Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry
leader in GaN Power ICs, today announced unaudited financial
results for the fourth quarter and year ended December 31, 2021.
Net revenues for the fourth quarter of 2021 were $7.3 million,
up 30% from the third quarter. Net revenues for full-year 2021
increased 100% over 2020 to $23.7 million. GAAP gross margin for
2021 was 45.0%, up from 31.4% in the prior year.
GAAP net loss from operations for the fourth quarter of 2021 was
$35.9 million, or $0.37 per share, compared to a GAAP net loss from
operations of $7.2 million, or $0.44 per share in the fourth
quarter of 2020. On a non-GAAP basis, net loss from operations for
the fourth quarter of 2021 was $6.9 million, or $0.07 per share,
compared to a non-GAAP net loss from operations of $6.3 million, or
$0.39 per share, in the fourth quarter of 2020.
“2021 was a pivotal year for Navitas as we doubled revenue and
became a public company,” said Gene Sheridan, co-founder and CEO.
“We have strengthened our leadership position in the mobile market,
with all of the top mobile players shipping or developing their
next-gen chargers with Navitas. In addition, our expansion plans
into data center, solar and EV are well underway with sampling of
our high-power GaN ICs and the opening of our new design centers
dedicated to data centers and EV applications.”
Customer / Product Highlights
In mobile fast chargers, the number of customer designs released
to production increased by 75% to over 170 by the end of 2021, with
an increase of over 100% in the number of customer designs in
development, now at over 240 projects. Tier-1 “in-box” wins have
doubled, which include Dell, Lenovo, Xiaomi, Vivo, Motorola and LG
among others. At year end over 35 million GaN ICs had shipped with
zero reported GaN field failures.
GaNFast™ power ICs with new GaNSense™ technology are in
production with Lenovo, Xiaomi and Vivo, and Navitas’ IP leadership
in GaN power ICs continues, now with 145 patents issued or
pending.
Navitas is the first company to publish a sustainability report
that comprehensively quantifies the positive impact of GaN power
semiconductors on climate change based on global standards,
increasing customers’ ability to achieve their own CO2 emissions
targets.
Business OutlookFirst quarter 2022 net revenues
are expected to be approximately $6.0 to $7.0 million. Full-year
2022 net revenues are expected to double to approximately $48
million. GAAP and non-GAAP gross margin is expected to be
approximately 44% (+/- 1%) for the quarter and 44% (+/- 1%) for the
full year. GAAP operating expenses, which include stock-based
compensation expense, are expected to be approximately $41.5
million in the first quarter and approximately $126 million for the
year. Non-GAAP operating expenses are expected to be approximately
$13 million for the first quarter, and approximately $58 million
for the full year, which includes a full year of expenses
associated with being a public company.
Earnings Webcast
Navitas will hold a public webcast at 2:00 p.m. PST today to
discuss fourth quarter and full-year 2021 results . The live public
webcast can be accessed on Navitas’ Investor Relations website at
https://edge.media-server.com/mmc/p/cu5jb4mg. A toll-free dial-in
is also available at: (844) 309-9880, Conference ID: 2145189. A
webcast replay will be available.
Non-GAAP Financial Measures
This 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 gross
margin (ii) non-GAAP operating expenses and (iii) 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 GAAP to Non-GAAP Financial
Measures” 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; the ability of
Navitas to maintain compliance with certain U.S. Government
contracting requirements; regulatory developments in the United
States and foreign countries; and Navitas’ ability to protect its
intellectual property rights. Forward-looking statements are also
subject to additional risks and uncertainties, including changes in
domestic and foreign business, market, financial, political and
legal conditions; failure to realize anticipated benefits from
Navitas’ business combination with Live Oak Acquisition Corp. II
(“LOKB”); risks relating to the uncertainty of projected financial
information with respect to Navitas; risks related to the rollout
of Navitas’ business and the timing of expected business
milestones; other factors discussed in prospectus dated
December 6, 2021, filed by Navitas with the Securities
and Exchange Commission (the “SEC”) on December 7, 2021, under the
heading “Risk Factors—Risks Related to Navitas’ Business,” and
other documents filed, or to be filed, by Navitas 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.
Accordingly, undue reliance should not be placed upon the
forward-looking statements.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the industry leader
in GaN power ICs, founded in 2014. GaN power ICs integrate GaN
power with drive, control and protection 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 35 million GaNFast
power ICs have been shipped with zero reported GaN field
failures. Navitas rang the Nasdaq opening bell and
started trading on Nasdaq on October 20th, 2021.
Contact Information
Media 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, Ltd. 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 (in thousands, except per-share
amounts)
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
NET REVENUES |
|
$ |
7,338 |
|
|
$ |
4,653 |
|
|
$ |
23,736 |
|
|
$ |
11,849 |
|
COST OF REVENUES |
|
|
4,088 |
|
|
|
3,107 |
|
|
|
13,050 |
|
|
|
8,134 |
|
GROSS PROFIT |
|
|
3,250 |
|
|
|
1,546 |
|
|
|
10,686 |
|
|
|
3,715 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Research and development |
|
|
11,495 |
|
|
|
4,907 |
|
|
|
27,820 |
|
|
|
13,049 |
|
Selling, general and administrative |
|
|
27,661 |
|
|
|
3,845 |
|
|
|
51,374 |
|
|
|
9,469 |
|
Total operating expenses |
|
|
39,156 |
|
|
|
8,752 |
|
|
|
79,194 |
|
|
|
22,518 |
|
LOSS FROM OPERATIONS |
|
|
(35,906 |
) |
|
|
(7,206 |
) |
|
|
(68,508 |
) |
|
|
(18,803 |
) |
OTHER INCOME (EXPENSE),
net: |
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
(58 |
) |
|
|
(64 |
) |
|
|
(257 |
) |
|
|
(236 |
) |
Gain (loss) from change in fair value of warrants |
|
|
(45,625 |
) |
|
|
— |
|
|
|
(45,625 |
) |
|
|
— |
|
Gain (loss) from change in fair value of earnout liabilities |
|
|
(38,105 |
) |
|
|
— |
|
|
|
(38,105 |
) |
|
|
— |
|
Other income (expense) |
|
|
(143 |
) |
|
|
— |
|
|
|
(143 |
) |
|
|
— |
|
Total other income (expense), net |
|
|
(83,931 |
) |
|
|
(64 |
) |
|
|
(84,130 |
) |
|
|
(236 |
) |
LOSS BEFORE PROVISION FOR
INCOME TAXES |
|
|
(119,837 |
) |
|
|
(7,270 |
) |
|
|
(152,638 |
) |
|
|
(19,039 |
) |
PROVISION (BENEFIT) FOR INCOME
TAXES |
|
|
10 |
|
|
|
(1 |
) |
|
|
47 |
|
|
|
5 |
|
NET LOSS |
|
$ |
(119,847 |
) |
|
$ |
(7,269 |
) |
|
$ |
(152,685 |
) |
|
$ |
(19,044 |
) |
NET LOSS PER SHARE: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(1.23 |
) |
|
$ |
(0.45 |
) |
|
$ |
(3.90 |
) |
|
$ |
(1.17 |
) |
SHARES USED IN PER-SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
Basic and diluted1 |
|
|
97,400 |
|
|
|
16,306 |
|
|
|
39,167 |
|
|
|
16,246 |
|
________________________1 Retroactively restated to give
effect to the October 19, 2021 reverse recapitalization.
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Stock-based compensation
expenses included in: |
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
— |
|
|
$ |
331 |
|
|
$ |
163 |
|
|
$ |
331 |
|
Research and development |
|
|
4,926 |
|
|
|
302 |
|
|
|
6,624 |
|
|
|
477 |
|
Selling, general and administrative |
|
|
21,713 |
|
|
|
182 |
|
|
|
34,617 |
|
|
|
228 |
|
Total stock-based compensation expense |
|
$ |
26,639 |
|
|
$ |
815 |
|
|
$ |
41,404 |
|
|
$ |
1,036 |
|
Research and development
includes: |
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets |
|
$ |
87 |
|
|
$ |
83 |
|
|
$ |
361 |
|
|
$ |
167 |
|
Other acquisition-related
expenses included in: |
|
|
|
|
|
|
|
|
Research and development |
|
$ |
500 |
|
|
$ |
— |
|
|
$ |
500 |
|
|
$ |
— |
|
Selling, general and administrative |
|
|
1,795 |
|
|
|
— |
|
|
|
1,795 |
|
|
|
— |
|
Total other acquisition-related expenses |
|
$ |
2,295 |
|
|
$ |
— |
|
|
$ |
2,295 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
RECONCILIATION OF GROSS
PROFIT MARGIN |
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
3,250 |
|
|
$ |
1,546 |
|
|
$ |
10,686 |
|
|
$ |
3,715 |
|
GAAP gross profit margin |
|
|
44.3 |
% |
|
|
33.2 |
% |
|
|
45.0 |
% |
|
|
31.4 |
% |
Stock-based compensation expense included in net revenues |
|
|
— |
|
|
|
331 |
|
|
|
163 |
|
|
|
331 |
|
Non-GAAP gross profit |
|
$ |
3,250 |
|
|
$ |
1,877 |
|
|
$ |
10,849 |
|
|
$ |
4,046 |
|
Non-GAAP gross profit margin |
|
|
44.3 |
% |
|
|
37.7 |
% |
|
|
45.4 |
% |
|
|
33.2 |
% |
RECONCILIATION OF
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
39,156 |
|
|
$ |
8,752 |
|
|
$ |
79,194 |
|
|
$ |
22,518 |
|
Less: Stock-based compensation expenses included in: |
|
|
|
|
|
|
|
|
Research and development |
|
|
4,926 |
|
|
|
302 |
|
|
|
6,624 |
|
|
|
477 |
|
Selling, general and administrative |
|
|
21,713 |
|
|
|
182 |
|
|
|
34,617 |
|
|
|
228 |
|
Total |
|
|
26,639 |
|
|
|
484 |
|
|
|
41,241 |
|
|
|
705 |
|
Other acquisition-related expenses |
|
|
2,295 |
|
|
|
— |
|
|
|
2,295 |
|
|
|
— |
|
Amortization of acquisition-related intangible assets |
|
|
87 |
|
|
|
83 |
|
|
|
361 |
|
|
|
167 |
|
Non-GAAP operating expenses2 |
|
$ |
10,135 |
|
|
$ |
8,185 |
|
|
$ |
35,297 |
|
|
$ |
21,646 |
|
RECONCILIATION OF LOSS
FROM OPERATIONS |
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
$ |
(35,906 |
) |
|
$ |
(7,206 |
) |
|
$ |
(68,508 |
) |
|
$ |
(18,803 |
) |
GAAP operating margin |
|
|
-489 |
% |
|
|
-155 |
% |
|
|
-289 |
% |
|
|
-159 |
% |
Add: Stock-based compensation expenses included in: |
|
|
|
|
|
|
|
|
Net revenues |
|
|
— |
|
|
|
331 |
|
|
|
163 |
|
|
|
331 |
|
Research and development |
|
|
4,926 |
|
|
|
302 |
|
|
|
6,624 |
|
|
|
477 |
|
Selling, general and administrative |
|
|
21,713 |
|
|
|
182 |
|
|
|
34,617 |
|
|
|
228 |
|
Total |
|
|
26,639 |
|
|
|
815 |
|
|
|
41,404 |
|
|
|
1,036 |
|
Other acquisition-related expenses |
|
|
2,295 |
|
|
|
— |
|
|
|
2,295 |
|
|
|
— |
|
Amortization of acquisition-related intangible assets |
|
|
87 |
|
|
|
83 |
|
|
|
361 |
|
|
|
167 |
|
Non-GAAP loss from operations2 |
|
$ |
(6,885 |
) |
|
$ |
(6,308 |
) |
|
$ |
(24,448 |
) |
|
$ |
(17,600 |
) |
Non-GAAP operating margin |
|
|
-94 |
% |
|
|
-136 |
% |
|
|
-103 |
% |
|
|
-149 |
% |
Average shares outstanding for calculation of loss from operations
per share (basic and diluted)1 |
|
|
97,400 |
|
|
|
16,306 |
|
|
|
39,167 |
|
|
|
16,246 |
|
GAAP loss from operations per share |
|
$ |
(0.37 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.75 |
) |
|
$ |
(1.16 |
) |
Non-GAAP loss from operations per share |
|
$ |
(0.07 |
) |
|
|
(0.39 |
) |
|
|
(0.62 |
) |
|
|
(1.08 |
) |
RECONCILIATION OF NET
LOSS PER SHARE |
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(119,847 |
) |
|
$ |
(7,269 |
) |
|
$ |
(152,685 |
) |
|
$ |
(19,044 |
) |
Adjustments to GAAP net loss |
|
|
|
|
|
|
|
|
Total stock-based compensation |
|
|
26,639 |
|
|
|
815 |
|
|
|
41,404 |
|
|
|
1,036 |
|
Amortization of acquisition-related intangible assets |
|
|
87 |
|
|
|
83 |
|
|
|
361 |
|
|
|
167 |
|
Loss from change in fair value of warrants |
|
|
45,625 |
|
|
|
— |
|
|
|
45,625 |
|
|
|
— |
|
Loss from change in fair value of earnout liabilities |
|
|
38,105 |
|
|
|
— |
|
|
|
38,105 |
|
|
|
— |
|
Other expense |
|
|
143 |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
Other acquisition-related expenses |
|
|
2,295 |
|
|
|
— |
|
|
|
2,295 |
|
|
|
— |
|
Non-GAAP net loss2 |
|
$ |
(6,953 |
) |
|
$ |
(6,371 |
) |
|
$ |
(24,752 |
) |
|
$ |
(17,841 |
) |
Average shares outstanding for calculation of non-GAAP net loss per
share (basic and diluted)1 |
|
|
97,400 |
|
|
|
16,306 |
|
|
|
39,167 |
|
|
|
16,246 |
|
Non-GAAP net loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.10 |
) |
NAVITAS SEMICONDUCTOR CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(dollars in thousands) |
|
|
(Unaudited) |
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
268,252 |
|
|
$ |
38,869 |
|
Accounts receivable, net |
|
|
8,263 |
|
|
|
4,152 |
|
Inventories |
|
|
11,978 |
|
|
|
3,404 |
|
Prepaid expenses and other current assets |
|
|
2,877 |
|
|
|
522 |
|
Total current assets |
|
|
291,370 |
|
|
|
46,947 |
|
PROPERTY AND EQUIPMENT, net |
|
|
2,302 |
|
|
|
722 |
|
INTANGIBLE ASSETS, net |
|
|
170 |
|
|
|
515 |
|
OTHER ASSETS |
|
|
2,239 |
|
|
|
323 |
|
Total assets |
|
$ |
296,081 |
|
|
$ |
48,507 |
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Accounts payable and other accrued expenses |
|
$ |
4,860 |
|
|
$ |
3,698 |
|
Accrued compensation expenses |
|
|
2,639 |
|
|
|
1,668 |
|
Current portion of long-term debt |
|
|
3,200 |
|
|
|
1,000 |
|
Other liabilities |
|
|
29 |
|
|
|
— |
|
Total current liabilities |
|
|
10,728 |
|
|
|
6,366 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
LONG-TERM DEBT |
|
|
3,716 |
|
|
|
4,971 |
|
WARRANT LIABILITY |
|
|
81,388 |
|
|
|
— |
|
EARNOUT LIABILITY |
|
|
134,173 |
|
|
|
— |
|
OTHER LIABILITIES |
|
|
60 |
|
|
|
88 |
|
Total liabilities |
|
|
230,065 |
|
|
|
11,425 |
|
REDEEMABLE CONVERTIBLE PREFERRED |
|
|
— |
|
|
|
109,506 |
|
STOCKHOLDERS’ EQUITY (DEFICIT): |
|
|
66,016 |
|
|
|
(72,424 |
) |
Total liabilities, redeemable convertible preferred stock and
stockholders’ equity (deficit) |
|
$ |
296,081 |
|
|
$ |
48,507 |
|
________________________
2 In the fourth quarter of 2021, the Company transitioned
from an annual cash bonus plan to a stock-settled bonus, which
resulted in a $2.0 million reduction of non-GAAP operating expenses
as compared to GAAP operating expenses for the three months and
year ended December 31, 2021.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/16cd039a-1a0c-4a14-9434-2218b186bdce
Navitas Semiconductor (NASDAQ:NVTSW)
過去 株価チャート
から 9 2024 まで 10 2024
Navitas Semiconductor (NASDAQ:NVTSW)
過去 株価チャート
から 10 2023 まで 10 2024