NVTS - Earnings call transcript Q1 2022 | Navitas Semiconductor Corporation

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Operator

Good day. Thank you for standing by, and welcome to Navitas Semiconductor’s First Quarter 2022 Results Conference Call. [Operator Instructions] Please be advised that today’s conference may be recorded. [Operator Instructions] I would now like to hand the conference over to your host today Stephen Oliver. Please go ahead.

Stephen Oliver

everyone. afternoon, Good Vice Oliver, Corporate and Marketing I’m President Relations. Investor Stephen of first joining results for you quarter Navitas Thank Semiconductor’s XXXX conference call. I’m Chairman, President our Gene Sheridan, and by Glickman, CFO. joined Todd and today CEO; our webcast will our XX this days for of ir.navitassemi.com, call A replay a at of be on will Relations website our the h one call. approximately recording following available approximately and this section Investor following available this be

website. Investor to related also business Relations section our our the information Additional posted of is on

Our presentation financial call, measures. with or of forward-looking financial make GAAP earnings this posted Reconciliations website the of our future the about about comparable on the statements future financial release certain non-GAAP also in in Investor and include directly release will included these measures Navitas. performance measures events conference Relations we also and our this earnings section. non-GAAP are most In

we Navitas similar results you our You on to XX-K release. forward-looking statements, uncertainties business, SEC Form Important including words materially that by statements. we that to XXXX. risks can or Navitas in to affecting our cause discussed on like also actual are can the that XX, reports filed caution expressed expectations from results our to the filings, factors affect refer differ cause or differ forward-looking described could Please factors wish and could in or including annual earnings these actual forward-looking from March our risk identify that are We subject events expect believe to statements statements in such terms. factors

actual changed that forward-looking assumes forward-looking and assumptions statements or other except change, to required may or law. as occur Navitas estimates events by no obligation Our may other to update results, reflect statements

Now over Gene to CEO. Sheridan,

Gene Sheridan

you and call. joining thanks to Steve, today’s Thank everyone

while growing to markets. our foundational the exciting segments our address building and mobile new opportunities on particular, we are consumer we center, expand in technology solar, IC. leadership focus position and related technology leadership to and continue position in data our GaN Power market In We in the EV

week reinforcing of our number now announced margin revenue over XX% our in with market. expectations. gross was we the line has million QX XX in last grew shipped $X.X As XX% Navitas year-on-year one of GaN to power position million units

Our fast by customer SXX+ charger. smallest win ultra-fast at market their watt watt was charger adopted lead SXX ever in XX Navitasto additions. first our major GaN fast their the for Ultra flagship and and increased technology and have Galaxy chargers, Samsung’s XX Samsung design

with first X-inch to In to XX minutes. addition XX ICs launched Vivo inbox their with charging with fast utilizing ICs the screen folding X USB-C smartphone charger minutes. our has charge X% GaN only only watt power in X% Fold XX XXX% adopted density watt from centimeter GaN XX% our their dual charger, edge+ and GaNFast XX a cubic of watt per time one smartphone a Motorola’s inbox fir

for Motorola technology GaN charging Redmi we factor. OnePlus IC a translates only of compact In centimeter And ultra-fast Champion a inbox in big small emerging charger. cubic with density. watt ultra-fast our fastest XX minutes, a only ICs which charging GaN at a their GaN achieves growing an our Realme’s form in have impressive deliver addition utilizing watts adopted power per smartphone, the five closely their X% utilizes that launched to minutes. very Neo technology to for Ace utilizes In of co-op extended our has XXX% Xiaomi watt to XX% Mercedes delivery GT announcements. leadership Congress campaign. World and to Mobile X X.X time world’s the inbox power number marketing This in are segment XXX new working we fast smartphone comprehensive with and position chargers on customer charger major X% AMG additional of FX XXX the

IC we smartphone XXXX. Beyond followed chargers. and adopter latitude our XX their Dell launched in optional with leading our a position GaN an laptop laptops was for XXXX watt for GaN GaN charger watt adoption in with early is charger of notebook Navitas market way significant technology the GaN XXX also accessory in

also We’re inbox watt in OEM’s the smaller XX across X now cubic centimeter, of XXX chargers XX with XX% chargers density powered April. watt in gaming charger is XX time and with and chargers. inbox mass per This X XXX top smartphones now Gen Lenovo charged launched XX GaNFast expect have watt hour in GaNFast than of another have Xiaomi Navitas is launched legacy announcing at a is mobile the the minutes. production XPS laptops is XX with and Dell over the XX-inch the all Plus. nine XXX by only one charger laptops the year. we a shipping watt XX battery of XX-inch huge power At that Legion Ad by watt same laptops their watt GaN end

continues innovation technology a at Our pace. rapid

and offer are by high data across energy focused was IC Our X technology and power with EV density. these applications data system a PCIM prestigious higher one Customer markets. customers dozens over technology. which center We for the kilowatt been XK centers high solar applications last well micro of has accelerated charging building started production supplies. TVs, efficiency, solar and inverters Generation adopted their cooperation GaN-based more our power launched sampling in high power fast are design underway XX XX% XK, segments, GaN last high of year delivers EV next-generation related as those design. gaming center. Germany and by frequency, our such as enabling across late highest multiple with reliability with at power designs block of plus customers power we mass new all power center additional other proprietor Nuremberg, against the high customers design and rated and Both capabilities year, many systems, for introduced NVXXXX Power already which complete GaNSense This density late Conference and efficiency, levels week GaNFast data target centers of ICs since

segments additional for across from new years two remain unchanged. these expectations next revenues Our the

addition, failures quarter to of foundational sampling expansion be XX% plans. ICs IC further started X achievement performance and in an GaN another field. target cost our serve markets. strategy schedule. reported million our billion with GaN accelerate the In announced improvements XX and GaN-related of our XXX to company our Generation units this and we device unprecedented to announcement hours also continue adoption shipped, in zero our enable These will we reliability field Quality With on

first When rapidly center, X.X of of customers This high exhaustive XX to to as warranty. than times but that unique of are company reliability and is XX energy with EV, and and from more transition level GaN power device we beyond. storage with these of reflecting reliability reliable just semiconductor again We reliable silicon, confidence achievements program. every in have commitment accelerated are need XX-year confidence we testing combine it’s product markets another solar as billion times protection and not circuits, courtesy our our data longer reliability GaN and the dollar integrated our industry silicon to hours other delivering actually our robustness our the multibillion

all sustainability you to on want of I update our initiatives. Finally

Natural China, secular of that goals. these company. underlying softness power and carbon market. in is in is Over both want of albeit reach the we another chargers I we’ve the industry’s billion Navitas and other to strength specifically the some non-GaN component company the Power though driving neutral GaN-GaP helps opportunity leading multi-decade maintain of the want customers X% even million use generation our January announce we’re units rate our achieve us the margin. short charger in combination reiterate to a shortages achievements semiconductor milestone first next neutral to in status of have from company. of in years GaN of than some The silicon these modest the sequential on impact two our in report the and strong we recognize less to climate on as of to GaN factors excited as shipped GaN-GaP positive planet gross outside continued for $XX our XX is global business. help number year-on-year the and our with Unfortunately Navitas X% positive GaN quantifies Despite three and next carbon capital of given an achieving company, are growth sustainability transition Partners, impact electrification adoption material the a Today in expected their to change we have semiconductor now that market comprehensively about leaving COVID-related own world market tailwind that experts wide to one These fast of which do our and to that status that shutdowns see ahead. in and the benefits challenges the short-term and last with QX. regions Navitas our silicon a turbulence in wide company semiconductors generation China’s overall are fundamentals climate published represents we strong materials for our environmental the the legacy from dramatic reduction over and electrify only term first assessed In ultra-fast all growth still some environmental based QX mixed-related from carefully growth smartphone China, rate China to semiconductor neutrality finance mission the With worldwide and standards. carbon in

a and XX six IC you. power semiconductor times GaN activities, given GaN in in to accelerate our maintain we finally and semiconductor is lead mission our will which leader. our M&A Our top-line a opportunity balance plus of weeks as now CFO, million range. and over to shortages electronics. become with turn value customer to revenue redefine next profitability to recharge the accelerating And a revolutionary increase times six by this our our power targeted generation over lead once XXXX $XXX healthy semiconductors gives adoption the remains between it weeks silicon the a pursue strategic let sheet which month in and to low and Glickman. me remain disrupt power power Todd GaN with and of field lifetime Thank very And We books pursue us confidence continued cash

Todd Glickman

today. us joining for everyone thanks and Gene, Thanks,

led our global first which we build of a With guidance capability to solid compared guidance gross Let regard and quarter the and first million through quarter growth demand and the me quarter remained would numbers to quarter, field price the that have our teams customers which and seasonally representing revenue traditionally applications to grew you the with been sold what the we gross year improved our quarter. also been and but for constraints continue in have to a first the like new chargers in would be would I in expand customers. XXXX, out inbox that some to of XX% fourth first marketing into quarter flat a somewhat, last had our quarter for margin challenge would non-GAN in Mobile have to of slower QX. expenses GAAP supply mitigated invest markets was our to fourth quarter our note impacting continued the quarter sales XXXX. GAAP from TSMC’s increase, take to throughout X% despite regions. XX% $X.X XX% to for first penetrate the reduction. and wafer GaN new margin consistent

of of are both was spending with XXXX. energy completing quarter expense reflected a Putting application markets. data R&D first our IC as in developing $X.X generations we XXXX both million $X.X of as private across gain we new all EV new of new redemption non-GAAP the of our and stock million million In SG&A continue the of net solar, first we $X.X in specific million in in this rapid GaN warrant as addition, $X.X we million of design approximately million non-GAAP to of adding of from and quarter XX.X and Non-GAAP common completed audit net center, expand and and together elimination March, one-time loss liability. markets a the result of warrants generating X.X phase In quarter the in unique first GaN are centers invest in a operations multiple loss growth shares a this company invest our company. public of compared XXXX first ICs to investments of was technology our public the a from into as simultaneously storage operations

the Our basic share $XXX.X the and quarter million. was at end diluted count of first

$XX.X was times, opportunities quarter Cash $XXX.X million. upside sheet. equivalents balance in we the and lead maintain to inventories customers. were prior support with compared short healthy to growth significant million our the to Inventory million Turning and cash $XX as

to Moving guidance. on

million the quarter million compared For of $X second quarter million expected be revenues are XXXX. XXXX $X the to GAAP $X.X and between of in second to

GaNFast customers convert from expected to is gross quarter a China XXXX. record XX% sales X%. to position the regions be from tracking from Despite offset Next GAAP growth XX% China [ph] upside experiencing silicon weakness the smartphone in due us of a quarter some we revenue margin and double approximately second the to putting for for company reiterate plus our is to quarter XXXX. least to minus in other full and softness year in to or be are expectations Asia as in second at representing to reduction quarter shutdowns

is which to softness margin stronger gross expected to XX% and quarter of second lower at is diversify lower a being by GAAP revenues to expected margins, as gross somewhat mix. begin full year or China earlier other mentioned minus have outside offset growth Asia. lead approximately margin gross X% regions, XXXX in is As plus

fuel Generation launch expected of in second is of quarter this in to the As year, and fourth the expansion X XXXX. margin Gene mentioned into our half

are amortization In term of in chargers, and compensation now excited session. milestone GaN to strategy term our parity Gene assets. than to opportunities approximately long ready to our excludes QX let’s shipping to in and Q&A million, center, we margin XXXX intangible summary, deliver your this system leadership $XX take solar exciting I gross to and our in we with proving Our are are more million is in non-GAAP and looking begin mobile the long be achieve expectation forward expenses and XX% operating are total, $XX questions. which In unchanged. cost expected and stock-based units of data EV. meet Operator, silicon new

Operator

our line Cassidy Instructions] And Thank question Securities. first with the comes from you [Operator Rosenblatt of Kevin

Your line Please go ahead. open. is

Kevin Cassidy

why Sure. Thank have but maybe than the in other you if for China? quickly, taking explain could just my question. regions gross margins you say lower

Gene Sheridan

this question. Gene. Sure for Yes. the Kevin. Thanks is Hi,

their an other customers would the strategic not year to with we regions lower, bit that a over year higher well surprising to strategic and we which out some one the elsewhere kick some last next program So business balance had for little very we Gen start profitability. for even first took off China. this price though that programs, with quarters is for GaN opportunity adoption too major two we including margin were it knowing X opportunity improving that But went pretty points to the them that would few move the

in margin track expansion late shift, mixed we proportion So also gross Gen and expected, towards this we to with china them X. margin the profitability margin led other us of those weakening than which that’s move of sort higher has programs year to related gross move but a it non-China improve on the as puts to

Kevin Cassidy

think up maybe would margins out if that mix will you’re are things I over range to think your mixed China again? the and XXXX great. you that in gross that assuming Okay, better And XX% move

Gene Sheridan

Yes, that we’ll the we as TSMC direction, this course, be I increase. think in cost impact wafer a headed of XX% significant reminder of the year had

the but year, behind late that into the X in as then will So year expect point margin for squarely the you the and us year indicated. on be Gen discussed gross next will rolled we that’s next this year multi and all and numbers factored be expansion in

Kevin Cassidy

thank you. Okay,

Gene Sheridan

Kevin. Thanks

Operator

Needham. Janowski comes from Thank line question of And you. Trevor with the our next

open. go is line ahead. Your Please

Trevor Janowski

for guys on this hey Quinn is Bolton. Yes, Trevor

would and prices? ASPs the provide where year, margin progresses. to year a you’re gaining is as margins quarter on share. full this raising on the you you term continue the additional for can guide gross near And understand XX% we So with floor some the the there headwinds raising color XX% seeing in to specific But the Thanks. consider not

Gene Sheridan

I’ll last question to before is committed color I Yes, driver strategic or price like. mentioned add frankly the But we year the Kevin’s he’d specifics TSMC maybe wafer as could the Todd main increase. programs if with start

line our in this course, the softness that? but ultimately top in in key with you line we’re gross drives year. will be bit, we to transition growth that for expectations as the are of it quite in add later term we want of did margin is those a in Gen So the because to China to helping end anything end happy X compensate the to Todd short

Todd Glickman

the Yes. the But to is year X%. get tracking minus full we XX% for are or plus guidance still

question, And in with is to a and occurring goal goal to on goal. the a system track our answer our ASP, our create is is there silicon, ultimate parity for second that is that XXXX. cost that we’re on So floor still so

Trevor Janowski

you Okay. on and effect revenue well? Thank had the to you. and are quantify guidance able And that China your the as margin quarter

Gene Sheridan

add could again, is I this Gene.

by QX even we on shortages so seeing guidance probably between a other regions. and be but line good million the revenue, that’s have or minuses short regions component is and that’s sort pluses of some affect, to higher a came but see to the revenue. that continue of million-ish the term in on where a magnitude with growth the quantify. the short we idea QX offsetting China the that $X in of dollars a robustness For rough gives luckily or impact, bit Certainly does so, of that impact you We think effect, about and significant didn’t way we’re non-GaN term than hard there

Trevor Janowski

Thank Okay, that’s you. helpful

Gene Sheridan

You bet.

Operator

Bank. you. Ross question with the comes next our from And of Deutsche Seymore Thank line

ahead. go Please open. is line Your

Unidentified Analyst

XX% top-line Could click, for two give QX guess if guidance to and a with least new QX, additional numbers QX year we do linearity in of color at seems grow at you so asking is us you unchanged, those double have it you so look Ross. of I the on some full the terms remaining [indiscernible] quarters? can this Hey, behalf in how

Gene Sheridan

we of we of programs that on Yes, in half to continue based are pretty growth the see about. year regionally and second number the outlook talked all the as now robust diversified

I year thirds before one year we’ve is half seasonality, anomaly in which discussed past first third-ish Last a that balanced of inbox let’s this Xiaomi half. had quarter that usually a QX, range and mentioned we expect half and first first it’s launching split QX, I production revenues but bit typical and major first up into a year half, to the be in second in softer second one probably two shaping not a think is in two year last is typical of more thirds we in half of bled was with between so the second say the the still as year, we half. think their third

Unidentified Analyst

you. Thank

fair to be So, assume highest that sequential quarter? be terms in QX the would growing it of would

Gene Sheridan

so typically case. probably, that’s Yes, Yes. the

Unidentified Analyst

you. Thank

Todd Glickman

Yes, thank you.

Operator

comes Thank you. And CJS. our Jon with of next the from line Tanwanteng question

is go ahead. open. Please line Your

Jon Tanwanteng

for lower for little only the to your was average you mean and first I of those of going reason Thank why? two see through QX my quarters XX% beat in XX% higher one year QX Hi, year if wondering as just for and horse, you volumes on kind does but is gross the progress good a dead QX a of bit the we us give My margin bit that we’re progression afternoon. margin the to one a in taking more a little not questions. you give color the

Gene Sheridan

biggest little that there’s talked do recognizing in is but the Gen want you to that, more bit X mix Todd balance but obviously give color. handle regional to probably the Todd, want a we about, the driver, you

Todd Glickman

Yes.

expect to coming on you XX% or us us and hit we to sort sale XX% X are to driven margin to plus margin expanding As in coming as guidance touched QX, guidance allow of devices, plus of QX proceed of or our QX minus allowing recapture in that that minus Gene gave the expansion really with X% Gen which same would that. by in

Jon Tanwanteng

of outlook. more color with Is then in indications Okay kind there little your the that of on you confidence orders how or producing a what is that customers do on just in of orders? hand And and based visibility bit and the second great. those more that, departments discussions they’re catch half firm and

Gene Sheridan

Yes.

customers very ODMs I outlooks and certainly to think both, of Chinese for revenue forecasts the conditions year the of all very part view both and and helps and models second combination the our the of really and the connected more on levels. orders the well it’s business were then so in of then That’s robust production it’s upon at a customers OEMs half at that close importantly stable sort improving on based other regions. our and QX,

So hand. all in of those work hand

to In is year, reception been addition the spurring has not we margin sampling create outside. on later Gen earlier gross additional that expansion X but could X schedule the now in is important the phenomenal already said actually Gen only as programs that’s and and

all So, our we that guidance. account we’re updated taking into as gave

Jon Tanwanteng

if you’ve Understood, in you have then Todd, Thank did past don’t commentary I know in directional you. any the QX? remarks, prepared but mentioned OpEx And

Todd Glickman

changing to $XX to full track million. the to year, with we’re on a QX non-GAAP expect in towards $XX the basis our higher QX, $XX move and QX that guidance of we million in continue on OpEx million For not

Jon Tanwanteng

it. you very Got Thank much.

Operator

Thank the Craig Shannon you. of from comes line question our [Operator Instructions] with Richard And Hallum. next

open. Please is go line Your ahead.

Richard Shannon

one you guys taking perhaps correct? for the in thought on in XX% is the quarter question. press the guess I press your XX% but I but you’ve re-verify what’s opposite want just says can numbers and Todd, said Thanks you verify misheard, for I year, I the margins. to saying that been my release, which release gross opposite second the the

Todd Glickman

margin XX% minus plus minus is year gross gross plus QX XX% Yes, X%. our X%. our or And for guidance or guidance for is full margin

Richard Shannon

making says you press so thanks release, Okay, right. should got we the it for opposite, correct because probably the sure that

that that it Gen does in at point Is transition than be with on expect or say the a the the like your ramp, take general do question longer to guess, how and something Gen year here like X quickly Let’s sales. fast within to get a will see X you XX% total maybe that? specifically does fairly it happens a of bit one little I

Gene Sheridan

take terms an new question depending example GaNSense, we’re all different be capabilities and applies designs to X advantage adding pin Great a on enhancement, bit shrink with very classic Generation brand of some basis. each and drop Yes. to on integration of serves cost replacing introduced features generation Gen but a Gen what capability which called little more as can in actually that. quickly to then is performance X die reduction X to new or in prior really generations pin

and So will quick than and this Gen transition. saw faster Gen up get X much year. pretty be we ramp the and the as faster that I adoption QX year, transition X a So, a across early XX% don’t point by probably actually continue will quickly. picking as but very Gen It’s next drive lot see The to X of

Richard Shannon

again to Thanks charger just me great that. the Gene. on Okay, part here. know question last One for market the of

detail think levels in many a charges particular expecting think of a second XX% you’ll great couple chip. the on calls provide that cases I had second you in discussions, see power you’ve about you’re and last I

for or you’re a higher charges that the year you next if know kind have of the percentage will So, level. I and be year, number throughout about when the or of double year content what over next profile wins the chips what and volumes seeing wonder you of that whatever this

Gene Sheridan

PFC watts know and charger are that question And XXX extraordinary an which XXX add even it’s is and content. you called amount quadruple especially once go begin a that content end on power things began can level Smartphone triple Factor doubles XXX as you you category, or Great circuitry ultra-fast we Power No. or is or of which get Correction up than focusing Yep. to watt to watts have usually more that up delivering typically even typically like additional to that you from

the prepared there segments probably chargers and watts see and Samsung, fastest major lot all OnePlus remarks category more fast of highlighted, So, with we of highlighted growing segment ultra-fast and in But definitely three that. the whole Realme Vivo, growing that coming Ace three we kind behind categories announcements nicely Xiaomi, the Motorola. below a there’s we traditional XXX

content. particular about a also segment but launching and chargers, notebook, with inbox see multiple chargers for So, color growing charging that ultra-fast going and the anyway that driving about you ultimately Notebooks how Dell really are that in with that’s now us we’ll is family Lenovo stable, shouldn’t the nicely now to the we that category I forget today, GaN bigger the and we that including gives fast think notebooks. Xiaomi is over us term our and with softness growing for little plays out. notebooks ultra-fast the a largest probably bit more in even talked see time strong of short doesn’t so fastest with have we’ll our volume more that category pretty launches on The different have segments China’s market

Richard Shannon

you. and the that’s that all questions Okay, Thank Gene appreciate I color. me. from

Operator

from Thank line you. And next with our Lipacis Mark of Jefferies. the question comes

Please ahead. open. is line go Your

Mark Lipacis

my question. taking for thanks Hi

I have as into look XXXX. question the you So is

you you had to see earlier you expressed that, enterprise and view renewable starting think I kind solar that thought XXXX. the to start of would ramp programs in

still And products and kind those we those of similarly the case be products. should vertical to margin standpoint price vertical or or so markets think the is do about if question so the is you’re believe you that that there, and or very be pricing a Thank margin these into either or on markets from would priced supplying standpoint you. a different the

Gene Sheridan

track we with certainly those No plans. are good on memory Yes. and questions good and

version But of the of haven’t the serving In about power. all that already power is NVXXXX but solar, that this markets families fact sampling you announced storage. talked EV we all highest that’s new announced IC GaNSense of center, There’s are the publicly energy week which data the were tip family those our and

of We’re ramping would energy still on XXXX EV XXXX. late little would ramping and times center We in longer development XXXX. the the that track would bit think start start programs especially space catch storage solar of data some in of because with in most the multiple a

of price All chips a comes more are that powerful higher products these point. much and with

around and So where tend the system range to to now price driving system. the consumer closer or a and chips down bit dollar less costs mobile charger as a we’re

can higher with go $X expect and go that be will margins we’ll higher with we power you quality the in perfectly often given we parity see that So seeing to the in as sort higher to our Also it. the of ASPs, cost reliability capability, range. $X already demands fits and range are

We bigger we us mobile data the and probably points. would expect long get of model have be EV our entry term both and cited to barrier than before or operating consumer, combination like and of ultimately XX to solar lower markets XX points how industrial, more center the to XX

margin well start So those things and when of roll improved that you line. top some price gives of to out impact sense revenue points, the as as timing

Mark Lipacis

up observing front I’m prices. energy been of drive and that’s and there, newer higher particularly kind the seeing efforts wondering I Thank you try And to you. regulatory with side to thank if there enterprise associated any is the efficiencies follow you had what with this developments higher we’ve on been on And may and all. on I some think are

Gene Sheridan

a being around corner. add standard and which in Exactly of is that’s in plus the Right to XXXX the Yes. course if right point finer Europe titanium required

work level that plus demanding all today very with is were with to virtually the spice us usually doing big that’s power in most center customers world center your our So around Europe because of achieve rollouts for designs piece a the design keep our data So of data that And in to efficiency have fuel doing standard driver designed and you to virtually titanium silicon So toughest revenue for to standards. XXXX, we’re it’s a mind that’ll be standard hard great all

today. doesn’t just impact lot ripple that Europe a So Europe effect seeing sales actually than more that impact could that We’re

Mark Lipacis

Got you. it. Thank

Gene Sheridan

Thank you, Mark.

Operator

question [Operator Cassidy up And Securities. a from have Rosenblatt you. the Kevin Thank we Instructions] follow with of do line

Your go line ahead. Please is open.

Kevin Cassidy

there, customers even and is activity the little center, I the a for us my was have details design many to many along it. and data what’s and you can lines your maybe of design have these asking, what hired follow Thanks happened of Yes. centers how center of yes a utilizing are of up how people part strategy you give Mark guess

Gene Sheridan

developed the put out the adopting Yes, great. now big kilowatt we next but the didn’t big X.X data full system specific which who spotlight as Last with made collaboratively announced about we on them bring influencing level And a production with that about year those XXXX EV innovations new hope and them and a for how looking about it Kevin, developments achievements it’s roadmap produce do systems is is of QX actually phase with year we them co yet and Center into Design names year multiple using that. opened kind again commercial and collaboratively give recently ICs. for its or we titanium as later center up that dozen design a earlier there. of you designed that year, the this and plus we using and customers those accelerate storm hopeful course there share we’re to these forecasted. asking GaN be can we GaN revenue the Thank And production story I will centers design see the ICs. our we’re the it of the who we center we a a these customers engaged equipment customers design ultimately are bringing even accelerate though technical it’s Design with as engineers they’ll out looking Shanghai, of plays this based very in their chargers being and and reiterated There’s first timing. in are impacts GaN are the putting us our and are further public revenues, designed can of it Shanghai We’ll expect the both then The small expected and you team first then into but roll of certainly EV getting talked done center the and centers More on so ramp that name design already working center it can’t announcements things automotive customer But order board setting these system are but largely that to in in as production from customers up with we to at general lab. That’s become have out be center design has but obviously the they announced EV productive earlier updates roadmap, whole influence they’re designing to grow in collaboratively days in key would things love

Kevin Cassidy

Great, thank you.

Gene Sheridan

Kevin. Thanks,

Operator

Seymore we And of Bank. Deutsche question you. with the Ross have Thank follow-up from line another

Please Your line go is ahead. open.

Ross Seymore

a the a question, the had idea the cash was one and carrying balance process I of sheet. you’ve been of amount acquisitions use healthy pretty proceeds during on key

us give any have area terms can across you targets, update et on you. of or if you horizon some that in Thank cetera. If come

Gene Sheridan

we’re which with voltages even million power that’s flow a lot to GaN put the We or see really $XXX our right. GaN of even million again. chips cash across number does work a for ways. GaN expanding system of to So And fields the reach a that sheet Yes, needed in silicon they’re we more generation silicon is certainly capital us business do and higher anticipate hand next potentially positive seriously in to a and Yes, $XXX bullish We nice our pretty cash balance of to power pretty that different field the in whether hand opportunities, internal conservative the similar every leaves in about more Gene of exploring higher no you’re need because a field of go the compliment silicon on to lot fuel exactly carbide that in than be remain controller or organic and powers. XXXX device.

don’t we front anything look our on and to So have while the specific future. yet that you giving forward in announcements definitely to today we’re announce forecasts active

Ross Seymore

you. Thank

Gene Sheridan

Thank you.

Operator

like any no over showing the this Gene Sheridan to conference I’m back further questions for at hand I to And time would you. and Thank further remarks.

Gene Sheridan

Thank and GaNFast. questions joining and much you, you Operator so let’s thank and thanks everyone so go today for discussion us great

Operator

conference call. This concludes you Thank participating. for today’s

You may day. have disconnect. a Everyone great now

Navitas Semiconductor (NVTS) 13 May 222022 Q1 Earnings call transcript