Navitas Semiconductor Announces Second Quarter 2022 Financial Results and Acquisition of GeneSiC, an Industry-leading SiC Company

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing and protection to enable faster charging, higher power density and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage and high-reliability silicon carbide (SiC) solutions. Focus markets include mobile, consumer, data center, EV, solar, wind, smart grid, and industrial. Over 185 Navitas patents are issued or pending. Over 50 million GaN units have been shipped with zero reported GaN field failures, and Navitas introduced the industry’s first and only 20-year warranty. Navitas is the world’s first semiconductor company to be CarbonNeutral®-certified.

Contact Information

Media
Graham Robertson, CMO of Grand Bridges
Graham@GrandBridges.com

Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. 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
(dollars in thousands, except per-share amounts)
         
   Three Months Ended  Six Months Ended
   June 30, June 30,
    2022    2021    2022    2021 
NET REVENUES $8,611  $5,450  $15,351  $10,767 
COST OF REVENUES     5,026       2,971       8,803       5,930  
GROSS PROFIT     3,585       2,479       6,548       4,837  
OPERATING EXPENSES:                
Research and development     9,606       6,267       23,019       10,521  
Selling, general and administrative     13,993       14,794       38,537       20,163  
Total operating expenses     23,599       21,061       61,556       30,684  
LOSS FROM OPERATIONS     (20,014 )     (18,582 )     (55,008 )     (25,847 )
OTHER INCOME (EXPENSE), net:                
Interest income (expense), net     52       (63 )     28       (124 )
Gain from change in fair value of warrants     -       -       51,763       -  
Gain from change in fair value of earnout liabilities     54,854       -       118,260       -  
Other income (expense)     (785 )     -       (1,141 )     -  
Total other income (expense), net     54,121       (63 )     168,910       (124 )
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES     34,107       (18,645 )     113,902       (25,971 )
PROVISION FOR INCOME TAXES     270       5       273       24  
NET INCOME (LOSS)   $ 33,837     $ (18,650 )   $ 113,629     $ (25,995 )
NET INCOME (LOSS) PER SHARE:                
Basic   $ 0.27     $ (0.89 )   $ 0.93     $ (1.28 )
Diluted   $ 0.26     $ (0.89 )   $ 0.87     $ (1.28 )
SHARES USED IN PER-SHARE CALCULATION:                
Basic     124,030       20,900       121,827       20,324  
Diluted     132,132       20,900       130,882       20,324  
                 
SUPPLEMENTAL INFORMATION:                
    Three Months Ended   Six Months Ended
    June 30,   June 30,
      2022       2021       2022       2021  
Stock-based compensation expenses included in:                
Net revenues   $ -     $ 50     $ -     $ 163  
Research and development     3,037       1,424       10,531       1,630  
Selling, general and administrative     7,999       11,255       25,831       12,771  
Total stock-based compensation expense   $ 11,036     $ 12,729     $ 36,362     $ 14,564  
Research and development includes:                
Amortization of acquisition-related intangible assets   $ 84     $ 89     $ 172     $ 188  
                 

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise