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indie Semiconductor cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$23.1M in Q3 2026 · −$96.5M over twelve months

Operating cash flow−$22.4M
Capital spending−$703K
Free cash flow−$23.1M
Cash conversion cycle188 days

Analysis

In Q3 2026, indie Semiconductor generated −$22.4M of operating cash flow and spent $703K on capital projects, leaving free cash flow of −$23.1M. That is $12.8M less than in Q3 2025 (−$10.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$87.7M; the largest uses were other financing ($113M), operating cash flow ($87.7M), capital spending ($8.8M); besides operations, cash came from net borrowing (+) / repaid (−) ($181M), shares issued ($4K); the cash balance fell by $26.9M.

Operating cash flow was −$22.4M against net income of −$39.9M. The largest differences: stock-based pay +$23.0M, inventory −$12.4M, receivables −$11.2M.

Its cash conversion cycle was 188 days (receivables 96 + inventory 142 − payables 51).

Free cash flow

indie Semiconductor: free cash flow by quarterindie Semiconductor: free cash flow by quarter−$8.6MQ4 2024−$31.4MQ1 2025−$13.6MQ2 2025−$10.3MQ3 2025−$16.1MQ4 2025−$25.3MQ1 2026−$32.0MQ2 2026−$23.1MQ3 2026
Operating cash flow less capital spending.
indie Semiconductor: operating cash flow against capital spendingindie Semiconductor: operating cash flow against capital spendingOperating cash flowCapital spending−$6.7M$1.8MQ4 2024−$29.0M$2.4MQ1 2025−$7.6M$6.0MQ2 2025−$6.2M$4.2MQ3 2025−$14.4M$1.7MQ4 2025−$22.1M$3.2MQ1 2026−$28.9M$3.1MQ2 2026−$22.4M$703KQ3 2026
Latest (Q3 2026): Operating cash flow −$22.4M, Capital spending $703K.

Capital allocation, year by year

indie Semiconductor: where the cash came from (up) and went (down), by fiscal yearindie Semiconductor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$55.8MFY2021: Net borrowing −$16.8MFY2021: Shares issued $66KFY2021: Capital spending −$2.7MFY2021: Acquisitions −$80.3M$66KFY2021FY2022: Operating cash flow −$76.7MFY2022: Net borrowing $159MFY2022: Shares issued $42.0MFY2022: Capital spending −$7.6MFY2022: Acquisitions −$8.7MFY2022: Buybacks −$7.4M$201MFY2022FY2023: Operating cash flow −$104MFY2023: Net borrowing −$11.7MFY2023: Shares issued $31KFY2023: Capital spending −$12.8MFY2023: Acquisitions −$95.0M$31KFY2023FY2024: Operating cash flow −$58.6MFY2024: Net borrowing $222MFY2024: Shares issued $53KFY2024: Capital spending −$14.3MFY2024: Acquisitions −$3.2M$222MFY2024FY2025: Operating cash flow −$57.1MFY2025: Net borrowing −$1.6MFY2025: Shares issued $6KFY2025: Capital spending −$14.3MFY2025: Acquisitions −$17.7M$6KFY2025
Over these 5 years operating cash flow totalled −$353M; the largest uses were operating cash flow ($353M) and acquisitions ($205M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$134M
Debt$430M
Net debt$296M
Due within a year$13.9M
Cash runway17 months

indie Semiconductor is burning cash: its operations consume cash, a free cash flow of −$96.5M a year at the current rate against $134M of cash and investments: a runway of about 17 months; $13.9M of debt also comes due within a year, which the cash covers before any new financing.

indie Semiconductor: debt maturities by year (FY2025)indie Semiconductor: debt maturities by year (FY2025)$13.9MYear 1$130MYear 2$218MYear 4
Principal due in each year as disclosed in the annual report, against $134M of cash and investments now.

Where the cash came from and went

indie Semiconductor: sources (+) and uses (−) of cash, Q3 2026indie Semiconductor: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$22.4MNet borrowing (+) / repaid (−)$12.9MOther financing$6.4MCash drawn (+) / kept (−)$4.7MExchange rates−$1.0MCapital spending−$703KShares issued$1K
indie Semiconductor: sources (+) and uses (−) of cash, TTM to Q3 2026indie Semiconductor: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$181MOther financing−$113MOperating cash flow−$87.7MCash drawn (+) / kept (−)$26.9MCapital spending−$8.8MExchange rates$1.3MShares issued$4K

From profit to cash

indie Semiconductor: net income to operating cash flow, Q3 2026indie Semiconductor: net income to operating cash flow, Q3 2026Net income−$39.9MStock-based pay$23.0MReceivables−$11.2MInventory−$12.4MPayables$2.4MAccrued liabilities$3.5MEmployee-related liabilities$2.6MPrepaid and other assets$3.1MOther liabilities−$1.5MOperating cash flow−$22.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20269614251188
Q2 20269113955175
Q1 20269613861174
Q4 20258811952155
Q3 20259613255173
Q2 202510814157192
Q1 20259613967168
Q4 20248614175152

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$22.4M−$703K—$12.9M$1K$4.7M−$23.1M
Q2 2026−$28.9M−$3.1M—$78K$1K$35.7M−$32.0M
Q1 2026−$22.1M−$3.2M—$169M—−$29.0M−$25.3M
Q4 2025−$14.4M−$1.7M—−$883K$2K$15.4M−$16.1M
Q3 2025−$6.2M−$4.2M−$17.7M−$2.6M$3K$31.7M−$10.3M
Q2 2025−$7.6M−$6.0M—$2.0M—$44.1M−$13.6M
Q1 2025−$29.0M−$2.4M—−$2.9M$1K$37.6M−$31.4M
Q4 2024−$6.7M−$1.8M—$207M—−$177M−$8.6M

indie Semiconductor: income statement and cash flow

indie Semiconductor, Q3 2026: revenue $70.2M (+31% year over year), operating margin -55.5%. The chart follows the revenue to costs, profit and cash.

indie Semiconductor: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.