Navitas Semiconductor Corporation · Q1 2023 earnings

Briefing

Navitas Semiconductor's financial performance for Q1 2023 resulted in revenue doubling compared to the previous year, alongside improved gross margins and strategic advancements in key markets.

Navitas Semiconductor reported a strong Q1 2023 with net revenues of $13.4 million, doubling year-over-year and increasing 8% from the previous quarter. The company's GAAP gross margin improved to 41.1%. Navitas is experiencing growth across all target markets and a 50% increase in backlog.

• Revenue doubled year-over-year with expanding gross margins.
• Strong growth observed across all target markets, accompanied by a 50% increase in backlog during the quarter.
• Acquisitions contributed positively to diversified and synergistic growth.
• Customer pipeline reached a healthy $760 million.

Headline financials

Revenue & EPS history

Second quarter 2023 net revenues are expected to increase in the range of $16 million to $17 million, and full-year 2023 revenue is still expected to double compared to 2022. Gross margin for the second quarter is expected to increase by between 25 and 50 basis points, and expand incrementally throughout the year, exiting 2023 in the mid-40s percent. Non-GAAP operating expenses, excluding stock-based compensation and amortization of intangible assets, are expected to be approximately $19 million in the second quarter of 2023 and are projected to grow in the mid-high single digits on a quarterly basis throughout the year but decline on a percentage of revenue basis as the business scales. Weighted-average basic share count is expected to be approximately 162 million shares at the end of the second quarter of 2023.