Transphorm increases Q2 revenue to $6.3 million
Revenue included $5.0 million of licensing revenue from manufacturing partner, Nexperia as well as $0.7 million from the company’s three-year contract with the US Navy
Transphorm,a developer of high reliability, high performance GaN power semiconductors, announced financial results for the second quarter ended June 30, 2020.
Revenue increased to $6.3 million, compared to $1.1 million in the first quarter of 2020 and $0.5 million in the second quarter of 2019. Second quarter 2020 revenue included $5.0 million of licensing revenue from a manufacturing partner, Nexperia, related to funding of technology development, as well as $0.7 million from the company’s three-year contract with the US Navy. For the first six months of 2020, revenue was $7.4 million as compared to $1.0 million in the prior year period.
Operating expenses were $4.2 million in the second quarter, compared to $5.1 million in the prior quarter and $4.2 million in the second quarter of 2019. Second quarter 2020 operating expenses consisted of R&D expenses of $1.6 million and SG&A expenses of $2.6 million.
Net loss for the second quarter of 2020 was $2.3 million, or ($0.06) per share, compared to a net loss of $4.2 million, or ($0.13) per share, in the prior quarter and a net loss of $5.9 million, or ($0.21) per share, in the second quarter of 2019.
Cash and equivalents as of June 30, 2020 were $9.4 million, compared to $14.6 million as of March 31, 2020.
“We are very pleased with the progress we demonstrated during the second quarter,” said Mario Rivas, Transphorm’s CEO. “We continue to successfully expand our comprehensive portfolio of high-voltage GaN power conversion devices, while working to drive increased adoption of our products for targeted applications, including the emerging opportunity in fast charging power adapters. Although the COVID-19 pandemic has impacted certain customers, resulting in delays of their internal development programs that could adversely affect the pace of adoption and revenue in the near-term, we are confident that our pipeline of customer engagements and design wins will drive future long-term growth.”
Business highlights included the introduction of SuperGaN Power FETs with the launch of Gen IV GaN platform; partnership with Microchip Technology. to combine high reliability GaN with a digital signal controller in support of accelerating GaN adoption; and Hangzhou Zhongheng Electric will be developing an ultra-efficient, GaN-based power module using Transphorm’s GaN devices. Transphorm raised $19.7 million in net proceeds from a private placement of common stock in February.
