indie Semiconductor, Inc. (INDI) Closing in on Profitability amid Backlog Growth

indie Semiconductor, Inc. (NASDAQ:INDI) is a must-buy penny stock to buy now. On November 10, UBS resumed coverage of indie Semiconductor, Inc. (NASDAQ:INDI) with a Neutral rating and raised its price target to $5 from $4.50, noting supply-driven earnings shortfalls and cautious December guidance, while highlighting stable ADAS trends but limited upside until a potential earnings inflection in late 2026. Benchmark Co reiterated a Buy rating on the stock on November 7 and set an $8 price target, following better-than-expected third-quarter results.

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On November 6, the company delivered strong third-quarter results characterized by a strategic backlog increasing to $7.4 billion. The better-than-expected results underscore the strength of design-win momentum across ADAS and growth in industrial markets, including quantum and robotics.

The company posted $53.7 million in revenue with a non-GAAP gross margin of 49.6%. On the other hand, the company’s operating loss narrowed to $11.3 million compared to $16.8 million in the same quarter last year. With the backlog increasing to $7.4 billion, the company remains on track to become profitable.

During the quarter, Indie Semiconductor successfully designed a Robotaxi for a North American self-driving OEM. It also launched DFB laser products with 10X lower frequency noise for quantum computing applications.

indie Semiconductor, Inc. (NASDAQ:INDI) designs and sells automotive-grade semiconductors and software solutions for driver assistance systems, in-cabin user experience, and vehicle electrification. The company focuses on edge sensors, including LiDAR, radar, ultrasound, and computer vision, and its products are utilized in various automotive applications.

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Disclosure: None. This article is originally published at Insider Monkey.