Business
Navitas Semiconductor Announces Fourth Quarter and Full Year 2022 Financial Results
60% Revenue Growth in 2022Diversification of Technology, End Markets and Geography Positions Navitas for ScaleDisplacing Legacy Silicon in Power Electronics;
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"60% Revenue Growth in 2022Diversification of Technology, End Markets and Geography Positions Navitas for ScaleDisplacing Legacy Silicon in Power Electronics; Enabling Electrification of New Growth Markets TORRANCE, Calif., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the fourth quarter and year ended December 31, 2022. Net revenues for the fourth quarter of 2022 were $12.3 million, up 68% from the fourth quarter of 2021 and up 21% from the third quarter of 2022. Net revenues for full-year 2022 increased 60% over 2021 to $37.9 million. GAAP and non-GAAP gross margin for the fourth quarter of 2022 was 40.6%, compared to 44.3% in the fourth quarter of 2021. GAAP gross margin for 2022 was 31.5%, down from 45% in the prior year. Non-GAAP gross margin for 2022 was 40.8%, down from 45.4% in the prior year. GAAP loss from operations for the fourth quarter was $28.6 million, compared to a loss of $35.9 million in the fourth quarter of 2021. On a non-GAAP basis the loss from operations for the quarter was $11.9 million, compared to $6.9 million in the fourth quarter of 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 the fourth quarter of 2022, compared to a GAAP loss of $1.23 per share in the fourth quarter of 2021. Non-GAAP loss per diluted share was $0.06 for the fourth quarter of 2022, compared to a non-GAAP loss of $0.07 per share in the fourth quarter of 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 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 Si analog 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 o...