Navitas Semiconductor Corporation (NASDAQ:NVTS) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET Company Participants Stephen Oliver - Vice President, Corporate Marketing and Investor Relations Gene Sheridan - Chief Executive Officer Janet Chou - Chief Financial Officer Conference Call Participants Kevin Cassidy - Rosenblatt Securities Charles Strauzer - CJS Securities Jack Egan - Charter Equity Research, Inc. Nicholas Dillon - Needham & Company, LLC Richard Shannon - Craig-Hallum Capital Group LLC O ...

Navitas Semiconductor Corporation (NVTS) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -50%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.04, delivering a surprise of 20%.Over the last four quarters, the company ...

[Q1 2024 Earnings Release](index=1&type=section&id=Q1%202024%20Earnings%20Release) Navitas' Q1 2024 earnings report details strong revenue growth, improved operational losses, and strategic market expansion, alongside comprehensive financial statements and important investor disclosures [Performance Highlights and Business Outlook](index=1&type=section&id=Performance%20Highlights%20and%20Business%20Outlook) Navitas achieved significant Q1 2024 revenue growth and expanded its market presence, projecting continued performance into Q2 [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Q1 2024 saw a 73% revenue increase to $23.2 million, with improved GAAP and non-GAAP operating losses Q1 2024 Key Financial Metrics | Metric | Q1 2024 ($M) | Q1 2023 ($M) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 23.2 | 13.4 | +73% | | **GAAP Loss from Operations** | (31.6) | (35.5) | Improvement | | **Non-GAAP Loss from Operations** | (11.8) | (12.3) | Improvement | | **Cash and Cash Equivalents** | 129.7 | N/A | N/A | [Market, Customer, and Technology Highlights](index=1&type=section&id=Market%2C%20Customer%2C%20and%20Technology%20Highlights) Navitas expanded its customer pipeline to $1.6 billion, introduced GaNSlim™ technology, and secured key design wins in AI data centers and EV markets - The customer pipeline has grown to **$1.6 billion**, indicating strong future demand for electrification and energy savings[2](index=2&type=chunk) - Introduced new GaNSlim™ technology to enhance system integration, reduce time-to-market, and lower system costs compared to silicon-based solutions[4](index=4&type=chunk) - Secured **3 major design wins** for AI Data Centers with leading power-supply companies and expects to power data centers at major cloud providers like AWS, Azure, and Google[5](index=5&type=chunk) - Engaged with over **160 EV-related customers**, increasing the total EV pipeline by over **50%** since December 2023[5](index=5&type=chunk) - Expanded presence in the Mobile/Consumer market by adding over **20 new fast chargers**, bringing the total to over **450 released customer products** across all top 10 mobile OEMs[5](index=5&type=chunk) [Business Outlook](index=1&type=section&id=Business%20Outlook) Navitas projects Q2 2024 net revenues of approximately $20 million with a non-GAAP gross margin of 40% Q2 2024 Guidance | Metric | Expected Value | | :--- | :--- | | **Net Revenues** | $20M ± $0.5M | | **Non-GAAP Gross Margin** | 40% ± 50 bps | | **Non-GAAP Operating Expenses** | Approx. $21.5M | [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the company's Q1 2024 financial performance, including detailed statements of operations, balance sheets, and GAAP to non-GAAP reconciliations [Consolidated Statements of Operations (GAAP)](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20%28GAAP%29) The GAAP statement of operations shows a significant reduction in net loss for Q1 2024, driven by increased revenues and other income Q1 2024 vs Q1 2023 Statement of Operations (in thousands) | Line Item | Q1 2024 ($K) | Q1 2023 ($K) | | :--- | :--- | :--- | | **Net Revenues** | 23,175 | 13,358 | | **Loss from Operations** | (31,575) | (35,466) | | **Total other income (expense), net** | 27,964 | (26,838) | | **Net Loss** | (3,681) | (62,365) | | **Net Loss Per Share (Basic & Diluted)** | (0.02) | (0.39) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet highlights the company's financial position, including cash, inventories, total assets, liabilities, and equity Balance Sheet Highlights (in thousands) | Account | March 31, 2024 ($K) | December 31, 2023 ($K) | | :--- | :--- | :--- | | **Cash and cash equivalents** | 129,682 | 152,839 | | **Inventories** | 33,176 | 23,166 | | **Total assets** | 467,889 | 485,546 | | **Total liabilities** | 69,972 | 104,929 | | **Total stockholders' equity** | 397,917 | 380,617 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP financial results to non-GAAP measures, adjusting for items like stock-based compensation and earnout liabilities Q1 2024 GAAP to Non-GAAP Reconciliation (in thousands) | Metric | GAAP ($K) | Adjustments ($K) | Non-GAAP ($K) | | :--- | :--- | :--- | :--- | | **Loss from Operations** | (31,575) | 19,742 | (11,833) | | **Net Loss** | (3,681) | (6,540) | (10,221) | | **Net Loss Per Share** | (0.02) | | (0.06) | - Major adjustments to reconcile GAAP to Non-GAAP results for Q1 2024 include **$13.5 million** in stock-based compensation, **$4.8 million** in amortization of intangible assets, and a **$26.2 million** gain from the change in fair value of earnout liabilities[16](index=16&type=chunk)[18](index=18&type=chunk) [Disclosures and Company Information](index=2&type=section&id=Disclosures%20and%20Company%20Information) This section provides important disclosures regarding non-GAAP financial measures, forward-looking statements, and company background for investors [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures to offer a supplementary view of its operational performance and facilitate period-over-period comparisons - The company uses non-GAAP financial measures, which exclude items like stock-based compensation, to provide investors with a supplemental view of its operating performance and to enable financial trend comparisons between periods[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section clarifies the nature of forward-looking statements, including the customer pipeline, and outlines potential risks that could impact future results - The "Customer pipeline" statistic of **$1.6 billion** is a forward-looking statement and should not be considered a proxy for backlog or an estimate of future revenue[8](index=8&type=chunk)[9](index=9&type=chunk) - The company outlines several risks that could cause actual results to differ from forward-looking statements, including failure to integrate acquired businesses, competition, demand in end markets, and changes in government trade policies[10](index=10&type=chunk)[11](index=11&type=chunk) [About Navitas](index=3&type=section&id=About%20Navitas) Navitas is a pure-play power semiconductor company specializing in GaN and SiC technologies for key markets like EV, solar, and data centers - Navitas is a pure-play, next-generation power semiconductor company specializing in Gallium Nitride (GaN) and Silicon Carbide (SiC) technologies[12](index=12&type=chunk) - Key focus markets include EV, solar, energy storage, data centers, and mobile/consumer electronics[12](index=12&type=chunk) - As of August 2023, the company has shipped over **125 million GaN units** and **12 million SiC units**[12](index=12&type=chunk)

LOS ANGELES, May 08, 2024 (GLOBE NEWSWIRE) -- Ernst & Young LLP (EY US) today announced that Gene Sheridan, CEO and co-founder of Navitas Semiconductor (NASDAQ:NVTS) was named an Entrepreneur Of The Year® 2024 Greater Los Angeles Award finalist. Now in its 38th year, ‘Entrepreneur Of The Year' is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. Over the past four decades, the program has recognized daring ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39755 Navitas Semiconductor Corporation (Exact name of registrant as specified in its charter) | Del ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39755 Navitas Semiconductor Corporation (Exact name of registrant as specified in its charter) (I.R.S. Employ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39755 Navitas Semiconductor Corporation (Exact name of registrant as specified in its charter) Delaware 85-2560226 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39755 Navitas Semiconductor Corporation (Exact name of registrant as specified in its charter) Delaware 85-256022 ...

Financial Performance - Net revenues for the year ended December 31, 2022, were $37.9 million, an increase of 60% from $23.7 million in 2021, driven by the GeneSiC acquisition and increased unit sales in the home appliance market [341]. - The company reported a net income of $72.9 million for 2022, a significant turnaround from a net loss of $152.7 million in 2021, reflecting a change of $225.6 million [340]. - The company incurred a net loss of $72,887,000 in 2022, compared to a net loss of $152,685,000 in 2021, indicating an improvement in financial performance [399]. - The company’s basic net income per share attributable to common stockholders was $0.55 in 2022, compared to a loss of $3.90 in 2021 [399]. - The company reported net revenues of $37,943,000 for the year ended December 31, 2022, an increase of 60% compared to $23,736,000 in 2021 [399]. Expenses - Cost of revenues for 2022 was $26.0 million, a 99% increase from $13.1 million in 2021, primarily due to significant revenue growth and inventory charges of $2.8 million [342]. - Research and development expenses for 2022 totaled $50.3 million, an increase of 83% compared to $27.5 million in 2021, driven by higher stock-based compensation and increased headcount [344]. - Selling, general and administrative expenses for 2022 were $78.4 million, up 53% from $51.4 million in 2021, due to increased stock-based compensation and transaction expenses related to the GeneSiC acquisition [345]. - The company reported stock-based compensation expense of $63,288,000 in 2022, up from $41,404,000 in 2021 [407]. - Rent expense, including short-term lease costs, increased to $2.1 million in fiscal year 2022 from $1.3 million in 2021, representing a 61.5% increase [492]. Cash Flow and Assets - As of December 31, 2022, cash and cash equivalents totaled $110.3 million, a decrease of $157.9 million or 59% compared to the previous year [358]. - Net cash used in operating activities for the year ended December 31, 2022, was $44.5 million, reflecting a net income of $72.9 million adjusted for non-cash items [360]. - Net cash used in investing activities for the year ended December 31, 2022, was $107.6 million, primarily due to $96.4 million in business acquisitions [362]. - The company reported total stockholders' equity of $384,760,000 as of December 31, 2022, significantly up from $65,536,000 in 2021 [397]. - The company's total assets increased to $425,262,000 as of December 31, 2022, up from $295,601,000 in 2021, representing a growth of 43.8% [397]. Acquisitions and Investments - The acquisition of GeneSiC was valued at $246.2 million, including $146.3 million in equity and $99.3 million in cash [325]. - The company acquired VDDTech for $1.9 million and GeneSiC for $246.2 million in cash and stock in 2022 [420]. - Business acquisitions in 2022 included shares issued for transaction fees totaling $1,000,000 [408]. Intellectual Property and Market Position - The company has over 185 patents issued or pending, reinforcing its industry-leading IP position in GaN Power ICs [323]. - Navitas is in mass production with 9 of the top 10 mobile OEMs, indicating strong market traction and demand for its GaN technology [322]. Future Outlook - Navitas expects continued growth in research and development expenses as it diversifies into new applications, particularly in home appliances, solar, data centers, and electric vehicles [344]. - The company expects to continue incurring net operating losses and negative cash flows, with anticipated increases in research and development, general and administrative expenses, and capital expenditures [355]. Accounting and Financial Reporting - The company has elected to use an extended transition period under the JOBS Act for complying with new accounting standards, which may affect comparability with other public companies [385]. - The company accounts for business combinations using the acquisition method, recognizing identifiable assets and liabilities at fair value [438]. - The company recognizes stock-based compensation expense based on the grant date fair value of the awards [446]. Liabilities and Debt - As of December 31, 2022, the company had no outstanding debt, compared to $6.9 million of total debt at the end of 2021 [358]. - The total lease liabilities as of December 31, 2022 amounted to $6.568 million, with current liabilities of $1.305 million and noncurrent liabilities of $5.263 million [495].

Navitas Semiconductor Corporation (NASDAQ:NVTS) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET Company Participants Stephen Oliver – Vice President-Corporate Marketing and Investor Relations Gene Sheridan – Chairman, President, Chief Executive Officer and Co-Founder Ron Shelton – Chief Financial Officer and Treasurer Conference Call Participants Ross Seymore – Deutsche Bank Blake Friedman – Bank of America McClain Culver – Rosenblatt Securities Trevor Janoski – Needham Dick Gould – Gould Tact ...