Navitas Semiconductor Announces Record Fourth Quarter and Full Year 2023 Financial Results
- Impressive Q4 revenue growth of 111% year over year and 19% sequentially.
- Full year revenue for 2023 reaches $79.5 million, up 109% from the prior year.
- Strong performance across multiple markets with major new wins in AI data centers, home appliances, solar inverters, and internet satellite.
- Introduction of new GaNSafe technology and Gen-3 Fast silicon carbide driving demand in the Electric Vehicle market.
- Positive developments in Solar/Energy Storage market with significant adoption of GaNSafe and Gen 3 Fast SiC technologies.
- Expansion into Home Appliance/Industrial market with major tier 1 home appliance win and engagement with top global leaders in industrial pumps.
- Enhanced performance in Datacenter market with new technologies achieving unprecedented power density for AI data centers.
- Expansion into new markets like Mobile with powering newly released models from OPPO, Xiaomi, and Samsung.
- Positive business outlook for the first quarter of 2024 with expected net revenues of $23 million.
- Strong cash position with $152.8 million in cash and cash equivalents as of December 31, 2023.
- GAAP loss from operations for the quarter was $26.8 million.
- GAAP loss from operations for the year was $118.1 million.
- Non-GAAP loss from operations for the quarter was $9.7 million.
- Non-GAAP loss from operations for the year was $40.3 million.
Insights
Navitas Semiconductor's report showcasing a 111% year-over-year revenue increase and a 19% sequential growth is a robust indicator of the company's expanding market presence and operational efficiency. The substantial revenue growth, particularly in the high-demand sectors of AI data centers, home appliances, solar inverters and internet satellite services, reflects a strategic alignment with emerging technological trends. The improvement in gross margin from 40.6% to 42.2% suggests effective cost management and a strong pricing strategy, despite the overall GAAP loss from operations.
However, the reported GAAP loss from operations, although reduced from the previous year, indicates that the company is still in a growth phase where investment in expansion and R&D may be prioritizing over immediate profitability. The anticipation of accelerated revenue growth in the second half of 2024, based on a strong customer pipeline, is a positive outlook that could influence investor sentiment. Nonetheless, the projected first-quarter revenue dip to $23 million should be closely monitored as it may signify market volatility or internal challenges.
Navitas Semiconductor's performance should be contextualized within the broader semiconductor industry, which is known for its cyclical nature and sensitivity to global economic conditions. The company's focus on next-generation power semiconductors, such as GaNSafe and silicon carbide (SiC) technologies, positions it favorably within a niche yet rapidly growing market segment. Adoption of these technologies in electric vehicles, solar energy and data centers aligns with global sustainability trends and the digital transformation of industries.
Navitas' engagement with top OEMs and its expansion into new markets such as mobile charging solutions for brands like OPPO and Xiaomi, as well as its involvement in a major internet satellite project, suggest a diversification strategy that could mitigate risks associated with market fluctuations. The company's ability to secure new wins and drive growth in these areas will be critical for its long-term success and market share expansion.
The integration of Navitas' GaNSafe and Gen-3 Fast SiC technologies into electric vehicle chargers and solar inverters is a testament to the company's innovative capabilities and the industry's shift towards more efficient power solutions. The reported doubling of power density in AI data centers from legacy silicon solutions is particularly noteworthy, as it demonstrates the potential for Navitas' products to meet the growing power demands of modern technology infrastructures.
While the company's technological advancements are promising, it's important to note that the adoption rates of new semiconductor technologies can be influenced by factors such as cost, regulatory approvals and the pace of infrastructure change. Navitas' ability to navigate these factors and convert technological innovation into marketable products will be a key determinant of its financial performance and ability to sustain high growth rates.
- Posts Q4 revenue of
$26 million , up111% year over year and19% sequentially - Delivers
$79.5 million full year revenue, up109% from prior year - Significant new wins in AI data centers, home appliances, solar inverters and internet satellite drive growth outlook for 2024
TORRANCE, Calif., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the fourth quarter and full year ended December 31, 2023.
“I am pleased to announce a record fourth quarter that caps off a year of more than doubling revenue for Navitas as we demonstrated strength across multiple markets,” said Gene Sheridan, CEO and co-founder. “While we are not immune to first half 2024 market headwinds, we see revenue growth accelerating in the second half based on our strong customer pipeline including major new wins in AI data centers, home appliances, solar inverters and a major satellite internet roll-out - all of which positions Navitas for strong growth in 2024 and beyond.”
4Q23 Financial Highlights
- Revenue: Total revenue grew to
$26.1 million in the fourth quarter of 2023, a111% increase from$12.3 million in the fourth quarter of 2022 and a19% increase from$22.0 million in the third quarter of 2023. - Gross Margin: GAAP gross margin for the fourth quarter of 2023 was
42.2% , compared to40.6% in the fourth quarter of 2022 and32.3% for the third quarter of 2023. Non-GAAP gross margin for the fourth quarter of 2023 was42.2% compared to40.6% for the fourth quarter of 2022 and42.1% for the third quarter of 2023. - Loss from Operations: GAAP loss from operations for the quarter was
$26.8 million , compared to a loss of$31.2 million for the fourth quarter of 2022 and a loss of$28.6 million for the third quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was$9.7 million compared to a loss of$12.4 million for the fourth quarter of 2022 and a loss of$8.7 million for the third quarter of 2023. - Cash: Cash and cash equivalents were
$152.8 million as of December 31, 2023.
FY 2023 Financial Highlights
- Revenue: Total revenue grew to
$79.5 million in 2023, a109% increase from$37.9 million in 2022. - Gross Margin: GAAP gross margin for 2023 was
39.1% , compared to31.5% in 2022. Non-GAAP gross margin for 2023 was41.8% compared to40.8% for 2022. - Loss from Operations: GAAP loss from operations for the year was
$118.1 million , compared to a loss of$123.6 million for 2022. On a non-GAAP basis, loss from operations for the year was$40.3 million compared to a loss of$41.2 million for 2022.
Market, Customer and Technology Highlights:
- Electric Vehicle: Introduction of new GaNSafe technology plus new Gen-3 Fast silicon carbide is fueling demand for EV on-board and roadside chargers. SiC-based on-board chargers are in or moving to production this year with customers including top EV brands such as Zeekr, Volvo and Smart. Announced joint design center with Shinry – one of the top EV on-board charger suppliers for Hyundai, BYD, Honda, Geely and others.
- Solar/Energy Storage: Displacement of silicon with GaNSafe and Gen 3 Fast SiC technologies continued with significant developments in 3 of the top 5 US solar OEMs, and the majority of the world’s top 10 solar manufacturers. SiC is shipping into this market today and GaN adoption is expected to ramp in late 2024.
- Home Appliance / Industrial: Major new tier 1 home appliance win will drive additional revenues in late ‘24 - Navitas now engaged with 7 of the world’s top 10 home appliance OEMs. Customer designs are in process at 2 of the top 3 global leaders in industrial pumps and a top 3 global leader in heat pumps.
- Datacenter: New GaNSafe and Gen 3 Fast SiC and Navitas’ dedicated design center is now achieving an unprecedented 4.5 kW, more than double the power density of legacy silicon solutions, to deliver accelerating power demands of AI data centers. Over 20 customer designs are expected to ramp production in 2024.
- Mobile: Navitas now powers 5 newly released OPPO models and 8 newly released Xiaomi models with chargers ranging from 67 W to 120 W. Additional Samsung models now include powering the new Galaxy S24.
- Other New Markets: GaN ICs have been designed into the ground-based terminal for a major internet satellite implementation to ramp in 2H24.
Business Outlook
First quarter 2024 net revenues are expected to be
Navitas Q4 and FY 2023 Financial Results Conference Call and Webcast Information:
When: Thursday, February 29th, 2024
Time: 2:00 p.m. Pacific / 5:00 p.m. Eastern
Toll Free Dial-in: (800) 715-9871 or (646) 307-1963, Conference ID: 6680139
Live Webcast: https://edge.media-server.com/mmc/p/n4aaj82b
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 gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP research and development expense, (iv) non-GAAP selling, general and administrative expense, (v) 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.
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 under Part 1, Item 1A “Risk Factors” section in the Company’s annual reports on Form 10-K, and other SEC reports. 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 250 Navitas patents are issued or pending. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas Semiconductor, 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
PR image:
| 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, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| NET REVENUES | $ | 26,058 | $ | 12,349 | $ | 79,456 | $ | 37,943 | |||||||
| COST OF REVENUES (exclusive of amortization of intangibles included below) | 15,069 | 7,341 | 48,392 | 25,996 | |||||||||||
| GROSS PROFIT | 10,989 | 5,008 | 31,064 | 11,947 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development | 18,087 | 15,945 | 68,825 | 50,318 | |||||||||||
| Selling, general and administrative | 14,923 | 15,763 | 61,551 | 78,353 | |||||||||||
| Amortization of intangible assets | 4,774 | 4,499 | 18,820 | 6,913 | |||||||||||
| Total operating expenses | 37,784 | 36,207 | 149,196 | 135,584 | |||||||||||
| LOSS FROM OPERATIONS | (26,795 | ) | (31,199 | ) | (118,132 | ) | (123,637 | ) | |||||||
| OTHER INCOME (EXPENSE), net: | |||||||||||||||
| Interest income, net | 1,964 | 721 | 5,368 | 1,387 | |||||||||||
| Gain from change in fair value of warrants | — | — | — | 51,763 | |||||||||||
| Gain (loss) from change in fair value of earnout liabilities | (8,285 | ) | 9,547 | (33,788 | ) | 121,709 | |||||||||
| Other income (expense) | 33 | 67 | 84 | (1,147 | ) | ||||||||||
| Total other income (expense), net | (6,288 | ) | 10,335 | (28,336 | ) | 173,712 | |||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (33,083 | ) | (20,864 | ) | (146,468 | ) | 50,075 | ||||||||
| INCOME TAX (BENEFIT) PROVISION | (505 | ) | (12,950 | ) | (517 | ) | (22,812 | ) | |||||||
| NET INCOME (LOSS) | (32,578 | ) | (7,914 | ) | (145,951 | ) | 72,887 | ||||||||
| LESS: Net income (loss) attributable to noncontrolling interest | — | (789 | ) | (518 | ) | (1,026 | ) | ||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (32,578 | ) | $ | (7,125 | ) | $ | (145,433 | ) | $ | 73,913 | ||||
| NET INCOME (LOSS) PER SHARE: | |||||||||||||||
| Basic | $ | (0.18 | ) | $ | (0.05 | ) | $ | (0.86 | ) | $ | 0.55 | ||||
| Diluted | $ | (0.18 | ) | $ | (0.05 | ) | $ | (0.86 | ) | $ | 0.51 | ||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||
| Basic | 178,780 | 152,416 | 168,927 | 133,668 | |||||||||||
| Diluted | 178,780 | 152,416 | 168,927 | 145,743 | |||||||||||
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| (dollars in thousands, except per-share amounts) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | |||||||||||||||
| GAAP gross profit | $ | 10,989 | $ | 5,008 | $ | 31,064 | $ | 11,947 | |||||||
| GAAP gross profit margin | 42.2 | % | 40.6 | % | 39.1 | % | 31.5 | % | |||||||
| Inventory write-off related to discontinued products | — | — | 2,024 | — | |||||||||||
| Other operational charges | — | — | 122 | 172 | |||||||||||
| Reserves for write-down of inventory | — | — | — | 2,833 | |||||||||||
| Inventory write-off related to purchase accounting step-up | — | — | — | 539 | |||||||||||
| Non-GAAP gross profit | $ | 10,989 | $ | 5,008 | $ | 33,210 | $ | 15,491 | |||||||
| Non-GAAP gross profit margin | 42.2 | % | 40.6 | % | 41.8 | % | 40.8 | % | |||||||
| RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||
| GAAP Research and development | $ | 18,087 | $ | 15,945 | $ | 68,825 | $ | 50,318 | |||||||
| Stock-based compensation expenses | (6,669 | ) | (4,096 | ) | (26,806 | ) | (19,853 | ) | |||||||
| Non-GAAP Research and development | 11,418 | 11,849 | 42,019 | 30,465 | |||||||||||
| GAAP Selling, general and administrative | 14,923 | 15,763 | 61,551 | 78,353 | |||||||||||
| Stock-based compensation expenses | (5,549 | ) | (7,056 | ) | (27,222 | ) | (43,435 | ) | |||||||
| Termination of distributor | — | — | (483 | ) | — | ||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 35 | (438 | ) | (663 | ) | (592 | ) | ||||||||
| Acquisition-related expenses | (2 | ) | (2,640 | ) | (1,487 | ) | (8,082 | ) | |||||||
| Other | (105 | ) | (22 | ) | (210 | ) | (22 | ) | |||||||
| Non-GAAP Selling, general and administrative | 9,302 | 5,607 | 31,486 | 26,222 | |||||||||||
| Total Non-GAAP operating expenses | $ | 20,720 | $ | 17,456 | $ | 73,505 | $ | 56,687 | |||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | |||||||||||||||
| GAAP loss from operations | $ | (26,795 | ) | $ | (31,199 | ) | $ | (118,132 | ) | $ | (123,637 | ) | |||
| GAAP operating margin | (102.8 | )% | (252.6 | )% | (148.7 | )% | (325.8 | )% | |||||||
| Add: Stock-based compensation expenses included in: | |||||||||||||||
| Research and development | 6,669 | 4,096 | 26,806 | 19,853 | |||||||||||
| Selling, general and administrative | 5,549 | 7,056 | 27,222 | 43,435 | |||||||||||
| Total | 12,218 | 11,152 | 54,028 | 63,288 | |||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,499 | 18,820 | 6,913 | |||||||||||
| Inventory write-off related to discontinued products | — | — | 2,024 | — | |||||||||||
| Termination of distributor | — | — | 483 | — | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | (35 | ) | 438 | 663 | 592 | ||||||||||
| Other operational charges | — | — | 122 | 172 | |||||||||||
| Acquisition-related expenses | 2 | 2,640 | 1,487 | 8,082 | |||||||||||
| Reserves for write-down of inventory | — | — | — | 2,833 | |||||||||||
| Inventory write-off related to purchase accounting step-up | — | — | — | 539 | |||||||||||
| Other | 105 | 22 | 210 | 22 | |||||||||||
| Non-GAAP loss from operations | $ | (9,731 | ) | $ | (12,448 | ) | $ | (40,295 | ) | $ | (41,196 | ) | |||
| Non-GAAP operating margin | (37.3 | )% | (100.8 | )% | (50.7 | )% | (108.6 | )% | |||||||
| RECONCILIATION OF NET LOSS PER SHARE | |||||||||||||||
| GAAP net income (loss) attributable to controlling interest | $ | (32,578 | ) | $ | (7,125 | ) | $ | (145,433 | ) | $ | 73,913 | ||||
| Adjustments to GAAP net income (loss) | |||||||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | 8,285 | (9,547 | ) | 33,788 | (121,709 | ) | |||||||||
| Total stock-based compensation | 12,218 | 11,152 | 54,028 | 63,288 | |||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,499 | 18,820 | 6,913 | |||||||||||
| Inventory write-off related to discontinued products | — | — | 2,024 | — | |||||||||||
| Termination of distributor | — | — | 483 | — | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | (35 | ) | 438 | 663 | 592 | ||||||||||
| Other operational charges | — | — | 122 | 172 | |||||||||||
| Acquisition-related expenses | 2 | 2,640 | 1,487 | 8,082 | |||||||||||
| Reserves for write-down of inventory | — | — | — | 2,833 | |||||||||||
| Inventory write-off related to purchase accounting step-up | — | — | — | 539 | |||||||||||
| Gain from change in fair value of warrants | — | — | — | (51,763 | ) | ||||||||||
| Release of tax valuation allowance | — | (10,754 | ) | — | (20,669 | ) | |||||||||
| Other expense | 72 | (45 | ) | 126 | 1,169 | ||||||||||
| Non-GAAP net loss | $ | (7,262 | ) | $ | (8,742 | ) | $ | (33,892 | ) | $ | (36,640 | ) | |||
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | 178,780 | 152,416 | 168,927 | 133,668 | |||||||||||
| Non-GAAP net loss per share (basic and diluted) | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.20 | ) | $ | (0.27 | ) | |||
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| December 31, 2023 | December 31, 2022 | ||||||||||||||
| ASSETS | |||||||||||||||
| CURRENT ASSETS: | |||||||||||||||
| Cash and cash equivalents | $ | 152,839 | $ | 110,337 | |||||||||||
| Accounts receivable, net | 25,858 | 9,127 | |||||||||||||
| Inventories | 23,166 | 19,061 | |||||||||||||
| Prepaid expenses and other current assets | 6,619 | 3,623 | |||||||||||||
| Total current assets | 208,482 | 142,148 | |||||||||||||
| PROPERTY AND EQUIPMENT, net | 9,154 | 6,532 | |||||||||||||
| OPERATING LEASE RIGHT OF USE ASSETS | 8,268 | 6,381 | |||||||||||||
| INTANGIBLE ASSETS, net | 91,099 | 105,620 | |||||||||||||
| GOODWILL | 163,215 | 161,527 | |||||||||||||
| OTHER ASSETS | 5,328 | 3,054 | |||||||||||||
| Total assets | $ | 485,546 | $ | 425,262 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| CURRENT LIABILITIES: | |||||||||||||||
| Accounts payable and other accrued expenses | $ | 26,637 | $ | 14,653 | |||||||||||
| Accrued compensation expenses | 10,902 | 3,907 | |||||||||||||
| Current portion of operating lease liabilities | 1,892 | 1,305 | |||||||||||||
| Deferred revenue | 10,953 | 486 | |||||||||||||
| Total current liabilities | 50,384 | 20,351 | |||||||||||||
| LONG-TERM LIABILITIES: | |||||||||||||||
| OPERATING LEASE LIABILITIES NONCURRENT | 6,653 | 5,263 | |||||||||||||
| EARNOUT LIABILITY | 46,852 | 13,064 | |||||||||||||
| DEFERRED TAX LIABILITIES | 1,040 | 1,824 | |||||||||||||
| Total liabilities | 104,929 | 40,502 | |||||||||||||
| STOCKHOLDERS’ EQUITY: | |||||||||||||||
| Total stockholders’ equity of Navitas Semiconductor Corporation | 380,617 | 381,132 | |||||||||||||
| Noncontrolling interest | — | 3,628 | |||||||||||||
| Total equity | 380,617 | 384,760 | |||||||||||||
| Total liabilities stockholders’ equity | $ | 485,546 | $ | 425,262 | |||||||||||
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9f46359-dfc9-4b4b-9c1d-9f731a01fddc
FAQ
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