Navitas Semiconductor (US:NVTS)2024-11-05 21:16Revenue Performance - Net revenues for the three months ended September 30, 2024, were $21,681,000, a decrease of 1% from $21,978,000 in the same period of 2023[105] - For the nine months ended September 30, 2024, net revenues increased by 22% to $65,324,000 from $53,399,000 in the same period of 2023[107] - Revenue for the three months ended September 30, 2024 was $21.7 million, a decrease of 1% compared to $22.0 million for the same period in 2023[108] - Revenue for the nine months ended September 30, 2024 was $65.3 million, an increase of 22% compared to $53.4 million for the same period in 2023[115] Cost of Revenues - Cost of revenues decreased by 12% to $13,069,000 in Q3 2024 from $14,878,000 in Q3 2023[105] - Cost of revenues for the nine months ended September 30, 2024 increased by 18% to $39.2 million, primarily due to higher mobile and consumer product revenue[116] - Cost of revenues decreased by 12% to $13.1 million for the three months ended September 30, 2024, down from $14.9 million in 2023[109] Research and Development Expenses - Research and development expenses increased by 8% to $17,828,000 in Q3 2024 compared to $16,553,000 in Q3 2023[105] - Research and development expenses for the nine months ended September 30, 2024, were $57,028,000, up 12% from $50,740,000 in the same period of 2023[107] - Research and development expenses for the three months ended September 30, 2024 increased by 8% to $17.8 million, driven by higher headcount-related expenses[110] - Research and development expenses for the nine months ended September 30, 2024 increased by 12% to $57.0 million, focusing on EV, enterprise, and solar product development[117] - The company spent approximately 82% and 87% of its revenue on research and development in the three and nine months ended September 30, 2024, respectively[92] Operating Expenses - Total operating expenses rose by 5% to $37,585,000 in Q3 2024 from $35,746,000 in Q3 2023[105] - Selling, general and administrative expenses rose by 4% to $15.0 million for the three months ended September 30, 2024, influenced by increased professional fees and salaries[111] Net Loss - Net loss attributable to controlling interests for the three months ended September 30, 2024, was $(18,730,000), a significant decline from a net income of $7,519,000 in the same period of 2023, representing a 349% change[105] - Net cash used in operating activities for the nine months ended September 30, 2024 was $48.6 million, reflecting a net loss of $44.7 million[124] Cash Position - Cash and cash equivalents as of September 30, 2024 were $98.6 million, a decrease of 35% compared to December 31, 2023[123] - Net cash provided by financing activities for the nine months ended September 30, 2024 was $3.1 million, primarily from stock option exercises and employee stock purchase plan[126] Acquisitions and Financing - The company completed a public offering on May 26, 2023, raising net proceeds of $86.5 million for working capital and potential acquisitions[94] - The acquisition of the remaining minority interest in a joint venture with Halo Microelectronics was completed for $22.4 million in Navitas stock[95]