Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry
leader in GaN Power ICs, today announced unaudited financial
results for the first quarter ended March 31, 2022.Net revenues for
the quarter increased to $6.7 million, up 27% from the first
quarter of 2021. GAAP gross margin for the quarter was 44.0%.
GAAP loss from operations for the quarter was $35.0 million,
compared to a loss of $7.3 million in Q1 2021. On a non-GAAP basis,
loss from operations for the quarter was $9.6 million, compared to
$5.3 million in Q1 2021. GAAP earnings per diluted share were
$0.61, compared to a GAAP loss of $0.37 per share in the first
quarter of 2021, while non-GAAP net loss for the quarter was $0.08
per share compared to a net loss of $0.27 per share in Q1 2021.
“We are pleased with our execution in Q1,” said Gene Sheridan,
CEO and co-founder. “We have reinforced our #1 position in mobile
fast and ultra-fast chargers – reaching over 50,000,000 units
shipped with zero reported GaN-related field-failures – and we are
on track with GaN, system R&D and customer developments for our
expansion into broader consumer, data center, solar and EV
markets.”
Customer / Product HighlightsNavitas is in mass
production with 9 of the top 10 mobile OEMs, with 10 of 10 targeted
by the end of the year. New wins for mobile-phone chargers
include:
- Samsung’s flagship Galaxy S22 Ultra and S22+ smartphones
(recommended, 45W for fastest charging)
- vivo’s new 8”-folding-screen flagship ‘X Fold’ (in-box, 80W
dual USB-C, 0-100% in only 37 minutes)
- Motorola edge+ as featured on the Nasdaq Tower in New York’s
Times Square (in-box, 68W, 1 W/cc power density, 0-50% charge in
only 15 minutes)
- Xiaomi AMG Mercedes Formula 1 version (in-box, 120W ultra-fast,
0-100% in only 37 minutes)
- Realme GT Neo 3 launched at Mobile World Congress with the
world’s fastest charge time – 0-50% in only 5 minutes (in-box,
150W, 1.5 W/cc power density)
Laptop wins include:
- Dell’s new XPS Plus, launched in April (in-box, 60W)
- Xiaomi 14” and 15” laptops launched in April (in-box,
100W)
- Lenovo Legion 5 Gen 7 gaming laptops, with Nasdaq co-op
promotion (recommended, 135W, 40% smaller, fast charges the massive
80 WHr battery 0-100% in only 67 minutes)
Navitas’ highest-power GaN power IC, the NV6169, has been
launched at the prestigious PCIM Europe conference with 50% more
power capability for TV, game console and some data center
applications. Additional high-power GaNFast™ ICs are being sampled
with significant customer developments underway at data center,
solar and EV customers.
In March, based on excellent field reliability and the results
of extensive life testing, Navitas announced the industry’s first
20-year limited warranty, strengthening the company’s position to
expand in to higher-power, and higher-reliability markets.
In January, Navitas published the wide-bandgap industry’s first
sustainability report that comprehensively quantifies the positive
impact of GaN power semiconductors on climate change based on
global standards. And today Navitas announced it is the first
semiconductor company worldwide to achieve CarbonNeutral™ status as
accredited by third-party industry-reference, Natural Capital
Partners. This verification is another milestone in Navitas’
mission to “Electrify Our World™” – and help customers reach their
own environmental goals.
Business OutlookSecond quarter 2022 net
revenues are expected to be between $8.0 and $9.0
million. This guidance factors in some short-term
impact from China COVID-related shutdown softness in the supply
chain, and in demand for smartphones, which is partially offset by
stronger sales from new customers in other regions. Full-year 2022
net revenues are expected to double compared to 2021, as
accelerated customer wins and regional expansion offset slightly
lower-than-expected Q2 revenues. GAAP gross margin is expected to
be approximately 42% (+/- 1%) for the second quarter and 41%
(+/-1%) for the full year.
Earnings WebcastNavitas will hold a public
webcast at 2:00 p.m. PDT today to discuss first quarter 2022
results. The live public webcast can be accessed on Navitas’
Investor Relations website at
https://edge.media-server.com/mmc/p/prudpkfg. A toll-free dial-in
is also available at: (844) 467-8023 or (270) 215-9485, Conference
ID: 3796294. A webcast replay will be available.
Non-GAAP Financial MeasuresThis press release
and statements in our public webcast include financial measures
that are not calculated in accordance with generally accepted
accounting principles (“GAAP”), which we refer to as “non-GAAP
financial measures”, including (i) non-GAAP operating expenses and
(ii) non-GAAP net loss from operations. Each of these non-GAAP
financial measures is adjusted from GAAP results to exclude certain
expenses, which are outlined in the “Reconciliation of Non-GAAP
Financial Measures to GAAP Results” in the tables below. We believe
these non-GAAP financial measures provide investors with useful
supplemental information about our operating performance and enable
comparison of financial trends and results between periods where
certain items may vary independent of business performance. We
believe these non-GAAP financial measures offer an additional view
of our operations that, when coupled with the GAAP results and the
reconciliations to corresponding GAAP financial measures, provide a
more complete understanding of the results of operations. However,
these non-GAAP financial measures should be considered as a
supplement to, and not as a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP.
Cautionary Statement Regarding Forward-Looking
Statements This press release, including the paragraph
headed “Business Outlook”, includes “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements may be identified by
the use of words such as “we expect” or “are expected to be”,
“estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,”
“believe,” “seek,” or other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding estimates and forecasts of
other financial and performance metrics and projections of market
opportunity and market share. These statements are based on various
assumptions, whether or not identified in this press release. These
statements are also based on current expectations of the management
of Navitas and are not predictions of actual performance. Such
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions and expectations. Many actual events and
circumstances that affect performance are beyond the control of
Navitas. Forward-looking statements are subject to a number of
risks and uncertainties, including the possibility that the
expected growth of Navitas’ business will not be realized, or will
not be realized within the expected time period, due to, among
other things: Navitas’ goals and strategies and its ability to
achieve and implement them, the success of future business
development efforts, Navitas’ financial condition and results of
operations; Navitas’ customer relationships and ability to retain
and expand these customer relationships; Navitas’ ability to
accurately predict future revenues for the purpose of appropriately
budgeting and adjusting Navitas’ expenses; Navitas’ ability to
diversify its customer base and develop relationships in new
markets; Navitas’ ability to scale its technology into new markets
and applications; the effects of competition on Navitas’ business,
including actions of competitors with an established presence and
resources in markets we hope to penetrate; the level of demand in
Navitas’ customers’ end markets, both generally and with respect to
successive generations of products or technology; Navitas’ ability
to attract, train and retain key qualified personnel; changes in
government trade policies, including the imposition of tariffs; the
impact of the COVID-19 pandemic on Navitas’ business, results of
operations and financial condition; the impact of the COVID-19
pandemic on the global economy, including but not limited to
Navitas’ supply chain and the supply chains of customers and
suppliers; regulatory developments in the United States and foreign
countries; and Navitas’ ability to protect its intellectual
property rights. These and other risk factors are discussed in the
Risk Factors section beginning on p. 11 of our Annual Report on
Form 10-K for the year ended December 31, 2021, which we filed with
the Securities and Exchange Commission (the “SEC”) on March 31,
2022 and as thereafter amended, and in other documents we filed
with the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that Navitas is not aware of or that Navitas
currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Navitas’ expectations, plans or forecasts of future events
and views as of the date of this press release. Navitas anticipates
that subsequent events and developments will cause Navitas’
assessments to change. However, while Navitas may elect to update
these forward-looking statements at some point in the future,
Navitas specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Navitas’ assessments as of any date subsequent to the
date of this press release.
About NavitasNavitas Semiconductor (Nasdaq:
NVTS) is the industry leader in GaN power ICs, founded in 2014. GaN
power ICs integrate GaN power with drive, control, protection and
sensing to enable faster charging, higher power density and greater
energy savings for mobile, consumer, enterprise, eMobility and
new-energy markets. Over 145 Navitas patents are issued or pending,
and over 50 million units have been shipped with zero reported GaN
field failures. Sustainability is a core focus, as every GaNFast
power IC shipped saves 4 kg of CO2 emissions. Navitas rang the
Nasdaq opening bell and started trading on Nasdaq on October 20th,
2021.
Contact InformationMedia Graham Robertson, CMO
Grand BridgesGraham@GrandBridges.com
InvestorsStephen Oliver, VP Corporate Marketing & Investor
Relationsir@navitassemi.com
Navitas Semiconductor and the Navitas logo are trademarks or
registered trademarks of Navitas Semiconductor Limited. All other
brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.Navitas Semiconductor and the Navitas logo
are trademarks or registered trademarks of Navitas Semiconductor
Limited. All other brands, product names and marks are or may be
trademarks or registered trademarks used to identify products or
services of their respective owners.
NAVITAS SEMICONDUCTOR CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) -
UNAUDITED |
(dollars in thousands, except per-share
amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
NET REVENUES |
$ |
6,740 |
|
|
$ |
5,317 |
|
COST OF REVENUES |
|
3,777 |
|
|
|
2,959 |
|
GROSS PROFIT |
|
2,963 |
|
|
|
2,358 |
|
OPERATING EXPENSES: |
|
|
|
Research and development |
|
13,413 |
|
|
|
4,254 |
|
Selling, general and administrative |
|
24,544 |
|
|
|
5,369 |
|
Total operating expenses |
|
37,957 |
|
|
|
9,623 |
|
LOSS FROM OPERATIONS |
|
(34,994 |
) |
|
|
(7,265 |
) |
OTHER INCOME (EXPENSE),
net: |
|
|
|
Interest income (expense), net |
|
(24 |
) |
|
|
(61 |
) |
Gain from change in fair value of warrants |
|
51,763 |
|
|
|
— |
|
Gain from change in fair value of earnout liabilities |
|
63,406 |
|
|
|
— |
|
Other expense |
|
(356 |
) |
|
|
— |
|
Total other income (expense), net |
|
114,789 |
|
|
|
(61 |
) |
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES |
|
79,795 |
|
|
|
(7,326 |
) |
PROVISION FOR INCOME
TAXES |
|
3 |
|
|
|
19 |
|
NET INCOME (LOSS) |
$ |
79,792 |
|
|
$ |
(7,345 |
) |
NET INCOME (LOSS) PER
SHARE: |
|
|
|
Basic |
$ |
0.67 |
|
|
$ |
(0.37 |
) |
Diluted |
$ |
0.61 |
|
|
$ |
(0.37 |
) |
SHARES USED IN PER-SHARE
CALCULATION: |
|
|
|
Basic |
|
119,542 |
|
|
|
19,741 |
|
Diluted |
|
131,149 |
|
|
|
19,741 |
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
Stock-based compensation
expenses included in: |
|
|
|
Net revenues |
$ |
— |
|
|
$ |
113 |
|
Research and development |
|
7,494 |
|
|
|
206 |
|
Selling, general and
administrative |
|
17,832 |
|
|
|
1,516 |
|
Total stock-based compensation
expense |
$ |
25,326 |
|
|
$ |
1,835 |
|
Research and development
includes: |
|
|
|
Amortization of
acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
NAVITAS SEMICONDUCTOR CORPORATION |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP
RESULTS |
(dollars in thousands, except per-share
amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2022 |
|
|
|
2021 |
|
RECONCILIATION OF
GROSS PROFIT MARGIN |
|
|
|
GAAP gross profit |
$ |
2,963 |
|
|
$ |
2,358 |
|
GAAP gross profit margin |
|
44.0 |
% |
|
|
44.3 |
% |
Stock-based compensation expense included in net revenues |
|
— |
|
|
|
113 |
|
Non-GAAP gross profit |
$ |
2,963 |
|
|
$ |
2,471 |
|
Non-GAAP gross profit margin |
|
44.0 |
% |
|
|
45.5 |
% |
RECONCILIATION OF
OPERATING EXPENSES |
|
|
|
GAAP Operating expenses |
$ |
37,957 |
|
|
$ |
9,623 |
|
Less: Stock-based compensation expenses included in: |
|
|
|
Research and development |
|
7,494 |
|
|
|
206 |
|
Selling, general and administrative |
|
17,832 |
|
|
|
1,516 |
|
Total |
$ |
25,326 |
|
|
$ |
1,722 |
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
Non-GAAP operating expenses |
$ |
12,543 |
|
|
$ |
7,802 |
|
RECONCILIATION OF LOSS
FROM OPERATIONS |
|
|
|
GAAP loss from operations |
$ |
(34,994 |
) |
|
$ |
(7,265 |
) |
GAAP operating margin |
(519.2 |
)% |
|
(136.6 |
)% |
Add: Stock-based compensation expenses included in: |
|
|
|
Net revenues |
|
— |
|
|
|
113 |
|
Research and development |
|
7,494 |
|
|
|
206 |
|
Selling, general and administrative |
|
17,832 |
|
|
|
1,516 |
|
Total |
|
25,326 |
|
|
|
1,835 |
|
Amortization of acquisition-related intangible assets |
|
88 |
|
|
|
99 |
|
Non-GAAP loss from operations |
$ |
(9,580 |
) |
|
$ |
(5,331 |
) |
Non-GAAP operating margin |
(142.1 |
)% |
|
(100.3 |
)% |
RECONCILIATION OF NET
LOSS PER SHARE |
|
|
|
GAAP net income (loss) |
$ |
79,792 |
|
|
$ |
(7,345 |
) |
Adjustments to GAAP net loss |
|
|
|
Total stock-based compensation |
|
25,326 |
|
|
|
1,835 |
|
Amortization of acquisition-related intangible
assets |
|
88 |
|
|
|
99 |
|
Gain from change in fair value of warrants |
|
(51,763 |
) |
|
|
— |
|
Gain from change in fair value of earnout
liabilities |
|
(63,406 |
) |
|
|
— |
|
Other expense |
|
356 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(9,607 |
) |
|
$ |
(5,411 |
) |
Average shares outstanding for calculation of non-GAAP net loss per
share (basic and diluted) |
|
119,542 |
|
|
|
19,741 |
|
Non-GAAP net loss per share (basic and diluted) |
$ |
(0.08 |
) |
|
$ |
(0.27 |
) |
NAVITAS SEMICONDUCTOR CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
|
|
(Unaudited) |
|
|
|
|
March 31,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
253,797 |
|
|
$ |
268,252 |
|
Accounts receivable, net |
|
|
9,621 |
|
|
|
8,263 |
|
Inventories |
|
|
13,130 |
|
|
|
11,978 |
|
Prepaid expenses and other current assets |
|
|
2,988 |
|
|
|
2,877 |
|
Total current assets |
|
|
279,536 |
|
|
|
291,370 |
|
PROPERTY AND EQUIPMENT, net |
|
|
2,471 |
|
|
|
2,302 |
|
OPERATING LEASE RIGHT OF USE ASSETS |
|
|
1,391 |
|
|
|
— |
|
INTANGIBLE ASSETS, net |
|
|
82 |
|
|
|
170 |
|
OTHER ASSETS |
|
|
3,423 |
|
|
|
1,759 |
|
Total assets |
|
$ |
286,903 |
|
|
$ |
295,601 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable and other accrued expenses |
|
$ |
5,216 |
|
|
$ |
4,860 |
|
Accrued compensation expenses |
|
|
3,604 |
|
|
|
2,639 |
|
Current portion of operating lease liabilities |
|
|
844 |
|
|
|
— |
|
Current portion of long-term debt |
|
|
3,200 |
|
|
|
3,200 |
|
Other liabilities |
|
|
17 |
|
|
|
29 |
|
Total current liabilities |
|
|
12,881 |
|
|
|
10,728 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
LONG-TERM DEBT |
|
|
2,919 |
|
|
|
3,716 |
|
OPERATING LEASE LIABILITIES NONCURRENT |
|
|
600 |
|
|
|
— |
|
WARRANT LIABILITY |
|
|
— |
|
|
|
81,388 |
|
EARNOUT LIABILITY |
|
|
70,767 |
|
|
|
134,173 |
|
OTHER LIABILITIES |
|
|
— |
|
|
|
60 |
|
Total liabilities |
|
|
87,167 |
|
|
|
230,065 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
Total stockholders’ equity |
|
|
199,736 |
|
|
|
65,536 |
|
Total liabilities and stockholders’ equity |
|
$ |
286,903 |
|
|
$ |
295,601 |
|
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