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EX - 99.1 2 d247211dex991.htm EX - 99.1 Navitas Semiconductor , the Industry Leader in Gallium Nitride ( GaN ) Power ICs , Announces Third Quarter 2021 Financial Results Year - to - Date Revenues Increased 128 % New GaNSense ™ M IC Technology Accelerates Industry Transition to Ultrafast Charging Strategic Tier - 1 and Aftermarket Wins and Deals Closed Business Combination on 10/19/21 With > $ 250mm in Cash to Support Growth EL SEGUNDO , CALIF . , November 9 , 2021- Navitas Semiconductor Corporation ( the " Company " or " Navitas " ) ( Nasdaq : NVTS and NVTSW ) , the industry leader GaN Power ICs , today announced financial results for the third quarter September 30 , 2021 . Net revenues for the third quarter of 2021 were $ 5.6 million , up 61 percent from the third quarter of 2020. Revenues for the first nine months of 2021 increased 128 % over the same period in 2020. GAAP net loss for the third quarter of 2021 was $ 9.5 million , or $ 0.57 per share , compared to a GAAP net loss of $ 4.1 million , or $ 0.27 per share in the third quarter of 2020. On a non - GAAP basis , net loss for the third quarter of 2021 was $ 6.6 million , or $ 0.39 per share , compared to a non - GAAP net loss of $ 3.8 million , or $ 0.26 per share , in the third quarter of 2020 . " Worldwide GaN penetration in the $ 2B fast charger market is estimated at only 2-3 % so far , so we expect a fast revenue ramp ahead in mobile plus the higher - power expansion markets of data center , solar and EV , " said Gene Sheridan , co - founder and CEO . " Couple that with next - gen technology introductions , growing team strength and more than 130 patents issued or pending , and we have an extraordinary opportunity in front of us to become the next - generation power semiconductor leader . " Customer / Product Highlights Third generation GaNSense power IC platform launched : ● Built - in , real - time precision system sensing with autonomous control and protection . 30 % average charger size reduction vs discrete GaN designs with enhanced robustness and reliability . Already in production with Lenovo YOGA laptop and Xiaomi Note 11 Pro + smartphone fast chargers . Trailblazing a new smartphone ‘ ultrafast - charger ' market sector : Charge a 4,500 mAhr battery from 0-100 % in as little as 20 minutes . 120W capability , in production at Xiaomi using new GaNSense platform . Strategic cooperation announcement with Anker - a global leader in fast - charging technology : Two new GaN chargers launched in the third quarter with more to follow . Expands mobile charger focus to also include residential energy - storage platform development . Exhibit 99.1 Twenty - four new GaN fast chargers launched in the market : 164 models now in mass production , including 5 new models at Baseus , one of the fastest growing aftermarket charger companies . Another 150+ in development for production in the coming quarters . High - power expansion markets : data center , solar & EV :