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transphorm Transphorm Announces Fiscal Second Quarter 2022 Financial Results November 10 , 2021 Delivers Continued Strong Growth and Record Product Revenue GOLETA , Calif .-- ( BUSINESS WIRE ) -- Nov . 10 , 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 second quarter of 2022 ended September 30 , 2021 . Fiscal Second Quarter and Recent Highlights • Product revenue increased sequentially for seventh consecutive quarter and grew 30 % year - over - year to a quarterly record ; • Continued momentum on adaptor and fast - charger market penetration , including partnerships with leading controller and integrated driver makers ; • Completed transaction to transition ownership of AFSW wafer - fab facility in Aizu Wakamatsu , Japan ; • Strategic partner , Yaskawa , converted $ 15.6M of debt to Transphorm common stock at $ 5.00 per share in October 2021 ; • Awarded $ 1.4 million GaN development contract by Defense Advanced Research Projects Agency ( DARPA ) ; • Achieved automotive qualification of SuperGaN Gen IV multi - kilowatt class power FET device ; • Closed $ 5.0 million private placement for strategic investment by Sino - American Silicon Products ( SAS ) a multi - billion dollar public company in Asia ; and • Closed $ 33.0 million private placements in November 2021 comprised of follow - on investments of $ 5 million by KKR and $ 10 million by Sino - American Silicon Products ( SAS ) as well as participation by institutional investors . " During the September quarter , we continued to ramp device shipments in support of expanded design - ins going into production , resulting in another consecutive quarter of growth and record product revenue , " commented Primit Parikh , Transphorm's President and Co - founder . " Product revenue in the first half of fiscal 2022 has exceeded the revenue contribution from products for the full fiscal year of 2021 , driven by growing traction with our GaN devices in fast chargers and adaptors as well as high - power gaming , server and crypto - mining applications . Additionally , we continued to lay the foundation for significant future growth highlighted by the recently achieved automotive qualification of our SuperGaN Gen IV FET device . With strong customer momentum and strong blue - chip strategic partnerships , we expect continued product revenue growth in the coming quarters . " Cameron McAulay , CFO of Transphorm , stated , " Through a series of successful transactions over the past few months , we have significantly strengthened our balance sheet and cash position while also realizing a $ 50 million increase in shareholder equity since June 2021. In part as result of our stronger financial position , we believe the Company is now positioned to meet the qualification requirements for uplisting Transphorm's common stock to the NASDAQ , an ambition we will continue to pursue aggressively in the coming months . " Fiscal Second Quarter 2022 Financial Results Revenue for the fiscal second quarter of 2022 increased sequentially and year - over - year to $ 11.3 million , compared to $ 3.2 million in the fiscal first quarter of 2022 ended June 30 , 2021 , and $ 1.9 million in the fiscal second quarter of 2021 ended September 30 , 2020. The sequential and year - over - year increase was driven by a combination of licensing revenue related to ongoing development work with a manufacturing partner as well as record product sales from ramping shipments of GaN devices for a broad range of power conversion applications , including fast chargers and adapters , gaming , data center and crypto - mining . Operating expenses on a GAAP basis were $ 5.1 million in the fiscal second quarter of 2022 , compared to $ 5.3 million in the prior quarter and $ 4.3 million in the fiscal second quarter of 2021. Fiscal second quarter 2022 operating expenses consisted of R & D expenses of $ 1.6 million and SG & A expenses of $ 3.5 million . On a non - GAAP basis , operating expenses in the fiscal second quarter of 2022 were $ 4.5 million , compared with non - GAAP operating expenses of $ 4.6 million in the prior quarter and $ 3.5 million in the fiscal second quarter of 2021 . GAAP net income for the fiscal second quarter of 2022 was $ 6.0 million , or $ 0.15 per share , compared to a GAAP net loss of ( $ 7.1 ) million , or ( $ 0.17 ) per share , in the prior quarter and a GAAP net loss of ( $ 6.7 ) million , or ( $ 0.19 ) per share , in the fiscal second quarter of 2021. On a non - GAAP basis , net income for the fiscal second quarter of 2022 was $ 3.6 million , or $ 0.09 per share , compared to a non - GAAP net loss of ( $ 5.3 ) million , or ( $ 0.13 ) per share , in the prior quarter and a non - GAAP net loss of ( $ 5.3 ) million , or ( $ 0.15 ) per share , in the fiscal second quarter of 2021 . Cash and equivalents as of September 30 , 2021 were $ 2.5 million , compared to $ 2.5 million as of June 30 , 2021. In subsequent private placement transactions completed in early November 2021 , the Company closed $ 33.0 million of equity financing at $ 5.00 per share from KKR and other strategic and institutional investors . 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 second quarter results and provide a business update . The conference call will be webcast live over the Internet , 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 : 1-888-440-4368 and + 1-646-960-0856 for international callers and providing the conference ID : 8060388 . 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