Key Highlights

  • Shares are trading 3.16% lower at $1.69 on Wednesday, October 28, 2026, against a 52-week range of $1.59 to $5.76.
  • Short interest was 64,366,412 shares at the October 15 settlement, up 3,190,417 from September 30.
  • Days to cover were 11.76, with the short count equal to about 27.8% of shares outstanding (calculated).
  • Second-quarter revenue was $64.0 million, up 24%, and third-quarter guidance is $67 million to $73 million.
  • Cash and equivalents were $139.0 million against total debt of about $416.1 million at June 30.

indie Semiconductor Slips: Why Is a Heavily Shorted Stock Trading Lower?

indie Semiconductor (NASDAQ:INDI) shares are trading 3.16% lower at $1.69 on Wednesday, October 28, 2026, an implied prior close of about $1.75 (calculated). The 52-week range runs from $1.59 to $5.76, so the stock sits close to the bottom of that band.

No dated company release explains today's move. The most recent announcement was on October 21, when the company said its superluminescent LEDs had completed final space qualification and were selected for the Copernicus CHIME hyperspectral imaging mission. The release gave no contract value or delivery schedule.

indie, based in Aliso Viejo, California, designs automotive semiconductors, photonics and perception software for driver assistance, with radar, computer vision, LiDAR and ultrasound lines. It also targets humanoid robotics and quantum technology. The market capitalization is about $392 million (calculated from 231.81 million shares).

Short Interest at 64.4 Million Shares: What Could It Mean for the Move?

Short-interest data for the settlement date of October 15, 2026 show 64,366,412 shares sold short, up 3,190,417 from 61,175,995 on September 30. That equals about 27.8% of shares outstanding (calculated), and days to cover were 11.76.

A high short count relative to trading volume means price swings can be amplified in either direction. Rising prices can force short sellers to buy back shares, while further declines can reinforce the bearish positioning. The figure shows positioning only and does not predict direction.

Second-Quarter Results: How Large Are the Losses Behind 24% Growth?

Revenue for the quarter ended June 30 was $64.0 million, up 24% from a year earlier, with product revenue of $60.5 million and contract revenue of $3.5 million. The GAAP operating loss narrowed to $35.1 million from $43.0 million, and the non-GAAP operating loss to $8.9 million from $14.5 million.

The GAAP net loss attributable to indie was $37.1 million, or $0.17 per share, while the non-GAAP loss was $0.05 per share. Adjusted EBITDA was a loss of $6.5 million, improved from a loss of $12.5 million a year earlier.

Cash and equivalents were $139.0 million, down from $145.5 million at December 31, 2025, with a further $10.0 million restricted. Total debt was about $416.1 million, made up of $12.3 million current and $403.7 million long-term.

Design Wins and Third-Quarter Guidance: Can Radar and Physical AI Fill the Gap?

Third-quarter revenue is guided to $67 million to $73 million, about 30% year-over-year growth at the midpoint. Roughly $40 million is expected from the core business and $30 million from Wuxi indie Micro.

Highlights in the second quarter included a radar design win with a Tier 1 supplier supporting Volvo, physical AI sensing wins at Unitree and Agibot, new iND880 vision processor wins with China OEMs, and a record quarter for quantum bookings. The company also launched the iND881 edge AI chip for automotive and physical AI use.

What to Watch Next: November 5 Results and the October 30 Short-Interest Settlement

indie is scheduled to report third-quarter results on November 5, 2026, when revenue will be measured against the $67 million to $73 million range. The next short-interest settlement is October 30, 2026, with publication expected around November 10.