Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) 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 145 Navitas patents are issued or pending, and over 35 million GaNFast power ICs have been shipped with zero reported GaN field failures. Navitas rang the Nasdaq 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, Ltd. 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 CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(in thousands, except per-share amounts)

   Three Months Ended  Year Ended
   December 31, December 31,
    2021    2020    2021    2020 
NET REVENUES $7,338  $4,653  $23,736  $11,849 
COST OF REVENUES  4,088   3,107   13,050   8,134 
GROSS PROFIT   3,250       1,546       10,686       3,715  
OPERATING EXPENSES:                
Research and development     11,495       4,907       27,820       13,049  
Selling, general and administrative     27,661       3,845       51,374       9,469  
Total operating expenses     39,156       8,752       79,194       22,518  
LOSS FROM OPERATIONS     (35,906 )     (7,206 )     (68,508 )     (18,803 )
OTHER INCOME (EXPENSE), net:                
Interest income (expense), net     (58 )     (64 )     (257 )     (236 )
Gain (loss) from change in fair value of warrants     (45,625 )           (45,625 )      
Gain (loss) from change in fair value of earnout liabilities     (38,105 )           (38,105 )      
Other income (expense)     (143 )           (143 )      
Total other income (expense), net     (83,931 )     (64 )     (84,130 )     (236 )
LOSS BEFORE PROVISION FOR INCOME TAXES     (119,837 )     (7,270 )     (152,638 )     (19,039 )
PROVISION (BENEFIT) FOR INCOME TAXES     10       (1 )     47       5  
NET LOSS   $ (119,847 )   $ (7,269 )   $ (152,685 )   $ (19,044 )
NET LOSS PER SHARE:                
Basic and diluted   $ (1.23 )   $ (0.45 )   $ (3.90 )   $ (1.17 )
SHARES USED IN PER-SHARE CALCULATION:                
Basic and diluted 1     97,400       16,306       39,167       16,246  

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