indie Semiconductor (NASDAQ:INDI) reported third-quarter revenue of $70.2 million, up 31% from a year earlier, and forecast further growth as its automotive radar chipset enters high-volume production.
The chipmaker’s revenue rose 10% sequentially and came in $0.2 million above the midpoint of its guidance. Core business revenue increased about 14% from the second quarter to $40.7 million, while revenue from its Wuxi subsidiary rose approximately 5% to $29.5 million.
CEO and Co-Founder Donald McClymont said automotive demand was strong in Europe and the U.S. but softer in China. He told analysts that indie’s own market-share gains were a larger driver of its revenue than the broader auto cycle.
Fourth-Quarter Outlook and Profitability
For the fourth quarter, indie forecast revenue of $73 million to $81 million. The $77 million midpoint would represent approximately 33% year-over-year growth and implies full-year revenue growth of more than 20%, management said. The outlook includes about $47 million in core revenue and $30 million from Wuxi at the midpoint.
The company’s third-quarter non-GAAP operating loss narrowed to $7.2 million from $11.3 million a year earlier. Non-GAAP net loss attributable to indie was $11.6 million, or $0.05 per share, an improvement of $0.02 per share from the prior-year period.
CFO Naixi Wu said indie expects to reach non-GAAP profitability in the second quarter of 2027 and become cash-flow positive in the following quarter. The company ended the third quarter with $144.3 million in cash and cash equivalents, including restricted cash, down $4.7 million from the preceding quarter.
Wu said indie expects its existing cash to fund operations through the path to profitability after paying the closing consideration for its pending acquisition of ams OSRAM’s CMOS image sensor business, independent of proceeds from its planned Wuxi divestiture.
For the fourth quarter, indie expects non-GAAP operating expenses of $37.5 million and a net loss of approximately $0.04 per share at the revenue midpoint.
Radar and Vision Programs Ramp
McClymont said indie’s automotive radar chipset has completed the production part approval process and is shipping in material volumes to a Tier One partner. He expects radar to be a significant growth driver in 2027 and said the technology has also been selected by one of the three largest North American automakers.
The CEO declined to disclose production timing for the North American program but described it as a relatively near-term opportunity with potential for broad adoption across the customer’s models. Across the radar opportunity, he said indie expects eventually to ship 50 million to 70 million units annually at an average selling price of $5 to $6 per unit, without specifying when that level would be reached.
Indie also secured camera-based mirror design wins with Korean and Indian automakers. McClymont said the company’s DRAM-less vision processor has attracted customers facing memory shortages and higher prices. He said the product has contributed materially to this year’s growth and that adoption has accelerated.
Asked about gross margin, McClymont attributed a sequential decline to product mix and pressure in the Wuxi business. He said he expects margin to rise modestly in the fourth quarter and move into the low 50% range once Wuxi is divested.
Physical AI and Strategic Backlog
Indie’s vision portfolio has secured more than 40 design wins in physical AI applications during 2026, including drones and humanoid robots, McClymont said. The company has previously announced robotics design wins with AGIBOT, Unitree and Figure AI, and its LiDAR technology was adopted for a warehouse robot application by a major logistics company during the quarter.
McClymont said a substantial percentage of indie’s 2027 research and development budget will be redirected toward adapting next-generation systems-on-chip for physical AI. He estimated content of more than $100 on some humanoid robot platforms.
The company reported strategic backlog of $6.2 billion, slightly higher than a year earlier and excluding Wuxi. The figure also excludes the recent physical AI wins because management said it is too early to predict their ramp, size and eventual market leaders with sufficient precision.
Pending Transactions
Indie received final foreign direct investment regulatory approval for its acquisition of ams OSRAM’s CMOS image sensor business and expects the deal to close at year-end, subject to remaining customary conditions.
The proposed sale of indie’s Wuxi subsidiary to United Faith Auto-Engineering remains under regulatory review in China. Wu said discussions were constructive and that indie remains optimistic about closing by year-end. The agreement calls for approximately $135 million in gross cash proceeds before taxes and fees, which indie expects to use to strengthen its balance sheet and address its capital structure, including convertible debt.
About indie Semiconductor (NASDAQ:INDI)
indie Semiconductor, Inc develops semiconductor and software solutions for the automotive industry. Its products are designed to support advanced driver-assistance systems (ADAS), vehicle electrification, connected-car applications and automotive user experiences.
The company’s technology portfolio includes solutions for automotive radar, computer vision, lidar, ultrasonic sensing, vehicle networking, battery management and power conversion. Its products are intended for use in systems such as automated parking, blind-spot detection, collision avoidance, in-cabin monitoring, lighting, infotainment and other intelligent vehicle functions.
Founded in 2007 and headquartered in Aliso Viejo, California, indie serves automotive manufacturers and suppliers internationally.
