Navitas Semiconductor Announces Fourth Quarter and Full Year 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  Year Ended
  December 31,  December 31,
   2022    2021    2022    2021 
RECONCILIATION OF GROSS PROFIT MARGIN       
GAAP gross profit$5,008  $3,250  $11,947  $10,686 
GAAP gross profit margin 40.6%  44.3%  31.5%  45.0%
Stock-based compensation expense included in net revenues$-  $-  $-  $163 
Reserves for write-down of inventory -     -       2,833       -  
Inventory write-off related to purchase accounting step-up   -       -       539       -  
Other operational charges   -       -       172       -  
Non-GAAP gross profit $ 5,008     $ 3,250     $ 15,491     $ 10,849  
Non-GAAP gross profit margin   40.6 %     44.3 %     40.8 %     45.4 %
RECONCILIATION OF OPERATING EXPENSES              
GAAP Operating expenses $ 33,564     $ 39,156     $ 132,940     $ 79,194  
Less: Stock-based compensation expenses included in:              
Research and development   3,729       4,926       19,487       6,624  
Selling, general and administrative   7,465       21,713       43,843       34,617  
Total   11,194       26,639       63,330       41,241  
Acquisition-related expenses   465       2,295       5,907       2,295  
Amortization of acquisition-related intangible assets   4,521       87       6,934       361  
Payroll taxes on vesting of employee stock-based compensation   438       -       592       -  
Non-GAAP operating expenses $ 16,946     $ 10,135     $ 56,177     $ 35,297  
RECONCILIATION OF LOSS FROM OPERATIONS              
GAAP loss from operations $ (28,556 )   $ (35,906 )   $ (120,993 )   $ (68,508 )
GAAP operating margin   -231.2 %     -489.3 %     -318.9 %     -288.6 %
Add: Stock-based compensation expenses included in:              
Net revenues   -       -       -       163  
Research and development   3,729       4,926       19,487       6,624  
Selling, general and administrative   7,465       21,713       43,843       34,617  
Total   11,194       26,639       63,330       41,404  
Acquisition-related expenses   465       2,295       5,907       2,295  
Reserves for write-down of inventory   -       -       2,833       -  
Inventory write-off related to purchase accounting step-up   -       -       539       -  
Other operational charges   -       -       172       -  
Amortization of acquisition-related intangible assets   4,521       87       6,934       361  
Payroll taxes on vesting of employee stock-based compensation   438       -       592       -  
Non-GAAP loss from operations $ (11,938 )   $ (6,885 )   $ (40,686 )   $ (24,448 )
Non-GAAP operating margin   -96.7 %     -93.8 %     -107.2 %     -103.0 %
RECONCILIATION OF NET LOSS PER SHARE              
GAAP net income (loss) attributable to controlling interest $ (6,055 )   $ (119,847 )   $ 74,984     $ (152,685 )
Adjustments to GAAP net loss              
Total stock-based compensation   11,194       26,639       63,330       41,404  
Acquisition-related expenses   465       2,295       5,907       2,295  
Reserves for write-down of inventory   -       -       2,833       -  
Inventory write-off related to purchase accounting step-up   -       -       539       -  
Other operational charges   -       -       172       -  
Amortization of acquisition-related intangible assets   4,521       87       6,934       361  
Payroll taxes on vesting of employee stock-based compensation   438       -       592       -  
Gain from change in fair value of warrants   -       45,625       (51,763 )     45,625  
Loss (Gain) from change in fair value of earnout liabilities   (9,547 )     38,105       (121,709 )     38,105  
Release of valuation allowance in connection with acquisition   (10,599 )     -       (20,514 )     -  
Other expense   (69 )     143       1,146       143  
Non-GAAP net loss $ (9,652 )   $ (6,953 )   $ (37,549 )   $ (24,752 )
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted)   152,416       97,400       133,668       39,167  
Non-GAAP net loss per share (basic and diluted) $ (0.06 )   $ (0.07 )   $ (0.28 )   $ (0.63 )
                               

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