Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results

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 EV, solar / energy storage, home appliance / industrial, data center, mobile and consumer. Over 185 Navitas patents are issued or pending. Over 70 million GaN units have been shipped, now with the industry’s first and only 20-year warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. 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.

Contact Information

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

NAVITAS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(dollars in thousands, except per-share amounts)
        
  Three Months Ended  Year Ended
  December 31, December 31,
   2022    2021    2022    2021 
NET REVENUES$12,349  $7,338  $37,943  $23,736 
COST OF REVENUES 7,341   4,088   25,996   13,050 
GROSS PROFIT 5,008   3,250    11,947       10,686  
OPERATING EXPENSES:              
Research and development   17,164       11,495       53,526       27,820  
Selling, general and administrative   16,400       27,661       79,414       51,374  
Total operating expenses   33,564       39,156       132,940       79,194  
LOSS FROM OPERATIONS   (28,556 )     (35,906 )     (120,993 )     (68,508 )
OTHER INCOME (EXPENSE), net:              
Interest income (expense), net   721       (58 )     1,387       (257 )
Gain from change in fair value of warrants   -       (45,625 )     51,763       (45,625 )
Gain (loss) from change in fair value of earnout liabilities   9,547       (38,105 )     121,709       (38,105 )
Other income (expense)   69       (143 )     (1,146 )     (143 )
Total other income (expense), net   10,337       (83,931 )     173,713       (84,130 )
INCOME (LOSS) BEFORE INCOME TAXES   (18,219 )     (119,837 )     52,720       (152,638 )
INCOME TAX (BENEFIT) PROVISION   (11,376 )     10       (21,238 )     47  
NET INCOME (LOSS)   (6,843 )     (119,847 )     73,958       (152,685 )
LESS: Net income (loss) attributable to noncontrolling interest   (788 )     -       (1,026 )     -  
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST $ (6,055 )   $ (119,847 )   $ 74,984     $ (152,685 )
NET INCOME (LOSS) PER SHARE:              
Basic $ (0.04 )   $ (1.23 )   $ 0.56     $ (3.90 )
Diluted $ (0.04 )   $ (1.23 )   $ 0.51     $ (3.90 )
SHARES USED IN PER-SHARE CALCULATION:              
Basic   152,416       97,400       133,668       39,167  
Diluted   152,416       97,400       145,743       39,167  
               
SUPPLEMENTAL INFORMATION:              
  Three Months Ended   Year Ended
  December 31,   December 31,
    2022       2021       2022       2021  
Stock-based compensation expenses included in: Net revenues $ -     $ -     $ -     $ 163  
Research and development   3,729       4,926       19,487       6,624  
Selling, general and administrative   7,465       21,713       43,843       34,617  
Total stock-based compensation expense $ 11,194     $ 26,639     $ 63,330     $ 41,404  
Amortization of acquisition-related intangible assets included in:              
Research and development $ 3,634     $ 87     $ 5,623     $ 361  
Selling, general and administrative   887       -       1,311       -  
Total Amortization of acquisition-related intangible assets $ 4,521     $ 87     $ 6,934     $ 361  
Acquisition-related expenses included in:              
Research and development $ -     $ 500     $ -     $ 500  
Selling, general and administrative   465       1,795       5,907       1,795  
Total other acquisition-related expenses $ 465     $ 2,295     $ 5,907     $ 2,295  
Payroll taxes on vesting of employee stock-based compensation included in:              
Selling, general and administrative $ 438     $ -     $ 592     $ -  
                               

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