indie Semiconductor recently released its latest 10-Q report. The company designs and sells automotive semiconductors and software for advanced driver assistance systems, connected-car features, user-experience functions and electrification applications. Its product set includes mixed-signal system-on-chips, radar, LiDAR, ultrasonic sensing, camera-based systems and related embedded control and power-management components, with operations and design centers spread across North America, Europe and Asia.
In Item 2, management said second-quarter revenue rose to $64.0 million from $51.6 million a year earlier, up 24%. Product revenue increased to $60.5 million from $49.7 million, while contract revenue climbed to $3.5 million from $1.9 million. The company said the product-revenue increase was driven mainly by higher unit volume, partly offset by changes in average selling price and product mix.
Cost of goods sold increased to $40.9 million from $30.7 million, a gain of $10.2 million, or 33%. Management attributed most of that increase to a $9.9 million rise tied to higher product volume, partly offset by a $1.1 million benefit from product-mix changes. Amortization of acquired intangible assets included in cost of goods sold was $5.3 million, up from $4.2 million.
Research and development expense edged down to $37.8 million from $38.5 million. The company said lower personnel costs, including share-based compensation tied to headcount changes, reduced R&D by $1.8 million, while program and outside-service spending rose $1.3 million as development work continued. Selling, general and administrative expense increased to $20.4 million from $18.4 million, up $2.0 million, or 11%.
Total operating expenses were $99.1 million, compared with $94.6 million a year earlier. The prior-year quarter included $7.1 million of restructuring costs, while no restructuring costs were recorded in the current quarter. indie also disclosed that Wuxi accounted for 44% of consolidated revenue in the quarter and about 13% of consolidated operating expenses, underscoring how large that business remains inside the company’s reported results.
The filing also detailed a planned sale of indie’s Wuxi interest to United Faith Auto-Engineering for RMB 960.8 million, or about $135 million, subject to shareholder and regulatory approvals. Separately, indie UK agreed in May to acquire ams-OSRAM’s CMOS image sensor business for 40,000 euros, or about $47,081, with closing expected in the third quarter of 2026. The market has reacted to these announcements by moving the company's shares 17.78% to a price of $4.04. Check out the company's full 10-Q submission here.
