indie Semiconductor, Inc. Q4 FY2025 earnings call

• Market environment: Automotive ADAS maturing into standardization, humanoid robotics market transitioning. - Radar: Tier 1 partner's Gen 8 radar gaining traction with global OEMs, scaling production. - Vision: Design wins for image signal processor SoCs, including iND880 and AI-based edge processor. - Photonics: Design win for LiDAR application, largest booking of LXM lasers. - Power: Qi 2.0/2.2 wireless charging platforms on track, gaining customer adoption. - Supply chain: Qualified second source package and substrate vendors, expanding production capabilities.

indie's fourth quarter revenue was $58 million, up 8% sequentially. Radar: Tier 1 partner's Gen 8 77-gigahertz radar solution gaining commercial traction, initial shipments in December. Vision: Industry-leading image signal processor SoCs with design wins, DRAM-less architecture creating opportunities. Photonics: Awarded design win for distributed feedback laser, secured largest booking of LXM lasers. Power: Qi 2.0 wireless charging platform production with Ford on track, Qi 2.2 solution gaining traction. Wuxi indie: Sale to UFA in progress, Q4 revenue ~$29.7 million, Q1 expected to decline due to Chinese New Year shutdown and reduced EV subsidies.

• 2026 Q1 revenue expected $52M - $58M, midpoint $55M. - Non-GAAP operating expenses expected $37M for Q1. - Radar programs expected to continue ramping,供应链管理持续。

• Supply chain constraints, especially package substrates shortage due to AI chip demand growth. - Uncertainty in timing of Wuxi sale closing and regulatory approvals.

Q: Cody Acree asked for Wuxi revenue in Q4 and reasons for sequential decline and Q2 expectation.

A: Naixi Wu said Q4 Wuxi revenue was ~$29.7 million, decline due to Chinese New Year shutdown and reduced EV subsidies, Donald McClymont expected recovery in Q2.

Q: Sujeeva De Silva asked for backlog update and core business progress.

A: Donald McClymont said only update strategic backlog annually, doing well globally with OEMs in various regions.

Q: Jon Tanwanteng asked about opportunity size in robotics/drones and quantum space and supply chain timeline.

A: Donald McClymont said robotics space promising, quantum space shipped ~$1M in 2025, expected trebling in 2026, supply chain tightness due to AI demand, expanding supply base, visibility on resolution in 2027.

Q: Anthony Stoss asked about radar revenue range for 2026 and OpEx.

A: Donald McClymont said radar revenue range still $30M - $50M, OpEx expected basically flat with minor lumps for tooling.

Q: Cody Acree asked about supply side progress.

A: Donald McClymont said enabled new substrate and packaging supplier, 4 combinations of substrate and packaging house, plan to bring on second source foundries for large volume programs.