| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| December 31, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 268,252 | $ | 38,869 | ||||
| Accounts receivable, net | 8,263 | 4,152 | ||||||
| Inventories | 11,978 | 3,404 | ||||||
| Prepaid expenses and other current assets | 2,877 | 522 | ||||||
| Total current assets | 291,370 | 46,947 | ||||||
| PROPERTY AND EQUIPMENT, net | 2,302 | 722 | ||||||
| INTANGIBLE ASSETS, net | 170 | 515 | ||||||
| OTHER ASSETS | 2,239 | 323 | ||||||
| Total assets | $ | 296,081 | $ | 48,507 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and other accrued expenses | $ | 4,860 | $ | 3,698 | ||||
| Accrued compensation expenses | 2,639 | 1,668 | ||||||
| Current portion of long-term debt | 3,200 | 1,000 | ||||||
| Other liabilities | 29 | — | ||||||
| Total current liabilities | 10,728 | 6,366 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| LONG-TERM DEBT | 3,716 | 4,971 | ||||||
| WARRANT LIABILITY | 81,388 | — | ||||||
| EARNOUT LIABILITY | 134,173 | — | ||||||
| OTHER LIABILITIES | 60 | 88 | ||||||
| Total liabilities | 230,065 | 11,425 | ||||||
| REDEEMABLE CONVERTIBLE PREFERRED | — | 109,506 | ||||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | 66,016 | (72,424 | ) | |||||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | 296,081 | $ | 48,507 | ||||
Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results
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