indie Semiconductor, Inc. Leases Disclosure
The Company’s lease arrangements consist primarily of corporate and manufacturing facility agreements. The leases expire at various dates through 2035, some of which include options to extend the lease term. The options with the longest potential total lease term consist of options for extension of up to five years following expiration of the original lease term. All of the leases are operating leases. The Company is headquartered in Aliso Viejo, California and has various research and design centers, sales support offices, and manufacturing facilities throughout the world. The key lease terms for the principal locations are summarized below:
The Company holds a six-year operating lease for its 18,000 square foot headquarters in Aliso Viejo, California, which is payable monthly with periodic rent adjustments over the lease term. The lease required a security deposit of $30, which is recorded in other assets on the Company’s consolidated balance sheets. In November 2022, this lease was extended through the end of October 2028. Rent expense is approximately $40 per month.
In October 2021, the Company entered into a five-year operating lease for its design center in Austin, Texas. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expires in June 2027. Rent expense is approximately $14 per month.
In May 2021, the Company entered into a seven-year operating lease for a location in Detroit, Michigan, which is payable monthly with periodic rent adjustments over the lease term. The lease will expire in 2028 with a monthly rent of approximately $24 per month.
In March 2024, the Company entered into a six-year operating lease for an office in San Jose, California. Rent for the associated office is payable monthly over the lease term, which expires in April 2030. The lease requires a security deposit of $210. Rent expense is approximately $94 per month.
The Company holds a five-year operating lease for its Scotland Design Center in Edinburgh, Scotland, which is payable monthly with periodic rent adjustments over the lease term. On April 1, 2024, this lease was extended through the end of June 2029. Rent expense is approximately $18 per month.
The Company holds an operating lease for its location in Haifa, Israel. In February 2024, this lease was renewed for three-years through the end of January 2027. Rent expense is approximately $16 per month.
In August 2023, the Company entered into a ten-year operating lease for an office in Ontario, Canada in connection with the acquisition of GEO. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expires in February 2033. Rent expense is approximately $13 per month.
In October 2021, the Company acquired indie Canada and assumed its existing operating lease for an office building and a warehouse in Quebec City, Canada. Rent for the associated office is payable at approximately $58 per month. The lease will expire on May 31, 2032.
In September 2023, the Company entered into a five-year operating lease for an office in Schlieren, Switzerland in connection with the acquisition of indie Switzerland. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expires in February 2028. Rent expense is approximately $15 per month.
In November 2022, the Company entered into an operating lease in Shanghai, China. Rent expense is approximately $14 per month. This lease will expire on January 15, 2026.
In November 2022, the Company entered into a three-year operating lease in Suzhou, China. This lease was extended through the end of November 2026. Rent expense is approximately $7 per month.
The company holds an operating lease for its location in Budapest, Hungary. In May 2024, this lease was renewed for two-years through the end of June 2026. Rent expense is approximately $7 per month.
In January 2024, the Company entered into a five-year operating lease in Frankfurt (Oder), Germany. Rent expense is approximately $9 per month. This lease will expire on December 31, 2028.
In May 2025, the Company entered into a ten-year operating lease in Nuremburg, Germany. Rent for the associated office is payable monthly with periodic rent adjustments over the lease term, which expires in April 2035. Rent expense is approximately $10 per month.
The total monthly rent for the remaining locations of the Company around the world is not material.
The Company recorded $882 of impairment charges related to certain right-of-use assets for the year ended December 31, 2024 as part of its restructuring initiative that commenced in August 2024 (see Note 4 - Restructuring costs).
The table below represents lease-related assets and liabilities recorded on the consolidated balance sheet as of December 31, 2025 and 2024 are as follows:
|
|
Balance Sheet Classification |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Assets |
|
|
|
|
|
|
|
|
||
Operating lease right-of-use assets |
|
Operating lease right-of-use assets |
|
$ |
14,363 |
|
|
$ |
16,107 |
|
|
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
|
|
||
Operating lease liabilities (current) |
|
|
$ |
3,227 |
|
|
$ |
2,984 |
|
|
Operating lease liabilities (noncurrent) |
|
Operating lease liability, non-current |
|
|
13,046 |
|
|
|
14,278 |
|
Total lease liabilities |
|
|
|
$ |
16,273 |
|
|
$ |
17,262 |
|
Lease Costs
The following lease costs were included in the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease cost |
|
$ |
4,280 |
|
|
$ |
4,237 |
|
|
$ |
3,406 |
|
Short-term lease cost |
|
|
— |
|
|
|
— |
|
|
|
17 |
|
Variable lease cost |
|
|
586 |
|
|
|
473 |
|
|
|
179 |
|
Total lease cost |
|
$ |
4,866 |
|
|
$ |
4,710 |
|
|
$ |
3,602 |
|
Supplemental Information
The table below presents supplemental information related to operating leases as of December 31, 2025 and 2024:
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
4,174 |
|
|
$ |
3,888 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
$ |
1,123 |
|
|
$ |
5,172 |
|
Weighted average remaining lease term — operating leases |
|
5.03 years |
|
|
5.37 years |
|
||
Weighted average discount rate — operating leases |
|
|
6.56 |
% |
|
|
6.47 |
% |
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as December 31, 2025:
2026 |
|
$ |
4,193 |
|
2027 |
|
|
4,120 |
|
2028 |
|
|
3,834 |
|
2029 |
|
|
2,866 |
|
2030 |
|
|
1,759 |
|
Thereafter |
|
|
2,388 |
|
Total minimum lease payments |
|
|
19,160 |
|
Less imputed interest |
|
|
(2,887 |
) |
Present value of future minimum lease payments |
|
|
16,273 |
|
Less current obligations under leases |
|
|
(3,227 |
) |
Long-term lease obligations |
|
$ |
13,046 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.