Navitas Semiconductor Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Navitas Semiconductor Corp has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Navitas Semiconductor Corp (NVTS) filed a Annual Report (10-K) with the SEC on March 6, 2024. Navitas Semiconductor Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal executive offices are located at 3520 Challenger St., Torrance, CA 90503. Navitas Semiconductor Corp was formerly known as Live Oak Acquisition Corp II, with a name change effective August 19, 2020. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Delaware (DE).

Why It Matters

For investors and stakeholders tracking Navitas Semiconductor Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Navitas Semiconductor's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of the company's performance against its previous fiscal year and industry benchmarks, informing investment decisions.

Risk Assessment

Risk Level: medium — Navitas Semiconductor Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify key performance indicators, revenue trends, and strategic initiatives for Navitas Semiconductor Corp.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the report)
• 2024-03-06 — Filing Date (Date the report was filed)
• 001-39755 — SEC File Number (SEC registration number)
• 852560226 — IRS Number (Company's IRS identification number)

Key Players & Entities

• Navitas Semiconductor Corp (company) — Filer name
• Live Oak Acquisition Corp II (company) — Former company name
• 3520 Challenger St. (location) — Business address
• Torrance (location) — City in business address
• CA (location) — State in business address
• DE (location) — State of incorporation

FAQ

Industry Context

Navitas Semiconductor Corp operates in the semiconductors industry, specifically focusing on power semiconductors.

Regulatory Implications

The filing is a standard Form 10-K, which is a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for FY 2023.
2. Review the 'Risk Factors' section for any new or evolving risks impacting the company.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into performance drivers and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date Navitas Semiconductor Corp filed its 10-K report.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Previous filings would be for earlier periods.

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share NVTS Nasdaq Stock Market LLC
• $260 million — market (all voltages) in 2023 was about $260 million with SiC around $2.8 billion. Based on
• $2.8 billion — was about $260 million with SiC around $2.8 billion. Based on Navitas' estimates, Navitas i
• $22 billion — ket opportunity is estimated to be over $22 billion per year by 2026, split $7 billion for
• $7 billion — ver $22 billion per year by 2026, split $7 billion for GaN, $9.3 billion for SiC, and with
• $9.3 billion — year by 2026, split $7 billion for GaN, $9.3 billion for SiC, and with $6.1 billion overlapp
• $6.1 billion — for GaN, $9.3 billion for SiC, and with $6.1 billion overlapping GaN/SiC market. By the end
• $1 — ed to include potentially approximately $1 of GaN content, the mobile charger mark

Filing Documents

• nvts-20231231.htm (10-K) — 1558KB
• exhibit41-descriptionofsec.htm (EX-4.1) — 16KB
• exhibit1023-employeestockp.htm (EX-10.23) — 109KB
• exhibit1025-employmentoffe.htm (EX-10.25) — 20KB
• exhibit1026-ronsheltonresi.htm (EX-10.26) — 59KB
• exhibit191-insidertradingp.htm (EX-19.1) — 91KB
• exhibit192-equitygrantpoli.htm (EX-19.2) — 25KB
• exhibit211-subsidiaries10x.htm (EX-21.1) — 5KB
• exhibit231-consentofmossad.htm (EX-23.1) — 3KB
• exhibit232-consentofdeloit.htm (EX-23.2) — 2KB
• exhibit311-ceo302cert2023.htm (EX-31.1) — 11KB
• exhibit312-cfo302cert2023.htm (EX-31.2) — 11KB
• exhibit321-combined906cert.htm (EX-32.1) — 6KB
• exhibit971-navitassemicond.htm (EX-97.1) — 15KB
• 0001821769-24-000024.txt (&nbsp;) — 9711KB
• nvts-20231231.xsd (EX-101.SCH) — 69KB
• nvts-20231231_cal.xml (EX-101.CAL) — 111KB
• nvts-20231231_def.xml (EX-101.DEF) — 430KB
• nvts-20231231_lab.xml (EX-101.LAB) — 788KB
• nvts-20231231_pre.xml (EX-101.PRE) — 647KB
• nvts-20231231_htm.xml (XML) — 1205KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 34 Item 1C. C ybersecurity 35 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 Part II 36 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 88 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 88 Part III 89 Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 89 Item 14. Principal Accounting Fees and Services 89 PART IV 89 Item 15. Exhibits, Financial Statement Schedules 89 Exhibit Index 90

Signatures

Signatures 93 3 Table of Contents CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements. All statements other than statements of historical facts contained in this annual report, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this annual report and are subject to a number of important risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including risks and uncertainties relating to: our financial and business performance; our ability to realize benefits from the acquisition of GeneSiC Semiconductor Inc. on August 15, 2022, as discussed elsewhere in this report including in Part II, Item 1A (Risk Factors); changes in our strategy, future operations, financial position, estimated revenues and losses, projected

Business

Item 1. Business. Overview We design, develop and market next-generation power semiconductors including gallium nitride (GaN) power integrated circuits (ICs), silicon carbide (SiC) power devices, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. Power supplies incorporating our products may be used in a wide variety of electronics products including fast chargers for mobile phones and laptops, consumer electronics, data centers, solar inverters and electric vehicles, among numerous other applications. Our products provide superior efficiency, performance, size, cost and sustainability relative to existing silicon technology. Our solutions offer faster charging, higher power density and greater energy savings compared to silicon-based power systems with the same output power. By unlocking this speed and efficiency, we believe Navitas is leading a revolution in high-frequency, high-efficiency, high-density, and sustainable power electronics to "Electrify Our World" for a cleaner tomorrow. Industry Overview Most electronic devices that connect to a wall socket require a power supply to convert energy provided by utilities at 100-240V alternating current (AC) into lower-voltage direct current (DC) required by most electronic devices. Power supplies can be located inside the devices they are powering, as is the case with many consumer electronics and home appliances, or outside of the device, as is typically the case with devices like mobile phone chargers or laptop computers, typically referred to as wall chargers or power adapters. In other applications such as electric vehicles, power may be converted from a high-voltage (e.g. 400 V) DC battery to a lower voltage (e.g. 12 V) or, in the case of solar inverters, from low-voltage DC to high-voltage AC. In electronic devices today, most of these charging and power supply functions are carried out using silicon (Si) power MOSFETs (Metal Oxide Silicon Fiel

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View this 10-K filing on SEC EDGAR