Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results


NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
  (Unaudited)  
  December 31, 2022  December 31, 2021
ASSETS   
CURRENT ASSETS:   
Cash and cash equivalents$110,337  $268,252 
Accounts receivable, net 9,262   8,263 
Inventories 19,061   11,978 
Prepaid expenses and other current assets 3,623   2,877 
Total current assets 142,283   291,370 
PROPERTY AND EQUIPMENT, net 6,532   2,302 
OPERATING LEASE RIGHT OF USE ASSETS 6,381   - 
INTANGIBLE ASSETS, net 105,620   170 
GOODWILL 163,025   - 
NOTES RECEIVABLE -   206 
OTHER ASSETS   3,055       1,553  
Total assets $ 426,896     $ 295,601  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES:      
Accounts payable and other accrued expenses $ 14,087     $ 4,860  
Accrued compensation expenses   3,302       2,639  
Current portion of operating lease liabilities   1,305       -  
Current portion of long-term debt   -       3,200  
Other liabilities   -       29  
Total current liabilities   18,694       10,728  
LONG-TERM LIABILITIES:      
LONG-TERM DEBT   -       3,716  
OPERATING LEASE LIABILITIES NONCURRENT   5,263       -  
WARRANT LIABILITY   -       81,388  
EARNOUT LIABILITY   13,064       134,173  
DEFERRED TAX LIABILITIES   3,397       -  
OTHER LIABILITIES   -       60  
Total liabilities   40,418       230,065  
STOCKHOLDERS’ EQUITY:      
Total stockholders’ equity of Navitas Semiconductor Corporation   382,850       65,536  
Noncontrolling interest   3,628       -  
Total equity   386,478       65,536  
Total liabilities stockholders’ equity $ 426,896     $ 295,601  
               

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