| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | ||||||||||||||||
| (dollars in thousands, except per-share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||
| GAAP gross profit | $ | 3,585 | $ | 2,479 | $ | 6,548 | $ | 4,837 | ||||||||
| GAAP gross profit margin | 41.6 | % | 45.5 | % | 42.7 | % | 44.9 | % | ||||||||
| Stock-based compensation expense included in net revenues | - | 50 | - | 163 | ||||||||||||
| Non-GAAP gross profit | $ | 3,585 | $ | 2,529 | $ | 6,548 | $ | 5,000 | ||||||||
| Non-GAAP gross profit margin | 41.6 | % | 46.0 | % | 42.7 | % | 45.7 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||
| GAAP Operating expenses | $ | 23,599 | $ | 21,061 | $ | 61,556 | $ | 30,684 | ||||||||
| Less: Stock-based compensation expenses included in: | ||||||||||||||||
| Research and development | 3,037 | 1,424 | 10,531 | 1,630 | ||||||||||||
| Selling, general and administrative | 7,999 | 11,255 | 25,831 | 12,771 | ||||||||||||
| Total | 11,036 | 12,679 | 36,362 | 14,401 | ||||||||||||
| Amortization of acquisition-related intangible assets | 84 | 89 | 172 | 188 | ||||||||||||
| Non-GAAP operating expenses | $ | 12,479 | $ | 8,293 | $ | 25,022 | $ | 16,095 | ||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||
| GAAP loss from operations | $ | (20,014 | ) | $ | (18,582 | ) | $ | (55,008 | ) | $ | (25,847 | ) | ||||
| GAAP operating margin | -232.4 | % | -341.0 | % | -358.3 | % | -240.1 | % | ||||||||
| Add: 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 | 11,036 | 12,729 | 36,362 | 14,564 | ||||||||||||
| Amortization of acquisition-related intangible assets | 84 | 89 | 172 | 188 | ||||||||||||
| Non-GAAP loss from operations | $ | (8,894 | ) | $ | (5,764 | ) | $ | (18,474 | ) | $ | (11,095 | ) | ||||
| Non-GAAP operating margin | -103.3 | % | -105.8 | % | -120.3 | % | -103.0 | % | ||||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||
| GAAP net income (loss) | $ | 33,837 | $ | (18,650 | ) | $ | 113,629 | $ | (25,995 | ) | ||||||
| Adjustments to GAAP net loss | ||||||||||||||||
| Total stock-based compensation | 11,036 | 12,729 | 36,362 | 14,564 | ||||||||||||
| Amortization of acquisition-related intangible assets | 84 | 89 | 172 | 188 | ||||||||||||
| Gain from change in fair value of warrants | - | - | (51,763 | ) | - | |||||||||||
| Gain from change in fair value of earnout liabilities | (54,854 | ) | - | (118,260 | ) | - | ||||||||||
| Other expense | 785 | - | 1,141 | - | ||||||||||||
| Non-GAAP net loss | $ | (9,112 | ) | $ | (5,832 | ) | $ | (18,719 | ) | $ | (11,243 | ) | ||||
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | 124,030 | 20,900 | 121,827 | 20,324 | ||||||||||||
| Non-GAAP net loss per share (basic and diluted) | $ | (0.07 | ) | $ | (0.28 | ) | $ | (0.15 | ) | $ | (0.55 | ) | ||||
Navitas Semiconductor Announces Second Quarter 2022 Financial Results and Acquisition of GeneSiC, an Industry-leading SiC Company
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