# indie Semiconductor, Inc. (INDI)

> Source: Nexqual · https://nexqual.com/INDI · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, indie Semiconductor, Inc. (INDI), nexqual.com/INDI" · informational, not investment advice.

**Price:** USD 1.78 (+1.71% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 1.75 · day 1.7–1.83 · 52w 1.54–5.61 · market cap $413M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $231M, net income -$150M (-64.8% margin), free cash flow -$83.8M (SEC filings).
- Insider open-market sales, last ~7 months: 30 Form 4 filings, $9.8M; 13 not under a Rule 10b5-1 plan ($3.1M); 8 by opportunistic insiders (1 outside 10b5-1 plans), 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 4.97 (range 1.75–8).
- Total return with dividends: 1Y -66.0% vs S&P 500 +14.4%; 5Y -86.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.04, revenue estimate $70.2M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: INDI paid no cash dividend in the last five years.
- Short interest: 29.80% of float (as of 2026-10-15), 11.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $48.4M | $111M | $223M | $217M | $217M | $231M |
| Gross profit | $19.7M | $50.3M | $89.6M | $90.3M | $86.6M | — |
| Operating income | -$74.8M | -$119M | -$135M | -$170M | -$154M | -$146M |
| Net income | -$88.0M | -$43.4M | -$118M | -$133M | -$143M | -$150M |
| EPS (diluted) | -$1.26 | -$0.37 | -$0.81 | -$0.76 | -$0.73 | — |
| Free cash flow | -$58.5M | -$84.3M | -$117M | -$72.9M | -$71.4M | -$83.8M |
| Gross margin | 40.7% | 45.4% | 40.1% | 41.7% | 39.9% | — |
| Operating margin | -154.5% | -107.5% | -60.7% | -78.5% | -70.9% | -63.3% |
| Net margin | -181.9% | -39.2% | -52.7% | -61.2% | -65.8% | -64.8% |
| Revenue growth | +114.1% | +128.9% | +101.4% | -2.9% | +0.3% | — |
| Cash + short-term investments | $219M | $322M | $152M | $274M | $145M | — |
| Total debt | $7.9M | $171M | $161M | $381M | $353M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.8x · EV/Sales 3.0x · P/B 1.4x · FCF yield -20.30% · Earnings yield -36.29% · Net debt $277M · EV $690M

## Insider sales (SEC Form 4, open-market, last ~7 months)
17 of 30 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Wu Naixi | Chief Financial Officer | 3,750 | $12K | 2.3% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-15 | McClymont Donald | Chief Executive Officer | 50,000 | $155K | 8.3% | Yes (adopted June 13, 2025) | Routine (sold in Feb & Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Wittmann Michael | Chief Operating Officer | 40,625 | $146K | 26% | Yes (adopted March 15, 2024) | Too little history (no open-market trades in 2023) |
| 2026-09-01…2026-09-02 | Wu Naixi | Chief Financial Officer | 27,171 | $96K | 15.1% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | McClymont Donald | Chief Executive Officer | 13,384 | $47K | 2.4% | No | Routine (sold in Feb & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Wu Naixi | Chief Financial Officer | 23,170 | $86K | 12.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | McClymont Donald | Chief Executive Officer | 46,928 | $175K | 8% | No | Routine (sold in Feb & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Schiller Thomas | Director | 3,138 | $12K | 0.6% | No | Too little history (no open-market trades in 2025) |
| 2026-08-31 | Wittmann Michael | Chief Operating Officer | 17,045 | $63K | 12.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Parekh Sonalee Elizabeth | Director | 59,932 | $244K | 37.5% | Yes (adopted May 20, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-14 | Wittmann Michael | Chief Operating Officer | 42,468 | $174K | 30.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Parekh Sonalee Elizabeth | Director | 20,000 | $76K | 11.1% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Wittmann Michael | Chief Operating Officer | 6,250 | $29K | 4.3% | Yes (adopted March 15, 2024) | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Wittmann Michael | Chief Operating Officer | 30,207 | $134K | 17.2% | No | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Wu Naixi | Chief Financial Officer | 19,640 | $86K | 12.7% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-02 | Schiller Thomas | Director | 1,833 | $8K | 0.4% | No | Too little history (no open-market trades in 2025) |
| 2026-07-02 | McClymont Donald | Chief Executive Officer | 126,496 | $563K | 20.4% | No | Routine (sold in Feb & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | McClymont Donald | Chief Executive Officer | 50,000 | $209K | 11.8% | Yes (adopted June 13, 2025) | Routine (sold in Feb & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-04 | Wittmann Michael | Chief Operating Officer | 39,645 | $190K | 28.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Aoki Ichiro | President | 300,562 | $1.6M | 73.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 4.97 (low 1.75, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | B. Riley Securities | Target lowered | Buy | $6 → $5 |
| 2026-10-19 | TD Cowen | Target lowered | Hold | $4.5 → $2 |
| 2026-07-13 | TD Cowen | Target raised | Hold | $4 → $4.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -66.0% | -86.5% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -66.2% | -32.9% |
| Volatility (annualized) | 82.0% | 75.8% |
| Max drawdown | -70.5% (Oct 2025→Oct 2026) | -89.6% (Nov 2021→Mar 2025) |

## Dividends
INDI paid no cash dividend in the last five years.

## Short interest
64,366,412 shares sold short, 29.80% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 61,998,573 shares (+3.8%). Days to cover: 11.9 (short shares ÷ average daily volume).

## Peers (Semiconductors)
NVTS (Navitas Semiconductor Corporati) USD 9.2 -1.71% · POWI (Power Integrations, Inc.) USD 49.03 -0.59% · DIOD (Diodes Incorporated) USD 87.82 -1.66% · VSH (Vishay Intertechnology, Inc.) USD 29.43 -1.64% · SYNA (Synaptics Incorporated) USD 117.91 -0.50% · PI (Impinj, Inc.) USD 182.55 +3.44%

## More
Full page: https://nexqual.com/INDI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INDI's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1841925/000119312526082535/indi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "Our primary foundry partners are TSMC, Global Foundries, X-FAB and HHGrace and we may add foundries as our product portfolio evolves." |
| Customer | Microelectronics | "As a result of the deconsolidation, we will no longer recognize revenue from Wuxi's business or Wuxi's other results of operations and may also recognize a pre-tax gain/loss when reporting our financial results." |
| Competitor | Infineon | "Our primary competitors are other automotive-focused semiconductor companies, including Infineon, Monolithic Power Systems, NXP, Renesas and ST Microelectronics." |
| Competitor | NXP Semiconductors (NXPI) | "Our primary competitors are other automotive-focused semiconductor companies, including Infineon, Monolithic Power Systems, NXP, Renesas and ST Microelectronics." |
| Competitor | Renesas | "Our primary competitors are other automotive-focused semiconductor companies, including Infineon, Monolithic Power Systems, NXP, Renesas and ST Microelectronics." |

## Company outlook (8-K filed 2026-08-06)

- "For the third quarter of 2026, indie expects revenue to be between $67 million and $73 million."
- "At the midpoint of this outlook, the Company anticipates 30 percent year-over-year growth with approximately $40 million from the core business and $30 million from Wuxi indie Micro. indie's Q2 2026 Conference Call indie Semiconductor will host a conference call with analysts to discuss its second quarter 2026 results and business outlook today at 5:00 p.m."

Analysts expect $70.2M for the current quarter, +0.3% vs the guidance midpoint $70.0M. Source: https://www.sec.gov/Archives/edgar/data/1841925/000119312526338258/indi-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.04 | $-0.03 | −$0.01 | $70.2M | 8 |
| Next quarter (ends 2026-12-31) | $-0.02 | $-0.01 | −$0.01 | $76.9M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.17 | $-0.16 | −$0.01 | $266.5M | 8 |
| Next fiscal year (ends 2027-12-31) | $0.08 | $0.14 | -44.5% | $354.7M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±26.8%; last 8 reports averaged ±16%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 115.9% | ±26.8% |
| 2026-12-18 | 50 | 88.0% | ±29.7% |
| 2027-01-15 | 78 | 90.4% | ±36.7% |
| 2027-02-19 | 113 | 85.2% | ±41.0% |
| 2027-05-21 | 204 | 88.0% | ±55.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | −$0.05 | −$0.05 | In line | +19.2% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.06 | −$0.07 | Beat +14.3% | -6.3% |
| Feb 19, 2026 | Quarter ended Dec 31, 2025 | −$0.07 | −$0.07 | In line | -1.9% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$0.07 | −$0.06 | Miss −16.7% | -2.5% |
| Aug 7, 2025 | — | — | — | — | +10.7% |
| May 12, 2025 | — | — | — | — | +15.0% |
| Feb 20, 2025 | — | — | — | — | -15.8% |
| Nov 7, 2024 | — | — | — | — | +57.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | FRONTIER CAPITAL MANAGEMENT CO.,LLC: 7.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1841925/000117266126003511/0001172661-26-003511-index.htm |
| 2026-08-07 | 8-K/A | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1841925/000119312526340444/0001193125-26-340444-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1841925/000119312526340396/0001193125-26-340396-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION, SSGA FUNDS MANAGEMENT, INC.: 8.8% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1841925/000009375126000483/0000093751-26-000483-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1841925/000119312526338258/0001193125-26-338258-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 8.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1841925/000201238326002524/0002012383-26-002524-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.