Navitas Semiconductor Announces Fourth Quarter and Full Year 2024 Financial Results
Navitas Semiconductor (NVTS) reported Q4 2024 and full-year financial results, highlighting record GaN revenues despite industry headwinds. Total revenue for Q4 2024 was $18.0 million, down from $26.1 million in Q4 2023. Full-year 2024 revenue grew 5% to $83.3 million.
The company secured $450 million in customer design-wins and expanded its customer pipeline by 92% to $2.4 billion. Notable growth was seen in Data Center and EV sectors, with AI driving the fastest-growing end-market. The company maintains a strong cash position of $86.7 million.
For Q1 2025, Navitas expects revenues between $13.0-15.0 million with a non-GAAP gross margin of approximately 38%. The company plans to unveil breakthrough power conversion technology on March 12th, expected to drive improvements in energy efficiency across multiple markets.
Navitas Semiconductor (NVTS) ha riportato i risultati finanziari del quarto trimestre 2024 e dell'intero anno, evidenziando ricavi record nel GaN nonostante le difficoltà del settore. Il fatturato totale per il quarto trimestre 2024 è stato di 18,0 milioni di dollari, in calo rispetto ai 26,1 milioni di dollari del quarto trimestre 2023. I ricavi per l'intero anno 2024 sono aumentati del 5% a 83,3 milioni di dollari.
L'azienda ha ottenuto 450 milioni di dollari in design-wins da clienti e ha ampliato il suo portafoglio clienti del 92%, raggiungendo i 2,4 miliardi di dollari. Una crescita notevole è stata registrata nei settori dei Data Center e dei veicoli elettrici, con l'IA che guida il mercato finale in più rapida crescita. L'azienda mantiene una solida posizione di liquidità di 86,7 milioni di dollari.
Per il primo trimestre 2025, Navitas prevede ricavi compresi tra 13,0 e 15,0 milioni di dollari con un margine lordo non-GAAP di circa il 38%. L'azienda prevede di svelare una tecnologia innovativa di conversione dell'energia il 12 marzo, che si prevede porterà a miglioramenti nell'efficienza energetica in diversi mercati.
Navitas Semiconductor (NVTS) informó los resultados financieros del cuarto trimestre de 2024 y del año completo, destacando ingresos récord en GaN a pesar de los desafíos de la industria. Los ingresos totales para el cuarto trimestre de 2024 fueron de 18,0 millones de dólares, una disminución desde los 26,1 millones de dólares en el cuarto trimestre de 2023. Los ingresos del año completo 2024 crecieron un 5% hasta alcanzar los 83,3 millones de dólares.
La empresa aseguró 450 millones de dólares en victorias de diseño de clientes y amplió su cartera de clientes en un 92%, alcanzando los 2,4 mil millones de dólares. Se observó un crecimiento notable en los sectores de centros de datos y vehículos eléctricos, con la IA impulsando el mercado final de más rápido crecimiento. La empresa mantiene una sólida posición de efectivo de 86,7 millones de dólares.
Para el primer trimestre de 2025, Navitas espera ingresos entre 13,0 y 15,0 millones de dólares con un margen bruto no-GAAP de aproximadamente el 38%. La empresa planea revelar una tecnología innovadora de conversión de energía el 12 de marzo, que se espera impulse mejoras en la eficiencia energética en múltiples mercados.
Navitas Semiconductor (NVTS)는 2024년 4분기 및 연간 재무 결과를 발표하며 산업의 어려움에도 불구하고 GaN 수익이 기록적임을 강조했습니다. 2024년 4분기 총 수익은 1,800만 달러로, 2023년 4분기의 2,610만 달러에서 감소했습니다. 2024년 전체 연간 수익은 5% 증가하여 8,330만 달러에 달했습니다.
회사는 4억 5천만 달러의 고객 디자인 수주를 확보하고 고객 파이프라인을 92% 확장하여 24억 달러에 도달했습니다. 데이터 센터 및 전기차 부문에서 두드러진 성장이 있었으며, AI가 가장 빠르게 성장하는 최종 시장을 주도하고 있습니다. 회사는 8,670만 달러의 강력한 현금 보유고를 유지하고 있습니다.
2025년 1분기 동안 Navitas는 1,300만에서 1,500만 달러 사이의 수익을 예상하며, 비-GAAP 총 마진은 약 38%로 예상하고 있습니다. 회사는 3월 12일에 에너지 효율성을 여러 시장에서 개선할 것으로 기대되는 혁신적인 전력 변환 기술을 공개할 계획입니다.
Navitas Semiconductor (NVTS) a annoncé les résultats financiers du quatrième trimestre 2024 et de l'année complète, mettant en avant des revenus record dans le GaN malgré les difficultés du secteur. Le chiffre d'affaires total pour le quatrième trimestre 2024 s'est élevé à 18,0 millions de dollars, en baisse par rapport à 26,1 millions de dollars au quatrième trimestre 2023. Le chiffre d'affaires annuel pour 2024 a augmenté de 5% pour atteindre 83,3 millions de dollars.
L'entreprise a sécurisé 450 millions de dollars en gains de conception client et a élargi son portefeuille clients de 92% pour atteindre 2,4 milliards de dollars. Une croissance notable a été observée dans les secteurs des centres de données et des véhicules électriques, l'IA étant le marché final à la croissance la plus rapide. L'entreprise maintient une solide position de liquidités de 86,7 millions de dollars.
Pour le premier trimestre 2025, Navitas s'attend à des revenus compris entre 13,0 et 15,0 millions de dollars avec une marge brute non-GAAP d'environ 38%. L'entreprise prévoit de dévoiler une technologie révolutionnaire de conversion d'énergie le 12 mars, qui devrait améliorer l'efficacité énergétique sur plusieurs marchés.
Navitas Semiconductor (NVTS) hat die Finanzzahlen für das vierte Quartal 2024 und das gesamte Jahr veröffentlicht und hebt Rekordumsätze im Bereich GaN hervor, trotz der Herausforderungen in der Branche. Der Gesamtumsatz für das vierte Quartal 2024 betrug 18,0 Millionen Dollar, ein Rückgang von 26,1 Millionen Dollar im vierten Quartal 2023. Der Umsatz für das gesamte Jahr 2024 wuchs um 5% auf 83,3 Millionen Dollar.
Das Unternehmen sicherte sich 450 Millionen Dollar an Kunden-Design-Gewinnen und erweiterte seine Kundenpipeline um 92% auf 2,4 Milliarden Dollar. Ein bemerkenswerter Anstieg wurde in den Bereichen Rechenzentren und Elektrofahrzeuge verzeichnet, wobei KI den am schnellsten wachsenden Endmarkt antreibt. Das Unternehmen hält eine starke Liquiditätsposition von 86,7 Millionen Dollar.
Für das erste Quartal 2025 erwartet Navitas Umsätze zwischen 13,0 und 15,0 Millionen Dollar mit einer Non-GAAP-Bruttomarge von etwa 38%. Das Unternehmen plant, am 12. März eine bahnbrechende Technologie zur Energieumwandlung vorzustellen, die Verbesserungen der Energieeffizienz in mehreren Märkten erwarten lässt.
- Customer design-wins reached $450 million
- Customer pipeline increased 92% to $2.4 billion
- Full-year revenue grew 5% to $83.3 million
- Strong cash position of $86.7 million
- Data Center AI market pipeline valued at $165 million, up 100% vs 2023
- Q4 2024 revenue declined to $18.0M from $26.1M in Q4 2023
- Q4 2024 GAAP loss from operations increased to $39.0M vs $26.8M in Q4 2023
- Full-year GAAP loss from operations increased to $130.7M from $118.1M in 2023
- Q1 2025 revenue guidance shows sequential decline to $13.0-15.0M
Insights
Navitas Semiconductor's Q4 2024 results reveal a complex narrative of near-term challenges and long-term opportunities in the power semiconductor market. While total revenue declined 31% YoY to
The expansion of the customer pipeline to
However, the widening GAAP operating loss of
Several key developments warrant attention:
- The company has secured 40 customer wins in data centers with both GaN and SiC solutions, positioning it well in the high-growth AI infrastructure market
- Mobile segment penetration remains strong with 10 of 10 top smartphone/notebook OEMs, while GaN adoption reaches
10% globally - The upcoming March technology announcement could be a catalyst, potentially accelerating the transition from silicon to GaN/SiC solutions
- EV segment progress with 40 customer wins across multiple regions indicates growing market acceptance, though revenue impact will take time to materialize
The
- GaN revenue up over
50% to record high - Design-wins of
$450 million with highest growth rates in Data Center and EV - Strong balance sheet and continued expense management to accelerate profitability
TORRANCE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2024.
“I am proud of our team’s efforts to deliver growth in 2024, despite significant headwinds with an industry-wide slow-down in some major markets,” said Gene Sheridan, CEO and co-founder. “We achieved record GaN revenues from mobile, consumer and appliance sectors, while both GaN and SiC started shipping into data centers in the second half of 2024. We closed the year with an extraordinary
4Q24 Financial Highlights
- Revenue: Total revenue was
$18.0 million in the fourth quarter of 2024, compared to$26.1 million in the fourth quarter of 2023 and compared to$21.7 million in the third quarter of 2024. - Loss from Operations: GAAP loss from operations for the quarter was
$39.0 million , compared to a loss of$26.8 million for the fourth quarter of 2023 and a loss of$29.0 million for the third quarter of 2024. On a non-GAAP basis, loss from operations for the quarter was$12.7 million compared to a loss of$9.7 million for the fourth quarter of 2023 and a loss of$12.7 million in the third quarter of 2024. - Cash: Cash and cash equivalents were
$86.7 million as of December 31, 2024.
FY 2024 Financial Highlights
- Revenue: Total revenue grew to
$83.3 million in 2024, a5% increase from$79.5 million in 2023. - Loss from Operations: GAAP loss from operations for the year was
$130.7 million , compared to a loss of$118.1 million for 2023. On a non-GAAP basis, loss from operations for the year was$49.7 million compared to a loss of$40.3 million for 2023.
Market, Customer and Technology Highlights:
- Customer pipeline: increased
92% from$1.25 billion in December 2023, to$2.4 billion in December 2024. - Data Center: AI driving fastest-growing end-market within customer pipeline, now valued at
$165 million , up more than100% vs. 2023; Navitas-designed 2.7 kW to 8.5 kW system platforms fueling 40 customer wins in 2024 with GaN and SiC AC-DC power supplies; now expanding into 48 V DC-DC converters with new 80-120 V GaN technology. - EV: Over 40 customer wins in 2024 from US, Europe, Korea and China regions primarily with SiC in onboard and roadside chargers; first GaN EV win announced for 2026 production - extending driving range and reducing charging costs vs. traditional silicon on-board chargers.
- Mobile: Over 180 customer wins in 2024; continue to supply 10 of top 10 smartphone / notebook OEMs with Navitas GaN ICs; GaN reaches
10% adoption globally vs. silicon in mobile chargers and expands reach into Middle East, Africa, Latin America and India. - Solar/Appliance/Industrial: On-track for GaN solar micro-inverter launch this summer expected to improve solar energy efficiencies, weight, size and cost; over 170 customer wins across solar, appliance and industrial.
Technology Announcement (March 12th live-stream event):
- Navitas will unveil a breakthrough in power conversion that will create a paradigm shift across multiple, major end markets. This includes both semiconductor and system-level innovations, and is expected to drive major improvements in energy efficiency and power density, further accelerating GaN and SiC adoption vs. legacy silicon devices. For more details, refer to: https://navitassemi.com/navitas-to-unveil-a-new-paradigm-in-power/.
Business Outlook
- First quarter 2025 net revenues are expected to be
$13.0 t o$15.0 million . Non-GAAP gross margin for the first quarter is expected to be38% plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately$18.0 million in the first quarter of 2025.
Navitas Q4 and Full Year 2024 Financial Results Conference Call and Webcast Information:
When: Monday, February 24, 2025
Time: 2:00 p.m. Pacific / 5:00 p.m. Eastern
Toll Free Dial-in: (800) 715-9871 or (646) 307-1963, Conference ID: 9791990
Live Webcast: https://edge.media-server.com/mmc/p/yymvc89s
Replay: A replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.navitassemi.com/.
Non-GAAP Financial Measures
This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP operating expenses, (ii) non-GAAP research and development expense, (iii) non-GAAP selling, general and administrative expense, (iv) non-GAAP loss from operations, (vi) non-GAAP operating margin, and (vi) non-GAAP loss and loss per share. Each of these non-GAAP financial measures are adjusted from GAAP results to exclude certain expenses which are outlined in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independent of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Note Regarding Customer Pipeline and Design Wins
“Customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. All customer pipeline and design win information constitutes forward-looking statements. Customer pipeline and design wins do not represent orders, are not proxies for backlog or estimates of future revenue, and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. Accordingly, actual business realized depends on whether potential customers ultimately choose the Navitas solution, the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, successful customer qualification of the selected solution, the time needed for customers to begin production, the duration and pace of the customer’s ramp to full production, and strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities discussed below under “Cautionary Statement Regarding Forward-Looking Statements.”
Cautionary Statement Regarding Forward-Looking Statements
This press release, including the paragraph headed “Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The term “customer pipeline” and related information constitute forward-looking statements. Other forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Customer pipeline and other forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of risks and uncertainties, including the possibility that the expected growth of our business will not be realized, or will not be realized within expected time periods, due to, among other things, the failure to successfully integrate acquired businesses into our business and operational systems; the effect of acquisitions on customer and supplier relationships, or the failure to retain and expand those relationships; the success or failure of other business development efforts; Navitas’ financial condition and results of operations; Navitas’ ability to accurately predict future revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; Navitas’ ability to diversify its customer base and develop relationships in new markets; Navitas’ ability to scale its technology into new markets and applications; the effects of competition on Navitas’ business, including actions of competitors with an established presence and resources in markets we hope to penetrate, including silicon carbide markets; the level of demand in our customers’ end markets and our customers’ ability to predict such demand, both generally and with respect to successive generations of products or technology; Navitas’ ability to attract, train and retain key qualified personnel; changes in government trade policies, including the imposition of tariffs and the regulation of cross-border investments, particularly involving the United States and China; other regulatory developments in the United States, China and other countries; the impact of the COVID-19 pandemic or other epidemics on Navitas’ business and the economies that affect our business, including but not limited to Navitas’ supply chain and the supply chains of customers and suppliers; and Navitas’ ability to protect its intellectual property rights.
These and other risk factors are discussed in the Risk Factors section beginning on p. 15 of our annual report on Form 10-K for the year ended December 31, 2023, as updated in 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, 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 300 Navitas patents are issued or pending. Navitas offers 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, 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
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| NET REVENUES | $ | 17,978 | $ | 26,058 | $ | 83,302 | $ | 79,456 | |||||||
| COST OF REVENUES (exclusive of amortization of intangible assets included below) | 15,756 | 15,069 | 54,963 | 48,392 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development | 18,974 | 18,087 | 76,002 | 68,825 | |||||||||||
| Selling, general and administrative | 16,354 | 14,923 | 62,863 | 61,551 | |||||||||||
| Amortization of intangible assets | 4,661 | 4,774 | 18,926 | 18,820 | |||||||||||
| Restructuring expense | 1,223 | — | 1,223 | — | |||||||||||
| Total operating expenses | 41,212 | 37,784 | 159,014 | 149,196 | |||||||||||
| LOSS FROM OPERATIONS | (38,990 | ) | (26,795 | ) | (130,675 | ) | (118,132 | ) | |||||||
| OTHER INCOME (EXPENSE), net: | |||||||||||||||
| Interest income (expense), net | (40 | ) | 17 | (150 | ) | 1,314 | |||||||||
| Dividend income | 981 | 1,947 | 5,233 | 4,054 | |||||||||||
| Gain (loss) from change in fair value of earnout liabilities | (6,276 | ) | (8,285 | ) | 36,644 | (33,788 | ) | ||||||||
| Other income (expense) | (38 | ) | 33 | 102 | 84 | ||||||||||
| Total other income (expense), net | (5,373 | ) | (6,288 | ) | 41,829 | (28,336 | ) | ||||||||
| LOSS BEFORE INCOME TAXES | (44,363 | ) | (33,083 | ) | (88,846 | ) | (146,468 | ) | |||||||
| INCOME TAX BENEFIT | (598 | ) | (505 | ) | (342 | ) | (517 | ) | |||||||
| Equity method investment gain | 3,905 | — | 3,905 | — | |||||||||||
| NET LOSS | (39,860 | ) | (32,578 | ) | (84,599 | ) | (145,951 | ) | |||||||
| LESS: Net loss attributable to noncontrolling interest | — | — | — | (518 | ) | ||||||||||
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (39,860 | ) | $ | (32,578 | ) | $ | (84,599 | ) | $ | (145,433 | ) | |||
| NET LOSS PER SHARE: | |||||||||||||||
| Basic | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.46 | ) | $ | (0.86 | ) | |||
| Diluted | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.46 | ) | $ | (0.86 | ) | |||
| SHARES USED IN PER SHARE CALCULATION: | |||||||||||||||
| Basic | 187,221 | 178,780 | 183,723 | 168,927 | |||||||||||
| Diluted | 187,221 | 178,780 | 183,723 | 168,927 | |||||||||||
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | |||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | |||||||||||||||
| GAAP Net revenues | $ | 17,978 | $ | 26,058 | $ | 83,302 | $ | 79,456 | |||||||
| Cost of revenues (exclusive of amortization of intangibles) | (15,756 | ) | (15,069 | ) | (54,963 | ) | (48,392 | ) | |||||||
| Cost of revenues (amortization of intangibles) | (3,959 | ) | (3,959 | ) | (15,835 | ) | (15,560 | ) | |||||||
| GAAP Gross profit | (1,737 | ) | 7,030 | 12,504 | 15,504 | ||||||||||
| GAAP Gross margin | (9.7 | )% | 27.0 | % | 15.0 | % | 19.5 | % | |||||||
| Inventory reserve in conjunction with distributor disengagement | 5,011 | — | 5,011 | — | |||||||||||
| Cost of revenues (amortization of intangibles) | 3,959 | 3,959 | 15,835 | 15,560 | |||||||||||
| Stock-based compensation expense | 3 | — | 328 | — | |||||||||||
| Inventory write-off related to discontinued products | — | — | — | 2,024 | |||||||||||
| Other operational charges | — | — | — | 122 | |||||||||||
| Non-GAAP Gross profit | $ | 7,236 | $ | 10,989 | $ | 33,678 | $ | 33,210 | |||||||
| Non-GAAP Gross margin | 40.2 | % | 42.2 | % | 40.4 | % | 41.8 | % | |||||||
| RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||
| GAAP Research and development | $ | 18,974 | $ | 18,087 | $ | 76,002 | $ | 68,825 | |||||||
| Stock-based compensation expenses | (3,397 | ) | (6,669 | ) | (23,472 | ) | (26,806 | ) | |||||||
| Impairment of other asset | (2,014 | ) | — | (2,014 | ) | — | |||||||||
| R&D project abandonment in conjunction with distributor disengagement | (1,674 | ) | — | (1,674 | ) | — | |||||||||
| Non-GAAP Research and development | 11,889 | 11,418 | 48,842 | 42,019 | |||||||||||
| GAAP Selling, general and administrative | 16,354 | 14,923 | 62,863 | 61,551 | |||||||||||
| Bad debt expense due to distributor disengagement | (6,636 | ) | — | (7,484 | ) | — | |||||||||
| Stock-based compensation expenses | (1,620 | ) | (5,549 | ) | (19,231 | ) | (27,222 | ) | |||||||
| Payroll taxes on vesting of employee stock-based compensation | (23 | ) | 35 | (710 | ) | (663 | ) | ||||||||
| Settlement of commercial claim | — | — | (450 | ) | — | ||||||||||
| Acquisition-related expenses | — | (2 | ) | — | (1,487 | ) | |||||||||
| Termination of distributor | — | — | — | (483 | ) | ||||||||||
| Other expense | (74 | ) | (105 | ) | (460 | ) | (210 | ) | |||||||
| Non-GAAP Selling, general and administrative | 8,001 | 9,302 | 34,528 | 31,486 | |||||||||||
| Total Non-GAAP Operating expenses | $ | 19,890 | $ | 20,720 | $ | 83,370 | $ | 73,505 | |||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | |||||||||||||||
| GAAP Loss from operations | $ | (38,990 | ) | $ | (26,795 | ) | $ | (130,675 | ) | $ | (118,132 | ) | |||
| GAAP Operating margin | (216.9 | )% | (102.8 | )% | (156.9 | )% | (148.7 | )% | |||||||
| Add: Stock-based compensation expenses included in: | |||||||||||||||
| Research and development | 3,397 | 6,669 | 23,472 | 26,806 | |||||||||||
| Selling, general and administrative | 1,620 | 5,549 | 19,231 | 27,222 | |||||||||||
| Cost of goods sold | 3 | — | 328 | — | |||||||||||
| Total | 5,020 | 12,218 | 43,031 | 54,028 | |||||||||||
| Bad debt expense due to distributor disengagement | 6,636 | — | 7,484 | — | |||||||||||
| Inventory reserve in conjunction with distributor disengagement | 5,011 | — | 5,011 | — | |||||||||||
| Amortization of acquisition-related intangible assets | 4,661 | 4,774 | 18,926 | 18,820 | |||||||||||
| Impairment of other asset | 2,014 | — | 2,014 | — | |||||||||||
| R&D project abandonment in conjunction with distributor disengagement | 1,674 | — | 1,674 | — | |||||||||||
| Restructuring expense | 1,223 | — | 1,223 | — | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 23 | (35 | ) | 710 | 663 | ||||||||||
| Settlement of commercial claim | — | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 2 | — | 1,487 | |||||||||||
| Inventory write-off related to discontinued products | — | — | — | 2,024 | |||||||||||
| Termination of distributor | — | — | — | 483 | |||||||||||
| Other operational charges | — | — | — | 122 | |||||||||||
| Other expense | 74 | 105 | 460 | 210 | |||||||||||
| Non-GAAP Loss from operations | $ | (12,654 | ) | $ | (9,731 | ) | $ | (49,692 | ) | $ | (40,295 | ) | |||
| Non-GAAP Operating margin | (70.4 | )% | (37.3 | )% | (59.7 | )% | (50.7 | )% | |||||||
| RECONCILIATION OF NET LOSS PER SHARE | |||||||||||||||
| GAAP Net loss attributable to controlling interest | $ | (39,860 | ) | $ | (32,578 | ) | $ | (84,599 | ) | $ | (145,433 | ) | |||
| Adjustments to GAAP Net loss | |||||||||||||||
| Bad debt expense due to distributor disengagement | 6,636 | — | 7,484 | — | |||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | 6,276 | 8,285 | (36,644 | ) | 33,788 | ||||||||||
| Total stock-based compensation | 5,020 | 12,218 | 43,031 | 54,028 | |||||||||||
| Inventory reserve in conjunction with distributor disengagement | 5,011 | — | 5,011 | — | |||||||||||
| Amortization of acquisition-related intangible assets | 4,661 | 4,774 | 18,926 | 18,820 | |||||||||||
| Equity method investment gain | (3,905 | ) | — | (3,905 | ) | — | |||||||||
| Impairment of other asset | 2,014 | — | 2,014 | — | |||||||||||
| R&D project abandonment in conjunction with distributor disengagement | 1,674 | — | 1,674 | — | |||||||||||
| Restructuring expense | 1,223 | — | 1,223 | — | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 23 | (35 | ) | 710 | 663 | ||||||||||
| Settlement of commercial claim | — | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 2 | — | 1,487 | |||||||||||
| Inventory write-off related to discontinued products | — | — | — | 2,024 | |||||||||||
| Termination of distributor | — | — | — | 483 | |||||||||||
| Other operational charges | — | — | — | 122 | |||||||||||
| Other expense | 74 | 72 | 377 | 126 | |||||||||||
| Non-GAAP Net loss | $ | (11,153 | ) | $ | (7,262 | ) | $ | (44,248 | ) | $ | (33,892 | ) | |||
| Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | 187,221 | 178,780 | 183,723 | 168,927 | |||||||||||
| Non-GAAP Net loss per share (basic and diluted) | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.24 | ) | $ | (0.20 | ) | |||
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||
| ASSETS | |||||||||||||||
| CURRENT ASSETS: | |||||||||||||||
| Cash and cash equivalents | $ | 86,737 | $ | 151,892 | |||||||||||
| Accounts receivable, net | 13,982 | 25,858 | |||||||||||||
| Inventories | 15,477 | 22,234 | |||||||||||||
| Prepaid expenses and other current assets | 4,070 | 6,178 | |||||||||||||
| Total current assets | 120,266 | 206,162 | |||||||||||||
| RESTRICTED CASH | 1,503 | 947 | |||||||||||||
| PROPERTY AND EQUIPMENT, net | 15,421 | 9,154 | |||||||||||||
| OPERATING LEASE RIGHT OF USE ASSETS | 6,900 | 8,268 | |||||||||||||
| INTANGIBLE ASSETS, net | 72,195 | 91,099 | |||||||||||||
| GOODWILL | 163,215 | 163,215 | |||||||||||||
| OTHER ASSETS | 10,478 | 6,701 | |||||||||||||
| Total assets | $ | 389,978 | $ | 485,546 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| CURRENT LIABILITIES: | |||||||||||||||
| Accounts payable and other accrued expenses | $ | 10,754 | $ | 24,740 | |||||||||||
| Accrued compensation expenses | 8,623 | 10,902 | |||||||||||||
| Operating lease liabilities, current | 1,767 | 1,892 | |||||||||||||
| Customer deposit and deferred revenue | — | 10,953 | |||||||||||||
| Total current liabilities | 21,144 | 48,487 | |||||||||||||
| OPERATING LEASE LIABILITIES NONCURRENT | 5,553 | 6,653 | |||||||||||||
| EARNOUT LIABILITY | 10,208 | 46,852 | |||||||||||||
| DEFERRED TAX LIABILITIES | 441 | 1,040 | |||||||||||||
| NONCURRENT LIABILITIES | 4,619 | 1,897 | |||||||||||||
| Total liabilities | 41,965 | 104,929 | |||||||||||||
| STOCKHOLDERS’ EQUITY | 348,013 | 380,617 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 389,978 | $ | 485,546 | |||||||||||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f852e19a-59ff-4e2c-9e9f-2350147ffe86
FAQ
What was Navitas Semiconductor's (NVTS) revenue for Q4 2024?
How much did NVTS's customer design-wins grow in 2024?
What is NVTS's revenue guidance for Q1 2025?
How much did NVTS's customer pipeline grow in 2024?
What was NVTS's cash position at the end of 2024?
