Navitas Semiconductor Announces Second Quarter 2024 Financial Results
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NAVITAS SEMICONDUCTOR CORPORATION | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(dollars in thousands) | | | |
(Unaudited) | | | | ASSETS | |
June 30, 2024 | |
December 31, 2023 | | CURRENT ASSETS: | | | | | | Cash and cash equivalents | | $ | 111,995 | | | $ | 152,839 | | | Accounts receivable, net | | | 22,679 | | | | 25,858 | | | Inventories | | | 25,159 | | | | 22,234 | | | Prepaid expenses and other current assets | | | 4,747 | | | | 6,178 | | | Total current assets | | | 164,580 | | | | 207,109 | | | PROPERTY AND EQUIPMENT, net | | | 13,259 | | | | 9,154 | | | OPERATING LEASE RIGHT OF USE ASSETS | | | 7,820 | | | | 8,268 | | | INTANGIBLE ASSETS, net | | | 81,563 | | | | 91,099 | | | GOODWILL | | | 163,215 | | | | 163,215 | | | OTHER ASSETS | | | 8,613 | | | | 6,701 | | | Total assets | | $ | 439,050 | | | $ | 485,546 | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | CURRENT LIABILITIES: | | | | | | Accounts payable and other accrued expenses | | $ | 13,113 | | | $ | 24,740 | | | Accrued compensation expenses | | | 7,749 | | | | 10,902 | | | Operating lease liabilities, current | | | 1,886 | | | | 1,892 | | | Customer deposit and deferred revenue | | | 6,204 | | | | 10,953 | | | Total current liabilities | | | 28,952 | | | | 48,487 | | | OPERATING LEASE LIABILITIES NONCURRENT | | | 6,286 | | | | 6,653 | | | EARNOUT LIABILITY | | | 13,103 | | | | 46,852 | | | DEFERRED TAX LIABILITIES | | | 1,040 | | | | 1,040 | | | ACCRUED ROYALTIES NONCURRENT | | | 1,569 | | | | 1,897 | | | Total liabilities | | | 50,950 | | | | 104,929 | | | STOCKHOLDERS’ EQUITY | | | 388,100 | | | | 380,617 | | | Total liabilities and stockholders’ equity | | $ | 439,050 | | | $ | 485,546 | |
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