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Navitas Semiconductor, Industry-Leader in Gallium Nitride (GaN) Power ICs, Announces First Quarter 2022 Financial Results
First GaN power company to ship over 50 million units; leads fast & ultra-fast charger marketNew strategic customers include Samsung, vivo and MotorolaFirst
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"First GaN power company to ship over 50 million units; leads fast & ultra-fast charger marketNew strategic customers include Samsung, vivo and MotorolaFirst semiconductor company certified CarbonNeutral™ EL SEGUNDO, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in GaN Power ICs, today announced unaudited financial results for the first quarter ended March 31, 2022.Net revenues for the quarter increased to $6.7 million, up 27% from the first quarter of 2021. GAAP gross margin for the quarter was 44.0%. GAAP loss from operations for the quarter was $35.0 million, compared to a loss of $7.3 million in Q1 2021. On a non-GAAP basis, loss from operations for the quarter was $9.6 million, compared to $5.3 million in Q1 2021. GAAP earnings per diluted share were $0.61, compared to a GAAP loss of $0.37 per share in the first quarter of 2021, while non-GAAP net loss for the quarter was $0.08 per share compared to a net loss of $0.27 per share in Q1 2021. “We are pleased with our execution in Q1,” said Gene Sheridan, CEO and co-founder. “We have reinforced our #1 position in mobile fast and ultra-fast chargers – reaching over 50,000,000 units shipped with zero reported GaN-related field-failures – and we are on track with GaN, system R&D and customer developments for our expansion into broader consumer, data center, solar and EV markets.” Customer / Product HighlightsNavitas is in mass production with 9 of the top 10 mobile OEMs, with 10 of 10 targeted by the end of the year. New wins for mobile-phone chargers include: Samsung’s flagship Galaxy S22 Ultra and S22+ smartphones (recommended, 45W for fastest charging)vivo’s new 8”-folding-screen flagship ‘X Fold’ (in-box, 80W dual USB-C, 0-100% in only 37 minutes)Motorola edge+ as featured on the Nasdaq Tower in New York’s Times Square (in-box, 68W, 1 W/cc power density, 0-50% charge in only 15 minutes)Xiaomi AMG Mercedes Formula 1 version (in-box, 120W ultra-fast, 0-100% in only 37 minutes)Realme GT Neo 3 launched at Mobile World Congress with the world’s fastest charge time – 0-50% in only 5 minutes (in-box, 150W, 1.5 W/cc power density) Laptop wins include: Dell’s new XPS Plus, launched in April (in-box, 60W)Xiaomi 14” and 15” laptops launched in April (in-box, 100W)Lenovo Legion 5 Gen 7 gaming laptops, with Nasdaq co-op promo...