Navitas Semiconductor Corporation · Q4 2021 earnings

Briefing

Net revenues increased, gross margin increased, and expansion plans into data center, solar and EV are well underway.

Navitas Semiconductor Corporation announced unaudited financial results for the fourth quarter and year ended December 31, 2021. Net revenues for the fourth quarter of 2021 were $7.3 million, up 30% from the third quarter. Net revenues for full-year 2021 increased 100% over 2020 to $23.7 million.

• 2021 net revenues increased 100%, GAAP gross margin increased by 13.7%.
• Now in production with 8 of 10 top mobile customers, and in development with 10 of 10.
• Industry’s first GaN design centers dedicated to data centers and EV customers.
• Industry’s first GaN sustainability report recently published.

Headline financials

Revenue & EPS history

First quarter 2022 net revenues are expected to be approximately $6.0 to $7.0 million. Full-year 2022 net revenues are expected to double to approximately $48 million. GAAP and non-GAAP gross margin is expected to be approximately 44% (+/- 1%) for the quarter and 44% (+/- 1%) for the full year. GAAP operating expenses are expected to be approximately $41.5 million in the first quarter and approximately $126 million for the year. Non-GAAP operating expenses are expected to be approximately $13 million for the first quarter, and approximately $58 million for the full year, which includes a full year of expenses associated with being a public company.