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Navitas Semiconductor Announces Second Quarter 2023 Financial Results
Revenue up 110% from prior year, and up 35% from prior quarter.Customer pipeline increased 30% to over $1 billion, with growth across all markets.Cumulative
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Revenue up 110% from prior year, and up 35% from prior quarter.Customer pipeline increased 30% to over $1 billion, with growth across all markets.Cumulative shipments now exceed 100 million GaN and 12 million SiC devices. TORRANCE, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the second quarter ended June 30, 2023. “Navitas was founded with the mission to ‘Electrify Our World’ as we accelerate the planet’s transition from fossil-fuels to renewable energy sources and clean-energy applications,” said Gene Sheridan, CEO and co-founder. “As the only pure-play, next-gen, power semi company, our leading-edge GaN and SiC technologies are delivering extraordinary growth in both near-term revenue and our customer opportunity pipeline across all key markets including EV, renewable energy, data center, appliance/industrial and mobile segments.” Financial Highlights Revenue: Total revenue grew to $18.1 million in the second quarter of 2023, a 110% increase from $8.6 million in the second quarter of 2022 and a 35% increase from $13.4 million in the first quarter of 2023.Gross Margin: GAAP and non-GAAP gross margin for the second quarter of 2023 was 41.5% compared to 41.6% in the second quarter of 2022 and increased from 41.1% for the first quarter of 2023.Income (Loss) from Operations: GAAP loss from operations for the second quarter was $27.2 million, compared to a loss of $20.0 million in the second quarter of 2022 and a loss of $35.5 million in the first quarter of 2023. On a non-GAAP basis loss from operations for the quarter was $9.6 million compared with a loss of $8.9 million in the second quarter of 2022 and a loss of $12.3 million in the first quarter of 2023.Cash: Cash and cash equivalents were $177.7 million as of June 30, 2023. Market Highlights EV: Strong growth in both on-board and roadside fast chargers, with new EV consortium plans for 30,000 fast chargers in US alone, create additional demand for leading-edge, high-voltage GeneSiC products. Number of customer pipeline projects up over 50%.Data Center: AI processing demands have been doubling every 3.4 months. Pipeline projects up over 50%. The latest AI processors, such as NVIDIA’s GH200, consume up to 1,000W of power. Si...