Navitas Semiconductor Announces Second Quarter 2024 Financial Results
Navitas Semiconductor (NVTS) reported Q2 2024 financial results, with revenue growing to $20.5 million, a 13% increase year-over-year. The company's performance was at the higher end of guidance, with first-half revenue up nearly 40% year-on-year. Navitas highlighted important advances in AI data center power systems to support nVidia's processor platforms. The company reported a GAAP loss from operations of $31.1 million and a non-GAAP loss of $13.3 million. Cash and cash equivalents stood at $112.0 million with no debt. Navitas saw significant growth in customer pipelines across various markets, including AI data centers, EV/eMobility, appliances/industrial, and solar/energy storage. The company expects Q3 2024 net revenues of $22.0 million ± $500,000 with a non-GAAP gross margin of 40% ± 50 basis points.
Navitas Semiconductor (NVTS) ha riportato i risultati finanziari del secondo trimestre 2024, con ricavi in crescita a 20,5 milioni di dollari, un aumento del 13% rispetto all'anno precedente. Le prestazioni dell'azienda sono state al livello superiore delle previsioni, con un incremento dei ricavi del primo semestre di quasi il 40% su base annuale. Navitas ha evidenziato importanti progressi nei sistemi di alimentazione dei data center AI a supporto delle piattaforme del processore nVidia. L'azienda ha registrato una perdita operativa GAAP di 31,1 milioni di dollari e una perdita non GAAP di 13,3 milioni di dollari. La liquidità e le disponibilità liquide ammontavano a 112,0 milioni di dollari senza debito. Navitas ha visto una significativa crescita nei pipeline dei clienti in vari mercati, tra cui data center AI, veicoli elettrici/mobilità elettrica, elettrodomestici/industria e solare/stoccaggio dell'energia. L'azienda prevede ricavi netti del terzo trimestre 2024 di 22,0 milioni di dollari ± 500.000 dollari con un margine lordo non GAAP del 40% ± 50 punti base.
Navitas Semiconductor (NVTS) informó los resultados financieros del segundo trimestre de 2024, con ingresos que crecieron a 20.5 millones de dólares, un aumento del 13% en comparación con el año anterior. El desempeño de la compañía estuvo en el extremo superior de las expectativas, con un aumento de casi el 40% en los ingresos del primer semestre interanual. Navitas destacó importantes avances en sistemas de energía para centros de datos de IA para apoyar las plataformas de procesadores de nVidia. La empresa reportó una pérdida operativa GAAP de 31.1 millones de dólares y una pérdida no GAAP de 13.3 millones de dólares. El efectivo y equivalentes de efectivo alcanzaron 112.0 millones de dólares sin deudas. Navitas vio un crecimiento significativo en las carteras de clientes en varios mercados, incluidos centros de datos de IA, movilidad eléctrica/vehículos eléctricos, electrodomésticos/industria y energía solar/almacenamiento de energía. La compañía espera ingresos netos del tercer trimestre de 2024 de 22.0 millones de dólares ± 500,000 dólares con un margen bruto no GAAP del 40% ± 50 puntos base.
Navitas Semiconductor (NVTS)는 2024년 2분기 재무 결과를 발표했으며, 매출이 2,050만 달러로 증가하여 전년 대비 13% 성장했습니다. 회사의 실적은 가이던스의 상단에 도달했으며, 상반기 매출은 전년 대비 거의 40% 증가했습니다. Navitas는 nVidia의 프로세서 플랫폼을 지원하기 위한 AI 데이터 센터 전력 시스템의 중요한 발전을 강조했습니다. 회사는 GAAP 기준 운영 손실을 3,110만 달러로 보고했으며, 비 GAAP 기준 손실은 1,330만 달러로 나타났습니다. 현금 및 현금성 자산은 1억 1,200만 달러이며, 부채는 없습니다. Navitas는 AI 데이터 센터, 전기차/모빌리티, 가전 제품/산업, 태양광/에너지 저장을 포함한 다양한 시장에서 고객 파이프라인에서의 상당한 성장을 보았습니다. 회사는 2024년 3분기 순매출이 2,200만 달러 ± 500,000 달러가 될 것으로 예상하며, 비 GAAP 총 매출 이익률은 40% ± 50 베이시스 포인트입니다.
Navitas Semiconductor (NVTS) a publié les résultats financiers du deuxième trimestre 2024, avec un chiffre d'affaires qui a augmenté à 20,5 millions de dollars, soit une hausse de 13 % par rapport à l'année précédente. Les performances de l'entreprise étaient à l'extrémité supérieure des prévisions, avec une augmentation du chiffre d'affaires du premier semestre de presque 40 % d'une année sur l'autre. Navitas a souligné d'importants progrès dans les systèmes d'alimentation pour centres de données AI pour soutenir les plateformes de processeurs de nVidia. L'entreprise a annoncé une perte d'exploitation GAAP de 31,1 millions de dollars et une perte non-GAAP de 13,3 millions de dollars. La trésorerie et équivalents de trésorerie s'élevaient à 112,0 millions de dollars sans dettes. Navitas a constaté une croissance significative des pipelines de clients dans divers marchés, y compris les centres de données AI, les véhicules électriques/mobilité, les appareils électroménagers/industrie et le solaire/stockage d'énergie. L'entreprise prévoit pour le troisième trimestre 2024 des revenus nets de 22,0 millions de dollars ± 500 000 dollars, avec une marge brute non-GAAP de 40 % ± 50 points de base.
Navitas Semiconductor (NVTS) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Umsatz, der auf 20,5 Millionen Dollar gewachsen ist, was einem Anstieg von 13 % im Vergleich zum Vorjahr entspricht. Die Leistung des Unternehmens lag am oberen Ende der Prognosen, mit einem Umsatzanstieg im ersten Halbjahr von fast 40 % im Jahresvergleich. Navitas hob wichtige Fortschritte bei den Stromsystemen für KI-Datenzentren hervor, um die Prozessorplattformen von nVidia zu unterstützen. Das Unternehmen berichtete über einen operativen Verlust nach GAAP von 31,1 Millionen Dollar und einen Non-GAAP-Verlust von 13,3 Millionen Dollar. Die liquiden Mittel und Zahlungsmitteläquivalente beliefen sich auf 112,0 Millionen Dollar, ohne Schulden. Navitas verzeichnete ein signifikantes Wachstum bei den Kundenpipelines in verschiedenen Märkten, einschließlich KI-Datenzentren, E-Autos/Mobilität, Haushaltsgeräten/Industrie und Solar-/Energiespeicherung. Das Unternehmen erwartet für das dritte Quartal 2024 Nettoumsätze von 22,0 Millionen Dollar ± 500.000 Dollar mit einer Non-GAAP-Bruttomarge von 40 % ± 50 Basispunkten.
- Revenue grew 13% year-over-year to $20.5 million in Q2 2024
- First-half revenue up nearly 40% year-on-year
- Customer pipeline for AI data centers doubled since December 2023
- Strong growth in EV/eMobility customer pipeline, now with over 200 projects
- 25 new project wins in appliance/industrial sector expected to ramp production in 2025 or 2026
- Over 100 customer projects in solar/energy storage sector
- 16 new GaNFast charger designs launched in Q2, bringing total to over 470
- GAAP loss from operations increased to $31.1 million in Q2 2024, up from $27.2 million in Q2 2023
- Non-GAAP loss from operations increased to $13.3 million in Q2 2024, up from $9.6 million in Q2 2023
Insights
Navitas Semiconductor's Q2 2024 results show promising growth, with revenue reaching
- Revenue at the higher end of guidance, with first-half revenue up nearly
40% year-on-year - Strong cash position of
$112 million with no debt - Impressive customer pipeline growth, especially in AI data centers
- Q3 2024 revenue guidance of
$22 million ±$500,000
While the company is still operating at a loss, the growing adoption of their GaN and SiC technologies across various sectors suggests potential for future profitability. The focus on high-growth markets like AI and EV could position Navitas well for long-term success.
Navitas' technological advancements are impressive, particularly in the AI data center space. Their new AC-DC power platforms, optimized with Gen-3 Fast SiC and GaNSafe™ technologies, set new benchmarks for efficiency (
The company's diversification across multiple sectors (EV, appliances, solar, mobile) with GaN and SiC technologies shows strategic foresight. The introduction of the GaNSlim™ portfolio further demonstrates innovation in integration and manufacturing. These advancements could give Navitas a competitive edge in the rapidly evolving power semiconductor market.
Navitas' market positioning is strengthening across multiple sectors. In AI data centers, their customer pipeline has doubled since December 2023, with over 60 projects in development. The EV sector shows promise with 200+ projects and expected revenue by end of 2025. In appliances and industrial applications, partnerships with 7 of the top 10 appliance leaders indicate strong market penetration.
The solar and energy storage sector is also promising, with projects involving the majority of top 10 solar players. In the mobile sector, Navitas maintains its #1 position in fast charging, with key wins from Samsung, Xiaomi and OPPO. This diverse market presence across high-growth sectors suggests a robust foundation for future growth and market share expansion.
- Q2 revenue and gross margin at higher end of guidance
- First-half revenue up nearly
40% year-on-year - Important AI data center advances in power systems roadmap to support Hopper, Blackwell, Blackwell Ultra and Rubin processor platforms
TORRANCE, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the second quarter ended June 30, 2024.
“We are pleased with our Q2 results at the high end of our guidance, major new design wins, and significant technology advances and launches,” said Gene Sheridan, CEO and co-founder. “Our leading- edge technology is fueling robust customer pipeline growth in each end market, led by AI data centers with multiple customers ramping production with our GaN and SiC-based power systems.”
2Q24 Financial Highlights
- Revenue: Total revenue grew to
$20.5 million in the second quarter of 2024, a13% increase from$18.1 million in the second quarter of 2023. - Loss from Operations: GAAP loss from operations for the quarter was
$31.1 million , compared to a loss of$27.2 million for the second quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was$13.3 million compared to a loss of$9.6 million for the second quarter of 2023. - Cash: Cash and cash equivalents were
$112.0 million as of June 30, 2024, with no debt.
Market, Customer and Technology Highlights
- Enterprise / AI Data Center: Growing family of AC-DC power platforms up to 10 kW to meet nVidia’s Hopper-Blackwell-Rubin roadmap, with up to 480 kW power demand per rack. Optimized combination of industry-leading Gen-3 Fast SiC and GaNSafe™ technologies sets new AC-DC efficiency (
97% ) and power density (140 W/in3) benchmarks. Customer pipeline doubled since December ’23 investor day, with over 60 customer projects in development, and another 7 data center design wins in Q2. - EV / eMobility: Strong growth in customer pipeline, now with over 200 projects. Strong interest in 22 kW on-board charger platform, contributing to 15 design wins in Q2, and on-track for first GaN revenues in EV by the end of 2025.
- Appliance / Industrial: Customer pipeline grew beyond the
$380 million stated in December, with revenue ramp expected in 2025 across diverse customers and regions, including 7 of the top 10 appliance leaders. 25 new project wins expected to ramp production in 2025 or 2026, including haircare, washers, dryers, refrigerators, heat pumps, industrial HVAC, robotics and automation applications. - Solar / Energy Storage: As displacement technologies, SiC (for string inverters and storage) and GaN (for micro-inverters) are replacing legacy silicon chips, with over 100 customer projects, including the majority of the top 10 solar players. 6 new commercial design wins in Q2, and on track for expected US GaN-based micro-inverter ramp next year.
- Mobile / Consumer: Mobile customers increasing GaN adoption for their fast-charger portfolios. GaN adoption at Xiaomi and OPPO is expected to be
30% in 2024. Following wins for Samsung’s Galaxy S23 and S24 phones, Navitas now powers chargers for Samsung’s new Galaxy Z Flip6, Z Fold6 and all A-series phones. In notebook PCs, GaNFast was adopted again by Lenovo and Dell. Overall, another 16 GaNFast chargers launched in Q2, bringing the all-time total to over 470 designs, and Navitas remains #1 in mobile fast charging. - New GaNSlim™ Portfolio: with integration, ease-of-use and low-cost manufacturing methods - continues to grow the customer pipeline, now with over 50 customer projects across mobile, consumer and home appliance markets.
Business Outlook
Third quarter 2024 net revenues are expected to be
Navitas Q2 2024 Financial Results Conference Call and Webcast Information:
- Date: Monday, August 5, 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: 6394013
- Live Webcast: https://edge.media-server.com/mmc/p/5g4qt2xi
- 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 profit 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 (vii) 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 Statistic
“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 in one or more future periods. All customer pipeline information constitutes forward-looking statements. Customer pipeline is not a proxy for backlog or an estimate of future revenue, nor should it be considered as any other measure or indicator of financial performance. Rather, Navitas uses customer pipeline as a statistical metric to indicate the company’s current view of relative changes in future potential business across various end markets. Time horizons vary accordingly, based on product type and application. Actual business realized depends on ultimate customer selection, program share, strategic decisions based on expected revenue, margin and other factors 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 of our annual report on Form 10-K for the year ended December 31, 2023, as amended in our Form 10-K/A filed with the SEC on July 23, 2024, 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, celebrating 10 years of power innovation 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 has 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, GaNSlim, 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
PR image thumbnail:
| 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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| NET REVENUES | $ | 20,468 | $ | 18,062 | $ | 43,643 | $ | 31,420 | ||||||||
| COST OF REVENUES (exclusive of amortization of intangible assets included below) | 12,478 | 10,572 | 26,138 | 18,445 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 18,971 | 16,791 | 39,200 | 34,186 | ||||||||||||
| Selling, general and administrative | 15,382 | 13,151 | 31,469 | 32,209 | ||||||||||||
| Amortization of intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Total operating expenses | 39,127 | 34,715 | 80,217 | 75,667 | ||||||||||||
| LOSS FROM OPERATIONS | (31,137 | ) | (27,225 | ) | (62,712 | ) | (62,692 | ) | ||||||||
| OTHER INCOME (EXPENSE), net: | ||||||||||||||||
| Interest income (expense), net | (72 | ) | 347 | (70 | ) | 1,250 | ||||||||||
| Dividend income | 1,361 | 459 | 3,041 | 459 | ||||||||||||
| Gain (loss) from change in fair value of earnout liabilities | 7,550 | (32,224 | ) | 33,749 | (59,976 | ) | ||||||||||
| Other income | 31 | 20 | 114 | 31 | ||||||||||||
| Total other income (expense), net | 8,870 | (31,398 | ) | 36,834 | (58,236 | ) | ||||||||||
| LOSS BEFORE INCOME TAXES | (22,267 | ) | (58,623 | ) | (25,878 | ) | (120,928 | ) | ||||||||
| INCOME TAX PROVISION (BENEFIT) | 61 | (96 | ) | 131 | (35 | ) | ||||||||||
| NET LOSS | (22,328 | ) | (58,527 | ) | (26,009 | ) | (120,893 | ) | ||||||||
| LESS: Net loss attributable to noncontrolling interest | — | — | — | (518 | ) | |||||||||||
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST | $ | (22,328 | ) | $ | (58,527 | ) | $ | (26,009 | ) | $ | (120,375 | ) | ||||
| NET LOSS PER SHARE: | ||||||||||||||||
| Basic | $ | (0.12 | ) | $ | (0.35 | ) | $ | (0.14 | ) | $ | (0.75 | ) | ||||
| Diluted | $ | (0.12 | ) | $ | (0.35 | ) | $ | (0.14 | ) | $ | (0.75 | ) | ||||
| SHARES USED IN PER SHARE CALCULATION: | ||||||||||||||||
| Basic | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
| Diluted | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | ||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||
| GAAP Net revenues | $ | 20,468 | $ | 18,062 | $ | 43,643 | $ | 31,420 | ||||||||
| Cost of revenues (exclusive of amortization of intangibles) | (12,478 | ) | (10,572 | ) | (26,138 | ) | (18,445 | ) | ||||||||
| Cost of revenues (amortization of intangibles) | (3,959 | ) | (3,959 | ) | (7,918 | ) | (7,643 | ) | ||||||||
| GAAP Gross profit | 4,031 | 3,531 | 9,587 | 5,332 | ||||||||||||
| GAAP Gross margin | 19.7 | % | 19.5 | % | 22.0 | % | 17.0 | % | ||||||||
| Cost of revenues (amortization of intangibles) | 3,959 | 3,959 | 7,918 | 7,643 | ||||||||||||
| Stock-based compensation expense | 249 | — | 249 | — | ||||||||||||
| Non-GAAP Gross profit | $ | 8,239 | $ | 7,490 | $ | 17,754 | $ | 12,975 | ||||||||
| Non-GAAP Gross margin | 40.3 | % | 41.5 | % | 40.7 | % | 41.3 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||
| GAAP Research and development | $ | 18,971 | $ | 16,791 | $ | 39,200 | $ | 34,186 | ||||||||
| Stock-based compensation expenses | (6,438 | ) | (6,947 | ) | (13,808 | ) | (14,124 | ) | ||||||||
| Non-GAAP Research and development | 12,533 | 9,844 | 25,392 | 20,062 | ||||||||||||
| GAAP Selling, general and administrative | 15,382 | 13,151 | 31,469 | 32,209 | ||||||||||||
| Stock-based compensation expenses | (6,404 | ) | (5,624 | ) | (12,582 | ) | (15,607 | ) | ||||||||
| Payroll taxes on vesting of employee stock-based compensation | (16 | ) | (40 | ) | (550 | ) | (285 | ) | ||||||||
| Employee separation and transition | — | — | (275 | ) | — | |||||||||||
| Settlement of commercial claim | 50 | — | (450 | ) | — | |||||||||||
| Acquisition-related expenses | — | (215 | ) | — | (1,467 | ) | ||||||||||
| Other | — | (76 | ) | (111 | ) | (76 | ) | |||||||||
| Non-GAAP Selling, general and administrative | 9,012 | 7,196 | 17,501 | 14,774 | ||||||||||||
| Total Non-GAAP Operating expenses | $ | 21,545 | $ | 17,040 | $ | 42,893 | $ | 34,836 | ||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||
| GAAP Loss from operations | $ | (31,137 | ) | $ | (27,225 | ) | $ | (62,712 | ) | $ | (62,692 | ) | ||||
| GAAP Operating margin | (152.1 | )% | (150.7 | )% | (143.7 | )% | (199.5 | )% | ||||||||
| Add: Stock-based compensation expenses included in: | ||||||||||||||||
| Research and development | 6,438 | 6,947 | 13,808 | 14,124 | ||||||||||||
| Selling, general and administrative | 6,404 | 5,624 | 12,582 | 15,607 | ||||||||||||
| Cost of goods sold | 249 | — | 249 | — | ||||||||||||
| Total | 13,091 | 12,571 | 26,639 | 29,731 | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 16 | 40 | 550 | 285 | ||||||||||||
| Employee separation and transition | — | — | 275 | — | ||||||||||||
| Settlement of commercial claim | (50 | ) | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 215 | — | 1,467 | ||||||||||||
| Other | — | 76 | 111 | 76 | ||||||||||||
| Non-GAAP Loss from operations | $ | (13,306 | ) | $ | (9,550 | ) | $ | (25,139 | ) | $ | (21,861 | ) | ||||
| Non-GAAP Operating margin | (65.0 | )% | (52.9 | )% | (57.6 | )% | (69.6 | )% | ||||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||
| GAAP Net loss attributable to controlling interest | $ | (22,328 | ) | $ | (58,527 | ) | $ | (26,009 | ) | $ | (120,375 | ) | ||||
| Adjustments to GAAP Net loss | ||||||||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | (7,550 | ) | 32,224 | (33,749 | ) | 59,976 | ||||||||||
| Total stock-based compensation | 13,091 | 12,571 | 26,639 | 29,731 | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 16 | 40 | 550 | 285 | ||||||||||||
| Employee separation and transition | — | — | 275 | — | ||||||||||||
| Settlement of commercial claim | (50 | ) | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 215 | — | 1,467 | ||||||||||||
| Other expense | — | 56 | 28 | 45 | ||||||||||||
| Non-GAAP Net loss | $ | (12,047 | ) | $ | (8,648 | ) | $ | (22,268 | ) | $ | (19,599 | ) | ||||
| Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
| Non-GAAP Net loss per share (basic and diluted) | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||||
| 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 | ||||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67d9d57f-c584-44c1-bb42-9d5ae5504a08
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