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 | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(dollars in thousands) | | | |
(Unaudited) | | | | | |
December 31, 2021 | |
December 31, 2020 | |
ASSETS | | | | | | CURRENT ASSETS: | | | | | | Cash and cash equivalents | | $ | 268,252 | | | $ | 38,869 | | | Accounts receivable, net | | | 8,263 | | | | 4,152 | | | Inventories | | | 11,978 | | | | 3,404 | | | Prepaid expenses and other current assets | | | 2,877 | | | | 522 | | | Total current assets | | | 291,370 | | | | 46,947 | | | PROPERTY AND EQUIPMENT, net | | | 2,302 | | | | 722 | | | INTANGIBLE ASSETS, net | | | 170 | | | | 515 | | | OTHER ASSETS | | | 2,239 | | | | 323 | | | Total assets | | $ | 296,081 | | | $ | 48,507 | | |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | CURRENT LIABILITIES: | | | | | | Accounts payable and other accrued expenses | | $ | 4,860 | | | $ | 3,698 | | | Accrued compensation expenses | | | 2,639 | | | | 1,668 | | | Current portion of long-term debt | | | 3,200 | | | | 1,000 | | | Other liabilities | | | 29 | | | | — | | | Total current liabilities | | | 10,728 | | | | 6,366 | | | LONG-TERM LIABILITIES: | | | | | | LONG-TERM DEBT | | | 3,716 | | | | 4,971 | | | WARRANT LIABILITY | | | 81,388 | | | | — | | | EARNOUT LIABILITY | | | 134,173 | | | | — | | | OTHER LIABILITIES | | | 60 | | | | 88 | | | Total liabilities | | | 230,065 | | | | 11,425 | | | REDEEMABLE CONVERTIBLE PREFERRED | | | — | | | | 109,506 | | | STOCKHOLDERS’ EQUITY (DEFICIT): | | | 66,016 | | | | (72,424 | ) | | Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | | $ | 296,081 | | | $ | 48,507 | |
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