Navitas Semiconductor (US:NVTS)2025-02-24 21:07Financial Performance - Total revenue for Q4 2024 was $18.0 million, a decrease of 31% from $26.1 million in Q4 2023 and a decrease of 17% from $21.7 million in Q3 2024[6]. - Full year 2024 revenue grew to $83.3 million, a 5% increase from $79.5 million in 2023[6]. - GAAP loss from operations for Q4 2024 was $39.0 million, compared to a loss of $26.8 million in Q4 2023[6]. - Net revenues for Q4 2024 were $17,978,000, a decrease of 30.9% compared to $26,058,000 in Q4 2023[17]. - Gross profit margin for Q4 2024 was -9.7%, down from 27.0% in Q4 2023, indicating a significant decline in profitability[18]. - The net loss attributable to controlling interest for the year ended December 31, 2024, was $84,599,000, compared to $145,433,000 in 2023, showing an improvement[17]. - Non-GAAP gross profit for the year ended December 31, 2024, was $33,678,000, slightly up from $33,210,000 in 2023[18]. - Non-GAAP net loss per share for Q4 2024 was $(0.06), compared to $(0.04) in Q4 2023[19]. Customer and Market Insights - Customer pipeline increased 92% from $1.25 billion in December 2023 to $2.4 billion in December 2024[6]. - AI is driving the fastest-growing end-market within the customer pipeline, now valued at $165 million, up more than 100% from 2023[6]. - Over 40 customer wins in the EV sector in 2024, with the first GaN EV win announced for 2026 production[6]. - Record GaN revenue increased over 50%, with design-wins totaling $450 million, primarily in Data Center and EV sectors[5]. Future Projections - First quarter 2025 net revenues are expected to be between $13.0 million and $15.0 million[8]. - Non-GAAP gross margin for Q1 2025 is expected to be approximately 38%[8]. - Navitas plans to unveil a breakthrough in power conversion technology on March 12, 2025, expected to drive major improvements in energy efficiency and power density[7]. Expenses and Restructuring - Total operating expenses increased to $41,212,000 in Q4 2024, up 9.5% from $37,784,000 in Q4 2023[17]. - Research and development expenses for Q4 2024 were $18,974,000, an increase of 4.9% from $18,087,000 in Q4 2023[18]. - The company reported a restructuring expense of $1,223,000 for the year ended December 31, 2024[19]. Balance Sheet and Assets - Total current assets decreased from $206,162 million in December 31, 2023 to $120,266 million in December 31, 2024, a decline of approximately 41.6%[21]. - Cash and cash equivalents dropped significantly from $151,892 million to $86,737 million, representing a decrease of about 42.9%[21]. - Total liabilities reduced from $104,929 million in December 31, 2023 to $41,965 million in December 31, 2024, a decrease of approximately 60.0%[21]. - Stockholders' equity decreased from $380,617 million to $348,013 million, reflecting a decline of about 8.5%[21]. - Accounts receivable, net fell from $25,858 million to $13,982 million, a decrease of approximately 46.0%[21]. - Inventories decreased from $22,234 million to $15,477 million, representing a decline of about 30.4%[21]. - Accounts payable and other accrued expenses dropped from $24,740 million to $10,754 million, a decrease of approximately 56.5%[21]. - The company reported an increase in property and equipment, net from $9,154 million to $15,421 million, an increase of about 68.0%[21]. - The earnout liability decreased significantly from $46,852 million to $10,208 million, a reduction of approximately 78.2%[21]. - Total assets decreased from $485,546 million to $389,978 million, reflecting a decline of about 19.7%[21].