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To: Lou Weed who wrote (5133)	8/16/2022 3:31:18 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 10691

Thanks for sharing. Please aim to post the full or at least the summary of the article so that when someone searches for a ticker or a subject they can find it. Navitas Semiconductor Announces Second Quarter 2022 Financial Results and Acquisition of GeneSiC, an Industry-leading SiC Company Revenues Increased 58% with important market and regional diversification, while guidance reflects short-term China smartphone softness 20+ significant new wins in mobile chargers, plus accelerating progress in customer development in the solar, EV, data center and industrial markets GeneSiC acquisition positions Navitas as the only pure-play, next-generation power semiconductor company with broad diversification, synergistic customers and 2-3 year acceleration into strategic EV, solar and energy storage markets EL SEGUNDO, Calif., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the second quarter ended June 30, 2022. Net revenues for the quarter increased to $8.6 million, up 58% from the second quarter of 2021. GAAP gross margin was 41.6%, compared to 45.5% in the second quarter of 2021. GAAP loss from operations for the quarter was $20.0 million, compared to a loss of $18.6 million in the second quarter of 2021. On a non-GAAP basis, loss from operations for the quarter was $8.9 million, compared to $5.8 million in Q2 2021. GAAP earnings per diluted share were $0.26, compared to a GAAP loss of $0.89 per share in the second quarter of 2021, while non-GAAP net loss for the quarter was $0.07 per share compared to a net loss of $0.28 per share in Q2 2021. Navitas also announced the acquisition of GeneSiC Semiconductor, a silicon carbide (SiC) pioneer with deep expertise in SiC power device design and process. The acquisition is expected to be immediately accretive to Navitas’ earnings per share. Total consideration consisted of approximately $100 million in cash, 24.9 million shares of Navitas stock and possible earn-out payments of up to $25 million conditioned on the achievement of substantial revenue targets for the GeneSiC business over the four fiscal quarters ending September 30, 2023. GeneSiC is highly profitable, with EBITDA margins of more than 25%, total calendar 2022 revenues expected to be approximately $25 million and demonstrated annual growth rates of over 60%. The combined company creates a comprehensive, industry-leading technology portfolio in next-generation power semiconductors - both GaN and SiC – with an aggregate market opportunity estimated at over $20 billion per year by 2026. Story continues