Navitas doubles revenue
Announces strong growth in target markets with 50 percent backlog growth in the quarter
GaN and SIC semiconductor firm Navitas has announced unaudited financial results for the first quarter ended March 31, 2023.
Net revenues for Q1 23 increased to $13.4 million, approximately double from the first quarter of 2022 and up 8 percent from Q4 22. GAAP and non-GAAP gross margin for Q1 23 increased to 41.1 percent, compared to 40.6 percent for Q4 22.
GAAP loss from operations for the first quarter was $35.5 million, compared to a loss of $31.3 million in Q4 22. On a non-GAAP basis the loss from operations for the quarter was $12.3 million, consistent with fourth quarter 2022 performance.
GAAP loss per diluted share was $(0.39), compared to GAAP income of $0.61 per diluted share in the first quarter of 2022. Non-GAAP loss per diluted share was $(0.07), compared to a non-GAAP loss of $(0.08) per diluted share in the first quarter of 2022.
"I am very pleased with our progress in the quarter across acquisitions, product launches, customer developments and market expansion,” said Gene Sheridan, CEO and co-founder. “A comprehensive portfolio of leading-edge GaN, SiC, digital isolators and low-voltage silicon system-control ICs is translating into significant customer value, market adoption and financial results, with a doubling of quarterly revenue vs. 2022, and a healthy $760 million customer pipeline.”
Business Outlook
Second quarter 2023 net revenues are expected to increase, in the range of $16 million to $17 million, and full-year 2023 revenue is still expected to double compared to 2022.
Gross margin for the second quarter is expected to increase by between 25 and 50 basis points, and expand incrementally throughout the year, exiting 2023 in the mid-40s percent. Non-GAAP operating expenses, excluding stock-based compensation and amortisation of intangible assets, are expected to be approximately $19 million in the second quarter of 2023. They are projected to grow in the mid-high single digits on a quarterly basis throughout the year but decline on a percentage of revenue basis as the business scales.
Weighted-average basic share count is expected to be approximately 162 million shares at the end of the second quarter of 2023.
