indie Semiconductor recently released its 10-Q report. The company designs and sells automotive semiconductor and software products used in advanced driver assistance systems, autonomous driving, connected-car features, user experience, and electrification. Its portfolio includes mixed-signal system-on-chips, radar, LiDAR, ultrasound, computer vision, and related embedded control and power-management solutions, with operations centered in Aliso Viejo, California and design and sales locations across North America, Europe, Asia, the Middle East, and South America.
In Item 2, management said indie’s business remains concentrated in ADAS-related technologies and adjacent industrial applications, with subcontractors manufacturing its products and most customers and subcontractors located in Asia. For the six months ended June 30, 2026, about 70% of product revenue came from shipments to customer locations in Asia, up from 61% a year earlier. Management also highlighted two major portfolio actions: a planned divestiture of Wuxi and the acquisition of a CMOS imaging sensor business from ams-OSRAM.
The Wuxi transaction is the largest strategic item in the filing. indie said it agreed to sell ADK’s entire equity interest in Wuxi to United Faith for RMB 960.8 million, or about $135 million based on the October 24, 2025 exchange rate, payable in cash net of local taxes. The deal has been approved by the boards of both companies and still needs shareholder and regulatory approvals, including from the Shenzhen Stock Exchange and the China Securities Regulatory Commission. indie said Wuxi’s product lines have become increasingly commoditized and are diverging from its ADAS roadmap.
Wuxi remains material to the company’s results. For the three months ended June 30, 2026, Wuxi accounted for 44% of consolidated revenue and about 13% of consolidated operating expenses; for the six months ended June 30, 2026, it accounted for 41% of revenue and about 13% of operating expenses. As of June 30, 2026, Wuxi represented about 12% of consolidated total assets and 3% of total liabilities. indie said the divestiture had not met the accounting requirements to be presented as discontinued operations as of June 30, 2026 through August 7, 2026.
On May 8, 2026, indie UK signed an agreement to acquire ams-OSRAM’s CMOS image sensor business for 40,000 euros, or about $47,081 at the May 7 exchange rate. The consideration includes 35,000 euros in cash at closing, subject to adjustments, and a 5,000-euro vendor note bearing 2.5% simple interest and due 24 months after closing. The company said the acquisition is expected to close in the third quarter of 2026, but had not closed as of August 7, 2026.
The company also described the September 26, 2025 acquisition of emotion3D GmbH. indie said the deal included $17.7 million in cash, $7.3 million in contingent consideration tied to revenue milestones through February 28, 2027, and $3.0 million in holdbacks and adjustments.
For the quarter, revenue rose to $64.0 million from $51.6 million a year earlier. Product revenue increased to $60.5 million from $49.7 million, while contract revenue rose to $3.5 million from $1.9 million. Cost of goods sold climbed to $40.9 million from $30.7 million, and total operating expenses increased to $99.1 million from $94.6 million.
Within operating expenses, research and development edged down to $37.8 million from $38.5 million, while selling, general and administrative expense rose to $20.4 million from $18.4 million. Restructuring costs fell to zero from $7.1 million a year earlier. Management attributed the higher cost of goods sold mainly to a $9.9 million increase tied to higher product volume, partly offset by a $1.1 million favorable product-mix effect, and said amortization of acquired intangible assets included in cost of goods sold was $5.3 million versus $4.2 million.
Management also pointed to macro pressure from inflation, interest rates, tariffs, and geopolitical tensions, including trade friction between the U.S. and China and conflict in the Middle East, as factors that could affect demand, costs, and operations. Following these announcements, the company's shares moved 17.78%, and are now trading at a price of $4.04. Check out the company's full 10-Q submission here.
