Navitas Semiconductor Announces Second Quarter 2024 Financial Results


NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
   (Unaudited)  
ASSETS  June 30, 2024  December 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $111,995  $152,839 
Accounts receivable, net  22,679   25,858 
Inventories  25,159   22,234 
Prepaid expenses and other current assets  4,747   6,178 
Total current assets  164,580   207,109 
PROPERTY AND EQUIPMENT, net  13,259   9,154 
OPERATING LEASE RIGHT OF USE ASSETS  7,820   8,268 
INTANGIBLE ASSETS, net  81,563   91,099 
GOODWILL  163,215    163,215  
OTHER ASSETS     8,613       6,701  
Total assets   $ 439,050     $ 485,546  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
Accounts payable and other accrued expenses   $ 13,113     $ 24,740  
Accrued compensation expenses     7,749       10,902  
Operating lease liabilities, current     1,886       1,892  
Customer deposit and deferred revenue     6,204       10,953  
Total current liabilities     28,952       48,487  
OPERATING LEASE LIABILITIES NONCURRENT     6,286       6,653  
EARNOUT LIABILITY     13,103       46,852  
DEFERRED TAX LIABILITIES     1,040       1,040  
ACCRUED ROYALTIES NONCURRENT     1,569       1,897  
Total liabilities     50,950       104,929  
STOCKHOLDERS’ EQUITY     388,100       380,617  
Total liabilities and stockholders’ equity   $ 439,050     $ 485,546  

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