Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results
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NAVITAS SEMICONDUCTOR CORPORATION | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(dollars in thousands) | | |
(Unaudited) | | | | |
December 31, 2022 | |
December 31, 2021 | |
ASSETS | | | | | CURRENT ASSETS: | | | | | Cash and cash equivalents | $ | 110,337 | | | $ | 268,252 | | | Accounts receivable, net | | 9,262 | | | | 8,263 | | | Inventories | | 19,061 | | | | 11,978 | | | Prepaid expenses and other current assets | | 3,623 | | | | 2,877 | | | Total current assets | | 142,283 | | | | 291,370 | | | PROPERTY AND EQUIPMENT, net | | 6,532 | | | | 2,302 | | | OPERATING LEASE RIGHT OF USE ASSETS | | 6,381 | | | | - | | | INTANGIBLE ASSETS, net | | 105,620 | | | | 170 | | | GOODWILL | | 163,025 | | | | - | | | NOTES RECEIVABLE | | - | | | | 206 | | | OTHER ASSETS | | 3,055 | | | | 1,553 | | | Total assets | $ | 426,896 | | | $ | 295,601 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | CURRENT LIABILITIES: | | | | | Accounts payable and other accrued expenses | $ | 14,087 | | | $ | 4,860 | | | Accrued compensation expenses | | 3,302 | | | | 2,639 | | | Current portion of operating lease liabilities | | 1,305 | | | | - | | | Current portion of long-term debt | | - | | | | 3,200 | | | Other liabilities | | - | | | | 29 | | | Total current liabilities | | 18,694 | | | | 10,728 | | | LONG-TERM LIABILITIES: | | | | | LONG-TERM DEBT | | - | | | | 3,716 | | | OPERATING LEASE LIABILITIES NONCURRENT | | 5,263 | | | | - | | | WARRANT LIABILITY | | - | | | | 81,388 | | | EARNOUT LIABILITY | | 13,064 | | | | 134,173 | | | DEFERRED TAX LIABILITIES | | 3,397 | | | | - | | | OTHER LIABILITIES | | - | | | | 60 | | | Total liabilities | | 40,418 | | | | 230,065 | | | STOCKHOLDERS’ EQUITY: | | | | | Total stockholders’ equity of Navitas Semiconductor Corporation | | 382,850 | | | | 65,536 | | | Noncontrolling interest | | 3,628 | | | | - | | | Total equity | | 386,478 | | | | 65,536 | | | Total liabilities stockholders’ equity | $ | 426,896 | | | $ | 295,601 | | | | | | | | | | |
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