| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | ||||||||||||||||
| (dollars in thousands, except per-share amounts) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||
| GAAP gross profit | $ | 3,250 | $ | 1,546 | $ | 10,686 | $ | 3,715 | ||||||||
| GAAP gross profit margin | 44.3 | % | 33.2 | % | 45.0 | % | 31.4 | % | ||||||||
| Stock-based compensation expense included in net revenues | — | 331 | 163 | 331 | ||||||||||||
| Non-GAAP gross profit | $ | 3,250 | $ | 1,877 | $ | 10,849 | $ | 4,046 | ||||||||
| Non-GAAP gross profit margin | 44.3 | % | 37.7 | % | 45.4 | % | 33.2 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||
| GAAP operating expenses | $ | 39,156 | $ | 8,752 | $ | 79,194 | $ | 22,518 | ||||||||
| Less: Stock-based compensation expenses included in: | ||||||||||||||||
| Research and development | 4,926 | 302 | 6,624 | 477 | ||||||||||||
| Selling, general and administrative | 21,713 | 182 | 34,617 | 228 | ||||||||||||
| Total | 26,639 | 484 | 41,241 | 705 | ||||||||||||
| Other acquisition-related expenses | 2,295 | — | 2,295 | — | ||||||||||||
| Amortization of acquisition-related intangible assets | 87 | 83 | 361 | 167 | ||||||||||||
| Non-GAAP operating expenses 2 | $ | 10,135 | $ | 8,185 | $ | 35,297 | $ | 21,646 | ||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||
| GAAP loss from operations | $ | (35,906 | ) | $ | (7,206 | ) | $ | (68,508 | ) | $ | (18,803 | ) | ||||
| GAAP operating margin | -489 | % | -155 | % | -289 | % | -159 | % | ||||||||
| Add: Stock-based compensation expenses included in: | ||||||||||||||||
| Net revenues | — | 331 | 163 | 331 | ||||||||||||
| Research and development | 4,926 | 302 | 6,624 | 477 | ||||||||||||
| Selling, general and administrative | 21,713 | 182 | 34,617 | 228 | ||||||||||||
| Total | 26,639 | 815 | 41,404 | 1,036 | ||||||||||||
| Other acquisition-related expenses | 2,295 | — | 2,295 | — | ||||||||||||
| Amortization of acquisition-related intangible assets | 87 | 83 | 361 | 167 | ||||||||||||
| Non-GAAP loss from operations 2 | $ | (6,885 | ) | $ | (6,308 | ) | $ | (24,448 | ) | $ | (17,600 | ) | ||||
| Non-GAAP operating margin | -94 | % | -136 | % | -103 | % | -149 | % | ||||||||
| Average shares outstanding for calculation of loss from operations per share (basic and diluted) 1 | 97,400 | 16,306 | 39,167 | 16,246 | ||||||||||||
| GAAP loss from operations per share | $ | (0.37 | ) | $ | (0.44 | ) | $ | (1.75 | ) | $ | (1.16 | ) | ||||
| Non-GAAP loss from operations per share | $ | (0.07 | ) | (0.39 | ) | (0.62 | ) | (1.08 | ) | |||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||
| GAAP net loss | $ | (119,847 | ) | $ | (7,269 | ) | $ | (152,685 | ) | $ | (19,044 | ) | ||||
| Adjustments to GAAP net loss | ||||||||||||||||
| Total stock-based compensation | 26,639 | 815 | 41,404 | 1,036 | ||||||||||||
| Amortization of acquisition-related intangible assets | 87 | 83 | 361 | 167 | ||||||||||||
| Loss from change in fair value of warrants | 45,625 | — | 45,625 | — | ||||||||||||
| Loss from change in fair value of earnout liabilities | 38,105 | — | 38,105 | — | ||||||||||||
| Other expense | 143 | — | 143 | — | ||||||||||||
| Other acquisition-related expenses | 2,295 | — | 2,295 | — | ||||||||||||
| Non-GAAP net loss 2 | $ | (6,953 | ) | $ | (6,371 | ) | $ | (24,752 | ) | $ | (17,841 | ) | ||||
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) 1 | 97,400 | 16,306 | 39,167 | 16,246 | ||||||||||||
| Non-GAAP net loss per share | $ | (0.07 | ) | $ | (0.39 | ) | $ | (0.63 | ) | $ | (1.10 | ) | ||||
Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results
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