Navitas Year-to-Date Revenues Up 128 Percent
Net Q3 revenues of $5.6 million up 61 percent from the Q3 2020.
GaN company Navitas Semiconductor has announced financial results for the third quarter ended September 30, 2021, with net revenues of $5.6 million, up 61 percent from the third quarter of 2020.
Revenues for the first nine months of 2021 increased 128 percent over the same period in 2020. GAAP net loss for the third quarter of 2021 was $9.5 million, or $0.57 per share, compared to a GAAP net loss of $4.1 million, or $0.27 per share in the third quarter of 2020. On a non-GAAP basis, net loss for the third quarter of 2021 was $6.6 million, or $0.39 per share, compared to a non-GAAP net loss of $3.8 million, or $0.26 per share, in the third quarter of 2020.
“Worldwide GaN penetration in the $2B fast charger market is estimated at only 2-3 percent so far, so we expect a fast revenue ramp ahead in mobile plus the higher power expansion markets of data centre, solar and EV,” said Gene Sheridan, co-founder and CEO. “Couple that with next-gen technology introductions, growing team strength and more than 130 patents issued or pending, and we have an extraordinary opportunity in front us is to become the next-generation power semiconductor leader.”
The company issued the following guidance for the fourth quarter of 2021. Revenues are expected to be $7.4 million — plus or minus five percent - which represents approximately 60 percent growth compared to the fourth quarter of 2020. GAAP and non-GAAP gross margin is expected to be approximately 44 percent for the quarter. GAAP operating expenses are expected to be approximately $18 million. Non-GAAP operating expenses are expected to exclude approximately $8 million, the majority of which reflect stock-based compensation. We expect our basic and diluted share count in Q4 to be approximately 97 million.