$NVTS

Navitas Semiconductor Corp

CIK:0001821769|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenues	$ 10,529,000	$ 14,490,000	$ 19,127,000	$ 28,508,000
Cost of revenues (exclusive of amortization of intangible assets included below)	6,451,000	12,162,000	11,813,000	20,873,000
Operating expenses:
Research and development	13,152,000	11,496,000	27,719,000	24,164,000
Selling, general and administrative	13,038,000	7,751,000	24,290,000	19,491,000
Amortization of intangible assets	4,734,000	4,734,000	9,468,000	9,468,000
Restructuring expense	344,000	0	794,000	1,469,000
Total operating expenses	31,268,000	23,981,000	62,271,000	54,592,000
Loss from operations	(27,190,000)	(21,653,000)	(54,957,000)	(46,957,000)
Other income (expense), net:
Interest income (expense), net	274,000	131,000	538,000	93,000
Dividend income	1,827,000	647,000	3,515,000	1,391,000
Loss from change in fair value of earnout liabilities	203,068,000	(27,964,000)	(210,981,000)	(19,851,000)
Other income	10,000	37,000	20,000	55,000
Total other income (expense), net	(200,957,000)	(27,149,000)	(206,908,000)	(18,312,000)
Loss before income taxes	(228,147,000)	(48,802,000)	(261,865,000)	(65,269,000)
Income tax provision	71,000	48,000	138,000	130,000
Equity method investment loss	0	225,000	0	(505,000)
Net loss	$ (228,218,000)	$ (49,075,000)	$ (262,003,000)	$ (65,904,000)
Net loss per common share
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.95)	$ (0.25)	$ (1.11)	$ (0.34)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.95)	$ (0.25)	$ (1.11)	$ (0.34)
Weighted average common shares used in net loss per share attributable to common shareholders
Basic common shares (in shares)	240,643	198,956	235,874	193,462
Diluted common shares (in shares)	240,643	198,956	235,874	193,462

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (262,003)	$ (65,904)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,869	1,677
Amortization of intangible assets	9,468	9,468
Non-cash lease expense	742	896
Stock-based compensation expense	18,724	6,059
Allowance for expected credit losses	(216)	750
Equity method investment loss	0	(505)
Gain (Loss) on Disposition of Property Plant Equipment	8	8
Loss from change in fair value of earnout liabilities	210,981	19,851
Deferred income taxes	0	(35)
Change in operating assets and liabilities:
Accounts receivable	(930)	756
Inventories	(6,227)	353
Prepaid expenses and other current assets	(15,443)	(6)
Other assets	54	954
Accounts payable, accrued compensation and other accrued expenses	(4,513)	728
Operating lease liability	(862)	(825)
Net cash used in operating activities	(48,348)	(24,765)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposition of property and equipment	0	46
Investment purchases	(1,428)	0
Purchases of property and equipment	(615)	(720)
Net cash used in investing activities	(2,043)	(674)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds From The Issuance Of The At-The-Market Offerings	380,731	100,000
Payments of Stock Issuance Costs	(7,566)	(3,250)
Proceeds from issuance of common stock in connection with stock option exercises	12	1,023
Proceeds from employee stock purchase plan	793	818
Share-Based Payment Arrangement, Cash Used to Settle Award	(3,750)	0
Payments on finance lease obligations	(158)	(51)
Net cash provided by financing activities	370,061	98,540
NET INCREASE IN CASH	319,670	73,101
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	238,602	88,240
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	558,272	161,341
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	62	187
Cash paid for interest	17	8
Capital expenditures in accounts payable	$ 111	$ 267

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 557,409	$ 236,857
Accounts receivable, net of allowance of $251 as of June 30, 2026 and $468 as of December 31, 2025	4,767	3,621
Inventories	19,510	13,283
Prepaid expenses and other current assets	19,840	4,399
Restricted Cash, Current	863	1,745
Total current assets	602,389	259,905
Property and equipment, net	8,570	9,779
Operating lease right of use assets	4,109	5,166
Finance lease right of use assets	602	766
Intangible assets, net	43,790	53,258
Goodwill	163,215	163,215
Other assets	9,754	8,380
Total assets	832,429	500,469
Current liabilities
Accounts payable and other accrued expenses	19,506	22,350
Accrued compensation expenses	5,970	4,949
Operating lease liabilities, current	1,835	1,866
Finance lease liabilities, current	331	323
Earnout liability	0	22,632
Total current liabilities	27,642	52,120
Operating lease liabilities noncurrent	2,681	3,827
Finance lease liabilities noncurrent	289	456
Deferred tax liabilities	405	405
Total liabilities	31,017	56,808
Commitments and contingencies (Note 14)
Stockholders' equity
Additional paid-in capital	1,565,135	945,381
Accumulated other comprehensive loss	(7)	(7)
Accumulated deficit	(763,742)	(501,739)
Total stockholders’ equity	801,412	443,661
Total liabilities and stockholders’ equity	832,429	500,469
Class A Common Stock
Stockholders' equity
Common stock, par value	26	26
Class B Common Stock
Stockholders' equity
Common stock, par value	$ 0	$ 0