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Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, Announces Third Quarter 2021 Financial Results
Year-to-Date Revenues Increased 128%New GaNSense™ IC Technology Accelerates Industry Transition to Ultrafast ChargingStrategic Tier-1 and Aftermarket Wins and
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Year-to-Date Revenues Increased 128%New GaNSense™ IC Technology Accelerates Industry Transition to Ultrafast ChargingStrategic Tier-1 and Aftermarket Wins and DealsClosed Business Combination on 10/19/21 With >$250mm in Cash to Support Growth EL SEGUNDO, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (the “Company” or “Navitas”) (Nasdaq: NVTS and NVTSW), the industry leader in GaN Power ICs, today announced financial results for the third quarter ended September 30, 2021. Net revenues for the third quarter of 2021 were $5.6 million, up 61 percent from the third quarter of 2020. Revenues for the first nine months of 2021 increased 128% over the same period in 2020. GAAP net loss for the third quarter of 2021 was $9.5 million, or $0.57 per share, compared to a GAAP net loss of $4.1 million, or $0.27 per share in the third quarter of 2020. On a non-GAAP basis, net loss for the third quarter of 2021 was $6.6 million, or $0.39 per share, compared to a non-GAAP net loss of $3.8 million, or $0.26 per share, in the third quarter of 2020. “Worldwide GaN penetration in the $2B fast charger market is estimated at only 2-3% so far, so we expect a fast revenue ramp ahead in mobile plus the higher power expansion markets of data center, solar and EV,” said Gene Sheridan, co-founder and CEO. “Couple that with next-gen technology introductions, growing team strength and more than 130 patents issued or pending, and we have an extraordinary opportunity in front us is to become the next-generation power semiconductor leader.” Customer / Product Highlights Third generation GaNSense power IC platform launched: Built-in, real-time precision system sensing with autonomous control and protection30% average charger size reduction vs discrete GaN designs with enhanced robustness and reliabilityAlready in production with Lenovo YOGA laptop and Xiaomi Note 11 Pro+ smartphone fast chargers Trailblazing a new smartphone ‘ultra-fast charger’ market sector Charge a 4,500 mAhr battery from 0-100% in as little as 20 minutes120W capability in production at Xiaomi using new GaNSense platform Strategic cooperation announcement with Anker – a global leader in fast charging technology. Two new GaN chargers launched in the third quarter with more to followExpands mobile charger focus to also include residential energy storage platform deve...