Transphorm Q4: A Strong Finish To The Year
Company enters 2021 with "strong momentum and a healthy order backlog"
Transphorm, a maker of GaN power conversion products, has announced financial results for the fourth quarter and full year ended December 31, 2020.
“The fourth quarter marked a strong finish to a successful year, as we continued to make significant progress on our design win momentum, strategic partnerships and go-to-market initiatives,” said Mario Rivas, Transphorm's CEO.
Revenue was $2.0 million in Q4, compared to $1.9 million in 3 2020 and $9.9 million in Q4 2019, which included $9.0 million in licensing revenue. For the full year 2020, revenue was $11.4 million and compared to full year revenue of $11.9 million in 2019.
Operating expenses were $4.5 million Q4, compared to $4.3 million in the prior quarter and $5.0 million in Q4 2019. Q4 2020 operating expenses consisted of R&D expenses of $1.5 million and SG&A expenses of $3.1 million.
For Q4 2020, the company recorded a net loss of $4.7 million, or ($0.13) per share, compared to a net loss of $6.7 million, or ($0.19) per share, in the prior quarter and net income of $2.4 million, or $0.09 per share, in the fourth quarter of 2019.
For the full year 2020, the company recorded a net loss of $17.9 million, or ($0.56) per share, compared with a net loss of $15.3 million, or ($0.54) per share, for the full year 2019.
Cash and equivalents as of December 31, 2020 were $14.7 million, compared to $4.4 million at the end of the third quarter of 2020 and $2.9 million at the end of the fourth quarter of 2019.
Rivas added:“The compelling combination of high reliability and high performance offered by Transphorm's GaN power devices is contributing to increased adoption across an expanded customer base and target applications in fast-charging adapters, data centre servers and crypto mining, as well as electric vehicles. As a result, we've entered 2021 with strong momentum and a healthy order backlog that we believe will drive meaningful product revenue growth as we continue to ramp volume shipments for an increasing number of design wins throughout the coming year.”