Navitas Semiconductor, the Industry Leader in Gallium Nitride

Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results

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NAVITAS SEMICONDUCTOR CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(dollars in thousands, except per-share amounts)

	Three Months Ended						Year Ended
	December 31,						December 31,
		2021			2020			2021			2020
RECONCILIATION OF GROSS PROFIT MARGIN
GAAP gross profit	$	3,250		$	1,546		$	10,686		$	3,715
GAAP gross profit margin		44.3	%		33.2	%		45.0	%		31.4	%
Stock-based compensation expense included in net revenues		—			331			163			331
Non-GAAP gross profit	$	3,250		$	1,877		$	10,849		$	4,046
Non-GAAP gross profit margin		44.3	%		37.7	%		45.4	%		33.2	%
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses	$	39,156		$	8,752		$	79,194		$	22,518
Less: Stock-based compensation expenses included in:
Research and development		4,926			302			6,624			477
Selling, general and administrative		21,713			182			34,617			228
Total		26,639			484			41,241			705
Other acquisition-related expenses		2,295			—			2,295			—
Amortization of acquisition-related intangible assets		87			83			361			167
Non-GAAP operating expenses ²	$	10,135		$	8,185		$	35,297		$	21,646
RECONCILIATION OF LOSS FROM OPERATIONS
GAAP loss from operations	$	(35,906	)	$	(7,206	)	$	(68,508	)	$	(18,803	)
GAAP operating margin		-489	%		-155	%		-289	%		-159	%
Add: Stock-based compensation expenses included in:
Net revenues		—			331			163			331
Research and development		4,926			302			6,624			477
Selling, general and administrative		21,713			182			34,617			228
Total		26,639			815			41,404			1,036
Other acquisition-related expenses		2,295			—			2,295			—
Amortization of acquisition-related intangible assets		87			83			361			167
Non-GAAP loss from operations ²	$	(6,885	)	$	(6,308	)	$	(24,448	)	$	(17,600	)
Non-GAAP operating margin		-94	%		-136	%		-103	%		-149	%
Average shares outstanding for calculation of loss from operations per share (basic and diluted) ¹		97,400			16,306			39,167			16,246
GAAP loss from operations per share	$	(0.37	)	$	(0.44	)	$	(1.75	)	$	(1.16	)
Non-GAAP loss from operations per share	$	(0.07	)		(0.39	)		(0.62	)		(1.08	)
RECONCILIATION OF NET LOSS PER SHARE
GAAP net loss	$	(119,847	)	$	(7,269	)	$	(152,685	)	$	(19,044	)
Adjustments to GAAP net loss
Total stock-based compensation		26,639			815			41,404			1,036
Amortization of acquisition-related intangible assets		87			83			361			167
Loss from change in fair value of warrants		45,625			—			45,625			—
Loss from change in fair value of earnout liabilities		38,105			—			38,105			—
Other expense		143			—			143			—
Other acquisition-related expenses		2,295			—			2,295			—
Non-GAAP net loss ²	$	(6,953	)	$	(6,371	)	$	(24,752	)	$	(17,841	)
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) ¹		97,400			16,306			39,167			16,246
Non-GAAP net loss per share	$	(0.07	)	$	(0.39	)	$	(0.63	)	$	(1.10	)

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