Transphorm Announces Revenue of $24.1M
Company announces 89 percent year-over-year increase
Power GaN company Transphorm has announced financial results for the company’s 2022 fiscal fourth quarter and the fiscal year ended March 31, 2022.
Full year FY22 revenue increased 89 percent year-over-year to a record $24.1 million due to strong growth in product revenue based on prior targeted investments in designs for a broader market.
FY22 product revenue increased sequentially for the ninth consecutive quarter to a record of over $4 million, a 190 percent sequential increase when compared to Q4 FY21.
Amongst the highlights of the year were the largest SuperGaN high-power Gen IV FET production order for the company to date for over 500,000 units of 3kW class power supplies. It also secured laptop adapter design-win from a Tier 1 Fortune 100 company, including an initial purchase order of 50,000 units of SuperGaN Gen IV 240 mohm class FETs. These FETs provide higher efficiency for 65W fast-charging adapter applications versus competing e-mode GaN FETs that require a larger 150 mohm device for similar applications.
Primit Parikh, Transphorm’s president and co-founder, commented: “We are excited to continue to deliver strong revenue growth, having achieved our 9th consecutive quarter of record product revenue. We also reaffirmed our leadership in high-power GaN by securing our largest order to date for over a half-million 3kW class GaN products."
Cameron McAulay, CFO of Transphorm, stated “During the 2022 fiscal year we completed an uplisting to the NASDAQ, dramatically improving the company’s liquidity. Along with the additional capital we raised in fiscal Q3 of 2022, this provides expanded operational flexibility in support of our future anticipated growth.”
Fiscal 2022 Fourth Quarter and Full Year Financial Results
Revenue for the 2022 fiscal fourth quarter was $4.93 million, compared to $4.6 million in the 2022 fiscal third quarter ended December 31, 2021 and $2.4 million in the 2021 fiscal fourth quarter ended March 31, 2021. For the full fiscal year 2022, product sales increased 189 percent as compared to full fiscal year 2021.
Operating expenses on a GAAP basis were $5.6 million in the 2022 fiscal fourth quarter, compared to $5.4 million in the prior quarter and $5.2 million in the 2021 fiscal fourth quarter. 2022 fiscal fourth quarter operating expenses consisted of R&D expenses of $1.6 million and SG&A expenses of $4.0 million. On a non-GAAP basis, operating expenses in the 2022 fiscal fourth quarter were $4.6 million, compared with non-GAAP operating expenses of $4.4 million in the prior quarter and $4.5 million in the 2021 fiscal fourth quarter.
GAAP net profit (loss) for the 2022 fiscal fourth quarter was ($5.0) million, or ($0.09) per share, compared to GAAP net loss of ($4.2) million, or ($0.08) per share, in the prior quarter, and a GAAP net loss of ($6.6) million, or ($0.16) per share, in the 2021 fiscal fourth quarter. On a non-GAAP basis, net loss for the 2022 fiscal fourth quarter was ($4.0) million, or ($0.08) per share, compared to non-GAAP net loss of ($4.3) million, or ($0.09) per share, in the prior quarter, and a non-GAAP net loss of ($5.2) million, or ($0.13) per share, in the 2021 fiscal fourth quarter.
Cash and equivalents as of March 31, 2022 were $34 million, compared to $9.5 million at March 31, 2021.
