Navitas yearly revenues up 60 percent
Acquisition strategy starts to pay off
Navitas Semiconductor has announced unaudited financial results for Q4 and year ended December 31, 2022. Net revenues for Q4 2022 were $12.3 million, up 68 percent from Q4 2021 and up 21 percent from the third quarter of 2022. Net revenues for full-year 2022 increased 60 percent over 2021 to $37.9 million.
GAAP and non-GAAP gross margin for Q4 2022 was 40.6 percent, compared to 44.3 percent in Q4 2021. GAAP gross margin for 2022 was 31.5 percent, down from 45 percent in the prior year. Non-GAAP gross margin for 2022 was 40.8 percent, down from 45.4 percent in the prior year.
“2022 was a pivotal year for Navitas as we expanded beyond the mobile market into additional high-growth markets on a global scale,” said Gene Sheridan, CEO and co-founder. “We completed three strategic transactions adding SiC, digital isolators and silicon analogue controllers to enable power management solutions across a broad range of next-generation, electrified applications. In 2023, we are well positioned for strong growth in all of our target markets including EV, solar/storage, appliance/industrial and mobile/consumer.”
GAAP loss from operations for the fourth quarter was $28.6 million, compared to a loss of $35.9 million in Q4 2021. On a non-GAAP basis the loss from operations for the quarter was $11.9 million, compared to $6.9 million in Q4 2021. GAAP loss from operations for 2022 was $121.0 million, compared to $68.5 million in the prior year. Non-GAAP loss from operations for 2022 was $40.7 million compared to $24.4 million in the prior year.
GAAP loss per diluted share was $0.04 for Q4 2022, compared to a GAAP loss of $1.23 per share in Q4 2021. Non-GAAP loss per diluted share was $0.06 for Q4 2022, compared to a non-GAAP loss of $0.07 per share in Q4 2021. GAAP net income per diluted share for 2022 was $0.51, compared to a net loss of $3.90 in the prior year. Non-GAAP loss per diluted share for 2022 was $0.28, compared to a loss of $0.63 in the prior year.
2022 highlights
Navitas' SiC technology has been adopted by over a dozen road-side charger customers and is being integrated in over 50 percent of the US roadside chargers including Electrify America and EVgo, according to the company. SiC is in development or production for on-board chargers with customers that include: General Motors, BYD and Mercedes AMG. The company also opened a joint EV design center with Geely – a rising China-based EV player.
Solar/Storage SiC customers include AP Systems, Power Electronics, Chint, Growatt, Sungrow, and BYD with a total of over 20 major customers in production or development.
The company says that in the mobile market, there are 100 new GaN fast and ultra-fast charger designs (Samsung, OPPO, Lenovo, Dell, Anker and more), including OnePlus 10T 160 W, the 210W GaNFast charger for Xiaomi’s Redmi Note 12 (100 percent charge in a lightning-fast 9 minute), and Realme GT3 with 240W ultra-fast GaNFast charger
Business Outlook
First quarter 2023 net revenues are expected to be approximately flat on a sequential basis representing growth of approximately 85 percent 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 amortisation 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.
