# EDGAR Filing Document

**Accession Number:** 0001841925
**File Stem:** 0001193125-25-272468
**Filing Date:** 2025-11
**Character Count:** 204113
**Document Hash:** 6950f683ce67df47bc16eaa435857969
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272468.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272468

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** indie Semiconductor, Inc.
- **CENTRAL INDEX KEY:** 0001841925
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40481
- **FILM NUMBER:** 251463191

**BUSINESS ADDRESS:**
- **STREET 1:** 32 JOURNEY
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656
- **BUSINESS PHONE:** 2024310507

**MAIL ADDRESS:**
- **STREET 1:** 32 JOURNEY
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Thunder Bridge II Surviving Pubco, Inc.
- **DATE OF NAME CHANGE:** 20210122

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-Q

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **September 30,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________ to ________**

**Commission file number** 001-40481

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INDIE SEMICONDUCTOR, INC.

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**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| Delaware | 88-1735159 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 32 Journey<br>Aliso Viejo**,** California  | 92656 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(**949**)** 608-0854

Registrant's telephone number, including area code

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Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on**<br>**which registered** |
| Class A common stock, par value $0.0001 per share<br> INDI | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | &nbsp;&nbsp;Accelerated filer | ☐ |
| &nbsp;&nbsp;Non-accelerated filer | ☐ | &nbsp;&nbsp;Smaller reporting company | ☐ |
|  |  | &nbsp;&nbsp;Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding of the registrant's Class A and Class V common stock as of November 3, 2025 was 202,611,253 (excluding 1,725,000 Class A shares held in escrow) and 17,021,247, respectively.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**INDIE SEMICONDUCTOR, INC.**

**FORM 10-Q FOR THE QUARTER ENDED September 30, 2025**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>Part I. Financial Information</u>**](#part_i_financial_information) | [**<u>Part I. Financial Information</u>**](#part_i_financial_information) | 3 |
| [<u>Item 1.</u>](#item_1_financial_statements) | [<u>Condensed Consolidated Financial Statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#item_1_financial_statements) | 3 |
|  | [<u>Condensed Consolidated Balance Sheets</u>](#condensed_consolidated_balance_sheets) | 3 |
|  | [<u>Condensed Consolidated Statements of Operations</u>](#condensed_consolidated_statements_of_ope) | 4 |
|  | [<u>Condensed Consolidated Statements of Comprehensive Loss</u>](#condensed_consolidated_statements_of_com) | 5 |
|  | [<u>Condensed Consolidated Statements of Changes in Stockholders' Equity and Noncontrolling Interest</u>](#consolidated_statements_of_stockholders) | 6 |
|  | [<u>Condensed Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | 10 |
|  | [<u>Notes to Unaudited Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated_financia) | 12 |
| [<u>Item 2.</u>](#item_2_management_discussion_a) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_management_discussion_a) | 35 |
| [<u>Item 3.</u>](#item_3_quantitative_and_qualitative) | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | 45 |
| [<u>Item 4.</u>](#item_4_controls_and_procedures) | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 45 |
| [**Part II. Other Information**](#part_ii_other_information) | [**Part II. Other Information**](#part_ii_other_information) | 47 |
| [<u>Item 1.</u>](#item_1_legal_proceedings) | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 47 |
| [<u>Item 1A.</u>](#item_1a_risk_factors) | [<u>Risk Factors</u>](#item_1a_risk_factors) | 47 |
| [<u>Item 2.</u>](#item_2_unregistered_sales) | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales) | 48 |
| [<u>Item 3.</u>](#item_3_defaults_upon_senior_securities) | [<u>Defaults upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 48 |
| [<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 48 |
| [<u>Item 5.</u>](#item_5_other_information) | [<u>Other Information</u>](#item_5_other_information) | 48 |
| [<u>Item 6.</u>](#item_6_exhibits) | [<u>Exhibits</u>](#item_6_exhibits) | 49 |
| [<u>Signature</u>](#signatures) | [<u>Signature</u>](#signatures) | 50 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**FORWARD-LOOKING STATEMENTS**

*This Quarterly Report on Form 10-Q (this "Quarterly Report") contains "forward-looking statements" (within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements include, but are not limited to, statements regarding the Company's future business and financial performance and prospects, the pending divestiture of Wuxi indie Microelectronics ("Wuxi"), and other statements identified by words such as "will likely result," "expect," "anticipate," "estimate," "believe," "intend," "plan," "project," "outlook," "should," "could," "may" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the anticipated results or other expectations expressed in or implied by such forward-looking statements as a result of various factors, including, among others, the following: macroeconomic conditions, including inflation, rising interest rates and volatility in the credit and financial markets; uncertainty related to the impacts of the recently adopted tariffs and ongoing negotiations, including on inventory, supply chain, cost of our products and consumer demand; the Company's reliance on contract manufacturing and outsourced supply chain and the availability of semiconductors and manufacturing capacity; the Company's ability to realize the anticipated cost savings from its restructuring initiatives; competitive products and pricing pressures; the Company's ability to win competitive bid selection processes and achieve additional design wins; the impact of the Wuxi Divestiture and any adverse effects of such pending sale on our business, financial condition, operating results and stock price; the impact of any acquisitions the Company has made or may make, including its ability to successfully integrate acquired businesses and risks that the anticipated benefits of any acquisitions may not be fully realized or take longer to realize than expected; management's ability to develop, market and gain acceptance for new and enhanced products and expand into new technologies and markets; current and potential trade restrictions and trade tensions, including the recent trade and tariff actions taken or proposed by the U.S. government affecting the countries where we operate; armed conflict and political or economic instability in the Company's target markets and additional factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 3, 2025 and Quarterly Reports on Form 10-Q (including those identified under "Risk Factors" therein), as such risk factors may be amended, supplemented or superseded from time to time in the Company's other public reports filed with the SEC. indie cautions that the foregoing list of factors is not exclusive.*

*All information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements made in this report or in its other public filings, whether as a result of new information, future events or otherwise, except as required by law.*

*References in this Quarterly Report to "indie," the "Company," "we," "us," and "our" refer to indie Semiconductor, Inc., a Delaware corporation, and its consolidated subsidiaries, or (in the case of references prior to the consummation of the business combination (the "Transaction") with Thunder Bridge Acquisition II, Ltd. ("TB2") in June 2021) to our predecessor Ay Dee Kay, LLC, a California limited liability company ("ADK LLC"). All references to U.S. dollar amounts are in thousands, other than share amounts, per share amount or the context otherwise requires.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**PART I. FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Amounts in thousands, except share, par value and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| Assets |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $160873 | $274248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 10289 | 10300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $546 as of September 30, 2025 and $1,970 as of December 31, 2024 | 53246 | 52005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 45622 | 49887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 27059 | 22308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 297089 | 408748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 42163 | 34281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 203932 | 208944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 290814 | 266368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 15055 | 16107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and deposits | 6012 | 6938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $855065 | $941386 |
| Liabilities and stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $19147 | $28326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll liabilities | 12814 | 5573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent considerations | 3369 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 24888 | 29297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset contract liability | 4553 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current debt obligations | 14388 | 12220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 79159 | 84880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current portion | 339146 | 369097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset contract liability, net of current portion | 7463 | 11965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, non-current | 15958 | 11660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability, non-current | 13696 | 14278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 6729 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 462151 | 495991 |
| Commitments and contingencies (Note 17) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.0001 par value, 400,000,000 shares authorized, 203,718,403 and 190,888,408 shares issued, 201,993,403 and 189,163,408 shares outstanding as of September 30, 2025 and December 31, 2024, respectively | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class V common stock, $0.0001 par value, 40,000,000 shares authorized, 17,221,251 and 17,671,251 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 985427 | 936564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (605917) | (494044) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (10322) | (24655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indie's stockholders' equity | 369210 | 417886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 23704 | 27509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 392914 | 445395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $855065 | $941386 |

---

*See accompanying notes to the condensed consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Amounts in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenue | $51073 | $51285 | $151213 | $148872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract revenue | 2603 | 2680 | 8174 | 9801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 53676 | 53965 | 159387 | 158673 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 32173 | 32730 | 94394 | 93060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 37987 | 45968 | 118574 | 136858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 20816 | 20848 | 58538 | 60617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 1042 | 4322 | 8149 | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 92018 | 103868 | 279655 | 294857 |
| Loss from operations | (38342) | (49903) | (120268) | (136184) |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1655 | 994 | 6148 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (4348) | (2180) | (13391) | (6420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) from change in fair value of contingent considerations and acquisition-related holdbacks | 6 | (4523) | 4899 | 28167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from extinguishment of debt |  |  | 2623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (28) | 702 | 764 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (2715) | (5007) | 1043 | 25028 |
| Net loss before income taxes | (41057) | (54910) | (119225) | (111156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (provision) | 363 | 315 | (258) | 1338 |
| Net loss | (40694) | (54595) | (119483) | (109818) |
| Less: Net loss attributable to noncontrolling interest | (2405) | (4913) | (7610) | (9797) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to indie Semiconductor, Inc. | $(38289) | $(49682) | $(111873) | $(100021) |
| Net loss attributable to common shares — basic | $(38289) | $(49682) | $(111873) | $(100021) |
| Net loss attributable to common shares — diluted | $(38289) | $(49682) | $(111873) | $(100021) |
| Net loss per share attributable to common shares — basic | $(0.19) | $(0.28) | $(0.57) | $(0.58) |
| Net loss per share attributable to common shares — diluted | $(0.19) | $(0.28) | $(0.57) | $(0.58) |
| Weighted average common shares outstanding — basic | 199326145 | 179491349 | 195286712 | 171449437 |
| Weighted average common shares outstanding — diluted | 199326145 | 179491349 | 195286712 | 171449437 |

---

*See accompanying notes to the condensed consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(40694) | $(54595) | $(119483) | $(109818) |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (4159) | 6860 | 15959 | (920) |
| Comprehensive loss | (44853) | (47735) | (103524) | (110738) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Comprehensive loss attributable to noncontrolling interest | (2115) | (3257) | (5984) | (8341) |
| Comprehensive loss attributable to indie Semiconductor, Inc. | $(42738) | $(44478) | $(97540) | $(102397) |

---

*See accompanying notes to the condensed consolidated financial statements.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST**

**(Amounts in thousands, except unit and share amounts)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock<br>Class A** | **Common Stock<br>Class A** | **Common Stock<br>Class V** | **Common Stock<br>Class V** | **Additional<br>Paid-in** | **Accumulated** | **Accumulated<br>Other<br>Comprehensive** | **Total<br>Stockholders'<br>Equity<br>Attributable<br>to indie<br>Semiconductor,** | **Noncontrolling** | **Total<br>Stockholders'** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Loss** | **Inc.** | **Interest** | **Equity** |
| Balance as of December 31, 2023 | 163193278 | $16 | 18694332 | $2 | $813742 | $(361441) | $(6170) | $446149 | $30876 | $477025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of equity awards | 26931 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 2166146 |  |  |  | 473 |  |  | 473 | 204 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of Class V to Class A | 100000 |  | (100000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of ADK LLC units to Class A | 30516 | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including amounts associated with the EEPP |  |  |  |  | 18608 |  |  | 18608 |  | 18608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per settlement of contingent considerations | 62562 |  |  |  | 500 |  |  | 500 | 48 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for Investment in Expedera | 525000 | 1 |  |  | 2963 |  |  | 2964 | 421 | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (31179) |  | (31179) | (3044) | (34223) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  | (4638) | (4638) | 89 | (4549) |
| **Balance as of March 31, 2024** | **166104433** | $**17** | **18594332** | $**2** | $**836286** | $**(392620)** | $**(10808)** | $**432877** | $**28594** | $**461471** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of equity awards | 26064 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 2317279 |  |  |  | 2916 |  |  | 2916 | 202 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of Class V to Class A | 550000 |  | (550000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  |  |  | 13293 |  |  | 13293 |  | 13293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance in connection with At-The-Market equity offering | 345052 |  |  |  | 2157 |  |  | 2157 | 161 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per settlement of contingent considerations | 7200091 | 1 |  |  | 41568 |  |  | 41569 | 5095 | 46664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (19160) |  | (19160) | (1840) | (21000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  | (2942) | (2942) | (289) | (3231) |
| **Balance as of June 30, 2024** | **176542919** | $**18** | **18044332** | $**2** | $**896220** | $**(411780)** | $**(13750)** | $**470710** | $**31923** | $**502633** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of equity awards | 8688 |  | **—** |  |  | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 2506611 |  |  |  | (205) | **—** |  | (205) | 233 | 28 |

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[**<u>**Table of Contents**</u>**](#toc_page)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of ADK LLC units to Class A | 61279 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including restructuring costs |  |  | **—** |  | 20413 | **—** |  | 20413 |  | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance in connection with At-The-Market equity offering | 1696948 |  | **—** |  | 9811 | **—** |  | 9811 | 1105 | 10916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per settlement of contingent considerations and acquisition-related holdbacks | 610975 |  | **—** |  | 2313 |  |  | 2313 | 235 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | **—** |  | **—** |  |  | (49682) |  | (49682) | (4913) | (54595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **—** |  | **—** |  |  | **—** | 5204 | 5204 | 1656 | 6860 |
| **Balance as of September 30, 2024** | **181427420** | $**18** | **18044332** | $**2** | $**928552** | $**(461462)** | $**(8546)** | $**458564** | $**30239** | $**488803** |

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[**<u>**Table of Contents**</u>**](#toc_page)

**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST**

**(Amounts in thousands, except unit and share amounts)**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock<br>Class A** | **Common Stock<br>Class A** | **Common Stock<br>Class V** | **Common Stock<br>Class V** | **Additional<br>Paid-in** | **Accumulated** | **Accumulated<br>Other<br>Comprehensive** | **Total<br>Stockholders'<br>Equity<br>Attributable<br>to indie<br>Semiconductor,** | **Noncontrolling** | **Total<br>Stockholders'** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Capital** | **Deficit** | **Loss** | **Inc.** | **Interest** | **Equity** |
| Balance as of December 31, 2024 | 189163408 | $19 | 17671251 | $2 | $936564 | $(494044) | $(24655) | $417886 | $27509 | $445395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 3446663 | **—** | **—** | **—** | 78 |  |  | 78 | 394 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of Class V to Class A | 50000 |  | (50000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of ADK LLC units to Class A | 44863 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including amounts associated with the EEPP |  |  |  |  | 16561 |  |  | 16561 |  | 16561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per settlement of contingent considerations | 1680579 |  |  |  | 3685 |  |  | 3685 | 445 | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (34546) |  | (34546) | (2625) | (37171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  | 1904 | 1904 | 442 | 2346 |
| **Balance as of March 31, 2025** | **194385513** | $**19** | **17621251** | $**2** | $**956888** | $**(528590)** | $**(22751)** | $**405568** | $**26165** | $**431733** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 2227729 | 1 |  |  | (167) |  |  | (166) | 210 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance on earn-out awards | 29600 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including amounts associated with the EEPP |  |  |  |  | 7165 |  |  | 7165 |  | 7165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  | (39038) |  | (39038) | (2580) | (41618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  | 16878 | 16878 | 894 | 17772 |
| **Balance as of June 30, 2025** | **196642842** | $**20** | **17621251** | $**2** | $**963886** | $**(567628)** | $**(5873)** | $**390407** | $**24689** | $**415096** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per net settlement of equity awards and cash exercise of stock options | 4950561 |  |  |  | 9292 | **—** |  | 9292 | 1130 | 10422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance per Exchange of Class V to Class A | 400000 |  | (400000) |  |  | **—** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including restructuring costs |  |  | **—** |  | 12249 | **—** |  | 12249 |  | 12249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | **—** |  | **—** |  |  | (38289) |  | (38289) | (2405) | (40694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **—** |  | **—** |  |  | **—** | (4449) | (4449) | 290 | (4159) |
| **Balance as of September 30, 2025** | **201993403** | $**20** | **17221251** | $**2** | $**985427** | $**(605917)** | $**(10322)** | $**369210** | $**23704** | $**392914** |

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*See accompanying notes to the condensed consolidated financial statements.*

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**INDIE SEMICONDUCTOR, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(119483) | $(109818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 30416 | 30872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of inventory step-up |  | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses and inventory reserves | 1506 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation, including restructuring costs | 50598 | 55360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and cost of issuance of debt | 2077 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment in relation to restructuring | 3231 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from change in fair value of contingent considerations and acquisition-related holdbacks | (4899) | (28167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) from change in fair value of currency forward contract | (1294) | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from extinguishment of debt | (2623) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 2406 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 845 | 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 4890 | (17238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (9812) | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (310) | (5064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll liabilities | 3489 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid, other current and noncurrent assets | (1832) | (1332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (2236) | (2383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 258 | (1135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (42773) | (51877) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (12554) | (12504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for acquired software license |  | (1022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business combinations, net of cash acquired | (17673) | (3200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (30227) | (16726) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock/At-The-Market offering |  | 13234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt obligations | 2845 | 17194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance costs on line of credit | (50) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt obligations | (3538) | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of debt obligations | (26829) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on financed software | (5824) | (4429) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred payments on business combination | (2534) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 4 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (35926) | 23454 |
| Effect of exchange rate changes on cash and cash equivalents | (4460) | 668 |
| Net decrease in cash and cash equivalents | (113386) | (44481) |
| Cash, cash equivalents and restricted cash at beginning of period | 284548 | 151678 |
| Cash, cash equivalents and restricted cash at end of period | $171162 | $107197 |
| Reconciliation of amounts on condensed consolidated balance sheet: |  |  |
| Cash and cash equivalents | $160873 | $96897 |
| Restricted cash | 10289 | 10300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $171162 | $107197 |

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| | | |
|:---|:---|:---|
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $8124 | $3787 |
| Supplemental disclosure of non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment, accrued but not paid | $141 | $134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of common stock issued to satisfy contingent considerations and acquisition-related holdbacks | $— | $49760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration for business combination | $7287 | $4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for purchase consideration for business combination | $2970 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of common stock issued for investment in Expedera | $— | $3428 |

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*See accompanying notes to the condensed consolidated financial statements.*

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**INDIE SEMICONDUCTOR, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(amounts in thousands, except unit and share amounts and per unit and per share amounts)**

**(Unaudited)**

**1.** **Nature of the Business and Basis of Presentation**

indie Semiconductor, Inc. ("indie") and its predecessor for accounting purposes, Ay Dee Kay, LLC, a California limited liability company ("ADK LLC") and its subsidiaries are collectively referred to herein as the "Company." The Company offers highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems ("ADAS"), autonomous vehicle, connected car, user experience and electrification applications. The Company focuses on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and computer vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms people rely on every day. indie is an approved vendor to Tier 1 automotive suppliers and its platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Detroit, Michigan; San Jose, California; Cordoba, Argentina; Budapest, Hungary; Dresden, Frankfurt an der Oder, Munich and Nuremberg, Germany; Edinburgh, Scotland; Schlieren, Switzerland; Rabat, Morocco; Haifa, Israel; Quebec City and Toronto, Canada; Seoul, South Korea; Tokyo, Japan and several locations throughout China. The Company engages subcontractors to manufacture its products. The majority of these subcontractors are located in Asia.

***Execution of At-The-Market Agreement***

On August 26, 2022, the Company entered into an At Market Issuance Agreement ("ATM Agreement") with B. Riley Securities, Inc., Craig-Hallum Capital Group LLC and Roth Capital Partners, LLC (collectively as "Sales Agents") relating to shares of its Class A common stock, par value $0.0001 per share (the "Class A common stock"). In accordance with the terms of the ATM Agreement, the Company may offer and sell shares of its Class A common stock having an aggregate offering price of up to $150,000 from time to time through the Sales Agents, acting as the Company's agent or principal. The ATM Agreement was previously registered on the registration statement on Form S-3 (Registration No.333-267120) (the "2022 Registration Statement"), which expired on September 7, 2025. Prior to its expiration, on August 29, 2025, the Company filed with the SEC a prospectus supplement to its automatic shelf registration on Form S-3ASR (Registration No. 333-285653) to register the offering of the unsold securities of $59,813 pursuant to the ATM Agreement. The Company implemented and renewed this program for the flexible access that it provides to the capital markets. As of September 30, 2025, and since the inception of the program, indie has raised gross proceeds of $90,187, issued 11,138,984 shares of Class A common stock at an average per-share sales price of $8.10 and had approximately $59,813 available for future issuances under the ATM Agreement. During the three and nine months ended September 30, 2025 there was no ATM-related activity. During the three months ended September 30, 2024, indie raised gross proceeds of $11,157 and issued 1,696,948 shares of Class A common stock at an average per-share sales price of $6.57. During the nine months ended September 30, 2024, indie raised gross proceeds of $13,526 and issued 2,042,000 shares of Class A common stock at an average per-share sales price of $6.62. For the three and nine months ended September 30, 2024, indie incurred total issuance costs of $240 and $291, respectively.

***Recent Acquisition***

On September 26, 2025 (the "Deal Closing Date"), Ay Dee Kay Ltd. completed its acquisition of emotion3D GmbH ("emotion3D"). The acquisition was consummated pursuant to a Share Purchase Agreement (the "SPA") whereby Ay Dee Kay Ltd. acquired all of the outstanding common shares of emotion3D. The aggregate consideration for the emotion3D acquisition consisted of (i) $17,673 in cash (including debt paid at closing and net of cash acquired); (ii) certain contingent consideration with total preliminary fair value of $7,287 at closing, payable in cash or shares of Class A common stock at indie's sole discretion, subject to emotion3D's achievement of certain revenue-based milestones through February 28, 2027; and (iii) certain holdbacks and adjustments totaling $2,970 subject to final release 24 months from the Deal Closing Date. The purchase price is subject to working capital and other

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adjustments as provided in the Share Purchase Agreement.

See *Note 2* — *Business Combinations* for a full description of all of the recent acquisitions.

***Risks and Uncertainties***

The Company is impacted by macroeconomic conditions including continued inflation, rising prices or rising interest rates, geopolitical tensions, the risk of recession, and the effect of trade policies, which have a combined effect on overall economic activity and consumer demand for automotive products that has resulted in lower production levels for the Company's products. Tariffs against semiconductor producing countries such as Taiwan, and retaliatory tariffs by countries such as China, could cause a decrease in the sales of the Company's products to customers, other customers selling to end users, or other global customers, which could materially and adversely affect the Company's business, financial condition and results of operation.

The ultimate impact of any tariffs will depend on various factors, including the outcome of ongoing tariff negotiations, the timing of implementation, and the amount, scope and nature of the tariffs.

Additionally, the conflict in the Middle East and the implication of this event has created global political and economic uncertainty. The Company is closely monitoring developments, including potential impact to the Company's business, customers, suppliers, its employees and operations in Israel, the Middle East and elsewhere. At this time, the impact to indie is subject to change given the volatile nature of the situation.

Refer to Part I, Item 1A of our 2024 Annual Report on Form 10-K for the fiscal year ended December 31, 2024 under the heading "*Risk Factors*" for more information on our risks and uncertainties.

***Basis of Presentation***

The condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification ("ASC") and the Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB"). The condensed consolidated financial statements include the condensed consolidated accounts of the Company's majority-owned subsidiary, ADK LLC, of which approximately 92% was owned by indie as of September 30, 2025. ADK LLC's condensed consolidated financial statements include its wholly-owned subsidiaries indie Services Corporation, indie LLC and indie City LLC, all California entities, Ay Dee Kay Limited ("Ay Dee Kay Ltd."), a private limited company incorporated under the laws of Scotland, indie semiconductor Germany GmbH, Symeo GmbH and indie Semiconductor FFO GmbH, which was previously known as Silicon Radar GmbH ("indie FFO"), all of which are private limited liability companies incorporated under the laws of Germany, indie Technologies Switzerland AG, which was previously known as Exalos AG ("indie Switzerland"), a company limited by shares organized under the laws of Switzerland, indie Kft, a limited liability company incorporated under the laws of Hungary, indie Photonics Canada Inc., which was previously known as TeraXion Inc. ("indie Canada") and Geo Semiconductor Canada Inc., both incorporated under the laws of Canada, indie Semiconductor Israel Ltd., a private limited company incorporated under the laws of Israel, Ay Dee Kay S.A., a limited liability company incorporated under the laws of Argentina, indie Semiconductor Morocco, a limited liability company under the laws of Morocco, indie Semiconductor Japan KK, a limited liability company under the laws of Japan, Wuxi indie Microelectronics ("Wuxi"), a Chinese entity with approximately 59% voting controlled and approximately 34.38% owned by the Company as of September 30, 2025 and Wuxi's wholly-owned subsidiaries, indie Semiconductor Suzhou, indie Semiconductor HK, Ltd and Shanghai Ziying Microelectronics Co., Ltd.

All significant intercompany accounts and transactions of the Company's subsidiaries have been eliminated in consolidation. The noncontrolling interest attributable to the Company's less-than-wholly-owned subsidiary is presented as a separate component from stockholders' equity (deficit) in the condensed consolidated balance sheets, and a noncontrolling interest in the condensed consolidated statements of operations and condensed consolidated statements of stockholders' equity (deficit) and noncontrolling interest.

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***Unaudited Interim Financial Information***

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP, have been condensed or omitted pursuant to those rules and regulations. However, in management's opinion, the financial information reflects all adjustments, including those of a normal recurring nature, necessary to present fairly the results of operations, financial position, and cash flows of the Company for the periods presented. The results of operations, financial position, and cash flows for the Company during the interim periods are not necessarily indicative of those expected for the full year. This information should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025.

***Significant Accounting Policies***

The Company's significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024. There has been no material change to the Company's significant accounting policies during the nine months ended September 30, 2025.

***Recent Accounting Pronouncements***

*Recently Issued Not Yet Adopted Accounting Pronouncements*

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments — Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)*. The amendments in this update provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification 606. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collection are evaluated. ASU 2025-05 is effective for the Company beginning in the fiscal year ending February 28, 2027. The Company is currently evaluating the impacts of the adoption of ASU 2025-05 on the condensed consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement — Reporting Comprehensive Income - Expenses Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*, which provides guidance to enhance disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. The standard also requires amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements, disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The amendments in this standard are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. The standard will become effective for indie for its fiscal year 2027 annual financial statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Company plans to adopt the standard when it becomes effective beginning in its fiscal year 2027 annual financial statements and is currently evaluating the impact this guidance will have on its condensed consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740) — Improvements to Income Tax Disclosures*, to require enhanced income tax disclosures to provide information to assess how an entity's operations and related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in this update provide that a business entity disclose (1) a tabular income tax rate reconciliation, using both percentages and amounts, (2) separate disclosure of any individual reconciling items that are equal to or greater than 5% of the amount computed by multiplying the income (loss) from continuing operations before income taxes by the applicable statutory income tax rate, and disaggregation of certain items that

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are significant and (3) the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign jurisdictions, including separate disclosure of any individual jurisdictions greater than 5% of total income taxes paid. These amendments are effective for the Company for annual periods in 2025, applied prospectively, with early adoption and retrospective application permitted. The Company intends to adopt the amendments in this update prospectively in 2025. The impact of the adoption of the amendments in this update is not expected to be material to the Company's condensed consolidated financial position and results of operations since the amendments require only enhancement of existing income tax disclosures in the notes to the Company's condensed consolidated financial statements.

**2. Business Combinations**

The Company acquired emotion3D in September 2025. This acquisition was recorded by allocating the purchase consideration to the net assets acquired based on their estimated fair values at the acquisition date. The excess of the purchase consideration for the acquisition over the fair value of the net assets acquired is recorded as goodwill. The following presents the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed for emotion3D:

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| | |
|:---|:---|
|  | **emotion3D GmbH** |
| Purchase price — cash consideration paid | $16621 |
| Purchase price — cash consideration accrued | 2970 |
| Debt paid at closing | 2002 |
| Less: cash acquired | (950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash consideration | $20643 |
| Contingent consideration | 7287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net consideration | $27930 |
| Estimated fair value of net assets and liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets other than cash | $2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Developed technology | 7877 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-process research & development | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 3954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade name | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | (1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, non-current | (3073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value of net assets acquired | $11536 |
| Goodwill | $16394 |

---

For this acquisition, trade receivables and payables, as well as other current and non-current assets and current liabilities, were valued at the existing carrying value as they represented the fair value of those items at the acquisition date, based on management's judgments and estimates.

The Company's fair value estimates for the purchase price allocation are preliminary and may change during the allowable measurement period. Because the acquisitions related to emotion3D occurred relatively recently, there is significant information to be obtained and analyzed and emotion3D resides in a foreign jurisdiction, the Company's fair value estimates for the purchase price allocation are preliminary and may change during the allowed measurement period, until the Company obtains and analyzes the information that existed as of the date of the acquisition necessary to determine the fair values of the assets acquired and liabilities assumed that existed on the date of acquisition, but in no case to exceed more than one year from the date of the acquisition. Changes in the estimated fair values of the net assets recorded for the business combination of emotion3D upon the finalization of more detailed analyses of the facts and circumstances that existed at the date of the transaction will change the allocation of the purchase price. Subsequent changes to the purchase allocation during the measurement period that are material will be recorded in the reporting period in which the adjustment amounts are determined. As of November 7, 2025, the Company had not finalized the determination

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of fair values allocated to various assets and liabilities, including, but not limited to, property, plant and equipment, identifiable intangible assets, deferred taxes, goodwill, tax uncertainties, contingent considerations and other liabilities. Specifically for the valuation of intangible assets acquired, the Company used publicly available benchmarking information, as well as a variety of other assumptions, including market participant assumptions, to determine the preliminary values. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in material adjustments to goodwill and/or deferred taxes.

***Acquisition of emotion3D***

On September 26, 2025 (the "Deal Closing Date"), Ay Dee Kay Ltd. completed its acquisition of emotion3D. The acquisition was consummated pursuant to the SPA whereby Ay Dee Kay Ltd. acquired all of the outstanding common shares of emotion3D. The aggregate consideration for the emotion3D acquisition consisted of (i) $17,673 in cash (including debt paid at closing and net of cash acquired); (ii) certain contingent consideration with total preliminary fair value of $7,287 at closing, payable in cash or shares of Class A common stock at indie's sole discretion, subject to emotion3D's achievement of certain revenue-based milestones through February 28, 2027; and (iii) certain holdbacks and adjustments totaling $2,970 subject to final release 24 months from the Deal Closing Date. The purchase price is subject to working capital and other adjustments as provided in the Share Purchase Agreement.

The Company paid a premium (i.e., goodwill) over the fair value of the net tangible and identified intangible assets acquired. This acquisition brings the Company an engineering development team with broad experience in development of advanced perception algorithms and software for in-cabin sensing, ADAS and automated driving. The goodwill is expected to be deductible for tax purposes.

indie incurred various acquisition-related costs, which were primarily legal expense, and recorded these as part of the *Selling, General and Administrative* expenses. Total costs incurred are $184 for the three and nine months ended September 30, 2025.

The Company maintains certain holdbacks for a total of $2,970 subject to final release 24 months from the Deal Closing Date. The aggregate holdbacks balance consisted of (i) an initial fixed purchase price holdback of $250 (the "Holdback Amount (PP)"), payable in cash and due 20 business days after both parties have agreed on the final closing accounts within 30 business days after the Deal Closing Date; (ii) a subsidies holdback of $720 (the "Holdback Amount (Subsidies)"), payable in cash on December 31, 2025; and (iii) an indemnity holdback of $2,000 ("Holdback Amount (Indemnity)"), payable in cash with 50% due 12 months from the Deal Closing Date and the remainder 24 months from the Deal Closing Date. All holdbacks are maintained for the purpose of providing security against any adjustment to the amounts at closing. The entire holdback balance, with the exception of 50% of the Holdback Amount (Indemnity) of $1,000 is reflected in *Accrued expenses and other current liabilities* in the condensed consolidated balance sheet as of September 30, 2025. The remaining 50% of the Holdback Amount (Indemnity) of $1,000 is reflected in *Other long-term liabilities* in the condensed consolidated financial statements.

Total purchase consideration transferred at the Deal Closing Date also included contingent considerations that had a total preliminary fair value of $7,287 as of the acquisition date. The preliminary acquisition date fair value of the contingent considerations was determined based on the Company's assessment of the probability of achieving the performance targets that ultimately obligate the Company to transfer additional consideration to the seller. The contingent consideration is comprised of up to three tranches and all are payable in cash or Class A common stock, at indie's sole election. The first tranche of earnout pays up to a maximum of $4,000, upon achievement of total revenue target of EUR 3,650 (or $4,163) for the full year ended December 31, 2025, provided only a maximum total of EUR 2,100 can be counted towards the milestone between January 1, 2025 and the Deal Closing Date (the "First Earnout"). The second tranche of earnout pays up to a maximum of $6,000, upon achievement of a revenue target of $6,300 between January 1, 2026 through February 28, 2027 (the "Second Earnout"). In the case where the First Earnout is not achieved in full and emotion3D achieves total revenue in excess of $8,400 within the same period as relevant for the Second Earnout, emotion3D is entitled to a third tranche of earnout that pays up to a maximum of $1,250, upon achievement of a revenue target equal to $8,400 plus the corresponding revenue shortfall from the First Earnout (the "Third Earnout"). The corresponding revenue shortfall from the First Earnout is calculated by actual revenue achieved during the First Earnout measurement period and a ceiling of $4,163. The fair value of any outstanding contingent consideration liabilities will be remeasured as of the end of each reporting period with any resulting remeasurement gains or losses recognized in the condensed consolidated statement of operations. As the potential payment of the Third Earnout is dependent upon the shortfall in the First Earnout and the over-achievement in the Second Earnout, the

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preliminary fair value of the Third Earnout has been considered as part of the First Earnout. The First Earnout is reflected in *Contingent considerations* and the Second Earnout is reflected in *Other long-term liabilities* in the condensed consolidated balance sheet as of September 30, 2025.

Pro forma financial information for emotion3D is not disclosed as the results are not material to the Company's condensed consolidated financial statements.

**3. 2025 Restructuring Costs**

On May 12, 2025, the Company initiated a restructuring plan designed to improve operational efficiencies, reduce operating costs, better align the Company's workforce with top strategic priorities and key growth opportunities, and exit over time some of the Company's lower margin products outside of the ADAS application (the "2025 Restructuring Plan"). The 2025 Restructuring Plan includes, but is not limited to, consolidation of facilities, reduction of workforce in various geographic locations, impairment of certain intangible assets related to intellectual property licenses and early termination of certain contractual obligations.

The 2025 Restructuring Plan is deemed to be fundamentally different from the Company's ongoing productivity action due to its size, nature and frequency. As a result, all pre-tax charges related to such initiatives are separately reflected in *Restructuring costs* in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025. Liabilities associated with the 2025 Restructuring Plan are included in *Accrued payroll liabilities* and *Accrued expenses and other current liabilities* in the condensed consolidated balance sheet for personnel and non-personnel related charges, respectively. During the three and nine months ended September 30, 2025, the Company recorded total restructuring charges of $1,042 and $8,149, respectively, most of which were related to personnel costs and impairment of long-lived asset. The following table summarizes the provisions, respective payments and remaining accrued balance for charges incurred as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Personnel Cost** | **Long-Lived Asset Impairment** | **Other Exit Costs** | **Total** |
| Balance as of December 31, 2024 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for net charges incurred | 3697 | 3260 | 150 | 7107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments | (1264) |  |  | (1264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash reductions |  | (3260) |  | (3260) |
| Balance as of June 30, 2025 | $2433 | $— | $150 | $2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for net charges incurred | 1034 |  | 8 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments | (1571) |  | (158) | (1729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash reductions | (489) |  |  | (489) |
| Balance as of September 30, 2025 | $1407 | $— | $— | $1407 |

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The Company expects the 2025 Restructuring Plan to be substantially executed by the end of 2025, which will likely result in additional expenses during periods post September 30, 2025. Further, the Company may incur additional expenses due to unanticipated events that may occur in connection with the implementation of the 2025 Restructuring Plan and there is no guarantee that the Company will be able to realize the anticipated benefits of the 2025 Restructuring Plan.

**4.** **Inventory**

Inventory consists of the following:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| Raw materials | $7922 | $13915 |
| Work-in-process | 21308 | 19531 |
| Finished goods | 16392 | 16441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | $45622 | $49887 |

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During the three and nine months ended September 30, 2025, the Company recognized write-downs in the value of inventory of $1,018 and $1,489, respectively. During the three and nine months ended September 30, 2024, the Company recognized write-downs in the value of inventory of $2,724 and $2,943, respectively.

**5.** **Property and Equipment, Net**

Property and equipment, net consists of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **Useful life<br>(in years)** | **September 30,<br>2025** | **December 31,<br>2024** |
| Production tooling | 4 | $24099 | $21256 |
| Lab equipment | 4 | 16168 | 14484 |
| Office equipment | 3 - 7 | 12492 | 10162 |
| Leasehold improvements | \* | 2225 | 1921 |
| Construction in progress |  | 14472 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, gross |  | 69456 | 55420 |
| Less: Accumulated depreciation |  | 27293 | 21139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net |  | $42163 | $34281 |

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\* Leasehold improvements are amortized over the shorter of the remaining lease term or estimated useful life of the leasehold improvement.

The Company recognized depreciation expense of $2,173 and $2,390 for the three months ended September 30, 2025 and 2024, respectively. The Company recognized depreciation expense of $6,482 and $5,256 for the nine months ended September 30, 2025 and 2024, respectively.

Fixed assets not yet in service, or construction in progress, consist primarily of capitalized internal-use software and certain tooling and other equipment that are not yet ready to be placed into service.

**6.** **Intangible Assets, Net**

Intangible assets, net consist of the following:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted<br>Average<br>Remaining<br>Useful Life** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Amount** | **Weighted<br>Average<br>Remaining<br>Useful Life** | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Amount** |
| Developed technology | 5.9 | $137371 | $(47822) | $89549 | 5.8 | $121893 | $(33609) | $88284 |
| Software licenses | 1.8 | 20411 | (10982) | $9429 | 2.8 | 23706 | (6243) | $17463 |
| Customer relationships | 7.4 | 47113 | (12982) | $34131 | 7.6 | 43159 | (9118) | $34041 |
| Intellectual property licenses | 0.3 | 1947 | (1736) | $211 | 0.8 | 1947 | (1736) | $211 |
| Trade names | 4.4 | 26899 | (10591) | $16308 | 4.9 | 26301 | (7496) | $18805 |
| Backlog | 1.5 | 2696 | (2403) | $293 | 0.6 | 2296 | (1683) | $613 |
| Effect of exchange rate on gross carrying amount |  | 3466 |  | $3466 |  | (6662) |  | $(6662) |
| Intangible assets with finite lives |  | 239903 | (86516) | 153387 |  | 212640 | (59885) | 152755 |
| IPR&D |  | 50301 |  | $50301 |  | 57390 |  | $57390 |
| Effect of exchange rate on gross carrying amount |  | 244 |  | $244 |  | (1201) |  | $(1201) |
| Total intangible assets with indefinite lives |  | 50545 |  | 50545 |  | 56189 |  | 56189 |
| Total intangible assets |  | $290448 | $(86516) | $203932 |  | $268829 | $(59885) | $208944 |

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Intangible assets with finite lives are amortized on a straight-line basis over the expected period to be benefited by future cash flows.

In fiscal 2025, the Company acquired developed technology, customer relationships, trade names, backlog and In-Process Research & Development as a result of a business combination. See *Note 2* — *Business Combinations* for additional information.

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The Company monitors and assesses the above intangible assets for impairment on a periodic basis. For the three months ended September 30, 2025, the Company determined there was no impairment of intangible assets. For the nine months ended September 30, 2025, the Company recorded $3,260 of impairment charges related to certain software licenses as part of its 2025 Restructuring Plan (see *Note 3* — *2025 Restructuring Costs*). For the three and nine months ended September 30, 2024, the Company determined that there was no impairment of intangible assets.

Amortization of intangible assets for the three months ended September 30, 2025 and 2024 was $8,070 and $9,324, respectively. Amortization of intangible assets for the nine months ended September 30, 2025 and 2024 was $23,934 and $25,616, respectively. Amortization of intangible assets is included within *Cost of goods sold, Research and development expenses*, and *Selling, general and administrative expenses,* based on their respective nature, in the condensed consolidated statements of operations.

Based on the amount of definite-lived intangible assets subject to amortization as of September 30, 2025, amortization expense for each of the next five fiscal years is expected to be as follows:

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| | |
|:---|:---|
| 2025 (remaining 3 months) | $8420 |
| 2026 | 31098 |
| 2027 | 25558 |
| 2028 | 22363 |
| 2029 | 20680 |
| Thereafter | 45268 |
| Total | $153387 |

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**7.** **Goodwill** 

The following table sets forth the carrying amount and activity of goodwill as of September 30, 2025:

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| | |
|:---|:---|
|  | **Amount** |
| Balance as of the beginning of the period | $266368 |
| Acquisitions (Note 2) | 16394 |
| Effect of exchange rate on goodwill | 8052 |
| Balance as of the end of the period | $290814 |

---

During the nine months ended September 30, 2025, the change in goodwill was primarily related to a $16,394 increase due to the acquisition of emotion3D that was completed during the period, as well as a $8,052 increase in value due to the effect of exchange rates on goodwill. See *Note 2* — *Business Combinations* for a detailed discussion of goodwill acquired.

The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three and nine months ended September 30, 2025.

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**8.** **Debt**

The following table sets forth the components of debt as of September 30, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Principal<br>Outstanding** | **Unamortized<br>Discount<br>and<br>Issuance Cost** | **Carrying<br>Amount** | **Principal<br>Outstanding** | **Unamortized<br>Discount<br>and<br>Issuance Cost** | **Carrying<br>Amount** |
| 2027 Notes | $130000 | $(1978) | $128022 | $160000 | $(3262) | $156738 |
| 2029 Notes | 218500 | (7642) | 210858 | 218500 | (8857) | 209643 |
| CIBC loan, due 2026 | 1557 | (3) | 1554 | 2368 | (2) | 2366 |
| Total term loans | 350057 | (9623) | 340434 | 380868 | (12121) | 368747 |
| Revolving line of credit and other | 13125 | (25) | 13100 | 12583 | (13) | 12570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | $363182 | $(9648) | $353534 | $393451 | $(12134) | $381317 |

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The outstanding debt as of September 30, 2025 and December 31, 2024 is classified in the condensed consolidated balance sheets as follows:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| Current liabilities - Current debt obligations | $14388 | $12220 |
| Noncurrent liabilities - Long-term debt, net of current maturities | 339146 | 369097 |
| Total debt | $353534 | $381317 |

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***2029 Notes***

On December 6, 2024, indie completed a private offering of 3.50% Convertible Senior Notes (the "2029 Initial Notes"). The Notes were sold under a purchase agreement (the "2029 Notes Purchase Agreement"), dated as of December 3, 2024, entered into by and between the Company and Deutsche Bank Securities Inc., as representative of the several initial purchasers named therein (collectively, the "2029 Notes Initial Purchasers") pursuant to which the Company agreed to sell $190,000 aggregate principal amount of the 2029 Initial Notes. The Company also agreed to grant an option, during a 13-day period beginning on, and including, the date on which the notes are first issued (the "2029 Notes Option") to the 2029 Notes Initial Purchasers to purchase all or part of an additional $28,500 aggregate principal amount of the 3.50% Convertible Senior Notes due 2029 (the "2029 Additional Notes" and, together with the 2029 Initial Notes, the "2029 Notes"). On December 5, 2024, the 2029 Notes Initial Purchasers exercised the 2029 Notes Option in full, bringing the total aggregate principal amount for the 2029 Notes to $218,500.

On December 3, 2024, in connection with the pricing of the 2029 Notes, the Company entered into privately negotiated capped call transactions (the "2029 Notes Base Capped Call Transactions") with each of Deutsche Bank AG, London Branch, through its agent Deutsche Bank Securities Inc., Mizuho Markets Americas LLC, with Mizuho Securities USA LLC acting as agent, Royal Bank of Canada, represented by RBC Capital Markets, LLC as its agent, The Bank of Nova Scotia, UBS AG, London Branch, represented by UBS Securities LLC as its agent, and Wells Fargo Bank, National Association (the "2029 Option Counterparties"). In addition, on December 5, 2024, in connection with the 2029 Notes Initial Purchasers' exercise of the 2029 Notes Option in full, the Company entered into additional capped call transactions (the "2029 Notes Additional Capped Call Transactions" and, together with the 2029 Notes Base Capped Call Transactions, the "2029 Notes Capped Call Transactions") with each of the 2029 Notes Option Counterparties. The 2029 Notes Capped Call Transactions cover, subject to customary anti-dilution adjustments substantially similar to those applicable to the 2029 Notes, the aggregate number of shares of the Company's Class A common stock that initially underlie the 2029 Notes, and are expected generally to reduce the potential dilution to the Company's common stock upon any conversion of the 2029 Notes and/or offset any cash payments the Company may be required to make in excess of the principal amount of converted 2029 Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the 2029 Notes Capped Call Transactions. The cap price of the 2029 Notes Capped Call Transactions is initially $8.06 per share, which represents a premium

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of 100% over the last reported sale price of the Company's Class A common stock on The Nasdaq Capital Market on December 3, 2024. The cost of the 2029 Notes Capped Call Transactions was $23,380. The Company recorded the 2029 Notes Capped Call Transactions as separate transactions from the issuance of the 2029 Notes. The cost of $23,380 incurred to purchase the 2029 Notes Capped Call Transactions was recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheet as of December 31, 2024.

The 2029 Notes will be convertible into cash, shares of the Company's Class A common stock, or a combination of cash and shares of Class A common stock, at the Company's election, at an initial conversion rate of 194.6188 shares of Class A common stock per $1,000 principal amount of the 2029 Notes, which is equivalent to an initial conversion price of approximately $5.14 per share of Class A common stock. The initial conversion price of the 2029 Notes represents a premium of approximately 27.50% over the $4.03 per share last reported sale price of the Class A common stock on The Nasdaq Capital Market on December 3, 2024. The conversion rate will be subject to adjustment upon the occurrence of certain specified events, but will not be adjusted for any accrued and unpaid interest, except under the limited circumstances described in the Indenture, dated as of December 6, 2024, between indie and U.S. Bank Trust Company, National Association, as trustee (the "2024 Indenture"). In addition, upon the occurrence of a "Make-Whole Fundamental Change" (as defined in Section 1.01 of the 2024 Indenture) prior to the maturity date, or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of Class A common stock (not to exceed 248.1399 shares of Class A common stock per $1,000 principal amount of the 2029 Notes, subject to adjustment in the same manner as the conversion rate) for 2029 Notes that are converted in connection with such Make-Whole Fundamental Change or for notes called (or deemed called) for redemption that are converted in connection with such notice of redemption.

The 2029 Notes are convertible at the option of the holders (in whole or in part) at any time prior to the close of business on the business day immediately preceding September 15, 2029 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2025 (and only during such calendar quarter), if the last reported sale price of the common stock, as determined by the Company, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the "measurement period") in which the "Trading Price" (as defined in Section 1.01 of the 2024 Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of common stock and the conversion rate on each such trading day; (3) if the Company calls such 2029 Notes for redemption, at any time prior to the close of business on the second scheduled trading day prior to the redemption date, but only with respect to the 2029 Notes called (or deemed called) for redemption; or (4) upon the occurrence of certain corporate events as specified in the 2024 Indenture. On or after September 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2029 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company's election, in amounts determined in the manner set forth in the 2024 Indenture.

The 2029 Notes are not redeemable at the Company's option prior to December 20, 2027. The Company may redeem for cash all or any portion of the 2029 Notes (subject to a partial redemption limitation), at the Company's option, on or after December 20, 2027 if the last reported sale price of the common stock, as determined by the Company, has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If the Company redeems fewer than all the outstanding 2029 Notes, at least $50,000 aggregate principal amount of 2029 Notes must be outstanding and not subject to redemption as of the relevant redemption notice date. No sinking fund is provided for the 2029 Notes.

The 2029 Notes have been recorded as long-term debt in its entirety pursuant to ASU 2020-06. The carrying value of the 2029 Notes is presented net of $8,967 of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings. As of September 30, 2025 and December 31, 2024, the total carrying value of the 2029 Notes, net of unamortized discount, was $210,858 and $209,643, respectively. As of September 30, 2025, the total fair value of the 2029 Notes was $232,156

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or 106.25% of the aggregate principal amount of the 2029 Notes. As of December 31, 2024, the total fair value of the 2029 Notes was $228,333 or 104.50% of the aggregate principal amount of the 2029 Notes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company's debt and comparable instruments in inactive markets. The amortization of the debt discount and cost of issuance resulted in non-cash interest expense of $414 for the three months ended September 30, 2025. The amortization of the debt discount and cost of issuance resulted in non-cash interest expense of $1,215 for the nine months ended September 30, 2025. Such amortization expenses are included in *Interest Expense* in the Company's condensed consolidated statements of operations.

***2027 Notes***

On November 16, 2022, the Company entered into a purchase agreement (the "Purchase Agreement") with Goldman Sachs & Co. LLC, as representative of the initial purchasers (collectively, the "Initial Purchasers"), pursuant to which the Company agreed to sell $140,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2027 (the "Initial Notes"). The Company also agreed to grant an option, exercisable within the 30-day period immediately following the date of the Purchase Agreement (the "Option") to the Initial Purchasers to purchase all or part of an additional $20,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2027 (the "Additional Notes" and, together with the Initial Notes, the "2027 Notes"). On November 17, 2022, the Initial Purchasers exercised the Option in full, bringing the total aggregate principal amount for the 2027 Notes to $160,000. The sale of the 2027 Notes closed on November 21, 2022. The 2027 Notes were issued pursuant to an Indenture dated November 21, 2022 (the "2022 Indenture"), between the Company and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"). Interest on the 2027 Notes is payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2023. The 2027 Notes will mature on November 15, 2027, unless earlier repurchased, redeemed or converted.

The 2027 Notes will be convertible into cash, shares of the Company's Class A common stock, or a combination of cash and shares of Class A common stock, at the Company's election, at an initial conversion rate of 115.5869 shares of Class A common stock per $1,000 principal amount of the 2027 Notes, which is equivalent to an initial conversion price of approximately $8.65 per share of Class A common stock. The initial conversion price of the 2027 Notes represents a premium of approximately 30% over the $6.655 per share last reported sale price of the Class A common stock on The Nasdaq Capital Market on November 16, 2022. The conversion rate will be subject to adjustment upon the occurrence of certain specified events, but will not be adjusted for any accrued and unpaid interest, except under the limited circumstances described in the 2022 Indenture. In addition, upon the occurrence of a "Make-Whole Fundamental Change" (as defined in Section 1.01 of the 2022 Indenture) prior to the maturity date, or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of Class A common stock (not to exceed 150.2629 shares of Class A common stock per $1,000 principal amount of the 2027 Notes, subject to adjustment in the same manner as the conversion rate) for 2027 Notes that are converted in connection with such Make-Whole Fundamental Change or for notes called (or deemed called) for redemption that are converted in connection with such notice of redemption.

The 2027 Notes are convertible at the option of the holders (in whole or in part) at any time prior to the close of business on the business day immediately preceding August 15, 2027 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the "measurement period") in which the "Trading Price" (as defined in Section 1.01 of the 2022 Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate on each such trading day; (3) if the Company calls such 2027 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the 2027 Notes called (or deemed called) for redemption; or (4) upon the occurrence of certain corporate events as specified in the 2022 Indenture. On or after August 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2027 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company's election, in amounts determined in the manner set forth in the 2022 Indenture.

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The Company may not redeem the 2027 Notes prior to November 20, 2025. indie may redeem for cash all or any portion of the 2027 Notes, at indie's option, on or after November 20, 2025 if the last reported price of indie's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which indie provides notice of redemption, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Upon the occurrence of a "Fundamental Change" (as defined in Section 1.01 of the 2022 Indenture), subject to certain conditions and certain limited exceptions, holders may require the Company to repurchase for cash all or any portion of their 2027 Notes in principal amounts of $1,000 or an integral multiple thereof at a fundamental change repurchase price in cash equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The 2027 Notes are senior unsecured obligations of the Company and rank: (i) senior in right of payment to any indebtedness of the Company that is expressly subordinated in right of payment to the 2027 Notes; (ii) equal in right of payment to any unsecured indebtedness of the Company that is not so subordinated; (iii) effectively junior in right of payment to any senior, secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries.

The 2027 Notes have been recorded as long-term debt in its entirety pursuant to ASU 2020-06. The carrying value of the 2027 Notes is presented net of $5,374 of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings. As of September 30, 2025 and December 31, 2024, the total carrying value of the 2027 Notes, net of unamortized discount, was $128,022 and $156,738, respectively. As of September 30, 2025, the total fair value of the 2027 Notes was $129,441 or 99.57% of the aggregate principal amount of the 2027 Notes. As of December 31, 2024, the total fair value of the 2027 Notes was $146,416 or 91.51% of the aggregate principal amount of the 2027 Notes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company's debt and comparable instruments in inactive markets. The amortization of the debt discount and cost of issuance resulted in non-cash interest expense of $297 and $260 for the three months ended September 30, 2025 and 2024, respectively. The amortization of the debt discount and cost of issuance resulted in non-cash interest expense of $825 and $763 for the nine months ended September 30, 2025 and 2024, respectively. Such amortization expenses are included in *Interest Expense* in the Company's condensed consolidated statements of operations.

During the year ended December 31, 2022, in connection with the offering of the 2027 Notes, the Company entered into privately negotiated transactions through one of the initial purchasers or its affiliate to repurchase 1,112,524 shares of Class A common stock, at an average cost of $6.65 per share, for approximately $7,404.

In June 2025, the Company entered into several separate, privately negotiated purchase agreements to repurchase $30,000 in aggregate principal amount of the 2027 Notes at a discount. In addition to the repurchased principal, the total repurchase price of $26,844 also included transaction-related professional fees of $158. The repurchase was accounted for as an extinguishment of debt, which resulted in a pre-tax gain of $2,623, which included the accelerated recognition of unamortized issuance cost and debt discount affiliated with the repurchased principal of $515. This gain was recorded as *Gain from extinguishment of debt* in the Company's condensed consolidated statements of operations for the three months ended June 30, 2025 and nine months ended September 30, 2025. Concurrent with the repurchase, the Company repaid $143 of accrued interest associated with the repurchased principal. The repurchase of the 2027 Notes and repayment of accrued interest were funded by the Company's on-hand cash. Upon completion of this repurchase, $130,000 principal amount of the 2027 Notes remains outstanding.

***indie Semiconductor Revolving Line of Credit***

On March 29, 2024, the Company entered into a revolving line of credit agreement with Wells Fargo Bank, National Association ("Wells Fargo") with a credit limit of $10,000, bearing interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75%. The outstanding principal balance is due and payable in full on March 28, 2025. This revolving line of credit was renewed on March 29, 2025, and the outstanding principal balance is due and payable in full on March 27, 2026. Interest is payable monthly beginning on May 1, 2025 through the maturity date. This line of credit required the Company to collateralize a cash balance equal to the total

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outstanding balance in a cash security account with Wells Fargo, which resulted in total restricted cash of $10,000 as of September 30, 2025. Fees of $50 incurred will be amortized over the life of the credit agreement. This revolving line of credit had an outstanding balance of $10,000 as of September 30, 2025. During the three and nine months ended September 30, 2025, we paid $156 and $433 in interest expense, respectively. Non-cash interest was de minimus.

***indie Canada Revolving Credit***

In connection with the acquisition of indie Canada on October 12, 2021, the Company assumed a revolving credit with the Canadian Imperial Bank of Commerce ("CIBC") with a credit limit of CAD 9,440 bearing interest at prime rate plus 0.25%, repayable in monthly installments of CAD 155 plus interest, maturing in October 2026. The repayment of monthly installments reduces the credit limit over time. CIBC also reserves the right to request full repayment of a portion or all outstanding balances at any time. As of September 30, 2025 and December 31, 2024, the outstanding principal balance of the loan was $1,557 and $2,368, (or CAD 2,167 and CAD 3,405), respectively.

indie Canada also has an authorized credit facility of up to CAD 6,000 at September 30, 2025 and December 31, 2024, respectively, from CIBC, bearing interest at prime rate plus 0.25%. The credit facility permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of CAD 6,000. As of September 30, 2025 and December 31, 2024, this line of credit had an outstanding balance of $2,859 and $2,583 (or CAD 3,979 and CAD 3,713), respectively.

The table below sets forth the components of interest expense for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest expense on the 2027 Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stated interest at 4.50% per annum | $1526 | $1815 | $5096 | $5405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and issuance cost | 297 | 260 | 825 | 763 |
| Total interest expense related to the 2027 Notes | 1823 | 2075 | 5921 | 6168 |
| Interest expense on the 2029 Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stated interest at 3.50% per annum | 1928 |  | 5720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and issuance cost | 414 |  | 1215 |  |
| Total interest expense related to the 2029 Notes | 2342 |  | 6935 |  |
| Interest expense on other debt obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contractual interest | 170 | 93 | 497 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount and issuance cost | 13 | 12 | 38 | 25 |
| Total interest expense related to other debt obligations | 183 | 105 | 535 | 252 |
| Total interest expense | $4348 | $2180 | $13391 | $6420 |

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The future maturities of the debt obligations are as follows:

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| | |
|:---|:---|
| 2025 (remaining 3 months) | $4416 |
| 2026 | 10266 |
| 2027 | 130000 |
| 2028 |  |
| 2029 | 218500 |
| Total | $363182 |

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**9.** **Contingent and Earn-Out Liabilities**

***Earn-Out Milestones***

In connection with the Company's reverse recapitalization transaction completed on June 10, 2021 (the "Transaction"), certain of indie's stockholders are entitled to receive up to 10,000,000 earn-out shares of the Company's Class A common stock if the earn-out milestones are met. The earn-out milestones represent two independent criteria, each of which entitles the eligible stockholders

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to 5,000,000 earn-out shares per milestone met. Each earn-out milestone is considered met if at any time following the Transaction and prior to December 31, 2027, the volume weighted average price of indie's Class A common stock is greater than or equal to $12.50 or $15.00 for any twenty trading days within any thirty-trading day period, respectively. Further, the earn-out milestones are also considered to be met if indie undergoes a "Sale". A Sale is defined as the occurrence of any of the following for indie: (i) engage in a "going private" transaction pursuant to Rule 13e-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) Class A common stock ceases to be listed on a national securities exchange, other than for the failure to satisfy minimum listing requirements under applicable stock exchange rules; or (iii) change of ownership (including a merger or consolidation) or approval of a plan for complete liquidation or dissolution.

These earn-out shares had been categorized into two components: (i) those associated with stockholders with vested equity at the closing of the Transaction that will be earned upon achievement of the earn-out milestones (the "Vested Shares") and (ii) those associated with stockholders with unvested equity at the closing of the Transaction that will be earned over the remaining service period with the Company on their unvested equity shares and upon achievement of the Earn-Out Milestones (the "Unvested Shares"). The Vested Shares were classified as liabilities in the condensed consolidated balance sheet and the Unvested Shares are equity-classified share-based compensation to be recognized over time. The earn-out liability was initially measured at fair value at the closing of the Transaction and subsequently remeasured at the end of each reporting period. The change in fair value of the earn-out liability was recorded as part of *Other income (expense), net* in the condensed consolidated statement of operations.

The estimated fair value of the earn-out liability was determined using a Monte Carlo Simulations analysis that simulated the future path of the Company's stock price over the earn-out period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate.

As of December 31, 2021, there was no liability remaining on the balance sheet.

***Contingent Considerations***

On May 13, 2020, in connection with the acquisition of City Semiconductor, Inc. ("City Semi"), the Company recorded contingent consideration as a long-term liability at an initial fair value of $1,180. The contingent consideration is comprised of two tranches. The first tranche is payable, up to a maximum of $500, upon the achievement of cash collection targets within 12 months of the acquisition, and $456 was achieved in May 2021. The second tranche is payable, up to a maximum of $1,500, upon the shipment of a product incorporating the acquired developed technology. In September 2021, the Company paid off the first tranche of the contingent consideration. In April 2023, the Company settled $500 of the $1,500 second tranche through the issuance of 73,311 shares of Class A common stock with a fair value of $608 at the time of issuance. In January 2024, the Company settled $500 of the $1,000 second tranche through the issuance of 62,562 shares of Class A common stock with a fair value of $500 at the time of issuance. The fair value of the remaining $500 second tranche contingent consideration liabilities was $500 as of December 31, 2024. On January 2, 2025, the second tranche of contingent consideration was settled through the issuance of 114,127 shares of Class A common stock with a fair value of $480 at the time of issuance and a cash payment of $34.

On February 21, 2023, in connection with the acquisition of indie FFO, the Company recorded contingent considerations as a current and a long-term liability at an initial fair value of $4,155 and $5,085, respectively. The contingent consideration is comprised of two tranches. The first tranche was payable upon the achievement of a revenue threshold of $5,000 for the 12-month period ending on February 21, 2024. The second tranche was payable upon indie FFO's achievement of a revenue threshold of $7,000 for the 12-month period ending on February 21, 2025. Both tranches were payable in cash or in Class A common stock at indie's discretion. Should indie elect to pay in Class A common stock, the number of shares issuable equals the earnout amount divided by a VWAP for 20 days ending prior to the due date for payment. In May 2024, the Company settled the first tranche through the issuance of 1,103,140 shares of Class A common stock with a fair value of $6,045 at the time of issuance. The change in fair value since the acquisition date is recorded in *Other income (expense), net* in the condensed consolidated statement of operations. The fair value of

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the second tranche contingent consideration liability as of December 31, 2024 was reduced to zero. In February 2025, the second tranche of the contingent consideration was not met. There was no liability remaining on the balance sheet on September 30, 2025.

On March 3, 2023, in connection with the acquisition of GEO, the Company recorded contingent considerations as a current and a long-term liability at an initial fair value of $38,828 and $20,452, respectively. The contingent consideration is comprised of two tranches. The first tranche was payable upon the achievement of a revenue threshold of $20,000 for the 12-month period ended on March 31, 2024. The second tranche was payable upon GEO's achievement of a revenue threshold of $10,000 for the 6-month period ended on September 30, 2024. Both tranches were payable in cash or Class A common stock, at indie's election, and the number of shares issuable equals the earnout amount divided by the Earnout Parent Trading Price. Payment in cash was determined by the number of shares payable multiplied by the Earnout Parent Trading Price. In May 2024, the Company settled the first tranche through the issuance of 6,096,951 shares of Class A common stock with a fair value of $40,667 at the time of issuance. In December 2024, the Company settled the second tranche through the issuance of 1,015,621 shares of Class A common stock with a fair value of $4,459 at the time of issuance. The change in fair value since the acquisition date was recorded in *Other income (expense), net* in the condensed consolidated statement of operations. There was no liability remaining on the condensed consolidated balance sheet on September 30, 2025.

On September 18, 2023, in connection with the acquisition of indie Switzerland, the Company recorded contingent considerations as a current and a long-term liability at an initial fair value of $7,328 and $2,427, respectively. The contingent consideration is comprised of two tranches. The first tranche was payable upon the achievement of a revenue threshold of $19,000 for the 12-month period ended September 30, 2024. The second tranche is payable upon indie Switzerland' achievement of a revenue threshold of $21,000 for the 12-month period ending on September 30, 2025. Both tranches are payable in cash or in shares at indie's discretion. On November 7, 2024, the first tranche of contingent consideration was settled through the issuance of 2,845,243 shares of Class A common stock with a fair value of $9,930 at the time of issuance, and cash payment of $2,536. In September 2025, it was determined that the second tranche of the contingent consideration was not met and the fair value was reduced to zero. There was no liability remaining on the balance sheet on September 30, 2025. The changes in fair value since the acquisition date were recorded in *Other income (expense), net* in the condensed consolidated statement of operations.

On January 25, 2024, in connection with the acquisition of Kinetic, the Company recorded contingent considerations as a current and a long-term liability at an initial fair value of $2,251 and $2,348, respectively. The contingent consideration is comprised of two tranches. The first tranche was payable upon the achievement of a revenue threshold of $12,000 for the 12-month period ended on January 25, 2025. The second tranche is payable upon achievement of certain production-based milestones for the 24-month period ending on January 25, 2026. Both tranches are payable in cash or in shares at indie's discretion. The fair value of the second tranche contingent consideration liabilities as of September 30, 2025 was $144. In April 2025, the Company settled the first tranche through

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the issuance of $2,500 in cash. The change in fair value since the acquisition date is recorded in *Other income (expense), net* in the condensed consolidated statement of operations.

On September 26, 2025, in connection with the acquisition of emotion3D, the Company recorded contingent considerations as a current and a long-term liability at an initial fair value of $3,092 and $4,195, respectively. The contingent consideration is comprised of three tranches. Total purchase consideration transferred at the Deal Closing Date also included contingent consideration that had a total preliminary fair value of $7,287 as of the acquisition date. The preliminary acquisition date fair value of the contingent considerations was determined based on the Company's assessment of the probability of achieving the performance targets that ultimately obligate the Company to transfer additional consideration to the seller. The contingent consideration is comprised of up to three tranches and all are payable in cash or Class A common stock, at indie's sole election. The First Earnout pays up to a maximum of $4,000, upon achievement of a total revenue target of EUR 3,650 (or $4,163) for the full year ended December 31, 2025, provided only a maximum total of EUR 2,100 can be counted towards the milestone between January 1, 2025 through the Deal Closing Date. The Second Earnout pays up to a maximum of $6,000, upon achievement of revenue target of $6,300 between January 1, 2026 through February 28, 2027. In the case where the First Earnout is not achieved in full and emotion3D achieves total revenue in excess of $8,400 within the same period as relevant for the Second Earnout, emotion3D is entitled to the Third Earnout that pays up to a maximum of $1,250, upon achievement of a revenue target equal to $8,400 plus the corresponding revenue shortfall from the First Earnout. The corresponding revenue shortfall from the First Earnout is calculated by actual revenue achieved during the First Earnout measurement period and a ceiling of $4,163. The fair value of any outstanding contingent consideration liabilities will be remeasured as of the end of each reporting period with any resulting remeasurement gains or losses recognized in the condensed consolidated statement of operations. As the potential payment of the Third Earnout is dependent upon the shortfall in the First Earnout and the over-achievement in the Second Earnout, the preliminary fair value of the Third Earnout has been considered as part of the First Earnout. The First Earnout is reflected in *Contingent considerations* and the Second Earnout is reflected in *Other long-term liabilities* in the condensed consolidated balance sheet as of September 30, 2025. The fair value of the first and second tranche contingent consideration liabilities as of September 30, 2025 was $3,092 and $4,195, respectively.

**10.** **Fair Value Measurements**

The Company's debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The estimated fair value of the Company's 2027 Notes and 2029 Notes are both based on Level 2 inputs as the fair value is based on quoted prices for the Company's debt (see *Note* 8 — *Debt* for additional information). The fair values of the Company's short-term loans generally approximated their carrying values.

At September 30, 2025 and 2024, the Company held currency forward contracts with an aggregated notional amount of $16,839 and $13,850, respectively to sell United States dollars and to buy various foreign currencies such as Canadian dollars and euros, among others at a forward rate. Any changes in the fair value of these contracts are recorded in Other income (expense), net in the condensed consolidated statement of operations. During the three months ended September 30, 2025 and 2024, the Company recorded a net loss of $76 and a net gain of $509, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded a net gain of $1,294 and a net loss of $701, respectively.

The following table presents the Company's fair value hierarchy for financial assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements as of September 30, 2025** | **Fair Value Measurements as of September 30, 2025** | **Fair Value Measurements as of September 30, 2025** | **Fair Value Measurements as of September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** |  |  |  |  |
| emotion3D GmbH Contingent Consideration - First Tranche | $— | $— | $3092 | $3092 |
| emotion3D GmbH Contingent Consideration - Second Tranche | $— | $— | $4195 | $4195 |
| Kinetic Contingent Consideration - Second Tranche | $— | $— | $144 | $144 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements as of December 31, 2024** | **Fair Value Measurements as of December 31, 2024** | **Fair Value Measurements as of December 31, 2024** | **Fair Value Measurements as of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Liabilities:** |  |  |  |  |
| Kinetic Contingent Consideration - First Tranche | $— | $— | $2455 | $2455 |
| Kinetic Contingent Consideration - Second Tranche | $— | $— | $1908 | $1908 |
| Exalos Contingent Consideration - Second Tranche | $— | $— | $634 | $634 |
| GEO Indemnity Holdback | $6344 | $— | $— | $6344 |
| City Semi Contingent Consideration - Second Tranche | $— | $— | $500 | $500 |

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As of September 30, 2025 and December 31, 2024, the Company's cash and cash equivalents, including restricted cash, were all held in cash or Level 1 instruments where the fair values approximate the carrying values.

On August 4, 2025, the Company released the $800 Kinetic indemnity holdback in cash.

**Level 3 Disclosures**

*Contingent Considerations*

Contingent considerations were valued based on the consideration expected to be transferred. The Company estimated the fair value based on a Monte Carlo Simulations analysis to simulate the probability of achievement of various milestones identified within each contingent consideration arrangement, using certain assumptions that require significant judgment and discount rates. The discount rates were based on the estimated cost of debt plus a premium, which included consideration of expected term of the earn-out payment, yield on treasury instruments and an estimated credit rating for the Company.

Because the acquisition related to emotion3D occurred within the last twelve months, the significant information to be obtained and analyzed and the fact that emotion3D resides in a foreign jurisdiction, the Company's fair value estimates for the associated contingent consideration were valued based on a probability method as of September 30, 2025.

See *Note 9 — Contingent and Earn-Out Liabilities* for additional information of our Level 3 disclosures.

The following table presents the significant unobservable inputs assumed for each of the fair value measurements:

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  | **Input** | **Input** |
| **Liabilities:** |  |  |
| emotion3D GmbH Contingent Consideration - First Tranche |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Market yield rate | 8.35% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Scenario probability | 80.00% | N/A |
| emotion3D GmbH Contingent Consideration - Second Tranche |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Market yield rate | 8.54% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Scenario probability | 80.00% | N/A |
| Kinetic Contingent Consideration - Second Tranche |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Market yield rate | 8.42% | 7.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scenario probability | 5.00% | 70.00% |

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**11.** **Stockholders' Equity**

*Stock Repurchase Program*

On November 16, 2022, indie's Board of Directors authorized the repurchase, from time to time, of up to $50,000 of indie's Class A common stock and/or warrants to purchase Class A common stock. This was inclusive of the concurrent repurchase of shares of Class A common stock described in *Note 8* — *Debt*, under the 2027 Notes, which allowed for a portion of net proceeds to be used to repurchase up to $25,000 of Class A common stock. For the year ended December 31, 2022, in connection with the concurrent

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repurchase, the Company has repurchased 1,112,524 shares of Class A common stock, at an average cost of $6.65 per share, for approximately $7,404. There were no repurchases of common stock for the three and nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there is $42,596 available for future repurchase under the program.

**12.** **Noncontrolling Interest**

In connection with the closing of the Transaction on June 10, 2021, certain members of ADK LLC (the "ADK Minority Holders") retained approximately a 26% membership interest in ADK LLC. The ADK Minority Holders may from time to time, after December 10, 2021, exchange with indie such holders' units in ADK LLC for an equal number of shares of indie's Class A common stock. As a result, indie's ownership interest in ADK LLC will increase over time as the exchanges occur. The ADK Minority Holders' ownership interests are accounted for as noncontrolling interests in the Company's condensed consolidated financial statements. The Company's ownership of ADK LLC was approximately 92% and 91% as of September 30, 2025 and December 31, 2024, respectively.

In connection with the Transaction, the Company issued to ADK LLC Minority Holders an aggregate of 33,827,371 shares of Class V common stock of indie (the "Class V Holders"), which can be exchanged to Class A common stock at an exchange ratio of one to one. The shares of Class V common stock provides no economic rights in indie to the holder thereof; however, each Class V Holder is entitled to vote with the holders of Class A common stock of indie, with each share of Class V common stock entitling the holder to one (1) vote per share of Class V common stock at the time of such vote (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications). As of September 30, 2025 and December 31, 2024, the Company had an aggregate of 17,221,251 and 17,671,251 shares of Class V common stock issued and outstanding, respectively.

ADK LLC held approximately 59% voting control and approximately 34.38% ownership interest in Wuxi as of both September 30, 2025 and December 31, 2024. From time to time, Wuxi has sold equity ownership and the transactions have reduced ADK LLC's controlling interest in Wuxi on the condensed consolidated balance sheets. As of September 30, 2025, ADK LLC maintained its controlling ownership in Wuxi. Accordingly, Wuxi's financial statements are consolidated with those of ADK LLC and its other wholly-owned subsidiaries. Minority interests held in Wuxi are accounted for as non-controlling interests in the Company's condensed consolidated financial statements.

**13.** **Revenue**

***Disaggregation of Revenue***

The Company disaggregates revenue from contracts with customers by geographic region, as the Company's management believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The following tables present revenue disaggregated by geography of the shipping location for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $9404 | $10317 | $26151 | $29139 |
| Greater China | 26647 | 21531 | 68394 | 66881 |
| Europe | 10110 | 8768 | 33894 | 27155 |
| South Korea | 4133 | 1745 | 12104 | 9297 |
| Rest of Asia Pacific | 2540 | 9972 | 14906 | 20309 |
| Rest of North America | 563 | 1113 | 2558 | 4130 |
| South America | 279 | 519 | 1380 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $53676 | $53965 | $159387 | $158673 |

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***Contract Balances***

Certain assets or liabilities are recorded depending on the timing of revenue recognition, billings and cash collections on a contract-by-contract basis. Contract liabilities primarily relate to deferred revenue, including advance consideration received from customers for contracts prior to the transfer of control to the customer, and therefore revenue is recognized upon delivery of products and services or as the services are performed.

The following table presents the assets and liabilities associated with the engineering services contracts recorded on the condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Balance Sheet Classification** | **September 30,<br>2025** | **December 31,<br>2024** |
| Unbilled revenue | Prepaid expenses and other current assets | $11302 | $9154 |
| Contract liabilities | Accrued expenses and other current liabilities | $3243 | $2735 |

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During the three months ended September 30, 2025 and 2024, the Company recognized $208 and $408, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. During the nine months ended September 30, 2025 and 2024, the Company recognized $1,825 and $1,500, respectively, of revenue related to amounts that were previously included in deferred revenue at the beginning of the period. Deferred revenue fluctuates over time due to changes in the timing of payments received from customers and revenue recognized for services provided.

Revenue related to remaining performance obligations represents the amount of contracted development arrangements that has not been recognized, which includes deferred revenue on the condensed consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of September 30, 2025, the amount of performance obligations that have not been recognized as revenue was $2,276, of which approximately 100% is expected to be recognized as revenue over the next 12 months. This amount excludes the value of remaining performance obligations for contracts with an original expected length of one year or less. Variable consideration that has been constrained is excluded from the amount of performance obligations that have not been recognized.

***Concentrations***

No customers accounted for more than 10% of the Company's total revenue for the three and nine months ended September 30, 2025 and 2024.

One large customer represented represented 12% and 11% of accounts receivable at September 30, 2025 and December 31, 2024, respectively.

**14.** **Share-Based Compensation**

Stock compensation expense is recorded in cost of goods sold, research and development, and general and administrative expenses based on the classification of the work performed by the grantees.

The following table sets forth the share-based compensation for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of goods sold | $620 | $243 | $1115 | $767 |
| Research and development | 11272 | 11651 | 31586 | 36189 |
| Selling, general, and administrative | 6480 | 5533 | 17442 | 17973 |
| Restructuring costs |  | 431 | 455 | 431 |
| Total | $18372 | $17858 | $50598 | $55360 |

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Stock compensation expense for the three months ended September 30, 2025 and 2024 included $6,534 of expense and $2,341 of reduction, respectively, related to awards issuable upon distribution of the Company's annual incentive plans. Stock compensation expense for the nine months ended September 30, 2025 and 2024 included $14,168 and $3,117, respectively, related to awards issuable upon distribution of the Company's annual incentive plans.

**15.** **Net Loss per Common Share**

Basic and diluted net loss per common share was calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(40694) | $(54595) | $(119483) | $(109818) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net loss attributable to noncontrolling interest | (2405) | (4913) | (7610) | (9797) |
| Net loss attributable to common stockholders — basic | $(38289) | $(49682) | $(111873) | $(100021) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common shares — dilutive | $(38289) | $(49682) | $(111873) | $(100021) |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding — basic | 199326145 | 179491349 | 195286712 | 171449437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding—diluted | 199326145 | 179491349 | 195286712 | 171449437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common shares— basic | $(0.19) | $(0.28) | $(0.57) | $(0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common shares— diluted | $(0.19) | $(0.28) | $(0.57) | $(0.58) |

---

The Company's potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, unexercised options, earn-out shares, escrow shares, and convertible debt have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The 2029 Notes Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For the three and nine months ended September 30, 2025 and 2024, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be anti-dilutive. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an anti-dilutive effect:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Unvested Phantom units |  | 188347 |  | 188347 |
| Unvested Restricted stock units | 17640004 | 17184734 | 17640004 | 17184734 |
| Convertible Class V common shares | 17221251 | 18044332 | 17221251 | 18044332 |
| Unexercised options | 61461 | 150228 | 61461 | 150228 |
| Earn-out Shares | 5000000 | 5000000 | 5000000 | 5000000 |
| Escrow Shares | 1725000 | 1725000 | 1725000 | 1725000 |
| 2027 Convertible notes into Class A common shares | 15026297 | 18497110 | 15026297 | 18497110 |
| 2029 Convertible notes into Class A common shares | 42524208 |  | 42524208 |  |
|  | 99198221 | 60789751 | 99198221 | 60789751 |

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**16.** **Income Taxes**

The Company is subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of ADK, LLC, as well as any stand-alone income or loss the Company generates. ADK, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, ADK, LLC's taxable income or loss is passed through to its members, including us. Despite its status as a partnership in the United States, ADK, LLC's foreign subsidiaries are taxable entities operating in foreign jurisdictions. As such, these foreign subsidiaries record a tax expense or benefit in jurisdictions where a valuation allowance has not been recorded.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. There is no material impact on the Company's consolidated financial statements.

The Company's effective tax rate in 2025 will differ from the U.S. federal statutory rate primarily due to changes in valuation allowance, tax expense or benefit in foreign jurisdictions taxed at different tax rates, foreign research and development tax credits and incentives, and changes in non-controlling interest.

Based primarily on the Company's limited operating history and ADK LLC's historical domestic losses, the Company believes there is significant uncertainty as to when the Company will be able to use its domestic, federal and state, deferred tax assets ("DTAs"). Therefore, the Company has recorded a valuation allowance against these DTAs for which it has concluded that it is not more likely than not that these will be realized.

As part of reverse capitalization, the Company entered into Tax Receivable Agreements ("TRAs") with certain shareholders that will represent approximately 85% of the calculated tax savings based on the portion of basis adjustments on future exchanges of ADK, LLC units and other carryforward attributes assumed that the Company anticipates to be able to utilize in future years. Through September 30, 2025, there have been exchanges of units that would generate a DTA; however, as there is a full valuation allowance on the related DTA, the Company has not recorded a liability under the TRAs.

The Company recorded a benefit for income taxes of $363 and $315 for the three months ended September 30, 2025 and 2024, respectively. The Company recorded a benefit (provision) for income taxes of $(258) and $1,338 for the nine months ended September 30, 2025 and 2024, respectively. Income tax provision for the three and nine months ended September 30, 2025 is primarily related to the Company's foreign operations. Income tax benefits for the three and nine months ended September 30, 2024 are primarily related to the Company's foreign operations.

**17.** **Commitments and Contingencies**

***Litigation***

From time to time, the Company may be a party to routine claims or litigation matters that arise in the ordinary course of its business. These may include disputes and lawsuits related to intellectual property, mergers and acquisitions, licensing, contract law, tax, regulatory, distribution arrangements, employee relations and other matters. Periodically, the Company reviews the status of these matters and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, the Company continues to reassess the potential liability related to pending claims and litigation and may revise estimates.

***Royalty Agreement***

The Company has entered into license agreements to use certain technology in its design and manufacture of its products. The agreements require royalty fees for each semiconductor sold using the licensed technology. Total royalty expense incurred in

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connection with these contracts during the three months ended September 30, 2025 and 2024 was $189 and $661, respectively. Total royalty expense incurred in connection with these contracts during the nine months ended September 30, 2025 and 2024 was $1,463 and $1,846, respectively. These expenses are included in cost of goods sold in the condensed consolidated statements of operations. Accrued royalties of $261 and $658 are included in *Accrued expenses and other current liabilities* in the Company's condensed consolidated balance sheets as of September 30, 2025 and consolidated balance sheets as of December 31, 2024, respectively.

***Tax Distributions***

To the extent the Company has funds legally available, the Board of Directors will approve distributions to each member of ADK LLC, prior to March 15 of each year, in an amount per unit that, when added to all other distributions made to such member with respect to the previous calendar year, equals the estimated federal and state income tax liabilities applicable to such member as the result of its, his or her ownership of the units and the associated net taxable income allocated with respect to such units for the previous calendar year. There were no distributions approved by the Board of Directors or paid by the Company during the three and nine months ended September 30, 2025 and 2024

**18.** **Supplemental Financial Information** 

Accrued expenses and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
| Accrued interest | $4722 | $1679 |
| Deferred revenue | 3243 | 2735 |
| Operating lease liabilities, current | 3223 | 2984 |
| Accrued taxes | 2998 | 3113 |
| Holdbacks and deferred payments for business combinations | 1970 | 7050 |
| Accrued royalties | 261 | 658 |
| Other <sup>(1)</sup> | 8471 | 11078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | $24888 | $29297 |

---

(1)Amount represents accruals for various operating expenses such as professional fees, open purchase orders, and other estimates that are expected to be paid within the next 12 months.

**19.** **Segment Reporting**

The Company designs, develops, manufactures and markets a broad range of integrated circuits. It operates and tracks its results in one reportable segment. indie's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM utilizes financial information presented on a consolidated basis to assess performance and to make key operating decisions such as the determination of resource allocations. The CODM also utilizes the Company's consolidated long-range plan, which includes product development roadmaps and long-range consolidated financial models, as a key input to resource allocation. The CODM also makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using consolidated operating income (loss) from operations. The CODM does not review any measures of financial results beyond what is presented in the accompanying statement of operations.

Significant expenses within income (loss) from operations include cost of revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Company's consolidated statement of operations. The Company's long-lived assets consist primarily of property, plant and equipment, net and right-of-use assets.

**20.** **Subsequent Events** 

For its condensed consolidated financial statements as of September 30, 2025, management reviewed and evaluated material subsequent events from the condensed consolidated balance sheet date of September 30, 2025 through November 7, 2025, the date the condensed consolidated financial statements were issued, and identified one subsequent event as described below:

**Potential Divestiture of Wuxi**

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On October 27, 2025, the Company, through its subsidiary Ay Dee Kay, LLC, entered into an Asset Purchase Agreement (the "Wuxi Asset Purchase Agreement") with United Faith Auto-Engineering Co., Ltd., a publicly-listed company in the People's Republic of China ("United Faith"), pursuant to which indie has agreed to sell ADK's entire 34.38% of the outstanding equity interest in Wuxi indie Microelectronics Technology Co., Ltd., a Chinese entity ("Wuxi") to United Faith (the "Wuxi Divestiture").

Pursuant to the Wuxi Asset Purchase Agreement, subject to the satisfaction of closing conditions and receipt of all required regulatory approvals, United Faith will purchase all of ADK's outstanding equity interest in Wuxi for a total gross transaction consideration of RMB 960,834, or approximately $134,893 (based on the exchange rate in effect on October 24, 2025), payable in cash to ADK, net of applicable local taxes.

The Wuxi Asset Purchase Agreement contains certain customary representations, warranties and covenants. The representations and warranties of parties under the Wuxi Asset Purchase Agreement will not survive closing, and there is no post-closing indemnification arrangement for breaches of representations, warranties or covenants. The Wuxi Asset Purchase Agreement's covenants include obligations of (i) ADK to assist Wuxi to maintain its ordinary course of business operations during the period between signing the Wuxi Asset Purchase Agreement and closing the Wuxi Divestiture, (ii) United Faith to use reasonable best efforts to obtain its shareholder approval of the purchase of all of the outstanding equity of Wuxi (the "Whole Transaction"), (iii) both ADK and United Faith to use reasonable best efforts to cooperate with Wuxi to prepare documents and make all filings necessary to complete the Wuxi Divestiture, and (iv) both parties to register the Wuxi Divestiture and the Whole Transaction with the relevant authorities, as may be applicable.

The Wuxi Asset Purchase Agreement also contains customary closing conditions, including (i) receipt of shareholder approval of the Whole Transaction by United Faith's shareholders and (ii) the receipt of all required regulatory approvals of the Whole Transaction, including approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

The Wuxi Asset Purchase Agreement may be terminated prior to closing (i) upon mutual agreement by both parties, (ii) by ADK, should United Faith fail to obtain its shareholder approval of the Whole Transaction, (iii) by ADK, should United Faith fail to obtain all necessary regulatory approvals for the Whole Transaction within eighteen (18) months of the signing date, (iv) by either party, should the other party materially breach any representation, warranty or covenant in the Wuxi Asset Purchase Agreement; and (v) by either party, upon the occurrence of a Force Majeure (as such term is defined in the Wuxi Asset Purchase Agreement) which effects continue for thirty (30) days or more, rendering a party unable to continue performance under the Wuxi Asset Purchase Agreement.

The Wuxi Divestiture has been approved by the Boards of Directors of both indie and United Faith.

During the period between entering into the Wuxi Asset Purchase Agreement and prior to closing the Wuxi Divestiture, the divestiture of Wuxi will meet the criteria to be reported as discontinued operations when indie determines that it is probable that United Faith will receive all necessary local regulatory approvals within the requisite period under applicable accounting guidance. Upon the completion of this potential Wuxi Divestiture, indie will fully deconsolidate the financial results of Wuxi and in return, recognize a pre-tax gain/loss, which would be presented in indie's then Consolidated Statements of Operations. For the three and nine months ended September 30, 2025, Wuxi accounted for 43% and 40% of indie's consolidated revenue, and approximately 11% and 12% of indie's consolidated operating expenses for each period, respectively. Further, as of September 30, 2025, Wuxi accounted for approximately 10% and 2% of indie's consolidated total assets and total liabilities, respectively. Following any deconsolidation of Wuxi, indie will no longer include any financial results of Wuxi in its future consolidated financial statements.

indie cannot provide any assurance regarding the timing for the completion of the Wuxi Divestiture, that the closing conditions of the Wuxi Divestiture, including, but not limited to, approval of the Whole Transaction by United Faith shareholders and receipt of all required regulatory approvals, will be satisfied, or that the Wuxi Divestiture will be completed.

As of November 7, 2025, management determined that the Wuxi Asset Sale has not met the requisites under applicable accounting guidance to be presented as discontinued operations within indie's condensed consolidated financial statements.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF INDIE**

*Throughout this section, unless otherwise noted, "indie" refers to indie Semiconductor, Inc. and its consolidated subsidiaries.*

*The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the accompanying unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q. Certain amounts may not foot due to rounding. This discussion and analysis contains forward-looking statements. See "Forward Looking Statements." We urge you to consider the risks and uncertainties discussed in this Quarterly Report and our Annual Report on Form 10-K for the Fiscal Year ended December 31, 2024, including, but not limited to, those described under the sections entitled "Risk Factors" and in the other documents we have filed with the SEC in evaluating our forward-looking statements. We assume no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements.*

**OUR COMPANY**

indie offers highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems ("ADAS"), autonomous vehicle, connected car, user experience and electrification applications. We focus on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and computer vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 automotive suppliers and our platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Detroit, Michigan; San Jose, California; Cordoba, Argentina; Budapest, Hungary; Dresden, Frankfurt an der Oder, Munich and Nuremberg, Germany; Edinburgh, Scotland; Schlieren, Switzerland; Rabat, Morocco; Haifa, Israel; Quebec City and Toronto, Canada; Seoul, South Korea; Tokyo, Japan and several locations throughout China.

We maintain design centers for our semiconductor engineers and designers in the United States, Argentina, Canada, Hungary, Germany, Scotland, Morocco, Israel, Switzerland and China. We engage subcontractors to manufacture our products. These subcontractors, as well as the majority of our customers' locations, are primarily in Asia. For the nine months ended September 30, 2025 and 2024, approximately 60% and 65%, respectively, of our product revenues were recognized for shipments to customer locations in Asia.

**Potential Divestiture of Wuxi**

In May 2025, indie entered into a non-binding agreement with United Faith Auto-Engineering Co., Ltd., a publicly-listed company in the People's Republic of China ("United Faith"), to sell up to all of our 34.38% equity interest in Wuxi. On October 27, 2025, we entered into an Asset Purchase Agreement (the "Wuxi Asset Purchase Agreement") through Ay De Kay, LLC, pursuant to which we have agreed to sell ADK's entire equity interest in Wuxi to United Faith.

Pursuant to the Wuxi Asset Purchase Agreement, subject to the satisfaction of closing conditions and receipt of all required regulatory approvals, United Faith will purchase all of ADK's outstanding equity interest in Wuxi for a total gross transaction consideration of RMB 960,834,355, or approximately $135 million (based on the exchange rate in effect on October 24, 2025), payable in cash to ADK, net of applicable local taxes.

The Wuxi Asset Purchase Agreement contains certain customary representations, warranties and covenants. The representations and warranties of parties under the Wuxi Asset Purchase Agreement will not survive closing, and there is no post-closing indemnification arrangement for breaches of representations, warranties or covenants. The Wuxi Asset Purchase Agreement's covenants include obligations of (i) ADK to assist Wuxi to maintain its ordinary course of business operations during the period between signing the Wuxi Asset Purchase Agreement and closing the Wuxi Divestiture, (ii) United Faith to use reasonable best efforts to obtain its shareholder approval of the purchase of all of the outstanding equity of Wuxi (the "Whole Transaction"), (iii) both ADK and United Faith to use reasonable best efforts to cooperate with Wuxi to prepare documents and make all filings necessary to complete the

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Wuxi Divestiture, and (iv) both parties to register the Wuxi Divestiture and the Whole Transaction with the relevant authorities, as may be applicable.

The Wuxi Asset Purchase Agreement also contains customary closing conditions, including (i) receipt of shareholder approval of the Whole Transaction by United Faith's shareholders and (ii) the receipt of all required regulatory approvals of the Whole Transaction, including approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

During the period between entering into the Wuxi Asset Purchase Agreement and prior to closing the Wuxi Divestiture, the divestiture of Wuxi will meet the criteria to be reported as discontinued operations when indie determines that it is probable that United Faith will receive all necessary local regulatory approvals within the requisite period under applicable accounting guidance. Upon the completion of this potential Wuxi Divestiture, indie will fully deconsolidate the financial results of Wuxi and in return, recognize a pre-tax gain/loss, which would be presented in indie's then Consolidated Statements of Operations. For the three and nine months ended September 30, 2025, Wuxi accounted for 43% and 40% of indie's consolidated revenue, and approximately 11% and 12% of indie's consolidated operating expenses for each period, respectively. Further, as of September 30, 2025, Wuxi accounted for approximately 10% and 2% of indie's consolidated total assets and total liabilities, respectively. Following any deconsolidation of Wuxi, we will no longer include any financial results of Wuxi in our future consolidated financial statements.

We cannot provide any assurance regarding the timing for the completion of the Wuxi Divestiture, that the closing conditions of the Wuxi Divestiture, including, but not limited to, approval of the Whole Transaction by United Faith shareholders and receipt of all required regulatory approvals, will be satisfied, or that the Wuxi Divestiture will be completed.

**Recent Acquisitions**

***Acquisition of emotion3D***

On September 26, 2025 (the "Deal Closing Date"), Ay Dee Kay Ltd. completed its acquisition of emotion3D GmbH ("emotion3D"). The acquisition was consummated pursuant to a Share Purchase Agreement (the "SPA") whereby Ay Dee Kay Ltd. acquired all of the outstanding common shares of emotion3D. The closing consideration consisted of (i) $17.7 million in cash as the initial cash consideration (including debt paid at closing and net of cash acquired) (ii) certain contingent considerations with total preliminary fair value of $7.3 million, payable in cash or Class A common stock at indie's sole election, subject to emotion3D's achievement of certain revenue-based milestones through February 28, 2027; and (iii) certain holdbacks and adjustments totaling $3.0 million subject to final release 24 months from the Deal Closing Date. See *Note 2* — *Business Combinations* for additional descriptions of our recent acquisitions.

**Impact of Macroeconomic Conditions**

We are impacted by macroeconomic conditions including continued inflation, rising prices or rising interest rates, geopolitical tensions, the risk of recession, and the effect of trade policies, which have a combined dampening effect on overall economic activity and consumer demand for automotive products that has resulted in lower production levels for our products. In particular, ongoing tensions related to increased tariffs imposed by the United States and retaliatory tariffs imposed by targeted countries may adversely impact our revenue. Tariffs against semiconductor-producing countries such as Taiwan, and retaliatory tariffs by countries such as China, could cause a decrease in the sales of our products to customers, other customers selling to end users, or other global customers, which could materially and adversely affect our business, financial condition and results of operation.

The ultimate impact of any tariffs will depend on various factors, including the outcome of ongoing negotiations, the timing of implementation, and the amount, scope and nature of the tariffs. We are continuing to evaluate the potential impacts, as well as the options available to us for mitigating their impact.

Additionally, the ongoing conflict in the Middle East and the implications of these events has created global political and economic uncertainty. We are closely monitoring developments, including potential impact to our business, customers, suppliers, our employees and operations in Israel, the Middle East and elsewhere. At this time, the impact to indie is subject to change given the volatile nature of the situation.

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Refer to Part I, Item 1A of our 2024 Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as Part II, Item 1A of this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, under the heading "*Risk Factors*" for more information on our risks and uncertainties.

**OPERATING RESULTS**

***Comparison of the Three Months Ended September 30, 2025 and 2024***

***Revenue***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |  |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
| **(in thousands)** | $**% of<br>Revenue** | **% of<br>Revenue** | $**% of<br>Revenue** | **% of<br>Revenue** | **$ Change** | **% Change** |
| **Revenue:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenue |  | 95% |  | 95% | $(212) | (0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract revenue |  | 5% |  | 5% | (77) | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue |  | 100% |  | 100% | $(289) | (1)% |

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Revenue for the three months ended September 30, 2025 was $53.7 million, compared to $54.0 million for the three months ended September 30, 2024, a decrease of $0.3 million, which was primarily driven by a $0.2 million decrease in product revenue and a $0.1 million decrease in contract revenue. The decrease in product revenue was due primarily to change in product mix and average selling price, offset by an increase in volume of products sold.

***Operating Expenses*** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |  |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
| **(in thousands)** | $**% of<br>Revenue** | **% of<br>Revenue** | $**% of<br>Revenue** | **% of<br>Revenue** | **$ Change** | **%<br>Change** |
| **Operating expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold |  | 60% |  | 61% | $(557) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 71% |  | 85% | (7981) | (17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative |  | 39% |  | 39% | (32) | (0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  | 2% |  | 8% | (3280) | (76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses |  | 171% |  | 192% | $(11850) | (11)% |

---

Cost of goods sold for the three months ended September 30, 2025 was $32.2 million, compared to $32.7 million for the three months ended September 30, 2024. The decrease of $0.6 million or 2% was primarily due to a decrease of $0.9 million resulting from product mix and partially offset by a $0.5 million increase in volume of products sold, as described above.

Research and development expense for the three months ended September 30, 2025 was $38.0 million, compared to $46.0 million for the three months ended September 30, 2024. The decrease of $8.0 million or 17% was primarily due to a $7.8 million decrease in personnel cost as a result of the restructuring initiatives that took place in August 2024 and May 2025. We expect research and development expense to stabilize over time.

Selling, general and administrative expense for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 remained relatively flat.

Restructuring costs for the three months ended September 30, 2025 was $1,042 due to the 2025 Restructuring Plan initiated in May 2025. See *Note 3* — *2025 Restructuring Costs* for additional discussion of our 2025 Restructuring Plan. Total restructuring costs for the three months ended September 30, 2024 was related to a separate restructuring plan that took place in August 2024.

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***Other income (expense), net***

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| | | |
|:---|:---|:---|
| **(in thousands)** | **$ Change** | **%<br>Change** |
| **Other income (expense), net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $661 | 66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2168) | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from change in fair value of contingent considerations and acquisition-related holdbacks | 4529 | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (730) | (104)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | $2292 | (46)% |

---

Interest income for the three months ended September 30, 2025 was $1.7 million, compared to $1.0 million for the three months ended September 30, 2024. Interest income increased in the current period primarily as a result of higher cash balances due to the cash inflow from the 2029 Notes in December 2024.

Interest expense for the three months ended September 30, 2025 was $4.3 million, compared to $2.2 million for the three months ended September 30, 2024. Interest expense increased in the current period primarily as a result of the addition of the 2029 Notes in December 2024.

For the three months ended September 30, 2025, the change in fair value for contingent considerations and acquisition-related holdbacks was de minimus. During the three months ended September 30, 2024, we recognized a net loss from change in fair value of our contingent considerations and acquisition-related holdbacks of $4.5 million, which is primarily attributed to a net unrealized loss of $7.4 million for the contingent considerations related to the Exalos acquisition, offset by an net unrealized gain of $3.1 million for the contingent considerations and acquisition-related holdbacks related to the GEO acquisition.

Other income (expense) for the three months ended September 30, 2024 was $0.7 million. Other income (expense) relates primarily to the realized and unrealized foreign currency gains and losses during the period, which was primarily driven by a net gain of $0.5 million related to the change in fair value of our currency forward contracts entered during the periods.

***Income Taxes***

Income tax provision for the three months ended September 30, 2025 is primarily related to our foreign operations and a nonconsolidated U.S. subsidiary. Income tax benefit for the three months ended September 30, 2024 is primarily related to our foreign operations.

Refer to *Note* — 16, *Income Tax*, in our accompanying unaudited condensed consolidated financial statements for additional detail.

***Comparison of the nine months ended September 30, 2025 and 2024*** 

***Revenue***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |  |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
| **(in thousands)** | $**% of<br>Revenue** | **% of<br>Revenue** | $**% of<br>Revenue** | **% of<br>Revenue** | **$ Change** | **%<br>Change** |
| **Revenue:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenue |  | 95% |  | 94% | $2341 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract revenue |  | 5% |  | 6% | (1627) | (17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue |  | 100% |  | 100% | $714 | 0% |

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Revenue for the nine months ended September 30, 2025 was $159.4 million, compared to $158.7 million for the nine months ended September 30, 2024, an increase of $0.7 million, which was primarily driven by a $2.3 million increase in product revenue, partially offset by a $1.6 million decrease in contract revenue. The increase in product revenue was due primarily to change in product mix and increase in volume of products sold, partially offset by change in average selling price. The decrease in contract revenue of $1.6 million was primarily due to a large multi-year non-recurring engineering project that commenced in early 2022 that is winding down in the current year toward its completion stage.

***Operating expenses***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |  |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
| **(in thousands)** | $**% of<br>Revenue** | **% of<br>Revenue** | $**% of<br>Revenue** | **% of<br>Revenue** | **$ Change** | **%<br>Change** |
| **Operating expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold |  | 59% |  | 59% | $1334 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 74% |  | 86% | (18284) | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative |  | 37% |  | 38% | (2079) | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs |  | 5% |  | 3% | 3827 | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses |  | 175% |  | 186% | $(15202) | (5)% |

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Cost of goods sold for the nine months ended September 30, 2025 was $94.4 million, compared to $93.1 million for the nine months ended September 30, 2024. The increase of $1.3 million or 1% was primarily due to a $2.8 million increase in volume, $0.7 million increase attributable to a change in product mix and offset by $1.8 million decrease in products cost.

Research and development ("R&D") expense for the nine months ended September 30, 2025 was $118.6 million, compared to $136.9 million for the nine months ended September 30, 2024. This decrease of $18.3 million or 13% was primarily due to a $12.6 million decrease in personnel cost, a $4.6 million decrease in share-based compensation expense, and a $3.6 million decrease in various R&D program related expenses. Decreases in both the personnel cost and share-based compensation expense were primarily driven by a decrease in headcount resulting from the reduction in force that took place in August 2024 and May 2025 (including the 2025 Restructuring Plan). The decrease in R&D program expense reflects the wind-down of completed projects and the progression of the current development pipeline. We expect research and development expense to stabilize over time.

Selling, general and administrative expense for the nine months ended September 30, 2025 was $58.5 million, compared to $60.6 million for the nine months ended September 30, 2024. The decrease of $2.1 million or 3% was primarily due to a decrease in third party professional fees and a decrease in share-based compensation expense, as a result of the restructuring initiatives that took place in August 2024 and May 2025 (including the 2025 Restructuring Plan). We expect selling, general, and administrative expense to stabilize over time.

Restructuring costs for the nine months ended September 30, 2025 was $8.1 million due to the 2025 Restructuring Plan initiated in May 2025. See *Note 3* — *2025 Restructuring Costs* for additional discussion of our 2025 Restructuring Plan. Total restructuring costs for the nine months ended September 30, 2024 was due to a separate restructuring plan that took place in 2024.

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| | | |
|:---|:---|:---|
| **(in thousands)** | **$ Change** | **%<br>Change** |
| **Other income (expense), net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $2769 | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (6971) | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from change in fair value of contingent considerations and acquisition-related holdbacks | (23268) | (83)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from extinguishment of debt | 2623 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 862 | (880)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | $(23985) | (96)% |

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Interest income for the nine months ended September 30, 2025 was $6.1 million, reflecting an increase of $2.8 million or 82% from the nine months ended September 30, 2024. Interest income increased as a result of higher cash balances due to the cash inflow from the 2029 Notes in December 2024.

Interest expense for the nine months ended September 30, 2025 was $13.4 million compared to $6.4 million for the nine months ended September 30, 2024. Interest expense increased in the current period primarily as a result of the addition of the 2029 Notes in December 2024.

For the nine months ended September 30, 2025 and 2024, we recognized gains from change in fair value for contingent considerations and acquisition-related holdbacks. During the nine months ended September 30, 2025, we recognized a net gain from change in fair value of our contingent considerations and acquisition-related holdbacks of $4.9 million. The net gain is primarily attributed to a net unrealized gain of $0.6 million and $1.6 million for the contingent considerations related to the Exalos and Kinetic acquisitions, respectively, and a net realized gain of $2.7 million for the acquisition-related holdbacks related to the GEO acquisition. During the nine months ended September 30, 2024, we recognized a net gain from change in fair value of our contingent considerations and acquisition-related holdbacks of $28.2 million which is primarily contributed by an unrealized gain of $28.5 million and $3.2 million for the contingent considerations and acquisition-related holdback related to the GEO and Silicon Radar acquisitions, respectively, partially offset by an unrealized loss of $4.6 million for the contingent considerations related to Exalos.

Gain from extinguishment of debt of $2.6 million for the nine months ended September 30, 2025 resulted from the repurchase of our 2027 Notes in June 2025. See *Note 8* — *Debt* for additional discussion of the transaction related to the 2027 Notes.

Other income (expense) for the nine months ended September 30, 2025 and 2024 was $0.8 million and $(0.1) million, respectively. Other income (expense) relates primarily to the realized and unrealized foreign currency gains and losses during the period, which was primarily driven by a net gain of $1.3 million and a net loss of $0.7 million, respectively, related to the change in fair value of our currency forward contracts entered during the periods.

***Income Taxes***

Income tax provision for the nine months ended September 30, 2025 is primarily related to our foreign operations and a nonconsolidated U.S. subsidiary. Income tax benefit for the nine months ended September 30, 2024 is primarily related to our foreign operations.

Refer to Note 16 — *Income Tax*, in our accompanying unaudited condensed consolidated financial statements for additional detail.

**Liquidity and Capital Resources**

Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, working capital requirements related to inventory, accounts payable and general and administrative expenditures. In addition, from time to time, we use cash to fund our mergers and acquisitions, purchases of various capital, intellectual property and software assets and

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scheduled repayments for outstanding debt obligations. Our immediate sources of liquidity are cash, cash equivalents and funds anticipated to be generated from our operations, and available borrowings under our revolving credit facility and the issuance of Class A common stock under the ATM Agreement. We believe these sources of liquidity will be sufficient to meet our liquidity needs for at least the next 12 months. Our future capital requirements may vary from those currently planned and will depend on many factors, including our rate of sales growth, the timing and extent of spending on various business initiatives, including potential merger and acquisition activities, our international expansion, the timing of new product introductions, market acceptance of our solutions, and overall economic conditions including the potential impact of global supply imbalances, rising interest rates, inflationary pressures, and volatility in the global financial markets. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. We have cash deposits with large financial institutions that have stable outlooks and credit ratings as of November 7, 2025. These cash deposits may exceed the insurance provided on such deposits. As part of our cash management strategy going forward, we concentrate cash deposits with large financial institutions that are subject to regulation and maintain deposits across diverse retail banks.

Historically, we derive liquidity primarily from debt and equity financing activities as we have historically had negative cash flows from operations. On August 26, 2022, we entered into the ATM Agreement with the Sales Agents relating to shares of our Class A common stock. In accordance with the terms of the ATM Agreement, we may offer and sell shares of our Class A common stock having an aggregate offering price of up to $150.0 million from time to time through the Sales Agents, acting as our agent or principal. The ATM Agreement was previously registered on our registration statement on Form S-3 (Registration No. 333-267120) (the "2022 Registration Statement") which expired on September 7, 2025. Prior to its expiration, on August 29, 2025, we filed with the SEC a prospectus supplement to our automatic shelf registration on Form S-3ASR (Registration No. 333-285653) to register the offering of the unsold securities of $59.8 million pursuant to the ATM Agreement We implemented and renewed this program for the flexible access it provides to the capital markets. During the three and nine months ended September 30, 2025, there was no activity. As of September 30, 2025, and since the inception of the program we have raised gross proceeds of $90.2 million and issued 11,138,984 shares of Class A common stock at an average per-share sales price of $8.10 and had approximately $59.8 million available for future issuances under the ATM Agreement. As of September 30, 2025, we have incurred total issuance costs of $1.9 million since inception.

In December 2023, employees in Wuxi exercised options granted to them through the Wuxi Employee Equity Incentive Plan and contributed total capital of CNY88.0 million (or approximately $12.3 million) from option proceeds in preparation for a potential IPO in China. The funds were and will be used by Wuxi for general corporate purposes. Wuxi does not have an obligation to repay the collected capital to its employees in the case of an unsuccessful IPO.

On March 29, 2024, we entered into a revolving line of credit agreement with Wells Fargo Bank, National Association ("Wells Fargo") with a credit limit of $10.0 million, bearing interest at the Secured Overnight Financing Rate ("SOFR") plus 1.75%. The outstanding principal balance is due and payable in full on March 28, 2025. This revolving line of credit was renewed on March 29, 2025, and the outstanding principal balance is due and payable in full on March 27, 2026. Interest is payable monthly beginning on May 1, 2025 through the maturity date. Fees of $50 million incurred will be amortized over the life of the credit agreement. This line of credit required us to collateralize a cash balance equal to the total outstanding balance in a cash security account with Wells Fargo.

On December 6, 2024, we issued $218.5 million in aggregate principal amount of our 2029 Notes. The 2029 Notes will be convertible into cash, shares of common stock or a combination of cash and common stock at our election in accordance with the terms of the indenture governing the 2029 Notes. In connection with the 2029 Notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions. The capped call transactions are expected generally to reduce potential dilution to our common stock upon any conversion of 2029 Notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2029 Notes, as the case may be. We used approximately $23.4 million of the net proceeds from issuance of the 2029 Notes to pay the cost of the capped call transactions. We intend to use the remainder of the net proceeds from the issuance of the 2029 Notes for working capital and general corporate

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purposes, which may include potential acquisitions. Refer to *Note 8* — *Debt*, in our accompanying unaudited condensed consolidated financial statements for additional detail.

In June 2025, we entered into several separate, privately negotiated purchase agreements to repurchase $30 million in aggregate principal amount of our 2027 Notes at a discount. The repurchase was funded by cash on hand and accounted for as an extinguishment of debt. Concurrent with the repurchase, we repaid $0.1 million of accrued interest associated with the repurchased principal. Upon completion of this repurchase, $130 million principal amount of the 2027 Notes remains outstanding. Refer to *Note 8* — *Debt,* in our accompanying unaudited condensed consolidated financial statements for additional detail.

On September 26, 2025, we completed the acquisition of emotion3D, whereby Ay Dee Kay Ltd. acquired all of the outstanding common shares of emotion3D. The closing consideration consisted of (i) $17.7 million in cash as the initial cash consideration (including debt paid at closing and net of cash acquired) (ii) certain contingent considerations with total preliminary fair value of $7.3 million, payable in cash or Class A common stock at indie's sole election, subject to emotion3D's achievement of certain revenue-based milestones through February 28, 2027; and (iii) certain holdbacks and adjustments totaling $3.0 million subject to final release 24 months from the Deal Closing Date.

As of September 30, 2025, our balance of cash and cash equivalents, including restricted cash, was $171.2 million.

The following table summarizes our condensed consolidated cash flows for the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Change** |
|  | **2025** | **2024** | **%** |
| Net cash used in operating activities | $(42773) | $(51877) | (18)% |
| Net cash used in investing activities | (30227) | (16726) | 81% |
| Net cash (used in) provided by financing activities | (35926) | 23454) | (253)% |

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***Operating Activities***

Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, working capital requirements related to inventory, accounts payable and general and administrative expenditures.

For the nine months ended September 30, 2025, net cash used in operating activities was $42.8 million, which included net loss of $119.5 million and reflected adjustments for certain non-cash items and changes in operating assets and liabilities. Non-cash decreases primarily consisted of $6.2 million of net gains resulting from a change in fair value for contingent considerations and currency forward contracts, non-cash gain from extinguishment of debt of $2.6 million, and non-cash increases consisted of $50.6 million in share-based compensation expense and $30.4 million in depreciation and amortization. Changes in operating assets and liabilities from operations used $4.7 million of cash, primarily driven by a decrease in accounts payable and an increase in prepaid expenses and other current assets, offset by a decrease in inventory, and an increase in accrued wages and related costs.

Cash used in operating activities during the nine months ended September 30, 2024 was $51.9 million, which included net loss of $109.8 million and reflected adjustments for certain non-cash items and changes in operating assets and liabilities. Non-cash decreases primarily consisted of $27.5 million of net losses resulting from a change in fair value for contingent considerations and currency forward contracts, and non-cash increased consisted of $55.4 million in share-based compensation expense and $30.9 million in depreciation and amortization. Changes in operating assets and liabilities from operations used $8.8 million of cash, primarily driven by an increase in inventory and a decrease in accrued expenses, offset by a decrease in accounts receivable and an increase in accounts payable.

***Investing Activities***

Net cash used in investing activities for the nine months ended September 30, 2025 and 2024 was $30.2 million and $16.7 million, respectively. During the period ended September 30, 2025, the decrease in cash was due to the acquisition of emotion3D for $17.7 million, net of cash acquired, as well the purchase of capital expenditures for $12.5 million. During the period ended September 30,

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2024, the decrease in cash was primarily due to the acquisition of Kinetic for $3.2 million, net of cash acquired, as well as an increase in cash used of $12.5 million for the purchase of capital expenditures. We expect that we will make additional capital expenditures in the future, including licenses to various intangible assets, in order to support the future growth of our business.

***Financing Activities***

Net cash used in financing activities for the nine months ended September 30, 2025 was $35.9 million, which was primarily attributed to $26.8 million payments for repurchase of the 2027 Notes, $5.8 million of payments on financed software, and $2.5 million of payment in connection with the first contingent consideration under the Kinetic acquisition.

Net cash provided by financing activities for the nine months ended September 30, 2024 was $23.5 million, which was primarily attributed to $10.0 million of net proceeds from the issuance of the line of credit through Wells Fargo, $13.2 million of net proceeds from the issuance of Class A common stock through the ATM and $5.7 million of net proceeds from the issuance of a line of credit through the Bank of Ningbo Co., LTD, partially offset by payments of $2.0 million on debt obligations and payments of $4.4 million on financed software.

***Future Material Cash Obligations***

Following is a summary of our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Future Estimated Cash Payments Due by Period** | **Future Estimated Cash Payments Due by Period** | **Future Estimated Cash Payments Due by Period** | **Future Estimated Cash Payments Due by Period** | **Future Estimated Cash Payments Due by Period** |
| **Contractual Obligations** | **Less than<br>1 year** | **1 - 3 years** | **3-5 years** | **>5 years** | **Total** |
| Debt obligations | $14682 | $130000 | $218500 | $— | $363182 |
| Interest on debt obligations | 13498 | 21876 | 8866 |  | 44240 |
| Operating leases | 831 | 6550 | 5845 | 3698 | 16924 |
| Holdbacks payable in cash | 1970 | 1000 |  |  | 2970 |
| Total contractual obligations | $30981 | $159426 | $233211 | $3698 | $427316 |

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In connection with our acquisitions, we may be required to make future payments or issue additional shares of our common stock to satisfy certain earn-out requirements under the acquisition agreements.

**Critical Accounting Estimates**

The discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles ("GAAP"). The preparation of these financial statements requires us to make estimates and judgments in applying our most critical accounting policies that can have a significant impact on the results we report in our financial statements. The SEC has defined critical accounting estimates as those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on a registrant's financial condition or results of operations. Based on this definition, our most critical accounting estimates include revenue recognition, which impacts the recording of net revenue; business combinations, which impacts the fair value of acquired assets and assumed liabilities; and contingent considerations, which impact the fair value of assumed liabilities and the recording of other income (expense). We have other significant accounting policies that do not generally require subjective estimates or judgments or would not have a material impact on our results of operations. Our critical accounting policies and estimates are disclosed under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

There have been no material changes to our critical accounting policies and estimates as disclosed in our Annual Report on Form 10-K filed for the year ended December 31, 2024.

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**Recently Issued and Adopted Accounting Standards**

We describe the recently issued and adopted accounting pronouncements that apply to us in *Note 1 — Nature of Business and Basis of Presentation* to our condensed consolidated financial statements presented herein.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Foreign Currency Risk**

We have international operations, giving rise to exposure to market risks from changes in currency exchange rates. Our primary foreign currency exposures are the Canadian dollar, Chinese yuan/Renminbi, Euro, British pound sterling and Israeli New Shekel. Foreign exchange gains and losses that resulted from our international operations are included in the determination of *Net income (loss)*. The foreign currency translation exchange gain (loss) included in determining loss before income taxes was $0.0 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024 the foreign currency translation exchange gain (loss) included in determining loss before income taxes was $0.8 million. and ($0.1) million, respectively The year-over-year change was primarily related to the change in fair value of our currency forward contracts entered into during 2025. We also have intercompany loans with certain of our foreign subsidiaries that are long-term in nature. Repayments of such principal amounts are neither planned nor anticipated in the foreseeable future and are therefore treated analogous to equity for accounting purposes. As a result, the foreign exchange gains and losses on these borrowings are excluded from the determination of *Net income (loss)* and recorded as a component of *Accumulated other comprehensive income (loss)* in the consolidated balance sheets. A cumulative foreign currency translation loss of $10.3 million and $8.5 million related to our foreign subsidiaries is included in "*Accumulated other comprehensive loss*" within the Stockholders' Equity section of the condensed consolidated balance sheet at September 30, 2025 and 2024, respectively. The year-over-year change was primarily driven by the cumulative foreign currency translation loss recorded in relation to permanently invested intercompany loans as of September 30, 2025 as the exchange rate for the U.S. dollar fluctuates against foreign currencies. As our international operations grow, our risks associated with fluctuation in foreign currency rates will become greater, and we will continue to reassess our approach to managing this risk. In addition, currency fluctuations or a weakening U.S. dollar could increase the costs of our international expansion and operation. To mitigate the risk, we plan to enter into additional foreign currency forward contracts in the foreseeable future.

**Investment and Interest Rate Risk**

Our exposure to interest rate and general market risks relates principally to our investment portfolio, which consists of cash and cash equivalents and restricted cash (money market funds and marketable securities purchased with less than ninety days until maturity) and restricted cash that totals approximately $171.2 million as of September 30, 2025.

The main objectives of our investment activities are liquidity and preservation of capital. Our cash equivalent investments have short-term maturity periods that dampen the impact of market or interest rate risk. Credit risk associated with our investments is not material because our investments are diversified across securities with high credit ratings.

Given the objectives of our investment activities, and the relatively low interest income generated from our cash, cash equivalents, and other investments, we do not believe that investment or interest rate risks currently pose material exposures to our business or results of operations even in the current environment of rising interest rates.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Our management, including our Chief Executive Officer, who is our Principal Executive Officer and acting Principal Financial Officer, has conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of September 30, 2025 and based on this evaluation, have concluded that our disclosure controls and procedures were effective as of September 30, 2025 at a reasonable assurance level.

Per Rule 13a-15(e), the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the

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issuer's management, including its Principal Executive Officer and acting Principal Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In designing and evaluating disclosure controls and procedures, our management recognizes that any system of controls, however well designed and operated, can provide only reasonable assurance, and not absolute assurance, that the desired control objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals in all future circumstances. Accordingly, our disclosure controls and procedures must be designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15d during the quarter ended September 30, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

We are not party to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. The outcome of litigation is inherently uncertain, and there can be no assurances that favorable outcomes will be obtained. In addition, regardless of the outcome, such proceedings or claims can have an adverse impact on us, which may be material because of defense and settlement costs, diversion of resources and other factors.

**ITEM 1A. RISK FACTORS**

The business, financial condition, and operating results of the Company can be affected by many factors, whether currently known or unknown, including but not limited to those described in Part 1, Item 1A in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC") on March 3, 2025 under the heading "*Risk Factors*," any one or more of which could, directly or indirectly, cause the Company's actual financial condition and operating results to vary materially from past or our anticipated future financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company's business, financial condition, operating results, and stock price.

For the quarter ended September 30, 2025, there were no material changes to the Company's risk factors disclosed under the heading "*Risk Factors*" in Part 1, Item 1A in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, except as disclosed below.

**Risks Related to the Potential Wuxi Divestiture**

***The pendency of the Wuxi Divestiture may have an adverse effect on our business, financial condition, operating results and stock price.***

We are subject to risks in connection with the pendency of the Wuxi Divestiture. The occurrence of any of the following events individually, or in combination, could materially and adversely affect our business, financial condition and operating results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Wuxi Divestiture may not be completed, may be delayed or may be approved subject to materially burdensome conditions that we may be unable to satisfy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the Wuxi Divestiture is not completed, we may not be able to identify an alternate transaction, or if an alternate transaction is identified, such alternate transaction may not result in an equivalent price or on equivalent terms to what is proposed in the Wuxi Divestiture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the announcement and pendency of the Wuxi Divestiture may cause disruptions to our business, including any adverse changes in our relationships with our customers, strategic partners, suppliers, licensees, other business partners and employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•activities related to the Wuxi Divestiture may result in the diversion of our employees' and management's attention, which could otherwise be devoted to other opportunities that may be beneficial to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Wuxi Divestiture may lead to legal proceedings that may be instituted against us, our directors and others relating to the transactions contemplated by the Wuxi Asset Purchase Agreement.

In addition, we have incurred, and will continue to incur, costs, expenses and fees for professional services in connection with the Wuxi Divestiture, and such costs, expenses and fees are payable by us regardless of whether the Wuxi Divestiture is consummated.

Our and United Faith's obligations to consummate the Wuxi Divestiture are subject to the satisfaction or waiver of certain closing conditions, including, but not limited to, (i) receipt of shareholder approval of the purchase of all of the outstanding equity of Wuxi by United Faith's shareholders and (ii) the receipt of all required regulatory approvals of the sale of Wuxi, including approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission. There can be no assurance that the conditions to the completion of the Wuxi Divestiture will be satisfied in a timely manner or at all, that the requisite governmental approvals will be obtained, or that the governmental entities from which these approvals are required will not impose conditions on the completion,

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or require changes to the terms of, the Wuxi Divestiture. Any such conditions or changes could have the effect of jeopardizing or delaying completion of the Wuxi Divestiture.

If the Wuxi Divestiture is not completed, our stock price could fall to the extent that our current price reflects an assumption that the Wuxi Divestiture will be completed. Failure to complete the Wuxi Divestiture could negatively affect our stock price and may result in negative publicity and a negative impression of us in the investment community.

***Reporting Wuxi as "discontinued operations" may negatively impact our business, financial condition and operating results.***

During the period between entering into the Wuxi Asset Purchase Agreement and prior to closing the Wuxi Divestiture, the divestiture of Wuxi will meet the criteria to be reported as discontinued operations when we determine within the requisite period under applicable accounting guidance that it is probable that United Faith will receive all necessary local regulatory approvals.

For the three and nine months ended September 30, 2025, Wuxi accounted for 43% and 39% of our consolidated revenue and approximately 11% and 12% of our consolidated operating expenses for each period, respectively. Further, as of September 30, 2025, Wuxi accounted for approximately 10% and 2% of our consolidated total assets and total liabilities, respectively. Following any deconsolidation of Wuxi, we will no longer include any financial results of Wuxi in our future consolidated financial statements.

The Wuxi Divestiture may result in an impact to our future earnings if we are unable to offset the dilutive impact from the loss of revenue associated with Wuxi, which could have a material adverse effect on our results of operations and financial condition.

Additionally, if the Wuxi Divestiture is completed, we may face burdensome local and foreign tax consequences or restrictions on repatriating the cash consideration due both to the complexity of our corporate structure and multiple tax regimes as well as changes in, or new interpretations of, international tax treaties and structures.

***Litigation filed against us or United Faith could prevent or delay, or result in the payment of damages following, the completion of the Wuxi Divestiture.***

We and members of our Board of Directors may in the future be parties, among others, to various claims and litigation related to the pending Wuxi Divestiture. The results of complex legal proceedings are difficult to predict and could delay or prevent the Wuxi Divestiture from becoming effective in a timely manner. Moreover, any future additional litigation could be, time consuming and expensive, could divert management's attention away from indie's ongoing business, and, if any potential future lawsuit is adversely resolved, could have a material adverse effect on our financial condition and cash flows.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5.** **OTH** **ER** **INFORMATION**

Not applicable.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**ITEM 6. EXHIBITS.** 

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Exhibit** |
| [<u>2.1</u>](https://www.sec.gov/Archives/edgar/data/1769318/000121390020042670/ea131644ex2-1_thunder2.htm) | [<u>Master Transactions Agreement, dated effective December 14, 2020, by and among Surviving Pubco, Thunder Bridge II, the Merger Subs named therein, indie, the ADK Blocker Group, ADK Service Provider Holdco, and the indie Securityholder Representative named therein, and also included as Annex B-1 to the proxy statement/prospectus (previously filed as Exhibit 2.1 of Form 8-K filed by Thunder Bridge II with the SEC on December 15, 2020)</u>](https://www.sec.gov/Archives/edgar/data/1769318/000121390020042670/ea131644ex2-1_thunder2.htm) |
| [<u>2.2</u>](https://www.sec.gov/Archives/edgar/data/1769318/000121390021024386/fs42021a2ex2-2_thunder2.htm) | [<u>Amendment to Master Transactions Agreement, dated effective May 3, 2021, by and among Surviving Pubco, Thunder Bridge II, the Merger Subs named therein, indie, the ADK Blocker Group, ADK Service Provider Holdco, and the indie Securityholder Representative named therein (previously filed by Thunder Bridge II as Exhibit 2.2 of Form S-4/A filed with the SEC on May 4, 2021)</u>](https://www.sec.gov/Archives/edgar/data/1769318/000121390021024386/fs42021a2ex2-2_thunder2.htm) |
| [<u>2.3</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390021046448/ea146795ex2-1_indiesemi.htm) | [<u>Share Purchase Agreement, dated as of August 27, 2021, by and among indie, TeraXion, Purchaser and certain stockholders of TeraXion and their ultimate beneficial owners (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K filed by the registrant with the SEC on September 2, 2021)</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390021046448/ea146795ex2-1_indiesemi.htm) |
| [<u>2.4</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390023009986/ea173116ex2-1_indiesemi.htm) | [<u>Agreement and Plan of Merger, dated as of February 9, 2023, by and among indie, GEO, Merger Sub and Shareholder Representative Services LLC, as Securityholders' Agent (incorporated by reference to Exhibit 2.1 of indie's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390023009986/ea173116ex2-1_indiesemi.htm) |
| [<u>2.5</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390023077349/ea185338ex2-1_indiesemi.htm) | [<u>Share Sale and Purchase Agreement, dated as of September 18, 2023, by and among indie Semiconductor, Inc., Ay Dee Kay Ltd., and all the stockholders of Exalos AG (incorporated by reference to Exhibit 2.1 of the Form 8-K filed by the registrant with the SEC on September 18, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390023077349/ea185338ex2-1_indiesemi.htm) |
| [<u>2.6</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390025102817/ea026206501ex2-1_indie.htm) | [<u>Asset Purchase Agreement between United Faith Auto-Engineering Co., Ltd. And Ay Dee Kay LLC dated October 27, 2025 (incorporated by reference to Exhibit 2.1 of the Form 8-K filed by the registrant with the SEC on October 28, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1841925/000121390025102817/ea026206501ex2-1_indie.htm) |
| [<u>3.1</u>](https://www.sec.gov/Archives/edgar/data/1841925/000162828023023328/ex31amendedandrestatedcert.htm) | [<u>Amended and Restated Certificate of Incorporation of indie Semiconductor, Inc., filed with the Secretary of State of Delaware on June 5, 2025 (incorporated by reference to Exhibit 3.1 of the Form 8-K filed by the registrant with the SEC on June 6, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1841925/000162828025030009/ex31amendedandrestatedcert.htm) |
| [<u>3.2</u>](https://www.sec.gov/Archives/edgar/data/0001841925/000121390021032758/ea142795ex3-2_indiesemic.htm) | [<u>Amended and Restated Bylaws of indie Semiconductor, Inc. (incorporated by reference to Exhibit 3.2 of the Form 8-K filed by the registrant with the SEC on June 16, 2021)</u>](https://www.sec.gov/Archives/edgar/data/0001841925/000121390021032758/ea142795ex3-2_indiesemic.htm) |
| [<u>31.1</u>](indi-ex31_1.htm) | [<u>Principal Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](indi-ex31_1.htm) |
| [<u>31.2</u>](indi-ex31_2.htm) | [<u>Principal Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](indi-ex31_2.htm) |
| [<u>32</u>](indi-ex32.htm) | [<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](indi-ex32.htm) |
| 101 .INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document  |
| 101 .SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**SIGNATURE**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **INDIE SEMICONDUCTOR, INC.** | **INDIE SEMICONDUCTOR, INC.** | **INDIE SEMICONDUCTOR, INC.** |
| November 7, 2025 | By: | /s/ Donald McClymont | /s/ Donald McClymont |
|  |  | Name: | Donald McClymont |
|  |  | Title: | Chief Executive Officer, Acting Principal Financial and Accounting Officer, and Duly Authorized Officer |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Donald McClymont, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of indie Semiconductor, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| November 7, 2025 | /s/ Donald McClymont |
| Date | Donald McClymont |
|  | Chief Executive Officer<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO RULE 13a-14(a) AND RULE 15d-14(a)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Donald McClymont, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of indie Semiconductor, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| November 7, 2025 | /s/ Donald McClymont |
| Date | Donald McClymont |
|  | Chief Executive Officer |
|  | (Acting Principal Financial Officer) |

---

------

## Ex-32

**Exhibit 32**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of indie Semiconductor, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Donald McClymont, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge: (1). The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and (2). The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Donald McClymont |
| Donald McClymont |
| Chief Executive Officer |
| (Principal Executive Officer) |
| /s/ Donald McClymont |
| Donald McClymont |
| Chief Executive Officer |
| (Acting Principal Financial Officer) |
| November 7, 2025 |

---

------