indie Semiconductor Inc. (NASDAQ: INDI) shares tumbled 5.79% in pre-market trading on Friday, following the release of its third-quarter 2025 financial results. The automotive semiconductor company's performance fell short of analyst expectations and included a disappointing outlook for the fourth quarter, causing investor concern.

For Q3, indie Semiconductor reported revenue of $53.7 million, slightly below the analyst estimate of $54 million. While this represents only a minor miss, the company's forward guidance appears to have spooked investors. The company expects fourth-quarter revenue between $54 million and $60 million, with adjusted gross margins in the range of 46% to 47%. Furthermore, management noted that shortages in the supply of package substrates are expected to negatively impact fourth-quarter revenue by approximately $5 million.

Despite some positive developments, including an expanded strategic backlog of $7.4 billion and new design wins in ADAS and industrial markets, investors seem to be focusing on the near-term challenges. The widened operating loss of $38.3 million for Q3, compared to a loss of $49.9 million in the same quarter last year, may also be contributing to concerns about the company's path to profitability. As indie Semiconductor continues to navigate supply chain issues and work towards improving its financial performance, market participants will likely be closely monitoring the company's progress in the coming quarters.