Navitas Semiconductor Corp Q2 2024 10-Q Filing

TL;DR

Navitas Semiconductor filed its Q2 2024 10-Q. Financials look steady.

AI Summary

Navitas Semiconductor Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and balance sheet information are presented, reflecting the company's financial position.

Why It Matters

This filing provides investors with the latest financial results and disclosures for Navitas Semiconductor, crucial for understanding the company's performance and outlook in the semiconductor market.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the semiconductor industry is subject to cyclicality and intense competition.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• Navitas Semiconductor Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240805 (date) — Filing date
• Live Oak Acquisition Corp II (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share NVTS Nasdaq Stock Market LLC

Filing Documents

• nvts-20240630.htm (10-Q) — 1006KB
• exhibit101-letteragreement.htm (EX-10.1) — 52KB
• exhibit311-ceo302cert2q2024.htm (EX-31.1) — 11KB
• exhibit312-cfo302cert2q2024.htm (EX-31.2) — 11KB
• exhibit321-combined906cert.htm (EX-32.1) — 5KB
• nvts-20240630_g1.jpg (GRAPHIC) — 106KB
• 0001821769-24-000094.txt ( ) — 7057KB
• nvts-20240630.xsd (EX-101.SCH) — 48KB
• nvts-20240630_cal.xml (EX-101.CAL) — 69KB
• nvts-20240630_def.xml (EX-101.DEF) — 294KB
• nvts-20240630_lab.xml (EX-101.LAB) — 660KB
• nvts-20240630_pre.xml (EX-101.PRE) — 507KB
• nvts-20240630_htm.xml (XML) — 817KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flow for the Six Months Ended June 30, 2024 and 2023 8 Condensed Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Conditions and Operating Results

Management's Discussion and Analysis of Financial Conditions and Operating Results 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4. Control and Procedures 35

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures TABLE OF CONTENTS

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NAVITAS SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except shares and par value) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 111,995 $ 152,839 Accounts receivable, net 22,679 25,858 Inventories 25,159 22,234 Prepaid expenses and other current assets 4,747 6,178 Total current assets 164,580 207,109 PROPERTY AND EQUIPMENT, net 13,259 9,154 OPERATING LEASE RIGHT OF USE ASSETS 7,820 8,268 INTANGIBLE ASSETS, net 81,563 91,099 GOODWILL 163,215 163,215 OTHER ASSETS 8,613 6,701 Total assets $ 439,050 $ 485,546 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and other accrued expenses $ 13,113 $ 24,740 Accrued compensation expenses 7,749 10,902 Operating lease liabilities, current 1,886 1,892 Customer deposit and deferred revenue 6,204 10,953 Total current liabilities 28,952 48,487 OPERATING LEASE LIABILITIES NONCURRENT 6,286 6,653 EARNOUT LIABILITY 13,103 46,852 DEFERRED TAX LIABILITIES 1,040 1,040 ACCRUED ROYALTIES NONCURRENT 1,569 1,897 Total liabilities 50,950 104,929 COMMITMENTS AND CONTINGENCIES (Note 13) STOCKHOLDERS' EQUITY: Common stock, $ 0.0001 par value, 750,000,000 shares authorized as of June 30, 2024 and December 31, 2023, and 183,502,186 and 179,196,418 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 21 21 Additional paid-in capital 714,282 680,790 Accumulated other comprehensive loss ( 7 ) ( 7 ) Accumulated deficit ( 326,196 ) ( 300,187 ) Total stockholders' equity 388,100 380,617 Total liabilities and stockholders' equity $ 439,050 $ 485,546 The accompanying condensed notes are an integral part of these condensed consolidated financial statements. 4 TABLE OF CONTENTS NAVITAS SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands, exce

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