Navitas Semiconductor Corporation · NASDAQ:NVTS
Navitas Semiconductor — Live Oak Acquisition Corp II — SPAC Merger (June 2021)
39 slides from Navitas Semiconductor's SPAC merger presentation, Jun 23, 2021
Slide 1: Analyst Day: Electrify Our World
Exhibit 99.1 Analyst Day TM Electrify Our World June 2021Exhibit 99.1 Analyst Day TM Electrify Our World June 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 (1) 40% energy savings Differentiated GaN power integrated circuit (IC) platform, with #1 market position, over 135 GaN (2) (3) (4) chargers in production , over 20Mu in vo
Slide 5: GaN Expected To Replace Silicon In Power Applications
GaN Expected To Replace Silicon In Power Applications Up To Up To 20x 3x 3x 20% 40% 3x Faster Smaller & Energy Higher Faster Lower Switching Lighter Savings Power Density Charging System Cost (1) Navitas GaN Is Empowering Efficiency In Industries Where Power Is Key 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 & Passive & Mechanical Size & Weight Speed Solution Power Energy Efficiency (Switching Frequency) Protection Components Density 92-95% (40% energy 3x GaN 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 50 – 100 kHz 88 – 90% 145 cc Discrete (incl. in Si controller) GaN Dis
Slide 8: GaN ICs Deliver High Reliability with Ease & Simplicity
GaN ICs Deliver High Reliability with Ease & Simplicity GaN Discrete (1) (2) GaN ICs Integrate Drive, Control and Protection GaN Power ICs: 100x Reliability (Predicted Failure Rate) 126 ppm >100x Improved Reliability 0.1 ppm IC GaN Discrete (1) Based on Navitas actual in-circuit measurements of Si a
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 (1) Manufacturability Stable >90% Yields Material mismatch (GaN / Silicon) Fully-Qualified, >1B Device Hours Poor Reliability (2) Founding Reliability Tested, >20Mu Shi
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 (1) Navitas GaN vs Silicon – $ Dollar Per Watt How Navitas Enables Lower Cost Navitas GaN $ / W Si $ / W Early Mover Advantage $0.120 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 ◼ 650V dMode power FET◼ Comparato
Slide 12: Capital Efficient And Highly Scalable GaN IC Manufacturing
Capital Efficient And Highly Scalable GaN IC Manufacturing Uses Low-cost Silicon Manufacturing Tools Wafer Fab GaN Epi Wafer 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 Utility EV Inverters Wind 100kW Turbines Lateral Vertical EV On-board Chargers Device & DC/DC Converters Structure Solar Traction String 10kW 5G Base Inverters Yes Station $13.1B+ (Power + No GaN Circuit Analog) Market Integrat
Slide 14: GaN is Positioned To Be The Future Of Mobile Charging
GaN is Positioned To Be The Future Of Mobile Charging Fast Mobile Universal Larger Mobile Screens And Batteries Need More Power 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!! (1) Screen Size and Battery Si
Slide 15: Leading Customers Adopting Navitas GaN
Leading Customers Adopting Navitas GaN Tier 1 OEMs Aftermarket Examples 150+ 135+ 90%+ 20M+ Zero GaN Chargers GaN Chargers In Mobile OEMs Designing (1) In Development GaN ICs Shipped GaN Field Failures Mass Production With Navitas GaN ICs (MP 2021-2022) Note: Metrics as of May 2021. © Navitas Semico
Slide 16: GaN Power IC Chargers in Mass Production
GaN Power IC Chargers in Mass Production GaN IC Wins vs. (1) (3) Production GaN Chargers OEM Charger Power (2) Competitors ? Won vs. 120 14% GaN Discrete eMode In-Box Accessory Platform Announcement ? ? 100 vs. GaN Discrete 19% / MCM dMode 80 60 Si Si Si vs. Silicon 67% 40 Si Si Si 20 0 GaN GaN GaN
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 (
Slide 18: GaN ICs Can Potentially Displace A $13B Market
GaN ICs Can Potentially Displace A $13B Market (1,2) (2) GaN Opportunity Within Total Power Semiconductor TAM GaN Power Semiconductor TAM GaN Other (3) $2.1B $13.1B $150M Other 6% CAGR $724M EV / eMobility $9.0B $189M Renewables / Solar Enterprise $139M Consumer $293M (3) $2.1B Mobile 117% $575M CAG
Slide 19: GaN ICs Could Save Data Centers $1.9B/Yr In Electricity
(1) GaN ICs Could Save Data Centers $1.9B/Yr In Electricity 44% of Data Center costs related to power (electricity, power & cooling) (3) Typical TCO Structure of a Data Center (2) • We estimate GaN ICs can reduce electricity use by up to 10% • Across all data centers, we estimate this could save >15
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 (1) • Typical solar payback is in ra
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) HV Battery LV Battery Opportunity Charger (1) • Range anxiety is #1 limitation for EV adoption Opportunit
Slide 22: GaN Addresses 10% of Net Zero CO2 Challenge
GaN Addresses 10% of Net Zero CO Challenge 2 GaN Efficiency Reduces Emissions ...and Accelerates Adoption of Clean Technology (5) 4.6% ▪ Electricity demand is projected to double from 21 PWh to 42 PWh ▪ GaN is more efficient than Si at converting energy Renewable (3) 1.2 Gt electricity 40.4% ▪ Incre
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 $640 – Mobile includes phone, tablet and laptop, (1) Other ✓ Significant near-term visibility from design providing solid foundation and high growth base wins in production or committ
Slide 24: Strong Revenue Visibility and Customer Pipeline
Strong Revenue Visibility and Customer Pipeline Positions Navitas For Long-Term Growth ($ in mm) (1) (2) Awarded Qualified Opportunities 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 $69 ✓ Leading phone, tablet, notebook & aftermarket sup
Slide 25: Summary Historical Financials and Projections
Summary Historical Financials and Projections Gross margin (%) EBITDA ($mm) (146%) (84%) (28%) 7% 16% 22% 25% Fast transition to new generation of products is driving 20%+ YoY cost reductions in 2021. $162 55% 55% 53% 51% 50% $102 46% 44% Q1’ 21 $50 31% $12 ($17) ($19) ($23) FY2020 FY2021 FY2022 FY2
Slide 26: Transaction Summary
Transaction Summary Transaction Overview Pro Forma Valuation ($mm, except per share data) – Total purchase price of $950mm (2) Total shares outstanding 139.9 – Implied purchase multiple of 5.2x 2023E revenue – Purchase multiple assumes 2023E revenue of ~$182.4mm (1) Price per share $10.00 – Transact
Slide 27: Valuation Summary
Valuation Summary (1) - Trading multiples based on power semiconductor comparable players at 9.0x – 13.0x 2022E projected revenue. We apply the 2023 projected revenue metric and discount at a 20% rate (2) - For reference, recent early stage / high growth semiconductor deSPACs are trading at a median
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 Mer New ger Pr oPar duct A tnn er nouncements Throughout 2021 • Follow Navitas on LinkedIn to check our progress as our customers announce their new product lineups TSMC Tec
Slide 29: Q&A
Q&A y » Sustainabili dae: 5 Ls So ta,,
Slide 30: Thank You
Thank You 29Thank You 29 Exhibit 99.2
Slide 31: EV On-Board Charger (OBC): 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 32: EV OBC, DC-DC, Traction Inverter: 60% Faster Charging, 70% Energy Savings
EV OBC, DC-DC, Traction Inverter: 60% Faster Charging, 70% Energy Savings
Slide 33: Consumer / Mobile: Nintendo Charger Dock
Consumer / Mobile: Nintendo Charger Dock 10x Smaller, 30% Energy Savings
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% (%) 99% Efficiency 98% 97% 96% 50% Energy Savings 95% 94% 93% 92% Sil
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% 95% Efficiency 80% Energy Savings 90%
Slide 36: 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 Silicon 30W 55.9 x 55.9 x 32 mm = 87.2 cc, 158 g $49 Silicon 61W 73 x 73 x 28 mm = 149 cc, 193 g $69 GaN 65W 75 x 35 x 32 mm = 84 cc, 125 g $30 USB-C #1 up to 65W USB-C #2 up to 30W
Slide 37: Mobile: 135+ Chargers in Mass Production
Mobile: 135+ Chargers in Mass Production Refer to p14 of the Analyst Day presentation for details
Slide 38: Mobile: GaN MCM dMode vs. GaN Power IC "Under The Hood"
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 39: 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 Exhibit 99.3 Navitas Semiconductor Analyst Day June 22, 2021 Stephen Oliver – VP Corporate Marketing and Investor Relations, Navitas Good morning, and welcome to us live
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