Navitas Semiconductor (NVTS) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39755
Entity Registrant Name	Navitas Semiconductor Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2560226
Entity Address, Address Line One	3520 Challenger Street
Entity Address, Postal Zip Code	90503-1640
Entity Address, City or Town	Torrance,
Entity Address, State or Province	CA
City Area Code	844
Local Phone Number	654-2642
Title of 12(b) Security	Class A Common Stock,par value $0.0001 per share
Trading Symbol	NVTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,488,254
Amendment Flag	false
Entity Central Index Key	0001821769
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 176,698	$ 110,337
Accounts receivable, net	17,573	9,127
Inventories	15,904	19,061
Prepaid expenses and other current assets	4,511	3,623
Total current assets	214,686	142,148
PROPERTY AND EQUIPMENT, net	8,392	6,532
OPERATING LEASE RIGHT OF USE ASSETS	5,950	6,381
INTANGIBLE ASSETS, net	96,176	105,620
GOODWILL	163,215	161,527
OTHER ASSETS	5,501	3,054
Total assets	493,920	425,262
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	14,793	14,653
Accrued compensation expenses	15,487	3,907
Operating lease liabilities, current	1,346	1,305
Deferred revenue	13,759	486
Total current liabilities	45,385	20,351
OPERATING LEASE LIABILITIES NONCURRENT	4,788	5,263
EARNOUT LIABILITY	38,567	13,064
DEFERRED TAX LIABILITIES	1,830	1,824
Total liabilities	90,570	40,502
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value, 750,000,000 shares authorized as of both September 30, 2023 and December 31, 2022, and 178,584,150 and 153,628,838 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	19	18
Additional paid-in capital	670,947	535,875
Accumulated other comprehensive loss	(7)	(7)
Accumulated deficit	(267,609)	(154,754)
Total stockholders’ equity of Navitas Semiconductor Corporation	403,350	381,132
Noncontrolling interest	0	3,628
Total stockholders’ equity	403,350	384,760
Total liabilities and stockholders’ equity	$ 493,920	$ 425,262

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock shares issued (in shares)	178,584,150	153,628,838
Common stock, shares outstanding (in shares)	178,584,150	153,628,838

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
NET REVENUES	$ 21,978	$ 10,243	$ 53,399	$ 25,594
COST OF REVENUES (exclusive of amortization of intangible assets included below)	14,878	9,852	33,322	18,655
OPERATING EXPENSES:
Research and development	16,553	11,526	50,740	34,373
Selling, general and administrative	14,419	24,053	46,629	62,590
Amortization of intangible assets	4,774	2,241	14,046	2,413
Total operating expenses	35,746	37,820	111,415	99,376
LOSS FROM OPERATIONS	(28,646)	(37,429)	(91,338)	(92,437)
OTHER INCOME (EXPENSE), net:
Interest income, net	1,695	638	3,405	666
Gain from change in fair value of warrants	0	0	0	51,763
Gain (loss) from change in fair value of earnout liabilities	34,473	(6,098)	(25,503)	112,162
Other income (expense)	20	(74)	50	(1,215)
Total other income (expense), net	36,188	(5,534)	(22,048)	163,376
INCOME (LOSS) BEFORE INCOME TAXES	7,542	(42,963)	(113,386)	70,939
INCOME TAX (BENEFIT) PROVISION	23	(10,135)	(13)	(9,862)
NET INCOME (LOSS)	7,519	(32,828)	(113,373)	80,801
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(238)	(518)	(238)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 7,519	$ (32,590)	$ (112,855)	$ 81,039
NET INCOME (LOSS) PER COMMON SHARE:
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.04	$ (0.24)	$ (0.68)	$ 0.64
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.04	$ (0.24)	$ (0.68)	$ 0.58
WEIGHTED AVERAGE COMMON SHARES USED IN NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS:
Basic common shares (in shares)	175,103	138,455	165,719	127,390
Diluted common shares (in shares)	185,626	138,455	165,719	140,134

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 7,519	$ (32,828)	$ (113,373)	$ 80,801
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax	0	54	0	(6)
Total other comprehensive income (loss)	0	54	0	(6)
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST	7,519	(32,774)	(113,373)	80,795
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	0	(238)	(518)	(238)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	$ 7,519	$ (32,536)	$ (112,855)	$ 81,033

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Accumulated deficit	Accumulated comprehensive income (loss)	Noncontrolling interest
Beginning balance, common stock (in shares) at Dec. 31, 2021		117,751,000
Beginning balance, common stock at Dec. 31, 2021	$ 65,536	$ 15	$ 294,190	$ (228,667)	$ (2)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		2,459,000
Issuance of common stock under employee stock option and stock award plans	1,305		1,305
Repurchase of common stock (in shares)		(67,000)
Repurchase of common stock	(550)		(550)
Exercise of warrants (in shares)		3,318,000
Exercise of warrants	29,641		29,641
Stock-based compensation expense related to employee and non-employee stock awards	24,072		24,072
Foreign currency translation adjustment	(60)				(60)
Net income (loss)	79,792			79,792
Ending balance, common stock (in shares) at Mar. 31, 2022		123,461,000
Ending balance, common stock at Mar. 31, 2022	199,736	$ 15	348,658	(148,875)	(62)	0
Beginning balance, common stock (in shares) at Dec. 31, 2021		117,751,000
Beginning balance, common stock at Dec. 31, 2021	65,536	$ 15	294,190	(228,667)	(2)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(6)
Net income (loss)	80,801
Ending balance, common stock (in shares) at Sep. 30, 2022		152,015,000
Ending balance, common stock at Sep. 30, 2022	382,110	$ 18	525,311	(147,628)	(8)	4,417
Beginning balance, common stock (in shares) at Mar. 31, 2022		123,461,000
Beginning balance, common stock at Mar. 31, 2022	199,736	$ 15	348,658	(148,875)	(62)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		1,862,000
Issuance of common stock under employee stock option and stock award plans	2,515	$ 1	2,514
Shares issued for business acquisition (in shares)		150,000
Shares issued for business acquisition	1,068		1,068
Stock-based compensation expense related to employee and non-employee stock awards	9,723		9,723
Net income (loss)	33,837			33,837
Ending balance, common stock (in shares) at Jun. 30, 2022		125,473,000
Ending balance, common stock at Jun. 30, 2022	246,879	$ 16	361,963	(115,038)	(62)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		1,489,000
Issuance of common stock under employee stock option and stock award plans	1,316		1,316
Shares issued for business acquisition (in shares)		24,883,000
Shares issued for business acquisition	146,312	$ 2	146,310
Shares issued for transaction fees (in shares)		170,000
Stock value issued for transaction fees	1,000		1,000
Stock-based compensation expense related to employee and non-employee stock awards	14,722		14,722
Change in noncontrolling interest	4,655					4,655
Foreign currency translation adjustment	54				54
Net income (loss)	(32,828)			(32,590)		(238)
Ending balance, common stock (in shares) at Sep. 30, 2022		152,015,000
Ending balance, common stock at Sep. 30, 2022	$ 382,110	$ 18	525,311	(147,628)	(8)	4,417
Beginning balance, common stock (in shares) at Dec. 31, 2022	153,628,838	153,629,000
Beginning balance, common stock at Dec. 31, 2022	$ 384,760	$ 18	535,875	(154,754)	(7)	3,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		3,082,000
Issuance of common stock under employee stock option and stock award plans	2,925		2,925
Shares issued in connection with buyout agreement / Shares issued in public offering (in shares)		4,232,000
Shares issued in connection with buyout agreement / Shares issued in public offering	4,399		7,509			(3,110)
Stock-based compensation expense related to employee and non-employee stock awards	14,884		14,884
Net income (loss)	(62,365)			(61,847)		(518)
Ending balance, common stock (in shares) at Mar. 31, 2023		160,943,000
Ending balance, common stock at Mar. 31, 2023	$ 344,603	$ 18	561,193	(216,601)	(7)	0
Beginning balance, common stock (in shares) at Dec. 31, 2022	153,628,838	153,629,000
Beginning balance, common stock at Dec. 31, 2022	$ 384,760	$ 18	535,875	(154,754)	(7)	3,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	0
Net income (loss)	$ (113,373)
Ending balance, common stock (in shares) at Sep. 30, 2023	178,584,150	178,584,000
Ending balance, common stock at Sep. 30, 2023	$ 403,350	$ 19	670,947	(267,609)	(7)	0
Beginning balance, common stock (in shares) at Mar. 31, 2023		160,943,000
Beginning balance, common stock at Mar. 31, 2023	344,603	$ 18	561,193	(216,601)	(7)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		1,207,000
Issuance of common stock under employee stock option and stock award plans	633		633
Shares issued in connection with buyout agreement / Shares issued in public offering (in shares)		11,500,000
Shares issued in connection with buyout agreement / Shares issued in public offering	86,459	$ 1	86,458
Stock-based compensation expense related to employee and non-employee stock awards	10,246		10,246
Net income (loss)	(58,527)			(58,527)
Ending balance, common stock (in shares) at Jun. 30, 2023		173,650,000
Ending balance, common stock at Jun. 30, 2023	383,414	$ 19	658,530	(275,128)	(7)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		4,934,000
Issuance of common stock under employee stock option and stock award plans	2,178		2,178
Stock-based compensation expense related to employee and non-employee stock awards	10,239		10,239
Foreign currency translation adjustment	0
Net income (loss)	$ 7,519			7,519
Ending balance, common stock (in shares) at Sep. 30, 2023	178,584,150	178,584,000
Ending balance, common stock at Sep. 30, 2023	$ 403,350	$ 19	$ 670,947	$ (267,609)	$ (7)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (113,373)	$ 80,801
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	1,550	632
Amortization expense	14,046	2,408
Non-cash lease expense	1,449	480
Other	85	2,174
Stock-based compensation expense	41,810	52,136
Amortization of debt discount and issuance costs	0	7
Gain from change in fair value of warrants	0	(51,763)
(Gain) loss from change in fair value of earnout liability	25,503	(112,162)
Deferred income taxes	5	(10,185)
Change in operating assets and liabilities:
Accounts receivable	(8,446)	(479)
Inventory	3,157	(2,731)
Prepaid expenses and other current assets	(888)	335
Other assets	(1,649)	498
Accounts payable, accrued compensation and deferred revenue	20,761	2,778
Operating lease liability	(1,452)	(466)
Net cash used in operating activities	(17,442)	(35,537)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment purchases	(1,000)	0
Business acquisitions, net of cash acquired	0	(96,355)
Investment in Joint Venture	0	(5,204)
Investment in preferred stock	0	(1,500)
Purchases of property and equipment	(3,410)	(3,485)
Receipts on notes receivable	0	97
Net cash used in investing activities	(4,410)	(106,447)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of warrants	0	(38)
Repurchase of common stock	0	(550)
Proceeds from issuance of common stock in connection stock option exercises	1,754	1,512
Proceeds from issuance of common stock in May 2023 public offering	86,941	0
Payment of May 2023 public offering costs	(482)	0
Payment of debt issuance costs	0	(2,400)
Net cash provided by (used in) financing activities	88,213	(1,476)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	66,361	(143,460)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	110,337	268,252
CASH AND CASH EQUIVALENTS AT END OF PERIOD	176,698	124,792
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net assets acquired through change in control of joint venture	0	6,444
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	64	363
Cash paid for interest	0	205
Shares issued in connection with buyout agreement (see Note 18)	22,400	0
Shares issued for business acquisition	0	147,380
Capital expenditures in accounts payable	$ 764	$ 803

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Navitas Semiconductor Corporation (“the Company”) designs, develops and markets next-generation power semiconductors including gallium nitride (“GaN”) power integrated circuits (“ICs”), silicon carbide (“SiC”) and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. Power supplies incorporating the Company’s products may be used in a wide variety of applications including fast chargers for mobile phones and laptops, consumer electronics, data centers, solar products, electric vehicles and infrastructure, among numerous other applications. The Company’s products provide superior efficiency, performance, size, cost and sustainability relative to existing silicon technology. The Company presently operates as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers. Navitas maintains its operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, Thailand, Korea and the Philippines, with principal executive offices in Torrance, California. May 2023 Public Offering On May 26, 2023, the Company completed an underwritten public offering (the “May 2023 Public Offering”) of 10,000.000 shares of its Class A Common Stock at a public offering price of $8.00 per share, before deducting underwriting discounts and commissions. In connection with the May 2023 Public Offering, the Company granted the underwriters of the offering a 30-day option to purchase up to an additional 1,500,000 shares of the Company’s Class A Common Stock (the “Option Shares”) from the Company at the same public offering price. On June 1, 2023, the underwriters exercised in full their option to purchase the Option Shares. The sale of the Option Shares closed on June 5, 2023. After deducting underwriting discounts and commissions and before deducting offering expenses payable by the Company, the Company received net proceeds of $75.6 million and $11.3 million from the May 2023 Public Offering and sale of the Option Shares, respectively. The total net proceeds received by the Company after deducting offering expenses was $86.5 million. The Company intends to use the net proceeds for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments. Acquisitions In June 2022, the Company acquired VDDTECH srl, a Belgian private company, for approximately $1.9 million in cash and stock , and in August 2022 the Company acquired GeneSiC for approximately $246.2 million in cash and stock. S ee Note 17, Business Combinations, for more information. In January 2023, the Company announced an agreement to acquire the remaining minority interest in its silicon control IC joint venture from Halo Microelectronics International Corporation for a purchase price of $22.4 million in Navitas stock. The transaction was completed in February 2023. See Note 18, Noncontrolling Interest, for more information. Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are in the opinion of management, necessary for a fair presentation of such condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of results to be expected for the full year ending December 31, 2023. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 3, 2023. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Form 10-K filed with the SEC on April 3, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Business Combinations We account for business combinations using the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) 805 , “ Business Combinations” . The acquisition method requires identifiable assets acquired and liabilities assumed to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. Valuation of Contingent Consideration Resulting from a Business Combination In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each quarter thereafter, we revalue these obligations and record increases or decreases in their fair value within our Condensed Consolidated Statements of Operations until such time as the specified milestone achievement period is complete. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones. Significant judgment is employed in determining these assumptions as of the acquisition date and for each subsequent period. Updates to assumptions could have a significant impact on our results of operations in any given period. Actual results may differ from estimates. Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaced the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. For companies that qualify under the emerging growth company exemptions, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and is effective for the Company beginning in 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. We pool financial assets based on their risk characteristics, which include class of customer, geographic location of the customer, contractual life of the financial asset, and age of the open receivable balance. The allowance for credit losses pool is estimated based on historical credit loss rates adjusted for management’s reasonable and supportable expectations of future economic conditions, which consider macroeconomic, industry and market trends that could impact future credit loss rates. Additions to the allowance are charged to general and administrative expenses in the consolidated statements of operations. Accounts receivables are written off against the allowance when the probability of collection of an account balance is deemed remote.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory consists of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 4,776 $ 4,314 Work-in-process 8,767 9,166 Finished goods 2,361 5,581 Total $ 15,904 $ 19,061

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands): September 30, 2023 December 31, 2022 Furniture and fixtures $ 240 $ 215 Computers and other equipment 9,736 7,251 Leasehold improvements 2,434 2,054 Construction in Progress 737 — 13,147 9,520 Accumulated depreciation (4,755) (2,988) Total $ 8,392 $ 6,532 For the three and nine months ended September 30, 2023, depreciation expense was $0.6 million and $1.6 million, respectively. For the three and nine months ended September 30, 2022, depreciation e xpense w as $0.3 million and $0.6 million, respectively, and was determined using the straight-line method over the following estimated useful lives: Furniture and fixtures 3 — 7 years Computers and other equipment 2 — 5 years Leasehold improvements 2 — 5 years

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The accounting guidance on fair value measurements clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The short-term nature of the Company’s cash and cash equivalents, accounts receivable, debt and current liabilities causes each of their carrying values to approximate fair value for all periods presented. Cash equivalents classified as Level 1 instruments were $159.5 million and not material as of September 30, 2023 and December 31, 2022, respectively. The following table presents the Company’s fair value hierarchy for financial liabilities as of September 30, 2023 (in thousands) : Level 1 Level 2 Level 3 Total Liabilities: Earnout liability $ — $ — $ 38,567 $ 38,567 Total $ — $ — $ 38,567 $ 38,567 The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total Liabilities: Earnout liability $ — $ — $ 13,064 $ 13,064 Total $ — $ — $ 13,064 $ 13,064 The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Balance at December 31, 2022 $ 13,064 Fair value adjustment 25,503 Balance at September 30, 2023 $ 38,567 The Company did not transfer any investments between Level 1 and Level 2 of the fair value hierarchy during the three and nine months ended September 30, 2023.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	GOODWILL AND INTANGIBLES Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. Goodwill and indefinite-lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. The following table presents the changes in the Company’s goodwill balance (in thousands): Goodwill Balance at December 31, 2022 $ 161,527 Purchase price adjustment 1,688 Balance at September 30, 2023 $ 163,215 Refer to Note 17, Business Combinations, for further details. The following table presents the Company’s intangible asset balance by asset class as of September 30, 2023 (in thousands): Intangible Asset Cost Accumulated Amortization Net Book Value Amortization Method Useful Life Trade Names $ 900 $ (506) $ 394 Straight line 2 years Developed Technology 53,500 (14,359) 39,141 Straight line 4-10 years In-process R&D 1,177 — 1,177 Indefinite N/A Patents 34,900 (2,759) 32,141 Straight line 5-15 years Customer Relationships 24,300 (2,734) 21,566 Straight line 10 years Non-Competition Agreements 1,900 (428) 1,472 Straight line 5 years Other 1,166 (881) 285 Straight line 5 years Total $ 117,843 $ (21,667) $ 96,176 The following table presents the changes in the Company’s intangible asset balance (in thousands): Intangible Assets, net Balance at December 31, 2022 $ 105,620 Additions to intangible assets 4,602 Amortization expense (14,046) Balance at September 30, 2023 $ 96,176 The amortization expense was $4.8 million and $14.0 million for the thre e and nine months ended September 30, 2023, respectively. The amortization expense was $2.2 million and $2.4 million for the three and nine months ended September 30, 2022, respectively. There were no impairment charges during the three months ended September 30, 2023 and 2022.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS On April 29, 2020, the Company entered into a loan and security agreement with a new bank (the “Term Loan”), which provided for term advances up to $8.0 million. As of September 30, 2023, this loan had been paid in full. In connection with execution of the Term Loan, the Company issued warrants to the bank (see Note 10, Warrant Liability). The fair value of the warrants at the date of issuance was not material and was recorded as debt discount, subject to amortization using the effective interest rate method over the term of the loan. All warrants were no longer outstanding

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASES	LEASES: The Compa ny has entered into operating leases primarily for commercial buildings. These leases have terms which range from 0.1 to 5.2 years. As of September 30, 2023 no operating lease agreements contain economic penalties for the Company to extend th e lease, and it is not reasonably certain the Company will exercise these extension options. Additionally, these operating lease agreements do not contain material residual value guarantees or material restrictive covenants. As of September 30, 2023 all leases recorded on the Company’s consolidated balance sheets were operating leases. Upon adoption of ASC 842 on January 1, 2022, the Company recorded operating lease assets of $1.6 million and lease liabilities of $1.7 million in the Company’s consolidated balance sheets. The adoption of this standard did not have a material impac t on retained earnings, the consolidated statements of operations, or cash flows. The Company has made the accounting policy election to use certain ongoing practical expedients made available by ASC 842 to: (i) not separate lease components from non-lea se components for real estate; and (ii) exclude leases with an initial term of 12 months or less (“short-term” leases) from the consolidated balance sheets and will recognize related lease payments in the consolidated statements of operations on a straight-line basis over the lease term. For leases that do not have a readily determinable implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Rent expense, including short-term lease cost, was $0.5 million and $1.5 million for the three and nine months ended September 30, 2023, respectively. Rent expense, including short term lease cost, was $0.7 million and $1.4 million for the three and nine months ended September 30, 2022, respectively. In addition to rent payments, the Company’s leases include real estate taxes, common area maintenance, utilities, and management fees, which are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component. Total variable expense was not material for the three and nine months ended September 30, 2023 and 2022. Information related to the Company right-of-use assets and related operating lease liabilities were as follows (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for operating lease liabilities $ 1,426 $ 425 Operating lease cost $ 1,449 $ 573 Non-cash right-of-use assets obtained in exchange for new operating lease obligations $ 776 $ 5,805 Weighted-average remaining lease term 4.64 years 2.26 years Weight-average discount rate 4.25% - 8.25% 4.25% - 5.50% Maturities of lease liabilities are as follows (in thousands): Remainder of fiscal year 2023 $ 464 Fiscal year 2024 1,619 Fiscal year 2025 1,324 Fiscal year 2026 1,229 Fiscal year 2027 1,218 Thereafter 1,112 6,966 Less imputed interest 832 Total lease liabilities $ 6,134

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE BASED COMPENSATION	SHARE BASED COMPENSATION: Equity Incentive Plans The Navitas Semiconductor Limited 2020 Equity Incentive Plan, initially adopted by the Company’s board of directors on August 5, 2020 as an amendment and restatement of the 2013 Equity Incentive Plan (“2013 Plan”), was amended and restated as the Amended and Restated Navitas Semiconductor Limited 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit (“RSU”) awards, stock appreciation rights, and other stock awards to employees, directors and consultants. Pursuant to the 2020 Plan, the exercise price for incentive stock options and non-statutory stock options is generally at least 100% of the fair market value of the underlying shares on the date of grant. Options generally vest over 48 months measured from the date of grant. Options generally expire no later than ten years after the date of grant, subject to earlier termination upon an optionee’s cessation of employment or service. Under the terms of the 2020 Plan, the Company is authorized to issue 18,899,285 shares of common stock pursuant to awards under the 2020 Plan. As of October 19, 2021, the Company had issued an aggregate of 11,276,706 stock options and non-statutory options to its employees and consultants and 4,525,344 RSUs to employees, directors and consultants under the 2020 Plan. No awards have or will be issued under the 2020 Plan after October 19, 2021. Shares of Common Stock subject to awards under the 2020 Plan that are forfeited, expire or lapse after October 19, 2021 will become authorized for issuance pursuant to awards under the 2021 Plan (as defined below). The Navitas Semiconductor Corporation 2021 Equity Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors on August 17, 2021 and adopted and approved by the Company’s stockholders on October 12, 2021. Under the terms of the 2021 Plan, the Company is authorized to issue, pursuant to awards granted under the 2021 Plan, (a) up to 16,334,527 shares of Common Stock; plus (b) up to 15,802,050 shares of Common Stock subject to awards under the 2020 Plan that are forfeited, expire or lapse after October 19, 2021; plus (c) an annual increase, effective as of the first day of each fiscal year up to and including January 1, 2031, equal to the lesser of (i) 4% of the number of shares of Common Stock outstanding as of the conclusion of the Company’s immediately preceding fiscal year, or (ii) su ch amount, if any, as the board of directors may determine. As of September 30, 2023 the Company has issued 9,750,000 non- statutory stock options under the 2021 Plan. Stock-Based Compensation The Company recognizes the fair value of stock-based compensation in its financial statements over the requisite service period of the individual grants, which generally equals a four-year vesting period, except for long-term incentive performance stock options (“LTIP Options”) discussed below. The Company uses estimates of volatility, expected term, risk-free interest rate and dividend yield in determining the fair value of these awards and the amount of compensation expense to recognize. The Company uses the straight-line method to amortize stock awards granted over the requisite service period of the award, which may be explicit or derived, unless market or performance conditions result in a graded attribution. The following table summarizes the stock-based compensation expense recognized for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 6,013 $ 5,227 $ 20,137 $ 15,758 Selling, general and administrative 6,066 10,547 21,673 36,378 Total stock-based compensation expense $ 12,079 $ 15,774 $ 41,810 $ 52,136 Stock Options Generally, stock options granted under the Plans have terms of ten years and vest in 1/4th increments on the anniversary of the vesting commencement date and in 1/48th increments monthly thereafter. Stock options with performance vesting conditions begin to vest upon achievement of the performance condition. Expense is recognized beginning in the period in which performance is considered probable. The fair value of incentive stock options and non-statutory stock options issued was estimated using the Black-Scholes model. The Company did not grant any stock option awards during the three or nine months ended September 30, 2023 or 2022. A summary of stock options outstanding, excluding LTIP Options as of September 30, 2023, and activity during the nine months then ended, is presented below: Stock Options Shares Weighted- Weighted- Outstanding at December 31, 2022 6,775 $ 0.59 6.20 Exercised (3,729) 0.47 — Forfeited or expired (215) 1.06 — Outstanding at September 30, 2023 2,831 $ 0.74 6.03 Vested and Exercisable at September 30, 2023 2,269 $ 0.66 5.77 During both the three and nine months ended September 30, 2023, the Company recogni zed $0.1 million and $0.4 million o f stock-based compensation expense for the vesting of outstanding stock optio ns, excluding $1.8 million and $6.1 million related to the LTIP Options described below. During the three and nine months ended September 30, 2022, the Company recognized $0.1 million and $0.4 million of stock-based compensation expense for the vesting of outstanding stock options, excluding $1.4 million related to LTIP options described below. At September 30, 2023, unrecognized compensation cost related to unvested awards totaled $0.2 million. The weighted-average period over which this remaining compensation cost will be recognized is 0.7 years. Long-term Incentive Plan Stock Options The Company awarded a total of 6,500,000 LTIP Options to certain members of senior management on December 29, 2021 pursuant to the 2021 Plan. These non-statutory options are intended to be the only equity incentive awards for the recipients over the duration of the performance period. The options vest in increments subject to achieving certain performance conditions, including ten share price hurdles ranging from $15 to $60 per share, coupled with revenue and EBITDA targets, measured over a seven-year performance period and expire on the tenth anniversary of the grant date. The options have an exercise price of $15.51 per share and the average fair value on the grant date was $8.13 based on the Black-Scholes model and a Monte Carlo simulation incorporating 500,000 scenarios. The weighted average contractual period remaining is 8.3 years. The Company utilized the services of a professional valuation firm to finalize these assumptions during the fiscal year ended December 31, 2022. The valuation model utilized the following assumptions: Risk-free interest rates 1.47 % Expected volatility rates 58 % Expected dividend yield — Cost of equity (for derived service period) 9.96 % Weighted-average grant date fair value of options $ 8.13 In connection with LTIP Options granted in 2021, the Company recognized $1.6 million and $5.3 million of stock-based compensation expense for the three and nine months ended September 30, 2023, respectively. The Company recognized $1.4 million and $4.2 million related to these LTIP Options during the three and nine months ended September 30, 2022, respectively. The unrecognized compensation expense related to these LTIP Options is $48.5 million as of September 30, 2023, and compensation expense will be recognized over 2.7 years. The Company awarded a total of 3,250,000 LTIP Options to a member of senior management on August 15, 2022 pursuant to the 2021 Plan. The options vest in increments subject to achieving certain market and performance conditions, including ten share price hurdles ranging from $15 to $60 per share, coupled with revenue and EBITDA targets, measured over a seven year performance period and expire on the tenth anniversary of the grant date. The options have an exercise price of $10.00 per share and the average fair value on the grant date was $2.51. The weighted average contractual period remaining is 8.9 years. T he Black-Scholes model and a Monte Carlo simulation incorporated 100,000 scenarios. The valuation model utilized the following assumptions: Risk-free interest rates 2.82 % Expected volatility rates 63 % Expected dividend yield — Cost of equity (for derived service period) 14.64 % Weighted-average grant date fair value of options $ 2.51 In connection with LTIP Options granted in 2022, the Company recognized $0.3 million and $0.8 million of stock-based compensation expense for the three and nine months ended September 30, 2023, respectively. The Company recognized $0.1 million related to these LTIP Options during the three and nine months ended September 30, 2022. The unrecognized compensation expense related to the LTIP Options is $8.2 million as of September 30, 2023, and compensation expense will be recognized over 3.3 years. Restricted Stock Units The Company regularly grants RSUs to employees as a component of their compensation. A summary of RSUs outstanding as of September 30, 2023 , and activity during the nine months then ended, is presented below: Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2022 11,606 $ 5.93 Granted 5,861 6.37 Vested (4,303) 5.70 Forfeited (44) 7.16 Outstanding at September 30, 2023 13,120 $ 6.73 During the three and nine months ended September 30, 2023, the Company recognized $8.1 million and $23.5 million of stock-based compensation expense for the vesting of RSUs, respectively. During the three and nine months ended September 30, 2022, the Company recognized $8.7 million and $32.4 million of stock-based compensation expense for the vesting of RSUs, respectively. As of September 30, 2023, unrecognized compensation cost related to unvested RSU awards totaled $77.4 million. The weighted-average period over which this remaining compensation cost is expected be recognized is 2.7 years. The Company implemented a yearly stock-based bonus plan in 2021 which settles by issuing a variable number of fully-vested restricted stock units to employees in the first quarter of the following fiscal year. The $5.7 million accrued as of September 30, 2023 reflects eligible employees included the Company’s 2023 annual bonus plan and amounts expected to be settled during the first quarter of 2024. The $2.8 million accrued as of December 31, 2022 was for the Company’s 2022 annual bonus plan and a balance of $0.1 million is accrued as of September 30, 2023. Other Share Awards In connection with the acquisition of the remaining minority interest of a silicon control IC joint venture, as described in Note 18, the Company issued 841,729 fully vested shares to certain former employees of the joint venture with a grant date fair value totaling $4.5 million. Such amount has been recognized as stock-based compensation expense during the nine months ended September 30, 2023. On June 10, 2022, the Company’s wholly owned subsidiary, Navitas Semiconductor Limited, acquired all of the stock of VDDTECH srl, a private Belgian company (“VDDTech”) for approximately $1.9 million in cash and stock. Among shares issued in the transaction, the Company issued approximately 113,000 restricted shares that are subject to time based vesting and issued approximately 151,000 restricted shares that are subject to time and performance based vesting over the next four Unvested Earnout Shares A portion of the earnout shares related to the Business Combination (discussed in Note 11 below) may be issued to individuals with unvested equity awards. While the payout of these shares requires achievement of share price targets based on the volume weighted average price of the Company’s common stock, the individuals are required to complete the remaining service period associated with these unvested equity awards to be eligible to receive the earnout shares. As a result, these unvested earn-out shares are equity-classified awards and have an aggregated grant date fair value of $19.1 million or $11.52 per share. During the three and nine months ended September 30, 2023 the Company recognized $0.0 million and $0.3 million, respectively, of stock-based compensation expense for the vesting of earnout shares. As of the beginning of the second quarter of fiscal year 2023, these earnout shares had fully vested. At September 30, 2023, there was no remaining compensation cost related to unvested earnout shares. During the three and nine months ended September 30, 2022, the Company recognized $4.3 million and $11.5 million, respectively, of stock-based compensation expense for the vesting of earnout shares. Refer to Note 11, Earnout Liability.

WARRANT LIABILITY

WARRANT LIABILITY	9 Months Ended
	Sep. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITY On February 4, 2022, the Company issued a notice of redemption that it would redeem, at 5:00 p.m. New York City time on March 7, 2022 (the “ Redemption Date ”), all of the Company’s outstanding Public Warrants and Private Placement Warrants to purchase shares of the Company’s Class A Common Stock that were governed by the Warrant Agreement, dated as of December 2, 2020 (the “ Warrant Agreement ”), between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), at a redemption price of $0.10 per Warrant (the “ Redemption Price ”). On February 22, 2022, the Company issued a notice that the “Redemption Fair Market Value,” determined in accordance with the Warrant Agreement based on the volume weighted average price of the Common Stock for the 10 trading days immediately following the date on which notice of redemption was sent, was $10.33 and, accordingly, that holders exercising Warrants on a “cashless” basis before the Redemption Date would receive 0.261 shares of Common Stock per Warrant exercised. The Warrants were exercisable by their holders until immediately before 5:00 p.m. New York City time on the Redemption Date, either (i) on a cash basis, at an exercise price of $11.50 per share of Common Stock, or (ii) on a “cashless” basis in which the exercising holder would receive 0.261 shares of Common Stock per Warrant exercised. Between December 7, 2021 (the date the Warrants became exercisable) and the Redemption Date, an aggregate of 12,722,773 Warrants were exercised (including 17,785 on a cash basis and 12,704,988 on a “cashless” basis); an aggregate of 3,333,650 shares of Common Stock were issued upon exercise of the Warrants (including 17,785 shares in respect of cash exercises and 3,315,865 shares in respect of “cashless” exercises). A total of 377,187 Warrants remained outstanding and unexercised at the Redemption Date and were redeemed for an aggregate Redemption Price of $38. Prior to the Redemption Date, the warrants had an aggregate fair value of $81.4 million

EARNOUT LIABILITY

EARNOUT LIABILITY	9 Months Ended
	Sep. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
EARNOUT LIABILITY	EARNOUT LIABILITY Certain of the Company’s stockholders are entitled to receive up to 10,000,000 aggregate “earnout shares” of the Company’s Class A Common Stock if earnout milestones are met. The earnout milestones represent three independent criteria, each of which entitles the eligible stockholders to 3,333,333 aggregate earn-out shares if the milestone is met. See footnote 11, Earnout Liability to the Company’s consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 3, 2023 for further details. The earnout liability is remeasured at the end of each reporting period. The change in fair value of the earnout liability is recorded as part of Other income (expense), net in the consolidated statements of operations. The estimated fair value of the earnout liability was determined using a Monte Carlo analysis of 20,000 simulations of the future path of the Company’s stock price over the earnout period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate. The valuation model utilized the following assumptions: September 30, 2023 December 31, 2022 Risk-free interest rate 4.79 % 4.13 % Equity volatility rate 70.00 % 65.00 % As of September 30, 2023 and December 31, 2022, the earnout liability had a fair value of $38.6 million and $12.5 million, respectively which resulted in a gain in the fair value of the earnout liability of $34.5 million and a loss in the fair value of the earnout liability of $25.5 million for the three and nine months ended September 30, 2023, respectively, due to the fluctuations in the fair value of the earnout liability. GeneSiC Earnout Liability In connection with the acquisition of GeneSiC as discussed in Note 17, the Company will pay additional contingent consideration of up to $25.0 million, in the form of cash earnout payments to the Sellers and certain employees of GeneSiC, conditioned on the achievement of substantial revenue and gross profit margin targets for the GeneSiC business over the four fiscal quarters beginning on October 1, 2022 and ending on September 30, 2023. The estimated fair value of the earnout liability was determined using a Monte Carlo analysis of 20,000 simulations assuming that GeneSiC’s revenue and gross profit margins follow a geometric Brownian motion over the earnout period. The valuation model utilized an assumption on the risk-free interest rate of 3.1% and equity volatility rate of 99.9%. As of September 30, 2023, the GeneSiC earnout was not achieved, and no liability was recorded in earnout liability in the Company’s Condensed Consolidated Balance Sheets.

SIGNIFICANT CUSTOMERS AND CREDI

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS	SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS Customer Concentration A majority of the Company’s revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a range of end users, including OEMs and merchant power supply manufacturers. The following customers represented 10% or more of the Company’s net revenues for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, Customer 2023 2022 2023 2022 Distributor A 53 % * 29 % * Distributor B * * 14 15 % Distributor C * 34 % * 20 Distributor D * 15 * 21 Distributor E * 15 * * *Total customer net revenues were less than 10% of total net revenues. Revenues by Geographic Area The Company considers the domicile of its end customers, rather than the distributors it sells to directly, to be the basis for attributing revenues from external customers to individual countries. Revenues for the three and nine months ended September 30, 2023 and 2022 were attributable to end customers in the following countries or regions: Three Months Ended September 30, Nine Months Ended September 30, Country 2023 2022 2023 2022 China 61 % 20 % 55 % 34 % Europe* 14 47 22 31 United States 13 28 15 27 Rest of Asia 12 3 8 7 All others — 2 — 1 Total 100 % 100 % 100 % 100 % *Impractical to disclose the revenue percentages by individual countries within Europe and therefore Europe is presented in total. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash, cash equivalents and trade receivables. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. At times, such amounts may exceed federally insured limits. The Company has not experienced any losses on cash or cash equivalents held at financial institutions. The Company does not have any off-balance-sheet credit exposure related to its customers. The following customers represented 10% or more of the Company’s accounts receivable. Customer September 30, 2023 December 31, 2022 Distributor A 58 % * Distributor B * 25 % Distributor C * 19 % *Total customer accounts receivable was less than 10% of total net accounts receivable. Concentration of Supplier Risk The Company currently relies on a single foundry to produce wafers for GaN ICs and a separate single foundry to produce wafers for SiC MOSFETs. Loss of the relationship with either of these suppliers could have a substantial negative effect on the Company. Additionally, the Company relies on a limited number of third-party subcontractors and suppliers for testing, packaging and certain other tasks. Disruption or termination of supply sources or subcontractors, including due to pandemics or natural disasters such as an earthquake or other causes, could delay shipments and could have a material adverse effect on the Company. Although there are generally alternate sources for these materials and services, qualification of the alternate sources could cause delays sufficient to have a material adverse effect on the Company. A significant amount of the Company’s third-party subcontractors and suppliers, including the third-party foundry that supplies wafers for GaN ICs, are located in Taiwan. A significant amount of the Company’s assembly and test operations are conducted by third-party contractors in Taiwan and the Philippines.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE: Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units and restricted stock awards, the assumed issuance of awards for contingently issuable performance-based awards, as computed using the treasury stock method. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share after evaluating the applicable performance criteria as of period end and under the assumption the end of the reporting period was the end of the contingency period, and the effect is dilutive. Restricted stock awards (but not restricted stock unit awards) are eligible to receive all dividends declared on the Company’s common shares during the vesting period; however, such dividends are not paid until the restrictions lapse. The Company has no plans to declare dividends. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted-average common shares - basic common stock 175,103 138,455 165,719 127,390 Stock options and other dilutive awards 10,523 — — 12,744 Weighted-average common shares - diluted common stock 185,626 138,455 165,719 140,134 Shares excluded from diluted weighted-average shares: (1) Earnout shares (potentially issuable common shares) 10,000 10,000 10,000 10,000 Unvested restricted stock units and restricted stock awards 263 10,995 263 225 Stock options potentially exercisable for common shares 9,750 9,750 9,750 9,750 Shares excluded from diluted weighted average shares 20,013 30,745 20,013 19,975 (1) The Company’s potentially dilutive securities, which include unexercised stock options, unvested shares, and earnout shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share for the three and nine months ended September 30, 2023.

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES The Company determined the income tax provision for interim periods using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising during the quarter. The Company’s effective tax rate for the three and nine months ended September 30, 2023 was 0.3% and 0.0%, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2022 was 23.6% and (13.9)%, respectively. The effective tax rate for 2023 differs from the prior year primarily as a result of tax expense in foreign jurisdictions that are in a full valuation allowance as the effective tax rate as of September 30, 2022 is reflective of a full valuation allowance in all jurisdictions. The Company's quarterly income tax provision and quarterly estimate of the annual effective tax rate are subject to volatility due to several factors, including our ability to accurately predict the proportion of our income (loss) before provision for income taxes in multiple jurisdictions, the tax effects of our stock-based compensation, and the effects of its foreign entities. The Company had no unrecognized tax benefits for the nine months ended September 30, 2023 and 2022. The Company recognizes interest and penalties related to unrecognized tax benefits in operating expenses. No such interest and penalties were recognized during the nine months ended September 30, 2023 and 2022.

COMMITMENTS and CONTINGENCIES

COMMITMENTS and CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES Purchase Obligations At September 30, 2023, the Com pany had no non-cancelable contractual arrangements that were due beyond one year besides lease obligations. Employment agreements The Company has entered into agreements with certain employees to provide severance payments to the employees in the event of the termination of their employment for reasons other than cause, death or disability. Aggregate payments that would be required to be made in the event of termination under the agreements are approximately $2.1 million. At September 30, 2023, no terminations have occurred or are expected to occur pursuant to these arrangements and, accordingly, no termination benefits have been accrued. Indemnification The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSAs”). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company’s products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (Customer Indemnification). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees’ development work to the Company. To date, the Company has not had to reimburse any of its distributors or end customers for any losses related to these indemnifications and no material claims were outstanding as of September 30, 2023. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. Legal proceedings and contingencies From time to time in the ordinary course of business, the Company may become involved in lawsuits, or end customers, distributors, suppliers or other third parties may make claims against the Company. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not currently subject to any pending actions or regulatory proceedings that either individually or in the aggregate are expected to have a material impact on its condensed consolidated financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Notes Receivable The Company had outstanding interest-bearing notes receivable from a non-executive employee. The notes had various maturity dates through May 1, 2023 and bore interest at rates ranging from 1% to 2.76%. As of December 31, 2022, Note 1 was forgiven for a loss of $0.1 million and Note 2 was paid off in the amount of $0.1 million. No interest income was recognized for the three and nine months ended September 30, 2023, and interest income recognized for the three and nine months ended September 30, 2022 was not material. Joint Venture In 2021, Navitas entered into a silicon control IC joint venture with Halo Microelectronics Co., Ltd. (“Halo”), a manufacturer of power management ICs, to develop products and technology relating to AC/DC converters. Navitas’ initial contribution to the joint venture was the commitment to sell its GaN integrated circuit die at prices representing cost plus insignificant handling fees, in exchange for a minority interest, with the right to acquire the balance of the joint venture based on the future results of the venture (among other rights and obli gat ions). On January 19, 2023, the Company announced an agreement to acquire the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. Total related party revenues recognized by the Company as a result of arrangements with its joint venture were $0.0 million f or both the three and nine months ended September 30, 2023 , and $0.0 million and $0.7 million for the three and nine months ended September 30, 2022, respectively, and are included in Net Revenues in the Condensed Consolidated Statements of Operations. See Note 18, Noncontrolling Interest, for more information. Related Party Investment During the third quarter of 2022, Navitas ma de a $1.5 million inv estment in preferred interests of an entity under common control with the Company’s partner in the joint venture described a bove. During the first quarter of 2023 the Company made an additional investment of $1.0 million in the entity. Such investment is included in Other Assets in the Condensed Consolidated Balance Sheets as of September 30, 2023 and is accounted fo r as an equity investment under ASC 321 Investments - Equity Securities . In accordance with ASC 321, the Company elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Related Party Advance During the third quarter of 2022, Navitas made a $1.0 million advance to its partner in the joint venture described above in order to facilitate orders of raw materials. The outstanding amount as of September 30, 2023 was $0.3 million. Related Party Leases The Company leases certain property from an entity that it is owned by an executive of the Company, which expires in September 2023. During the three and nine months ended September 30, 2023, the Company paid an immaterial amount in rental payments in relation to this lease. These payments were made at standard market rates in the ordinary course of business. The Company leases certain property from the family member of a senior executive of the Company, which expires in March 2024. During the three and nine months ended September 30, 2023, the Co mpany paid an immaterial amount in rental payments in relation to this lease. These payments were made at standard market rates in the ordinary course of business. The total rent obligation as of September 30, 2023 was $21 thousand through M arch 31, 2024.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Acquisition of VDDTECH srl On June 10, 2022, the Company’s wholly owned subsidiary, Navitas Semiconductor Limited, acquired all of the stock of VDDTECH srl, a private Belgian company (“VDDTech”) for approximately $1.9 million in cash and stock. Based in Mont-saint-Guibert, Belgium, VDDTech creates advanced digital-isolators for next-generation power conversion. VDDTech’s net assets and operating results since the acquisition date are inc luded in the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations. Among shares issued in the transaction, the Company issued approximately 113,000 restricted shares that are subject to time based vesting and issued approximately 151,000 restricted shares that are subject to time and performance based vesting over the next four The Company recorded an allocation of the purchase price to tangible assets acquired and liabilities assumed based on their fair values as of the acquisition date. The excess of the purchase price over the fair value of tangible assets and liabilities of $1.2 million was recorded as goodwill as of June 30, 2022. Subsequent to June 30, 2022, a valuation of the intangible assets acquired was calculated at $1.2 million . During the third quarter of fiscal year 2022, the Company reclassified the goodwill to an intangible asset. The fair value of the in-process R&D was estimated using the multi-period excess earnings method, an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the acquired technology, which were discounted at a rate of 18% to determine the fair value. Acquisition of GeneSiC Semiconductor Inc. On August 15, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire 100% of the outstanding shares of GeneSiC Semiconductor Inc., a silicon carbide (“SiC”) pioneer with deep expertise in SiC power device design and process, based in Dulles, Virginia. Total merger consideration was approximately $244.0 million and consisted of approximately $146.3 million of common stock, $97.1 million of cash consideration, and potential future cash earn-out payments of up to an aggregate of $25.0 million which were fair valued at $0.6 million. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations. The Company has determined fair values of the assets acquired and liabilities assumed. The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands) at acquisition date: Merger Consideration Fair Value Cash consideration at closing $ 97,116 Equity consideration at closing 146,314 Contingent earn-out 600 Total $ 244,030 Estimate of purchase price allocation Cash and cash equivalents $ 951 Accounts receivable 823 Inventory 1,539 Fixed assets 226 Other assets 5 Intangible assets 110,100 Goodwill 157,699 Total assets acquired $ 271,343 Liabilities assumed: Interest bearing debt 16 Other current liabilities 2,749 Deferred tax liabilities 24,548 Total liabilities acquired 27,313 Estimated fair value of net assets acquired $ 244,030 Goodwill represents the excess of the merger price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed. Goodwill is primarily attributable to assembled workforce, market and expansion capabilities, expected synergies from integration and streamlining operational activities and other factors. Goodwill is not expected to be deductible for income tax purposes. During the Company’s second quarter of 2023, the Company received information regarding products shipped by GeneSiC to a distributor prior to the Company’s acquisition of GeneSiC. GeneSiC had the option, but not the obligation, to accept returns sold to the distributor. The Company determined that a $1.7 million return liability should have been recorded as of the close of the acquisition on August 15, 2022. The Company recorded the return liability as a purchase price adjustment as of June 30, 2023, resulting in an increase to goodwill and accounts payable and other accrued expenses of $1.7 million. The fair values of the identifiable intangible assets acquired at the date of Acquisition are as follows (in thousands): Intangible Asset Fair Value Amortization Method Useful Life Trade Names $ 900 Straight line 2 years Developed Technology 49,100 Straight line 4 years Patents 33,900 Straight line 15 years Customer Relationships 24,300 Straight line 10 years Non-Competition Agreements 1,900 Straight line 5 years Total Intangibles $ 110,100 The valuations of intangible assets incorporate significant unobservable inputs and require significant judgment and estimates, including the amount and timing of future cash flows. The Company recognized approximately $5.9 million of transaction costs in the fiscal year ended December 31, 2022. These costs were recorded in “Selling, general and administrative expense” in the consolidated statements of operations. The financial results of GeneSiC have been included in the Company's consolidated financial statements since the date of the acquisition. The fair value of developed technology was estimated using the multi-period excess earnings method, an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the acquired technology, which were discounted at a rate of 15% to determine the fair value. The fair value of customer relationships was estimated using the distributor method, an income level approach (Level 3), which estimates the value of an asset based upon costs avoided through ownership of the asset. Estimated costs on projected revenues were made using historical data pertaining to sales to new and existing customers. The cash flow impact of projected cost savings, primarily avoidance of legal costs pertaining to new customers and lower commission rates applicable to existing customers than new customers, were discounted at a rate of 16% to determine the fair value. The fair value of the trade name and trademarks was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets, the Company estimated the benefit of the ownership as the relief from the royalty expense that would be incurred in the absence of ownership A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 1% to determine the fair value. The fair value of the patents was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets, the Company estimated the benefit of the ownership as the relief from the royalty expense that would be incurred in the absence of ownership. A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 5% to determine the fair value. The value of the non-competition agreement was estimated using the lost income method (Level 3). Because the non-competition agreement prohibits the covenantor from competing with the Company, the fair value of the non-competition agreement can be determined by estimating cash flows that would be lost if the covenantors were to compete. Based on this method we estimated a discount rate of 16% to determine the fair value. Discount rates for each respective intangible asset were determined by accounting for the risk associated with each asset, including required technology development and customer acquisition required to support respective projections, the uncertainty of market success and the risk inherent with projected financial results. The estimated useful lives were determined by evaluating the expected economic and useful lives of the assets and of similar intangible assets from comparable business combinations and adjusting accordingly after taking into account circumstances that may be unique to GeneSiC. Net tangible assets and intangibles assets assumed as well as goodwill recognized are presented as continuing operations in the consolidated balance sheets. The following unaudited pro forma financial information presented in the table below is provided for illustrative purposes only and is based on the historical financial statements of the Company and presents the Company’s results as if the business combination had occurred as of January 1, 2022 (in thousands): UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Revenue $ 11,070 $ 36,266 Net income (loss) $ (38,479) $ 77,877 Basic net income per share $ (0.24) $ 0.55 Diluted net income per share $ (0.25) $ 0.50 The unaudited pro forma financial information may not be indicative of the results of operations that the Company would have attained had the business combination occurred as of January 1, 2022, nor is the pro forma financial information indicative of the results of operations that may occur in the fut ure.

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST In July 2021, the Company formed a joint venture for the purpose of conducting research and development on technology in the area of AC/DC converters for chargers and adapters. Refer to Note 16 above. On August 19, 2022, the Company obtained control of the joint venture, and no consideration was paid pursuant to the Change of Control Agreement. The Company consolidated the fair value of the net assets of the joint venture as of August 19, 2022, and the Company reports noncontrolling interests of the joint venture as a component of equity separate from the Company’s equity. The fair value of the noncontrolling interest and net assets is based on estimates. The Company’s net income (loss) excludes income (loss) attributable to the noncontrollling interests. The fair value of the joint venture was determined based on a multiple of future annual revenues with a discount rate of 30%. In connection with the consolidation, the Company reacquired a patent license, which was fair valued at $1.0 million based on comparable transactions during the year, and will be amortized over a five year term. Goodwill of $3.1 million was recorded in connection with this transaction. On January 19, 2023, the Company announced an agreement to acquire the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. The transaction was completed on February 13, 2023. In connection with the purchase of intellectual property, the Company recognized developed technology as an intangible asset at its estimated fair value o f $4.4 million . As a result of this transaction, the Company recorded a net increase to additional paid in capital of $7.5 million representing the difference between the fair value of share consideration related to the acquisition of the remaining noncontrolling interest and the carrying value of the noncontrolling interest at the date of the transaction. The fair value of the developed technology was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets The Company estimated the benefit of the ownership as the relief form the royalty expense that would be incurred in the absence of ownership. A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 10% to determine the fair value.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company evaluated material subsequent events from the consolidated balance sheet date of September 30, 2023, through November 9, 2023, the date the condensed consolidated financial statements were issued. There were no material subsequent events as of November 9, 2023.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The information contained in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are in the opinion of management, necessary for a fair presentation of such condensed consolidated financial statements. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of results to be expected for the full year ending December 31, 2023. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 3, 2023. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Form 10-K filed with the SEC on April 3, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the
Business Combinations/Valuation of Contingent Consideration Resulting from a Business Combination	Business Combinations We account for business combinations using the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) 805 , “ Business Combinations” . The acquisition method requires identifiable assets acquired and liabilities assumed to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. Valuation of Contingent Consideration Resulting from a Business Combination In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each quarter thereafter, we revalue these obligations and record increases or decreases in their fair value within our Condensed Consolidated Statements of Operations until such time as the specified milestone achievement period is complete. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones. Significant judgment is employed in determining these assumptions as of the acquisition date and for each subsequent period. Updates to assumptions could have a significant impact on our results of operations in any given period. Actual results may differ from estimates.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaced the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. For companies that qualify under the emerging growth company exemptions, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and is effective for the Company beginning in 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. We pool financial assets based on their risk characteristics, which include class of customer, geographic location of the customer, contractual life of the financial asset, and age of the open receivable balance. The allowance for credit losses pool is estimated based on historical credit loss rates adjusted for management’s reasonable and supportable expectations of future economic conditions, which consider macroeconomic, industry and market trends that could impact future credit loss rates. Additions to the allowance are charged to general and administrative expenses in the consolidated statements of operations. Accounts receivables are written off against the allowance when the probability of collection of an account balance is deemed remote.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventory consists of the following (in thousands): September 30, 2023 December 31, 2022 Raw materials $ 4,776 $ 4,314 Work-in-process 8,767 9,166 Finished goods 2,361 5,581 Total $ 15,904 $ 19,061

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): September 30, 2023 December 31, 2022 Furniture and fixtures $ 240 $ 215 Computers and other equipment 9,736 7,251 Leasehold improvements 2,434 2,054 Construction in Progress 737 — 13,147 9,520 Accumulated depreciation (4,755) (2,988) Total $ 8,392 $ 6,532 For the three and nine months ended September 30, 2023, depreciation expense was $0.6 million and $1.6 million, respectively. For the three and nine months ended September 30, 2022, depreciation e xpense w as $0.3 million and $0.6 million, respectively, and was determined using the straight-line method over the following estimated useful lives: Furniture and fixtures 3 — 7 years Computers and other equipment 2 — 5 years Leasehold improvements 2 — 5 years

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value for Financial Assets and Liabilities	The following table presents the Company’s fair value hierarchy for financial liabilities as of September 30, 2023 (in thousands) : Level 1 Level 2 Level 3 Total Liabilities: Earnout liability $ — $ — $ 38,567 $ 38,567 Total $ — $ — $ 38,567 $ 38,567 The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2022 (in thousands): Level 1 Level 2 Level 3 Total Liabilities: Earnout liability $ — $ — $ 13,064 $ 13,064 Total $ — $ — $ 13,064 $ 13,064
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Balance at December 31, 2022 $ 13,064 Fair value adjustment 25,503 Balance at September 30, 2023 $ 38,567

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in the Company’s goodwill balance (in thousands): Goodwill Balance at December 31, 2022 $ 161,527 Purchase price adjustment 1,688 Balance at September 30, 2023 $ 163,215
Schedule of Finite-Lived Intangible Assets	The following table presents the Company’s intangible asset balance by asset class as of September 30, 2023 (in thousands): Intangible Asset Cost Accumulated Amortization Net Book Value Amortization Method Useful Life Trade Names $ 900 $ (506) $ 394 Straight line 2 years Developed Technology 53,500 (14,359) 39,141 Straight line 4-10 years In-process R&D 1,177 — 1,177 Indefinite N/A Patents 34,900 (2,759) 32,141 Straight line 5-15 years Customer Relationships 24,300 (2,734) 21,566 Straight line 10 years Non-Competition Agreements 1,900 (428) 1,472 Straight line 5 years Other 1,166 (881) 285 Straight line 5 years Total $ 117,843 $ (21,667) $ 96,176 The following table presents the changes in the Company’s intangible asset balance (in thousands): Intangible Assets, net Balance at December 31, 2022 $ 105,620 Additions to intangible assets 4,602 Amortization expense (14,046) Balance at September 30, 2023 $ 96,176
Schedule of Indefinite-Lived Intangible Assets	The following table presents the Company’s intangible asset balance by asset class as of September 30, 2023 (in thousands): Intangible Asset Cost Accumulated Amortization Net Book Value Amortization Method Useful Life Trade Names $ 900 $ (506) $ 394 Straight line 2 years Developed Technology 53,500 (14,359) 39,141 Straight line 4-10 years In-process R&D 1,177 — 1,177 Indefinite N/A Patents 34,900 (2,759) 32,141 Straight line 5-15 years Customer Relationships 24,300 (2,734) 21,566 Straight line 10 years Non-Competition Agreements 1,900 (428) 1,472 Straight line 5 years Other 1,166 (881) 285 Straight line 5 years Total $ 117,843 $ (21,667) $ 96,176

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Cost	Information related to the Company right-of-use assets and related operating lease liabilities were as follows (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for operating lease liabilities $ 1,426 $ 425 Operating lease cost $ 1,449 $ 573 Non-cash right-of-use assets obtained in exchange for new operating lease obligations $ 776 $ 5,805 Weighted-average remaining lease term 4.64 years 2.26 years Weight-average discount rate 4.25% - 8.25% 4.25% - 5.50%
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities are as follows (in thousands): Remainder of fiscal year 2023 $ 464 Fiscal year 2024 1,619 Fiscal year 2025 1,324 Fiscal year 2026 1,229 Fiscal year 2027 1,218 Thereafter 1,112 6,966 Less imputed interest 832 Total lease liabilities $ 6,134

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Expense and Capitalized, Amount	The following table summarizes the stock-based compensation expense recognized for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 6,013 $ 5,227 $ 20,137 $ 15,758 Selling, general and administrative 6,066 10,547 21,673 36,378 Total stock-based compensation expense $ 12,079 $ 15,774 $ 41,810 $ 52,136
Schedule of Stock Option Outstanding	A summary of stock options outstanding, excluding LTIP Options as of September 30, 2023, and activity during the nine months then ended, is presented below: Stock Options Shares Weighted- Weighted- Outstanding at December 31, 2022 6,775 $ 0.59 6.20 Exercised (3,729) 0.47 — Forfeited or expired (215) 1.06 — Outstanding at September 30, 2023 2,831 $ 0.74 6.03 Vested and Exercisable at September 30, 2023 2,269 $ 0.66 5.77
Schedule of Stock Options, Valuation Assumptions	The valuation model utilized the following assumptions: Risk-free interest rates 1.47 % Expected volatility rates 58 % Expected dividend yield — Cost of equity (for derived service period) 9.96 % Weighted-average grant date fair value of options $ 8.13 Risk-free interest rates 2.82 % Expected volatility rates 63 % Expected dividend yield — Cost of equity (for derived service period) 14.64 % Weighted-average grant date fair value of options $ 2.51
Schedule of Restricted Stock Unit, Outstanding	A summary of RSUs outstanding as of September 30, 2023 , and activity during the nine months then ended, is presented below: Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2022 11,606 $ 5.93 Granted 5,861 6.37 Vested (4,303) 5.70 Forfeited (44) 7.16 Outstanding at September 30, 2023 13,120 $ 6.73

EARNOUT LIABILITY (Tables)

EARNOUT LIABILITY (Tables)	9 Months Ended
	Sep. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
Schedule of Fair Value of Warrants	The valuation model utilized the following assumptions: September 30, 2023 December 31, 2022 Risk-free interest rate 4.79 % 4.13 % Equity volatility rate 70.00 % 65.00 %

SIGNIFICANT CUSTOMERS AND CRE_2

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Schedule of Concentration Risk	The following customers represented 10% or more of the Company’s net revenues for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, Customer 2023 2022 2023 2022 Distributor A 53 % * 29 % * Distributor B * * 14 15 % Distributor C * 34 % * 20 Distributor D * 15 * 21 Distributor E * 15 * * *Total customer net revenues were less than 10% of total net revenues. The Company considers the domicile of its end customers, rather than the distributors it sells to directly, to be the basis for attributing revenues from external customers to individual countries. Revenues for the three and nine months ended September 30, 2023 and 2022 were attributable to end customers in the following countries or regions: Three Months Ended September 30, Nine Months Ended September 30, Country 2023 2022 2023 2022 China 61 % 20 % 55 % 34 % Europe* 14 47 22 31 United States 13 28 15 27 Rest of Asia 12 3 8 7 All others — 2 — 1 Total 100 % 100 % 100 % 100 % *Impractical to disclose the revenue percentages by individual countries within Europe and therefore Europe is presented in total. Customer September 30, 2023 December 31, 2022 Distributor A 58 % * Distributor B * 25 % Distributor C * 19 % *Total customer accounts receivable was less than 10% of total net accounts receivable.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Weighted-average common shares - basic common stock 175,103 138,455 165,719 127,390 Stock options and other dilutive awards 10,523 — — 12,744 Weighted-average common shares - diluted common stock 185,626 138,455 165,719 140,134 Shares excluded from diluted weighted-average shares: (1) Earnout shares (potentially issuable common shares) 10,000 10,000 10,000 10,000 Unvested restricted stock units and restricted stock awards 263 10,995 263 225 Stock options potentially exercisable for common shares 9,750 9,750 9,750 9,750 Shares excluded from diluted weighted average shares 20,013 30,745 20,013 19,975 (1) The Company’s potentially dilutive securities, which include unexercised stock options, unvested shares, and earnout shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share for the three and nine months ended September 30, 2023.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands) at acquisition date: Merger Consideration Fair Value Cash consideration at closing $ 97,116 Equity consideration at closing 146,314 Contingent earn-out 600 Total $ 244,030 Estimate of purchase price allocation Cash and cash equivalents $ 951 Accounts receivable 823 Inventory 1,539 Fixed assets 226 Other assets 5 Intangible assets 110,100 Goodwill 157,699 Total assets acquired $ 271,343 Liabilities assumed: Interest bearing debt 16 Other current liabilities 2,749 Deferred tax liabilities 24,548 Total liabilities acquired 27,313 Estimated fair value of net assets acquired $ 244,030
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The fair values of the identifiable intangible assets acquired at the date of Acquisition are as follows (in thousands): Intangible Asset Fair Value Amortization Method Useful Life Trade Names $ 900 Straight line 2 years Developed Technology 49,100 Straight line 4 years Patents 33,900 Straight line 15 years Customer Relationships 24,300 Straight line 10 years Non-Competition Agreements 1,900 Straight line 5 years Total Intangibles $ 110,100
Business Acquisition, Pro Forma Information	The following unaudited pro forma financial information presented in the table below is provided for illustrative purposes only and is based on the historical financial statements of the Company and presents the Company’s results as if the business combination had occurred as of January 1, 2022 (in thousands): UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Revenue $ 11,070 $ 36,266 Net income (loss) $ (38,479) $ 77,877 Basic net income per share $ (0.24) $ 0.55 Diluted net income per share $ (0.25) $ 0.50

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended
	Jun. 05, 2023	May 26, 2023	Jan. 19, 2023	Aug. 15, 2022	Jun. 10, 2022	Jan. 31, 2023	Aug. 31, 2022
Business Acquisition [Line Items]
Direct costs related to issuance	$ 86,500
IC Joint Venture
Business Acquisition [Line Items]
Purchase price of minority interest			$ 22,400			$ 22,400
VDD Tech
Business Acquisition [Line Items]
Total					$ 1,900
GeneSiC
Business Acquisition [Line Items]
Total				$ 244,030			$ 246,200
Public Stock Offering
Business Acquisition [Line Items]
Aggregate purchase price	75,600
Option Shares
Business Acquisition [Line Items]
Aggregate purchase price	$ 11,300
Common Class A | Public Stock Offering
Business Acquisition [Line Items]
Aggregate offer price (in shares)		10,000
Purchase price (in dollars per share)		$ 8
Common Class A | Over-Allotment Option
Business Acquisition [Line Items]
Aggregate offer price (in shares)		1,500,000
Underwriter offering period		30 days

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 4,776	$ 4,314
Work-in-process	8,767	9,166
Finished goods	2,361	5,581
Total	$ 15,904	$ 19,061

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,147		$ 13,147		$ 9,520
Accumulated depreciation	(4,755)		(4,755)		(2,988)
Total	8,392		8,392		6,532
Depreciation expense	600	$ 300	1,550	$ 632
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 240		$ 240		215
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years		3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years		7 years
Computers and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,736		$ 9,736		7,251
Computers and other equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years		2 years
Computers and other equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years		5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,434		$ 2,434		2,054
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years		2 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years		5 years
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 737		$ 737		$ 0

FAIR VALUE OF FINANCIAL ASSET_3

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents classified as Level 1 instruments	$ 159.5	$ 0

FAIR VALUE OF FINANCIAL ASSET_4

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	$ 38,567	$ 13,064
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	38,567	13,064
Fair Value, Recurring | Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	38,567	13,064
Fair Value, Recurring | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	0
Fair Value, Recurring | Level 1 | Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	0	0
Fair Value, Recurring | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	0
Fair Value, Recurring | Level 2 | Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	0	0
Fair Value, Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	38,567	13,064
Fair Value, Recurring | Level 3 | Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	$ 38,567	$ 13,064

FAIR VALUE OF FINANCIAL ASSET_5

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Level 3 Reconciliation (Details) - Earnout liability - Level 3 - Fair Value, Recurring $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ 13,064
Fair value adjustment	25,503
Balance, ending	$ 38,567

GOODWILL AND INTANGIBLES - Good

GOODWILL AND INTANGIBLES - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 161,527
Goodwill, ending balance	163,215
VDD Tech
Goodwill [Roll Forward]
Goodwill, beginning balance	161,527
Purchase price adjustment	1,688
Goodwill, ending balance	$ 163,215

GOODWILL AND INTANGIBLES - Inta

GOODWILL AND INTANGIBLES - Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (21,667,000)		$ (21,667,000)
Total, Cost	117,843,000		117,843,000
INTANGIBLE ASSETS, net	96,176,000		96,176,000		$ 105,620,000
Amortization of intangible assets	4,774,000	$ 2,241,000	14,046,000	$ 2,413,000
Goodwill, impairment loss	0	$ 0
In-process R&D
Finite-Lived Intangible Assets [Line Items]
Cost and Net Book Value	1,177,000		1,177,000
Trade Names
Finite-Lived Intangible Assets [Line Items]
Cost	900,000		900,000
Accumulated Amortization	(506,000)		(506,000)
Net Book Value	$ 394,000		$ 394,000
Useful Life (in years)	2 years		2 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Cost	$ 53,500,000		$ 53,500,000
Accumulated Amortization	(14,359,000)		(14,359,000)
Net Book Value	$ 39,141,000		$ 39,141,000
Developed Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	4 years		4 years
Developed Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	10 years		10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	$ 34,900,000		$ 34,900,000
Accumulated Amortization	(2,759,000)		(2,759,000)
Net Book Value	$ 32,141,000		$ 32,141,000
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years		5 years
Patents | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	15 years		15 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 24,300,000		$ 24,300,000
Accumulated Amortization	(2,734,000)		(2,734,000)
Net Book Value	$ 21,566,000		$ 21,566,000
Useful Life (in years)	10 years		10 years
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,900,000		$ 1,900,000
Accumulated Amortization	(428,000)		(428,000)
Net Book Value	$ 1,472,000		$ 1,472,000
Useful Life (in years)	5 years		5 years
Other
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,166,000		$ 1,166,000
Accumulated Amortization	(881,000)		(881,000)
Net Book Value	$ 285,000		$ 285,000
Useful Life (in years)	5 years		5 years

GOODWILL AND INTANGIBLES - Sche

GOODWILL AND INTANGIBLES - Schedule Of Intangible Asset (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 105,620
Additions to intangible assets	4,602
Amortization expense	(14,046)	$ (2,408)
Ending balance	$ 96,176

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details)	Apr. 29, 2020 USD ($)
Secured Debt | Term Loan
Debt Instrument [Line Items]
Maximum available amount	$ 8,000,000

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 01, 2022
Lessee, Lease, Description [Line Items]
Operating lease asset	$ 5,950		$ 5,950		$ 6,381	$ 1,600
Operating lease liability	6,134		6,134			$ 1,700
Rent expense, including short-term lease cost	$ 500	$ 700	$ 1,500	$ 1,400
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	1 month 6 days		1 month 6 days
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	5 years 2 months 12 days		5 years 2 months 12 days

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Cash paid for operating lease liabilities	$ 1,426	$ 425
Operating lease cost	1,449	573
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$ 776	$ 5,805
Weighted-average remaining lease term	4 years 7 months 20 days	2 years 3 months 3 days
Minimum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	4.25%	4.25%
Maximum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	8.25%	5.50%

LEASES - Maturities Of Lease Li

LEASES - Maturities Of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 01, 2022
Leases [Abstract]
Remainder of fiscal year 2023	$ 464
Fiscal year 2024	1,619
Fiscal year 2025	1,324
Fiscal year 2026	1,229
Fiscal year 2027	1,218
Thereafter	1,112
Operating lease, liability, to be paid	6,966
Less imputed interest	832
Total lease liabilities	$ 6,134	$ 1,700

SHARE BASED COMPENSATION - Narr

SHARE BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 19, 2023 USD ($) shares

Aug. 15, 2022 hurdle $ / shares shares

Jun. 10, 2022 USD ($) shares

Dec. 29, 2021 hurdle $ / shares shares

Oct. 19, 2021 shares

Aug. 05, 2020 shares

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2023 USD ($) $ / shares shares

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Aug. 17, 2021 shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Requisite service period

4 years

Total stock-based compensation expense

$ 12,079

$ 15,774

$ 41,810

$ 52,136

Weighted average remaining contractual term (in years)

6 years 10 days

6 years 2 months 12 days

VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Consideration transferred

$ 1,900

Former Employees | IC Joint Venture

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted (in shares) | shares

841,729

Aggregated grant date fair value

$ 4,500

Restricted Stock | VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

100

$ 700

Restricted Stock | Time-Based Vesting | VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options issued (in shares) | shares

113,000

Vesting period (in years)

4 years

Restricted Stock | Performance-Based Vesting | VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options issued (in shares) | shares

151,000

Vesting period (in years)

3 years

Employee Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

100

100

400

400

Unrecognized compensation cost

200

$ 200

Unrecognized compensation expense, period of recognition

8 months 12 days

LTIP Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

1,800

1,400

$ 6,100

1,400

Exercise price (in dollars per share) | $ / shares

$ 2.51

$ 8.13

LTIP Options | December 29, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

1,600

1,400

5,300

4,200

Unrecognized compensation cost

48,500

$ 48,500

Unrecognized compensation expense, period of recognition

2 years 8 months 12 days

LTIP Options | August 15, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

300

100

$ 800

100

Unrecognized compensation expense, period of recognition

3 years 3 months 18 days

Unrecognized compensation cost

8,200

$ 8,200

Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

8,100

8,700

$ 23,500

32,400

Unrecognized compensation expense, period of recognition

2 years 8 months 12 days

Unrecognized compensation expense

77,400

$ 77,400

Granted (in shares) | shares

5,861,000

Fair value (in dollars per share) | $ / shares

$ 6.37

Restricted Stock Units | Share-based Payment Arrangement, Tranche One | VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

4 years

Options issued (in shares) | shares

113,000

Restricted Stock Units | Share-based Payment Arrangement, Tranche Two | VDD Tech

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

3 years

Options issued (in shares) | shares

151,000

Earnout liability

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense

$ 0

$ 4,300

$ 300

$ 11,500

Aggregated grant date fair value

$ 19,100

Fair value (in dollars per share) | $ / shares

$ 11.52

2020 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Authorized shares (in shares) | shares

18,899,285

2020 Equity Incentive Plan | Stock options potentially exercisable for common shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period (in years)

48 months

Options expiration period

10 years

Options issued (in shares) | shares

11,276,706

2020 Equity Incentive Plan | Stock options potentially exercisable for common shares | Share-based Payment Arrangement, Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting ratio

0.25

0.25

2020 Equity Incentive Plan | Stock options potentially exercisable for common shares | Share-based Payment Arrangement, Tranche Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting ratio

0.02

0.02

2020 Equity Incentive Plan | Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options issued (in shares) | shares

4,525,344

2021 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Authorized shares (in shares) | shares

16,334,527

Options issued (in shares) | shares

9,750,000

Shares of common stock subject to awards forfeited, expire or lapse (in shares) | shares

15,802,050

Shares of common stock outstanding, percentage

4%

2021 Equity Incentive Plan | LTIP Options | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Requisite service period

7 years

7 years

Granted (in shares) | shares

3,250,000

6,500,000

Number of price hurdles | hurdle

10

10

Exercise price (in dollars per share) | $ / shares

$ 10

$ 15.51

Exercise price (in dollars per share) | $ / shares

$ 2.51

Weighted average remaining contractual term (in years)

8 years 10 months 24 days

8 years 3 months 18 days

2021 Equity Incentive Plan | LTIP Options | Management | Black Scholes and Monte Carlo Model Member

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercise price (in dollars per share) | $ / shares

8.13

2021 Equity Incentive Plan | LTIP Options | Minimum | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Price hurdles (in dollars per share) | $ / shares

$ 15

15

2021 Equity Incentive Plan | LTIP Options | Maximum | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Price hurdles (in dollars per share) | $ / shares

$ 60

$ 60

Annual Bonus Plan, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Accrued bonus liabilities

$ 5,700

$ 5,700

Annual Bonus Plan, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Accrued bonus liabilities

$ 100

$ 100

$ 2,800

SHARE BASED COMPENSATION - Stoc

SHARE BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,079	$ 15,774	$ 41,810	$ 52,136
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,013	5,227	20,137	15,758
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,066	$ 10,547	$ 21,673	$ 36,378

SHARE BASED COMPENSATION - St_2

SHARE BASED COMPENSATION - Stock Option Outstanding (Details) - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Stock Options
Balance at the beginning (in shares)	6,775
Exercised (in shares)	(3,729)
Forfeited or expired (in shares)	(215)
Balance at the end (in shares)	2,831	6,775
Vested and exercisable at the end ( in shares)	2,269
Weighted- Average Exercise Price
Balance at the beginning (in dollars per share)	$ 0.59
Exercised (in dollars per share)	0.47
Forfeited or expired (in dollars per share)	1.06
Balance at the end (in dollars per share)	0.74	$ 0.59
Vested and exercisable at the end (in dollars per share)	$ 0.66
Weighted- Average Remaining Contractual Term (In years)
Weighted average remaining contractual term (in years)	6 years 10 days	6 years 2 months 12 days
Weighted average remaining contractual term, vested and exercisable options (in years)	5 years 9 months 7 days

SHARE BASED COMPENSATION - Valu

SHARE BASED COMPENSATION - Valuation Assumption (Details) - LTIP Options - $ / shares	Aug. 15, 2022	Dec. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	2.82%	1.47%
Expected volatility rates	63%	58%
Expected dividend yield	0%	0%
Cost of equity (for derived service period)	14.64%	9.96%
Weighted-average grant date fair value of options	$ 2.51	$ 8.13

SHARE BASED COMPENSATION - Rest

SHARE BASED COMPENSATION - Restricted Stock (Details) - Unvested restricted stock units and restricted stock awards shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares (In thousands)
Outstanding balance at the beginning (in shares) | shares	11,606
Granted (in shares) | shares	5,861
Vested (in shares) | shares	(4,303)
Forfeited (in shares) | shares	(44)
Outstanding balance at the end (in shares) | shares	13,120
Weighted-Average Grant Date Fair Value Per Share
Outstanding balance at the beginning ( in dollars per share) | $ / shares	$ 5.93
Granted (in dollars per share) | $ / shares	6.37
Vested (in dollars per share) | $ / shares	5.70
Forfeited (in dollars per share) | $ / shares	7.16
Outstanding balance at the end ( in dollars per share) | $ / shares	$ 6.73

WARRANT LIABILITY (Details)

WARRANT LIABILITY (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 04, 2022 $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Feb. 22, 2022 day $ / shares	Feb. 03, 2022 USD ($)	Dec. 02, 2020 $ / shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		0		0
Initial fair value | $							$ 81,400
Gain from change in fair value of warrants | $		$ 0	$ 0	$ 0	$ 51,763
The Warrants
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	12,722,773
Warrants exercised, cash basis (in shares)	17,785
Warrants exercised, cashless basis (in shares)	12,704,988
Warrants outstanding (in shares)	377,187
Redemption, minimum price (in dollars per share) | $ / shares	$ 38
The Warrants | Common Class A
Class of Warrant or Right [Line Items]
Warrants, exercisable price (in dollars per share) | $ / shares	$ 11.50					$ 10.33		$ 0.10
Volume weighted average price trading days | day						10
Redemption conversion ratio						0.261
Warrants exercised (in shares)	3,333,650
Warrants exercised, cash basis (in shares)	17,785
Warrants exercised, cashless basis (in shares)	3,315,865

EARNOUT LIABILITY - Narrative (

EARNOUT LIABILITY - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Aug. 15, 2022 USD ($)
Class of Warrant or Right [Line Items]
Earnout milestone shares received (in shares) | shares				3,333,333
Earnout liability	$ 38,567,000		$ 38,567,000		$ 13,064,000
(Gain) loss from change in fair value of earnout liability	(34,473,000)	$ 6,098,000	25,503,000	$ (112,162,000)
GeneSiC
Class of Warrant or Right [Line Items]
Earnout liability	0		0
Possible earn-out payments	25,000,000		25,000,000			$ 25,000,000
Estimate of Fair Value Measurement
Class of Warrant or Right [Line Items]
Earnout liability	38,600,000		38,600,000		$ 12,500,000
(Gain) loss from change in fair value of earnout liability	$ 34,500,000		$ 25,500,000
Estimate of Fair Value Measurement | GeneSiC
Class of Warrant or Right [Line Items]
Possible earn-out payments						$ 600,000
Risk-free interest rate | GeneSiC
Class of Warrant or Right [Line Items]
Business combination, liability, measurement input	0.031		0.031
Measurement Input, Option Volatility | GeneSiC
Class of Warrant or Right [Line Items]
Business combination, liability, measurement input	0.999		0.999
Common Class A
Class of Warrant or Right [Line Items]
Earnout shares received in transaction (in shares) | shares				10,000,000

EARNOUT LIABILITY - Valuation M

EARNOUT LIABILITY - Valuation Model and Assumptions (Details) - Earnout liability	Sep. 30, 2023	Dec. 31, 2022
Risk-free interest rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.0479	0.0413
Equity volatility rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.7000	0.6500

SIGNIFICANT CUSTOMERS AND CRE_3

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | China
Concentration Risk [Line Items]
Concentration risk, percentage	61%	20%	55%	34%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Europe
Concentration Risk [Line Items]
Concentration risk, percentage	14%	47%	22%	31%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | United States
Concentration Risk [Line Items]
Concentration risk, percentage	13%	28%	15%	27%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Rest of Asia
Concentration Risk [Line Items]
Concentration risk, percentage	12%	3%	8%	7%
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | All others
Concentration Risk [Line Items]
Concentration risk, percentage	0%	2%	0%	1%
Distributor A | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	53%		29%
Distributor A | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			58%
Distributor B | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			1,400%	15%
Distributor B | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					25%
Distributor C | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		34%		2,000%
Distributor C | Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					19%
Distributor D | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		15%		2,100%
Distributor E | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		15%

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted-average common shares - basic common stock (in shares)	175,103	138,455	165,719	127,390
Stock options and other dilutive awards (in shares)	10,523	0	0	12,744
Weighted-average common shares - diluted common stock (in shares)	185,626	138,455	165,719	140,134
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	20,013	30,745	20,013	19,975
Earnout shares (potentially issuable common shares)
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	10,000	10,000	10,000	10,000
Unvested restricted stock units and restricted stock awards
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	263	10,995	263	225
Stock options potentially exercisable for common shares
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	9,750	9,750	9,750	9,750

PROVISION FOR INCOME TAXES (Det

PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	0.30%	23.60%	0%	(13.90%)
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest expense			$ 0	$ 0

COMMITMENTS and CONTINGENCIES (

COMMITMENTS and CONTINGENCIES (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Severance payments, aggregate amount to be paid	$ 2.1

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 19, 2023	Jan. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 01, 2022
Related Party Transaction [Line Items]
Investment in preferred interest						$ 0	$ 1,500
Total lease liabilities			$ 6,134			6,134		$ 1,700
IC Joint Venture
Related Party Transaction [Line Items]
Purchase price of minority interest	$ 22,400	$ 22,400
Affiliated Entity | Note Receivable With An Employee
Related Party Transaction [Line Items]
Loss on extinguishment of debt				$ 100
Related parties, proceeds				100
Interest income recognized			0			$ 0
Affiliated Entity | Note Receivable With An Employee | Minimum
Related Party Transaction [Line Items]
Interest rate (as percent)						1%
Affiliated Entity | Note Receivable With An Employee | Maximum
Related Party Transaction [Line Items]
Interest rate (as percent)						2.76%
Affiliated Entity | Joint Venture Investment
Related Party Transaction [Line Items]
Investment in preferred interest				$ 1,000	$ 1,500
Payment to joint venture partner					1,000
Outstanding amount from related party			300			$ 300
Total lease liabilities			21			21
Corporate Joint Venture | Joint Venture Investment
Related Party Transaction [Line Items]
Related party revenues recognized			$ 0		$ 0	$ 0	$ 700

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) shares in Thousands, $ in Thousands				1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Aug. 15, 2022 USD ($)	Jun. 10, 2022 USD ($) shares	Aug. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill							$ 163,215	$ 161,527
Fair Value							4,602
VDD Tech
Business Acquisition [Line Items]
Total			$ 1,900
Goodwill							163,215	$ 161,527	$ 1,200
Fair Value						$ 1,200
Purchase price adjustment							1,688
VDD Tech | Developed Technology | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired			0.18
VDD Tech | Unvested restricted stock units and restricted stock awards | Share-based Payment Arrangement, Tranche One
Business Acquisition [Line Items]
Options issued (in shares) | shares			113
Award vesting period (in years)			4 years
VDD Tech | Unvested restricted stock units and restricted stock awards | Share-based Payment Arrangement, Tranche Two
Business Acquisition [Line Items]
Options issued (in shares) | shares			151
Award vesting period (in years)			3 years
GeneSiC
Business Acquisition [Line Items]
Total		$ 244,030		$ 246,200
Goodwill		157,699
Fair Value		$ 110,100
Percentage of voting interests acquired		100%
Equity consideration at closing		$ 146,314
Purchase price, cash		97,116
Possible earn-out payments		25,000					25,000
Adjustment for return liability		1,700
Purchase price adjustment	$ 1,700
Accounts payable and other accrued expenses							$ 1,700
Transaction costs					$ 5,900
GeneSiC | Developed Technology
Business Acquisition [Line Items]
Fair Value		$ 49,100
GeneSiC | Developed Technology | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.15
GeneSiC | Customer Relationships
Business Acquisition [Line Items]
Fair Value		$ 24,300
GeneSiC | Customer Relationships | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.16
GeneSiC | Trademarks and Trade Names | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.01
GeneSiC | Patents | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		5
GeneSiC | Non-Competition Agreements
Business Acquisition [Line Items]
Fair Value		$ 1,900
GeneSiC | Non-Competition Agreements | Measurement Input, Discount Rate | Level 3 | Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.16
GeneSiC | Estimate of Fair Value Measurement
Business Acquisition [Line Items]
Possible earn-out payments		$ 600

BUSINESS COMBINATIONS - Recogni

BUSINESS COMBINATIONS - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		1 Months Ended
	Aug. 15, 2022	Aug. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Estimate of purchase price allocation
Goodwill			$ 163,215	$ 161,527
GeneSiC
Business Acquisition [Line Items]
Cash consideration at closing	$ 97,116
Equity consideration at closing	146,314
Contingent earn-out	600
Total	244,030	$ 246,200
Estimate of purchase price allocation
Cash and cash equivalents	951
Accounts receivable	823
Inventory	1,539
Fixed assets	226
Other assets	5
Intangible assets	110,100
Goodwill	157,699
Total assets acquired	271,343
Liabilities assumed:
Interest bearing debt	16
Other current liabilities	2,749
Deferred tax liabilities	24,548
Total liabilities acquired	27,313
Estimated fair value of net assets acquired	$ 244,030

BUSINESS COMBINATIONS - Identif

BUSINESS COMBINATIONS - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 15, 2022	Sep. 30, 2023
Business Acquisition [Line Items]
Fair Value		$ 4,602
GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 110,100
Trade Names
Business Acquisition [Line Items]
Useful Life (in years)		2 years
Trade Names | GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 900
Useful Life (in years)	2 years
Developed Technology | GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 49,100
Useful Life (in years)	4 years
Patents | GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 33,900
Useful Life (in years)	15 years
Customer Relationships
Business Acquisition [Line Items]
Useful Life (in years)		10 years
Customer Relationships | GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 24,300
Useful Life (in years)	10 years
Non-Competition Agreements
Business Acquisition [Line Items]
Useful Life (in years)		5 years
Non-Competition Agreements | GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 1,900
Useful Life (in years)	5 years

BUSINESS COMBINATIONS - Pro For

BUSINESS COMBINATIONS - Pro Forma Information (Details) - GeneSiC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 11,070	$ 36,266
Net income (loss)	$ (38,479)	$ 77,877
Basic net income per share (in dollars per share)	$ (0.24)	$ 0.55
Diluted net income per share (in dollars per share)	$ (0.25)	$ 0.50

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details) $ in Thousands				9 Months Ended
	Feb. 13, 2023 USD ($)	Jan. 19, 2023 USD ($)	Aug. 19, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Fair Value				$ 4,602
Goodwill				$ 163,215	$ 161,527
Joint Venture Investment
Noncontrolling Interest [Line Items]
Purchase price of minority interest		$ 22,400
Change in noncontrolling interest	$ 7,500
Joint Venture Investment | Patents
Noncontrolling Interest [Line Items]
Fair Value			$ 1,000
Amortization period (in years)			5 years
Goodwill			$ 3,100
Joint Venture Investment | Developed Technology
Noncontrolling Interest [Line Items]
Fair Value	$ 4,400
Joint Venture Investment | Measurement Input, Discount Rate
Noncontrolling Interest [Line Items]
Joint venture, measurement input			0.30
Joint Venture Investment | Measurement Input, Royalty Rate | Developed Technology
Noncontrolling Interest [Line Items]
Joint venture, measurement input	0.10