Navitas Semiconductor Corporation · Q4 2022 earnings

Briefing

Navitas Semiconductor's fourth quarter and full year 2022 financial results were announced, featuring 60% revenue growth in 2022.

Navitas Semiconductor reported Q4 2022 net revenues of $12.3 million, a 68% increase year-over-year, and full-year 2022 revenue of $37.9 million, a 60% increase over 2021. The company experienced a GAAP loss from operations of $28.6 million for the quarter and $121.0 million for the year.

• Q4 2022 net revenues increased 68% year-over-year to $12.3 million.
• Full-year 2022 net revenues grew 60% over 2021, reaching $37.9 million.
• GAAP gross margin for Q4 2022 was 40.6%, compared to 44.3% in Q4 2021.
• The company is well-positioned for strong growth in target markets including EV, solar/storage, appliance/industrial and mobile/consumer.

Headline financials

Revenue & EPS history

First quarter 2023 net revenues are expected to be approximately flat on a sequential basis representing growth of approximately 85% over the first quarter of 2022. Gross margin for the first quarter is also expected to be relatively flat on a sequential basis and is expected to expand incrementally throughout the year. Operating expenses, excluding stock-based compensation and amortization of intangible assets, are expected to be approximately $18 million in the first quarter of 2023. Expenses are projected to grow 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 156 million shares at the end of the first quarter of 2023.