Navitas Semiconductor Announces First Quarter 2024 Financial

Navitas Semiconductor Announces First Quarter 2024 Financial Results

These and other risk factors are discussed in the Risk Factors section beginning on p. 15 of our annual report on Form 10-K for the year ended December 31, 2023, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents, we file with the SEC. If any of the risks described above, and discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Navitas is not aware of or that Navitas currently believes are immaterial that could also cause actual results to differ materially from those contained in forward-looking statements. In addition, forward-looking statements reflect Navitas’ expectations, plans or forecasts of future events and views as of the date of this press release. Navitas anticipates that subsequent events and developments will cause Navitas’ assessments to change. However, while Navitas may elect to update these forward-looking statements at some point in the future, Navitas specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Navitas’ assessments as of any date subsequent to the date of this press release.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include EV, solar, energy storage, home appliance / industrial, data center, mobile and consumer. Over 250 Navitas patents are issued or pending. As of August 2023, over 125 million GaN and 12 million SiC units have been shipped, and with the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GaNSlim, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information
Stephen Oliver, VP Investor Relations, ir@navitassemi.com

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Navitas Semiconductor NVTS 10 years


NAVITAS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(dollars in thousands, except per-share amounts)

	Three Months Ended
	March 31,
	2024		2023
NET REVENUES	$	23,175	$	13,358
COST OF REVENUES (exclusive of amortization of intangible assets included below)		13,660		7,873
OPERATING EXPENSES:
Research and development		20,229		17,394
Selling, general and administrative		16,087		19,058
Amortization of intangible assets		4,774		4,499
Total operating expenses		41,090		40,951
LOSS FROM OPERATIONS		(31,575)		(35,466)
OTHER INCOME (EXPENSE), net:
Interest income, net		1,682		903
Gain (loss) from change in fair value of earnout liabilities		26,199		(27,752)
Other income		83		11
Total other income (expense), net		27,964		(26,838)
LOSS BEFORE INCOME TAXES		(3,611)		(62,304)
INCOME TAX PROVISION		70		61
NET LOSS		(3,681)		(62,365)
LESS: Net loss attributable to noncontrolling interest		—		(518)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST	$	(3,681)	$	(61,847)
NET LOSS PER SHARE:
Basic	$	(0.02)	$	(0.39)
Diluted	$	(0.02)	$	(0.39)
SHARES USED IN PER-SHARE CALCULATION:
Basic		179,779		156,792
Diluted		179,779		156,792



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

	Three Months Ended
	March 31,
	2024		2023
RECONCILIATION OF OPERATING EXPENSES
GAAP Research and development	$	20,229	$	17,394
Stock-based compensation expenses		(7,370)		(7,177)
Non-GAAP Research and development		12,859		10,217
GAAP Selling, general and administrative		16,087		19,058
Stock-based compensation expenses		(6,178)		(9,983)
Payroll taxes on vesting of employee stock-based compensation		(534)		(245)
Employee separation and transition		(275)		—
Settlement of commercial claim		(500)		—
Acquisition-related expenses		—		(1,252)
Other		(111)		—
Non-GAAP Selling, general and administrative		8,489		7,578
Total Non-GAAP operating expenses	$	21,348	$	17,795
RECONCILIATION OF LOSS FROM OPERATIONS
GAAP loss from operations	$	(31,575)	$	(35,466)
GAAP operating margin		(136.2)%		(265.5)%
Add: Stock-based compensation expenses included in:
Research and development		7,370		7,177
Selling, general and administrative		6,178		9,983
Total		13,548		17,160
Amortization of acquisition-related intangible assets		4,774		4,499
Payroll taxes on vesting of employee stock-based compensation		534		245
Employee separation and transition		275		—
Settlement of commercial claim		500		—
Acquisition-related expenses		—		1,252
Other		111		—
Non-GAAP loss from operations	$	(11,833)	$	(12,310)
Non-GAAP operating margin		(51.1 )%		(92.2 )%
RECONCILIATION OF NET LOSS PER SHARE
GAAP net loss attributable to controlling interest	$	(3,681)	$	(61,847)
Adjustments to GAAP net loss
Loss (Gain) from change in fair value of earnout liabilities		(26,199)		27,752
Total stock-based compensation		13,548		17,160
Amortization of acquisition-related intangible assets		4,774		4,499
Payroll taxes on vesting of employee stock-based compensation		534		245
Employee separation and transition		275
Settlement of commercial claim		500
Acquisition-related expenses		—		1,252
Other expense		28		—
Non-GAAP net loss	$	(10,221)	$	(10,939)
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted)		179,779		156,792
Non-GAAP net loss per share (basic and diluted)	$	(0.06)	$	(0.07)


NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
	(Unaudited)
	March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	129,682	$	152,839
Accounts receivable, net		22,199		25,858
Inventories		33,176		23,166
Prepaid expenses and other current assets		6,024		6,619
Total current assets		191,081		208,482
PROPERTY AND EQUIPMENT, net		11,773		9,154
OPERATING LEASE RIGHT OF USE ASSETS		7,805		8,268
INTANGIBLE ASSETS, net		86,325		91,099
GOODWILL		163,215		163,215
OTHER ASSETS		7,690		5,328
Total assets	$	467,889	$	485,546
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	$	24,450	$	26,637
Accrued compensation expenses		7,591		10,902
Operating lease liabilities, current		1,857		1,892
Customer deposit		8,074		10,953
Total current liabilities		41,972		50,384
OPERATING LEASE LIABILITIES NONCURRENT		6,307		6,653
EARNOUT LIABILITY		20,653		46,852
DEFERRED TAX LIABILITIES		1,040		1,040
Total liabilities		69,972		104,929
STOCKHOLDERS’ EQUITY		397,917		380,617
Total liabilities and stockholders’ equity	$	467,889	$	485,546

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