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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $58.0M, roughly 2.0× indie Semiconductor, Inc.). HA Sustainable Infrastructure Capital, Inc. runs the higher net margin — -46.8% vs -53.8%, a 7.0% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -0.0%). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $58.0M |
| Net Profit | $-53.8M | $-31.2M |
| Gross Margin | — | 37.3% |
| Operating Margin | -57.4% | -58.5% |
| Net Margin | -46.8% | -53.8% |
| Revenue YoY | 13.3% | -0.0% |
| Net Profit YoY | -176.7% | 9.1% |
| EPS (diluted) | $-0.38 | $-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 | $114.8M | $58.0M | ||
| Q3 25 | $103.1M | $53.7M | ||
| Q2 25 | $85.7M | $51.6M | ||
| Q1 25 | $96.9M | $54.1M | ||
| Q4 24 | $101.3M | $58.0M | ||
| Q3 24 | $82.0M | $54.0M | ||
| Q2 24 | $94.5M | $52.4M | ||
| Q1 24 | $105.8M | $52.4M |
| Q4 25 | $-53.8M | $-31.2M | ||
| Q3 25 | $83.3M | $-38.3M | ||
| Q2 25 | $98.4M | $-39.0M | ||
| Q1 25 | $56.6M | $-34.5M | ||
| Q4 24 | $70.1M | $-34.4M | ||
| Q3 24 | $-19.6M | $-49.7M | ||
| Q2 24 | $26.5M | $-19.2M | ||
| Q1 24 | $123.0M | $-31.2M |
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 40.6% | ||
| Q1 25 | — | 41.7% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 42.2% | ||
| Q1 24 | — | 42.5% |
| Q4 25 | -57.4% | -58.5% | ||
| Q3 25 | — | -71.4% | ||
| Q2 25 | — | -83.3% | ||
| Q1 25 | 84.7% | -72.0% | ||
| Q4 24 | 90.9% | -58.4% | ||
| Q3 24 | -32.1% | -92.5% | ||
| Q2 24 | 39.5% | -70.0% | ||
| Q1 24 | — | -94.8% |
| Q4 25 | -46.8% | -53.8% | ||
| Q3 25 | 80.8% | -71.3% | ||
| Q2 25 | 114.9% | -75.6% | ||
| Q1 25 | 58.4% | -63.9% | ||
| Q4 24 | 69.2% | -59.2% | ||
| Q3 24 | -23.9% | -92.1% | ||
| Q2 24 | 28.1% | -36.6% | ||
| Q1 24 | 116.3% | -59.6% |
| Q4 25 | $-0.38 | $-0.16 | ||
| Q3 25 | $0.61 | $-0.19 | ||
| Q2 25 | $0.74 | $-0.20 | ||
| Q1 25 | $0.44 | $-0.18 | ||
| Q4 24 | $0.58 | $-0.18 | ||
| Q3 24 | $-0.17 | $-0.28 | ||
| Q2 24 | $0.23 | $-0.11 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | $145.5M |
| Total DebtLower is stronger | — | $353.4M |
| Stockholders' EquityBook value | $2.7B | $358.0M |
| Total Assets | $8.2B | $840.8M |
| Debt / EquityLower = less leverage | — | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $145.5M | ||
| Q3 25 | $301.8M | $160.9M | ||
| Q2 25 | $86.5M | $192.6M | ||
| Q1 25 | $67.4M | $236.6M | ||
| Q4 24 | $129.8M | $274.2M | ||
| Q3 24 | $44.1M | $96.9M | ||
| Q2 24 | $145.7M | $112.3M | ||
| Q1 24 | $61.4M | $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 | $2.7B | $358.0M | ||
| Q3 25 | $2.7B | $369.2M | ||
| Q2 25 | $2.6B | $390.4M | ||
| Q1 25 | $2.5B | $405.6M | ||
| Q4 24 | $2.4B | $417.9M | ||
| Q3 24 | $2.3B | $458.6M | ||
| Q2 24 | $2.3B | $470.7M | ||
| Q1 24 | $2.3B | $432.9M |
| Q4 25 | $8.2B | $840.8M | ||
| Q3 25 | $8.2B | $855.1M | ||
| Q2 25 | $7.6B | $867.6M | ||
| Q1 25 | $7.5B | $909.0M | ||
| Q4 24 | $7.1B | $941.4M | ||
| Q3 24 | $6.7B | $797.5M | ||
| Q2 24 | $6.7B | $797.3M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $-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 | $167.3M | $-14.4M | ||
| Q3 25 | $-121.8M | $-6.2M | ||
| Q2 25 | $79.6M | $-7.6M | ||
| Q1 25 | $-37.1M | $-29.0M | ||
| Q4 24 | $5.9M | $-6.7M | ||
| Q3 24 | $21.9M | $-22.8M | ||
| Q2 24 | $-24.8M | $-19.7M | ||
| Q1 24 | $20.9M | $-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% |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
