| 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 | ||||
Navitas Semiconductor Announces Second Quarter 2024 Financial Results
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