Navitas Semiconductor Announces Second Quarter 2024 Financial

Navitas Semiconductor Announces Second Quarter 2024 Financial Results

NAVITAS SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
(dollars in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2024			2023			2024			2023
RECONCILIATION OF GROSS PROFIT MARGIN
GAAP Net revenues	$	20,468		$	18,062		$	43,643		$	31,420
Cost of revenues (exclusive of amortization of intangibles)		(12,478	)		(10,572	)		(26,138	)		(18,445	)
Cost of revenues (amortization of intangibles)		(3,959	)		(3,959	)		(7,918	)		(7,643	)
GAAP Gross profit		4,031			3,531			9,587			5,332
GAAP Gross margin		19.7	%		19.5	%		22.0	%		17.0	%

Cost of revenues (amortization of intangibles)		3,959			3,959			7,918			7,643
Stock-based compensation expense		249			—			249			—
Non-GAAP Gross profit	$	8,239		$	7,490		$	17,754		$	12,975
Non-GAAP Gross margin		40.3	%		41.5	%		40.7	%		41.3	%
RECONCILIATION OF OPERATING EXPENSES
GAAP Research and development	$	18,971		$	16,791		$	39,200		$	34,186
Stock-based compensation expenses		(6,438	)		(6,947	)		(13,808	)		(14,124	)
Non-GAAP Research and development		12,533			9,844			25,392			20,062
GAAP Selling, general and administrative		15,382			13,151			31,469			32,209
Stock-based compensation expenses		(6,404	)		(5,624	)		(12,582	)		(15,607	)
Payroll taxes on vesting of employee stock-based compensation		(16	)		(40	)		(550	)		(285	)
Employee separation and transition		—			—			(275	)		—
Settlement of commercial claim		50			—			(450	)		—
Acquisition-related expenses		—			(215	)		—			(1,467	)
Other		—			(76	)		(111	)		(76	)
Non-GAAP Selling, general and administrative		9,012			7,196			17,501			14,774
Total Non-GAAP Operating expenses	$	21,545		$	17,040		$	42,893		$	34,836
RECONCILIATION OF LOSS FROM OPERATIONS
GAAP Loss from operations	$	(31,137	)	$	(27,225	)	$	(62,712	)	$	(62,692	)
GAAP Operating margin	(152.1		)%	(150.7		)%	(143.7		)%	(199.5		)%
Add: Stock-based compensation expenses included in:
Research and development		6,438			6,947			13,808			14,124
Selling, general and administrative		6,404			5,624			12,582			15,607
Cost of goods sold		249			—			249			—
Total		13,091			12,571			26,639			29,731
Amortization of acquisition-related intangible assets		4,774			4,773			9,548			9,272
Payroll taxes on vesting of employee stock-based compensation		16			40			550			285
Employee separation and transition		—			—			275			—
Settlement of commercial claim		(50	)		—			450			—
Acquisition-related expenses		—			215			—			1,467
Other		—			76			111			76
Non-GAAP Loss from operations	$	(13,306	)	$	(9,550	)	$	(25,139	)	$	(21,861	)
Non-GAAP Operating margin	(65.0		)%	(52.9		)%	(57.6		)%	(69.6		)%
RECONCILIATION OF NET LOSS PER SHARE
GAAP Net loss attributable to controlling interest	$	(22,328	)	$	(58,527	)	$	(26,009	)	$	(120,375	)
Adjustments to GAAP Net loss
Loss (Gain) from change in fair value of earnout liabilities		(7,550	)		32,224			(33,749	)		59,976
Total stock-based compensation		13,091			12,571			26,639			29,731
Amortization of acquisition-related intangible assets		4,774			4,773			9,548			9,272
Payroll taxes on vesting of employee stock-based compensation		16			40			550			285
Employee separation and transition		—			—			275			—
Settlement of commercial claim		(50	)		—			450			—
Acquisition-related expenses		—			215			—			1,467
Other expense		—			56			28			45
Non-GAAP Net loss	$	(12,047	)	$	(8,648	)	$	(22,268	)	$	(19,599	)
Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted)		183,127			165,606			181,493			161,086
Non-GAAP Net loss per share (basic and diluted)	$	(0.07	)	$	(0.05	)	$	(0.12	)	$	(0.12	)

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