Navitas Semiconductor, Industry-Leader in Gallium Nitride (GaN) Power ICs, Announces First Quarter 2022 Financial Results
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NAVITAS SEMICONDUCTOR CORPORATION | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(dollars in thousands) | | | |
(Unaudited) | | | | | |
March 31,
2022 | |
December 31,
2021 | | ASSETS | | | | | | CURRENT ASSETS: | | | | | | Cash and cash equivalents | | $ | 253,797 | | | $ | 268,252 | | | Accounts receivable, net | | | 9,621 | | | | 8,263 | | | Inventories | | | 13,130 | | | | 11,978 | | | Prepaid expenses and other current assets | | | 2,988 | | | | 2,877 | | | Total current assets | | | 279,536 | | | | 291,370 | | | PROPERTY AND EQUIPMENT, net | | | 2,471 | | | | 2,302 | | | OPERATING LEASE RIGHT OF USE ASSETS | | | 1,391 | | | | — | | | INTANGIBLE ASSETS, net | | | 82 | | | | 170 | | | OTHER ASSETS | | | 3,423 | | | | 1,759 | | | Total assets | | $ | 286,903 | | | $ | 295,601 | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | CURRENT LIABILITIES: | | | | | | Accounts payable and other accrued expenses | | $ | 5,216 | | | $ | 4,860 | | | Accrued compensation expenses | | | 3,604 | | | | 2,639 | | | Current portion of operating lease liabilities | | | 844 | | | | — | | | Current portion of long-term debt | | | 3,200 | | | | 3,200 | | | Other liabilities | | | 17 | | | | 29 | | | Total current liabilities | | | 12,881 | | | | 10,728 | | | LONG-TERM LIABILITIES: | | | | | | LONG-TERM DEBT | | | 2,919 | | | | 3,716 | | | OPERATING LEASE LIABILITIES NONCURRENT | | | 600 | | | | — | | | WARRANT LIABILITY | | | — | | | | 81,388 | | | EARNOUT LIABILITY | | | 70,767 | | | | 134,173 | | | OTHER LIABILITIES | | | — | | | | 60 | | | Total liabilities | | | 87,167 | | | | 230,065 | | | STOCKHOLDERS’ EQUITY: | | | | | | Total stockholders’ equity | | | 199,736 | | | | 65,536 | | | Total liabilities and stockholders’ equity | | $ | 286,903 | | | $ | 295,601 | |
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