Navitas Semiconductor
(NASDAQ:NVTS)

Navitas Semiconductor Corporation develops and sells gallium nitride power integrated circuits in the Republic of Ireland. Its products are used in fast chargers for smartphones, laptops and tablets, TVs, data centers, electric vehicles, eMobility, and energy generation from renewables. The company ...

Website: http://navitassemi.com

Founded: 2013

Founder: Gene Sheridan, Dan Kinzer and Jason Zhang

Sector: Technology

Industry: Semiconductors

Semiconductors

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31

net revenues	7,296,000	10,112,000	14,490,000	14,018,000	17,978,000	21,681,000	20,468,000	23,175,000	26,057,000	21,978,000	18,062,000	13,358,000	12,349,000	10,243,000	8,611,000	6,740,000
yoy	-59.42%	-53.36%	-29.21%	-39.51%	-31.01%	-1.35%	13.32%	73.49%	111.00%	114.57%	109.75%	98.19%
qoq	-27.85%	-30.21%	3.37%	-22.03%	-17.08%	5.93%	-11.68%	-11.06%	18.56%	21.68%	35.21%	8.17%	20.56%	18.95%	27.76%
cost of revenues	4,514,000	6,281,000	12,162,000	8,711,000	15,756,000	13,069,000	12,478,000	13,660,000	15,070,000	14,878,000	10,572,000	7,873,000	7,341,000	9,852,000	5,026,000	3,777,000
operating expenses:
research and development	12,386,000	13,280,000	11,496,000	12,668,000	18,974,000	17,828,000	18,971,000	20,229,000	18,085,000	16,553,000	16,791,000	17,394,000	13,956,000	13,343,000	9,606,000	13,413,000
selling, general and administrative	10,475,000	5,230,000	7,751,000	11,740,000	16,354,000	15,040,000	15,382,000	16,087,000	14,922,000	14,419,000	13,151,000	19,058,000	15,339,000	24,477,000	13,993,000	24,544,000
amortization of intangible assets	4,734,000	4,735,000	4,734,000	4,734,000	4,661,000	4,717,000	4,774,000	4,774,000	4,774,000	4,774,000	4,773,000	4,499,000
restructuring expense	367,250			1,469,000
total operating expenses	44,175,000	23,245,000	23,981,000	30,611,000	41,212,000	37,585,000	39,127,000	41,090,000	37,781,000	35,746,000	34,715,000	40,951,000	36,208,000	37,820,000	23,599,000	37,957,000
income from operations	-41,393,000	-19,414,000	-21,653,000	-25,304,000	-38,990,000	-28,973,000	-31,137,000	-31,575,000	-26,794,000	-28,646,000	-27,225,000	-35,466,000	-31,200,000	-37,429,000	-20,014,000	-34,994,000	-66,633,235	-264,590	-1,330,017
yoy	6.16%	-32.99%	-30.46%	-19.86%	45.52%	1.14%	14.37%	-10.97%	-14.12%	-23.47%	36.03%	1.35%	-53.18%	14046.04%	1404.79%
qoq	113.21%	-10.34%	-14.43%	-35.10%	34.57%	-6.95%	-1.39%	17.84%	-6.47%	5.22%	-23.24%	13.67%	-16.64%	87.01%	-42.81%	-47.48%	25083.58%	-80.11%
operating margin %	-567.34%	-191.99%	-149.43%	-180.51%	-216.88%	-133.63%	-152.13%	-136.25%	-102.83%	-130.34%	-150.73%	-265.50%	-252.65%	-365.41%	-232.42%	-519.20%	-Infinity%	-Infinity%	-Infinity%	NaN%
other income, net:
interest income	369,000	401,000	131,000	-38,000	-41,000	-39,000	-72,000	1,682,000	1,963,000	1,695,000	806,000	903,000	721,000	638,000	52,000
dividend income	1,161,000	985,000	647,000	744,000	982,000	1,210,000	1,361,000
gain from change in fair value of earnout liabilities	8,271,000	-844,000	-27,964,000	8,113,000	-6,276,000	9,171,000	7,550,000	26,199,000	-8,285,000	34,473,000	-32,224,000	-27,752,000	9,547,000	-6,098,000	54,854,000	63,406,000
other income	10,000	-59,000	37,000	18,000	-38,000	26,000	31,000	83,000	34,000	20,000	20,000	11,000
total other income	9,811,000	483,000	-27,149,000	8,837,000	-5,373,000	10,368,000	8,870,000	27,964,000	-6,288,000	36,188,000	-31,398,000	-26,838,000	10,336,000	-5,534,000	54,121,000	114,789,000	-79,743,693	4,588,310	-10,717,990
income before income taxes	-31,582,000	-18,931,000	-48,802,000	-16,467,000	-44,363,000	-18,605,000	-22,267,000	-3,611,000	-33,082,000	7,542,000	-58,623,000	-62,304,000	-20,864,000	-42,963,000	34,107,000	79,795,000
income tax provision	-61,000	-19,000	48,000	82,000	64,000	125,000	61,000	70,000	-3,250	23,000	-96,000	61,000	-12,950,000	-10,135,000
equity method investment loss	-206,750	-322,000	-225,000	-280,000
net income	-31,815,000	-19,234,000	-49,075,000	-16,829,000	-39,860,000	-18,730,000	-22,328,000	-3,681,000	-32,578,000	7,519,000	-58,527,000	-62,365,000	-7,914,000	-32,828,000	33,837,000	79,792,000	-146,423,928	4,323,720	-12,048,007
yoy	-20.18%	2.69%	119.79%	357.19%	22.35%	-349.10%	-61.85%	-94.10%	311.65%	-122.90%	-272.97%	-178.16%	-94.60%	-859.25%	-380.85%
qoq	65.41%	-60.81%	191.61%	-57.78%	112.81%	-16.11%	506.57%	-88.70%	-533.28%	-112.85%	-6.15%	688.03%	-75.89%	-197.02%	-57.59%	-154.49%	-3486.53%	-135.89%
net income margin %	-436.06%	-190.21%	-338.68%	-120.05%	-221.72%	-86.39%	-109.09%	-15.88%	-125.03%	34.21%	-324.03%	-466.87%	-64.09%	-320.49%	392.95%	1183.86%	-Infinity%	Infinity%	-Infinity%	NaN%
net loss per common share
basic net loss per share attributable to common stockholders	-0.14	-0.09	-0.25	-0.09			-0.12	-0.02
diluted net loss per share attributable to common stockholders	-0.14	-0.09	-0.25	-0.09			-0.12	-0.02
weighted-average common shares used in net loss per share attributable to common shareholders
basic common shares	5,642	212,681	198,956	187,784	-91	184,672	183,127	179,779	3,208	175,103	165,606	156,792	6,278	138,455	124,030	119,542
diluted common shares	5,642	212,681	198,956	187,784	-91	184,672	183,127	179,779	3,208	185,626	165,606	156,792	5,609	138,455	132,132	131,149
net loss per common share:
weighted-average common shares used in net loss per share attributable to common stockholders:
less: net loss attributable to noncontrolling interests									-129,500			-518,000
net income attributable to controlling interests					-11,184,750	-18,730,000			-28,213,750	7,519,000	-58,527,000	-61,847,000	-7,126,000	-32,590,000
net income per common share:
basic net income per share attributable to common stockholders					-0.063	-0.1			-0.18	0.04	-0.35	-0.39	-0.09	-0.24	0.27	0.67
diluted net income per share attributable to common stockholders					-0.063	-0.1			-0.18	0.04	-0.35	-0.39	-0.07	-0.24	0.26	0.61
weighted-average common shares used in net income per share attributable to common stockholders:
net loss attributable to controlling interests							-22,328,000	-3,681,000
gain from change in fair value of warrants																51,763,000
gross profit													1,734,750	391,000	3,585,000	2,963,000
yoy
qoq													343.67%	-89.09%	20.99%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	14.05%	3.82%	41.63%	43.96%	NaN%	NaN%	NaN%	NaN%
other expense													-303,750	-74,000	-785,000	-356,000
less: net income attributable to noncontrolling interests													-788,000	-238,000
provision for income taxes															270,000	3,000
interest expense, net of interest income of 16 and 2																-24,000
general and administrative expenses																	468,691.25	264,590	1,330,017
other income:
change in fair value of derivative warrant liabilities																	-1,113,499.75	4,585,001	-10,742,000
interest – bank																	942.5	53
interest earned on investments held in trust account																	15,980.5	3,256	23,198
weighted-average shares outstanding of class a common stock																		25,300,000
basic and diluted income per share of class a common stock																	-0.05	0.14
weighted-average shares outstanding of class b common stock																		6,325,000
basic and diluted net income per share, class b common stock																	-0.05	0.14
interest - bank																			812
weighted-average shares outstanding of class a redeemable common stock																			25,300,000
basic and diluted income per share of class a redeemable common stock
weighted-average shares outstanding of class b non-redeemable common stock																			6,325,000
basic and diluted net income per share, class b non-redeemable common stock																			-1.9

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31

assets
current assets
cash and cash equivalents	236,857,000	150,551,000	161,189,000	75,132,000	86,737,000	98,614,000	111,995,000	129,682,000	152,839,000	176,698,000	177,748,000	100,823,000	110,337,000	124,792,000	240,504,000	253,797,000	268,252,000
accounts receivable	3,621,000	9,788,000	12,476,000	12,427,000	13,982,000	21,091,000	22,679,000	22,199,000	25,858,000	17,573,000	15,153,000	7,423,000	9,127,000	10,859,000	9,407,000	9,621,000	8,263,000
inventories	13,283,000	14,665,000	15,124,000	16,062,000	15,477,000	21,284,000	25,159,000	33,176,000	23,166,000	15,904,000	18,895,000	18,873,000	19,061,000
prepaid expenses and other current assets	4,399,000	3,834,000	4,076,000	4,679,000	4,070,000	4,161,000	4,747,000	6,024,000	6,619,000	4,511,000	4,291,000	2,880,000	3,623,000	3,388,000	2,342,000	2,988,000	2,877,000
restricted cash	1,745,000	670,000	152,000	483,000	1,503,000
total current assets	259,905,000	178,838,000	192,865,000	108,300,000	120,266,000	145,150,000	164,580,000	191,081,000	208,482,000	214,686,000	216,087,000	129,999,000	142,148,000	156,083,000	266,248,000	279,536,000	291,370,000	318,516	419,982	1,739,408
property and equipment	9,779,000	14,373,000	14,521,000	14,706,000	15,421,000	13,057,000	13,259,000	11,773,000	9,154,000	8,392,000	7,255,000	6,840,000	6,532,000	5,721,000	4,266,000	2,471,000	2,302,000
operating lease right of use assets	5,166,000	5,599,000	6,012,000	6,474,000	6,900,000	7,266,000	7,820,000	7,805,000	8,268,000	5,950,000	6,150,000	6,537,000	6,381,000	6,631,000	7,039,000	1,391,000
finance lease right of use assets	766,000	848,000	930,000
intangible assets	53,258,000	57,992,000	62,727,000	67,461,000	72,195,000	76,856,000	81,563,000	86,325,000	91,099,000	96,176,000	100,847,000	105,569,000	105,620,000	110,461,000	421,000	82,000	170,000
goodwill	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	163,215,000	161,442,000	161,527,000	160,296,000	1,177,000
other assets	8,380,000	8,672,000	9,019,000	10,191,000	10,478,000	8,654,000	8,613,000	7,690,000	5,328,000	5,501,000	5,600,000	5,581,000	3,054,000	3,976,000	7,166,000	3,223,000	1,553,000
total assets	500,469,000	430,207,000	449,441,000	370,830,000	389,978,000	419,409,000	439,050,000	467,889,000	485,546,000	493,920,000	499,154,000	415,968,000	425,262,000	443,168,000	286,317,000	286,903,000	295,601,000	253,400,679	253,498,889	254,795,117
liabilities and stockholders’ equity
current liabilities
accounts payable and other accrued expenses	22,350,000	14,058,000	16,927,000	14,272,000	10,754,000	13,593,000	13,113,000	24,450,000	26,637,000	14,793,000	17,683,000	13,610,000	14,653,000	9,310,000	6,300,000	5,216,000	4,860,000
accrued compensation expenses	4,949,000	6,343,000	4,398,000	3,265,000	8,623,000	8,497,000	7,749,000	7,591,000	10,902,000	15,487,000	6,708,000	7,711,000	3,907,000	4,923,000	4,910,000	3,604,000	2,639,000
operating lease liabilities, current	1,866,000	1,817,000	1,789,000	1,772,000	1,767,000	1,868,000	1,886,000	1,857,000	1,892,000	1,346,000	1,403,000	1,477,000	1,305,000
finance lease liabilities, current	323,000	319,000	315,000
earnout liability, current	22,632,000
total current liabilities	52,120,000	22,537,000	23,429,000	19,309,000	21,144,000	25,964,000	28,952,000	41,972,000	50,384,000	45,385,000	35,952,000	23,472,000	20,351,000	18,641,000	15,579,000	12,881,000	10,728,000	297,926	134,855	125,073
operating lease liabilities noncurrent	3,827,000	4,265,000	4,714,000	5,112,000	5,553,000	5,993,000	6,286,000	6,307,000	6,653,000	4,788,000	4,919,000	5,248,000	5,263,000	5,488,000	5,824,000	600,000
finance lease liabilities noncurrent	456,000	538,000	619,000
earnout liability		30,903,000	30,059,000	2,095,000	10,208,000	3,932,000	13,103,000	20,653,000	46,852,000	38,567,000	73,040,000	40,816,000	13,064,000	22,611,000	15,913,000	70,767,000	134,173,000
deferred tax liabilities	405,000	371,000	406,000	428,000	441,000	1,040,000	1,040,000	1,040,000	1,040,000	1,830,000	1,829,000	1,829,000	1,824,000	12,995,000
other noncurrent liabilities		608,000
total liabilities	56,808,000	59,222,000	60,564,000	29,010,000	41,965,000	38,581,000	50,950,000	69,972,000	104,929,000	90,570,000	115,740,000	71,365,000	40,502,000	61,058,000	39,438,000	87,167,000	230,065,000	33,255,426	37,677,356	26,925,574
commitments and contingencies
stockholders' equity
class a common stock, 0.0001 par value...	26,000	24,000	24,000	22,000	22,000	22,000													422	301
class b common stock, 0.0001 par value...																		633	633	633
additional paid-in capital	945,381,000	840,892,000	839,550,000	743,420,000	732,784,000	725,739,000	714,282,000	701,771,000	680,790,000	670,947,000	658,530,000	561,193,000	535,875,000	525,311,000	361,963,000	348,658,000	294,190,000		19,303,036	7,255,150
accumulated other comprehensive loss	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-7,000	-8,000	-62,000	-62,000	-2,000
accumulated deficit	-501,739,000	-469,924,000	-450,690,000	-401,615,000	-384,786,000	-344,926,000	-326,196,000	-303,868,000	-300,187,000	-267,609,000	-275,128,000	-216,601,000	-154,754,000	-147,628,000	-115,038,000	-148,875,000	-228,667,000	-32,855,380	-14,304,088	-2,256,081
total stockholders’ equity	443,661,000	370,985,000	388,877,000	341,820,000	348,013,000	380,828,000	388,100,000	397,917,000	380,617,000	403,350,000	383,414,000	344,603,000	384,760,000	382,110,000	246,879,000	199,736,000	65,536,000		5,000,003	5,000,003
total liabilities and stockholders' equity	500,469,000				389,978,000				485,546,000				425,262,000
total liabilities and stockholders’ equity		430,207,000	449,441,000	370,830,000		419,409,000	439,050,000	467,889,000		493,920,000	499,154,000	415,968,000		443,168,000	286,317,000	286,903,000			253,498,889	254,795,117
current assets:
current liabilities:
noncurrent liabilities			1,337,000	2,066,000	4,619,000
stockholders’ equity:
customer deposit and deferred revenue						2,006,000	6,204,000
accounts receivable noncurrent, net of allowance of 773 and 0, respectively						5,211,000
accrued royalties noncurrent						1,652,000	1,569,000
common stock, 0.0001 par value...							21,000	21,000	21,000	19,000	19,000	18,000	18,000	18,000	16,000	15,000	15,000
customer deposit								8,074,000
deferred revenue									10,953,000	13,759,000						17,000	29,000
total stockholders’ equity of navitas semiconductor corporation									380,617,000	403,350,000	383,414,000	344,603,000	381,132,000	377,693,000
noncontrolling interest													3,628,000	4,417,000
other liabilities											10,158,000	674,000	486,000		4,000		60,000
notes receivable																200,000	206,000
current portion of long-term debt														3,200,000	3,200,000	3,200,000	3,200,000
long-term debt														1,323,000	2,122,000	2,919,000	3,716,000
warrant liability																	81,388,000
inventory														17,044,000	13,995,000	13,130,000	11,978,000
current operating lease liabilities														1,208,000	1,165,000	844,000
liabilities, redeemable convertible preferred stock and stockholders’ equity
redeemable convertible preferred stock
series a convertible preferred stock, 0.0001 par value...
series b convertible preferred stock, 0.0001 par value...
series b-1 convertible preferred stock, 0.0001 par value...
series b-2 convertible preferred stock, 0.0001 par value...
stockholders’ equity
total liabilities, redeemable convertible preferred stock and stockholders’ equity																	295,601,000
assets:
cash																		13,955	163,168	1,554,154
prepaid expenses																		304,561	256,814	185,254
investments held in trust account																		253,082,163	253,078,907
liabilities and stockholders’ deficit
accrued expenses																		297,926	134,855	124,902
accrued offering costs																				171
deferred underwriting fee payable																		8,067,500	8,067,500	8,067,500
derivative warrant liabilities																		24,890,000	29,475,001	18,733,001
class a common stock																		253,000,000	210,821,530	222,869,540
stockholders’ deficit
preferred stock, 0.0001 par value...
total stockholders’ deficit																		-32,854,747
total liabilities and stockholders’ deficit																		253,400,679
liabilities and stockholders’ equity:
cash and marketable securities held in trust account																				253,055,709

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31

cash flows from operating activities:
net loss	-31,815,000	-19,234,000	-49,075,000	-16,829,000	-39,860,000	-18,730,000	-22,328,000	-3,681,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation				807,000	770,000	748,000	727,000	722,000	610,000	569,000	475,000	506,000	348,000	280,000	227,000	125,000
amortization of intangibles													4,451,000	2,237,000	83,000	88,000
non-cash lease expense	443,000	437,000	435,000	461,000	172,000	538,000	577,000	601,000	587,000	937,000	0	512,000	727,000	0	237,000	243,000
impairment of other asset
impairment of long-lived assets
stock-based compensation expense	7,958,000	467,000	-913,000	6,972,000	5,020,000	11,372,000	13,091,000	13,548,000	12,218,000	12,079,000	12,570,000	17,161,000	11,152,000	15,774,000	11,036,000	25,326,000
allowance for expected credit losses	-138,000	232,000	404,000	346,000	6,636,000
loss from change in fair value of investment
loss from change in fair value of earnout liability	-8,271,000	844,000			6,276,000	-9,171,000	-7,550,000	-26,199,000	8,285,000	-34,473,000	32,224,000	27,752,000
loss on disposition of property and equipment
deferred income taxes	34,000	-35,000	-22,000	-13,000					-789,000	0	0	5,000	-13,109,000
change in operating assets and liabilities:
accounts receivable	6,305,000	2,456,000	-453,000	1,209,000	5,683,000	-4,675,000	-480,000	3,659,000	-8,285,000	-2,420,000	-7,730,000	1,704,000	1,732,000	665,000	214,000	-1,358,000
inventories	1,382,000	459,000	938,000	-585,000	5,807,000	3,875,000	7,085,000	-10,010,000
prepaid expenses and other current assets	-565,000	242,000	603,000	-609,000	91,000	586,000	836,000	595,000	-2,108,000	-220,000	-1,411,000	743,000	-235,000	-591,000	1,035,000	-109,000
other assets	-2,000	25,000	947,000	7,000	67,000	-51,000	438,000	138,000	476,000	-5,000	-32,000	-1,612,000	-946,000	80,000	-973,000	1,391,000
accounts payable, accrued compensation and other accrued expenses	6,902,000	-1,404,000	2,457,000	-1,729,000	7,064,000	506,000	-9,841,000	-532,000
operating lease liability	-399,000	-445,000	-354,000	-471,000	-347,000	-295,000	-584,000	-519,000	-494,000	-925,000	-16,000	-511,000	-605,000	115,000	-340,000	-241,000
customer deposit and deferred revenue					-2,006,000	-4,198,000
net cash from operating activities	-8,108,000	-10,018,000	-11,232,000	-13,533,000	-10,190,000	-13,725,000	-15,125,000	-19,783,000	-22,656,000	-244,000	-9,278,000	-7,920,000	-8,960,000	-17,154,000	-7,782,000	-10,601,000	-39,845,766
capital expenditures	-48,000	-710,000	-679,000	-41,000	-562,000	-570,000	-2,741,000	-2,898,000	-1,372,000	-1,706,000	-889,000	-815,000	-1,159,000	-1,180,000	-2,011,000	-294,000	0
free cash flows	-8,156,000	-10,728,000	-11,911,000	-13,574,000	-10,752,000	-14,295,000	-17,866,000	-22,681,000	-24,028,000	-1,950,000	-10,167,000	-8,735,000	-10,119,000	-18,334,000	-9,793,000	-10,895,000	-39,845,766
cash flows from investing activities:
proceeds from disposition of property and equipment	46,000
investment purchases					0	0	0	-2,500,000		0	0	-1,000,000
purchases of property and equipment	-48,000	-710,000	-679,000	-41,000	-562,000	-570,000	-2,741,000	-2,898,000	-1,372,000	-1,706,000	-889,000	-815,000	-1,159,000	-1,180,000	-2,011,000	-294,000
net cash from investing activities	-2,000	-710,000	-633,000	-41,000	-562,000	-570,000	-2,741,000	-5,398,000	-1,372,000	-1,706,000	-889,000	-1,815,000	-1,161,000	-98,390,000	-5,065,000	-2,992,000
cash flows from financing activities:
proceeds from the issuance of at-the-market offerings
proceeds from issuance of common stock in connection with pipe offering
costs for the issuance of common stock/at-the-market offering	1,000	0
costs for the issuance of common stock/pipe
proceeds from issuance of common stock in connection with stock option exercises
proceeds from employee stock purchase plan	0	680,000	0	818,000	0	895,000	0	1,788,000
payments on finance lease obligations	-78,000	-77,000
net cash from financing activities	95,491,000	608,000	97,591,000	949,000	378,000	914,000	179,000	2,024,000	169,000	900,000	87,092,000	221,000	-4,334,000	-168,000	-446,000	-862,000	274,576,981
net increase in cash	87,381,000	-10,120,000	85,726,000	-12,625,000
cash, cash equivalents, and restricted cash at beginning of period	0	0	0	88,240,000
cash, cash equivalents, and restricted cash at end of period	87,381,000	-10,120,000	85,726,000	75,615,000
depreciation and amortization		881,000
amortization of intangible assets		4,735,000	4,734,000	4,734,000		4,717,000	4,774,000	4,774,000		4,774,000	4,736,000	4,536,000
loss from equity method investment		322,000	225,000	280,000
loss on disposition of capital assets		0
proceeds from the issuance of the at-the-market offerings		0
proceeds from issuance of common stock in connection stock option exercises		5,000	892,000	131,000		19,000	179,000	236,000		900,000	633,000	221,000	199,000	632,000	354,000	526,000
reconciliation of cash, cash equivalents and restricted cash
cash and cash equivalents		-10,638,000	86,057,000	75,132,000
restricted cash		518,000	-331,000	483,000
total cash, cash equivalents and restricted cash		-10,120,000	85,726,000	75,615,000
supplemental disclosure of cash flow information:
cash paid for income taxes		72,000	123,000	64,000	98,000	82,000	89,000	27,000				10,000		175,000	165,000	23,000
cash paid for interest		11,000												73,000	65,000	67,000
capital expenditures in accounts payable		-111,000	-47,000	314,000		-23,000	-528,000	942,000		584,000	-48,000	228,000		-70,000
shares issued in connection with annual bonus		0	0	2,988,000
noncash finance lease acquisition		0
proceeds from disposition of capital assets
gain from change in fair value of earnout liability				-8,113,000										6,098,000	-54,854,000	-63,406,000
other									0			85,000	2,176,000	1,019,000	1,512,000	-357,000
gain from change in fair value of investment
non-cash bonus accruals
proceeds from issuance of common stock in may 2023 public offering									0	0
payment of may 2023 public offering costs									0	0
capital expenditures not yet paid
shares issued in connection with buyout agreement										0	0	22,400,000
net increase in cash and cash equivalents									-23,859,000	-1,050,000
cash and cash equivalents at beginning of period						0	0	152,839,000	0	0	0	110,337,000	0	0	0	268,252,000
cash and cash equivalents at end of period						-13,381,000	-17,687,000	129,682,000	-23,859,000	-1,050,000	76,925,000	100,823,000	-14,455,000	-115,712,000	-13,293,000	253,797,000
amortization of debt discount and issuance costs													10,000	1,000	3,000	3,000
net decrease in cash and cash equivalents							-17,687,000	-23,157,000				-9,514,000		-115,712,000	-13,293,000	-14,455,000
customer deposit								-2,879,000
net income									-32,578,000	7,520,000	-58,528,000	-62,365,000	-7,914,000	-32,828,000	33,837,000	79,792,000
adjustments to reconcile net income to net cash from operating activities:
gain from change in fair value of warrants														0	0	-51,763,000
inventory									-7,262,000	2,991,000	-22,000	188,000	-2,017,000	-714,000	-865,000	-1,152,000
accounts payable, accrued compensation and other expenses											8,456,000	3,376,000				817,000
deferred revenue
investment purchase
business acquisitions, net of cash acquired													-2,000
investment in joint venture													0	0	-2,500,000	-2,704,000
investment in preferred stock													0
receipts on notes receivable													0	0	91,000	6,000
redemption of warrants													0	0	0	-38,000
repurchase of common stock													0	0	0	-550,000
principal payments on long-term debt													-4,533,000	-800,000	-800,000	-800,000
supplemental disclosure of non-cash investing and financing activities:
net assets acquired through change in control of joint venture
shares issued for business acquisition														146,312,000
accounts payable, accrued compensation and deferred revenue
payment of debt issuance costs
amortization of deferred rent
loss from change in fair value of warrants
asset acquisition
proceeds from reverse recapitalization
payment of stock issuance costs
proceeds from issuance of long-term debt
accounts payable, accrued compensation and other liabilities														895,000
payment of deferred offering costs
effect of exchange rate changes on cash
deferred offering costs in other current assets and accounts payable and accrued expenses
business acquisition, net of cash acquired
repayment of notes receivable
proceeds from issuance of preferred stock
payment of preferred stock issuance costs
proceeds from issuance of common stock
net increase in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash at beginning of period
cash, cash equivalents and restricted cash at end of period
payable for asset acquisition
warrants issued in connection with debt
change in fair value of warrant liabilities
interest earned on investments held in trust account
changes in operating assets and liabilities:
prepaid expenses
accrued expenses
proceeds from issuance of class b common stock to sponsor
proceeds from promissory note – related party
payment of offering costs
net change in cash
cash – beginning of period
cash – end of period
●
redeemable class a common stock
numerator: earnings allocable to redeemable class a common stock
interest income
income and franchise tax
net earnings
denominator: weighted-average redeemable class a common stock
redeemable class a common stock, basic and diluted
earnings/basic and diluted redeemable class a common stock
non-redeemable class b common stock
numerator: net income minus redeemable net earnings
redeemable net earnings
non-redeemable net income
denominator: weighted-average non-redeemable common stock
non-redeemable class b common stock, basic and diluted
loss/basic and diluted non-redeemable class b common stock

Navitas Semiconductor(NASDAQ:NVTS)

Navitas Semiconductor
(NASDAQ:NVTS)