indie Semiconductor, Inc. Q1 FY2026 earnings call

• Market environment: Broader automotive semiconductor market has measured recovery with channel inventories normalizing and demand improving. Geopolitical tensions and supply chain issues impact industry. • Business achievements: Tier 1 partner has new production order of $25 million for radar solution. iND880 vision processor in production for NIO. Camera mirror system with largest Chinese OEM in volume production. Partnership with Mahindra for perception suite. Photonics portfolio has first commercially available UV DFB laser and traction in quantum and LiDAR markets. Embodied AI market driving demand for sensing products.

Indie's first quarter revenue was $55.5 million, up 3% year-over-year. Revenue from core business was approximately $34.1 million, a sequential growth of over 20%. Revenue from Wuxi was approximately $21.4 million. Non-GAAP operating expenses during the quarter totaled $37.3 million, resulting in a non-GAAP operating loss of $11.1 million, an improvement from $15.1 million in the comparable period in 2025. Net loss was $13.9 million and loss per share was $0.06.

• Second quarter 2026 revenue expected between $59 million to $65 million with midpoint $62 million. • Revenue from Wuxi in second quarter expected $25 million, core business $37 million at midpoint. • Non-GAAP operating expenses expected $38 million for Q2. • Net interest expense expected approximately $3.1 million with no tax expenses. • Expect to improve net loss per share to $0.05 at midpoint of revenue range.

• Geopolitical tensions and shifting trade dynamics impact global supply chain. • Elevated logistics costs and selective capacity constraints across the industry.

Q: Congrats on the progress. Donald, maybe we can start with your $25 million order. Can you maybe just walk us through your expected delivery schedule? How does that pace through the rest of the year?

A: We are super excited to receive the order. It's not the only order and tied to key customers. We don't expect to give details of when this particular order is running out but it's going to be the first of many.

Q: Are those wafers already in the path of the work in process? And can you just talk about delivery schedules for revenue ramp?

A: We have a bunch of wafers in the line and have secured capacity. We do expect that it will contribute meaningfully in this year.

Q: Congratulations on the initial PO, Donald. Can you maybe give us some sense of the initial customer -- end customers of your customer and what the auto models they're using this for? Is it premium mainstream, L2+ or advanced L3, L4? Any color that you'd have about where this is landing would be helpful.

A: It's largely mainstream. Supplying a number of radars per vehicle in most cases, ranging from low to mid-tier through high tier or even commercial vehicles.

Q: Pretty close on the pronunciation. Donald, I wanted to hone in on the iND880. Can you maybe share a range of the pipeline or the opportunity, the design wins you have? And then I'd love to hear if you think the iND880 solution might generate more revenue for you than Radar in 2026?

A: We've been super surprised and excited by the resonance of this. Pipeline of tens of millions of dollars per year in annual revenue. Maybe even possible that it might exceed radar in this year.

Q: This is Will on for John. Last quarter, you had some headwinds in the Wuxi business. Can you just talk more about the underlying trends there and how they're developing?

A: There were some headwinds in the China market, particularly at the lower end of the e-vehicle market driven by change in subsidy policy. Expecting a good bit of a bounce back in the next quarter. Generally, unit headwinds but content per vehicle increasing significantly offsetting.