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transphorm Transphorm Announces Fiscal First Quarter 2022 Financial Results August 16 , 2021 Achieves Strong Sequential Growth with Record Product Revenue Closed $ 5 Million Private Placement and Completed Planned Wafer - fab Transaction Subsequent to Quarter - end GOLETA , Calif .-- ( BUSINESS WIRE ) -- Aug . 16 , 2021-- Transphorm , Inc. ( OTCQX : TGAN ) —a pioneer in and global supplier of high reliability , high performance gallium nitride ( GaN ) power conversion products , today announced financial results for the company's fiscal first quarter of 2022 ended June 30 , 2021 . Revenue for the fiscal first quarter of 2022 increased 33 % sequentially to $ 3.2 million driven by record product sales from ramping shipments of Transphorm GaN devices for fast chargers and adapters as well as increased traction for higher power conversion applications , including gaming , data centers and crypto - mining . This compares to revenue of $ 2.4 million in the fiscal fourth quarter of 2021 ended March 31 , 2021 and $ 6.3 million ( included $ 5.0 million of licensing revenue ) in the fiscal first quarter of 2021 ended June 30 , 2020 . Operating expenses on a GAAP basis were $ 5.3 million in the fiscal first quarter of 2022 , compared to $ 5.2 million in the prior quarter and $ 4.2 million in the fiscal first quarter of 2021. Fiscal first quarter 2022 operating expenses consisted of R & D expenses of $ 1.8 million and SG & A expenses of $ 3.4 million . On a non - GAAP basis , operating expenses in the fiscal first quarter of 2022 were $ 4.6 million , compared with non - GAAP operating expenses of $ 4.5 million in the prior quarter and $ 3.9 million in the fiscal first quarter of 2021 . GAAP net loss for the fiscal first quarter of 2022 was ( $ 7.1 ) million , or ( $ 0.17 ) per share , compared to a GAAP net loss of ( $ 6.6 ) million , or ( $ 0.16 ) per share , in the prior quarter and a GAAP net loss of ( $ 2.3 ) million , or ( $ 0.06 ) per share , in the fiscal first quarter of 2021. On a non - GAAP basis , net loss for the fiscal first quarter of 2022 was ( $ 5.3 ) million , or ( $ 0.13 ) per share , compared to a non - GAAP net loss of ( $ 5.2 ) million , or ( $ 0.13 ) per share , in the prior quarter and a non - GAAP net loss of ( $ 0.3 ) million , or ( $ 0.01 ) per share , in the fiscal first quarter of 2021 . Cash and equivalents as of June 30 , 2021 were $ 2.5 million , compared to $ 9.5 million as of March 31 , 2021. In a subsequent private placement transaction completed on August 13 , 2021 , the company closed $ 5.0 million of equity financing at $ 5.00 per share from a multi - billion dollar public company in Asia with international operations in the semiconductor ecosystem . " We achieved another consecutive quarter of strong sequential growth and record product revenue , " commented Primit Parikh , Transphorm's President and Co - founder . " We more than doubled shipments of Transphorm's GaN power devices for the third consecutive quarter to fulfill growing customer demand in the consumer adapter and high - power markets . Additionally , we recently completed the planned transition of our AFSW wafer - fab into a new JV with a strong strategic - financial partner that shares our goals of accelerating GaN adoption . Looking ahead , our team remains focused on expanding capacity over the coming quarters , as we continue to secure and ramp a growing pipeline of design wins . " " Along with the strong operating performance , the company remains committed to its previously communicated ambition to uplist on the NASDAQ later in the calendar year , " said Mario Rivas , Transphorm's CEO . " In July , we were also excited to strengthen our Board , with the addition of Ms. Kelly Smales as an independent director , with an extensive semiconductor finance background . " Conference Call Transphorm will host a conference call today at 2:00 p.m. Pacific Time ( 5:00 p.m. Eastern Time ) to review the Company's fiscal first quarter results and provide a business update . The conference call will be webcast live over the Internet with an associated slide presentation , which can be accessed by all interested parties in the Investor Relations section of Transphorm's website at www.transphormusa.com . Investors and analysts may also join the conference call by dialing 1-833-529-0218 and providing the conference ID 3299126 . For those unable to attend the live webcast , a replay and the supporting presentation materials will be available on the day of the conference call and for approximately 90 days in the Investor Relations section of the Company's website . Additionally , a telephone replay of the conference call will be available approximately two hours after the conclusion of the call and through August 23 , 2021. The telephone replay can be accessed by dialing + 1-416-621-4642 and entering the conference ID 3299126 . About Transphorm Transphorm , Inc. , a global leader in the GaN revolution , designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications . Having one of the largest Power GaN IP portfolios of more than 1,000 owned or licensed patents , Transphorm produces the industry's first JEDEC and AEC - Q101 qualified high voltage GaN semiconductor devices . The Company's vertically integrated device business model allows for innovation at every development stage : design , fabrication , device , and application support . Transphorm's innovations are moving power electronics beyond the limitations of silicon to achieve over 99 % efficiency , 40 % more power density and 20 % lower system cost . Transphorm is headquartered in Goleta , California and has manufacturing operations in Goleta and Aizu , Japan . For more information , please visit www.transphormusa.com . Follow us on Twitter @transphormusa and WeChat @ Transphorm_GaN . Non - GAAP Financial Measures This press release includes and makes reference to certain non - GAAP financial measures . The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP . Transphorm believes that the presentation of non - GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations . Transphorm believes that