Navitas Semiconductor Announces Fourth Quarter and Full Year

Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results

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,
		2022			2021			2022			2021
RECONCILIATION OF GROSS PROFIT MARGIN
GAAP gross profit	$	5,008		$	3,250		$	11,947		$	10,686
GAAP gross profit margin		40.6	%		44.3	%		31.5	%		45.0	%
Stock-based compensation expense included in net revenues	$	-		$	-		$	-		$	163
Reserves for write-down of inventory		-			-			2,833			-
Inventory write-off related to purchase accounting step-up		-			-			539			-
Other operational charges		-			-			172			-
Non-GAAP gross profit	$	5,008		$	3,250		$	15,491		$	10,849
Non-GAAP gross profit margin		40.6	%		44.3	%		40.8	%		45.4	%
RECONCILIATION OF OPERATING EXPENSES
GAAP Operating expenses	$	33,564		$	39,156		$	132,940		$	79,194
Less: Stock-based compensation expenses included in:
Research and development		3,729			4,926			19,487			6,624
Selling, general and administrative		7,465			21,713			43,843			34,617
Total		11,194			26,639			63,330			41,241
Acquisition-related expenses		465			2,295			5,907			2,295
Amortization of acquisition-related intangible assets		4,521			87			6,934			361
Payroll taxes on vesting of employee stock-based compensation		438			-			592			-
Non-GAAP operating expenses	$	16,946		$	10,135		$	56,177		$	35,297
RECONCILIATION OF LOSS FROM OPERATIONS
GAAP loss from operations	$	(28,556	)	$	(35,906	)	$	(120,993	)	$	(68,508	)
GAAP operating margin		-231.2	%		-489.3	%		-318.9	%		-288.6	%
Add: Stock-based compensation expenses included in:
Net revenues		-			-			-			163
Research and development		3,729			4,926			19,487			6,624
Selling, general and administrative		7,465			21,713			43,843			34,617
Total		11,194			26,639			63,330			41,404
Acquisition-related expenses		465			2,295			5,907			2,295
Reserves for write-down of inventory		-			-			2,833			-
Inventory write-off related to purchase accounting step-up		-			-			539			-
Other operational charges		-			-			172			-
Amortization of acquisition-related intangible assets		4,521			87			6,934			361
Payroll taxes on vesting of employee stock-based compensation		438			-			592			-
Non-GAAP loss from operations	$	(11,938	)	$	(6,885	)	$	(40,686	)	$	(24,448	)
Non-GAAP operating margin		-96.7	%		-93.8	%		-107.2	%		-103.0	%
RECONCILIATION OF NET LOSS PER SHARE
GAAP net income (loss) attributable to controlling interest	$	(6,055	)	$	(119,847	)	$	74,984		$	(152,685	)
Adjustments to GAAP net loss
Total stock-based compensation		11,194			26,639			63,330			41,404
Acquisition-related expenses		465			2,295			5,907			2,295
Reserves for write-down of inventory		-			-			2,833			-
Inventory write-off related to purchase accounting step-up		-			-			539			-
Other operational charges		-			-			172			-
Amortization of acquisition-related intangible assets		4,521			87			6,934			361
Payroll taxes on vesting of employee stock-based compensation		438			-			592			-
Gain from change in fair value of warrants		-			45,625			(51,763	)		45,625
Loss (Gain) from change in fair value of earnout liabilities		(9,547	)		38,105			(121,709	)		38,105
Release of valuation allowance in connection with acquisition		(10,599	)		-			(20,514	)		-
Other expense		(69	)		143			1,146			143
Non-GAAP net loss	$	(9,652	)	$	(6,953	)	$	(37,549	)	$	(24,752	)
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted)		152,416			97,400			133,668			39,167
Non-GAAP net loss per share (basic and diluted)	$	(0.06	)	$	(0.07	)	$	(0.28	)	$	(0.63	)

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