Navitas doubles revenues
2021 "a pivotal year for Navitas" says Gene Sheridan, co-founder and CEO
GaN chip company Navitas Semiconductor has announced unaudited financial results for the fourth quarter and year ended December 31, 2021.
Net revenues for Q4 2021 were $7.3 million, up 30 percent from the third quarter. Net revenues for full-year 2021 increased 100 percent over 2020 to $23.7 million. GAAP gross margin for 2021 was 45.0 percent, up from 31.4 percent in the prior year.
GAAP net loss from operations for Q4 2021 was $35.9 million, or $0.37 per share, compared to a GAAP net loss from operations of $7.2 million, or $0.44 per share in Q4 2020. On a non-GAAP basis, net loss from operations for Q4 2021 was $6.9 million, or $0.07 per share, compared to a non-GAAP net loss from operations of $6.3 million, or $0.39 per share, in Q4 2020.
“2021 was a pivotal year for Navitas as we doubled revenue and became a public company,” said Gene Sheridan, co-founder and CEO. “We have strengthened our leadership position in the mobile market, with all of the top mobile players shipping or developing their next-gen chargers with Navitas. In addition, our expansion plans into data centre, solar and EV are well underway with sampling of our high-power GaN ICs and the opening of our new design centres dedicated to data centres and EV applications.”
Product Highlights
In mobile fast chargers, the number of customer designs released to production increased by 75 percent to over 170 by the end of 2021, with an increase of over 100 percent in the number of customer designs in development, now at over 240 projects. Tier-1 “in-box” wins have doubled, which include Dell, Lenovo, Xiaomi, Vivo, Motorola and LG among others. At year end over 35 million GaN ICs had shipped with zero reported GaN field failures.
GaNFast power ICs with new GaNSense technology are in production with Lenovo, Xiaomi and Vivo, and Navitas’ IP leadership in GaN power ICs continues, now with 145 patents issued or pending.
Business Outlook
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 percent (+/- 1 percent) for the quarter and 44 percent (+/- 1 percent) for the full year.
GAAP operating expenses, which include stock-based compensation expense, 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.
