Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results


NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
   (Unaudited)  
   December 31, 2021  December 31, 2020
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents $268,252  $38,869 
Accounts receivable, net  8,263   4,152 
Inventories  11,978   3,404 
Prepaid expenses and other current assets  2,877   522 
Total current assets  291,370   46,947 
PROPERTY AND EQUIPMENT, net  2,302   722 
INTANGIBLE ASSETS, net  170    515  
OTHER ASSETS     2,239       323  
Total assets   $ 296,081     $ 48,507  
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)        
CURRENT LIABILITIES:        
Accounts payable and other accrued expenses   $ 4,860     $ 3,698  
Accrued compensation expenses     2,639       1,668  
Current portion of long-term debt     3,200       1,000  
Other liabilities     29        
Total current liabilities     10,728       6,366  
LONG-TERM LIABILITIES:        
LONG-TERM DEBT     3,716       4,971  
WARRANT LIABILITY     81,388        
EARNOUT LIABILITY     134,173        
OTHER LIABILITIES     60       88  
Total liabilities     230,065       11,425  
REDEEMABLE CONVERTIBLE PREFERRED           109,506  
STOCKHOLDERS’ EQUITY (DEFICIT):     66,016       (72,424 )
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)   $ 296,081     $ 48,507  

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