NVTS - Earnings call transcript Q4 2023 | Navitas Semiconductor Corporation

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Operator

Good afternoon. Thank you for standing by, and welcome to Navitas Semiconductor Fourth Quarter and 2023 Financial Results Conference Call. Please be advised today's conference is being recorded. And a replay will be available on Navitas Investor Relations website. I would now like to hand the conference over to Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Stephen, over to you.

Stephen Oliver

everyone. afternoon, Good Vice Oliver Corporate and Marketing I'm President Relations. Investor Stephen, of our Fourth joining joined Full Sheridan, Treasurer. and for CFO you Shelton, Quarter and today President, Ron Co-Founder; Navitas Gene Call. I'm Thank and Conference Semiconductor's and our CEO Results Year by Chairman, XXXX conference and earlier. A on is present this replay available webcast hour webcast be available CFO of website recorded who this approximately earnings following over as will days this and Also following take report our will X approximately Chou, for EVP, following Janet the Treasurer, call, as announced will call. the be XX

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

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

our results statements. Important section or XX-K identify and expect Please that release. words subject that from Factors forward-looking actual our most risks actual forward-looking differ recent to including the described earnings cause cause are these by can that to or factors could from in expressed events our statements, factors our in affect Navitas wish XX-Qs. uncertainties believe also caution could like that and statements differ business, such in Risk forward-looking refer are statements terms. we results or you to to can to expectations similar You We we materially

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

Eugene Sheridan

everyone the for and Thank call to joining today. you, Steve, thanks

company, for our a of of shipments which devices, a of announced and celebrate tons our as very over million highest QX. excited announce XXX pipeline to over of with million milestones am we revenue December major ever in quarterly COX, of As over customer I the number savings includes XXX,XXX $XX in billion $X.XX XX-year anniversary, over cumulative

exceeds the our from down of XXXX approximately year. XXXX increase annual In quarterly an growth comes over of when $XX.X reflects were result XXX% and generally a QX guidance million, reflects in X%. overall semiconductors prior This revenue year in at of which XXX% around total,

turn the highlights. developments to me Let of market-specific some and now

in near While to the from mobile growth the market continue as mobile term, major see GaN-based limited solid we revenue silicon in experiencing increases transition general is to chargers. players

success again for customers we adoption mainstream aftermarket designs across power with and the GaN key chargers. high-speed mobile expect tablets, with generation we're now moved new chargers In we've and Galaxy of the GaNSense has from continues. platform the models Navitas XX ranging and phone and curve GaN All watts. to their climbing now watts to to component Xiaomi over all XXXX, selected X announce ultrafast chargers new of in the Xiaomi are powers been to in technology production mobile Half-Bridge and with like GaN Navitas and top charger, now is for different with OPPO OPPO already XX a charging. OEMs released were XXX Korea, mobile SXX. to SXX beachhead X the Our of newly is fast XX excited from powering it's We choice phones, and models, ship rapidly. In XX% Samsung laptops technology.

which of driver our pipeline. in a are M appliance our Generation-X half-bridge motor a developed for new major drives home also We optimized version ICs, have Series and

requirements $XXX for over further new revenue world's approximately industrial motor new latest carbide year Appliance and power M with is and and systems appliance $XX projects this is segments, highest drive we X heating demands XXXX. major energy and X business. I'm pleased XXXX. In highest year. major are fast customer or year of technology. heat development leverages total, from later to GaN in highest appliance which million design efficiency meet pumps. The combination higher enables power transitions revenue efficiency we in adoption at X per throughout global add frequency, regulatory drive to Series millions of next starting As will to for our late of We this expected X which X noted and which and Industrial and consumer designs expect heat of tens Tier now along million this top In gas-powered appliance with accelerate home anticipated announce in in in the player, with and win December, and have totaled appliance industrial to underway a starting silicon potential pumps density the package, pipeline XX another X XXXX in OEMs for pump year to leaders to top of starting XXX or Navitas cooling global the believe and late top over the drive of OEMs, revenue is leaders moving density, which

into performance reliable last next to a the semiconductor X and power world's for year, the industry continuing to Internet excited new launched that and major late also a September this been have Navitas $X XX that we shipments highest terminal beginning protected, benchmark rollout over as ICs technology, with drive annually GaNSafe designed satellite In ground-based GaN million years. for is share to year the We GaN technology. most are expected most

glass family GaN high Conference Long to expanded decades. With Just Beach, in prestigious at the include that this GaNSafe breaks XX-year ceiling high we has week reliability technology entering option. markets that the topside prevented a from packaging cooled power, warranty, APEC for a

but this size plus second are also in technology and expect battery our in center customers is drivers our next-generation top to unprecedented X.X slower to observed for our the factor, expected million road to processors are GaNSafe year this Generation-X short-term X,XXX lower by and to significant In AI standard amps are rack $X including the power enabling CRPSXXX Generation-X is players, pipeline AI increasing the to and per as new million in Fast revenue reliability half of a ramp new production needed and technologies design by industry carbide in these Volvo top cost vehicles, now power-hungry drivers we per to production we're same and chargers densities year. to solutions an such carbide both dedicated temperatures, power, EV center demand XXX processors. density more MOSFETs, higher revenue Fast X lower silicon rate onboard XXX-volt electric XXX-volt as Smart. legacy which onboard silicon the new of to peers, X,XXX we introduction up or of and XX with Navitas into center for are moving at from now kilowatts with observed double data than As processor revenue EV deliver efficiencies the silicon which chargers to Zeekr, increased and mass kilowatts per XXXX carbide-based power required systems. Silicon at brands form achieving initial $X GaNSafe new growth designs the data contribute some benefiting watt. Over our in which the in creating headwinds, Xx, by

GaN a and We EV is with Hyundai, top XX and XXXX. Navitas later design onboard we're and Geely, for ramps adoption dedicated have of top excited year EV also XX silicon China are Honda, kilowatts this in bidirectional expected design kilowatt joint announce production one ICs in center underway Europe, leading-edge center. joint ramp others. U.S., XXXX. carbide into center at design multiple engagements player. with EV Korea, also And a Japan. with charger suppliers chargers track for is onboard Geely the charging year, EV to on and X.X we BYD, another pioneering These our Shinry, to design Last mass announced now

majority [ in XXXX. In million Signet, supplier $X mass continued appreciable production limit revenues our in roadside to X in U.S., in year, X is in already silicon XXXX. In early displacement are market with major and half expected with of have with and Shinry seeing of energy first players. our the the of Generation-X which carbide customer U.S. and underway of OEMs are the given and first and to development our world's projects and solar XXXX, chargers Fast to production contribute interest we the The growth developments second are technologies EV storage SK solar XX we Go are in while America significant carbide that Asia, top are slowdown, ], starting rates in half this observing silicon a we high X contribute top the ongoing over with solar pipeline. of Europe accelerating GaNSafe space, electrify to developments a Tier the We now silicon adding general multiple which expected solar EV are addition

in customer XXXX, today, in already my XX% GaN the the growth XXXX. headwinds, first significant more are silicon in this carbide immune to to of remarks, these to combination the tens near-term adoption on we to anticipated of not translating millions expected recovery with in while year. full While XXXX into over in the of highlighted new shipping year, together, expected new of year are carbide wins market which muted silicon the GaN designs are revenue XX% is starting of I've half track second market start revenues and in And the to translate an late add that we're revenue to XXXX. Overall, in half are solar ramping market

nitride conversion to system power renewables, farms tailwinds. intense of are computing. the AI edge accelerating our energy gas-powered These vehicles, fossil and carbide and rapidly from include all long-term electric benefits from transportation secular For and demands transitioning derived markets, all and target source gallium of silicon amplified fuels by the to

enabling Our leading-edge GeneSiC new accelerating displacement markets. in GaN in technologies ICs and markets are and technologies energy and both traditional technologies

only to silicon now drivers, to stated come. And is GaN at years to market grow we've these to a faster Xx position and to our the pure-play position review over as rate XXx power player Ron for with As financials. Navitas carbide the semiconductor before, power the that overall combined unique than industry's

Ronald Shelton

the take along first XX% good the I'll then we in are and was first market guidance, our of walk will and growing annual today, through XXXX you you, In XXXX comments dynamics currently some results, to million. outlook through afternoon, Gene, and year-over-year sequentially I and with quarter, approximately our financial $XX.X seeing. Revenue quarter Thank you fourth quarter fourth our XXX% my of the for above again everyone.

we of of $XX.X representing revenue grew full XXXX, year to million, growth XXX%. the For year-over-year

in and reconciliations from I non-GAAP expenses, Before today. in XX.X% to press were third in quarter mobile increased increased like of quarter guidance, margins our you in continue to the that market the primarily of I'd at the to non-GAAP business. my our adjusting of strength mix margin refer we of fourth in XX.X% will rest quarter the gross XX.X% to measures. Non-GAAP to commentary, the XXXX end release the to low product of the as see to XXXX. refer quarter due our earlier GAAP in part fourth In expense Gross

higher of activities. expenses bit For primarily to is and to XX.X% SG&A $XX.X our fiscal total of This R&D on development a prior and slightly XXXX, expense comprising operating due million compared $XX.X higher was research guidance gross year. Fourth million, certain to than were non-GAAP materials in XX.X% related margin year million. spending quarter the $X.X

markets. year investments fiscal significant continued expenses to million were year. in new the million $XX.X XXXX, increase and $XX.X This operating products, For prior compared technologies reflects non-GAAP in

fourth of and the operations of of quarter the XXXX stage for a $X.X investments $XX.X loss million together, significant $XX.X the the to All are from loss compared for of the loss for growth future. Putting a from fourth $XX.X of of loss million a XXXX compared of these operations all quarter million million laying to full this year XXXX. in in the for was

Our XXX share weighted quarter shares. the for count million was fourth average

customers. Inventory had reflecting quarter, linear January carbide year surprised very silicon anticipation remains and million, compared $XXX.X and we were pattern liquidity. in prior $XX.X a the It demand inventory as to the cash the EV, increased we procured we was the solar markets. debt. compared December that of quarter. quarter near-term with to we receivable Turning expected significant epi accounts substrates wasn't mobile receivable, end Cash to prior levels significant in in grew This $XX.X prior to of $XX.X surprise market. equivalents million shipments wafers product mobile Similar quarters. Accounts by Also, additional were were at the to less carry our sheet. high from million to the industrial half levels, to which support in in in shipment growth $XX.X million million increase the strong the balance not second and no continue than a and to of in

or the Moving as minus quarter. than first revenues represents XXXX, term. towards million $XX our $XXX,XXX. on mobile points continues the first to is other We quarter expected of down to market due largely margins XX% of more approximately the expected the softness first quarter basis lean over midpoint, plus be the mix already business the to million, minus this in At in fourth some mobile of are and to in as of $XX.X markets in our growth the XX year-over-year currently the for seasonality guidance for more slightly plus expect or and quarter we the we off of XX%, discussed. Gross XXXX recorded substantial near

second As of excluding in we in move in expect and through the including million. comp higher-margin and the expenses XXXX. Industrial are half intangibles, quarter, EV approximately operating to amortization recovery expected margins stock-based In expected first improving markets, be with total, aligned the $XX.X of year, an we

invest to end initiatives our markets. in continue We for growth-oriented

midpoint To we in the expect expect XXXX in in our period. quarter first same business XX%, in quarter and expected we to will to leverage our than on the before, to indicated be yet only of grow operating XX% continue guidance in guidance, see that of expenses as at revenues more our growth first perspective we XXXX, have substantially the based over our we our grow revenues compared As spending of increases the to are less put model.

expect shares, $X approximately count quarter For the the million assets be our quarter approximately for be approximately million XXXX. stock-based share the to intangible to all we're of to closing, XXXX, with compensation we pleased extremely of in of average weighted XXX be $XX first amortization for results fiscal million. In and

Our results overall than the grow and can continue significantly to demonstrate we market. to expect faster that

to of first the not leading the are year the seen to by XXXX. Operator, to will some and immune support XX% macro of others, to recovery more half we trends the XXXX expect outlook in pipeline strength of annual of same our While revenue of year, half muted the some we market growth in the session. second relative the begin Q&A XX% for let's

Operator

Bolton first Your Instructions] Needham. from comes [Operator question the line Quinn from of

Quinn Bolton

look the Congratulations XXXX. year, on metrics good into gross in little line the strong the to a coming in certainly light. top Most margin finish next pretty but

a I've lower sense, you And Ron You thoughts But recovering follow-up mix or give margin talked any in exit of question. could some of XXXX? Gene, see the might margin you got mobile, do the to us on a then that us sort driving near term. how shift Can XXXX? where you about through margin give

Eugene Sheridan

highlighted, as drivers Yes, muted project, the anticipate are the industrial be ramping the little year, half purely AI market we later the half we average. year, the ramping of back appliance that and the expected the in in later part X just of X in in in of Most explained later the the above half a the starting in a data sure. solar other again the the strength bit Internet all I softer major as to This also the growth mobile the and year, are the these satellite project that of year first but in commented you even to year the year, markets more is strengthening of centers Tier of margins Gene. and automotive little are market. mix first due Yes,

all contribute improvement So the of throughout these modest year. will to margin a

but We end below in expect to incremental mid-XXs, the improvement see year QX. QX still and we'll

Quinn Bolton

in have question, floor show past, walking this next may kind I My the the you of and here just asked in but APEC.

to see of of in or just a to it targeting increasing power place. you lot well. there's above. You I power over the the kind wondering, low lower GaN to like higher have it XXX portfolio in revised good all GaN and pretty as again, guys the thoughts some you technology? like seems opportunity do seems expanding or continue mid-power mid-power below Because grow, that are you And volts product know any guys a XXX-volt as GaN potentially opportunities there's GaN market well. as on But

Eugene Sheridan

we're at all to with that And hands an fully schedule, I development certainly We opportunities on It's interest. I the got working area definitely actively. but you. don't is We agree, XXX agree with full schedule Yes, our that have specific Quinn. share. a of volts, launch

great it's I GaN, pursue something that's we and opportunity over for lower think time. to voltage plan

Quinn Bolton

tuned. We'll go I'll in Perfect. stay queue. back the

Operator

Deutsche the Seymore from Your next comes question of Ross line from Bank.

Ross Seymore

Do your to quarter? question sequentially is a Or half much Janet, weighted design second up peers. of lot of transitions. year and new wins congrats you But do grow Ron it expect the of these inventories I is going is to step weighted, more come half than the you expect stair the my half? guess as be just how and normalize both for this no being a be? a to different second second in second in to it lot

Eugene Sheridan

of XX%, to not year. years. Yes, XX%. to It's what probably saw the dissimilar sure. Yes, prior That's than in range last we similar

there. I think don't there's So surprise much

Ross Seymore

meaningful mix ramping in that do into had talked how was expect at And XXXX? company a and transition guess guys my wins to mobile [indiscernible]. between various the amounts. ton is by you the I split How bit et really and that about you markets, you cetera. little do you times end appliance, changes talked how follow-up, dollar How the some about of a Okay. as of design think

Eugene Sheridan

surge really that's as year, that this 'XX XX%. mobile took definitely. surge we early explained nice in over Yes, continuing saw Yes. in a mobile

were The XX% in other the markets XX% range. to

the recovery see that also given AI the in I throughout data center the industrial think back anticipated ramps is for we'll year EV, brand us. new but talked we've shift and about.

strengthening that's the solar base appliance of So and that that ramping half a that off project X really with SiC ramps. GaN the Tier pipeline in year. coming X both into of strong new and second major

XX%. think XX% we'll goes pretty and XX%, balance markets from it the out I below mobile up to see nicely the other So creep where their

Operator

Kevin next Your of the comes line question from Securities. from Cassidy Rosenblatt

Kevin Cassidy

on to look happy trails. Congratulations you. And forward working Ron, good And with results. Janet, the

market, mentioned about share growing what see GaN the you mobile you going is mobile the share. state? the steady has On chargers? the market that growth rate in that for as you do to market Or market XX% mobile Do this in see be Maybe GaN?

Eugene Sheridan

that specific and Xiaomi adoption the think question. Good was to Yes. of mobile so I most And kind XX% GaN probably speak. to charge, still leading is But single-digit rate. OPPO

to switching. believe we So don't limit any there's

I our choice, silicon is all move dynamic Part the ultimately, of just driven that time. will think GaN power technology up. the but also levels of by chargers or the customer not moving to over by

whole XXX X, ultrafast are XX, XX So which where XX, GaN everything watts where ultimately, no XX, really XX, over There's we're then doesn't chargers value chargers, watts, higher. silicon XX chargers as again. are switching to world fast to the limit really, the the slow from from at goes watts strong much in and bring

between growth time. of continue now will just strongly. pretty question rates the then I And think So it's and a

Kevin Cassidy

those XX you're to And mobile maybe appliances, design wins for can data center mean, markets going? the will draw now, in you the penetrating the market home at parallel markets and that be if a where other I we look

Eugene Sheridan

Yes.

identical. I almost think it's

example leads project that pretty leader end. the the leads over to there, on to the occurrence start your years whole high reliability, others. quality, X tends leads customers is market And grow these for think value everything proves an the I for be the beachhead there. X see where get things within is you Once few to applications first domino we XX example examples That's to exponentially. and see a to beachhead the industry. the setting first the one It you subsequent high-performance then that effective

effect, new you can and in think accelerating we in of last same at sort what's of happened own sort the to what led we've back just sort of I with markets look same mobile charters these domino So X of years, the each their anticipate occur in S-curve adoption the adoption.

Operator

comes the of question from line Gerra Your Baird. Tristan from next

Tyler Bomba

Tristan. on with website Anker that their is We GaNPrime technology home is for This noticed products for as as a advertising they're solution, on a backup their Tyler -- advertising remind market step-up potential you and core the backup us your a Prime of growth and the these a competency. home represents boxes? content size in how in GaN performance, Could please your

Eugene Sheridan

fact great. featuring And Great, that. that we love Yes. I'm the got now major the we've players right caught headline. you in glad GaN

charger largest positioning benefits in I while themselves anchor, supplier benefits the anchor, supplier, a the we're major we're Navitas. this fact, exclusive world. In obviously certainly the think, GaN position And to whole as and not lineup It the industry. whole

in actually can the be GaN parity. XX% now energy we're products, XX% And efficiency to improvement. up cost up size system So particular, at prime to reduction

in not premium solution. they're demanding a price So that

So those the of seen Prime OPPO, many and family. Operator, questions. apply benefits you GaN back to any that Xiaomi other follow-up same for to all so at SXX Samsung we've

Operator

CJS of comes Tanwanteng question Jon line Next the Securities. from from

Jonathan Tanwanteng

XX% help more the biggest solar broad-based me your Is the than there? inventory or event investor changes in was for in had had that? in mostly automotive it expected I you? understand and Just some from maybe you and it when then you what's growth What Gene, more changed issues are pipeline there? wondering, December. Is

Eugene Sheridan

rates, of with swallow a in that that to growth that industrial. of time months, see about. that's Any X get pocket inventory that as forecast temporarily seen pockets down X.X in an it's Really, growth just growth build Yes, we of EV you get come a deal and decline. It's in commented channel. rate, up, change not slower Jon, in bit exactly you we've inventory, months, have right. slower many the in growth adjustment slowdown the kind Last

of indications, added we couple our the more and first for half expectations that's think of year. that's our of muted all to by the a quarters so And

Jonathan Tanwanteng

Got to it. step this the just is lower expectations? update And are there growth expenses up then operating expected with especially on how any year,

Eugene Sheridan

Yes, this Maybe thoughts. a sure. share and in to good for jump chance Janet is her

Unknown Executive

lot revenue. you We manage OpEx Right our We as to way see very guided at see of a our we grow of disciplined leverage have XX% can now, operating -- XX%. OpEx. as growth guidance, from up disciplined QX scale to revenue versus a we

We And Investor still drive will continue to plan investment to we the growth. long-term headcount committed we our make profitable to out that. monitor our laid necessary to our target model Day, in remain

For working level term, to achieve XX% XX%. at we're the longer to towards OpEx

Jonathan Tanwanteng

then profitability? Okay. any either on flow or line breakeven or Great. update just time breakeven And the to cash EPS

Eugene Sheridan

on we're giving updates any it to next over long-term although specific few Yes, years. [ committed model, the not ]

I where think million depends on market course, that, we $XX quarter, of targeted I a overall dynamics profitability growth for is still hit and think, rate.

Operator

Your from from Equity Jack Research. next question the Charter comes Egan line of

Jack Egan

and interplay and the those. your couple of a SiC GaN how some markets end had between I on

AI, course, of lots around infrastructure particularly on. build-outs the with big of So there's buzz a going

and data And can used just your SiC was so curious GaN both approach be about market since that in to centers. I

be So those applications Or they anything Just levels be at will measures? coexist different helpful. performance the power same or those kind there would for in can slots? of fighting

Eugene Sheridan

we've data center us. a got leading to supply deep edge, leading We've Yes, one center really for edge got designs great power silicon the GaN And system interesting it's entire this now design a expertise. carbide. that topic, a really

carbide a it's that And exactly answers figure exactly exciting X customers position silicon very that actually it's question. in stages not out, we're There's the some for to very work of but figure power very the GaN. intuitive. unique on right doing not to to we're a converter. combination our really actually It's not even -- in easy and So

and of stage in converter advantage factor DC-to-DC nitride carbide first stage high of on we're followed facing kind The the often with each stage of achieving gallium being frequency is the strength by that and in that technology, that robustness correction, of carbide gallium nitride converter. the grid, called mature very power very silicon using its high more takes DC-to-DC efficiency the silicon proven

So more a lot than brought there's you here, I'm but to that important up story a point. touching really

of data a interesting, where silicon that in designs, XX-kilowatt and hybrid to X- going space, GaN onboard both not center leverage like call see lot we only chargers. we to for You're kind this carbide, them area but others of

that a area. So you'll in see developments lot more

Jack Egan

Right.

helpful. And similarly then the That's on side. automotive Okay.

to more expecting you're OEMs GaN to this seeing or later year. for at systems. XXX-volt we're that ramp So And move announce least

And so and of the GaN function. just guess applications higher that or at silicon benefits of where still I'm some how can carbide -- sometimes I silicon voltages, of you the opportunity changes those can because be it that and frequency curious the automotive GaN have carbide mix better higher high but for

carbide and wash So you since do Or silicon more your GaN? would systems, with for XXX-volt change it outlook kind of a both at all? is it you really

Eugene Sheridan

the the the of battery. the you way for a that ], which like a the that And carbide, I it [ GaN moving which high see to silicon could we silicon XXX for plug XXX-volt would even battery either, and battery market be lot of frankly, a better just XXX-volt whatever XXX-volt the ] are going level, long, but XXX-volt that think it, fit a long X,XXX-volt time. coexist that's beauty a At certainly, is actually described, runs Well, goes. XXX and the by to carbide, XXX-volt you first followed to single-phase [ sees for combination though, silicon GaN charge AC a could carbide. I then use nitride on phase, an to into point or when gallium out XXX-volt you input, of

whichever the having to we're benefit whether combination to figure position going think to win, out XXX technologies both us puts it. volts, I the So here, in really of or XXX is again, approach from volts approach unique going a it's right and

Operator

line Richard the question from next Shannon of comes Your from Craig-Hallum.

Richard Shannon

you biggest I much ones from we're could I a and -- it's question below above will obvious Any other prior up ramp talking question from I contributors end to revenue mobile by be the a some that how adding probably kind ones answered sense given here dollar opportunities -- Gene. in the other here. way if here, how really the market? as order dollar about rank you're your the last end follow-up about here, yearly want by different of a way going starting you would of seeing about thinking that assume but it to be think get the Maybe growth ask growth you and not XX%, maybe being I'm might described mobile you XX% growth here. wondering market. at

Eugene Sheridan

a tough of gave a numbers. Data of one coming It's to is off Yes. I a base X. bunch centers call.

said million I the $X in of to $X year. half the So second million

going Appliance area So strongly for of down, was has smaller a compared us, especially still the be strength that's to mobile in and year. the up been that's side bit else. pick a to going half great on to when the everything second

too. about going ramping that I other got year. outlined depend going of markets on certainty which a We've we little carbide silicon think into a the our silicon the give throughout recovers, how the solar, GaN market bunch in bunch bit are some us that additional solar, carbide talked going OBCs, that a we to of launches, growth product of are into

the it's you of million across broad-based to hard look pretty predict. it's balanced, be those the $XX half areas going mentioned. what's $XX of each feels to And honestly, pretty as to year, just going back me million to it So add I pretty to at or

Richard Shannon

here, ramping Okay. products new Maybe thinking that here. in about your are up following

that's you're still here doing event you your then discussed even what think are conference of exiting a of And Half-Bridge about new degree by less GaNSafe. if about the bidirectional a the last contributing call, think of to Wondering control talked rate and of I range end the them To kind And X to -- on offering products what those year. of year? the some you You other revenues your couple think the be GaN run this even your months in $XX analyst and million thinking? maybe the you at going as the like the ago. I

Eugene Sheridan

products announcements. new all for Richard. noting of questions, Great Yes. those exciting Thanks

Half-Bridge, motor appliance efficiency starting year that, appliance GaNSense million especially particular. that driving we're nobody pushing but motor X it then our of about in major in motor And which excited that's seen we've Tier orally the a versions for GaNSense And frequency, $XX On tuned only are year general, the adopting is that to density this and ever actually a they're has before. version that not late created, Half-Bridge.

excited. come will throughout, lot more. and And our engineering the a products of these pretty a out, to appliance lead to There's domino sort Once will likely GaNSafe expect got super already even we've going. GaNSafe, I strong set an of high because effect a reverse mentioned whole that pipeline of happen, nice for we're is power. really they tend industry. we example it So

board the so you most going XX-year most nice you watts, big As And into others most the mobile mentioned going chargers get we X almost of solar space. the more inbox that's later aftermarket protected, it, warranty reliable, specifically really charger safe, above family expect mobile in Tier this and of into X,XXX today, a is EV, going a control areas. back the it but lot answer, And is growing didn't in into even players going going It's I across our and into data it's that's it up. first a GaNSafe those a highlight centers, year. to that's the into future. a part GaNSense lot our

Operator

Your of [Operator Instructions] question Kevin from Rosenblatt next Cassidy line from comes Securities. the

Kevin Cassidy

about little tell past? a And could making going maybe first on follow-up. Or GaN What were their is in give using GaN a relationships, products? this they just the Or they be to were Ask details. if the you prior? some Shinry, more

Eugene Sheridan

they're it's major a but BYD, people Hyundai, to supplier not name like a charter top players Honda would know, actually know others. onboard I many Yes. and

So cars for in the us, it's to a into access exciting kind way those future. of super get

those we are underway be it's certainly here already The first for actually carbide onboard -- chargers, And believe of to first expected silicon launch with next to be I projects carbide silicon do will early us. their year. and going implementation

Operator

comes next Moore from the Morgan The Stanley. of question from line Joe

Joseph Moore

given see opportunity to Can about there. contributor? CES at you conferences, should there high servers just that you servers and and that talk power you those at be could had just around data a a opportunities for about the AI know I talked center recent on GaN more the in start Great. with when AI specifically very specific lot that be material revenue

Eugene Sheridan

Yes. lot think second the X, to It's keep here. the mentioned numbers, years. XX current We've of of X,XXX half We've iceberg million got estimated going the $X at requirements, power impact in had projects still to we're amps one. a revenue my requirements over with a meetings the up big to million AI for and all I X a the year. And the the I of tip development. They're in processor. remarks, throughout production X, $X this I per year. next the and up guys going X,XXX the

still ago, up to was think thought this to effect power form in X.X factor our has year get power possible keep is I the us by X.X, ripple things higher. designing on the to the processors centers that's really now that how go system kilowatts those industry X.X a and to never worked they're all delivered design going we in numbers out going So a is even pushing and specific unprecedented being

cars. ultimately, -- computing. is this today, data center end and up but AI -- the think the edge about up and these all client I self-driving AI end the in driving These in chips chips So on

to of, that's with center the So really we it's design unheard I challenge silicon because tackle gallium requirements carbide. our of power and days, and our are and with think the and system early want it's exactly kind our nitride exciting

Operator

speakers conference. I joining presentation, there today's like concludes today's would no thank As our and now to [Operator further you for are us. all thank for questions, This Instructions]

You now disconnect. may

Navitas Semiconductor (NVTS) 29 Feb 242023 Q4 Earnings call transcript