About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the industry leader in GaN power ICs, founded in 2014. GaN power ICs integrate GaN power with drive, control and protection to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets. Over 145 Navitas patents are issued or pending, and over 35 million GaNFast power ICs have been shipped with zero reported GaN field failures. Navitas rang the Nasdaq opening bell and started trading on Nasdaq on October 20th, 2021.
Contact Information
Media
Graham Robertson, CMO Grand Bridges
Graham@GrandBridges.com
Investors
Stephen Oliver, VP Corporate Marketing & Investor Relations
ir@navitassemi.com
Navitas Semiconductor and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor, Ltd. 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.
NAVITAS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(in thousands, except per-share amounts)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| NET REVENUES | $ | 7,338 | $ | 4,653 | $ | 23,736 | $ | 11,849 | ||||||||
| COST OF REVENUES | 4,088 | 3,107 | 13,050 | 8,134 | ||||||||||||
| GROSS PROFIT | 3,250 | 1,546 | 10,686 | 3,715 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 11,495 | 4,907 | 27,820 | 13,049 | ||||||||||||
| Selling, general and administrative | 27,661 | 3,845 | 51,374 | 9,469 | ||||||||||||
| Total operating expenses | 39,156 | 8,752 | 79,194 | 22,518 | ||||||||||||
| LOSS FROM OPERATIONS | (35,906 | ) | (7,206 | ) | (68,508 | ) | (18,803 | ) | ||||||||
| OTHER INCOME (EXPENSE), net: | ||||||||||||||||
| Interest income (expense), net | (58 | ) | (64 | ) | (257 | ) | (236 | ) | ||||||||
| Gain (loss) from change in fair value of warrants | (45,625 | ) | — | (45,625 | ) | — | ||||||||||
| Gain (loss) from change in fair value of earnout liabilities | (38,105 | ) | — | (38,105 | ) | — | ||||||||||
| Other income (expense) | (143 | ) | — | (143 | ) | — | ||||||||||
| Total other income (expense), net | (83,931 | ) | (64 | ) | (84,130 | ) | (236 | ) | ||||||||
| LOSS BEFORE PROVISION FOR INCOME TAXES | (119,837 | ) | (7,270 | ) | (152,638 | ) | (19,039 | ) | ||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES | 10 | (1 | ) | 47 | 5 | |||||||||||
| NET LOSS | $ | (119,847 | ) | $ | (7,269 | ) | $ | (152,685 | ) | $ | (19,044 | ) | ||||
| NET LOSS PER SHARE: | ||||||||||||||||
| Basic and diluted | $ | (1.23 | ) | $ | (0.45 | ) | $ | (3.90 | ) | $ | (1.17 | ) | ||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||
| Basic and diluted 1 | 97,400 | 16,306 | 39,167 | 16,246 | ||||||||||||
