About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the industry leader in GaN power ICs, founded in 2014. GaN power ICs integrate GaN power with drive, control, protection and sensing to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new-energy markets. Over 145 Navitas patents are issued or pending, and over 50 million units have been shipped with zero reported GaN field failures. Sustainability is a core focus, as every GaNFast power IC shipped saves 4 kg of CO2 emissions. Navitas rang the Nasdaq opening bell and started trading on Nasdaq on October 20th, 2021.
Contact Information
Media
Graham Robertson, CMO Grand Bridges
Graham@GrandBridges.com
Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com
Navitas Semiconductor and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Navitas Semiconductor and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED | |||||||
| (dollars in thousands, except per-share amounts) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2022 | 2021 | ||||||
| NET REVENUES | $ | 6,740 | $ | 5,317 | |||
| COST OF REVENUES | 3,777 | 2,959 | |||||
| GROSS PROFIT | 2,963 | 2,358 | |||||
| OPERATING EXPENSES: | |||||||
| Research and development | 13,413 | 4,254 | |||||
| Selling, general and administrative | 24,544 | 5,369 | |||||
| Total operating expenses | 37,957 | 9,623 | |||||
| LOSS FROM OPERATIONS | (34,994 | ) | (7,265 | ) | |||
| OTHER INCOME (EXPENSE), net: | |||||||
| Interest income (expense), net | (24 | ) | (61 | ) | |||
| Gain from change in fair value of warrants | 51,763 | — | |||||
| Gain from change in fair value of earnout liabilities | 63,406 | — | |||||
| Other expense | (356 | ) | — | ||||
| Total other income (expense), net | 114,789 | (61 | ) | ||||
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 79,795 | (7,326 | ) | ||||
| PROVISION FOR INCOME TAXES | 3 | 19 | |||||
| NET INCOME (LOSS) | $ | 79,792 | $ | (7,345 | ) | ||
| NET INCOME (LOSS) PER SHARE: | |||||||
| Basic | $ | 0.67 | $ | (0.37 | ) | ||
| Diluted | $ | 0.61 | $ | (0.37 | ) | ||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||
| Basic | 119,542 | 19,741 | |||||
| Diluted | 131,149 | 19,741 | |||||
| SUPPLEMENTAL INFORMATION: | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2022 | 2021 | ||||||
| Stock-based compensation expenses included in: | |||||||
| Net revenues | $ | — | $ | 113 | |||
| Research and development | 7,494 | 206 | |||||
| Selling, general and administrative | 17,832 | 1,516 | |||||
| Total stock-based compensation expense | $ | 25,326 | $ | 1,835 | |||
| Research and development includes: | |||||||
| Amortization of acquisition-related intangible assets | 88 | 99 | |||||
