indie Semi narrows to ADAS, divests 38% of revenue; cash burn improves despite wider loss

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Company signed definitive agreement to sell 34.38% stake in Wuxi subsidiary for ~$135M cash. Wuxi generated 38% of Q1 2026 revenue but represents lower-margin, commoditized products diverging from ADAS roadmap. Transaction awaits regulatory approval.

  MD&A: Wuxi divestiture verify on EDGAR →
• high

  Issued $170.5M of 4.00% convertible notes due 2031 and used proceeds to repurchase $104M of 2027 Notes at premium, extending debt maturity and reducing near-term refinancing risk. Only $26M of 2027 Notes remain outstanding.

  MD&A: Debt refinancing verify on EDGAR →
• high

  Gross margin compressed to 38% from 42% year-over-year as cost of goods sold grew 2.6% while revenue rose only 3%. Driven by $0.9M higher product costs and unfavorable mix, partially offset by volume leverage.

  MD&A: Gross margin verify on EDGAR →