Q4 2025 Indie Semiconductor Inc Earnings Call [BACKUP]

[Analyst]: Is radar on that list, or, or are we in just smaller volumes in, in YQ?

[Analyst]: Is radar on that list, or, or are we in just smaller volumes in, in YQ?

Donald McClymont: I mean, yeah, radar is still relatively small volume in the last quarter and this quarter, but in any design and any, and especially in a program of this magnitude, the first products that you ship are very much the most important. It cleans the pipe and proves the existence that the designs are real and the products are working. We have seen continued progress also in our vision chips. Basically, the drivers are coming from the ADAS side, our iND880 processor has been super successful. And now that we're beginning to bring to market a version of that chip, which also has an AI edge processor integrated in it, we're seeing continued momentum in that space also.

Donald McClymont: I mean, yeah, radar is still relatively small volume in the last quarter and this quarter, but in any design and any, and especially in a program of this magnitude, the first products that you ship are very much the most important. It cleans the pipe and proves the existence that the designs are real and the products are working. We have seen continued progress also in our vision chips. Basically, the drivers are coming from the ADAS side, our iND880 processor has been super successful. And now that we're beginning to bring to market a version of that chip, which also has an AI edge processor integrated in it, we're seeing continued momentum in that space also.

[Analyst]: And then a follow-up to the prior question just on the arc of radar through time, and it sounds like it just continues to scale, from what could be $30 to 50 million, you know, through 2029. But I think we've, we've talked about this business being a $100 million business in the past on an annual, annualized basis. Are you starting to get visibility on when we could get that? And would that be 2028, or, or would, would it be potentially sooner or so really when we get out to 2029?

[Analyst]: And then a follow-up to the prior question just on the arc of radar through time, and it sounds like it just continues to scale, from what could be $30 to 50 million, you know, through 2029. But I think we've, we've talked about this business being a $100 million business in the past on an annual, annualized basis. Are you starting to get visibility on when we could get that? And would that be 2028, or, or would, would it be potentially sooner or so really when we get out to 2029?

Donald McClymont: I mean, I think the answer to your question is yes, we are getting continued visibility improvement in this as we progress through the whole process of deployment. I mean, we're. It's probably a little early to call exactly when, what date that we cross $100 million, but, I mean, we are feeling increasingly confident and positive about where we're going with this right now. I mean, it's kind of driving us crazy, the amount of support work that we're having to do and the amount of supply chain expansion that we're having to do in order to prepare for it. So, I mean, if that gives you an indication of where we think we are, then I hope that's sufficient.

Donald McClymont: I mean, I think the answer to your question is yes, we are getting continued visibility improvement in this as we progress through the whole process of deployment. I mean, we're. It's probably a little early to call exactly when, what date that we cross $100 million, but, I mean, we are feeling increasingly confident and positive about where we're going with this right now. I mean, it's kind of driving us crazy, the amount of support work that we're having to do and the amount of supply chain expansion that we're having to do in order to prepare for it. So, I mean, if that gives you an indication of where we think we are, then I hope that's sufficient.

Operator: Our next question is from Cody Acree, with the Benchmark Company. Cody, is your line on mute?

Operator: Our next question is from Cody Acree, with the Benchmark Company. Cody, is your line on mute?

Donald McClymont: I think Cody actually already asked this question.

Donald McClymont: I think Cody actually already asked this question.

Cody Acree: Yeah. Yeah, actually, I've just had a quick follow-up, Donald. Sorry, I was on mute.

Cody Acree: Yeah. Yeah, actually, I've just had a quick follow-up, Donald. Sorry, I was on mute.

Donald McClymont: That's all right.

Donald McClymont: That's all right.

Cody Acree: Just your comment, lastly, about increasing your supply side. Last quarter, you mentioned your efforts to do a double source for some of your customer requests. Can you just update us on the progress there and just what are you looking forward to on spending for that?

Cody Acree: Just your comment, lastly, about increasing your supply side. Last quarter, you mentioned your efforts to do a double source for some of your customer requests. Can you just update us on the progress there and just what are you looking forward to on spending for that?

Donald McClymont: I mean, from packaging side, we enabled a new substrate supplier and also a new packaging house. So basically, now we have four combinations of substrate and packaging house that we can use. We do expect that we will also, for some of the very large volume programs, such as the radar program, bring on second source foundries, particularly as we need to have China for China and non-China for non-China supply base in that space. And I think, and I mean, in answer to your question, in the short term, we have had a little bit of increased OpEx, which we signaled in the last quarter, in order to cover some of that, which has now run through the books.

Donald McClymont: I mean, from packaging side, we enabled a new substrate supplier and also a new packaging house. So basically, now we have four combinations of substrate and packaging house that we can use. We do expect that we will also, for some of the very large volume programs, such as the radar program, bring on second source foundries, particularly as we need to have China for China and non-China for non-China supply base in that space. And I think, and I mean, in answer to your question, in the short term, we have had a little bit of increased OpEx, which we signaled in the last quarter, in order to cover some of that, which has now run through the books.

Donald McClymont: At this point, we're basically seeing our OpEx remaining reasonably flat through 2026. There may be a couple of bumps in the road as we spend on tooling, but it's, you know, each bump is probably, I mean, less than $1 million.

Donald McClymont: At this point, we're basically seeing our OpEx remaining reasonably flat through 2026. There may be a couple of bumps in the road as we spend on tooling, but it's, you know, each bump is probably, I mean, less than $1 million.

Operator: Thank you. There are no further questions at this time. I would like to hand the floor back over to Donald McClymont for any closing comments.

Operator: Thank you. There are no further questions at this time. I would like to hand the floor back over to Donald McClymont for any closing comments.

Donald McClymont: Well, thanks everybody for attending, and hope to see you at the conferences in the next few weeks.

Donald McClymont: Well, thanks everybody for attending, and hope to see you at the conferences in the next few weeks.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Volumes in the market.

I mean, you have radar.

Radar is still relatively small volume in the last quarter on this quarter, but.

And any design and any and especially in a program of this magnitude.

The first product that you ship are very much the most important.

Queens, the pipe and proves the existence.

The designs are real and the products are working.

We have seen continued progress also in our vision chips basically the drivers are coming from from the Adas side.

Or indeed, any 880 processor has been super successful and now that we're beginning to bring to market.

A version of that chip, which also has an AI edge processor integrated in it where we're seeing continued momentum in that space also.

And then a follow up.

Question just on the arc.

Radar through time and it sounds like it just continues to scale.

From what could be $30 million to $50 million.

Through 2029, but I think we.

Talking about this business being 100 million dollar business in the past on an annual basis annualized basis.

Are you starting to get visibility on when we could get back with.

Or would that be 2028 or or would would it be potentially sooner. So really when we get out to 2020.

I mean, I think the answer to your question is yes, we are getting continued visibility improvement and this is we as we progress through the whole process of deployment.

It's probably a little early to call exactly when what date that we cross $100 million Bucks I mean, we are feeling increasingly confident and positive about us about where we're going with us right in Ireland.

I mean, it is kind of driving us crazy they might've support work that we're having to do in the amount of supply chain.

The expansion that we're having to do in order to prepare for it. So I mean that gives you an indication of where we think we are then.

Hope thats sufficient.

Our next question is from Cody Acree with the benchmark company.

Yeah.

Yeah.

Okay.

Kony is your line on mute.

I think Cody actually already asked this question yeah, Yeah actually I've just had a quick follow up down sorry, I was on mute.

Just your comment lastly, about increasing your supply side last quarter you mentioned.

Your efforts too.

A double source for some of your customer requests can you just update us on the progress there and just what are you looking forward to on the spending for that.

I mean from from packaging side.

We enabled a new substrate supplier and also a new packaging house. So basically now we have four combinations of substrate in packaging hopes that we can use.

We do expect that.

We will also for some of the very large volume programs such as the radar program bring on second source foundries, particularly as we need to have.

China for China, and non China for non China supply base in that space.

And.

And I mean in answer to your question the short term.

We have had a little bit of increased opex, which we signaled in the last quarter.

Order to cover some of that which has now run through the books and at this point, we're basically seeing.

Our opex remaining reasonably flat through through 26, there maybe a couple of bumps in the road as we spend on tooling, but as you know each bump is probably less than a million dollars.

Thank you there are no further questions at this time I would like to hand, the floor back over to Donald may climb on for any closing comments.

Well, thanks, everybody for attending.

And I hope to see you at the conferences in the next few weeks.

This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.

Yeah.