| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | ||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||
| GAAP Net revenues | $ | 20,468 | $ | 18,062 | $ | 43,643 | $ | 31,420 | ||||||||
| Cost of revenues (exclusive of amortization of intangibles) | (12,478 | ) | (10,572 | ) | (26,138 | ) | (18,445 | ) | ||||||||
| Cost of revenues (amortization of intangibles) | (3,959 | ) | (3,959 | ) | (7,918 | ) | (7,643 | ) | ||||||||
| GAAP Gross profit | 4,031 | 3,531 | 9,587 | 5,332 | ||||||||||||
| GAAP Gross margin | 19.7 | % | 19.5 | % | 22.0 | % | 17.0 | % | ||||||||
| Cost of revenues (amortization of intangibles) | 3,959 | 3,959 | 7,918 | 7,643 | ||||||||||||
| Stock-based compensation expense | 249 | — | 249 | — | ||||||||||||
| Non-GAAP Gross profit | $ | 8,239 | $ | 7,490 | $ | 17,754 | $ | 12,975 | ||||||||
| Non-GAAP Gross margin | 40.3 | % | 41.5 | % | 40.7 | % | 41.3 | % | ||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||
| GAAP Research and development | $ | 18,971 | $ | 16,791 | $ | 39,200 | $ | 34,186 | ||||||||
| Stock-based compensation expenses | (6,438 | ) | (6,947 | ) | (13,808 | ) | (14,124 | ) | ||||||||
| Non-GAAP Research and development | 12,533 | 9,844 | 25,392 | 20,062 | ||||||||||||
| GAAP Selling, general and administrative | 15,382 | 13,151 | 31,469 | 32,209 | ||||||||||||
| Stock-based compensation expenses | (6,404 | ) | (5,624 | ) | (12,582 | ) | (15,607 | ) | ||||||||
| Payroll taxes on vesting of employee stock-based compensation | (16 | ) | (40 | ) | (550 | ) | (285 | ) | ||||||||
| Employee separation and transition | — | — | (275 | ) | — | |||||||||||
| Settlement of commercial claim | 50 | — | (450 | ) | — | |||||||||||
| Acquisition-related expenses | — | (215 | ) | — | (1,467 | ) | ||||||||||
| Other | — | (76 | ) | (111 | ) | (76 | ) | |||||||||
| Non-GAAP Selling, general and administrative | 9,012 | 7,196 | 17,501 | 14,774 | ||||||||||||
| Total Non-GAAP Operating expenses | $ | 21,545 | $ | 17,040 | $ | 42,893 | $ | 34,836 | ||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||
| GAAP Loss from operations | $ | (31,137 | ) | $ | (27,225 | ) | $ | (62,712 | ) | $ | (62,692 | ) | ||||
| GAAP Operating margin | (152.1 | )% | (150.7 | )% | (143.7 | )% | (199.5 | )% | ||||||||
| Add: Stock-based compensation expenses included in: | ||||||||||||||||
| Research and development | 6,438 | 6,947 | 13,808 | 14,124 | ||||||||||||
| Selling, general and administrative | 6,404 | 5,624 | 12,582 | 15,607 | ||||||||||||
| Cost of goods sold | 249 | — | 249 | — | ||||||||||||
| Total | 13,091 | 12,571 | 26,639 | 29,731 | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 16 | 40 | 550 | 285 | ||||||||||||
| Employee separation and transition | — | — | 275 | — | ||||||||||||
| Settlement of commercial claim | (50 | ) | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 215 | — | 1,467 | ||||||||||||
| Other | — | 76 | 111 | 76 | ||||||||||||
| Non-GAAP Loss from operations | $ | (13,306 | ) | $ | (9,550 | ) | $ | (25,139 | ) | $ | (21,861 | ) | ||||
| Non-GAAP Operating margin | (65.0 | )% | (52.9 | )% | (57.6 | )% | (69.6 | )% | ||||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||
| GAAP Net loss attributable to controlling interest | $ | (22,328 | ) | $ | (58,527 | ) | $ | (26,009 | ) | $ | (120,375 | ) | ||||
| Adjustments to GAAP Net loss | ||||||||||||||||
| Loss (Gain) from change in fair value of earnout liabilities | (7,550 | ) | 32,224 | (33,749 | ) | 59,976 | ||||||||||
| Total stock-based compensation | 13,091 | 12,571 | 26,639 | 29,731 | ||||||||||||
| Amortization of acquisition-related intangible assets | 4,774 | 4,773 | 9,548 | 9,272 | ||||||||||||
| Payroll taxes on vesting of employee stock-based compensation | 16 | 40 | 550 | 285 | ||||||||||||
| Employee separation and transition | — | — | 275 | — | ||||||||||||
| Settlement of commercial claim | (50 | ) | — | 450 | — | |||||||||||
| Acquisition-related expenses | — | 215 | — | 1,467 | ||||||||||||
| Other expense | — | 56 | 28 | 45 | ||||||||||||
| Non-GAAP Net loss | $ | (12,047 | ) | $ | (8,648 | ) | $ | (22,268 | ) | $ | (19,599 | ) | ||||
| Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | 183,127 | 165,606 | 181,493 | 161,086 | ||||||||||||
| Non-GAAP Net loss per share (basic and diluted) | $ | (0.07 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||||
Navitas Semiconductor Announces Second Quarter 2024 Financial Results
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