company has a pending sale of its equity interest in Wuxi indie Microelectronics Technology Co., Ltd.