indie Semiconductor (INDI) financial statements
indie Semiconductor reported revenue of $217M in fiscal 2025, up 57.2% a year over 5 years.
Net income was -$143M and the operating margin -70.9%, against -85.1% in 2020.
Free cash flow was -$71M.
The diluted share count rose 531% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from indie Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $23M | $48M | $111M | $223M | $217M | $217M |
| Cost of revenue | $13M | $29M | $60M | $134M | $126M | $131M |
| Gross profit | $10M | $20M | $50M | $90M | $90M | $87M |
| Research and development | $22M | $58M | $121M | $155M | $175M | $154M |
| Selling, general and admin | $7M | $36M | $48M | $70M | $81M | $78M |
| Operating income | -$19M | -$75M | -$119M | -$135M | -$170M | -$154M |
| Interest expense | $2M | $1M | $2M | $9M | $9M | $18M |
| Pre-tax income | -$98M | -$119M | -$54M | -$133M | -$146M | -$154M |
| Income tax | $29,000 | -$327,000 | -$1M | -$5M | -$2M | -$3M |
| Net income | -$97M | -$88M | -$43M | -$118M | -$133M | -$143M |
| EPS (diluted) | -$3.12 | -$1.26 | -$0.37 | -$0.81 | -$0.76 | -$0.73 |
| Diluted shares | 31M | 70M | 119M | 145M | 175M | 197M |
| Gross margin | 42.3% | 40.7% | 45.4% | 40.1% | 41.7% | 39.9% |
| Operating margin | -85.1% | -154.5% | -107.5% | -60.7% | -78.5% | -70.9% |
| Net margin | -431.2% | -181.9% | -39.2% | -52.7% | -61.2% | -65.8% |
Balance sheet
Fiscal years, from indie Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $19M | $219M | $322M | $152M | $274M | $145M |
| Receivables | $6M | $14M | $26M | $64M | $52M | $57M |
| Inventory | $3M | $9M | $13M | $33M | $50M | $49M |
| Total current assets | $30M | $248M | $374M | $272M | $409M | $286M |
| Property, plant and equipment | $2M | $11M | $16M | $27M | $34M | $43M |
| Goodwill | $2M | $114M | $136M | $295M | $266M | $293M |
| Total assets | $35M | $469M | $603M | $819M | $941M | $841M |
| Total current liabilities | $122M | $34M | $64M | $139M | $85M | $77M |
| Long-term debt | $12M | $6M | $156M | $157M | $369M | $340M |
| Total liabilities | $137M | $177M | $289M | $342M | $496M | $457M |
| Shareholders' equity | -$110M | $313M | $313M | $446M | $418M | $358M |
| Net debt | $2M | -$211M | -$150M | $9M | $107M | $208M |
Cash flow
Fiscal years, from indie Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$21M | -$56M | -$77M | -$104M | -$59M | -$57M |
| Capital spending | $637,000 | $3M | $8M | $13M | $14M | $14M |
| Free cash flow | -$22M | -$59M | -$84M | -$117M | -$73M | -$71M |
| Stock-based compensation | $0 | $23M | $42M | $44M | $67M | $65M |
| Share buybacks (net) | — | $0 | -$7M | $0 | $0 | — |
| Net borrowing | $2M | -$17M | $159M | -$12M | $222M | -$2M |
| Free cash flow margin | -96.7% | -120.8% | -76.1% | -52.5% | -33.7% | -32.9% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for INDI.
Open INDI in InvestinglyQuestions
What was indie Semiconductor's revenue in 2025?
$217M in fiscal 2025, from its 10-K filing.
How much free cash flow does indie Semiconductor generate?
-$71M in fiscal 2025 (operating cash flow minus capital spending).
From indie Semiconductor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.