About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include EV, solar, energy storage, home appliance / industrial, data center, mobile and consumer. Over 185 Navitas patents are issued or pending. Over 100 million GaN and 12 million SiC units have been shipped, and with the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. 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.
Contact Information
Stephen Oliver, VP Corporate Marketing & Investor Relations ir@navitassemi.com
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED | ||||||||||||||||
| (dollars in thousands, except per-share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| NET REVENUES | $ | 18,062 | $ | 8,611 | $ | 31,420 | $ | 15,351 | ||||||||
| COST OF REVENUES (exclusive of amortization of intangibles included below) | 10,572 | 5,026 | 18,445 | 8,803 | ||||||||||||
| GROSS PROFIT | 7,490 | 3,585 | 12,975 | 6,548 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 16,791 | 9,522 | 34,186 | 22,847 | ||||||||||||
| Selling, general and administrative | 13,151 | 13,993 | 32,209 | 38,537 | ||||||||||||
| Amortization of intangible assets | 4,773 | 84 | 9,272 | 172 | ||||||||||||
| Total operating expenses | 34,715 | 23,599 | 75,667 | 61,556 | ||||||||||||
| LOSS FROM OPERATIONS | (27,225 | ) | (20,014 | ) | (62,692 | ) | (55,008 | ) | ||||||||
| OTHER INCOME (EXPENSE), net: | ||||||||||||||||
| Interest income, net | 806 | 52 | 1,709 | 28 | ||||||||||||
| Gain from change in fair value of warrants | - | - | - | 51,763 | ||||||||||||
| Gain (loss) from change in fair value of earnout liabilities | (32,224 | ) | 54,854 | (59,976 | ) | 118,260 | ||||||||||
| Other income (expense) | 20 | (785 | ) | 31 | (1,141 | ) | ||||||||||
| Total other income (expense), net | (31,398 | ) | 54,121 | (58,236 | ) | 168,910 | ||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (58,623 | ) | 34,107 | (120,928 | ) | 113,902 | ||||||||||
| INCOME TAX (BENEFIT) PROVISION | (96 | ) | 270 | (35 | ) | 273 | ||||||||||
| NET INCOME (LOSS) | (58,527 | ) | 33,837 | (120,893 | ) | 113,629 | ||||||||||
| LESS: Net income (loss) attributable to noncontrolling interest | - | - | (518 | ) | - | |||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (58,527 | ) | $ | 33,837 | $ | (120,375 | ) | $ | 113,629 | ||||||
| NET INCOME (LOSS) PER SHARE: | ||||||||||||||||
| Basic | $ | (0.35 | ) | $ | 0.27 | $ | (0.75 | ) | $ | 0.93 | ||||||
| Diluted | $ | (0.35 | ) | $ | 0.26 | $ | (0.75 | ) | $ | 0.87 | ||||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||
| Basic | 165,606 | 124,030 | 161,086 | 121,827 | ||||||||||||
| Diluted | 165,606 | 132,132 | 161,086 | 130,882 | ||||||||||||
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (dollars in thousands, except per-share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||
| GAAP gross profit | $ | 7,490 | $ | 3,585 | $ | 12,975 | $ | 6,548 | ||||||||
| GAAP gross profit margin | 41.5 | % | 41.6 | % | 41.3 | % | 42.7 | % | ||||||||
| Non-GAAP gross profit | $ | 7,490 | $ | 3,585 | $ | 12,975 | $ | 6,548 | ||||||||
| Non-GAAP gross profit margin | 41.5 | % | 41.6 | % | 41.3 | % | 42.7 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||
| GAAP Research and development | $ | 16,791 | $ | 9,522 | $ | 34,186 | $ | 22,847 | ||||||||
| Stock-based compensation expenses | (6,947 | ) | (3,037 | ) | (14,124 | ) | (10,531 | ) | ||||||||
| Non-GAAP Research and development | 9,844 | 6,485 | 20,062 | 12,316 | ||||||||||||
| GAAP Selling, general and administrative | 13,151 | 13,993 | 32,209 | 38,537 | ||||||||||||
| Stock-based compensation expenses | (5,624 | ) | (7,999 | ) | (15,607 | ) | (25,831 | ) | ||||||||
| Acquisition-related expenses | (215 | ) | - | (1,467 | ) | - | ||||||||||
| Payroll taxes on vesting of employee stock-based compensation | (40 | ) | - | (285 | ) | - | ||||||||||
| Other | (76 | ) | - | (76 | ) | - | ||||||||||
| Non-GAAP Selling, general and administrative expense | 7,196 | 5,994 | 14,774 | 12,706 | ||||||||||||
| Total Non-GAAP operating expenses | $ | 17,040 | $ | 12,479 | $ | 34,836 | $ | 25,022 | ||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||
| GAAP loss from operations | $ | (27,225 | ) | $ | (20,014 | ) | $ | (62,692 | ) | $ | (55,008 | ) | ||||
| GAAP operating margin | (150.7 | %) | (232.4 | %) | (199.5 | %) | (358.3 | %) | ||||||||
| Add: Stock-based compensation expenses included in: | ||||||||||||||||
| Research and development | 6,947 | 3,037 | 14,124 | 10,531 | ||||||||||||
| Selling, general and administrative | 5,624 | 7,999 | 15,607 | 25,831 | ||||||||||||
| Total | 12,571 | 11,036 | 29,731 | 36,362 | ||||||||||||
| Acquisition-related expenses | 215 | - | 1,467 | - | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,773 | 84 | 9,272 | 172 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 40 | - | 285 | - | ||||||||||||
| Other | 76 | - | 76 | - | ||||||||||||
| Non-GAAP loss from operations | $ | (9,550 | ) | $ | (8,894 | ) | $ | (21,861 | ) | $ | (18,474 | ) | ||||
| Non-GAAP operating margin | (52.9 | %) | (103.3 | %) | (69.6 | %) | (120.3 | %) | ||||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||
| GAAP net income (loss) attributable to controlling interest | (58,527 | ) | 33,837 | $ | (120,375 | ) | $ | 113,629 | ||||||||
| Adjustments to GAAP net loss | ||||||||||||||||
| Total stock-based compensation | 12,571 | 11,036 | 29,731 | 36,362 | ||||||||||||
| Acquisition-related expenses | 215 | - | 1,467 | - | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,773 | 84 | 9,272 | 172 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 40 | - | 285 | - | ||||||||||||
| Gain from change in fair value of warrants | - | - | - | (51,763 | ) | |||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | 32,224 | (54,854 | ) | 59,976 | (118,260 | ) | ||||||||||
| Other expense | 56 | 785 | 45 | 1,141 | ||||||||||||
| Non-GAAP net loss | $ | (8,648 | ) | $ | (9,112 | ) | $ | (19,599 | ) | $ | (18,719 | ) | ||||
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | 165,606 | 124,030 | 161,086 | 121,827 | ||||||||||||
| Non-GAAP net loss per share (basic and diluted) | $ | (0.05 | ) | (0.07 | ) | $ | (0.12 | ) | $ | (0.15 | ) | |||||
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| June 30, 2023 | December 31, 2022 | |||||||||||||||
| ASSETS | ||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | $ | 177,748 | $ | 110,337 | ||||||||||||
| Accounts receivable, net | 15,153 | 9,127 | ||||||||||||||
| Inventories | 18,895 | 19,061 | ||||||||||||||
| Prepaid expenses and other current assets | 4,291 | 3,623 | ||||||||||||||
| Total current assets | 216,087 | 142,148 | ||||||||||||||
| PROPERTY AND EQUIPMENT, net | 7,255 | 6,532 | ||||||||||||||
| OPERATING LEASE RIGHT OF USE ASSETS | 6,150 | 6,381 | ||||||||||||||
| INTANGIBLE ASSETS, net | 100,847 | 105,620 | ||||||||||||||
| GOODWILL | 163,215 | 161,527 | ||||||||||||||
| OTHER ASSETS | 5,600 | 3,054 | ||||||||||||||
| Total assets | $ | 499,154 | $ | 425,262 | ||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Accounts payable and other accrued expenses | $ | 17,683 | $ | 14,653 | ||||||||||||
| Accrued compensation expenses | 6,708 | 3,907 | ||||||||||||||
| Current portion of operating lease liabilities | 1,403 | 1,305 | ||||||||||||||
| Other liabilities | 10,158 | 486 | ||||||||||||||
| Total current liabilities | 35,952 | 20,351 | ||||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| OPERATING LEASE LIABILITIES NONCURRENT | 4,919 | 5,263 | ||||||||||||||
| EARNOUT LIABILITY | 73,040 | 13,064 | ||||||||||||||
| DEFERRED TAX LIABILITIES | 1,829 | 1,824 | ||||||||||||||
| Total liabilities | 115,740 | 40,502 | ||||||||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||||||||
| Total stockholders’ equity of Navitas Semiconductor Corporation | 383,414 | 381,132 | ||||||||||||||
| Noncontrolling interest | - | 3,628 | ||||||||||||||
| Total equity | 383,414 | 384,760 | ||||||||||||||
| Total liabilities stockholders’ equity | $ | 499,154 | $ | 425,262 | ||||||||||||
