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Navitas Semiconductor Corporation announced unaudited financial results for the fourth quarter and full year ended December 31, 2023.
“I am pleased to announce a record fourth quarter that caps off a year of more than doubling revenue for Navitas as we demonstrated strength across multiple markets,” said Gene Sheridan, CEO and co-founder. “While we are not immune to first half 2024 market headwinds, we see revenue growth accelerating in the second half based on our strong customer pipeline including major new wins in AI data centers, home appliances, solar inverters and a major satellite internet roll-out – all of which positions Navitas for strong growth in 2024 and beyond.”
4Q23 Financial Highlights
- Revenue: Total revenue grew to $26.1 million in the fourth quarter of 2023, a 111% increase from $12.3 million in the fourth quarter of 2022 and a 19% increase from $22.0 million in the third quarter of 2023.
- Gross Margin: GAAP gross margin for the fourth quarter of 2023 was 42.2%, compared to 40.6% in the fourth quarter of 2022 and 32.3% for the third quarter of 2023. Non-GAAP gross margin for the fourth quarter of 2023 was 42.2% compared to 40.6% for the fourth quarter of 2022 and 42.1% for the third quarter of 2023.
- Loss from Operations: GAAP loss from operations for the quarter was $26.8 million, compared to a loss of $31.2 million for the fourth quarter of 2022 and a loss of $28.6 million for the third quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was $9.7 million compared to a loss of $12.4 million for the fourth quarter of 2022 and a loss of $8.7 million for the third quarter of 2023.
- Cash: Cash and cash equivalents were $152.8 million as of December 31, 2023.
FY 2023 Financial Highlights
- Revenue: Total revenue grew to $79.5 million in 2023, a 109% increase from $37.9 million in 2022.
- Gross Margin: GAAP gross margin for 2023 was 39.1%, compared to 31.5% in 2022. Non-GAAP gross margin for 2023 was 41.8% compared to 40.8% for 2022.
- Loss from Operations: GAAP loss from operations for the year was $118.1 million, compared to a loss of $123.6 million for 2022. On a non-GAAP basis, loss from operations for the year was $40.3 million compared to a loss of $41.2 million for 2022.
Market, Customer and Technology Highlights:
- Electric Vehicle: Introduction of new GaNSafe technology plus new Gen-3 Fast silicon carbide is fueling demand for EV on-board and roadside chargers. SiC-based on-board chargers are in or moving to production this year with customers including top EV brands such as Zeekr, Volvo and Smart. Announced joint design center with Shinry – one of the top EV on-board charger suppliers for Hyundai, BYD, Honda, Geely and others.
- Solar/Energy Storage: Displacement of silicon with GaNSafe and Gen 3 Fast SiC technologies continued with significant developments in 3 of the top 5 US solar OEMs, and the majority of the world’s top 10 solar manufacturers. SiC is shipping into this market today and GaN adoption is expected to ramp in late 2024.
- Home Appliance / Industrial: Major new tier 1 home appliance win will drive additional revenues in late ‘24 – Navitas now engaged with 7 of the world’s top 10 home appliance OEMs. Customer designs are in process at 2 of the top 3 global leaders in industrial pumps and a top 3 global leader in heat pumps.
- Datacenter: New GaNSafe and Gen 3 Fast SiC and Navitas’ dedicated design center is now achieving an unprecedented 4.5 kW, more than double the power density of legacy silicon solutions, to deliver accelerating power demands of AI data centers. Over 20 customer designs are expected to ramp production in 2024.
- Mobile: Navitas now powers 5 newly released OPPO models and 8 newly released Xiaomi models with chargers ranging from 67 W to 120 W. Additional Samsung models now include powering the new Galaxy S24.
- Other New Markets: GaN ICs have been designed into the ground-based terminal for a major internet satellite implementation to ramp in 2H24.
Business Outlook
First quarter 2024 net revenues are expected to be $23 million plus or minus $500 thousand. Gross margin for the first quarter is expected to be 41% plus or minus 50 basis points and operating expenses, excluding stock-based compensation and amortization of intangible assets, are expected to be approximately $21.5 million in the first quarter of 2024. Weighted-average basic share count is expected to be approximately 180 million shares for the first quarter of 2024.
Original – Navitas Semiconductor
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JCET Group has recently confirmed that, following the approval of the capital increase for its subsidiary, JCET Automotive Electronics (Shanghai) Co., Ltd., the first round of RMB 1.551 billion was received on February 22nd. This supports the construction of JCET’s first intelligent and lean lighthouse factory for automotive chip advanced packaging.
The automotive industry demands increasingly sophisticated chip solutions. Dedicated production lines and zero-defect standards are quickly becoming essential prerequisites for achieving industry excellence. In response to evolving market dynamics and customer expectations, JCET is orchestrating unified planning and operations within its automotive electronics business, delivering comprehensive solutions across various applications in the sector.
To better cater to the needs of its global clientele, the JCET Automotive Chip Back-end Manufacturing Base was initiated in August 2023 in Lingang, Shanghai. Momentum has accelerated since then, and the infrastructure is now poised for comprehensive construction. Equipment entry is expected in the first half of 2025.
Leveraging JCET’s rich R&D capabilities and resources, the project also includes a pilot line dedicated to automotive chip manufacturing in China. It focuses on fully automated assembly and packaging solutions for processor chips used in future automotive core components, along with complete packaging solutions for power modules of new energy vehicle core components. Through innovative solutions, the pilot line lays a solid foundation for the project to become a flagship factory.
Simultaneously, JCET is meeting diverse customer demands by developing highly cost-competitive, environmentally friendly, and premium metal frames that comply with the stringent regulations for high-quality vehicles. The company has also implemented a fully traceable solution spanning the entire product process. The aforementioned pilot line has already obtained multiple national patents. In 2024, it is slated to complete the implementation and verification of existing innovations, continue collaboration with industry chain partners, and explore new materials and process solutions.
The JCET Automotive Chip Back-end Manufacturing Base will serve major domestic and international customers. The project is garnering significant interest from key players, including OEMs, Tier 1 suppliers and IC suppliers. Strategic cooperation agreements have already been secured with several prominent partners.
JCET’s close collaboration with customers through the pilot line allows them to secure production capacity in the Lingang facility in advance. Doing so significantly streamlines the verification and introduction processes for future customer products, enabling a seamless transition from early development to mass production. This strategic move helps customers capture critical market share in the rapidly growing automotive semiconductor market.
Original – JCET
