Q4 2021 Navitas Semiconductor Corp Earnings Call

February 15, 2022

Thank you for standing by and welcome to <unk> Semiconductor's fourth quarter and full year 2021 results conference call. At this time all participants are in a listen only mode. After the speaker.

<unk> there will be a question and answer session to ask a question.

During the session you will need to press star one on your telephone. Please be advised that today's conference maybe recorded should you require any further assistance. Please press star zero I would now like to hand, the conference over to your host Vice President of corporate marketing and Investor Relations Steven Oliver.

Good afternoon, everyone I'm, Stephen Oliver Vice President of corporate marketing and Investor relations. Thank.

Thank you for joining never test Semiconductor's fourth quarter and full year 2021 results conference call.

I'm joined today by Gene Sheridan, our chairman, President and CEO and Todd Glickman our CFO .

Call is being webcast on the Investor Relations section of our website at IR Dot another test semi dot com and.

A replay will be available about an hour following this call and available for another 30 days additional.

Information related to our business is posted on the Investor Relations section of our website.

Our earnings release and this presentation includes certain non-GAAP financial measures.

Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our earnings release and also posted on our website in the Investor Relations section.

In this conference call. We will also make forward looking statements about future events or about the future financial performance of <unk>.

You can identify these statements by words like we expect or we believe or similar terms.

We wish to caution you that such forward looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our <unk>.

Forward looking statements.

Factors that can affect <unk> business, including factors that could cause actual results to differ from our forward looking statements are described in our earnings release.

Please also refer to the risk factors affecting the other tests discussed in our SEC filings, including the prospectus dated December six 2021, as supplemented or amended from time to time.

Our estimates or other forward looking statements may change and never test assumes no obligation to update forward looking statements to reflect actual results changed assumptions or other events that may occur except as required by law.

Now over to Jean Sheridan CEO .

Thanks, Steve and.

And thank you to everyone for joining us today as we close out 2021, I'd like to summarize some of our key accomplishments.

In October we celebrated our IPO within seven years at founding.

We believe a record for any power semiconductor company and the result of intensive focus to establish <unk> as the clear technology and market leader in gallium nitride or Gan alright.

Dan is a next generation power semiconductor with up to 20 times faster operation and.

<unk> power Ics delivered three X more power and <unk> faster charging and half the size and weight and with up to 40% energy savings compared to traditional silicon chips.

In 2021 annual revenues doubled to nearly $24 million with Q4 revenue growing sequentially by over 30%.

At the end of 'twenty, one our cumulative unit shipments increased to over 35 million units with zero Gan related field failures.

While Q1 will be slightly lower revenue compared to Q4, given expected seasonality, we anticipate sequential growth in Q2, a greater than 50% as we expect multiple major new tier one can charge or launches ramping significantly next quarter. In total we continue to forecast another doubling of annual revenues for this year.

Our gross margins improved in 'twenty, one by over 10 points year on year as all customers adopted our generation two in the first half and started to ramp up our generation III late in the year, both of which offered an albatross and our customers significant performance improvements and cost reductions.

For 2022, we will see the impact of the TSMC, 20% wafer price increase which will limit our margin expansion in the year, while we look forward to our generation for ramp in the second half of 'twenty, two which will fuel our margin expansion into 2023.

Taking a closer look at some of these new technology developments generation three with <unk> technology integrates critical sensing circuits Monolithically in Sudan for the first time in our industry.

<unk> III unlocks another 10% of energy savings, while adding important new protection circuits to set a new standard in reliability.

Already in mass production with Lenovo Xiaomi vivo among others <unk> was honored last month in Las Vegas with the CES 2022 Innovation Awards.

<unk> is also a key enabler in the new exciting ultra fast charge off category.

Hot on the heels of generation III, we have generation four which will start sampling next quarter. This will bring further gains in energy savings and cost reduction and we will give further details when that technology is fully launched later in the year.

All of these developments in mind, our patent portfolio now totals over 145 patents pending or issued reinforcing strong competitive protection for a multi year lead and gain IC technology.

Our high power progress continued with two new industry firsts.

<unk> design centers dedicated to data center and to electric vehicles.

And I'm excited to announce today to other industry one.

We have just published the industry's only sustainability report dedicated to quantify the positive impact Gan is having on deep carbonization and on conserving our planet's natural resources.

In addition, today, we're announcing the industry's first 20 year warranty for organic.

I'll explain more about some of these new developments later, but let me first give you an update on our mobile charger business.

At the end of 'twenty, one the number of customer Chargers released to production increased 75% from the prior year, reaching an all time high of.

171.

In addition, we have doubled our design pipeline compared to the prior year with a new high of over 240 customer projects now in development with the vast majority of those expected to launch throughout the year.

We announced that new strategic partnership with anchor a leader in aftermarket fast Chargers with a number of Gan Chargers already announced and many more in development.

In addition to strong adoption in the aftermarket and accessory charges are tier one inbox charger introductions doubled in 'twenty, one compared to 2020.

That list now includes Xiaomi vivo Motorola del LG among others.

Also announced a new category of Ultrafast Chargers, which delivers over 100 watts of power using our latest <unk> technology to charge smartphones from zero to 100% and less than 20 minutes.

This high power rating in this new category requires an additional PFC circuit, so to Gan power Ics are needed roughly doubling again revenue opportunity per charger.

Xiaomi was the first Gan past launch in this new category with their note 11 pro plus and now vivo has followed with their IQ nine we expect several others to join this exciting new product category later in the year.

And today, we are very excited to announce a major win at a tier one Korean smartphone customer while we can't share further details until that customer makes more of a public announcement.

A major step forward in the adoption of Gan across all major mobile players in smartphones tablets and laptops.

In fact with this new announcement, we are now in mass production with eight out of the top 10 mobile players and when considering customer projects in development <unk> Gan technology has now been adopted by all of the top 10 mobile players.

Next let me share a few important updates on our market expansion plans.

In Q4 as expected we started sampling our higher power Gan Ics that are targeted for datacenter solar and electric vehicles.

Our <unk> technology is unique compared to our Gan discrete competitors as we integrate one or more power devices, along with analog circuits that includes drive control sensing and protection. This monolithic integration is essential to unlock the full system benefits of Gan by eliminating parasitic increasing operating <unk>.

Currencies, reducing the size weight and cost of both passive and mechanical components and maximizing the energy savings, while reducing system costs. These benefits are actually magnified as organic.

Our applied to higher power applications.

The ones, we target and datacenter solar and EDI.

As a consequence, the customer response to these new higher power again, Ice's has been extraordinary and we now have dozens of customer engagements well underway towards adopting our Gan technology.

To support and accelerate customer adoption, we announced the opening of two new design centers to drive Gan adoption for Datacenters and for electric vehicles.

We believe both of these design centers are a first for our industry and a key ingredient in our unique company strategy to co develop Gan based power systems with our customers in each of our target markets. We.

We have stack. These design centers with impressive industry recognized technical leaders and engineering teams that have a proven and unique set of capabilities to develop disruptive next generation Gan based power systems in each of our target markets. These teams are equipped with advanced tools, along with the technical skills that spanned all hardware.

And software needs across power architectures passive component optimization thermal mechanical design.

Mitigation and system cost and manufacturer ability considerations.

Last week <unk> was the first company to publish a sustainability report that comprehensively quantify the positive impact of Gan power semiconductors and climate change based on global standards.

To share some highlights from the report.

Gan power Ics have up to 10 times smaller footprint compared to silicon equivalents.

Each Gan power IC shipped St. Four kilograms of Cotwo and can reduce customers' carbon footprint for example by up to 30% savings for a 65 watt laptop adapter.

Based on third party reports adopting again in electric vehicles could accelerate <unk> adoption by up to three years and eliminate 20%.

Road sector <unk> emissions by 2050.

It is estimated again could say two six giga tonnes of Cotwo per year by 2050, the critical timeframe of the Paris accord.

You can expect to see much more on this front as we look to take a leadership role across the entire semiconductor industry and accelerating the electrification of our world.

In terms of quality and reliability and albatrosses already leading the industry by shipping a cumulative total of over $35 million units without a single reported Gan related field failure and we have also completed over $5 8 billion device hours of testing.

Given harsh electrical and environmental conditions in the critical need to avoid power failures, which could shut down the entire system. We are pleased to announce another significant development. The industry's first 20 year product warranty.

This warranty is unprecedented in our power semiconductor industry and reflects our commitment and confidence in the quality and reliability of our highly protected and integrated Gan.

This 20 year warranty supports our plans to extend the lifetime of mobile Chargers and consumer power adapters, thereby further reducing wastage to emissions.

And it's also in our central confidence factor and differentiator for <unk> as we look to enable Gan based data centers solar installations and electric vehicles you.

You will see us rollout this warranty across all of our galaxy product range in the coming weeks.

Before I turn it over to Todd to discuss the financials in more detail I want to summarize the many exciting industry first achievements that we've announced recently or in todays earnings call.

First power semiconductor supplier to reach an IPO in seven years from its founding the first monolithically integrate sensing capabilities in Gan.

<unk> company to penetrate 10 of the top 10 mobile players.

The firsthand company to reach $35 million unit shipped and to do it with no Dan related field failures.

<unk> 20 year power semiconductor product warranty.

This design center for Gan dedicated to data center in India.

And the first sustainability report dedicated to quantifying gains positive impact and now over to Todd <unk> our CFO .

Thanks, Jean and thanks, everyone for joining US today, let me take you through our fourth quarter numbers and guidance for Q1 and 2022.

GAAP revenue for the quarter grew to $7 3 million, representing a 30% sequential growth from the third quarter of 2021 for.

For the full year, we grew revenue to $23 7 million, which represents year over year growth of 100%.

Mobile demand remained strong throughout the year. Despite the fact that our Gan revenue growth was limited in the second half due to our customer supply chain constraints of non Gan related components.

non-GAAP gross margin was 44, 3% in the fourth quarter up from 37, 7% in the same quarter of the prior year for fiscal year 2021, we grew non-GAAP gross margin to 45, 4% from 33, 2%, which is consistent with our <unk>.

Strategy to deliver attractive margin expansion, while passing along cost reductions to our customers.

With regard to expenses, we have grown our sales and marketing teams to support our rapid growth in the mobile market and our expansion into data center solar and EV. We have also invested in our legal and accounting infrastructure needed to be a successful public company.

Taken together, we have increased our non-GAAP SG&A expense from $3 7 million in the fourth quarter of 2020 to $4 2 million in Q4 of 2021.

non-GAAP R&D expense grew to $6 million in the fourth quarter of 2021 compared to $4 5 million in Q4, 2020 actually continued developing multiple new generations of <unk> IC and we developed and delivered new high power <unk> for datacenter solar NPV.

Putting all this together non-GAAP net loss from operations was $6 9 million compared to a net loss from operations of $6 3 million in the fourth quarter of 2020 as we are in a heavy investment mode. In this rapid growth phase of our company.

Turning to the balance sheet cash.

Cash and cash equivalents were $268 million.

Inventory was $12 million compared to $11 7 million in the prior quarter as we maintain healthy inventories to support short lead times and significant growth and upside opportunities with our customers.

Moving on to guidance for the first quarter of 2022, GAAP revenues are expected to be between six and $7 million compared to $5 3 million in the first quarter of 2021 last year in the first quarter, we sold our first inbox Gan Chargers, which mitigated what would traditionally have been a seasonally lower.

For this year and in future years, we expect Q1 to be seasonally similar or lower than Q4.

Q2 is expected to be a significant growth quarter with many spring customer product launches propelling at least 50% sequential growth from the first quarter.

I'd also like to mention that we have posted an excel spreadsheet showing our historical quarterly financials and the seasonality you can see in 2020.

As previously indicated full year revenue is expected to double from 2000 $21 million to $48 million.

GAAP and non-GAAP gross margin is expected to be approximately 44% plus or minus 1% in the first quarter and for the full year of 2022, Adjacencies, 20% wafer price increase announced late last year is leading to a 6% gross margin reduction that is factored into our Q1 and full year guide.

Okay.

As gene mentioned, we will launch generation for dual fuel margin expansion into 2023.

Our long term strategy and expectation to achieve system cost parity with silicon in 2023, and deliver 55% gross margins long term is unchanged.

In total our non-GAAP operating expenses in Q1 are expected to be approximately $13 million, which excludes stock based compensation and amortization of intangible assets.

Full year non-GAAP operating expenses are expected to be approximately $58 million, which includes a full year of expenses associated with being a public company.

Finally, we expect our basic and diluted share count in Q1 to be between 120 and $124 million.

The majority of our shares outstanding are held by major shareholders and executive management and are currently subject to lock ups expiring on or before.

Number 2022 and October 2024, respectively.

In summary, 2021 was a pivotal year for <unk>.

Doubled our revenue and expanded our non-GAAP gross margins by over 12%.

In addition, we have invested in the next generation technology and needed infrastructure that will allow us to achieve our expansion and scalability goals for 2022 and beyond.

Gene and I are now ready to take your questions.

Operator, let's begin the Q&A session.

Thank you as a reminder to ask a question you will need to press star one on your telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.

Our first question comes from the line of Ross Seymore of Deutsche Bank. Your line is open.

Hey, guys. Thanks for let me ask a question gene I wanted to talk first about the supply side of the equation last quarter, you mentioned that that probably cost you 1 million units.

Has that gotten better or is that still a headwind as you look forward into the first half of this year just any update there would be helpful.

Sure definitely Ross Thanks for asking the question and joining us.

We don't see short term significant impact based on the guidance, we think our customers have adequately factored that into their forecast as of now and looking forward in the year and if anything we see a lot of progress because we have worked with our customers to approve some of the additional suppliers for the non-GAAP components, which creates some flexibility for them.

So it seems like the trends are moving in the right direction and we think we factored in any of those constraints on a go forward basis.

Thanks for that color and I guess as my follow up just switching over to the margin side of things I think everybody is well aware of the wafer price increases that the foundries are pass through can you just talk a little bit about the magnitude of the offset when you get to Gen. Three and Gen. Four I know, it's a couple of years out so it doesn't have to be precise guidance, but.

Todd you mentioned that you are 55% target is unchanged, if we got a little bit of linearity between the <unk> 44 in the 50 55 target.

Any sort of stair step up timing that we really need to be cognizant of.

I would add.

Ramping generation III now theres sort of an offset between the generation three cost reduction and the TSMC price increase that results in being kind of margin neutral as we said sort of flat into this year from Q4 Gen. Four kind of restarts that margin expansion will start sampling of that in Q2 and that will ramp.

In the latter part of the year and I think ultimately result in nice margin expansion into 2003, and I think then we could sort of look at that stair step as you said are that linear extrapolation towards that 55% longer term goals.

Perfect. Thank you.

Thanks Ross.

Yes.

Thank you. Our next question comes from interest in Gara of Baird. Your line is open.

Hi, This is Tyler on for Chris and Thank you for taking my questions I am sorry enough when engagements or joint ventures do you have in China that you can talk about and how is China part of your market share plans given the powered Chargers supply chain there.

Yes. Thanks, Tyler Good question, certainly China has been fundamental to our strategy from the start largely almost half or 40% of our company footprint is in China. We have an extraordinarily strong local team there not just in sales and technical support FAA, but multiple design centers theyre, both developing Gan chip.

As well as developing Gan based power systems. The design centers as I mentioned actually mobile was our first one which is centered there supporting customers around the world, but even our data center and our new newest EV design Center is there. So it's a very strong team those are not formal joint ventures or partnerships per se, but <unk>.

Turning to capabilities and that sets us up to really.

Form a strong customer partnership with all the key customers not only in China.

But globally. So we're in a really strong spot there in China.

Great and then for my follow up in 2020, you shipped about 11 million units into smartphones what was that figure for 2021.

2021 units shipments.

Estimate.

At the end of 'twenty was $6 five at the end of 'twenty one most days.

So close to $25 million.

Let's say north of 20 million units is our estimate.

Awesome I appreciate you taking my questions.

Thank you Tyler.

Thank you. Our next question comes from Kevin Cassidy of Rosenblatt Securities. Your line is open.

Yes, thanks for taking my question.

Yes.

Yeah.

You had mentioned the fast charging them less than 20 minutes. It takes to power Ic's what percentage of designs that you're working on will be using that.

Yes, hi, Kevin Thanks for the question Ultra fast charging obviously, a big deal there were talking about over 100 watts anything north of 65, what's actually requires that power factor correction extra circuit, thereby doubling the likely gain content.

We didn't break it out in any specific detail, but it's certainly the fastest growing part of the fast charger.

Market.

And there is.

Certainly many designs coming the first with Xiaomi as I mentioned vivo, it's already recently launched and obviously, we can't talk about the specific customers coming out before they're public.

But it is a fast growing percentage and there is many new designs in that category to launch later this year.

Okay, Great and as you look at the design centers.

For datacenter and EV.

Whats the product roadmap that you'll be introducing for for those markets or what timeframe I guess would you expect to see significant revenue.

Yeah. Good question, So data center, we actually announced late last year.

We've already launched our first sort of system level prototype that acts as a reference design as well as a demonstrator to all of those data center customers to show them what's possible.

<unk> Gan, but from there we will quickly expand into different power levels different form factors and next generation versions that keeps pushing the energy savings. So we're well on our way to the customer engagements and delivering those exciting new Gan based platforms. EV is just starting out we announced it in January we're in the process of building out the team.

Building out the lab will have the core team and core lab in place in Q2, we will have initial prototypes of onboard Chargers and Thats. Our first application focus there is many applications in EV as you know, but we will start with onboard Chargers using <unk> technology and will have that available as a prototype or a plea.

Form to demonstrate to our key customers in the second half of this year.

Great. Thank you.

Thanks, Kevin.

Thank you. Our next question comes from Quinn Bolton of Needham <unk> Company. Your line is open.

Hey, guys. Congratulations on the results and a nice outlook for 2022, I guess I wanted to start there. It sounds like you feel pretty good that the supply chain is.

Starting to improve but I guess looking at the doubling in revenue.

Do some quick math it sort of implies an average maybe $3 5 million a sequential revenue growth.

Each quarter to get to that sort of $48 million level for the year is that the right way to be thinking about how you see the business is it sort of a linear.

Increase across the four quarters of the year do you see sort of a.

A different revenue pattern into the second half.

Great. Thanks, Glenn I appreciate the question, it's a great question.

You are looking at our business on a quarterly basis I think the best way to look at it is to look back at 2022, our look at our seasonality. We do expect the first half of the year to be around 30%, while the second half will be 70% of our total year revenue.

Got it a 2020 is a good proxy for.

What you might see as normal seasonality in the business.

That's correct yes.

Yes, I will just add 21 is a little unusual because we had a major new launch the Xiaomi 55 Watt inbox in December which is not a common time to launch and that carried through into significant represent Q1, making it a little bit non traditional or non typical in terms of seasonality. So as Todd described 20 is a little bit better way to look at it and he can give you good guidance on.

How do you expect to ramp this year.

Got it and then just longer term question on gross margins. Following Ross has a question.

Looks like the data center and solar products sort of on track to ramp in calendar 'twenty three just that youre starting to see the benefits of the fourth generation technology in the mobile and perhaps the consumer segments Im sorry Im wondering.

Do you do you see pretty good progress as all of that begin to contribute in 2023 or are there headwinds to margins that we should be thinking about.

In next year.

Yes, I think there are two dynamics as you've pointed out one is market expansion. We generally expect improved higher margins in the higher power markets data center solar and EV at the same time, we think our generational improvements even in the mobile space are going to continue to incrementally expand margins while off.

Offering cost reduction to our customers. So I think we'll benefit in 'twenty three and beyond by both of those dynamics ultimately.

Combining together to achieve that longer term goal of 55%.

Great and then like less for Eugene.

Maybe it's a more technical question, but you talked about as you go up in.

Power to 65 watts and above you need to add that power factor correction stage, which adds a second opportunity for gain I see I'm wondering if you can talk about are you seeing any transition.

Architectures from like buyback active clamp that may further increase again content in some of those higher.

Higher power applications or does active clamp architecture really play more in either data center or some of the consumer Chargers.

Yes, that's a great question a very good observation in fact around 100 watts, we see most commonly single Gan chip in the PFC in a single Gan chip in the traditional feedback what's called a QR flyback actually as you push that power level up and you want the energy efficiency to go up say at 120, 150 Watts, even 200 watts, which is a <unk>.

The amount of power to be pumping into smartphones and mobile devices, but that's exactly where we're headed and you can imagine how fast charging is going to be but as you do that you can actually benefit from a second began switched in the PFC circuit and a second game switch.

In the second stage to fly back stage and as you alluded to there are alternative topologies beyond QR, which only uses a single again switch or whether it's active claims buyback LLC or some other variations of those two that both employ to Gan switches. So we're really headed towards two one to two to then to 3%.

And then eventually for Gan switches as we keep pushing the power the fast charging and the energy efficiency higher and higher.

Great. Thank you Jamie.

Thanks Glenn.

Thank you. Our next question comes from Blake Freedman of Bank of America. Please go ahead.

Alright, Thanks for taking my question just a quick one on with consumer products are expected to ramp throughout this year and data center and solar markets ramping in 2023 I was just curious if you can provide any color on how we should think about cash burn through this year as well as any color in the next year.

Can we clarify first Blake what are you looking for further definition on what sort of things are ramping and the markets are more interested in the financial part of your question on cash flow.

More interested in the financial part.

Sure Yes.

Yes, Thanks, Mike for the question. So we finished the year at around $268 million in cash.

With a doubling of our revenue.

Opex up $58 million on a non-GAAP basis for 2022, we do expect to use around $40 million of our cash on our balance sheet, leaving us plenty of cash.

Cash to put to work on strategic and other partnerships in the future.

Got it sounds good and then actually just kind of drilling down more on the kind of consumer opportunity ramping this year.

Just curious if you can highlight in what areas of the consumer market. You are beginning to see early traction and maybe what percentage of revenues. This year can come from consumer markets.

And Blake when you mentioned consumer are you lumping in mobile into that or consumer somewhat separate from mobile.

Yes separate for mobile.

Yes, the predominant part of our revenue forecast this year is definitely.

Dominated by mobile that's fast Chargers for phones.

That's laptops and frankly, the aftermarket which could be charging anything that uses a USB C.

Output with that said, we also see this year is the start of the non mobile consumer as Youre alluding to things that don't have a battery youre not carrying the trigger around but actually they still care about power delivery energy savings size and weight, we have pointed to in the past two promising areas that we'll be launching and ramping this year one is.

In LCD TV.

Other is in traditional desktop Pcs and PC related proliferative peripherals, we don't have any announcements yet on those but as those products come to market. We will share more details about them there will be a small percentage of that total but that is a promising and it really important multibillion dollar opportunity beyond mobile into the broader consumer.

Space.

Sounds good thank you.

Thanks Blake.

Thank you once again to ask a question. Please press star one on your touch tone telephone again Thats star one on your Touchtone telephone to ask a question.

Our next question comes from the line of metallic Winkler of Jefferies. Your question. Please.

Hi, Gene Todd I think a question is to you and I wanted to just dive in a little bit more on the gross margin throughout the year I appreciate kind of how it stacks up longer term, but does this include the year can you please kind of.

We'll go through the.

Different dynamics.

Inbox and.

And aftermarket types of revenues and how should we think about the gross margins for the year.

Sure. So so that's a great question, let me start with the gross margin.

So we finished Q4 at 44% we are guiding to Q1 at 44% as well, so flat and Thats driven by the TSMC price increase we believe the full year will be at 44%, but you can look at the margins.

With the understanding that Gen. Four is coming out in the second half of the year. So we do expect a little bump there.

So knowing that in mind, you'd be able to better position to determine their margins on a quarter to quarter basis.

Understood. That's very helpful. Thank you and I guess the second question is sort of a similar one for the Opex.

Is it going to be stepping gradually over the year or is it going to be significant.

Decreased sequentially into the second quarter, and then more linear.

So it's more on the stepping gradually throughout the year as we add head count.

Along with developed new products into the market. So.

Small step step up each quarter throughout the year to hit the eventual 50 $858 million for full year Opex.

Understood. Thank you that's very helpful.

Thank you at this time I'd like to turn the call back over to Jim Sheridan for closing remarks, Sir.

Thank you operator, and thanks to everyone, who joined US today, it's a big time for David toss, an exciting year for us and we look forward to.

Future later this year as we electrify the world and move the world towards Gan based electricity. So thanks for joining us.

This concludes today's conference call. Thank you for participating you may now disconnect.

Yeah.

Okay.

Thanks Mark.

[music].

Sure.

Yes.

No.

[music].

Great.

Sure.

Yes.

Okay.

[music].

Yes.

Okay.

Yeah.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yeah.

Okay.

[music].

Thank you.

[music].

Sure.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

Thank you.

Okay.

Sure.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Yeah.

Yes.

Okay.

[music].

Yeah.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

[music].

Okay.

Sure.

Okay.

Yes.

[music].

Yes.

Okay.

<unk>.

Yes.

Okay.

Yes.

Right.

Okay.

Yes.

Yeah.

Yes.

Okay.

[music].

Yes.

[music].

Okay.

Yes.

Okay.

Sure.

Yes.

[music].

Yes.

Okay.

[music].

Yeah.

Okay.

Yes.

Okay.

[music].

Yes.

Okay.

Yes.

Okay.

Thank you.

Okay.

Yes.

Great.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

[music].

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Right.

Sure.

Okay.

Yes.

Okay.

Yes.

Sure.

Yes.

Sure.

Yes.

Okay.

Sure.

Okay.

Thank you.

Okay.

Thanks.

No.

Okay.

Yes.

Okay.

Thanks.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Sure.

Okay.

Sure.

Yes.

[music].

Yes.

Sure.

Got it.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

<unk>.

Yes.

Yeah.

Yes.

Okay.

Thank you.

Yes.

Okay.

Yes.

Thank you.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

Thanks.

[music].

Okay.

Hum.

Sure.

Okay.

Yes.

Okay.

Sure.

Yeah.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Sure.

Okay.

Yes.

[music].

Okay.

Yes.

Okay.

<unk>.

Okay.

Thank you.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Yes.

Okay.

Yes.

Okay.

Yes.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

Yes.

Okay.

[music].

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Okay.

Yes.

Okay.

Sure.

Okay.

Yes.

Q4 2021 Navitas Semiconductor Corp Earnings Call

Request a DemoDemo

NVTS

Navitas Semiconductor

Earnings