Indie Semiconductor, Inc.

Semiconductor Equipment & Materials • Technology • Aliso Viejo, CA, United States • INDI (NCM)

Quarter: Q4 2025 Reported: November 6, 2025 Sentiment: Positive

indie Semiconductor, Inc. provides automotive semiconductors and software solutions for advanced driver assistance systems, driver automation, in-cabin, connected car, and electrification applications. It offers ultrasonic sensors for parking assist and systems; radar sensors for audio assistance and reverse information; front cameras for vehicle detection, collision avoidance, and sign reading; and side/inside cameras for blind spot and lane change assist, and driver behavior monitoring. The company also provides LiDAR for distance, speed, and obstacle detection, collision avoidance, and emergency brake system; and long range RADAR for audio assistance, obstacle detection, and ACC stop and go. In addition, it designs, manufactures, and integrates photonic components on various technology platforms, including fiber Bragg gratings, low-noise lasers, athermal and tunable packaging, and low-noise and high-speed electronics. It provides solutions in the United States, Greater China, Europe, South Korea, rest of North America, rest of the Asia Pacific, and South America. The company was founded in 2007 and is headquartered in Aliso Viejo, California.

Analysis Summary

indie Semiconductor, Inc. announced a definitive Asset Purchase Agreement to sell its entire 34.38% equity interest in Wuxi indie Microelectronics Technology Co., Ltd. to United Faith Auto-Engineering Co., Ltd. for RMB 960,834,355, equivalent to approximately $135 million in cash. This agreement, previously announced as a non-binding understanding in May 2025, has received approval from both indie's and United Faith's Boards of Directors.

**Financial Performance & Impact:** While this 8-K does not detail indie's Q4 2025 earnings, it highlights the financial impact of the Wuxi divestiture. For the three and six months ended June 30, 2025, Wuxi represented a substantial portion of indie's consolidated revenue, at 42% and 38% respectively. It also accounted for approximately 10% of indie's consolidated operating expenses and 10% of total assets, with 2% of total liabilities as of June 30, 2025. Upon completion, indie will fully deconsolidate Wuxi's financial results and recognize a pre-tax gain or loss.

**Strategic Initiatives & Business Segment Analysis:** The divestiture signals a strategic move to potentially streamline indie's business focus, though the specific rationale beyond the transaction itself is not detailed in this filing. The cash consideration of $135 million provides a significant capital injection.

**Management Commentary & Forward Guidance:** The filing is a factual report of the agreement. Management commentary is limited to the formal announcement. No forward guidance on indie's overall financial performance or future strategic direction post-divestiture is provided in this document, beyond the accounting treatment of Wuxi as discontinued operations.

**Competitive Positioning & Market Trends:** This filing does not offer insights into indie's competitive positioning or broader market trends. The sale is a specific corporate transaction.

**Risk Factors & Concerns:** Key risks include the uncertainty regarding the timing and completion of the Asset Sale. Specific closing conditions, such as obtaining United Faith shareholder approval and all required regulatory approvals (including from the Shenzhen Stock Exchange and China Securities Regulatory Commission), are critical. There is no assurance that these conditions will be satisfied or that the sale will be completed. The Asset Purchase Agreement also includes termination clauses for material breaches or force majeure events. The forward-looking statements emphasize that actual results and timing of events may differ materially from expectations.

Key Highlights

• indie Semiconductor to sell 34.38% equity stake in Wuxi indie Microelectronics Technology Co., Ltd.
• Transaction value is approximately $135 million in cash.
• Wuxi contributed 42% and 38% of indie's consolidated revenue for Q2 2025 (three and six months, respectively).
• The divestiture is subject to United Faith shareholder and Chinese regulatory approvals.
• Upon completion, Wuxi's financials will be deconsolidated from indie's statements.
• indie expects to recognize a pre-tax gain/loss upon completion of the sale.

Financial Metrics

eps

Not provided in this 8-K filing

YoY: N/A

revenue

Wuxi contributed 42% of consolidated revenue for Q2 2025 (3 months) and 38% for Q2 2025 (6 months) percentage of consolidated revenue

YoY: N/A (specific to Wuxi's contribution, not indie's total revenue)

guidance

net income

Not provided in this 8-K filing N/A

YoY: N/A

transaction value

135 million USD

YoY: N/A (one-time transaction)

Stock Performance (90 Days)

Data through Dec 26, 2025

Layoff Events

Earnings Calls

Positive Signals

• Definitive Asset Purchase Agreement signed after prior non-binding agreement.
• Transaction approved by Boards of Directors of both indie and United Faith.
• Significant cash consideration of $135 million.
• Clear terms and conditions for the sale outlined.

Risks & Concerns

— Uncertainty regarding the timing for the completion of the Asset Sale.
— Risk that closing conditions, including United Faith shareholder approval, may not be satisfied.
— Risk of not receiving all required regulatory approvals (e.g., Shenzhen Stock Exchange, China Securities Regulatory Commission).
— Potential for material breach of representations, warranties, or covenants by either party leading to termination.
— Impact of Force Majeure events on the ability to complete the transaction.