indie Semiconductor (NASDAQ:INDI) reported second-quarter 2026 revenue of $64 million, up 24% from a year earlier and $2 million above the midpoint of its outlook, as growth in automotive advanced-driver-assistance systems and demand for its radar, vision and photonics products supported results.
Chief Executive Officer and Co-founder Donald McClymont said the automotive semiconductor market continued to recover, citing improving vehicle production and sustained electric-vehicle demand. China remained the company’s largest end market, followed by the United States and Europe, he said.
Loss Narrows as Revenue Rises
On a non-GAAP basis, indie recorded an operating loss of $8.9 million in the second quarter, improving from a $14.5 million loss in the comparable 2025 period. Non-GAAP operating expenses were $37.9 million, in line with the company’s forecast.
Including $2.8 million of net interest expense, indie posted a non-GAAP net loss of $11.7 million, or $0.05 per share, based on 227.6 million shares outstanding.
The company ended the quarter with $149 million in cash, cash equivalents and restricted cash, down $35.7 million sequentially. Wu said the decline reflected the operating loss as well as inventory investments ahead of expected demand, higher accounts receivable associated with revenue growth and capital expenditures.
For the third quarter, indie forecast revenue of $67 million to $73 million. At the midpoint, the company expects core-business revenue of approximately $40 million and roughly $30 million from Wuxi indie Microelectronics. It expects non-GAAP operating expenses of about $37 million, net interest expense of approximately $3.2 million and a non-GAAP loss of about $0.04 per share, assuming 230 million shares outstanding.
Radar and Vision Programs Gain Traction
McClymont said indie’s 77 GHz radar chipset is gaining traction through a Tier 1 partner’s Gen 8 radar product. The company had previously disclosed an initial $25 million production order for the chipset and said it subsequently announced a design win with a Tier 1 supplier serving Volvo.
While declining to provide the precise size or timing of the Volvo program, McClymont said Volvo’s high vehicle penetration rate for the technology makes it a “very decent sized design win.” He said radar is expected to remain a major driver of growth through 2026 and subsequent years.
The company also highlighted its 120 GHz radar technology, which McClymont said can integrate antennas into the chip package and support higher spatial resolution and more precise range measurements. He said the 120 GHz solution has been evaluated by several Tier 1 suppliers and original equipment manufacturers for physical-AI applications, including robotics and smart infrastructure.
In vision products, indie said its iND880 DRAMless architecture has benefited from rising DRAM prices and memory supply constraints. The processor eliminates the need for external memory and can be deployed in standalone systems such as electronic mirrors, driver-monitoring systems and occupant-monitoring systems, or as a preprocessor for central ADAS processors.
McClymont said the product has converted customer engagements rapidly as customers seek alternatives to constrained memory supplies. The company cited new iND880 design wins with Chinese OEMs and Cadillac, while noting that the iND88X family has also secured physical-AI wins with humanoid robot makers Unitree and Agibot.
During the question-and-answer session, McClymont said the iND880 carries an average selling price of about $10, with one or two units sometimes used per application. He described the design-win count as being in the “dozens” range.
Photonics and Physical AI Opportunities
indie said its photonics business continued to gain momentum, including a record quarter for quantum-related bookings and recurring orders for LXM lasers used in quantum-key-distribution applications. McClymont also cited customer-funded development programs involving a major quantum customer and two Japanese companies.
The company said demand for optical-fiber components increased alongside adoption of artificial intelligence and security solutions requiring enterprise data infrastructure.
Management did not provide a revenue breakout for physical AI or quantum. McClymont characterized the markets as nascent but said indie is seeing opportunities in humanoid robots, autonomous mobile robots and drones. He said content opportunity in higher-end robotic platforms could eventually reach about $100 per robot, though he added that it is too early to estimate the broader dollar content per device.
Pending Transactions Remain on Track
indie reiterated that its planned acquisition of the CMOS image sensor group from ams-OSRAM AG remains under regulatory review and is anticipated to close before year-end. The company said the acquisition would broaden its sensor capabilities for visual applications including humanoids, collaborative robots and industrial automation.
Separately, management said the potential divestiture of its equity interest in Wuxi indie Micro is progressing through regulatory processes. McClymont said the company remains optimistic the transaction will close in the fourth quarter, consistent with prior expectations.
Asked about gross-margin targets, McClymont said indie does not typically provide gross-margin guidance. He noted that the Wuxi business has tended to weigh on gross margin and said the company believes it is positioned to meet its corporate goals following the proposed divestiture.
About indie Semiconductor (NASDAQ:INDI)
indie Semiconductor, Inc is a fabless semiconductor company headquartered in San Jose, California, that specializes in advanced chip solutions for the automotive industry. The company designs and develops microcontrollers, sensor processing units, application processors and power management integrated circuits tailored for electric vehicles (EVs), advanced driver assistance systems (ADAS), infotainment and digital clusters. indie’s product portfolio aims to deliver high performance, energy efficiency and functional safety to meet stringent automotive requirements.
Originally formed as Integrated Memory Systems in 2021 through a business combination with a special purpose acquisition company, the firm rebranded to indie Semiconductor in early 2022.
