indie Semiconductor, Inc. (Nasdaq: INDI) reported total revenue of $64,009 thousand for the quarter ended June 30, 2026, against $51,634 thousand a year earlier, growth of 24 percent. The Aliso Viejo, California company furnished the results in a Form 8-K on August 6, 2026 and filed a Form 8-K/A the next day whose only purpose was to replace the quarterly investor presentation. The company describes itself as a developer of advanced silicon, photonics and sensor system solutions for automotive, industrial mobility and adjacent applications. Both exhibits were furnished under Item 7.01, which means the information is not deemed filed for the purposes of Section 18 of the Securities Exchange Act. The amendment was signed by chief financial officer Naixi Wu.
What the quarter looked like on a GAAP basis
Product revenue rose to $60,507 thousand from $49,720 thousand and contract revenue to $3,502 thousand from $1,914 thousand. Cost of goods sold grew faster than the top line, to $40,923 thousand from $30,693 thousand. Research and development spending fell slightly to $37,809 thousand from $38,472 thousand, while selling, general and administrative expense rose to $20,359 thousand from $18,355 thousand. The prior-year quarter carried $7,107 thousand of restructuring costs and the current one carried none. Total operating expenses were $99,091 thousand against $94,627 thousand.
The GAAP loss from operations narrowed to $35,082 thousand from $42,993 thousand. Net loss was $38,954 thousand against $41,618 thousand, and loss per share was $0.17 against $0.20 on a weighted average 212,010,301 shares, up from 195,370,583. For the six months, revenue was $119,466 thousand against $105,711 thousand and the operating loss was $73,951 thousand against $81,926 thousand.
The company’s preferred measure tells a different story of scale. Non-GAAP operating loss was $8,887 thousand against $14,532 thousand. The bridge between the two figures is dominated by share-based compensation of $17,919 thousand, up from $14,759 thousand, and amortization of intangible assets of $7,799 thousand, up from $6,532 thousand. Adjusted EBITDA was negative $6,464 thousand against negative $12,477 thousand. Cash and cash equivalents stood at $138,975 thousand with restricted cash of $10,027 thousand, which the presentation rounds to $149 million. Long-term debt net of current portion rose to $403,741 thousand from $339,834 thousand at December 31, 2025, and inventory rose to $67,626 thousand from $48,618 thousand.
Guidance and the design win list
For the third quarter of 2026 the company expects revenue of $67 million to $73 million, which at the midpoint of $70 million it describes as 30 percent year over year growth. The presentation splits that midpoint into approximately $40 million from the core business and $30 million from Wuxi indie Micro. Non-GAAP operating expenses are guided to roughly $37 million, about $1 million lower sequentially, with non-GAAP net interest expense of about $3.2 million and a non-GAAP net loss per share of $0.04 on a base of 230 million shares.
The business highlights the company chose to list are a radar design win with a Tier 1 supplier serving Volvo, sensing design wins at Unitree and Agibot, the launch of the iND881 edge AI system on chip, new iND880 vision processor wins with automakers in China, a record bookings quarter at the Quantum unit including customer-funded programs, and a Supplier Excellence Award from Mahindra for the emotion3D in-cabin software. Chief executive Donald McClymont said momentum continues for the company’s 77GHz radar solution with original equipment manufacturers in North America, Europe and China.
The Wuxi divestiture sitting behind the numbers
The quarterly report discloses that Ay Dee Kay, LLC held approximately 59.00 percent voting control and approximately 34.38 percent ownership of Wuxi indie Microelectronics at June 30, 2026, and that on October 27, 2025 it agreed to sell that entire interest to United Faith Auto-Engineering Co., Ltd. for RMB 960,834,355, approximately $135 million at the exchange rate in effect on October 24, 2025. Closing depends on approval by United Faith’s shareholders and on regulatory clearances including the Shenzhen Stock Exchange and the China Securities Regulatory Commission. indie may terminate if those approvals are not obtained within 18 months of signing. The company says Wuxi’s product lines have become increasingly commoditized and are diverging from its ADAS-focused roadmap.
Analysis: the reported growth rate and the business being sold are not the same business
The filings put a number on how much of this quarter belongs to an asset already under contract to leave. Wuxi accounted for 44 percent of consolidated revenue in the three months to June 30, 2026, up from 42 percent a year earlier, and 41 percent of first-half revenue against 38 percent. It carried approximately 13 percent of consolidated operating expenses in the quarter, against 10 percent a year earlier, and approximately 12 percent of total assets. A 24 percent consolidated growth rate that includes a unit rising as a share of the whole is therefore not a clean read on the ADAS business the company says it is becoming.
The third quarter guidance is the first place the two halves are shown separately: $40 million core and $30 million Wuxi inside a $70 million midpoint. That split is more informative than the 30 percent headline growth attached to it, because the headline growth applies to a consolidated entity that will not exist in the same form once deconsolidation happens. The company states that as of August 7, 2026 the Wuxi sale had not met the requirements to be presented as discontinued operations, so this quarter’s statements consolidate Wuxi in full. Discontinued-operations treatment arrives only when indie determines it is probable that United Faith will receive the necessary local approvals within the required period, and a Chinese regulatory approval schedule is not something the seller controls. The 18 month termination right dates from October 27, 2025.
On the cost side the direction is genuinely better. Research and development fell year over year while revenue grew, selling and administrative expense grew more slowly than revenue, and the GAAP operating loss narrowed by roughly the amount the prior-year restructuring charge contributed plus operating leverage. What has not improved is the gap between the two loss measures. Share-based compensation of $17,919 thousand in a quarter with $64,009 thousand of revenue is a large real cost excluded from the non-GAAP operating loss of $8,887 thousand, and it grew faster than revenue. Weighted average shares rose by more than 16 million year over year, and the third quarter guidance is calculated on 230 million shares.
The balance sheet is the third thread. Long-term debt increased by roughly $64 million over six months while cash fell, and inventory rose by roughly $19 million against a 24 percent revenue increase. Against that, the Wuxi proceeds of approximately $135 million in cash, net of local taxes, would materially change the funding picture if and when they arrive. The registration of that transaction with Chinese authorities, not the design win list, is the disclosure that decides how the next four quarters read.
