Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Third Quarter 2021 Financial Results

About Navitas
Navitas Semiconductor Corporation (Nasdaq:NVTS and NVTSW) is the industry leader in GaN power ICs, founded in 2014. GaN power ICs integrate GaN power with drive, control and protection to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets. Over 130 Navitas patents are issued or pending, and over 30 million GaNFast power ICs have been shipped with zero reported GaN field failures. Navitas rang the opening bell and started trading on Nasdaq on October 20th, 2021.

Contact Information
Media
Graham Robertson, CMO Grand Bridges
Graham@GrandBridges.com

Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com

Navitas Semiconductor and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.



        
NAVITAS SEMICONDUCTOR LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(dollars in thousands, except per-share amounts)
        
        
  Three Months Ended  Nine Months Ended
  September 30, September 30,
   2021    2020    2021    2020 
        
NET REVENUES$5,631  $3,500  $16,398  $7,196 
        
COST OF REVENUES 3,032   2,184   8,962   5,027 
          
GROSS PROFIT   2,599       1,316       7,436       2,169  
               
OPERATING EXPENSES:              
Research and development   6,304       3,062       16,825       8,142  
General and administrative   5,712       2,241       25,875       5,624  
Total operating expenses   12,016       5,303       42,700       13,766  
               
LOSS FROM OPERATIONS   (9,417 )     (3,987 )     (35,264 )     (11,597 )
               
INTEREST INCOME (EXPENSE), net   (75 )     (63 )     (199 )     (172 )
               
LOSS BEFORE PROVISION FOR INCOME TAXES   (9,492 )     (4,050 )     (35,463 )     (11,769 )
               
PROVISION FOR INCOME TAXES   13       -       37       6  
               
NET LOSS $ (9,505 )   $ (4,050 )   $ (35,500 )   $ (11,775 )
               
NET LOSS PER SHARE:              
Basic and diluted $ (0.57 )   $ (0.27 )   $ (1.98 )   $ (0.79 )
               
SHARES USED IN PER-SHARE CALCULATION:              
Basic and diluted   16,726       14,841       17,949       14,827  
               
               
SUPPLEMENTAL INFORMATION:              
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
    2021       2020       2021       2020  
               
Stock-based compensation expenses included in:              
Net revenues $ -     $ -     $ 163     $ -  
Research and development   68       151       1,698       175  
General and administrative   495       12       13,266       46  
Total stock-based compensation expense $ 563     $ 163     $ 15,127     $ 221  
               
Research and development includes:              
Amortization of acquisition-related intangible assets $ 86     $ 84     $ 274     $ 84  
               
Other acquisition-related expenses included in:              
Research and development $ 500     $ -     $ 500     $ -  
General and administrative   1,800       -       1,800       -  
Total other acquisition-related expenses $ 2,300     $ -     $ 2,300     $ -  
               
               
NAVITAS SEMICONDUCTOR LIMITED
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(dollars in thousands, except per-share amounts)
               
               
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
    2021       2020       2021       2020  
               
RECONCILIATION OF LOSS FROM OPERATIONS              
GAAP loss from operations $ (9,417 )   $ (3,987 )   $ (35,264 )   $ (11,597 )
GAAP operating margin   -167%       -114%       -215%       -161%  
               
Add: Stock-based compensation expenses included in:              
Net revenues   -       -       163       -  
Research and development   68       151       1,698       175  
General and administrative   495       12       13,266       46  
Total   563       163       15,127       221  
               
Other acquisition-related expenses   2,300       -       2,300       -  
Amortization of acquisition-related intangible assets   86       84       274       84  
               
Non-GAAP loss from operations $ (6,468 )   $ (3,740 )   $ (17,563 )   $ (11,292 )
Non-GAAP operating margin   -115%       -107%       -107%       -157%  
               
               
RECONCILIATION OF NET LOSS PER SHARE              
GAAP net loss $ (9,505 )   $ (4,050 )   $ (35,500 )   $ (11,775 )
               
Adjustments to GAAP net loss              
Total stock-based compensation   563       163       15,127       221  
Amortization of acquisition-related intangible assets   86       84       274       84  
Other acquisition-related expenses   2,300       -       2,300       -  
Non-GAAP net loss $ (6,556 )   $ (3,803 )   $ (17,799 )   $ (11,470 )
               
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted)   16,726       14,841       17,949       14,827  
               
Non-GAAP net loss per share $ (0.39 )   $ (0.26 )   $ (0.99 )   $ (0.77 )
               
RECONCILIATION OF GROSS PROFIT MARGIN              
GAAP gross profit $ 2,599     $ 1,316     $ 7,436     $ 2,169  
GAAP gross profit margin   46.2 %       37.6 %       45.3 %       30.1 %  
               
Stock-based compensation expense included in net revenues   -       -       163       -  
               
Non-GAAP gross profit   2,599       1,316       7,599       2,169  
Non-GAAP gross profit margin   46.2 %       37.6 %       45.9 %       30.1 %  
               
               
NAVITAS SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
          (Unaudited)    
          September 30, 2021   December 31, 2020
               
ASSETS              
CURRENT ASSETS:              
Cash and cash equivalents       $ 11,075     $ 38,869  
Accounts receivable, net         5,570       4,152  
Inventories         11,719       3,404  
Prepaid expenses and other current assets         4,737       522  
Total current assets         33,101       46,947  
               
PROPERTY AND EQUIPMENT, net           1,616       722  
INTANGIBLE ASSETS, net           258       515  
OTHER ASSETS           450       323  
Total assets       $ 35,425     $ 48,507  
               
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)      
CURRENT LIABILITIES:              
Accounts payable and other accrued expenses         $ 6,118     $ 3,698  
Accrued compensation expenses           4,506       1,668  
Current portion of long-term debt           3,200       1,000  
Other liabilities           59       -  
Total current liabilities           13,883       6,366  
               
LONG-TERM LIABILITIES:              
LONG-TERM DEBT           4,513       4,971  
OTHER LIABILITIES           75       88  
Total liabilities           18,471       11,425  
               
REDEEMABLE CONVERTIBLE PREFERRED STOCK           109,506       109,506  
STOCKHOLDERS' EQUITY (DEFICIT):              
Common stock           3       2  
Additional paid-in capital           18,929       3,557  
Accumulated other comprehensive loss           (2 )     (1 )
Accumulated deficit           (111,482 )     (75,982 )
Total stockholders’ equity (deficit)           (92,552 )     (72,424 )
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)   $ 35,425     $ 48,507  
               
               
               
               
NAVITAS SEMICONDUCTOR LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(dollars in thousands)
               
          Nine Months Ended
          September 30,
            2021       2020  
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net loss         $ (35,500 )   $ (11,775 )
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation           278       276  
Amortization of intangibles           253       -  
Other non-cash (income) expenses           50       (1 )
Amortization of deferred rent           (35 )     14  
Stock-based compensation expense           15,127       221  
Amortization of debt discount and issuance costs         9       4  
Change in operating assets and liabilities:              
Accounts receivable           (1,418 )     (1,611 )
Inventory           (8,315 )     (1,547 )
Prepaid expenses and other current assets         (3,581 )     (79 )
Other assets           (138 )     -  
Accounts payable, accrued compensation and other expenses       5,916       1,929  
Deferred revenue           59       (216 )
               
Net cash used in operating activities           (27,295 )     (12,785 )
               
CASH FLOWS FROM INVESTING ACTIVITIES:              
Asset acquisition           (680 )     -  
Investment purchases           (634 )        
Purchases of property and equipment           (1,213 )     (223 )
Repayment of notes receivable           2       -  
               
Net cash used in investing activities           (2,525 )     (223 )
               
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from issuance of preferred stock           -       53,085  
Payment of preferred stock issuance costs           -       (300 )
Proceeds from issuance of common stock in connection with stock options exercised           294       26  
Proceeds from issuance of long-term debt           2,000       6,000  
Principal payments on long-term debt           (267 )     (4,800 )
Payment of debt issuance costs           -       (20 )
               
Net cash provided by financing activities         2,027       53,991  
               
Effect of exchange rate changes on cash           (1 )     -  
               
NET INCREASE (DECREASE) IN CASH, CASH-EQUIVALENTS AND RESTRICTED CASH           (27,794 )     40,983  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   38,869       6,118  
               
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD   $ 11,075     $ 47,101  
               




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