| NAVITAS SEMICONDUCTOR CORPORATION | |||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||
| (dollars in thousands, except per-share amounts) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2022 | 2021 | ||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | |||||||
| GAAP gross profit | $ | 2,963 | $ | 2,358 | |||
| GAAP gross profit margin | 44.0 | % | 44.3 | % | |||
| Stock-based compensation expense included in net revenues | — | 113 | |||||
| Non-GAAP gross profit | $ | 2,963 | $ | 2,471 | |||
| Non-GAAP gross profit margin | 44.0 | % | 45.5 | % | |||
| RECONCILIATION OF OPERATING EXPENSES | |||||||
| GAAP Operating expenses | $ | 37,957 | $ | 9,623 | |||
| Less: Stock-based compensation expenses included in: | |||||||
| Research and development | 7,494 | 206 | |||||
| Selling, general and administrative | 17,832 | 1,516 | |||||
| Total | $ | 25,326 | $ | 1,722 | |||
| Amortization of acquisition-related intangible assets | 88 | 99 | |||||
| Non-GAAP operating expenses | $ | 12,543 | $ | 7,802 | |||
| RECONCILIATION OF LOSS FROM OPERATIONS | |||||||
| GAAP loss from operations | $ | (34,994 | ) | $ | (7,265 | ) | |
| GAAP operating margin | (519.2 | )% | (136.6 | )% | |||
| Add: Stock-based compensation expenses included in: | |||||||
| Net revenues | — | 113 | |||||
| Research and development | 7,494 | 206 | |||||
| Selling, general and administrative | 17,832 | 1,516 | |||||
| Total | 25,326 | 1,835 | |||||
| Amortization of acquisition-related intangible assets | 88 | 99 | |||||
| Non-GAAP loss from operations | $ | (9,580 | ) | $ | (5,331 | ) | |
| Non-GAAP operating margin | (142.1 | )% | (100.3 | )% | |||
| RECONCILIATION OF NET LOSS PER SHARE | |||||||
| GAAP net income (loss) | $ | 79,792 | $ | (7,345 | ) | ||
| Adjustments to GAAP net loss | |||||||
| Total stock-based compensation | 25,326 | 1,835 | |||||
| Amortization of acquisition-related intangible assets | 88 | 99 | |||||
| Gain from change in fair value of warrants | (51,763 | ) | — | ||||
| Gain from change in fair value of earnout liabilities | (63,406 | ) | — | ||||
| Other expense | 356 | — | |||||
| Non-GAAP net loss | $ | (9,607 | ) | $ | (5,411 | ) | |
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | 119,542 | 19,741 | |||||
| Non-GAAP net loss per share (basic and diluted) | $ | (0.08 | ) | $ | (0.27 | ) | |
Navitas Semiconductor, Industry-Leader in Gallium Nitride (GaN) Power ICs, Announces First Quarter 2022 Financial Results
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