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Side-by-side financial comparison of AMERICAN BATTERY TECHNOLOGY Co (ABAT) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $4.8M, roughly 12.2× AMERICAN BATTERY TECHNOLOGY Co). indie Semiconductor, Inc. runs the higher net margin — -53.8% vs -195.0%, a 141.1% gap on every dollar of revenue. On growth, AMERICAN BATTERY TECHNOLOGY Co posted the faster year-over-year revenue change (1331.8% vs -0.0%).
American Battery Technology Company, formerly American Battery Metals Corporation, is a US-based battery recycling technology startup founded in 2011. It employs a hydrometallurgical process to recycle batteries and a targeted extraction system to extract raw materials from primary resources.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
ABAT vs INDI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $58.0M |
| Net Profit | $-9.3M | $-31.2M |
| Gross Margin | -33.6% | 37.3% |
| Operating Margin | -207.5% | -58.5% |
| Net Margin | -195.0% | -53.8% |
| Revenue YoY | 1331.8% | -0.0% |
| Net Profit YoY | 30.7% | 9.1% |
| EPS (diluted) | $-0.07 | $-0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.8M | $58.0M | ||
| Q3 25 | $937.6K | $53.7M | ||
| Q2 25 | $2.8M | $51.6M | ||
| Q1 25 | $980.0K | $54.1M | ||
| Q4 24 | — | $58.0M | ||
| Q3 24 | — | $54.0M | ||
| Q2 24 | — | $52.4M | ||
| Q1 24 | — | $52.4M |
| Q4 25 | $-9.3M | $-31.2M | ||
| Q3 25 | $-10.3M | $-38.3M | ||
| Q2 25 | $-10.2M | $-39.0M | ||
| Q1 25 | $-11.5M | $-34.5M | ||
| Q4 24 | — | $-34.4M | ||
| Q3 24 | — | $-49.7M | ||
| Q2 24 | — | $-19.2M | ||
| Q1 24 | — | $-31.2M |
| Q4 25 | -33.6% | 37.3% | ||
| Q3 25 | -375.1% | 40.1% | ||
| Q2 25 | -92.6% | 40.6% | ||
| Q1 25 | -274.5% | 41.7% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 42.2% | ||
| Q1 24 | — | 42.5% |
| Q4 25 | -207.5% | -58.5% | ||
| Q3 25 | -1080.8% | -71.4% | ||
| Q2 25 | -280.1% | -83.3% | ||
| Q1 25 | -1086.3% | -72.0% | ||
| Q4 24 | — | -58.4% | ||
| Q3 24 | — | -92.5% | ||
| Q2 24 | — | -70.0% | ||
| Q1 24 | — | -94.8% |
| Q4 25 | -195.0% | -53.8% | ||
| Q3 25 | -1098.5% | -71.3% | ||
| Q2 25 | -366.4% | -75.6% | ||
| Q1 25 | -1173.1% | -63.9% | ||
| Q4 24 | — | -59.2% | ||
| Q3 24 | — | -92.1% | ||
| Q2 24 | — | -36.6% | ||
| Q1 24 | — | -59.6% |
| Q4 25 | $-0.07 | $-0.16 | ||
| Q3 25 | $-0.09 | $-0.19 | ||
| Q2 25 | $-0.09 | $-0.20 | ||
| Q1 25 | $-0.14 | $-0.18 | ||
| Q4 24 | — | $-0.18 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | — | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.9M | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $119.0M | $358.0M |
| Total Assets | $123.3M | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.9M | $145.5M | ||
| Q3 25 | $30.9M | $160.9M | ||
| Q2 25 | $7.5M | $192.6M | ||
| Q1 25 | $7.8M | $236.6M | ||
| Q4 24 | — | $274.2M | ||
| Q3 24 | — | $96.9M | ||
| Q2 24 | — | $112.3M | ||
| Q1 24 | — | $138.2M |
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $119.0M | $358.0M | ||
| Q3 25 | $96.0M | $369.2M | ||
| Q2 25 | $70.6M | $390.4M | ||
| Q1 25 | $65.6M | $405.6M | ||
| Q4 24 | — | $417.9M | ||
| Q3 24 | — | $458.6M | ||
| Q2 24 | — | $470.7M | ||
| Q1 24 | — | $432.9M |
| Q4 25 | $123.3M | $840.8M | ||
| Q3 25 | $101.5M | $855.1M | ||
| Q2 25 | $84.5M | $867.6M | ||
| Q1 25 | $76.5M | $909.0M | ||
| Q4 24 | — | $941.4M | ||
| Q3 24 | — | $797.5M | ||
| Q2 24 | — | $797.3M | ||
| Q1 24 | — | $803.6M |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-9.8M | $-14.4M |
| Free Cash FlowOCF − Capex | — | $-16.1M |
| FCF MarginFCF / Revenue | — | -27.8% |
| Capex IntensityCapex / Revenue | — | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | $-14.4M | ||
| Q3 25 | $-7.1M | $-6.2M | ||
| Q2 25 | — | $-7.6M | ||
| Q1 25 | $-10.3M | $-29.0M | ||
| Q4 24 | — | $-6.7M | ||
| Q3 24 | — | $-22.8M | ||
| Q2 24 | — | $-19.7M | ||
| Q1 24 | — | $-9.3M |
| Q4 25 | — | $-16.1M | ||
| Q3 25 | — | $-10.3M | ||
| Q2 25 | — | $-13.6M | ||
| Q1 25 | — | $-31.4M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | — | $-23.4M | ||
| Q1 24 | — | $-11.7M |
| Q4 25 | — | -27.8% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | -26.4% | ||
| Q1 25 | — | -58.0% | ||
| Q4 24 | — | -14.8% | ||
| Q3 24 | — | -54.3% | ||
| Q2 24 | — | -44.7% | ||
| Q1 24 | — | -22.3% |
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 11.6% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | — | 7.0% | ||
| Q1 24 | — | 4.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABAT
Segment breakdown not available.
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
