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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and INSEEGO CORP. (INSG). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $48.4M, roughly 1.2× INSEEGO CORP.). INSEEGO CORP. runs the higher net margin — 1.0% vs -53.8%, a 54.8% gap on every dollar of revenue. On growth, INSEEGO CORP. posted the faster year-over-year revenue change (0.6% vs -0.0%). INSEEGO CORP. produced more free cash flow last quarter ($11.6M vs $-16.1M). Over the past eight quarters, INSEEGO CORP.'s revenue compounded faster (13.6% CAGR vs 5.3%).
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.
Inseego Corp designs, manufactures and delivers advanced 5G and IoT solutions including mobile hotspots, edge computing devices, and cloud-based device management platforms. It primarily serves telecom operators, enterprise clients, and public sector customers across global markets.
INDI vs INSG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $48.4M |
| Net Profit | $-31.2M | $469.0K |
| Gross Margin | 37.3% | 42.2% |
| Operating Margin | -58.5% | 2.7% |
| Net Margin | -53.8% | 1.0% |
| Revenue YoY | -0.0% | 0.6% |
| Net Profit YoY | 9.1% | 182.9% |
| EPS (diluted) | $-0.16 | $-0.02 |
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 | $58.0M | $48.4M | ||
| Q3 25 | $53.7M | $45.9M | ||
| Q2 25 | $51.6M | $40.2M | ||
| Q1 25 | $54.1M | $31.7M | ||
| Q4 24 | $58.0M | $48.1M | ||
| Q3 24 | $54.0M | $54.0M | ||
| Q2 24 | $52.4M | $51.6M | ||
| Q1 24 | $52.4M | $37.5M |
| Q4 25 | $-31.2M | $469.0K | ||
| Q3 25 | $-38.3M | $1.4M | ||
| Q2 25 | $-39.0M | $507.0K | ||
| Q1 25 | $-34.5M | $-1.6M | ||
| Q4 24 | $-34.4M | $-566.0K | ||
| Q3 24 | $-49.7M | $9.0M | ||
| Q2 24 | $-19.2M | $624.0K | ||
| Q1 24 | $-31.2M | $-4.5M |
| Q4 25 | 37.3% | 42.2% | ||
| Q3 25 | 40.1% | 41.6% | ||
| Q2 25 | 40.6% | 41.1% | ||
| Q1 25 | 41.7% | 47.3% | ||
| Q4 24 | 42.6% | 37.3% | ||
| Q3 24 | 39.3% | 34.8% | ||
| Q2 24 | 42.2% | 36.4% | ||
| Q1 24 | 42.5% | 35.3% |
| Q4 25 | -58.5% | 2.7% | ||
| Q3 25 | -71.4% | 4.7% | ||
| Q2 25 | -83.3% | 3.2% | ||
| Q1 25 | -72.0% | -1.3% | ||
| Q4 24 | -58.4% | 3.7% | ||
| Q3 24 | -92.5% | 1.9% | ||
| Q2 24 | -70.0% | 3.6% | ||
| Q1 24 | -94.8% | -7.9% |
| Q4 25 | -53.8% | 1.0% | ||
| Q3 25 | -71.3% | 3.1% | ||
| Q2 25 | -75.6% | 1.3% | ||
| Q1 25 | -63.9% | -5.0% | ||
| Q4 24 | -59.2% | -1.2% | ||
| Q3 24 | -92.1% | 16.6% | ||
| Q2 24 | -36.6% | 1.2% | ||
| Q1 24 | -59.6% | -11.9% |
| Q4 25 | $-0.16 | $-0.02 | ||
| Q3 25 | $-0.19 | $0.03 | ||
| Q2 25 | $-0.20 | $-0.03 | ||
| Q1 25 | $-0.18 | $-0.16 | ||
| Q4 24 | $-0.18 | $0.62 | ||
| Q3 24 | $-0.28 | $-0.06 | ||
| Q2 24 | $-0.11 | $-0.02 | ||
| Q1 24 | $-0.19 | $-0.44 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $145.5M | $24.9M |
| Total DebtLower is stronger | $353.4M | — |
| Stockholders' EquityBook value | $358.0M | $-4.0M |
| Total Assets | $840.8M | $93.8M |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $24.9M | ||
| Q3 25 | $160.9M | $14.6M | ||
| Q2 25 | $192.6M | $13.2M | ||
| Q1 25 | $236.6M | $35.1M | ||
| Q4 24 | $274.2M | $39.6M | ||
| Q3 24 | $96.9M | $12.0M | ||
| Q2 24 | $112.3M | $49.0M | ||
| Q1 24 | $138.2M | $12.3M |
| 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 | $358.0M | $-4.0M | ||
| Q3 25 | $369.2M | $-7.7M | ||
| Q2 25 | $390.4M | $-10.5M | ||
| Q1 25 | $405.6M | $-13.0M | ||
| Q4 24 | $417.9M | $-12.9M | ||
| Q3 24 | $458.6M | $-85.1M | ||
| Q2 24 | $470.7M | $-101.8M | ||
| Q1 24 | $432.9M | $-105.6M |
| Q4 25 | $840.8M | $93.8M | ||
| Q3 25 | $855.1M | $85.8M | ||
| Q2 25 | $867.6M | $83.1M | ||
| Q1 25 | $909.0M | $93.0M | ||
| Q4 24 | $941.4M | $100.0M | ||
| Q3 24 | $797.5M | $113.4M | ||
| Q2 24 | $797.3M | $149.6M | ||
| Q1 24 | $803.6M | $122.1M |
| 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 | $-14.4M | $12.0M |
| Free Cash FlowOCF − Capex | $-16.1M | $11.6M |
| FCF MarginFCF / Revenue | -27.8% | 24.0% |
| Capex IntensityCapex / Revenue | 3.0% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 25.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $6.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $12.0M | ||
| Q3 25 | $-6.2M | $3.2M | ||
| Q2 25 | $-7.6M | $-4.5M | ||
| Q1 25 | $-29.0M | $-3.5M | ||
| Q4 24 | $-6.7M | $-14.2M | ||
| Q3 24 | $-22.8M | $14.8M | ||
| Q2 24 | $-19.7M | $27.6M | ||
| Q1 24 | $-9.3M | $5.2M |
| Q4 25 | $-16.1M | $11.6M | ||
| Q3 25 | $-10.3M | $3.1M | ||
| Q2 25 | $-13.6M | $-4.7M | ||
| Q1 25 | $-31.4M | $-3.5M | ||
| Q4 24 | $-8.6M | $-14.3M | ||
| Q3 24 | $-29.3M | $14.8M | ||
| Q2 24 | $-23.4M | $27.6M | ||
| Q1 24 | $-11.7M | — |
| Q4 25 | -27.8% | 24.0% | ||
| Q3 25 | -19.2% | 6.7% | ||
| Q2 25 | -26.4% | -11.6% | ||
| Q1 25 | -58.0% | -11.0% | ||
| Q4 24 | -14.8% | -29.7% | ||
| Q3 24 | -54.3% | 27.4% | ||
| Q2 24 | -44.7% | 53.5% | ||
| Q1 24 | -22.3% | — |
| Q4 25 | 3.0% | 0.7% | ||
| Q3 25 | 7.8% | 0.2% | ||
| Q2 25 | 11.6% | 0.5% | ||
| Q1 25 | 4.4% | 0.1% | ||
| Q4 24 | 3.2% | 0.1% | ||
| Q3 24 | 12.1% | 0.0% | ||
| Q2 24 | 7.0% | 0.0% | ||
| Q1 24 | 4.4% | 0.0% |
| Q4 25 | — | 25.50× | ||
| Q3 25 | — | 2.22× | ||
| Q2 25 | — | -8.81× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 44.31× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
INSG
Segment breakdown not available.
