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Navitas Semiconductor Announces Third Quarter 2022 Financial Results
Quarterly revenues Increased 82% over Q3 2021New Long-Term SiC Supplier Agreements Enable 5x Capacity IncreaseStrong demand across data center, EV, energy
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Quarterly revenues Increased 82% over Q3 2021New Long-Term SiC Supplier Agreements Enable 5x Capacity IncreaseStrong demand across data center, EV, energy storage, solar, home appliance and industrial markets TORRANCE, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the third quarter ended September 30, 2022. Net revenues for the quarter increased to $10.2 million, up 82% from the third quarter of 2021, and up 19% from the prior quarter. GAAP gross margin was 3.8%, due primarily to inventory adjustments, compared to 46.2% in the third quarter of 2021. On a non-GAAP basis, gross margin was 38.4%, compared to 46.2% in Q3 2021. GAAP loss from operations for the quarter was $37.4 million, compared to a loss of $6.8 million in the third quarter of 2021. On a non-GAAP basis, the loss from operations for the quarter was $10.3 million, compared to $6.5 million in the third quarter of 2021. GAAP loss per diluted share was $0.24, compared to a GAAP loss of $0.41 per share in the third quarter of 2021, while non-GAAP net loss for the quarter was $0.07 per share compared to a net loss of $0.39 per share in the third quarter of 2021. \"Despite continued softness in the mobile market, demand in the higher-power GaN markets and for SiC remained strong, including 50 new SiC opportunities, for which we have recently signed long-term supply agreements to enable 5x SiC capacity expansion in 2023,” said Gene Sheridan, CEO and co-founder. “We are seeing strong demand across electric vehicles, energy storage, solar, data center, home appliance and industrial markets, all fueled by the world’s pursuit to replace silicon with more efficient GaN and SiC technologies and the commitment to address sustainability, climate change and electrification.” Third Quarter Highlights: Diversified markets and customer geographies: Mobile: 17 new fast chargers, including record-setting Xiaomi Redmi Note 10 210W ultra-fast, charging from 1-100% in only 9 minutes, plus Lenovo, iQOO, Anker, Moto and Best Buy modelsMotor drive: Over 15 new home appliance & industrial opportunities, deploying recently announced GaNSense half-bridge ICsData center: Now 9 customer projects, including a $5M PO for mid ‘23 initial shipmentsSo...