- Earnings call transcript Q3 2022

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Operator

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time I would like to welcome everyone to the Navitas Semiconductor Third Quarter 2022 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Please go ahead.

Stephen Oliver

everyone. afternoon, Good Vice Oliver, Corporate and Marketing I’m President Relations. Investor Stephen of third joining conference for you quarter Navitas Thank Semiconductor’s results call. Treasurer. Shelton, I’m joined CEO CFO Ron and Chairman, our and our today by and Gene Co-Founder; Sheridan, President and website A replay of hour webcast will this call. approximately on conference be following one available this our available webcast days approximately following this the recorded for And conference will be XX call.

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

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

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

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

Gene Sheridan

to September. also you, investors call. thanks York thank in New in for and like to attending us Thank I'd Steve meeting our everyone today's for

we significant line are million, given meeting, QX slides which posted $X.X website. have given results expenses was our million Despite space, growth margin guidance developing customers. our silicon our our products, acquired but the GAAP of IR the system unable prospects QX with sequentially show by investors carbide significantly QX QX. quarterly investor significant Navitas newly unique in on we continued our in and one-time slowdown are design with the new and similar $X.X rate the Both markets, a progress For adoption revenue pleased attend to business range, at with growth call. XX% regions QX. some anticipate gross in capabilities to expenses gross video lower. and in and excellent mobile into in expanding revenue growth was fueled for our XX.X% continues new and inventory within very accelerating writedowns, and million, center rapidly was and our $XX.X Non-GAAP included margin launching Gene our from up for customer

capitalize channels and Also balanced is ultra-fast Xiaomi to is the into leading on our mix regional to we'll in revenues softness new QX deliver closely monitor market GeneSic, GaN our which zero the and year. critical the extremely chargers even and designs pace XX mobile we've eventual include continues mobile the Despite they're watts Best nine and QX rapid charging mobile based record like business our GaN anticipated expected six failures. the also at adds These months in diversify with with brands has geographically Europe, GaN next. create including opportunities, business GenX design US, exciting prepare brand. already chargers and continue which only growth added In We to we XX setting only launches Korea, as XXX% well mobile three with shipped our a Insignia million over Revenues launched acquiring retail continue over to GaN market to as Buy ramp to now XX next over minutes. new to technology. which for GaN from China XX and X% recovery. Taiwan development, carat platform, about players received continue that in Lenovo, many top reported in XX progress since new chargers revenue from with have silicon QX, expected over Moto new XXX to designing another softness, customer centric such leading Anchor, are and of and including ICs other strong field been GenX year to of customer in this

starting Our nine or over million will middle with to powered are from residential new in Silicon our GaN drive two ramping expected and with solar ICs XXXX. than in In new GaN of development. purchase the with initial IC transition for GaN XXXX. already support ramp home applications received the faster the and Data project players continues drive technology an One order applications our new market now appliances in to starting customer's XX latest business continue leading focus IC customer industrial motor high of activities development. adoption customer solar includes GaN projects increased for development in that center market, expected production GaNSense Half-Bridge projects on $X motor

power EV demand integrated range already of business, portfolio and which Sungrow, group, in Geely development GeneSic has customers, which the includes design provider eight now and our existing a fast that leading track with revenue will new Saab, week the our increase Navitas supporting joint on Last seeing and Navitas four we silicon projects experiencing year. customer long and significant we for drive new charger many new signed with customers waivers, manages powertrain Polestar VREMT. across XXXX. silicon updated system supplier part platforms we for platform center strong others. are just our has roadmap. Volvo, that the carbide Motors, carbide XX all our are term General continues This many our added Navitas have by carbide capacity in EV be includes BYD, strong onboard growth of carbide Chint, EVs is ramps silicon acquisition, include There APS, a silicon Goodwe GaN are that Geely, EV agreement the EV are XX different in we a is a center GaN significant portion Shinry carbide In across quickly all brands dedicated Solar design auto projects revenues. ZEEKR, silicon to systems Geely announced generation portion VREMT Rover of others. days systems and XX With and silicon Jaguar, Lotus. joint the next past utilizing Since enables carbide. which the next significant EV carbide, and to a silicon create customer lab Land

Given to to demand devices for the carbide and our for silicon achievement carbide our growth XXXX outstrip silicon will for this allow business supply, our us continues major is accelerate that a beyond.

the about driving carbide, conductor power to strong summit trends year we to move existing two and billion silicon to $XX very are per silicon the addition In excited market also that US GaN from major are initiatives. secular

perfect $XX coming improve over carbide the costs and investments chipsets candidates semi leverage bring capacities we in and years. and GaN dramatically will investments industry, for to believe and US in billion the are such First, Silicon

spotlight plus To our Second, Reduction summarize, and includes centers and appliances. the aligns headwinds, infrastructure, the upsides solely climate near GaN, softness long Navitas sustainable the Inflation electricity on EV we're and in $XXX homes fossil billion to energy very despite in term growth and accelerating expectations. change on term and mobile perfectly investments with particular, focus our in seeing clean from home this efficient we the focused in fuels are EV based motor macro-economic on In Act drives. data clean and initiatives energy near to energy happy term upgrading

significantly it from With to Shelton, which segments, our of While executing upsides carbide, that that the expansion industrial this we term all turn EV. CFO. all seeing schedule support are our let platform solar to includes and signed growing backlog In over long EV, into energy growth. storage longer Ron recently are a agreement we segments supply with will and silicon and solar, and term new that, GenX me on across we've benefit

Ron Shelton

Thanks our third was impacting is new several of and see of million, our joining made margins provided through take XX.X%, to the thanks were motor us with in third limiting inventory a related fourth million results was margin of base grew for demand for We GeneSic and during EV, semiconductory GAAP quarter of quarter, everyone close strong to XXXX. about the and our for third value a growth quarter represents operating I'll today, we up we quarter They we that drive Gene, primarily today. were quarter, gross was non-GAAP non-GAAP then offset acquisition $XX.X GAAP see focus Total in power, currently you quarter. the you carbide gross last the what solar, and guidance XXXX. the in inventory X.X% $X.X first of In of the through diversifying third I'll for for adjustments markets gains were products. impact revenue and chargers, our margins. mobile walk with quarter efforts the within markets. step $XX.X and my impacted for line on and in million comments ultrafast GAAP higher data the to we some This for the in slowdown comments as for then a of was outlook had broadly, adjustment an industry to gross customer the the our and market approximately while end reserve $XXX,XXX center, quarter XXXX. by we silicon mobile which range which that GAAP continued XX% guidance the comprised this expenses from the our

operating non-GAAP with than and expense midpoint associated GeneSic acquisition spending third slightly guidance was Non-GAAP non-GAAP and partial product R&D quarter associated SG&A the of Our expenses $X.X million new of higher of XXXX. development. higher million the and were quarter a $X.X our was the reflect expenses with in

this will to be derive we prudent investments we our most we term this compared all of million the growth. While was make loss company's where Putting value. in phase loss simultaneously across $XX.X quarter non-GAAP continue targeted million and where new markets to invest, a of as in XXXX we from business of invest from we the in long together, third how will $X.X the operations our operations in

count shares. Our diluted third the average was and share quarter for basic $XXX.X weighted million

improved continue reflecting liquidity. million. $XXX.X $X.X Accounts high were sales the quarter our the comprised receivable Inventory is continues new very for approximately end will term Cash in both meet to million supply to that prior end trend GeneSic demand $XX.X the our products. to four related inventory prior market builds and carbide million it cash towards quarter, as compared and time silicon $XX $XX and turns levels levels of with compared of remain to the of was balance million days we initial to to times. for over confident inventory quarter inventory Turning three strong We're market increase equivalents at inventory target million outstanding. to in rose to sheet, in long to

year be the expected $XX Moving quarter in to XX% At million that's revenues of million; GAAP XX% XXXX. between over the and million $X.X on guidance; would fourth fourth grow for to quarter year to XXXX, to sequentially. compared the midpoint, of $XX and growth are

guidance. markets Our includes time, very the remain those of share revenue. minus strong cautious quarter overall carbide business that guidance be margin about demand China fourth revenue the a and in At greater plus becomes Gross full X% reflects for GeneSic continue quarter products. as mix expected and the XX% products of for have same for reflected we or quarter is end our to our the operations to the mobile approximately for silicon a of

month of China, of and our The compensation transition non-GAAP expenses in of silicon the opportunities. last that investment intangible and of and few noted our China to and in quarter to increases and is is revenue products increases GaN continued operating we gross types to to the to continue approximately products in effectively operations as amortization stock-based compensation to quarters in or plus over growth employees, which expand design further full be QX X% carbide will additional In total, a assets. related we $XX.X products contribution which As added in expected center around paid business, next grow. GeneSic bonuses salary, continues activity new excludes R&D, million investments we an future and as new sequential standard margins minus quarter, this are from believe that

the we expect do enter rate as to moderate we XXXX. spending growth However,

in know, design challenging. expansion. compared That we opportunities, new multi margin environment, you introductions of potentially we on existing increasingly identified a mentioned double And our are continued backlog, new other all XXXX sight said, As to quarter current of the projections and expect have we XXXX. anticipated believe as to based product activities, earlier, revenue in line

growth provides for with us. pure only Navitas expansion. of let's opportunities front We power session February. opportunities, company, in we call continue benefits excited navigate significant play will and in industry, next in our the summary, the impacting are earnings have and this more the the detailed semiconductor generation semiconductor is while about uncertainties Operator, Q&A next XXXX guidance near In very begin us advantages, we term that entire to be for

Operator

will come Cassidy the line first Kevin go Rosenblatt [Operator ahead. instructions] with from Please Our question Securities.

Kevin Cassidy

taking question congratulations is, progress. you silicon question what Yeah, guess and revenue gallium on question, the the carbide versus the my for your nitride? split thanks your obvious out do I was

Gene Sheridan

out we're Kevin. not splitting at No, time, this it

Kevin Cassidy

you the OEM about great. can how it over inventory or the it you And Okay, aftermarket are? chargers? China chargers in is Is inventory, estimate

Gene Sheridan

both I China inventory think the affected and Yeah, over aftermarket. as OEMs well softness as the major

both. So I across spread think it's

Kevin Cassidy

new as maybe between In aftermarket new designs, that. Okay, your just versus designs inbox? is split on and that charges the other one how XX

Gene Sheridan

continues good be mix. a Yeah, to

a mobile included the few across continue as names. well as like Buy bigger and players players see or sort be the Xiaomi, OEMs, I highlighted mobile tend aftermarket. Those Moto. and designs inbox the to also the wins mobile think We to of we of but bigger like inbox well it Anchor, Lenovo as new or as equally Best aftermarket

Kevin Cassidy

the Okay, back queue. get great. I'll in

Operator

Bank. comes question Please Deutsche ahead. of the from Seymore line next with Your go Ross

Ross Seymore

you're know stated. I things, market difficult letting part of still a guiding Thanks GeneSic CAGR in guess of expected year growth XX% just do that whatever a is kind I I that next revenue. can and in kind know I seems of XX%, XX% a we the the or align the wondered a going that the ask to Hi capacity on off but between capacity update guys. ready for It for all lot increase that, question. with how Ron, timing little be for like of rate? to is the that is than you reasons be to second is side XX capacity a the us more bit and the

Gene Sheridan

to up. of sure. question. certainly Yeah, rate, so the yes, all that first at question, teed the Ross, and thanks hit to continue part XX% the so Yeah, business growth for we that's answer expect

additional the backlog the I and comments today business about, think since the acquired more opportunities in we a opportunities. we're we're all we higher is lot seeing seeing, talked

thought it perspective, doing that as we we acquired it. from So, the business well would as is when

up. time, to I at demand come trying won't support idea we're that now. that not up comes we're the It's seeing higher over of That the capacity, as we're in than catch in all up think it capacity fact yeah, right catch to once. much currently the the, But levels additional is revenue I is manufacturing think that'll putting business. up

Ross Seymore

XX It, well. that one part I color. for follow margin two side see but it that on kind this up the up to a bit minus it's two as guess my things. as going plus call, last Thanks guess it it's points. is was believe of gross I good what I sequentially, you said a it than where thought you or quarter's lower been of would've is significantly of

when just know, I any either, about for more helpful. you improvement is would talk be why that on end and, of linearity, that, sort the magnitude, lower and year, you continued directional next guess, then on So color any

Gene Sheridan

Yeah, sure.

a So, on issue. guided little the and last it's part, part that we a of than lower what quarter is first mix

as overall wasn't thought demand You it of might business know, again, we talked so percentage or of as and and about we carbide silicon wasn't, the supply be. big

one. that's So

a is, strategic business, where and a to margin kind the a time this discussed made the this at recall space corporate of averages. decision, outside a, lower invest and which we second decision year, and is consciously was The as earlier charger you currently we in

well will been. larger that expand. overall is exceptionally and business has this, of where doing it We we've that certainly business is a four and, that the So about introduce in business historically and business, we when percentage than expect margins gen talked

confident that in why And we the up. that's will to year pretty so are you'll continue and move margins next see,

where should we could I forties In terms that it how look think load to mid much, relatively would go of we right now linear. of XX think be and

your what that The would percentage percentage mix, was your it was you cost today, your just I margin carbide below clarification guided I at the Yeah, higher in a we of new products your structure. off would guide when a that the but XX con continue margins silicon said, smaller apologies we to to guess that what a for I'm implied mix are, confused. see less to little in can than of mix carbide provide the coming we silicon better be on say lead not XX? terribly guide gross GaN in quarter, like expect, business fourth bigger silicon that than question, or still a had and but if a to a We and we grow side And carbide XX. the third implied guess, from Did anticipated your the that I speak in I little have in

Operator

Please America. Our go from will come Blake with next of ahead. Friedman of Bank question line the

Blake Friedman

thanks question. Yeah, for my taking

on things focusing first. mobile kind of side Just of the

was looking the December kind about quarter. rate line decline other normalized I potential mobile in peers, March the like from run quarter on visibility's maybe we but the a other peers? curious, know sales, with, sometime mobile thoughts at be It business, bottoming of in I for we what the from, just given but seems heard what maybe Just, we the your December Genes Android with of from your assume kind limited, are in

Gene Sheridan

for anticipate thanks indications is strong in we've but next The are hard into and QX question. about pretty have lot decent what your preliminary a factoring QX after strong that's recovery team that, of but predict, a we'd we're It Yeah, our China. that best our, thinking is we on year. soft, relationships a got to still both Blake and

Blake Friedman

quick then on noticed talked about And of Great. just things, your and solar programs some as pushed a I programs in I you that remarks know second up - starting follow just GaN in side the it kind programs of ramp any of the some you to are just curious, believe the, or of of the, I half if some I know, the you of that's of want opening I the just if interpretation. those in 'XX. to, just begin out mentioned might curious incorrect of kind I'm was 'XX. those earlier

Gene Sheridan

of across GaN XX the the about one first ramping residential for major solar in last know a quarters I players. talking we've been couple and second now

already lot and car, others. aps good, tracking the GaN with on ramps and like a many we're and for leaders of The more. is companies into shipping silicon Sun we Chit those players least two includes So of major Grow likely That solar XX today. course, still at

Operator

ahead. from line CJS Our next question Tanwanteng the go Jon Securities. of Please cut will with

Jon Tanwanteng

reported question. sight revenue. or there, understand there, pro for forma know, you component just basis for wanted you on basis XX% about clarify, I of Are and makes reported of it's there difference. there's taking get so revenue or Hi, sign and, a if talking a visibility said or performance doubling I a you my to genic that had into to a thanks you

Gene Sheridan

Right.

a it's reported on basis. So

our So in the around year of if the million look nine at know, you be X revenue. XX, expect our guide to we months, first guide midpoint and XX you full

doubling, when it's base. talk off that we about So

Jon Tanwanteng

it, big you mix, you it as sell you quarter, a you hoping Thank part is you've expected. clarifying car Understood. but think that the I the as expected reconcile a for bit. the silicon that in that part much then can little And quite was said second as mentioned of as wasn't that. doing didn't I'm then just

Ron Shelton

chip Yeah, this sure. can we I I can selling mean, jump build. we are every point at in.

those QX So that do some we're up have and we bit anticipated, the ramp than choppy start that term working talked issues thoroughly Ron growth here mentioned that and less mix are a bottlenecks gross being a suppliers led in position fast working the it small output caused which through kicks and supply next about. year. going strong that impact capacity shift long QX We looks forward, to little a But and And setting at supply QX to resolved and we like with in as agreement our pretty are position margin the for makes a bit qX. up really as little can. revenue of

Jon Tanwanteng

Do have table left pushed helpful. sense That's of bottlenecks? the of revenue Great. how because on you you or, out much these any or

Gene Sheridan

what we prior results. to bunch just Well, prior can compared at guidance silicon carbide. look what is of or our was a that guided compared actual you And to

Jon Tanwanteng

Okay.

would most that I silicon the is, carbine. incremental And was I would, mobile weakness. assume So just is of rest

Gene Sheridan

exactly. Right,

Jon Tanwanteng

as jointly you out things? there, strategically, the know, a time result you to wondering acquisition or where you added develop there's any of you other together? just on acquisition, if were Okay. customers the you've each been a Just know, developments to short any progress the cross have question able in

Gene Sheridan

definitely. Yeah,

XX we acquired car over fact, highlighted In silicon opportunities since we company. new the

customers sales We've design great entire So with to actively working all system the world. that's up, engaged, centers off all start. trained all force around a got our

about. XX led haven't the projects time, bullish us, three a, need that. so that many And to capacity get to a of be you great but here yet named winning start more securing and in know, We will heck months. a the running those that's obviously we x that talked we on five names last increase over permission revealed for Typically because of

Operator

on Bolton from the Janoski line Please of ahead. Quinn come Needham. of go will with question Trevor behalf next Your

Trevor Janoski

and Hey with we on growth at great. place? sequential thanks on Quinn the is in see revenues it outpacing ask Can letting for color GaN Trevor would capacity any quarter a guys, me possible Any during for new silicon to Yeah. year? a is Gene. the expect this be And question there throughout carbide XXXX

Gene Sheridan

expectation five sequential x about certainly earlier, that drive us whole headroom upside. talked as our we is gives lot a of growth Yeah, to

exactly very anxious do we're So to that.

I in So potential see silicon see frankly we the, in and upon any carbon don't why reason business business strong depending the again, wouldn't growth that China recovery.

So across sets pretty next us I throughout the that think up well year. both year businesses

Trevor Janoski

to long million, Okay. this And just for center, extend? agreement the clarify, $X data how does

Gene Sheridan

Yeah, that purchase order second of year. is for actually half just next

just the that it's ramp up of So business. beginning

Trevor Janoski

Okay.

half? expect can second all we the million X So in

Gene Sheridan

right. That's

Trevor Janoski

Okay. just end about timeline spoke And parity one environment? you at, view price time inflationary in of Has XXXX. the changed on if GaN I of given your silicon all was reaching the at the more at the can by sneak IPO, this

Gene Sheridan

lot a of actually and minuses hasn't. still on been but there, we're Actually There's pluses track. it no

now, we're course, across a a in programs of the fact, we markets cost that 'XX programs see achieved of being the In parity many and number customers. number of launched system developing of and get products in that

Operator

Gerra Our line the from of Please with come ahead. Baird. go next will Tristan question

Tristan Gerra

high GeneSic, Hi, -- end call performance provided positioning, you've little bit know conferences talk about by about the from and on can afternoon. so details the you good a that you positioning. we're attending high feedback already Could I is the your

after the about, feature mass applications feedback those an as new that you've you mentioned. the some plus market? going goes? some it If more are you just give if XX us know, differentiated the could could or highlighting new Is and, automotive opportunities opposed to for you particular all since on color So as and the with just opportunities talk of you acquisition any

Gene Sheridan

Yeah, for your definitely. Thanks questions Tristan.

to performance GeneSic of found efficiency results We guys. categories. the under company falls are temperature, big technology, best benchmarking of real We high extraordinary. across the before the life, The test it lot acquired kind a high it operating in really in circuit three the we all on be So conditions. frequency high did

really efficiency, foremost. that customers and that and attention gets performance is none So that to second first certainly

only reliability. Secondarily in energy one also high that's that's, ratings. excellent is critical two guaranteed rating applications. of a reliability and circuit ratings offering and obviously good And avalanche We're short protection robustness suppliers these extremely

The third We up go XXX on volts from of is the range X,XXX all itself. products to way volts. the

voltage, are volts. and those markets they GeneSic one X,XXX and big, up one limited only choice demanding in at very the but with being are not the as as so I of And you volt. X,XXX very is supplier only go performance I'm two, in there. out think

today. the that the and differentiators r those those own So big R&D as with our course we of we're going three are with capabilities starting and mixing plans be we're integrate GeneSic technology. And to system adding to d

Tristan Gerra

Okay.

Now that's great feedback.

then that you going highlighted mentioned the follow Because clearly shrinking chips performance? features as going So as down. between just the there my to basis up able really industry relationship and forward is are also then those are a on premium within a as, the comes guess you critical price reliability but the maybe of I at forward,

between some higher reliability a more of course but keeping applications. minimum collision to automotive density at there's going point be for particularly a kind So

the in are mean at on the market are So presumably can get, after going does and how, on well? what to the that terms premium mass how premium market as focus you of can positioning a you and that you really or segment you pricing pricewise you share know, go be

Gene Sheridan

in I mainstream to reduction that eye continue taking a definitely market. well And leadership the And for us quite some the we premium performance mass great to performance is an and that market in price us product. it's roadmap others. do as will reliability aggressive I strategy faster well a cost think And market because price an from able premium market. share take no think have and really performance plan reliability and time, questions working an than that aggressive be premium Yeah, the albeit cost as as premium carbide strategy for position we'll on it's leadership in with we're growing silicon

about opportunities. did also good the new really around and key XX I over solar, others that the XX growth broadly asked those car that also, storage, feel I the we pretty the industrial think and that were strategy. know energy other acquisition. of Tristan pricing mentioned about markets. in mention you I opportunities since We spread And So share rate, solar EV,

pretty us. So trajectory for growth it's based and share a broad market gains

the comment. For

Operator

follow [Operator the with Please Tanwanteng next instructions] line Jon of Securities. go up CJS Our a is question ahead. from

Jon Tanwanteng

for to growth to slow I you the for thanks of as year? slowing Ron, was you the next down. rate follow Hi, OpEx up. wondering that you that planning are mentioned what

Gene Sheridan

question. good sure, Yeah,

You we It's it'll will target digits would you what know, it know, mid-single be. mean I target, be, the sequentially.

Jon Tanwanteng

Okay. And the through that just or is QX year? or, into

Gene Sheridan

That's, we'll the year. to that's drive through what

Jon Tanwanteng

to increased you know, Okay, seeing mobile guess you're in great. And burn a the then your with expectations macro, plus what's the the, headwinds OpEx? I bit the little update cash the,

Gene Sheridan

Yeah, I no so first balance the about sheet. of almost all, we a debt. mean, I feel balance sheet, have very good clean super

the OpEx we've now And raise and the again, quarter revenue from cash potentially to it's think kind it'll think a again, to to But and next fund guide, talked $XXX what million go to next no year. about and guide through our liquidity we $XX a needs about So capital million year I you have a standpoint, where, down I number standpoint, million in of margin we think find, additional business. get cash. if the know, about doubling you you $XX

in to to the grow and, this we cash having not approach of really our business, markets so good position environment. have with on capital hand certainly and feel We about plenty the

Jon Tanwanteng

out a Got a things. a a and there, given talked couple You've anyone onto probably done preferable But past, the is hold about Is you've that just it. to you've than is cash? it it, the uncertainty just bit thought know and plan and, for that it that's m little more interest in there would? I earn maybe

Gene Sheridan

I is have is, to business, Yeah, the fund both opportunities we growth carbide. think in right? think silicon first and great GaN the priority existing We

there. resources focus we'll initially So

make indicated in to having in said you that and examples being are of think past willing we've VDD that I the know, acquisitions make sense. we've, GeneSic

the it. plan fund priority you and business there existing arise. so to on the are But we And growth there should opportunities would be situations we capitalize because, is again, opportunistic those know, today great

Operator

Our the Deutsche Bank. next go follow is with from a ahead. question line Ross of Seymore Please up

Ross Seymore

and Thanks sorts XX. guys. moving Silicon both even up. at in still a Is just one all the But demand high that side of calendar letting a year a plan you had me breaking follow the GaN plan? again during point the and ask of for parts guys Carbine of But things. those versus lots some Hi level of

Gene Sheridan

to given but break but I premature probably So, right obviously a Ross, don't now. it'll think I right to market the I little forecast conditions. now that challenging a Yeah, me to think to little in drive be even, The again, want plan to is is 'XX, ideally it's for forecast

Operator

any And turn remarks. closing over to I'll Gene for Sheridan, back now CEO the conference

Gene Sheridan

regions, integration firing And gone our has extremely us new thanks comments Great, for GeneSic together acquisition. and thank outlook you And to all overall GaN market forward. well. That couldn't few our a the applications, very be I'll into been operator. creating response joining fantastic. call. you expanding with all The new Silicon with it and across a cylinders just about our has happier of diversified Carbide, markets close We going business. on has

forward I us follow today everyone for on discussions. So joining to any and thank look

Operator

conclude Ladies Thank and joining. you gentlemen, for that call. will today's all

disconnect. You may now

Navitas Semiconductor (NVTS) 10 Nov 222022 Q3 Earnings call transcript