| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||
| (dollars in thousands, except per-share amounts) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | |||||||||||||||
| GAAP gross profit | $ | 5,008 | $ | 3,250 | $ | 11,947 | $ | 10,686 | |||||||
| GAAP gross profit margin | 40.6 | % | 44.3 | % | 31.5 | % | 45.0 | % | |||||||
| Stock-based compensation expense included in net revenues | $ | - | $ | - | $ | - | $ | 163 | |||||||
| Reserves for write-down of inventory | - | - | 2,833 | - | |||||||||||
| Inventory write-off related to purchase accounting step-up | - | - | 539 | - | |||||||||||
| Other operational charges | - | - | 172 | - | |||||||||||
| Non-GAAP gross profit | $ | 5,008 | $ | 3,250 | $ | 15,491 | $ | 10,849 | |||||||
| Non-GAAP gross profit margin | 40.6 | % | 44.3 | % | 40.8 | % | 45.4 | % | |||||||
| RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||
| GAAP Operating expenses | $ | 33,564 | $ | 39,156 | $ | 132,940 | $ | 79,194 | |||||||
| Less: Stock-based compensation expenses included in: | |||||||||||||||
| Research and development | 3,729 | 4,926 | 19,487 | 6,624 | |||||||||||
| Selling, general and administrative | 7,465 | 21,713 | 43,843 | 34,617 | |||||||||||
| Total | 11,194 | 26,639 | 63,330 | 41,241 | |||||||||||
| Acquisition-related expenses | 465 | 2,295 | 5,907 | 2,295 | |||||||||||
| Amortization of acquisition-related intangible assets | 4,521 | 87 | 6,934 | 361 | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 438 | - | 592 | - | |||||||||||
| Non-GAAP operating expenses | $ | 16,946 | $ | 10,135 | $ | 56,177 | $ | 35,297 | |||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | |||||||||||||||
| GAAP loss from operations | $ | (28,556 | ) | $ | (35,906 | ) | $ | (120,993 | ) | $ | (68,508 | ) | |||
| GAAP operating margin | -231.2 | % | -489.3 | % | -318.9 | % | -288.6 | % | |||||||
| Add: 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 | 11,194 | 26,639 | 63,330 | 41,404 | |||||||||||
| Acquisition-related expenses | 465 | 2,295 | 5,907 | 2,295 | |||||||||||
| Reserves for write-down of inventory | - | - | 2,833 | - | |||||||||||
| Inventory write-off related to purchase accounting step-up | - | - | 539 | - | |||||||||||
| Other operational charges | - | - | 172 | - | |||||||||||
| Amortization of acquisition-related intangible assets | 4,521 | 87 | 6,934 | 361 | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 438 | - | 592 | - | |||||||||||
| Non-GAAP loss from operations | $ | (11,938 | ) | $ | (6,885 | ) | $ | (40,686 | ) | $ | (24,448 | ) | |||
| Non-GAAP operating margin | -96.7 | % | -93.8 | % | -107.2 | % | -103.0 | % | |||||||
| RECONCILIATION OF NET LOSS PER SHARE | |||||||||||||||
| GAAP net income (loss) attributable to controlling interest | $ | (6,055 | ) | $ | (119,847 | ) | $ | 74,984 | $ | (152,685 | ) | ||||
| Adjustments to GAAP net loss | |||||||||||||||
| Total stock-based compensation | 11,194 | 26,639 | 63,330 | 41,404 | |||||||||||
| Acquisition-related expenses | 465 | 2,295 | 5,907 | 2,295 | |||||||||||
| Reserves for write-down of inventory | - | - | 2,833 | - | |||||||||||
| Inventory write-off related to purchase accounting step-up | - | - | 539 | - | |||||||||||
| Other operational charges | - | - | 172 | - | |||||||||||
| Amortization of acquisition-related intangible assets | 4,521 | 87 | 6,934 | 361 | |||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 438 | - | 592 | - | |||||||||||
| Gain from change in fair value of warrants | - | 45,625 | (51,763 | ) | 45,625 | ||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | (9,547 | ) | 38,105 | (121,709 | ) | 38,105 | |||||||||
| Release of valuation allowance in connection with acquisition | (10,599 | ) | - | (20,514 | ) | - | |||||||||
| Other expense | (69 | ) | 143 | 1,146 | 143 | ||||||||||
| Non-GAAP net loss | $ | (9,652 | ) | $ | (6,953 | ) | $ | (37,549 | ) | $ | (24,752 | ) | |||
| Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | 152,416 | 97,400 | 133,668 | 39,167 | |||||||||||
| Non-GAAP net loss per share (basic and diluted) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.28 | ) | $ | (0.63 | ) | |||
Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results
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