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 70 million GaN units have been shipped, now with the industry’s first and only 20-year 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 | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| NET REVENUES | $ | 12,349 | $ | 7,338 | $ | 37,943 | $ | 23,736 | |||||||
| COST OF REVENUES | 7,341 | 4,088 | 25,996 | 13,050 | |||||||||||
| GROSS PROFIT | 5,008 | 3,250 | 11,947 | 10,686 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development | 17,164 | 11,495 | 53,526 | 27,820 | |||||||||||
| Selling, general and administrative | 16,400 | 27,661 | 79,414 | 51,374 | |||||||||||
| Total operating expenses | 33,564 | 39,156 | 132,940 | 79,194 | |||||||||||
| LOSS FROM OPERATIONS | (28,556 | ) | (35,906 | ) | (120,993 | ) | (68,508 | ) | |||||||
| OTHER INCOME (EXPENSE), net: | |||||||||||||||
| Interest income (expense), net | 721 | (58 | ) | 1,387 | (257 | ) | |||||||||
| Gain from change in fair value of warrants | - | (45,625 | ) | 51,763 | (45,625 | ) | |||||||||
| Gain (loss) from change in fair value of earnout liabilities | 9,547 | (38,105 | ) | 121,709 | (38,105 | ) | |||||||||
| Other income (expense) | 69 | (143 | ) | (1,146 | ) | (143 | ) | ||||||||
| Total other income (expense), net | 10,337 | (83,931 | ) | 173,713 | (84,130 | ) | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (18,219 | ) | (119,837 | ) | 52,720 | (152,638 | ) | ||||||||
| INCOME TAX (BENEFIT) PROVISION | (11,376 | ) | 10 | (21,238 | ) | 47 | |||||||||
| NET INCOME (LOSS) | (6,843 | ) | (119,847 | ) | 73,958 | (152,685 | ) | ||||||||
| LESS: Net income (loss) attributable to noncontrolling interest | (788 | ) | - | (1,026 | ) | - | |||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (6,055 | ) | $ | (119,847 | ) | $ | 74,984 | $ | (152,685 | ) | ||||
| NET INCOME (LOSS) PER SHARE: | |||||||||||||||
| Basic | $ | (0.04 | ) | $ | (1.23 | ) | $ | 0.56 | $ | (3.90 | ) | ||||
| Diluted | $ | (0.04 | ) | $ | (1.23 | ) | $ | 0.51 | $ | (3.90 | ) | ||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||
| Basic | 152,416 | 97,400 | 133,668 | 39,167 | |||||||||||
| Diluted | 152,416 | 97,400 | 145,743 | 39,167 | |||||||||||
| SUPPLEMENTAL INFORMATION: | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Stock-based compensation expenses included in: Net revenues | $ | - | $ | - | $ | - | $ | 163 | |||||||
| Research and development | 3,729 | 4,926 | 19,487 | 6,624 | |||||||||||
| Selling, general and administrative | 7,465 | 21,713 | 43,843 | 34,617 | |||||||||||
| Total stock-based compensation expense | $ | 11,194 | $ | 26,639 | $ | 63,330 | $ | 41,404 | |||||||
| Amortization of acquisition-related intangible assets included in: | |||||||||||||||
| Research and development | $ | 3,634 | $ | 87 | $ | 5,623 | $ | 361 | |||||||
| Selling, general and administrative | 887 | - | 1,311 | - | |||||||||||
| Total Amortization of acquisition-related intangible assets | $ | 4,521 | $ | 87 | $ | 6,934 | $ | 361 | |||||||
| Acquisition-related expenses included in: | |||||||||||||||
| Research and development | $ | - | $ | 500 | $ | - | $ | 500 | |||||||
| Selling, general and administrative | 465 | 1,795 | 5,907 | 1,795 | |||||||||||
| Total other acquisition-related expenses | $ | 465 | $ | 2,295 | $ | 5,907 | $ | 2,295 | |||||||
| Payroll taxes on vesting of employee stock-based compensation included in: | |||||||||||||||
| Selling, general and administrative | $ | 438 | $ | - | $ | 592 | $ | - | |||||||
