| 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 | |||
Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results
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