indie Semiconductor recently released its 10-Q report for the quarter ended June 30, 2026. The company designs and sells automotive semiconductors and software for advanced driver assistance systems, connected-car features, user experience, and electrification. Its product set includes mixed-signal system-on-chips, radar, LiDAR, ultrasound, camera, and sensor-fusion solutions, and it also develops adjacent industrial applications.
For the three months ended June 30, 2026, revenue rose 24% to $64.0 million from $51.6 million a year earlier. Product revenue increased 22% to $60.5 million, while contract revenue climbed 83% to $3.5 million. Management said the product revenue increase was driven primarily by higher unit volume, partly offset by changes in average selling price and product mix.
Cost of goods sold increased 33% to $40.9 million from $30.7 million, with management attributing most of the rise to a $9.9 million increase in product volume. Gross profit was therefore pressured even as sales increased. Amortization of acquired intangible assets included in cost of goods sold was $5.3 million, up from $4.2 million.
Research and development expense declined 2% to $37.8 million from $38.5 million. The company said lower personnel costs, including share-based compensation tied to headcount changes, were partly offset by a $1.3 million increase in program and outside-service spending. Selling, general and administrative expense rose 11% to $20.4 million from $18.4 million.
Total operating expenses were $99.1 million, up 5% from $94.6 million, but the prior-year quarter included $7.1 million of restructuring costs that were not repeated. The company’s operations remain heavily tied to Asia: for the six months ended June 30, 2026, about 70% of product revenue was recognized for shipments to customer locations in Asia, up from 61% in the same period of 2025.
Wuxi remained a major piece of the business in the quarter. It represented 44% of consolidated revenue in the three months ended June 30, 2026, compared with 42% a year earlier, and about 13% of consolidated operating expenses in both periods. As of June 30, 2026, Wuxi accounted for about 12% of consolidated total assets and 3% of consolidated liabilities.
indie also disclosed a planned sale of its equity interest in Wuxi to United Faith Auto-Engineering for RMB 960.8 million, or about $135 million at the October 24, 2025 exchange rate. The company said the transaction had been approved by both boards but still required shareholder and regulatory approvals, including from the Shenzhen Stock Exchange and the China Securities Regulatory Commission. It also said the Wuxi divestiture had not yet met the accounting requirements to be presented as discontinued operations.
Separately, indie said its UK subsidiary agreed on May 8, 2026 to buy ams-OSRAM’s CMOS image sensor business for 40,000 euros, or about $47,081, consisting of 35,000 euros in cash and a 5,000-euro vendor note. The deal was expected to close in the third quarter of 2026, but had not closed as of August 7, 2026.
The company also completed its acquisition of emotion3D on September 26, 2025. Total consideration included $17.7 million in cash, $7.3 million of contingent consideration tied to revenue milestones through February 28, 2027, and $3.0 million of holdbacks and adjustments. The market has reacted to these announcements by moving the company's shares 17.78% to a price of $4.04. If you want to know more, read the company's complete 10-Q report here.
