indie Semiconductor, Inc.

Good afternoon, and welcome to Indy Semiconductor's fourth quarter 2025 earnings call. Currently, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. I will now turn the call over to Ashish Gupta, investor relations. Mr. Gupta, please go ahead.

Thank you, operator. Good afternoon, and welcome to Indy Semiconductor's fourth quarter 2025 earnings call. Joining me today are Dalma Climate, Indy's CEO and co-founder, Naishi Wu, Indy's CFO, and Mark Tindall, EVP of Corporate Development and Investor Relations. Dalma will provide opening remarks and discuss business highlights. Naishi will then provide a review of Indy's Q4 results and business outlook. Please note that we'll be making forward-looking statements based on our current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views Only as of today, it should not be relied upon as representative of use as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For material risks and other important factors that could affect our financial results, please review our review our risk factors and annual report on Form 10-K for the fiscal year ended December 31, 2024, as supplemented by our quarterly reports on Form 10-Q, as well as other public reports filed with the SEC. Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures, such as non-GAAP operating loss, non-GAAP net loss, and non-GAAP net loss per share. For complete reconciliation to GAAP and the definition of the non-GAAP reconciling items, Please see our key for earnings press release in addition to a presentation summarizing our quarterly results and more details on our non-GAAP measures as posted on our website in advance of this call at www.indy.inc. I'm now turning the call over to Donald.

Thanks, Ashish, and welcome, everybody. Indy delivered a solid fourth quarter with revenue of $58 million, exceeding the midpoint of our outlook by $1 million and up 8% sequentially. Let me provide some context on the market environment before turning to our business achievements. First, on our markets, the automotive industry is entering a pivotal new phase as ADAS or advanced driver assistance systems and automated driving and safety functionality are rapidly maturing beyond optional or premium features and into standardization at L2 and above. OEMs across all vehicle classes are recognizing that consumers expect a baseline of active safety features, including lane assist, automatic emergency braking, blind spot detection, and collision warnings. These trends reveal a market undergoing structural transformation where software-defined intelligence, regulatory readiness, and scalable sensor technology are reshaping the competitive landscape. This continues to present a significant opportunity for Indy to capitalize on by leveraging its technology investments for the readiness of these mass market ADAS segments. Additionally, the humanoid robotics market is rapidly transitioning from research labs to industrial and real-life applications. This creates exciting opportunities that we're actively pursuing today, and we plan to expand our activities here going forward. Our ADAS and automotive technologies align perfectly with humanoid sensing requirements by providing the robot eyes and ears. To that end, we are already seeing strong adoption of our radar vision and even interface solutions by industry leaders, both in the US and China. For example, our vision products have been deployed by companies including Figure AI and Unitree, amongst others. Powered by breakthrough advances in embodied AI, evolving workforce needs, and decreasing manufacturing costs, through shared automotive components. This dynamic industry is accelerating towards becoming a major global economic driver by the 2030s. Let me now turn to our recent business progress and key achievements during the past quarter. Beginning with radar, our tier one partner, who launched their Gen 8 77 gigahertz radar solution in Q4, is rapidly gaining strong commercial traction with even more global OEMs, including car manufacturers from Northern and Central Europe, North America, Japan, China, and India, with models ranging from entry-level through mid-tier, high-end passengers' cars, and all the way to high-value commercial vehicles. The Indy-based solution delivers far superior performance and cost basis compared to competing and previous generation products, additionally earning acclaim at CES this January. We began initial shipments to our Tier 1 partner in December as planned, and are scaling production to fulfill the massive opportunity estimated at well above 50 million units and annual demand once we are beyond the ramp-up phase. To support this ramp and mitigate allocation issues, we're expanding our production capabilities, including porting designs to second-source foundries here in the U.S., satisfying local supply sourcing demands. We're also securing additional backend and test capacity at multiple suppliers to be prepared for the ramp. With these measures in place, INDI will be well positioned to fulfill the growing demand. Looking ahead, we are now in the midst of the definition of our next generation radar platforms, which will deliver further competitive advantage in performance, cost, and functionality significantly beyond current levels. Overall, I'm extremely pleased with the progress of the current generation radar rollout and expect momentum to build through 26 and beyond. Within our vision portfolio, we see continued momentum with design wins for our industry-leading image signal processor SOCs, including our IND880 and our AI-based edge processor. Our DRAMless architecture is creating new opportunities for us as it allows our customers to overcome the current memory supply issues while reducing the bill of materials and lowering system resource demands on AI processors. With this technology, we have secured new design wins in e-meter and camera meter systems of leading Tier 1s across passenger vehicles and trucks, with production beginning in late 26 and continuing for several years. Within the China market, we have recently secured a design win with the leading electric vehicle manufacturer with our IND880, for a camera mirror system, which is expected to start ramping towards the middle of 2026. This is a very critical design win for Indy, as we believe it will open more strategic opportunities going forward for our ADAS portfolio at this key customer. In Q4, Indy completed the integration of Emotion3D, creating a powerful ecosystem that unites AI-based perception algorithms with our hardware SOC capabilities, offering flexible standalone or integrated solutions within the cabin for driver and occupancy monitoring. Additionally, we have recently announced a strategic partnership with Mahindra, a leading Indian passenger and commercial vehicle manufacturer, for the supply of our perception software for the Electric Origin SUV series, including XEV9E and BE6. From our photonics business unit, we were awarded a design win, including NRE for a distributed feedback laser for a LIDAR application outside of the automotive market, potentially opening new opportunities in diverse market applications where high-precision, high-speed 3D spatial information for real-time detection is critical. In addition, we have secured our largest booking of LXM lasers to date, supporting key customers in quantum communications and sensing as our success continues in this adjacent quantum market. Within our power group, the Qi 2.0 wireless charging platform production with Ford remains on track for the first half of 2026, with adoption from multiple subsequent OEMs expected to follow. Indy is already gaining significant traction for our Qi 2.2 25 watt wireless charging solution, which offers seamless scalability via firmware upgrade. Moving to the Qi 2.2 solution enables faster power delivery, stronger magnetic alignment, and broader device interoperability without replacing hardware, making this a highly attractive solution for customers and partners. This product is already demonstrating strength as evidenced by a leading Tier 1 wireless charging partner upscaling to our Qi 2.2 platform with another North American OEM. Recall, on our previous call, we highlighted the shortage of package substrates prevalent in the industry, caused by ever-increasing demand for AI chips. We are pleased to report we have made meaningful progress by qualifying second-source package and substrate vendors. However, we expect the broader supply environment to remain constrained, and we will need to remain laser-focused to manage the situation through 2026. I will now turn the call over to Naishi for a review of our Q4 results and business outlook.