INDI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $2.97

P/E (TTM) -4.1

EPS (TTM) $-0.73

Revenue (TTM) $231M

ROE (TTM) -43.7%

Debt/Equity (MRQ) 1.4

52W Range $2–$6

INDI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$217M

2020-12-31 → 2025-12-31

EPS$-0.73

2020-12-31 → 2025-12-31

Free Cash Flow$-71M

2021-12-31 → 2025-12-31

Net margin-64.8%

2021-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	5Y trend	INDI	5Y avg	Peer Median	Verdict
P/E (TTM)		-4.15Y avg ≈-9.1	≈-9.1	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	INDI	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-63.3%5Y avg ≈-102.9%	≈-102.9%	-27.4%	Weak
EBITDA Margin	-70.9%5Y avg ≈-102.9%	≈-102.9%	-27.4%	Weak
Pretax Margin (TTM)	-70.3%5Y avg ≈-108.1%	≈-108.1%	-17.6%	Weak
Net Profit Margin (TTM)	-64.8%5Y avg ≈-87.0%	≈-87.0%	-17.7%	Weak
ROA (TTM)	-17.5%5Y avg ≈-18.5%	≈-18.5%	-3.6%	Weak
ROE (TTM)	-43.7%5Y avg ≈-42.1%	≈-42.1%	-2.2%	Weak
ROIC	-21.7%5Y avg ≈-22.8%	≈-22.8%	-13.0%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	INDI	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	1.45Y avg ≈0.6	≈0.6	0.0	High debt
Current Ratio (MRQ)	3.75Y avg ≈5.4	≈5.4	4.7	Low liquidity
Quick Ratio	2.75Y avg ≈4.7	≈4.7	2.8	In line
Long-Term Debt / Equity (MRQ)	1.45Y avg ≈0.6	≈0.6	0.1	High debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	INDI	5Y avg	Peer Median	Verdict
Revenue YoY	0.33%5Y avg ≈68.4%	≈68.4%	·	·
Revenue CAGR 3Y	25.2%5Y avg ≈68.2%	≈68.2%	·	·
Revenue CAGR 5Y	57.2%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	INDI	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.735Y avg ≈$-0.79	≈$-0.79	·	·
Revenue / Share	$1.105Y avg ≈$0.99	≈$0.99	·	·
Cash Flow / Share	$-0.295Y avg ≈$-0.52	≈$-0.52	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	INDI	5Y avg	Peer Median	Verdict
Asset Turnover	0.25Y avg ≈0.2	≈0.2	0.4	Weak
Inventory Turnover	2.75Y avg ≈4.0	≈4.0	2.7	Weak
Receivables Turnover	4.05Y avg ≈4.5	≈4.5	6.2	Weak
Revenue / Employee	≈$271.7K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 1.1%

Next Report Nov 04, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 6, 2026	$-0.05	$-0.05	6.7%
March 31, 2026	May 11, 2026	$-0.07	$-0.07	-2.1%
Dec. 31, 2025		$-0.06	$-0.07	12.4%
Sept. 30, 2025		$-0.07	$-0.06	-14.4%
June 30, 2025		$-0.08	$-0.08	0.12%
March 31, 2025		$-0.08	$-0.08	3.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 17

Metric	2025	2024	2023	2022	2021	2020
Revenue	$217M	$217M	$223M	$111M	$48M	$23M
Cost of Revenue	$131M	$126M	$134M	$60M	$29M	$13M
R&D Expense	$154M	$175M	$155M	$121M	$58M	$22M
SG&A Expense	$78M	$81M	$70M	$48M	$36M	$7M
Operating Expenses	$372M	$387M	$359M	$230M	$123M	$42M
Operating Income	$-154M	$-170M	$-135M	$-119M	$-75M	$-19M
Interest Expense	·	·	$9M	$2M	$1M	$2M
Interest Income	$7M	$5M	$8M	$3M	$49.0K	$25.0K
Other Non-op	$1M	$-400.0K	$-1M	$-107.0K	$42.0K	$229.0K
Pretax Income	$-154M	$-146M	$-133M	$-54M	$-119M	$-98M
Income Tax	$-3M	$-2M	$-5M	$-1M	$-327.0K	$29.0K
Net Income	$-143M	$-133M	$-118M	$-43M	$-88M	$-97M
EPS (Basic)	$-0.73	$-0.76	$-0.81	$-0.37	$-1.26	$-3.12
EPS (Diluted)	$-0.73	$-0.76	$-0.81	$-0.37	$-1.26	$-3.12
Shares (Basic)	197,246,432	175,029,650	145,188,867	118,660,785	70,012,112	31,244,414
Shares (Diluted)	197,246,432	175,029,650	145,188,867	118,660,785	70,012,112	31,244,414
EBITDA	$-154M	$-170M	·	$-119M	$-75M	·

Balance Sheet 27

Metric	2025	2024	2023	2022	2021	2020
Cash & Equivalents	$145M	$274M	$152M	$322M	$219M	$19M
Receivables	$57M	$52M	$64M	$26M	$14M	$6M
Inventory	$49M	$50M	$33M	$13M	$9M	$3M
Prepaid Expense	$24M	$22M	$23M	$12M	$6M	$2M
Current Assets	$286M	$409M	$272M	$374M	$248M	$30M
PP&E (Net)	$43M	$34M	$27M	$16M	$11M	$2M
PP&E (Gross)	$74M	$55M	$42M	$25M	$17M	$7M
Accum. Depreciation	$30M	$21M	$15M	$9M	$6M	$5M
Goodwill	$293M	$266M	$295M	$136M	$114M	$2M
Intangibles	$196M	$209M	$208M	$63M	$96M	$1M
Other Non-current Assets	$9M	$7M	$3M	$2M	$270.0K	$154.0K
Total Assets	$841M	$941M	$819M	$603M	$469M	$35M
Accounts Payable	$22M	$28M	$18M	$14M	$5M	$5M
Accrued Liabilities	$25M	$29M	$21M	$11M	$16M	$3M
Short-term Debt	·	·	·	·	$810.0K	$459.0K
Current Liabilities	$77M	$85M	$139M	$64M	$34M	$122M
Capital Leases	$13M	$14M	$11M	$10M	$0	·
Deferred Tax	$14M	$12M	$14M	$8M	$20M	$0
Other Non-current Liabilities	$7M	$4M	$22M	$2M	$6M	$2M
Total Liabilities	$457M	$496M	$342M	$289M	$177M	$137M
Long-term Debt	$353M	$381M	$161M	·	·	·
Total Debt	$340M	$369M	·	$156M	$6M	·
Paid-in Capital	$999M	$937M	$814M	$569M	$515M	$43M
Retained Earnings	$-637M	$-494M	$-361M	$-244M	$-200M	$-153M
AOCI	$-4M	$-25M	$-6M	$-12M	$-1M	$-209.0K
Stockholders' Equity	$358M	$418M	$446M	$313M	$313M	$-110M
Liabilities + Equity	$841M	$941M	$819M	$603M	$469M	$35M

Cash Flow 15

Metric	2025	2024	2023	2022	2021	2020
Stock-based Comp	$65M	$67M	$44M	$42M	$23M	$0
Deferred Tax	$-4M	$-4M	$-5M	$-2M	$-516.0K	$11.0K
Amort. of Intangibles	$32M	$33M	$26M	$12M	$5M	$2M
Restructuring	$9M	$4M	$0	$0	·	·
Operating Cash Flow	$-57M	$-59M	$-104M	$-77M	$-56M	$-21M
CapEx	$14M	$14M	$13M	$8M	$3M	$637.0K
Investing Cash Flow	$-32M	$-19M	$-108M	$-16M	$-84M	$-771.0K
Stock Issued	·	$0	$0	$42M	$0	·
Stock Repurchased	·	$0	$0	$7M	$0	·
Net Stock Activity	·	$0	·	$34M	·	·
Financing Cash Flow	$-39M	$209M	$44M	$193M	$341M	$33M
Net Change in Cash	$-129M	$133M	$-170M	$102M	$201M	$12M
Taxes Paid	$674.0K	$0	$0	·	·	·
Free Cash Flow	$-71M	$-73M	·	$-84M	$-59M	·
Levered FCF	·	·	·	$-86M	$-60M	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020
Operating Margin	-70.9%	-78.5%	·	-107.5%	-154.5%	·
Net Margin	-65.8%	-61.2%	·	-39.2%	-181.9%	·
Pretax Margin	-70.7%	-67.4%	·	-48.6%	-245.7%	·
EBITDA Margin	-70.9%	-78.5%	·	-107.5%	-154.5%	·
ROA	-16.1%	-15.1%	·	-8.1%	-34.8%	·
ROE	-36.9%	-30.7%	·	-13.9%	-86.9%	·
ROIC	-21.7%	-21.3%	·	-24.9%	-23.4%	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020
Current Ratio	3.7	4.8	·	5.8	7.4	·
Quick Ratio	2.7	3.8	·	5.4	6.9	·
Debt / Equity	0.9	0.9	·	0.5	0.0	·
LT Debt / Equity	0.9	0.9	·	0.5	0.0	·
Interest Coverage	·	·	·	-70.4	-60.4	·

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020
Asset Turnover	0.2	0.2	·	0.2	0.2	·
Inventory Turnover	2.7	3.0	·	5.4	4.8	·
Receivables Turnover	4.0	3.7	·	5.5	4.9	·

Per Share 3

Metric	2025	2024	2023	2022	2021	2020
Revenue / Share	$1.10	$1.24	·	$0.93	$0.69	·
Cash Flow / Share	$-0.29	$-0.33	·	$-0.65	$-0.80	·
EPS (TTM)	$-0.73	$-0.76	$-0.81	$-0.37	$-1.26	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020
Revenue YoY	0.33%	-2.9%	101.4%	128.9%	114.1%	·
Revenue CAGR 3Y	25.2%	64.8%	114.5%	·	·	·
Revenue CAGR 5Y	57.2%	·	·	·	·	·

Valuation (TTM) 4

Metric	2025	2024	2023	2022	2021	2020
Revenue TTM	$217M	$217M	$223M	$111M	$48M	·
Net Income TTM	$-143M	$-133M	$-118M	$-43M	$-88M	·
P/E	-4.8	-5.3	-10.0	-15.8	-9.5	·
Earnings Yield	-20.7%	-18.8%	-10.0%	-6.3%	-10.5%	·

Income Statement 17

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$64M	$55M	$58M	$54M	$52M	$54M	$58M	$54M	$52M	$52M	$70M	$60M	$52M	$40M	$33M	$30M
Cost of Revenue	$41M	$34M	$36M	$32M	$31M	$32M	$33M	$33M	$30M	$30M	$42M	$35M	$32M	$24M	$16M	$15M
R&D Expense	$38M	$39M	$36M	$38M	$38M	$42M	$38M	$46M	$41M	$50M	$34M	$42M	$42M	$37M	$33M	$30M
SG&A Expense	$20M	$21M	$19M	$21M	$18M	$19M	$20M	$21M	$17M	$22M	$15M	$20M	$19M	$17M	$13M	$11M
Operating Expenses	$99M	$94M	$92M	$92M	$95M	$93M	$92M	$104M	$89M	$102M	$92M	$97M	$93M	$77M	$62M	$56M
Operating Income	$-35M	$-39M	$-34M	$-38M	$-43M	$-39M	$-34M	$-50M	$-37M	$-50M	$-22M	$-36M	$-41M	$-37M	$-29M	$-26M
Interest Expense	·	·	·	·	·	·	·	·	·	$2M	·	$2M	$2M	$2M	·	$166.0K
Interest Income	$1M	$873.0K	$1M	$2M	$2M	$2M	$1M	$994.0K	$1M	$1M	$2M	$2M	$2M	$2M	$2M	$612.0K
Other Non-op	$-661.0K	$-361.0K	$483.0K	$-28.0K	$2M	$-736.0K	$-302.0K	$702.0K	$-553.0K	$-247.0K	$-912.0K	$-692.0K	$429.0K	$0	$-110.0K	$24.0K
Pretax Income	$-39M	$-47M	$-34M	$-41M	$-41M	$-37M	$-35M	$-55M	$-21M	$-35M	$-16M	$-18M	$-13M	$-86M	$-16M	$-45M
Income Tax	$-448.0K	$-319.0K	$-3M	$-363.0K	$565.0K	$56.0K	$-584.0K	$-315.0K	$86.0K	$-1M	$-2M	$650.0K	$342.0K	$-4M	$-370.0K	$863.0K
Net Income	$-37M	$-43M	$-31M	$-38M	$-39M	$-35M	$-33M	$-50M	$-19M	$-31M	$-15M	$-17M	$-13M	$-73M	$-12M	$-38M
EPS (Basic)	$-0.17	$-0.21	$-0.16	$-0.19	$-0.20	$-0.18	$-0.18	$-0.28	$-0.11	$-0.19	$-0.05	$-0.12	$-0.09	$-0.55	$-0.12	$-0.31
EPS (Diluted)	$-0.17	$-0.21	$-0.16	$-0.19	$-0.20	$-0.18	$-0.18	$-0.28	$-0.11	$-0.19	$-0.05	$-0.12	$-0.09	$-0.55	$-0.09	$-0.31
Shares (Basic)	212,010,301	207,026,562	·	199,326,145	195,370,583	191,463,848	·	179,491,349	170,164,241	164,602,608	·	146,962,717	141,973,731	131,490,221	·	120,507,152
Shares (Diluted)	212,010,301	207,026,562	·	199,326,145	195,370,583	191,463,848	·	179,491,349	170,164,241	164,602,608	·	146,962,717	141,973,731	131,490,221	·	120,507,152
EBITDA	$-35M	$-39M	·	$-38M	$-43M	$-39M	·	$-50M	$-37M	$-50M	·	$-36M	$-41M	$-37M	·	$-26M

Balance Sheet 27

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$139M	$174M	$145M	$161M	$193M	$237M	$274M	$97M	$112M	$138M	·	$161M	$181M	$207M	·	$150M
Receivables	$68M	$60M	$57M	$53M	$59M	$63M	$52M	$56M	$58M	$52M	·	$43M	$35M	$25M	·	$22M
Inventory	$68M	$57M	$49M	$46M	$47M	$48M	$50M	$52M	$42M	$38M	·	$40M	$41M	$39M	·	$12M
Prepaid Expense	$27M	$25M	$24M	$27M	$23M	$24M	$22M	$25M	$24M	$25M	·	$26M	$23M	$19M	·	$10M
Current Assets	$312M	$327M	$286M	$297M	$332M	$382M	$409M	$241M	$248M	$264M	·	$270M	$280M	$290M	·	$194M
PP&E (Net)	$44M	$44M	$43M	$42M	$41M	$35M	$34M	$35M	$34M	$29M	·	$26M	$22M	$21M	·	$13M
PP&E (Gross)	$79M	$76M	$74M	$69M	$66M	$58M	$55M	$55M	$51M	$45M	·	$39M	$34M	$31M	·	$21M
Accum. Depreciation	$35M	$32M	$30M	$27M	$26M	$23M	$21M	$20M	$18M	$16M	·	$13M	$12M	$10M	·	$8M
Goodwill	$287M	$290M	$293M	$291M	$276M	$268M	$266M	$275M	$289M	$290M	$295M	$310M	$282M	$279M	$136M	$142M
Intangibles	$177M	$186M	$196M	$204M	$199M	$203M	$209M	$223M	$205M	$199M	·	$196M	$181M	$189M	·	$61M
Other Non-current Assets	$8M	$9M	$9M	$6M	$6M	$6M	$7M	$7M	$7M	$7M	·	$4M	$4M	$2M	·	$2M
Total Assets	$842M	$870M	$841M	$855M	$868M	$909M	$941M	$797M	$797M	$804M	·	$820M	$781M	$794M	·	$421M
Accounts Payable	$25M	$24M	$22M	$19M	$20M	$18M	$28M	$26M	$27M	$19M	·	$20M	$17M	$17M	·	$8M
Accrued Liabilities	$23M	$26M	$25M	$25M	$20M	$27M	$29M	$21M	$28M	$29M	·	$105M	$63M	$71M	·	$16M
Short-term Debt	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$2M
Current Liabilities	$85M	$80M	$77M	$79M	$76M	$72M	$85M	$101M	$93M	$152M	·	$149M	$104M	$115M	·	$55M
Capital Leases	$12M	$12M	$13M	$14M	$13M	$14M	$14M	$16M	$11M	$11M	·	$11M	$9M	$10M	·	$8M
Deferred Tax	$14M	$14M	$14M	$16M	$13M	$12M	$12M	$17M	$13M	$13M	·	$16M	$11M	$11M	·	$12M
Other Non-current Liabilities	$3M	$8M	$7M	$7M	$2M	$2M	$4M	$4M	$9M	$9M	·	$23M	$47M	$49M	·	$7M
Total Liabilities	$519M	$521M	$457M	$462M	$453M	$477M	$496M	$309M	$295M	$342M	·	$407M	$396M	$435M	·	$145M
Long-term Debt	$416M	$415M	$353M	$354M	$352M	$379M	$381M	·	·	·	·	·	·	·	·	·
Total Debt	$404M	$403M	·	$339M	$338M	$367M	·	$158M	$157M	$157M	·	$156M	$156M	$156M	·	$6M
Paid-in Capital	$1.03B	$1.01B	$999M	$985M	$964M	$957M	$937M	$929M	$896M	$836M	·	$781M	$725M	$692M	·	$545M
Retained Earnings	$-717M	$-680M	$-637M	$-606M	$-568M	$-529M	$-494M	$-461M	$-412M	$-393M	·	$-347M	$-330M	$-317M	·	$-231M
AOCI	$-13M	$-9M	$-4M	$-10M	$-6M	$-23M	$-25M	$-9M	$-14M	$-11M	·	$-20M	$-10M	$-13M	·	$-18M
Stockholders' Equity	$295M	$325M	$358M	$369M	$390M	$406M	$418M	$459M	$471M	$433M	·	$414M	$386M	$362M	·	$295M
Liabilities + Equity	$842M	$870M	$841M	$855M	$868M	$909M	$941M	$797M	$797M	$804M	·	$820M	$781M	$794M	·	$421M

Cash Flow 10

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Stock-based Comp	$17M	$20M	$15M	$18M	$15M	$17M	$12M	$18M	$12M	$26M	$7M	$13M	$12M	$11M	$11M	$10M
Amort. of Intangibles	$9M	$9M	$8M	$8M	$8M	$8M	$8M	$9M	$8M	$8M	$4M	$9M	$9M	$5M	$3M	$51.0K
Restructuring	$0	$0	$917.0K	$1M	$7M	·	$10.0K	$4M	$0	·	$0	$0	·	·	·	·
Operating Cash Flow	$-29M	$-22M	$-14M	$-6M	$-8M	$-29M	$-7M	$-23M	$-20M	$-9M	$-16M	$-15M	$-40M	$-33M	$-18M	$-22M
CapEx	$3M	$3M	$2M	$4M	$6M	$2M	$2M	$7M	$4M	$2M	$4M	$2M	$3M	$3M	$3M	$3M
Investing Cash Flow	$-3M	$-3M	$-2M	$-22M	$-6M	$-2M	$-3M	$-8M	$-4M	$-6M	$-4M	$1M	$-3M	$-102M	$-3M	$-3M
Financing Cash Flow	$-3M	$55M	$-3M	$-2M	$-29M	$-5M	$186M	$17M	$-322.0K	$7M	$9M	$-2M	$15M	$21M	$190M	$10M
Net Change in Cash	$-36M	$29M	$-15M	$-32M	$-44M	$-38M	$177M	$-15M	$-26M	$-4M	$-9M	$-20M	$-27M	$-114M	$171M	$-13M
Free Cash Flow	·	$-25M	·	·	·	$-31M	·	·	·	$-12M	·	·	·	$-36M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-14M	·	·	·	$-38M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-54.8%	-70.1%	·	-71.4%	-83.3%	-72.0%	·	-92.5%	-70.0%	-94.8%	·	-59.8%	-78.1%	-91.4%	·	-86.2%
Net Margin	-57.9%	-77.9%	·	-71.3%	-75.6%	-63.9%	·	-92.1%	-36.6%	-59.6%	·	-28.3%	-25.2%	-179.8%	·	-125.3%
Pretax Margin	-61.6%	-85.5%	·	-76.5%	-79.5%	-68.6%	·	-101.8%	-40.0%	-67.5%	·	-29.8%	-25.4%	-211.8%	·	-148.5%
EBITDA Margin	-54.8%	-70.1%	·	-71.4%	-83.3%	-72.0%	·	-92.5%	-70.0%	-94.8%	·	-59.8%	-78.1%	-91.4%	·	-86.2%
ROA	-4.3%	-4.9%	·	-4.6%	-4.7%	-4.0%	·	-6.2%	-2.4%	-3.9%	·	-2.8%	-2.1%	-11.4%	·	-9.6%
ROE	-10.8%	-11.8%	·	-9.2%	-9.1%	-8.2%	·	-11.4%	-4.5%	-7.8%	·	-4.8%	-3.7%	-20.9%	·	-19.2%
ROIC	-5.0%	-5.3%	·	-5.4%	-6.0%	-5.1%	·	-8.1%	-5.9%	-8.2%	·	-6.6%	-7.7%	-6.8%	·	-8.8%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	3.7	4.1	·	3.8	4.3	5.3	·	2.4	2.7	1.7	·	1.8	2.7	2.5	·	3.5
Quick Ratio	2.4	2.9	·	2.7	3.3	4.2	·	1.5	1.8	1.3	·	1.4	2.1	2.0	·	3.1
Debt / Equity	1.4	1.2	·	0.9	0.9	0.9	·	0.3	0.3	0.4	·	0.4	0.4	0.4	·	0.0
LT Debt / Equity	1.4	1.2	·	0.9	0.9	0.9	·	0.3	0.3	0.4	·	0.4	0.4	0.4	·	0.0
Interest Coverage	·	·	·	·	·	·	·	·	·	-23.6	·	-16.1	-19.0	-17.2	·	-155.8

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Inventory Turnover	0.7	0.7	·	0.7	0.7	0.7	·	0.7	0.7	0.8	·	1.4	1.2	1.0	·	1.7
Receivables Turnover	1.0	0.9	·	1.0	0.9	0.9	·	1.1	1.1	1.4	·	1.8	2.1	2.0	·	1.9

Per Share 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue / Share	$0.30	$0.27	·	$0.27	$0.26	$0.28	·	$0.30	$0.31	$0.32	·	$0.41	$0.37	$0.31	·	$0.25
Cash Flow / Share	·	$-0.11	·	·	·	$-0.15	·	·	·	$-0.06	·	·	·	$-0.25	·	·
EPS (TTM)	$-0.73	$-0.76	·	$-0.75	$-0.84	$-0.75	·	$-0.63	$-0.47	$-0.45	·	$-0.85	$-1.04	$-0.99	·	$-0.42

Valuation (TTM) 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$231M	$219M	·	$217M	$218M	$218M	·	$229M	$235M	$235M	·	$186M	$156M	$129M	·	$97M
Net Income TTM	$-150M	$-152M	·	$-144M	$-156M	$-136M	·	$-115M	$-82M	$-76M	·	$-115M	$-136M	$-127M	·	$-56M
P/E	-6.2	-4.2	·	-5.4	-4.2	-2.7	·	-6.3	-13.1	-15.7	·	-7.4	-9.0	-10.7	·	-17.4
Earnings Yield	-16.3%	-23.6%	·	-18.4%	-23.6%	-36.9%	·	-15.8%	-7.6%	-6.4%	·	-13.5%	-11.1%	-9.4%	·	-5.7%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$217M	$217M	$223M	$111M	$48M
Operating Margin %	-70.9%	-78.5%	·	-107.5%	-154.5%
Net Income	$-143M	$-133M	$-118M	$-43M	$-88M
Diluted EPS	$-0.73	$-0.76	$-0.81	$-0.37	$-1.26

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.9	0.9	·	0.5	0.0
Current Ratio	3.7	4.8	·	5.8	7.4
Quick Ratio	2.7	3.8	·	5.4	6.9

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-71M	$-73M	·	$-84M	$-59M

Institutional owners (13F) 249 filers · $1.2B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 249

Value held $1.2B

New positions 40

Exited positions 22

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
40 (-2 vs prior Q)	22 (-1 vs prior Q)	92 (+17 vs prior Q)	62 (-9 vs prior Q)	+13.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
PRIMECAP MANAGEMENT CO/CA/	$141,990,175	31,623,647	12.14%	Shares
BAMCO INC /NY/	$103,326,623	23,012,611	8.83%	Shares
Granahan Investment Management, LLC	$87,195,315	19,419,892	7.45%	Shares
BlackRock, Inc.	$85,516,388	19,045,966	7.31%	Shares
STATE STREET CORP	$83,076,589	18,502,581	7.10%	Shares
FRONTIER CAPITAL MANAGEMENT CO LLC	$71,454,618	15,914,169	6.11%	Shares
Elemental Capital Partners LLC	$59,759,399	13,309,443	5.11%	Shares
VANGUARD GROUP INC	$54,692,577	15,493,648	4.68%	Shares
NEUBERGER BERMAN GROUP LLC	$46,019,795	10,354,827	3.93%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$37,098,616	8,262,498	3.17%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$28,598,642	6,369,408	2.45%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$25,025,058	5,572,599	2.14%	Shares
Artemis Investment Management LLP	$23,982,195	5,341,246	2.05%	Shares
UBS Group AG	$19,093,456	4,252,440	1.63%	Call option
GOLDMAN SACHS GROUP INC	$17,676,917	3,936,953	1.51%	Shares
UBS Group AG	$13,628,304	3,035,257	1.17%	Shares
MORGAN STANLEY	$13,345,833	2,972,345	1.14%	Shares
WASATCH ADVISORS LP	$12,272,338	3,811,285	1.05%	Shares
ROYCE & ASSOCIATES LP	$10,013,374	2,230,150	0.86%	Shares
Nuveen, LLC	$9,920,453	2,209,455	0.85%	Shares
PEAK6 LLC	$9,785,955	2,179,500	0.84%	Call option
NORTHERN TRUST CORP	$9,220,417	2,053,545	0.79%	Shares
FEDERATED HERMES, INC.	$8,714,655	1,940,903	0.75%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$8,053,574	1,793,669	0.69%	Shares
DIMENSIONAL FUND ADVISORS LP	$8,040,973	1,791,580	0.69%	Shares
GENERAL AMERICAN INVESTORS CO INC	$7,382,040	1,644,107	0.63%	Shares
DEUTSCHE BANK AG\	$6,722,895	1,497,304	0.57%	Shares
VANGUARD FIDUCIARY TRUST CO	$6,681,304	1,488,041	0.57%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$6,218,753	1,385,023	0.53%	Shares
BANK OF NOVA SCOTIA	$5,916,873	1,317,789	0.51%	Shares
D. E. Shaw & Co., Inc.	$5,109,723	1,138,023	0.44%	Shares
MARSHALL WACE, LLP	$5,071,975	1,129,616	0.43%	Shares
ArrowMark Colorado Holdings LLC	$4,893,561	1,089,880	0.42%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$4,846,533	1,079,406	0.41%	Shares
WELLS FARGO & COMPANY/MN	$4,810,321	1,071,341	0.41%	Shares
BANK OF AMERICA CORP /DE/	$4,648,632	1,035,330	0.40%	Shares
MOODY NATIONAL BANK TRUST DIVISION	$4,476,638	997,024	0.38%	Shares
FIFTH THIRD BANCORP	$4,291,192	955,722	0.37%	Shares
INTRINSIC EDGE CAPITAL MANAGEMENT LLC	$4,130,800	920,000	0.35%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$3,996,998	890,200	0.34%	Call option
1492 Capital Management LLC	$3,565,527	794,104	0.30%	Shares
Meros Investment Management, LP	$3,496,112	778,644	0.30%	Shares
COMERICA BANK	$3,460,013	980,174	0.30%	Shares
BNP PARIBAS FINANCIAL MARKETS	$3,450,058	768,387	0.29%	Shares
Squarepoint Ops LLC	$3,261,505	726,393	0.28%	Shares
MIZUHO MARKETS AMERICAS LLC	$3,246,292	723,005	0.28%	Shares
MYDA Advisors LLC	$2,923,556	651,126	0.25%	Shares
ROYAL BANK OF CANADA	$2,824,000	629,098	0.24%	Shares
Bank of New York Mellon Corp	$2,579,752	574,555	0.22%	Shares
Senvest Management, LLC	$2,482,265	552,843	0.21%	Shares

Show all 249 institutional owners →

Company insiders 17 insiders · 8 officers · 10 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Donald Mcclymont	Chief Executive Officer	Sept. 15, 2026 M	481,026	16	$-3,690,451
Naixi Wu	Chief Financial Officer	Sept. 18, 2026 M	156,933	26	$-832,536
Ichiro Aoki	President	June 2, 2026 M	107,148	39	$-10,465,987
Michael Wittmann	Chief Operating Officer	Sept. 1, 2026 M	115,922	20	$-1,319,087
Steven Machuga	Chief Operating Officer	April 7, 2023 M	74,044	0	$0
Kanwardev Raja Singh Bal	SVP Chief Accounting Officer	March 9, 2025 M	77,694	0	$0
Scott David Kee	Chief Technology Officer	Nov. 11, 2022 M	669	0	$0
Ellen S Bancroft	General Counsel & Secretary	Aug. 18, 2021 A	·	0	$0
Diane D Brink	Director	Sept. 1, 2026 M	235,319	0	$0
Jeffrey J Owens	Director	Sept. 1, 2026 M	227,572	0	$0
David J Aldrich	Director	Sept. 1, 2026 M	263,392	0	$0
Thomas Schiller	Director	Aug. 28, 2026 M	487,167	2	$-19,830
Sonalee Elizabeth Parekh	Director	Aug. 19, 2026 S	99,857	2	$-319,923
Diane W. Biagianti	Director	May 28, 2026 M	184,912	0	$0
Karl-Thomas Neumann	Director	May 28, 2026 M	569,872	0	$0
Peter J Kight	Director	June 13, 2024 M	2,126,430	0	$0
William Woodward	·	Feb. 14, 2022 A	13,971,427	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 25 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
SPIT · RBB Fund, Inc.	1.16%	119,788 NS	July 31, 2026	N-PORT
IWC · iShares Trust	0.17%	728,733 SH	Sept. 11, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.06%	229,869 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.05%	2,011,893 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.03%	1,233,274 SH	Aug. 19, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.03%	269,980 SH	Oct. 2, 2026	Daily
IWM · iShares Trust	0.02%	5,468,574 SH	Sept. 11, 2026	Daily
ISCG · iShares Trust	0.02%	64,572 SH	Sept. 11, 2026	Daily
RSSL · Global X Funds	0.02%	102,411 NS	July 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.01%	545,786 NS	July 31, 2026	N-PORT
FTEC · FIDELITY COVINGTON TRUST	0.01%	677,856 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	2,440,238 SH	Aug. 19, 2026	Daily
VGT · VANGUARD WORLD FUND	0.01%	4,889,766 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.01%	12,092 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	118,297 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	291,780 SH	Sept. 11, 2026	Daily
DXUV · Dimensional ETF Trust	0.00%	1,184 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	33,696 SH	Sept. 3, 2026	Daily
DFAU · Dimensional ETF Trust	0.00%	24,770 NS	July 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	5,600 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	49,900 NS	July 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.00%	516 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	5,642,438 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	16,499 SH	Aug. 19, 2026	Daily
ISCB · iShares Trust	·	9,153 SH	Sept. 11, 2026	Daily

INDI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 14 analysts BUY

Median target $6.00 +102.0%

2 14.3% Strong Buy

9 64.3% Buy

3 21.4% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

8 analysts · 2026-10-03

Mean target $5.72 +92.6%

← Below all targets Current price $2.97

Low$4.25 Mean$5.72 High$8.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
INDI	·	-4.8	0.33%	-65.8%	-36.9%	·
WOLF	$2.40B	·	-6.1%	·	·	·
CEVA	$592M	-48.9	2.5%	-9.7%	-3.5%	87.1%
AOSL	$1.43B	-33.6	-2.5%	-6.2%	-5.2%	22.3%
KOPN	$421M	238.0	51.5%	170.3%	6.5%	·
NVEC	$317M	20.9	1.8%	57.7%	25.2%	78.7%
MRAM	$213M	-309.3	9.5%	-1.1%	-0.88%	51.2%
QUIK	·	-7.1	-29.9%	-107.6%	-59.1%	22.0%
GSIT	$188M	-12.2	22.4%	-52.7%	-22.0%	54.5%
GCTS	$70M	-1.5	-68.6%	-1513.3%	56.6%	-63.4%
NVDA	$4.57T	38.3	65.5%	55.6%	93.3%	71.1%

Latest News Recent headlines mentioning this company

23

UBS Remains Neutral on indie Semiconductor (INDI) Yahoo Finance · 4 months, 1 week ago Notable Monday Option Activity: VST, INDI, UHS Nasdaq · 5 months ago India's lack of widebody aircraft a 'scandal', says incoming IndiGo chief BBC Business · 5 months, 3 weeks ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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INDI Class A indie Semiconductor, Inc. - Class A Common Stock