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


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 )

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