Navitas Q1 revenue $13.4M, doubles YoY; GAAP gross margin 41.1%; sees Q2 revenue $16-17M

Net revenues for the first quarter of 2023 increased to $13.4 million, approximately double from the first quarter of 2022 and up 8% from the fourth quarter of 2022. GAAP and non-GAAP gross margin for the first quarter of 2023 increased to 41.1%, compared to 40.6% for the fourth quarter of 2022. GAAP loss from operations for the first quarter was $35.5 million, compared to a loss of $31.3 million in the fourth quarter of 2022. On a non-GAAP basis the loss from operations for the quarter was $12.3 million, consistent with fourth quarter 2022 performance. GAAP loss per diluted share was $(0.39), compared to a GAAP income of $0.61 per diluted share in the first quarter of 2022. Non-GAAP loss per diluted share was $(0.07), compared to a non-GAAP loss of $(0.08) per diluted share in the first quarter of 2022.

Second quarter 2023 net revenues are expected to increase in the range of $16 million to $17 million, and full-year 2023 revenue is still expected to double compared to 2022.