| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (dollars in thousands) | ||||||||
| (Unaudited) | ||||||||
| June 30, 2022 |
December 31,
2021 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 240,504 | $ | 268,252 | ||||
| Accounts receivable, net | 9,407 | 8,263 | ||||||
| Inventories | 13,995 | 11,978 | ||||||
| Prepaid expenses and other current assets | 2,342 | 2,877 | ||||||
| Total current assets | 266,248 | 291,370 | ||||||
| PROPERTY AND EQUIPMENT, net | 4,266 | 2,302 | ||||||
| OPERATING LEASE RIGHT OF USE ASSETS | 7,039 | - | ||||||
| INTANGIBLE ASSETS, net | 421 | 170 | ||||||
| GOODWILL | 1,177 | - | ||||||
| OTHER ASSETS | 7,166 | 1,759 | ||||||
| Total assets | $ | 286,317 | $ | 295,601 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and other accrued expenses | $ | 6,300 | $ | 4,860 | ||||
| Accrued compensation expenses | 4,910 | 2,639 | ||||||
| Current portion of operating lease liabilities | 1,165 | - | ||||||
| Current portion of long-term debt | 3,200 | 3,200 | ||||||
| Other liabilities | 4 | 29 | ||||||
| Total current liabilities | 15,579 | 10,728 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| LONG-TERM DEBT | 2,122 | 3,716 | ||||||
| OPERATING LEASE LIABILITIES NONCURRENT | 5,824 | - | ||||||
| WARRANT LIABILITY | - | 81,388 | ||||||
| EARNOUT LIABILITY | 15,913 | 134,173 | ||||||
| OTHER LIABILITIES | - | 60 | ||||||
| Total liabilities | 39,438 | 230,065 | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Total stockholders’ equity | 246,879 | 65,536 | ||||||
| Total liabilities and stockholders’ equity | $ | 286,317 | $ | 295,601 | ||||
Navitas Semiconductor Announces Second Quarter 2022 Financial Results and Acquisition of GeneSiC, an Industry-leading SiC Company
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