Navitas Semiconductor (US:NVTS)2024-08-05 20:14Revenue and Financial Performance - Q2 2024 revenue grew to $20.5 million, a 13% increase from $18.1 million in Q2 2023[2] - Net revenues for Q2 2024 increased to $20.47 million, up 13.3% from $18.06 million in Q2 2023[11] - Q3 2024 net revenues are expected to be $22.0 million plus or minus $500 thousand, with non-GAAP gross margin expected to be 40% plus or minus 50 basis points[4] Operating Loss and Expenses - GAAP loss from operations for Q2 2024 was $31.1 million, compared to a loss of $27.2 million in Q2 2023[2] - Non-GAAP loss from operations for Q2 2024 was $13.3 million, compared to a loss of $9.6 million in Q2 2023[2] - Non-GAAP loss from operations was $13.31 million in Q2 2024, up 39.4% from $9.55 million in Q2 2023[12] - Research and development expenses increased to $18.97 million in Q2 2024, up 13.0% from $16.79 million in Q2 2023[11] - Non-GAAP operating expenses totaled $21.55 million in Q2 2024, up 26.4% from $17.04 million in Q2 2023[12] - Total stock-based compensation expenses were $13.09 million in Q2 2024, up 4.1% from $12.57 million in Q2 2023[12] Gross Margin and Profitability - Gross margin improved to 19.7% in Q2 2024 compared to 19.5% in Q2 2023[11] - Non-GAAP gross margin reached 40.3% in Q2 2024, slightly down from 41.5% in Q2 2023[12] Net Loss and Earnings Per Share - Net loss attributable to controlling interest decreased to $22.33 million in Q2 2024 from $58.53 million in Q2 2023[11] - Net loss per share improved to $0.12 in Q2 2024 from $0.35 in Q2 2023[11] - Non-GAAP net loss for the period was $(12,047) thousand, compared to $(8,648) thousand in the previous period[13] - Non-GAAP net loss per share (basic and diluted) was $(0.07), compared to $(0.05) in the previous period[13] - Average shares outstanding for the calculation of non-GAAP net loss per share were 183,127 thousand[13] Cash and Assets - Cash and cash equivalents were $112.0 million as of June 30, 2024, with no debt[2] - Total current assets as of December 31, 2023, were $207,109 thousand, including $152,839 thousand in cash and cash equivalents[14] - Intangible assets, net, stood at $91,099 thousand as of December 31, 2023[14] - Goodwill was reported at $163,215 thousand as of December 31, 2023[14] - Total assets as of December 31, 2023, were $485,546 thousand[14] - Stockholders' equity was reported at $380,617 thousand as of December 31, 2023[14] Liabilities and Equity - Total liabilities amounted to $104,929 thousand, with current liabilities at $48,487 thousand[14] Customer Pipeline and Design Wins - Customer pipeline for AI data centers doubled since December 2023, with over 60 customer projects in development and 7 new data center design wins in Q2[3] - EV/eMobility customer pipeline now includes over 200 projects, with 15 design wins in Q2 and first GaN revenues in EV expected by the end of 2025[3] - Appliance/Industrial customer pipeline grew beyond $380 million, with 25 new project wins expected to ramp production in 2025 or 2026[3] - Solar/Energy Storage customer pipeline includes over 100 projects, with 6 new commercial design wins in Q2 and expected US GaN-based micro-inverter ramp next year[3] - Mobile/Consumer GaN adoption at Xiaomi and OPPO is expected to reach 30% in 2024, with 16 new GaNFast chargers launched in Q2, bringing the total to over 470 designs[3] Shares and Amortization - Shares used in per share calculation increased to 183,127 in Q2 2024 from 165,606 in Q2 2023[11] - Amortization of acquisition-related intangible assets was $4,774 thousand, compared to $4,773 thousand in the previous period[13]