$NVTS
Navitas Semiconductor Corp

2024 Q3 Form 10-Q Financial Statement

#000182176924000094 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $21.68M $20.47M
YoY Change -1.35% 13.32%
Cost Of Revenue $13.07M $12.48M
YoY Change -12.16% 18.03%
Gross Profit $8.612M $7.990M
YoY Change 21.3% 6.68%
Gross Profit Margin 39.72% 39.04%
Selling, General & Admin $15.04M $15.38M
YoY Change 4.31% 16.96%
% of Gross Profit 174.64% 192.52%
Research & Development $17.83M $18.97M
YoY Change 7.7% 12.98%
% of Gross Profit 207.01% 237.43%
Depreciation & Amortization $800.0K $700.0K
YoY Change 33.33% 40.0%
% of Gross Profit 9.29% 8.76%
Operating Expenses $37.59M $39.13M
YoY Change 5.14% 12.71%
Operating Profit -$28.97M -$31.14M
YoY Change 1.14% 14.37%
Interest Expense -$39.00K -$72.00K
YoY Change -102.3% -108.93%
% of Operating Profit
Other Income/Expense, Net $10.37M $8.870M
YoY Change -71.35% -128.25%
Pretax Income -$18.61M -$22.27M
YoY Change -346.69% -62.02%
Income Tax $125.0K $61.00K
% Of Pretax Income
Net Earnings -$18.73M -$22.33M
YoY Change -349.1% -61.85%
Net Earnings / Revenue -86.39% -109.09%
Basic Earnings Per Share -$0.10 -$0.12
Diluted Earnings Per Share -$0.10 -$0.12
COMMON SHARES
Basic Shares Outstanding 183.5M shares 183.1M shares
Diluted Shares Outstanding 184.7M shares 183.1M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.61M $112.0M
YoY Change -44.19% -36.99%
Cash & Equivalents $98.61M $112.0M
Short-Term Investments
Other Short-Term Assets $4.161M $4.747M
YoY Change -7.53% 10.63%
Inventory $21.28M $25.16M
Prepaid Expenses
Receivables $21.09M $22.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.2M $164.6M
YoY Change -32.39% -23.84%
LONG-TERM ASSETS
Property, Plant & Equipment $13.06M $13.26M
YoY Change 55.59% 82.76%
Goodwill $163.2M $163.2M
YoY Change 0.0% 0.0%
Intangibles $76.86M $81.56M
YoY Change -20.09% -19.12%
Long-Term Investments
YoY Change
Other Assets $8.654M $8.613M
YoY Change 57.32% 53.8%
Total Long-Term Assets $274.3M $274.5M
YoY Change -1.78% -3.04%
TOTAL ASSETS
Total Short-Term Assets $145.2M $164.6M
Total Long-Term Assets $274.3M $274.5M
Total Assets $419.4M $439.1M
YoY Change -15.09% -12.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.59M $13.11M
YoY Change -8.16% -25.84%
Accrued Expenses $10.37M $9.635M
YoY Change -38.3% 18.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.96M $28.95M
YoY Change -42.79% -19.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.58M $20.96M
YoY Change -73.32% -73.12%
Total Long-Term Liabilities $11.58M $20.96M
YoY Change -73.32% -73.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.96M $28.95M
Total Long-Term Liabilities $11.58M $20.96M
Total Liabilities $38.58M $50.95M
YoY Change -57.4% -55.98%
SHAREHOLDERS EQUITY
Retained Earnings -$344.9M -$326.2M
YoY Change 28.89% 18.56%
Common Stock $21.00K
YoY Change 10.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $380.8M $388.1M
YoY Change
Total Liabilities & Shareholders Equity $419.4M $439.1M
YoY Change -15.09% -12.04%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$18.73M -$22.33M
YoY Change -349.1% -61.85%
Depreciation, Depletion And Amortization $800.0K $700.0K
YoY Change 33.33% 40.0%
Cash From Operating Activities -$13.73M -$15.13M
YoY Change 5618.75% 63.02%
INVESTING ACTIVITIES
Capital Expenditures $570.0K $2.741M
YoY Change -66.67% 208.32%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$570.0K -$2.741M
YoY Change -66.67% 208.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 914.0K 179.0K
YoY Change 1.56% -99.79%
NET CHANGE
Cash From Operating Activities -13.73M -15.13M
Cash From Investing Activities -570.0K -2.741M
Cash From Financing Activities 914.0K 179.0K
Net Change In Cash -13.38M -17.69M
YoY Change 1174.38% -122.99%
FREE CASH FLOW
Cash From Operating Activities -$13.73M -$15.13M
Capital Expenditures $570.0K $2.741M
Free Cash Flow -$14.30M -$17.87M
YoY Change 633.08% 75.73%

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CY2024Q2 us-gaap Comprehensive Income Net Of Tax
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<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain items in the prior period’s condensed consolidated balance sheets and condensed consolidated statements of operations have been reclassified to conform to the presentation for the three and six months ended June 30, 2024. Dividend income was previously included within interest income (expense), net.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, for the prior period, the Company reclassed $0.9 million from inventories to prepaids and other current assets related to the sales returns inventory. Lastly, the Company reclassed $1.4 million from prepaids and other current assets to other assets and $1.9 million from accounts payable and other accrued expenses to its own line for accrued royalties related to an indemnity asset and royalty liability, respectively. There was no impact to net loss and retained earnings as a result of the reclassifications.</span></div>
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CY2024Q2 nvts Lessee Operating Lease Liability To Be Paid After Year Four
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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Files In Submission

Name View Source Status
0001821769-24-000094-index-headers.html Edgar Link pending
0001821769-24-000094-index.html Edgar Link pending
0001821769-24-000094.txt Edgar Link pending
0001821769-24-000094-xbrl.zip Edgar Link pending
exhibit101-letteragreement.htm Edgar Link pending
exhibit311-ceo302cert2q2024.htm Edgar Link pending
exhibit312-cfo302cert2q2024.htm Edgar Link pending
exhibit321-combined906cert.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
nvts-20240630.htm Edgar Link pending
nvts-20240630.xsd Edgar Link pending
nvts-20240630_g1.jpg Edgar Link pending
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nvts-20240630_cal.xml Edgar Link unprocessable
nvts-20240630_def.xml Edgar Link unprocessable
nvts-20240630_lab.xml Edgar Link unprocessable
nvts-20240630_pre.xml Edgar Link unprocessable
nvts-20240630_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable