Indie Semiconductor Inc. (INDI) experienced a sharp decline of 24.50% in after-hours trading following the release of its first quarter 2026 financial results.

The automotive chipmaker reported revenue of $55.5 million for Q1 2026, representing a 3% year-over-year increase and slightly above analyst estimates of $55.1 million. However, the company's GAAP operating loss remained substantial at $38.9 million, roughly flat compared to the same period last year. On an adjusted basis, the operating loss was $11.1 million.

While the company received a significant $25 million production order for a radar chipset and provided Q2 revenue guidance of $59-65 million, investors appeared focused on the persistent losses and the slow pace of progress toward profitability, leading to the severe after-hours sell-off.