Navitas Semiconductor Corporation · NASDAQ:NVTS
Navitas Semiconductor — Investor Day (June 2021)
39 slides from Navitas Semiconductor's investor day presentation, Jun 22, 2021
Slide 1: Analyst Day
Analyst Day TM Electrify Our World June 2021 Navitas Analyst Day, June 22nd 2021 at NASDAQ San Francisco and livestream. Filed under LOKB 8-K. Copyright Navitas Semiconductor, 2021
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS This presentation (this “Presentation”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of wor
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be inc
Slide 4: Investment Highlights
Investment Highlights Next-generation power semiconductor platform, with up to 3x smaller, 3x lighter, 3x faster charging and 1 40% energy savings(1) Differentiated GaN power integrated circuit (IC) platform, with #1 market position, over 135 GaN 2 chargers in production(2), over 20Mu in volume(3),
Slide 5: GaN Expected To Replace Silicon In Power Applications
GaN Expected To Replace Silicon In Power Applications Up To Up To 20x 3x 40% 3x 3x 20% Faster Smaller & Energy Higher Faster Lower Switching Lighter Savings Power Density Charging System Cost Navitas GaN Is Empowering Efficiency In Industries Where Power Is Key(1) Note: Statistical data is based on
Slide 6: GaN Integration Is Key To Speed, Efficiency And Size
GaN Integration Is Key To Speed, Efficiency And Size Navitas’ proprietary integration unlocks GaN’s potential Drive, Control & Speed Passive & Mechanical Size & Weight Solution Power Energy Efficiency Protection (Switching Frequency) Components Density 92-95% GaN (40% energy 3x Compact, integrated s
Slide 7: The Keys to Fast Mobile Charging
The Keys to Fast Mobile Charging Driver Parasitics Power FET Speed Efficiency Power Density Drive, control & protection Limit speed & efficiency Si or GaN Switching Frequency Energy Savings Fast Charging with Smaller Size Silicon Discrete 50 – 100 kHz 88 – 90% 145 cc (incl. in Si controller) GaN Dis
Slide 8: GaN ICs Deliver High Reliability with Ease & Simplicity
GaN ICs Deliver High Reliability with Ease & Simplicity GaNICs GaN Discrete Integrate Drive, Control and Protection(1) GaN Power ICs: 100x Reliability(2) (Predicted Failure Rate) 126 ppm >100x Improved Reliability 0.1 ppm GaN Discrete IC © Navitas Semiconductor 2021 (1) Based on Navitas actual in-ci
Slide 9: Navitas Has Overcome Key Hurdles To Commercialization
Navitas Has Overcome Key Hurdles To Commercialization Significant Barriers to Entry Proprietary GaN IC Poor Manufacturing / Yields Manufacturability Stable >90% Yields(1) Material mismatch (GaN / Silicon) Fully-Qualified, >1B Device Hours Poor Reliability Founding Reliability Tested, >20Mu Shipped(
Slide 10: Navitas Has Enabled A Mass Market Inflection Point
Navitas Has Enabled A Mass Market Inflection Point Mobile served as a pioneer and other markets are expected to reap the benefits at lower cost points Navitas GaN vs Silicon – $ Dollar Per Watt(1) How Navitas Enables Lower Cost $0.120 Navitas GaN $ / W Si $ / W Early Mover Advantage High yields and
Slide 11: Industry-Leading IP Position In GaN Power ICs
Industry-Leading IP Position In GaN Power ICs Mature and Comprehensive GaN Integrated Circuit Process Design Kit (PDK) Device Development / Library Circuit Development / Library 650 eMode power FET Logic gates and latch 12-40V eMode power FET Linear regulators Patents 120+ Issued / Pending
Slide 12: Capital Efficient And Highly Scalable GaN IC Manufacturing
Capital Efficient And Highly Scalable GaN IC Manufacturing Uses Low-cost Silicon Manufacturing Tools GaN Epi Wafer Wafer Fab Assembly & Test Si Substrate + Standard MOCVD reactors Standard Silicon fabs Standard QFN package & auto testers • Multi-sourced reactors • Standard old, low-cost Si fabs can
Slide 13: GaN: An Expansive Market Opportunity
GaN: An Expansive Market Opportunity GaN vs. SiC Comparison 1MW+ GaN SiC EV Inverters Utility Wind 100kW Turbines EV On-board Chargers Lateral Vertical Device Application Power & DC/DC Converters Solar Structure String Traction 10kW 5G Base Inverters Yes GaN $13.1B+ Station Circuit (Power + No Marke
Slide 14: GaN is Positioned To Be The Future Of Mobile Charging
GaN is Positioned To Be The Future Of Mobile Charging Larger Mobile Screens And Batteries Need More Power Fast Mobile Universal Up to 3x more power Half the size and weight One charger for ALL your devices Up to 3x faster charging of traditional chargers One and Done!! Screen Size and Battery Size C
Slide 15: Leading Customers Adopting Navitas GaN
Leading Customers Adopting Navitas GaN Tier 1 OEMs Aftermarket Examples 135+ 150+ 90%+ GaN Chargers In GaN Chargers Mobile OEMs Designing 20M+ Zero In Development GaN ICs Shipped GaN Field Failures(1) Mass Production With Navitas GaN ICs (MP 2021-2022) © Navitas Semiconductor 2021 Note: Metrics as o
Slide 16: GaN Power IC Chargers in Mass Production
GaN Power IC Chargers in Mass Production GaN IC Wins vs. Production GaN Chargers(1) OEM Charger Power(3) Competitors(2) ? Won vs. 120 14% GaN Discrete eMode In-Box Accessory Platform Announcement ? ? Chargers in Mass Production (1) vs. GaN Discrete 100 19% / MCM dMode 80 60 Si Si vs. Silicon Si 67%
Slide 17: Broad Adoption Of GaN In Consumer Electronics
Broad Adoption Of GaN In Consumer Electronics Devices need higher power in smaller, slimmer sizes • Ultra-thin LED TVs • Gaming systems • All-in-one PCs • Smart home GaN ICs make it possible • Up to 3x higher power density in the same form factor • 3x smaller and lighter • Up to 40% energy savings S
Slide 18: GaN ICs Can Potentially Displace A $13B Market
GaN ICs Can Potentially Displace A $13B Market GaN Opportunity Within Total Power Semiconductor TAM(1,2) GaN Power Semiconductor TAM(2) GaN Other $2.1B (3) $13.1B $150M Other 6% CAGR $724M EV / eMobility $9.0B $189M Renewables / Solar $139M Enterprise $293M Consumer $2.1B (3) 117% $575M Mobile CAGR
Slide 19: GaN ICs Could Save Data Centers $1.9B/Yr In Electricity
GaN ICs Could Save Data Centers $1.9B/Yr In Electricity(1) 44% of Data Center costs related to power (electricity, power & cooling) Typical TCO Structure of a Data Center(3) • We estimate GaN ICs can reduce electricity use by up to 10%(2) • Across all data centers, we estimate this could save >15 TW
Slide 20: GaN Is Positioned For The Future Of Solar
GaN Is Positioned For The Future Of Solar Solar energy adoption is driven by $ per watt Micro-inverters • Solar adoption driven by reducing hardware costs, increasing energy savings Opportunity • GaN ICs reduce solar inverter costs while increasing energy savings • Typical solar payback is in range
Slide 21: GaN Is Positioned For The Future Of Electric Vehicles
GaN Is Positioned For The Future Of Electric Vehicles EV demands faster charging and extended range DC/DC On-Board • Existing silicon on-board chargers are SLOW (up to ten hours for full charge) LV Battery Opportunity HV Battery Charger • Range anxiety is #1 limitation for EV adoption(1) Opportunity
Slide 22: GaN Addresses 10% of Net Zero CO2 Challenge
GaN Addresses 10% of Net Zero CO2 Challenge GaN Efficiency Reduces Emissions ...and Accelerates Adoption of Clean Technology 4.6% (5) Electricity demand is projected to double from 21 PWh to 42 PWh GaN is more efficient than Si at converting energy Renewable (3) electricity 40.4% 1.2 Gt Increa
Slide 23: Diversified End Markets Drive Projected 94% Revenue CAGR
Diversified End Markets Drive Projected 94% Revenue CAGR ($ in mm) Diversified end markets Projected 94% 6-year CAGR $640 – Mobile includes phone, tablet and laptop, providing solid foundation and high growth base Significant near-term visibility from design Other(1) to validate technology and dri
Slide 24: Strong Revenue Visibility and Customer Pipeline Positions Navitas For Long-Term Growth
Strong Revenue Visibility and Customer Pipeline Positions Navitas For Long-Term Growth ($ in mm) Awarded(1) Qualified Opportunities(2) Notable Announced Customers Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 $12 $27 $69 Leading phone, tablet, notebook & aftermarket suppl
Slide 25: Summary Historical Financials and Projections
Summary Historical Financials and Projections Gross margin (%) EBITDA ($mm) (146%) (84%) (28%) 7% 16% 22% 25% Fast transition to new generation of products is driving 20%+ YoY cost reductions in 2021. $162 53% 55% 55% 50% 51% $102 44% 46% Q1’ 21 $50 31% $12 ($17) ($23) ($19) FY2020 FY2021 FY2022 FY2
Slide 26: Transaction Summary
Transaction Summary Transaction Overview Pro Forma Valuation ($mm, except per share data) – Total purchase price of $950mm Total shares outstanding(2) 139.9 – Implied purchase multiple of 5.2x 2023E revenue – Purchase multiple assumes 2023E revenue of ~$182.4mm – Transaction will be funded by $145mm
Slide 27: Valuation Summary
Valuation Summary - Trading multiples based on power semiconductor comparable players(1) at 9.0x – 13.0x 2022E projected revenue. We apply the 2023 projected revenue metric and discount at a 20% rate - For reference, recent early stage / high growth semiconductor deSPACs(2) are trading at a median o
Slide 28: Upcoming News Flow and Investor Relations
Upcoming News Flow and Investor Relations Event Timing Notes Live Oak is the Preferred • 150 products currently in development Merger Partner New Product Announcements Throughout 2021 • Follow Navitas on LinkedIn to check our progress as our customers announce their new product lineups TSMC Technolo
Slide 29: Q&A
Q&A 28
Slide 30: Thank You
Thank You. : y ° Sustainability ‘.. he Se,
Slide 31: Mobile: 135+ Chargers in Mass Production
Mobile: 135+ Chargers in Mass Production www.GaNFast.com Refer to p14 of the Analyst Day presentation for details
Slide 32: Mobile 3-in-1: 3x Smaller, 3x Lighter, 3x Lower Price
Mobile “3-in-1”: 3x Smaller, 3x Lighter, 3x Lower Price Silicon 20W 42 x 41 x 27 mm = 47 cc, 60 g (fixed AC pins) $19 GaN 65W Silicon 30W 75 x 35 x 32 mm 55.9 x 55.9 x 32 mm = 84 cc, 125 g = 87.2 cc, 158 g $30 $49 USB-C #1 up to 65W USB-C #2 up to 30W USB-A up to 30W Silicon 61W 73 x 73 x 28 mm = 14
Slide 33: Consumer / Mobile: Nintendo Charger Dock
Consumer / Mobile: Nintendo Charger Dock 10x Smaller, 30% Energy Savings 2
Slide 34: Data Center AC-DC: 2x Smaller, 50% Energy Savings
Data Center AC-DC: 2x Smaller, 50% Energy Savings Silicon 3,200W GaN 3,200W (Meanwell DPU-3200-48) (UT Austin) 47 kHz, 500 kHz, 94.8% pk 1 MHz, 97.7% pk 325 x 107 x 41 mm = 1,426 cc 210 x 81 x 43 mm = 731 cc 2.2 W/cc 4.4 W/cc 100% Efficiency (%) 99% 98% 97% 50% 96% Energy Savings 95% 94% 93% 92% 91%
Slide 35: Data Center HV DC-DC: Up to 4x Smaller, 80% Energy Savings
Data Center HV DC-DC: Up to 4x Smaller, 80% Energy Savings, 33% More Power Silicon 750W GaN 1 kW (XP QHL750300S48) (Density Power DQB1K0F380S48) 200 kHz, 92% peak 850 kHz, 97.7% peak 116.8 x 61 x 12.7 = 90 cc 58.4 x 36.8 x 14.5 mm = 31 cc 8 W/cc 32 W/cc 100% Efficiency (%) 95% 80% Energy Savings 90%
Slide 36: Mobile: GaN Discrete eMode vs. GaN Power IC
Mobile: GaN Discrete eMode vs. GaN Power IC 3x Smaller… and Reliable Data from Navitas lab evaluations. Double-pulse testing, 200V
Slide 37: Mobile: GaN MCM dMode vs. GaN Power IC
Mobile: GaN MCM dMode vs. GaN Power IC “Under The Hood” 45 x 45 mm 50 x 36 mm GaN MCM dMode 45W peak GaN Power IC 50W peak (Samsung 45W) (OPPO 50W “Cookie”) 65 kHz, Bobbin Transformer (23 mm) 400 kHz, Planar Transformer (8 mm) Bulk Electrolytic Cap No Electrolytic Cap Cased : 52 x 53.1 x 30.1 mm = 8
Slide 38: EV On-Board Charger: 5x Smaller, 60% Energy Savings
EV On-Board Charger (OBC): 5x Smaller, 60% Energy Savings GaN 6.6kW [Top] (concept) 500 kHz, 97% PCBA 200 x 95 x 60 mm = 1,140 cc = 5.8 W/cc Cased 280 x 175 x 140 mm = 6,860 cc = 1 W/cc [Bottom] Silicon 6.6kW (Tesla Model S) 100 kHz, 92% PCBA 450 x 300 x 75 mm = 10,125 cc = 0.7 W/cc Cased 530 x 380
Slide 39: EV OBC, DC-DC, Traction Inverter
EV OBC, DC-DC, Traction Inverter: 60% Faster Charging, 70% Energy Savings Refer to p20 of the Analyst Day presentation for details 8