Navitas Semiconductor Corp 8-K/A, filed May 13, 2022

Navitas Semiconductor Corp (NVTS)

8-K/A 2022-05-13 For: 2022-05-12

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Added on April 08, 2026

About this 8-K/A

Navitas Semiconductor Corp filed this 8-K/A on May 13, 2022, reporting on events of May 12, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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22 Fitzwilliam Square South,	Dublin	D02 FH68,	Ireland
(Former Name or Former Address, if Changed Since Last Report)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	NVTS	The Nasdaq Stock Market LLC


Exhibit Number			Description
99.1			Press release dated May 12, 2022
104			Cover Page Interactive Data File


	NAVITAS SEMICONDUCTOR CORPORATION
Dated: May 12, 2022
	By:	/s/ Gene Sheridan
		Gene Sheridan
		President and Chief Executive Officer


NAVITAS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(dollars in thousands, except per-share amounts)

	Three Months Ended
	March 31,
	2022		2021
NET REVENUES	$	6,740	$	5,317
COST OF REVENUES	3,777		2,959
GROSS PROFIT	2,963		2,358
OPERATING EXPENSES:
Research and development	13,413		4,254
Selling, general and administrative	24,544		5,369
Total operating expenses	37,957		9,623
LOSS FROM OPERATIONS	(34,994)		(7,265)
OTHER INCOME (EXPENSE), net:
Interest income (expense), net	(24)		(61)
Gain from change in fair value of warrants	51,763		—
Gain from change in fair value of earnout liabilities	63,406		—
Other expense	(356)		—
Total other income (expense), net	114,789		(61)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	79,795		(7,326)
PROVISION FOR INCOME TAXES	3		19
NET INCOME (LOSS)	$	79,792	$	(7,345)
NET INCOME (LOSS) PER SHARE:
Basic	$	0.67	$	(0.37)
Diluted	$	0.61	$	(0.37)
SHARES USED IN PER-SHARE CALCULATION:
Basic	119,542		19,741
Diluted	131,149		19,741

SUPPLEMENTAL INFORMATION:
	Three Months Ended
	March 31,
	2022		2021
Stock-based compensation expenses included in:
Net revenues	$	—	$	113
Research and development	7,494		206
Selling, general and administrative	17,832		1,516
Total stock-based compensation expense	$	25,326	$	1,835
Research and development includes:
Amortization of acquisition-related intangible assets	88		99


NAVITAS SEMICONDUCTOR CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(dollars in thousands, except per-share amounts)

	Three Months Ended
	March 31,
	2022			2021
RECONCILIATION OF GROSS PROFIT MARGIN
GAAP gross profit	$	2,963		$	2,358
GAAP gross profit margin	44.0		%	44.3		%
Stock-based compensation expense included in net revenues	—			113
Non-GAAP gross profit	$	2,963		$	2,471
Non-GAAP gross profit margin	44.0		%	45.5		%
RECONCILIATION OF OPERATING EXPENSES
GAAP Operating expenses	$	37,957		$	9,623
Less: Stock-based compensation expenses included in:
Research and development	7,494			206
Selling, general and administrative	17,832			1,516
Total	$	25,326		$	1,722
Amortization of acquisition-related intangible assets	88			99
Non-GAAP operating expenses	$	12,543		$	7,802
RECONCILIATION OF LOSS FROM OPERATIONS
GAAP loss from operations	$	(34,994)		$	(7,265)
GAAP operating margin	(519.2)		%	(136.6)		%
Add: Stock-based compensation expenses included in:
Net revenues	—			113
Research and development	7,494			206
Selling, general and administrative	17,832			1,516
Total	25,326			1,835
Amortization of acquisition-related intangible assets	88			99
Non-GAAP loss from operations	$	(9,580)		$	(5,331)
Non-GAAP operating margin	(142.1)		%	(100.3)		%
RECONCILIATION OF NET LOSS PER SHARE
GAAP net income (loss)	$	79,792		$	(7,345)
Adjustments to GAAP net loss
Total stock-based compensation	25,326			1,835
Amortization of acquisition-related intangible assets	88			99
Gain from change in fair value of warrants	(51,763)			—
Gain from change in fair value of earnout liabilities	(63,406)			—
Other expense	356			—
Non-GAAP net loss	$	(9,607)		$	(5,411)
Average shares outstanding for calculation of non-GAAP net loss per share (basic and diluted)	119,542			19,741
Non-GAAP net loss per share (basic and diluted)	$	(0.08)		$	(0.27)


NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
	(Unaudited)
	March 31, 2022		December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	253,797	$	268,252
Accounts receivable, net	9,621		8,263
Inventories	13,130		11,978
Prepaid expenses and other current assets	2,988		2,877
Total current assets	279,536		291,370
PROPERTY AND EQUIPMENT, net	2,471		2,302
OPERATING LEASE RIGHT OF USE ASSETS	1,391		—
INTANGIBLE ASSETS, net	82		170
OTHER ASSETS	3,423		1,759
Total assets	$	286,903	$	295,601
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	$	5,216	$	4,860
Accrued compensation expenses	3,604		2,639
Current portion of operating lease liabilities	844		—
Current portion of long-term debt	3,200		3,200
Other liabilities	17		29
Total current liabilities	12,881		10,728
LONG-TERM LIABILITIES:
LONG-TERM DEBT	2,919		3,716
OPERATING LEASE LIABILITIES NONCURRENT	600		—
WARRANT LIABILITY	—		81,388
EARNOUT LIABILITY	70,767		134,173
OTHER LIABILITIES	—		60
Total liabilities	87,167		230,065

STOCKHOLDERS’ EQUITY:




Total stockholders’ equity	199,736		65,536
Total liabilities and stockholders’ equity	$	286,903	$	295,601