Positive Q2 for Navitas
Revenue up 110 percent from prior year, and up 35 percent from prior quarter
GaN and SiC specialist Navitas Semiconductor has announced unaudited financial results for the second quarter ended June 30, 2023.
Total revenue grew to $18.1 million in Q2 2023, a 110 percent increase from $8.6 million in Q2 2022 and a 35 percent increase from $13.4 million in the first quarter of 2023. GAAP and non-GAAP gross margin for Q2 2023 was 41.5 percent compared to 41.6 percent in Q2 2022 and increased from 41.1 percent for the first quarter of 2023.
GAAP loss from operations for the second quarter was $27.2 million, compared to a loss of $20.0 million in Q2 2022 and a loss of $35.5 million in the first quarter of 2023. On a non-GAAP basis loss from operations for the quarter was $9.6 million compared with a loss of $8.9 million in Q2 2022 and a loss of $12.3 million in the first quarter of 2023.
Cash and cash equivalents were $177.7 million as of June 30, 2023.
Customer pipeline was up from $760M in Q1 to over $1B in Q2, with important growth in both the number of customer projects and revenue potential across all target markets.
Gene Sheridan, CEO and co-founder said: “As the only pure-play, next-gen, power semi company, our leading-edge GaN and SiC technologies are delivering extraordinary growth in both near-term revenue and our customer opportunity pipeline across all key markets including EV, renewable energy, data centre, appliance/industrial and mobile segments.”
Outlook
Third-quarter 2023 net revenues are expected to increase to $21 million plus or minus 2 percent. Given expected continued strength in the lower-margin mobile market, gross margin for the third quarter is expected to be relatively flat compared to Q2 2023.
Operating expenses, excluding stock-based compensation and amortisation of intangible assets, are expected to be approximately $18.5 to $19.5 million in the third quarter of 2023. Weighted-average basic share count is expected to be approximately 175 million shares at the end of the third quarter of 2023.
