What indie Semiconductor, Inc. told the SEC could break it.

Roughly 85% of revenue ships outside the U.S. and 47% to Greater China — heavy geographic concentration in Asia/China.

“rom products shipped outside of the U.S. was approximately 85% (and the revenue associated with products shipped to Greater China was 47%).”

Chinese entity Wuxi accounted for ~43% of consolidated revenue in 2025 and is subject to a pending divestiture/deconsolidation that would remove that revenue.

“For the year ended December 31, 2025, Wuxi accounted for approximately 43% and 11% of indie's consolidated revenue and operating expenses, respectively.”

Ability to service, repay or refinance the Convertible Notes depends on future performance and factors beyond the company's control.

“Our ability to meet our debt servicing obligations, including our ability to make scheduled payments of the principal of, to pay interest on or to refinance the Convertible Notes, will depend on our future performance, which will be subject to financial, business and other factors affecting our operations, some of which are beyond our control.”

indie owns no wafer fabs and depends on third-party subcontractors (majority in Asia) to manufacture, assemble, test and package its products.

“We do not have our own wafer fab manufacturing facilities. Therefore, we rely on third-party subcontractors to manufacture the products we de”

New U.S. tariffs (incl. automotive-specific) and threatened actions on Taiwan semiconductor imports raise cost and trade-restriction risk for indie's China-centered operations.

“Throughout 2025, the U.S. government implemented and proposed multiple new tariffs affecting imports from a range of countries where we do business, including tariff measures specifically related to the automotive industry, while also threatening additional actions affecting imports of semiconductor products from Taiwan.”