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Navitas Semiconductor | 10-K: FY2024 Annual Report

SEC ·  Mar 19 21:12

Summary by Moomoo AI

Navitas Semiconductor reported FY2024 revenue of $83.3 million, up 5% from $79.5 million in 2023, driven primarily by growth in mobile markets. However, the company faced challenges with a significant distributor disengagement in Q4, resulting in a $7.5 million bad debt expense and a $5.0 million inventory write-down.Operating expenses increased 7% to $159.0 million, with R&D expenses up 10% to $76.0 million due to increased product development for EV, enterprise and solar applications. The company recorded a net loss of $84.6 million, improved from $146.0 million in 2023, benefiting from a $36.6 million gain from change in fair value of earnout liabilities. Cash and equivalents stood at $86.7 million as of December 31, 2024.The company implemented cost reduction initiatives in Q4 2024 and announced additional restructuring in January 2025, including a 19% workforce reduction to streamline operations and accelerate profitability. Management continues remediation efforts to address material weaknesses in internal controls, particularly in financial reporting processes and transaction recording procedures.
Navitas Semiconductor reported FY2024 revenue of $83.3 million, up 5% from $79.5 million in 2023, driven primarily by growth in mobile markets. However, the company faced challenges with a significant distributor disengagement in Q4, resulting in a $7.5 million bad debt expense and a $5.0 million inventory write-down.Operating expenses increased 7% to $159.0 million, with R&D expenses up 10% to $76.0 million due to increased product development for EV, enterprise and solar applications. The company recorded a net loss of $84.6 million, improved from $146.0 million in 2023, benefiting from a $36.6 million gain from change in fair value of earnout liabilities. Cash and equivalents stood at $86.7 million as of December 31, 2024.The company implemented cost reduction initiatives in Q4 2024 and announced additional restructuring in January 2025, including a 19% workforce reduction to streamline operations and accelerate profitability. Management continues remediation efforts to address material weaknesses in internal controls, particularly in financial reporting processes and transaction recording procedures.
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