Navitas Semiconductor, Industry-Leader in Gallium Nitride (GaN) Power ICs, Announces First Quarter 2022 Financial Results
|
NAVITAS SEMICONDUCTOR CORPORATION | |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |
(dollars in thousands, except per-share amounts) | | | | | | | |
Three Months Ended | | |
March 31, | | | |
2022 | | | |
2021 | | |
RECONCILIATION OF GROSS PROFIT MARGIN | | | | | GAAP gross profit | $ | 2,963 | | | $ | 2,358 | | | GAAP gross profit margin | | 44.0 | % | | | 44.3 | % | | Stock-based compensation expense included in net revenues | | — | | | | 113 | | | Non-GAAP gross profit | $ | 2,963 | | | $ | 2,471 | | | Non-GAAP gross profit margin | | 44.0 | % | | | 45.5 | % | |
RECONCILIATION OF OPERATING EXPENSES | | | | | GAAP Operating expenses | $ | 37,957 | | | $ | 9,623 | | | Less: Stock-based compensation expenses included in: | | | | | Research and development | | 7,494 | | | | 206 | | | Selling, general and administrative | | 17,832 | | | | 1,516 | | | Total | $ | 25,326 | | | $ | 1,722 | | | Amortization of acquisition-related intangible assets | | 88 | | | | 99 | | | Non-GAAP operating expenses | $ | 12,543 | | | $ | 7,802 | | |
RECONCILIATION OF LOSS FROM OPERATIONS | | | | | GAAP loss from operations | $ | (34,994 | ) | | $ | (7,265 | ) | | GAAP operating margin | (519.2 | )% | | (136.6 | )% | | Add: Stock-based compensation expenses included in: | | | | | Net revenues | | — | | | | 113 | | | Research and development | | 7,494 | | | | 206 | | | Selling, general and administrative | | 17,832 | | | | 1,516 | | | Total | | 25,326 | | | | 1,835 | | | Amortization of acquisition-related intangible assets | | 88 | | | | 99 | | | Non-GAAP loss from operations | $ | (9,580 | ) | | $ | (5,331 | ) | | Non-GAAP operating margin | (142.1 | )% | | (100.3 | )% | |
RECONCILIATION OF NET LOSS PER SHARE | | | | | GAAP net income (loss) | $ | 79,792 | | | $ | (7,345 | ) | | Adjustments to GAAP net loss | | | | | Total stock-based compensation | | 25,326 | | | | 1,835 | | | Amortization of acquisition-related intangible assets | | 88 | | | | 99 | | | Gain from change in fair value of warrants | | (51,763 | ) | | | — | | | Gain from change in fair value of earnout liabilities | | (63,406 | ) | | | — | | | Other expense | | 356 | | | | — | | | Non-GAAP net loss | $ | (9,607 | ) | | $ | (5,411 | ) | | Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | | 119,542 | | | | 19,741 | | | Non-GAAP net loss per share (basic and diluted) | $ | (0.08 | ) | | $ | (0.27 | ) |
|
