Revenue and Financial Performance - Q2 2024 revenue grew to 20.5million,a1318.1 million in Q2 2023[2] - Net revenues for Q2 2024 increased to 20.47million,up13.318.06 million in Q2 2023[11] - Q3 2024 net revenues are expected to be 22.0millionplusorminus500 thousand, with non-GAAP gross margin expected to be 40% plus or minus 50 basis points[4] Operating Loss and Expenses - GAAP loss from operations for Q2 2024 was 31.1million,comparedtoalossof27.2 million in Q2 2023[2] - Non-GAAP loss from operations for Q2 2024 was 13.3million,comparedtoalossof9.6 million in Q2 2023[2] - Non-GAAP loss from operations was 13.31millioninQ22024,up39.49.55 million in Q2 2023[12] - Research and development expenses increased to 18.97millioninQ22024,up13.016.79 million in Q2 2023[11] - Non-GAAP operating expenses totaled 21.55millioninQ22024,up26.417.04 million in Q2 2023[12] - Total stock-based compensation expenses were 13.09millioninQ22024,up4.112.57 million in Q2 2023[12] Gross Margin and Profitability - Gross margin improved to 19.7% in Q2 2024 compared to 19.5% in Q2 2023[11] - Non-GAAP gross margin reached 40.3% in Q2 2024, slightly down from 41.5% in Q2 2023[12] Net Loss and Earnings Per Share - Net loss attributable to controlling interest decreased to 22.33millioninQ22024from58.53 million in Q2 2023[11] - Net loss per share improved to 0.12inQ22024from0.35 in Q2 2023[11] - Non-GAAP net loss for the period was (12,047)thousand,comparedto(8,648) thousand in the previous period[13] - Non-GAAP net loss per share (basic and diluted) was (0.07),comparedto(0.05) in the previous period[13] - Average shares outstanding for the calculation of non-GAAP net loss per share were 183,127 thousand[13] Cash and Assets - Cash and cash equivalents were 112.0millionasofJune30,2024,withnodebt[2]−TotalcurrentassetsasofDecember31,2023,were207,109 thousand, including 152,839thousandincashandcashequivalents[14]−Intangibleassets,net,stoodat91,099 thousand as of December 31, 2023[14] - Goodwill was reported at 163,215thousandasofDecember31,2023[14]−TotalassetsasofDecember31,2023,were485,546 thousand[14] - Stockholders' equity was reported at 380,617thousandasofDecember31,2023[14]LiabilitiesandEquity−Totalliabilitiesamountedto104,929 thousand, with current liabilities at 48,487thousand[14]CustomerPipelineandDesignWins−CustomerpipelineforAIdatacentersdoubledsinceDecember2023,withover60customerprojectsindevelopmentand7newdatacenterdesignwinsinQ2[3]−EV/eMobilitycustomerpipelinenowincludesover200projects,with15designwinsinQ2andfirstGaNrevenuesinEVexpectedbytheendof2025[3]−Appliance/Industrialcustomerpipelinegrewbeyond380 million, with 25 new project wins expected to ramp production in 2025 or 2026[3] - Solar/Energy Storage customer pipeline includes over 100 projects, with 6 new commercial design wins in Q2 and expected US GaN-based micro-inverter ramp next year[3] - Mobile/Consumer GaN adoption at Xiaomi and OPPO is expected to reach 30% in 2024, with 16 new GaNFast chargers launched in Q2, bringing the total to over 470 designs[3] Shares and Amortization - Shares used in per share calculation increased to 183,127 in Q2 2024 from 165,606 in Q2 2023[11] - Amortization of acquisition-related intangible assets was 4,774thousand,comparedto4,773 thousand in the previous period[13]
Navitas Semiconductor (NVTS)2024-08-05 20:14