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 mobile, consumer, data center, EV, solar, wind, smart grid, and industrial. Over 185 Navitas patents are issued or pending. Over 50 million GaN units have been shipped with zero reported GaN field failures, and Navitas introduced the industry’s first and only 20-year warranty. Navitas is the world’s first semiconductor company to be CarbonNeutral®-certified.
Contact Information
Media
Graham Robertson, CMO of Grand Bridges
Graham@GrandBridges.com
Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com
Navitas Semiconductor, GaNFast, GaNSense, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. 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.
| 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, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| NET REVENUES | $ | 8,611 | $ | 5,450 | $ | 15,351 | $ | 10,767 | ||||||||
| COST OF REVENUES | 5,026 | 2,971 | 8,803 | 5,930 | ||||||||||||
| GROSS PROFIT | 3,585 | 2,479 | 6,548 | 4,837 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 9,606 | 6,267 | 23,019 | 10,521 | ||||||||||||
| Selling, general and administrative | 13,993 | 14,794 | 38,537 | 20,163 | ||||||||||||
| Total operating expenses | 23,599 | 21,061 | 61,556 | 30,684 | ||||||||||||
| LOSS FROM OPERATIONS | (20,014 | ) | (18,582 | ) | (55,008 | ) | (25,847 | ) | ||||||||
| OTHER INCOME (EXPENSE), net: | ||||||||||||||||
| Interest income (expense), net | 52 | (63 | ) | 28 | (124 | ) | ||||||||||
| Gain from change in fair value of warrants | - | - | 51,763 | - | ||||||||||||
| Gain from change in fair value of earnout liabilities | 54,854 | - | 118,260 | - | ||||||||||||
| Other income (expense) | (785 | ) | - | (1,141 | ) | - | ||||||||||
| Total other income (expense), net | 54,121 | (63 | ) | 168,910 | (124 | ) | ||||||||||
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 34,107 | (18,645 | ) | 113,902 | (25,971 | ) | ||||||||||
| PROVISION FOR INCOME TAXES | 270 | 5 | 273 | 24 | ||||||||||||
| NET INCOME (LOSS) | $ | 33,837 | $ | (18,650 | ) | $ | 113,629 | $ | (25,995 | ) | ||||||
| NET INCOME (LOSS) PER SHARE: | ||||||||||||||||
| Basic | $ | 0.27 | $ | (0.89 | ) | $ | 0.93 | $ | (1.28 | ) | ||||||
| Diluted | $ | 0.26 | $ | (0.89 | ) | $ | 0.87 | $ | (1.28 | ) | ||||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||
| Basic | 124,030 | 20,900 | 121,827 | 20,324 | ||||||||||||
| Diluted | 132,132 | 20,900 | 130,882 | 20,324 | ||||||||||||
| SUPPLEMENTAL INFORMATION: | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Stock-based compensation expenses included in: | ||||||||||||||||
| Net revenues | $ | - | $ | 50 | $ | - | $ | 163 | ||||||||
| Research and development | 3,037 | 1,424 | 10,531 | 1,630 | ||||||||||||
| Selling, general and administrative | 7,999 | 11,255 | 25,831 | 12,771 | ||||||||||||
| Total stock-based compensation expense | $ | 11,036 | $ | 12,729 | $ | 36,362 | $ | 14,564 | ||||||||
| Research and development includes: | ||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 84 | $ | 89 | $ | 172 | $ | 188 | ||||||||
