Business
Navitas Semiconductor Announces First Quarter 2023 Financial Results
Doubling of revenue from prior year with expanding gross marginsStrong growth in all target markets with 50% backlog growth in the quarterAcquisitions
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Doubling of revenue from prior year with expanding gross marginsStrong growth in all target markets with 50% backlog growth in the quarterAcquisitions performing well, contributing to diversified and synergistic growth TORRANCE, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the first quarter ended March 31, 2023. Net revenues for the first quarter of 2023 increased to $13.4 million, approximately double from the first quarter of 2022 and up 8% from the fourth quarter of 2022. GAAP and non-GAAP gross margin for the first quarter of 2023 increased to 41.1%, compared to 40.6% for the fourth quarter of 2022. GAAP loss from operations for the first quarter was $35.5 million, compared to a loss of $31.3 million in the fourth quarter of 2022. On a non-GAAP basis the loss from operations for the quarter was $12.3 million, consistent with fourth quarter 2022 performance. GAAP loss per diluted share was $(0.39), compared to GAAP income of $0.61 per diluted share in the first quarter of 2022. Non-GAAP loss per diluted share was $(0.07), compared to a non-GAAP loss of $(0.08) per diluted share in the first quarter of 2022. \"I am very pleased with our progress in the quarter across acquisitions, product launches, customer developments and market expansion,” said Gene Sheridan, CEO and co-founder. “A comprehensive portfolio of leading-edge GaN, SiC, digital isolators and low-voltage silicon system-control ICs is translating into significant customer value, market adoption and financial results, with a doubling of quarterly revenue vs. 2022, and a healthy $760 million customer pipeline.” Market Highlights EV / eMobility: Now 25 on-board and roadside customer projects in production or development, with total customer pipeline value of over $300 million, including a Geely OBC design estimated at $15 million to $20 million in 2024.Solar / ESS (Energy Storage Systems): over 35 customer projects in production or development, with revenue increasing and customer pipeline over $150 million.Appliance / Industrial: over 45 customer projects in production or development, with over $150 million customer pipeline, fueled by strong government funding and legislation in US, Europe and other regions drivin...