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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and SolarMax Technology, Inc. (SMXT). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $46.6M, roughly 1.2× SolarMax Technology, Inc.). SolarMax Technology, Inc. runs the higher net margin — -1.9% vs -53.8%, a 52.0% gap on every dollar of revenue. On growth, SolarMax Technology, Inc. posted the faster year-over-year revenue change (623.5% vs -0.0%).
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.
SolarMax Technology, Inc. develops, manufactures and sells high-efficiency solar PV modules and clean energy systems. It serves residential, commercial and industrial clients in North America and key Asia-Pacific markets, offering installation and after-sales support to boost low-carbon energy use.
INDI vs SMXT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $46.6M |
| Net Profit | $-31.2M | $-872.2K |
| Gross Margin | 37.3% | 2.7% |
| Operating Margin | -58.5% | -2.7% |
| Net Margin | -53.8% | -1.9% |
| Revenue YoY | -0.0% | 623.5% |
| Net Profit YoY | 9.1% | 77.7% |
| 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 | $46.6M | ||
| Q3 25 | $53.7M | $30.6M | ||
| Q2 25 | $51.6M | $6.9M | ||
| Q1 25 | $54.1M | $6.9M | ||
| Q4 24 | $58.0M | $6.4M | ||
| Q3 24 | $54.0M | $6.3M | ||
| Q2 24 | $52.4M | — | ||
| Q1 24 | $52.4M | — |
| Q4 25 | $-31.2M | $-872.2K | ||
| Q3 25 | $-38.3M | $-2.3M | ||
| Q2 25 | $-39.0M | $-1.9M | ||
| Q1 25 | $-34.5M | $-1.3M | ||
| Q4 24 | $-34.4M | $-3.9M | ||
| Q3 24 | $-49.7M | $-9.6M | ||
| Q2 24 | $-19.2M | — | ||
| Q1 24 | $-31.2M | — |
| Q4 25 | 37.3% | 2.7% | ||
| Q3 25 | 40.1% | 3.1% | ||
| Q2 25 | 40.6% | 8.8% | ||
| Q1 25 | 41.7% | 20.5% | ||
| Q4 24 | 42.6% | 14.5% | ||
| Q3 24 | 39.3% | 19.9% | ||
| Q2 24 | 42.2% | — | ||
| Q1 24 | 42.5% | — |
| Q4 25 | -58.5% | -2.7% | ||
| Q3 25 | -71.4% | -6.9% | ||
| Q2 25 | -83.3% | -25.7% | ||
| Q1 25 | -72.0% | -16.7% | ||
| Q4 24 | -58.4% | -27.9% | ||
| Q3 24 | -92.5% | -158.4% | ||
| Q2 24 | -70.0% | — | ||
| Q1 24 | -94.8% | — |
| Q4 25 | -53.8% | -1.9% | ||
| Q3 25 | -71.3% | -7.4% | ||
| Q2 25 | -75.6% | -27.6% | ||
| Q1 25 | -63.9% | -18.7% | ||
| Q4 24 | -59.2% | -60.6% | ||
| Q3 24 | -92.1% | -152.0% | ||
| Q2 24 | -36.6% | — | ||
| Q1 24 | -59.6% | — |
| Q4 25 | $-0.16 | $-0.02 | ||
| Q3 25 | $-0.19 | $-0.04 | ||
| Q2 25 | $-0.20 | $-0.04 | ||
| Q1 25 | $-0.18 | $-0.03 | ||
| Q4 24 | $-0.18 | $-0.07 | ||
| Q3 24 | $-0.28 | $-0.21 | ||
| 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 | $145.5M | $8.0M |
| Total DebtLower is stronger | $353.4M | — |
| Stockholders' EquityBook value | $358.0M | $-12.2M |
| Total Assets | $840.8M | $91.3M |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $8.0M | ||
| Q3 25 | $160.9M | $5.7M | ||
| Q2 25 | $192.6M | $1.9M | ||
| Q1 25 | $236.6M | $6.8M | ||
| Q4 24 | $274.2M | $7.1M | ||
| Q3 24 | $96.9M | $8.6M | ||
| 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 | $358.0M | $-12.2M | ||
| Q3 25 | $369.2M | $-11.8M | ||
| Q2 25 | $390.4M | $-15.1M | ||
| Q1 25 | $405.6M | $-15.9M | ||
| Q4 24 | $417.9M | $-15.1M | ||
| Q3 24 | $458.6M | $-10.9M | ||
| Q2 24 | $470.7M | — | ||
| Q1 24 | $432.9M | — |
| Q4 25 | $840.8M | $91.3M | ||
| Q3 25 | $855.1M | $58.7M | ||
| Q2 25 | $867.6M | $38.2M | ||
| Q1 25 | $909.0M | $38.6M | ||
| Q4 24 | $941.4M | $38.6M | ||
| Q3 24 | $797.5M | $43.0M | ||
| 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 | $-14.4M | $-2.5M |
| 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 | $-14.4M | $-2.5M | ||
| Q3 25 | $-6.2M | $3.4M | ||
| Q2 25 | $-7.6M | $220.7K | ||
| Q1 25 | $-29.0M | $-601.1K | ||
| Q4 24 | $-6.7M | $-1.3M | ||
| Q3 24 | $-22.8M | $203.6K | ||
| 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% | 0.0% | ||
| 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
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
SMXT
| Yabucoa | $35.9M | 77% |
| Other | $10.7M | 23% |
