Navitas Semiconductor Announces Second Quarter 2022 Financial Results and Acquisition of GeneSiC, an Industry-leading SiC Company
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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 | |
Six Months Ended | | | |
June 30, | |
June 30, | | | | |
2022 | | | |
2021 | | | |
2022 | | | |
2021 | | |
RECONCILIATION OF GROSS PROFIT MARGIN | | | | | | | | | | GAAP gross profit | | $ | 3,585 | | | $ | 2,479 | | | $ | 6,548 | | | $ | 4,837 | | | GAAP gross profit margin | | | 41.6 | % | | | 45.5 | % | | | 42.7 | % | | | 44.9 | % | | Stock-based compensation expense included in net revenues | | | - | | | | 50 | | | | - | | | | 163 | | | Non-GAAP gross profit | | $ | 3,585 | | | $ | 2,529 | | | $ | 6,548 | | | $ | 5,000 | | | Non-GAAP gross profit margin | | | 41.6 | % | | | 46.0 | % | | | 42.7 | % | | | 45.7 | % | |
RECONCILIATION OF OPERATING EXPENSES | | | | | | | | | | GAAP Operating expenses | | $ | 23,599 | | | $ | 21,061 | | | $ | 61,556 | | | $ | 30,684 | | | Less: Stock-based compensation expenses included in: | | | | | | | | | | Research and development | | | 3,037 | | | | 1,424 | | | | 10,531 | | | | 1,630 | | | Selling, general and administrative | | | 7,999 | | | | 11,255 | | | | 25,831 | | | | 12,771 | | | Total | | | 11,036 | | | | 12,679 | | | | 36,362 | | | | 14,401 | | | Amortization of acquisition-related intangible assets | | | 84 | | | | 89 | | | | 172 | | | | 188 | | | Non-GAAP operating expenses | | $ | 12,479 | | | $ | 8,293 | | | $ | 25,022 | | | $ | 16,095 | | |
RECONCILIATION OF LOSS FROM OPERATIONS | | | | | | | | | | GAAP loss from operations | | $ | (20,014 | ) | | $ | (18,582 | ) | | $ | (55,008 | ) | | $ | (25,847 | ) | | GAAP operating margin | | | -232.4 | % | | | -341.0 | % | | | -358.3 | % | | | -240.1 | % | | Add: Stock-based compensation expenses included in: | | | | | | | | | | Net revenues | | | - | | | | 50 | | | | - | | | | 163 | | | Research and development | | | 3,037 | | | | 1,424 | | | | 10,531 | | | | 1,630 | | | Selling, general and administrative | | | 7,999 | | | | 11,255 | | | | 25,831 | | | | 12,771 | | | Total | | | 11,036 | | | | 12,729 | | | | 36,362 | | | | 14,564 | | | Amortization of acquisition-related intangible assets | | | 84 | | | | 89 | | | | 172 | | | | 188 | | | Non-GAAP loss from operations | | $ | (8,894 | ) | | $ | (5,764 | ) | | $ | (18,474 | ) | | $ | (11,095 | ) | | Non-GAAP operating margin | | | -103.3 | % | | | -105.8 | % | | | -120.3 | % | | | -103.0 | % | |
RECONCILIATION OF NET LOSS PER SHARE | | | | | | | | | | GAAP net income (loss) | | $ | 33,837 | | | $ | (18,650 | ) | | $ | 113,629 | | | $ | (25,995 | ) | | Adjustments to GAAP net loss | | | | | | | | | | Total stock-based compensation | | | 11,036 | | | | 12,729 | | | | 36,362 | | | | 14,564 | | | Amortization of acquisition-related intangible assets | | | 84 | | | | 89 | | | | 172 | | | | 188 | | | Gain from change in fair value of warrants | | | - | | | | - | | | | (51,763 | ) | | | - | | | Gain from change in fair value of earnout liabilities | | | (54,854 | ) | | | - | | | | (118,260 | ) | | | - | | | Other expense | | | 785 | | | | - | | | | 1,141 | | | | - | | | Non-GAAP net loss | | $ | (9,112 | ) | | $ | (5,832 | ) | | $ | (18,719 | ) | | $ | (11,243 | ) | | Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted) | | | 124,030 | | | | 20,900 | | | | 121,827 | | | | 20,324 | | | Non-GAAP net loss per share (basic and diluted) | | $ | (0.07 | ) | | $ | (0.28 | ) | | $ | (0.15 | ) | | $ | (0.55 | ) | | | | | | | | | | |
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