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Transphorm Has 8th Quarter Of Product Revenue Growth

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Q3 product revenue grew 220 percent year-over-year to a quarterly record of $3.6 million

GaN company Transphorm has announced its financial results for the company's Q3 2022 ended December 31, 2021.

Product revenue increased sequentially for the eighth consecutive quarter and grew 220 percent year-over-year to a quarterly record of $3.6 million.

The company shipped over one million SuperGaN Gen IV FETs for 45 W to 300 W power adapter and fast charger applications in December 2021.

Its total design-ins for power adapters and fast chargers reached over 50 (with over 20 in production) and total design-ins for higher power (300 Watt - 4 Kilowatt) to over 30 (with over 20 in production).

It also closed a $12.9 million non-brokered private placement of common stock at $7.71 per share in December, bringing the total amount of equity financings closed during the quarter to more than $45 million. Cash and equivalents as of December 31, 2021 were $41.0 million.

Primit Parikh, Transphorm's president and co-founder, commented: “We are thrilled to have achieved our 8th consecutive quarter of record product revenue as well as demonstrated a key capability benchmark of shipping over 1 million adapter GaN products in December 2021. As overall demand for GaN solutions is accelerating, our sales pipeline continues to expand rapidly driven by our products' unique, easy-to-interface GaN architecture, our world-leading GaN portfolio with a broad range of power capabilities (45 Watt - 5 Kilowatt already powering our customers' systems today, scalable to 100 Kilowatt plus in the future), and our products' established real-world performance and reliability. Our emphasis going forward is to capitalize on this momentum, grow our ecosystem of solution partners, and expand our manufacturing capacity with strong focus on providing a total supply chain solution to customers.”

Cameron McAulay, CFO of Transphorm, said: “Over the past two quarters we have completed multiple equity financings from a combination of strategic and institutional investors, resulting in a significant increase in both the Company's cash position and stockholders' equity at quarter end. This additional capital provides expanded operational flexibility in support of our future anticipated growth, and we believe the Company's strengthened balance sheet satisfies all of the financial qualification requirements for uplisting to the NASDAQ. As such, we expect and look forward to providing a definitive update on this important milestone in the near future.”

Q3 2022 Financial Results

Revenue for Q3 2022 was $4.6 million, compared to $11.3 million in the second quarter fiscal 2022 ended September 30, 2021 and $2.0 million in Q3 2021 ended December 31, 2020. Revenue for the quarter reflected record product sales from ramping shipments of GaN devices for a broad range of power conversion applications, with the sequential change from the prior quarter having included $8 million of licensing revenue related to a development project with a manufacturing partner. Excluding licensing, revenue increased 39 percent sequentially over the prior quarter.

Operating expenses on a GAAP basis were $5.4 million in Q3 2022, compared to $5.1 million in the prior quarter and $4.5 million in Q3 2021. Q3 2022 operating expenses consisted of R&D expenses of $1.6 million and SG&A expenses of $3.8 million. On a non-GAAP basis, operating expenses in Q3 2022 were $4.4 million, compared with non-GAAP operating expenses of $4.5 million in the prior quarter and $3.7 million in Q3 2021.

GAAP net loss for Q3 2022 was ($4.2) million, or ($0.08) per share, compared to GAAP net income of $6.0 million, or $0.14 per diluted share, in the prior quarter, and GAAP net loss of ($4.7) million, or ($0.13) per share, in Q3 2021. On a non-GAAP basis, net loss for Q3 2022 was ($4.3) million, or ($0.09) per share, compared to non-GAAP net income of $3.6 million, or $0.09 per share, in the prior quarter, and non-GAAP net loss of ($4.7) million, or ($0.13) per share, in Q3 2021.

Cash and equivalents as of December 31, 2021 was $41.0 million, compared to $2.5 million at September 30, 2021.

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