These and other risk factors are discussed in the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2023, as amended in our Form 10-K/A filed with the SEC on July 23, 2024, the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of the risks described above, and discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Navitas is not aware of or that Navitas currently believes are immaterial that could also cause actual results to differ materially from those contained in forward-looking statements. In addition, forward-looking statements reflect Navitas’ expectations, plans or forecasts of future events and views as of the date of this press release. Navitas anticipates that subsequent events and developments will cause Navitas’ assessments to change. However, while Navitas may elect to update these forward-looking statements at some point in the future, Navitas specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Navitas’ assessments as of any date subsequent to the date of this press release.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation 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 250 Navitas patents are issued or pending. Navitas has the industry’s first and only 20-year GaNFast warranty, and was the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GaNSlim, 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 Investor Relations,
ir@navitassemi.com
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| 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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| NET REVENUES | $ | 20,468 | $ | 18,062 | $ | 43,643 | $ | 31,420 | ||||||||
| COST OF REVENUES (exclusive of amortization of intangible assets included below) | 12,478 | 10,572 | 26,138 | 18,445 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 18,971 | 16,791 | 39,200 | 34,186 | ||||||||||||
| Selling, general and administrative | 15,382 | 13,151 | 31,469 | 32,209 | ||||||||||||
| Amortization of intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Total operating expenses | 39,127 | 34,715 | 80,217 | 75,667 | ||||||||||||
| LOSS FROM OPERATIONS | (31,137 | ) | (27,225 | ) | (62,712 | ) | (62,692 | ) | ||||||||
| OTHER INCOME (EXPENSE), net: | ||||||||||||||||
| Interest income (expense), net | (72 | ) | 347 | (70 | ) | 1,250 | ||||||||||
| Dividend income | 1,361 | 459 | 3,041 | 459 | ||||||||||||
| Gain (loss) from change in fair value of earnout liabilities | 7,550 | (32,224 | ) | 33,749 | (59,976 | ) | ||||||||||
| Other income | 31 | 20 | 114 | 31 | ||||||||||||
| Total other income (expense), net | 8,870 | (31,398 | ) | 36,834 | (58,236 | ) | ||||||||||
| LOSS BEFORE INCOME TAXES | (22,267 | ) | (58,623 | ) | (25,878 | ) | (120,928 | ) | ||||||||
| INCOME TAX PROVISION (BENEFIT) | 61 | (96 | ) | 131 | (35 | ) | ||||||||||
| NET LOSS | (22,328 | ) | (58,527 | ) | (26,009 | ) | (120,893 | ) | ||||||||
| LESS: Net loss attributable to noncontrolling interest | — | — | — | (518 | ) | |||||||||||
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (22,328 | ) | $ | (58,527 | ) | $ | (26,009 | ) | $ | (120,375 | ) | ||||
| NET LOSS PER SHARE: | ||||||||||||||||
| Basic | $ | (0.12 | ) | $ | (0.35 | ) | $ | (0.14 | ) | $ | (0.75 | ) | ||||
| Diluted | $ | (0.12 | ) | $ | (0.35 | ) | $ | (0.14 | ) | $ | (0.75 | ) | ||||
| SHARES USED IN PER SHARE CALCULATION: | ||||||||||||||||
| Basic | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
| Diluted | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
