Navitas Semiconductor Announces Second Quarter 2024 Financial Results
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NAVITAS SEMICONDUCTOR CORPORATION | |
RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | |
(dollars in thousands, except per share amounts) | | | | | | | | | | | | | |
Three Months Ended | |
Six Months Ended | | | |
June 30, | |
June 30, | | | | |
2024 | | | |
2023 | | | |
2024 | | | |
2023 | | |
RECONCILIATION OF GROSS PROFIT MARGIN | | | | | | | | | | GAAP Net revenues | | $ | 20,468 | | | $ | 18,062 | | | $ | 43,643 | | | $ | 31,420 | | | Cost of revenues (exclusive of amortization of intangibles) | | | (12,478 | ) | | | (10,572 | ) | | | (26,138 | ) | | | (18,445 | ) | | Cost of revenues (amortization of intangibles) | | | (3,959 | ) | | | (3,959 | ) | | | (7,918 | ) | | | (7,643 | ) | | GAAP Gross profit | | | 4,031 | | | | 3,531 | | | | 9,587 | | | | 5,332 | | | GAAP Gross margin | | | 19.7 | % | | | 19.5 | % | | | 22.0 | % | | | 17.0 | % | | | | | | | | | | | | Cost of revenues (amortization of intangibles) | | | 3,959 | | | | 3,959 | | | | 7,918 | | | | 7,643 | | | Stock-based compensation expense | | | 249 | | | | — | | | | 249 | | | | — | | | Non-GAAP Gross profit | | $ | 8,239 | | | $ | 7,490 | | | $ | 17,754 | | | $ | 12,975 | | | Non-GAAP Gross margin | | | 40.3 | % | | | 41.5 | % | | | 40.7 | % | | | 41.3 | % | |
RECONCILIATION OF OPERATING EXPENSES | | | | | | | | | | GAAP Research and development | | $ | 18,971 | | | $ | 16,791 | | | $ | 39,200 | | | $ | 34,186 | | | Stock-based compensation expenses | | | (6,438 | ) | | | (6,947 | ) | | | (13,808 | ) | | | (14,124 | ) | | Non-GAAP Research and development | | | 12,533 | | | | 9,844 | | | | 25,392 | | | | 20,062 | | | GAAP Selling, general and administrative | | | 15,382 | | | | 13,151 | | | | 31,469 | | | | 32,209 | | | Stock-based compensation expenses | | | (6,404 | ) | | | (5,624 | ) | | | (12,582 | ) | | | (15,607 | ) | | Payroll taxes on vesting of employee stock-based compensation | | | (16 | ) | | | (40 | ) | | | (550 | ) | | | (285 | ) | | Employee separation and transition | | | — | | | | — | | | | (275 | ) | | | — | | | Settlement of commercial claim | | | 50 | | | | — | | | | (450 | ) | | | — | | | Acquisition-related expenses | | | — | | | | (215 | ) | | | — | | | | (1,467 | ) | | Other | | | — | | | | (76 | ) | | | (111 | ) | | | (76 | ) | | Non-GAAP Selling, general and administrative | | | 9,012 | | | | 7,196 | | | | 17,501 | | | | 14,774 | | | Total Non-GAAP Operating expenses | | $ | 21,545 | | | $ | 17,040 | | | $ | 42,893 | | | $ | 34,836 | | |
RECONCILIATION OF LOSS FROM OPERATIONS | | | | | | | | | | GAAP Loss from operations | | $ | (31,137 | ) | | $ | (27,225 | ) | | $ | (62,712 | ) | | $ | (62,692 | ) | | GAAP Operating margin | | (152.1 | )% | | (150.7 | )% | | (143.7 | )% | | (199.5 | )% | | Add: Stock-based compensation expenses included in: | | | | | | | | | | Research and development | | | 6,438 | | | | 6,947 | | | | 13,808 | | | | 14,124 | | | Selling, general and administrative | | | 6,404 | | | | 5,624 | | | | 12,582 | | | | 15,607 | | | Cost of goods sold | | | 249 | | | | — | | | | 249 | | | | — | | | Total | | | 13,091 | | | | 12,571 | | | | 26,639 | | | | 29,731 | | | Amortization of acquisition-related intangible assets | | | 4,774 | | | | 4,773 | | | | 9,548 | | | | 9,272 | | | Payroll taxes on vesting of employee stock-based compensation | | | 16 | | | | 40 | | | | 550 | | | | 285 | | | Employee separation and transition | | | — | | | | — | | | | 275 | | | | — | | | Settlement of commercial claim | | | (50 | ) | | | — | | | | 450 | | | | — | | | Acquisition-related expenses | | | — | | | | 215 | | | | — | | | | 1,467 | | | Other | | | — | | | | 76 | | | | 111 | | | | 76 | | | Non-GAAP Loss from operations | | $ | (13,306 | ) | | $ | (9,550 | ) | | $ | (25,139 | ) | | $ | (21,861 | ) | | Non-GAAP Operating margin | | (65.0 | )% | | (52.9 | )% | | (57.6 | )% | | (69.6 | )% | |
RECONCILIATION OF NET LOSS PER SHARE | | | | | | | | | | GAAP Net loss attributable to controlling interest | | $ | (22,328 | ) | | $ | (58,527 | ) | | $ | (26,009 | ) | | $ | (120,375 | ) | | Adjustments to GAAP Net loss | | | | | | | | | | Loss (Gain) from change in fair value of earnout liabilities | | | (7,550 | ) | | | 32,224 | | | | (33,749 | ) | | | 59,976 | | | Total stock-based compensation | | | 13,091 | | | | 12,571 | | | | 26,639 | | | | 29,731 | | | Amortization of acquisition-related intangible assets | | | 4,774 | | | | 4,773 | | | | 9,548 | | | | 9,272 | | | Payroll taxes on vesting of employee stock-based compensation | | | 16 | | | | 40 | | | | 550 | | | | 285 | | | Employee separation and transition | | | — | | | | — | | | | 275 | | | | — | | | Settlement of commercial claim | | | (50 | ) | | | — | | | | 450 | | | | — | | | Acquisition-related expenses | | | — | | | | 215 | | | | — | | | | 1,467 | | | Other expense | | | — | | | | 56 | | | | 28 | | | | 45 | | | Non-GAAP Net loss | | $ | (12,047 | ) | | $ | (8,648 | ) | | $ | (22,268 | ) | | $ | (19,599 | ) | | Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | | | 183,127 | | | | 165,606 | | | | 181,493 | | | | 161,086 | | | Non-GAAP Net loss per share (basic and diluted) | | $ | (0.07 | ) | | $ | (0.05 | ) | | $ | (0.12 | ) | | $ | (0.12 | ) |
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