Business
Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Fourth Quarter and Full Year 2021 Financial Results
2021 net revenues increased 100%, GAAP gross margin increased by 13.7%Now in production with 8 of 10 top mobile customers, and in development with 10 of
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"2021 net revenues increased 100%, GAAP gross margin increased by 13.7%Now in production with 8 of 10 top mobile customers, and in development with 10 of 10Industry’s first GaN design centers dedicated to data centers and EV customersIndustry’s first GaN sustainability report recently published EL SEGUNDO, Calif., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in GaN Power ICs, today announced unaudited financial results for the fourth quarter and year ended December 31, 2021. Net revenues for the fourth quarter of 2021 were $7.3 million, up 30% from the third quarter. Net revenues for full-year 2021 increased 100% over 2020 to $23.7 million. GAAP gross margin for 2021 was 45.0%, up from 31.4% in the prior year. GAAP net loss from operations for the fourth quarter of 2021 was $35.9 million, or $0.37 per share, compared to a GAAP net loss from operations of $7.2 million, or $0.44 per share in the fourth quarter of 2020. On a non-GAAP basis, net loss from operations for the fourth quarter of 2021 was $6.9 million, or $0.07 per share, compared to a non-GAAP net loss from operations of $6.3 million, or $0.39 per share, in the fourth quarter of 2020. “2021 was a pivotal year for Navitas as we doubled revenue and became a public company,” said Gene Sheridan, co-founder and CEO. “We have strengthened our leadership position in the mobile market, with all of the top mobile players shipping or developing their next-gen chargers with Navitas. In addition, our expansion plans into data center, solar and EV are well underway with sampling of our high-power GaN ICs and the opening of our new design centers dedicated to data centers and EV applications.” Customer / Product Highlights In mobile fast chargers, the number of customer designs released to production increased by 75% to over 170 by the end of 2021, with an increase of over 100% in the number of customer designs in development, now at over 240 projects. Tier-1 “in-box” wins have doubled, which include Dell, Lenovo, Xiaomi, Vivo, Motorola and LG among others. At year end over 35 million GaN ICs had shipped with zero reported GaN field failures. GaNFast™ power ICs with new GaNSense™ technology are in production with Lenovo, Xiaomi and Vivo, and Navitas’ IP leadership in GaN power ICs continues, now with 145 patents issued or pend...