indie Semiconductor, Inc. Revenue Disclosure
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 years ended December 31, 2025, 2024 and 2023:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
33,386 |
|
|
$ |
38,197 |
|
|
$ |
53,558 |
|
Greater China |
|
|
102,872 |
|
|
|
98,307 |
|
|
|
101,323 |
|
Europe |
|
|
42,855 |
|
|
|
37,337 |
|
|
|
36,042 |
|
South Korea |
|
|
15,049 |
|
|
|
15,211 |
|
|
|
18,768 |
|
Rest of North America |
|
|
3,229 |
|
|
|
4,438 |
|
|
|
8,475 |
|
Rest of Asia Pacific |
|
|
18,498 |
|
|
|
21,245 |
|
|
|
2,949 |
|
South America |
|
|
1,505 |
|
|
|
1,947 |
|
|
|
2,054 |
|
Total |
|
$ |
217,394 |
|
|
$ |
216,682 |
|
|
$ |
223,169 |
|
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 consolidated balance sheet as of December 31, 2025 and 2024:
|
|
|
|
December 31, |
|
|||||
|
|
Balance Sheet Classification |
|
2025 |
|
|
2024 |
|
||
Unbilled revenue |
|
Prepaid expenses and other current assets |
|
$ |
4,814 |
|
|
$ |
9,154 |
|
Contract liabilities |
|
Accrued expenses and other current liabilities |
|
$ |
4,601 |
|
|
$ |
2,735 |
|
During the year ended December 31, 2025, 2024 and 2023, the Company recognized $2,001, $1,708, and $1,734, 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 consolidated balance sheet and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2025, the amount of performance obligations that have not been recognized as revenue was $2,139, 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
As identified below, one of our customers accounted for more than 10% of the Company’s total revenue for the year ended December 31, 2023. No individual customer accounted for more than 10% of the Company’s total revenue for the years ended December 31, 2025 and 2024:
|
|
December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Customer A |
|
|
6.0 |
% |
|
|
9.3 |
% |
|
|
14.8 |
% |
The loss of this customer would have a material impact on the Company’s consolidated financial results.
Two large customers represented 11% and 10% of accounts receivable as of December 31, 2025, respectively. One large customer represented 11% of accounts receivable as of December 31, 2024. No other individual customer represented more than 10% of accounts receivable at December 31, 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.