0001821769-25-000021 | 10-K | XBRL Viewer | Navitas Semiconductor Corp

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STOCK-BASED COMPENSATION - Schedule of Valuation Assumption (Details) - $ / shares			12 Months Ended
	Aug. 15, 2022	Dec. 29, 2021	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0.00%
LTIP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.82%	1.47%
Expected volatility rates	68.48%	67.33%
Expected dividend yield	0.00%	0.00%
Cost of equity (for derived service period)	14.64%	11.77%
Weighted-average grant date fair value of options	$ 2.89	$ 9.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

COVER PAGE - USD ($) $ in Millions	12 Months Ended
COVER PAGE - USD ($) $ in Millions	Dec. 31, 2024	Mar. 14, 2025	Mar. 05, 2025	Jun. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39755
Entity Registrant Name	Navitas Semiconductor Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2560226
Entity Address, Address Line One	3520 Challenger Street
Entity Address, City or Town	Torrance,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90503-1640
City Area Code	844
Local Phone Number	654-2642
Title of 12(b) Security	Class A Common Stock,par value $0.0001 per share
Trading Symbol	NVTS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float				$ 494
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the 2025 annual meeting of stockholders are incorporated into Part III herein.
Amendment Flag	false
Entity Central Index Key	0001821769
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		190,529,835
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding			0

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employer matching contributions	$ 0.7	$ 0.6

INVENTORIES

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Raw materials	$	2,422	$	7,743
Work-in-process	10,465		10,863
Finished goods	2,590		3,628
Total	$	15,477	$	22,234

PROVISION FOR INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

PROVISION FOR INCOME TAXES

U.S. and foreign components of loss before income taxes were (in thousands):


	Year Ended December 31,
	2024		2023
U.S. operations	$	31,802	$	(56,198)
Foreign operations	(120,648)		(90,270)
Total loss before income taxes	$	(88,846)	$	(146,468)

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Year Ended December 31,
	2024		2023
Current benefit:
State	11		47
Foreign	242		226
Total current benefit	$	253	$	273

Deferred benefit:
Federal	$	(114)	$	(1,149)
State	(315)		232
Foreign	(166)		127
Total deferred benefit	$	(595)	$	(790)
Total	$	(342)	$	(517)

The provision (benefit) for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows:


	Year Ended December 31,
	2024		2023
Provision computed at Federal statutory rate	21.0	%	21.0	%
Change in valuation allowance	(39.2)	%	(19.0)	%
Foreign income tax rate and benefit	16.6	%	7.7	%
Effect of permanent differences	(0.2)	%	(0.1)	%
Non deductible executive compensation	(1.5)	%	(2.3)	%
Non deductible expenses - mark to market liabilities	8.7	%	(4.8)	%
Stock based compensation	(4.3)	%	0.3	%
State tax, net of federal	0.3	%	(2.7)	%
Other	(1.0)	%	0.2	%
Total	0.4	%	0.3	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2024 and 2023, deferred tax assets and liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	86,793	$	59,953
Benefit of tax credit carry-forwards	208		207
Start-up costs	1,132		1,262
Capitalized research costs	17,473		11,629
Stock compensation	8,011		9,005
Lease Liabilities	1,383		1,602
Other	2,251		2,315
Valuation allowance	(100,628)		(66,663)
	$	16,623	$	19,310
Deferred tax liabilities:
Right of Use Asset	(1,300)		(1,528)
Depreciation	(53)		(178)
Intangibles	(15,711)		(18,644)
	$	(17,064)	$	(20,350)
Net deferred tax balance	$	(441)	$	(1,040)

During the fiscal years ended December 31, 2024 and 2023, the valuation allowance increased by $34.0 million and $26.5 million, respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income. In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, the Company would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on its results of operations and financial position.

The Company has approximately $220.9 million and $165.0 million of federal net operating loss (“NOL”) carryforwards and approximately $0.3 million and $0.2 million of tax-effected state NOL carryforwards as of December 31, 2024 and 2023, respectively. The federal NOLs expire in varying amounts through 2037, while the state NOLs expire in varying amounts through 2044. Federal NOLs arising from the years ended after December 31, 2017, may be carried forward indefinitely. Realization of the NOL carryforwards is dependent on the Company generating sufficient taxable income prior to expiration of the NOL carryforwards and these NOLs could also potentially be subject to usage limitations to the extent there are future changes in the Company’s ownership. As of December 31, 2024, the Company had a full valuation allowance on its net deferred tax assets. As of December 31, 2024, the Company continues to maintain a valuation allowance on the remaining deferred tax assets as the Company believes that it is not more likely than not that the deferred tax assets will be fully realized. The Company also has foreign net operating loss carry forwards of $320.3 million and $199.7 million as of December 31, 2024 and 2023, respectively. Of the foreign NOLs, $319.5 million are in Ireland and the deferred tax asset has a full valuation allowance as a result of the historical losses in the country.

The Company had no unrecognized tax benefits for the years ended December 31, 2024 or December 31, 2023. The Company recognizes interest and penalties related to unrecognized tax benefits in operating expenses. No such interest and penalties were recognized during the years ended December 31, 2024 and 2023. The Company is treated as a corporation for U.S. federal income tax purposes and is a tax resident in both Ireland and the United States.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk

The following customers represented 10% or more of the Company’s net revenues (in thousands):


	Year Ended December 31,
Customer	2024		2023
Distributor A	56	%	45	%

Revenues for the twelve months ended December 31, 2024 and 2023, were attributable to the following regions:


	Year Ended December 31,
Region	2024		2023
Hong Kong	64	%	53	%
Rest of Asia	18	%	13	%
US	9	%	9	%
China	4	%	15	%
Europe	4	%	10	%
All Other	1	%	—	%
Total	100	%	100	%

The following customers represented 10% or more of the Company’s accounts receivable:


	As of December 31,
Customer	2024		2023
Distributor A	44	%	77	%

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

Customer Concentration

A majority of the Company’s revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a range of end users, including OEMs and merchant power supply manufacturers.

The following customers represented 10% or more of the Company’s net revenues (in thousands):


	Year Ended December 31,
Customer	2024		2023
Distributor A	56	%	45	%

At the end of 2024, the Company terminated its distribution agreement with Distributor A. As a result of this termination, the Company incurred a bad debt expense of $7.5 million included in Selling, general and administrative expenses for the year ended December 31, 2024.

The Company had acquired inventory, which was intended to be primarily sold through this distributor. Given the termination, the Company re-evaluated the recoverability of its inventory and recorded a write-down of $5.0 million to Cost of Revenues for the year ended December 31, 2024. Additionally, the Company also had a research and development project related to creating future products for distribution to this customer, which was abandoned resulting in a $1.7 million charged to Research and development for the year ended December 31, 2024.

Revenues by Geographic Area

Revenues for the twelve months ended December 31, 2024 and 2023, were attributable to the following regions:


	Year Ended December 31,
Region	2024		2023
Hong Kong	64	%	53	%
Rest of Asia	18	%	13	%
US	9	%	9	%
China	4	%	15	%
Europe	4	%	10	%
All Other	1	%	—	%
Total	100	%	100	%

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash, cash equivalents and trade receivables. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. At times, such amounts may exceed federally insured limits. The Company has not experienced any losses on cash or cash equivalents held at financial institutions. The Company does not have any off-balance-sheet credit exposure related to its customers.

The following customers represented 10% or more of the Company’s accounts receivable:


	As of December 31,
Customer	2024		2023
Distributor A	44	%	77	%

Concentration of Supplier Risk

The Company currently relies on a single foundry to produce wafers for GaN ICs and a separate single foundry to produce SiC MOSFETs. Loss of the relationship with either of these suppliers could have a substantial negative effect on the Company. Additionally, the Company relies on a limited number of third-party subcontractors and suppliers for testing, packaging and certain other tasks. Disruption or termination of supply sources or subcontractors, including due to the COVID-19 pandemic or natural disasters such as an earthquake or other causes, could delay shipments and could have a material adverse effect on the Company. Although there are generally alternate sources for these materials and services, qualification of the alternate sources could cause delays sufficient to have a material adverse effect on the Company. A significant amount of the Company’s third-party subcontractors and suppliers, including the third-party foundry that supplies wafers for GaN ICs, are located in Taiwan. A significant amount of the Company’s assembly and test operations are conducted by third-party contractors in Taiwan and the Philippines.

The Company entered into an agreement to purchase raw materials from a supplier from September 29, 2022 through December 31, 2025, and accordingly made a $2.0 million deposit to be received as invoice credits toward future purchases. The Company is not obligated to purchase from this supplier, however, if the Company does not meet the minimum purchase requirements during the term, the Company may forfeit all or a portion of its $2.0 million deposit. As of December 31, 2024, the Company has determined it will not meet the minimum purchase requirements, therefore, the Company wrote-off this $2.0 million deposit, and is included in the Company’s research and development expenses for the year ended December 31, 2024.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense recognized for the years ended December 31, 2024 and 2023:


	Years Ended December 31,
(In thousands)	2024		2023
Cost of goods sold	$	328	$	—
Research and development	23,472		26,806
Selling, general and administrative	19,231		27,222
Total stock-based compensation expense	$	43,031	$	54,028

Summary of Stock Option Outstanding

A summary of stock options outstanding as of December 31, 2024, and activity during the two years then ended, is presented below:


Stock Options	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In years)
Outstanding at December 31, 2022	6,775	$	0.59	6.2
Exercised	(3,899)	0.49
Forfeited or expired	(219)	1.06
Outstanding at December 31, 2023	2,657	$	0.72	5.7
Exercised	(1,142)	0.71
Forfeited or expired	(16)	1.06
Outstanding at December 31, 2024	1,499	$	0.74	4.7
Vested and exercisable at December 31, 2024	1,497	$	0.74	4.7

Schedule of Stock Options Valuation Assumptions

The valuation model utilized the following assumptions:


Risk-free interest rate	1.47	%
Expected volatility rates	67.33	%
Expected dividend yield	—
Cost of equity (for derived service period)	11.77	%
Weighted-average grant date fair value of options	$9.14

The valuation model utilized the following assumptions:


Risk-free interest rates	2.82	%
Expected volatility rates	68.48	%
Expected dividend yield	—
Cost of equity (for derived service period)	14.64	%
Weighted-average grant date fair value of options	$2.89

Schedule of Restricted Stock Units Outstanding

A summary of RSUs outstanding as of December 31, 2024, and activity during the year then ended, is presented below:


Restricted Stock Unit Awards	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	11,606	$	5.93
Granted	6,184	6.30
Vested	(4,811)	5.76
Forfeited	(107)	7.47
Outstanding at December 31, 2023	12,872	$	6.70
Granted	5,556	5.21
Vested	(7,005)	5.68
Forfeited	(1,871)	6.48
Outstanding at December 31, 2024	9,552	$	6.63

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Schedule of Accounts Receivable Trade, Net

Accounts receivable trade, net consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Accounts receivable, gross	$	12,578	$	25,411
Unbilled receivables	1,539		447
Allowance for credit losses	(135)		—
Accounts receivable, net	$	13,982	$	25,858

Schedule of Allowance for Credit Losses

Allowance for credit losses activity (in thousands):


	Allowance for Credit Losses
Balance at December 31, 2022	$	—
Provision for credit losses, net of recoveries	(314)
Accounts written-off	314
Balance at December 31, 2023	$	—
Provision for credit losses, net of recoveries	(7,619)
Accounts written-off	7,484
Balance at December 31, 2024	$	(135)

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value for Financial Assets and Liabilities

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	10,208	$	10,208

Total	$	—	$	—	$	10,208	$	10,208

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2023:


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	46,852	$	46,852

Total	$	—	$	—	$	46,852	$	46,852

Schedule of Level 3 Reconciliation

The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3). See Note 11 - “Earnout Liability” for more details. (In thousands):


	Fair Value Measurements Using Significant Unobservable Inputs
Balance at December 31, 2023	$	46,852
Fair value adjustment	(36,644)
Balance at December 31, 2024	$	10,208

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated material subsequent events from the Consolidated Balance Sheet date of December 31, 2024, through March 19, 2025 the date the condensed consolidated financial statements were issued. There were no material subsequent events as of March 19, 2025, except as discussed below. On January 20, 2025, the Company announced another cost-reduction plan aimed at streamlining operations and enhancing its focus on artificial intelligence data centers, EV, and mobile applications—accelerating its path to profitability. The plan includes an approximate 19% reduction in workforce, with most associated costs related to severance and stock-based compensation. The majority of these costs are anticipated to be incurred in the first quarter of 2025 and is not expected to be material. The majority of these costs are anticipated to be incurred in the first quarter of 2025.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Furniture and fixtures	$	330	$	244
Computers and other equipment	11,714		10,339
Leasehold improvements	4,302		2,360
Construction in Progress	6,887		1,114
	23,233		14,057
Accumulated depreciation	(7,812)		(4,903)
Total	$	15,421	$	9,154

For the years ended December 31, 2024 and 2023, depreciation expense was $3.0 million and $2.2 million, respectively, and was determined using the straight-line method over the following estimated useful lives:


Furniture and fixtures			3 — 7 years
Computers and other equipment			2 — 5 years
Leasehold improvements			2 — 6 years

Schedule of Long-Lived Assets by Geographic Areas

See below for the Company’s long-lived assets, net by region as of December 31, 2024:


	United States		International		Total
Property and Equipment	12,196		3,225		15,421
Operating ROU Assets	3,861		3,039		6,900
Other Assets	10,005		473		10,478
Total	$	26,062	$	6,737	$	32,799

The Company’s long-lived assets, net by region as of December 31, 2023:


	United States		International		Total
Property and Equipment	$	5,669	$	3,485	$	9,154
Operating ROU Assets	4,831		3,437		8,268
Other Assets	6,054		647		6,701
Total	$	16,554	$	7,569	$	24,123

ACCOUNTS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0	$ 0
Provision for credit losses, net of recoveries	(7,619)	(314)
Accounts written-off	7,484	314
Ending balance	$ (135)	$ 0

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Fair Value for Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities:
Earnout liability	$ 10,208	$ 46,852
Fair Value, Recurring
Liabilities:
Total	10,208	46,852
Fair Value, Recurring \| Earnout liability
Liabilities:
Earnout liability	10,208	46,852
Fair Value, Recurring \| Level 1
Liabilities:
Total	0	0
Fair Value, Recurring \| Level 1 \| Earnout liability
Liabilities:
Earnout liability	0	0
Fair Value, Recurring \| Level 2
Liabilities:
Total	0	0
Fair Value, Recurring \| Level 2 \| Earnout liability
Liabilities:
Earnout liability	0	0
Fair Value, Recurring \| Level 3
Liabilities:
Total	10,208	46,852
Fair Value, Recurring \| Level 3 \| Earnout liability
Liabilities:
Earnout liability	$ 10,208	$ 46,852

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Joint Venture In 2021, Navitas entered into a silicon control IC joint venture with Halo Microelectronics Co., Ltd. (“Halo”), a manufacturer of power management ICs, to develop products and technology relating to AC/DC converters. Navitas’ initial contribution to the joint venture was the commitment to sell its GaN integrated circuit die at prices representing cost plus insignificant handling fees, in exchange for a minority interest, with the right to acquire the balance of the joint venture based on the future results of the venture (among other rights and obligations). On January 19, 2023, the Company announced an agreement to acquire the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. Total related party revenues recognized by the Company as a result of arrangements with its joint venture were $0.0 million for both years ended December 31, 2024 and 2023, and are included in net revenues in the Condensed Consolidated Statements of Operations. See Note 18 - “Noncontrolling Interest”, for more information. Related Party Investment During the third quarter of 2022, Navitas made a $1.5 million investment in preferred interests of an entity under common control with the Company’s partner in the joint venture described above (“Related Party Investment”). During the first quarter of 2023 the Company made an additional investment of $1.0 million in the entity. The Related Party Investment was accounted for as an equity investment under ASC 321 Investments - Equity Securities. In accordance with ASC 321, the Company elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. In October 2024, the Company began accounting for this investment under the equity method in accordance with ASC 323. The Company revalued its investment to its fair value of $5.55 per share and recorded its share of losses for the period of November through December 2024, resulting in a net gain of $3.9 million for the year ended December 31, 2024, which is recorded in “Equity method investment gain” on the Statements of Operations. The Related Party Investment was $8.9 million and $2.5 million as of December 31, 2024 and December 31, 2023, respectively, and is included in Other Assets in the Condensed Consolidated Balance Sheets. Related Party Lease The Company leases certain property from the family member of a senior executive of the Company, which expired in March 2024, and was a month-to-month lease through December 2024, and then was terminated. During the year ended December 31, 2024, the Company paid an immaterial amount in rental payments. These payments were made at standard market rates in the ordinary course of business. There was no rent obligation as of December 31, 2024. The Company leases certain property from an entity that it is owned by an executive of the Company, which expired in September 2023, and was on a month-to-month lease through May 2024, and then was terminated. Rental payments in relation to this lease were $0.1 million for the year ended December 31, 2023. These payments were made at standard market rates in the ordinary course of business.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Equity Incentive Plans - Narrative (Details) - shares			12 Months Ended
	Oct. 19, 2021	Aug. 05, 2020	Dec. 31, 2024	Aug. 17, 2021
2020 Equity Incentive Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)		18,899,285
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)				16,334,527
Options issued (in shares)			6,500,000
Shares of common stock subject to awards forfeited, expire or lapse (in shares)				15,802,050
Shares of common stock outstanding, percentage				4.00%
Stock options \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		48 months
Options expiration period		10 years	10 years
Options issued (in shares)	11,276,706
Dilutive shares excluded \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)	4,525,344

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 86,737	$ 151,892
Accounts receivable, net of allowance of $135 and $0, respectively	13,982	25,858
Inventories	15,477	22,234
Prepaid expenses and other current assets	4,070	6,178
Total current assets	120,266	206,162
RESTRICTED CASH	1,503	947
PROPERTY AND EQUIPMENT, net	15,421	9,154
OPERATING LEASE RIGHT OF USE ASSETS	6,900	8,268
INTANGIBLE ASSETS, net	72,195	91,099
GOODWILL	163,215	163,215
OTHER ASSETS	10,478	6,701
Total assets	389,978	485,546
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	10,754	24,740
Accrued compensation expenses	8,623	10,902
Operating lease liabilities, current	1,767	1,892
Customer deposit and deferred revenue	0	10,953
Total current liabilities	21,144	48,487
OPERATING LEASE LIABILITIES NONCURRENT	5,553	6,653
EARNOUT LIABILITY	10,208	46,852
DEFERRED TAX LIABILITIES	441	1,040
NONCURRENT LIABILITIES	4,619	1,897
Total liabilities	41,965	104,929
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS’ EQUITY:
Additional paid-in capital	732,784	680,790
Accumulated other comprehensive loss	(7)	(7)
Accumulated deficit	(384,786)	(300,187)
Total stockholders’ equity	348,013	380,617
Total liabilities and stockholders' equity	389,978	485,546
Class A common stock
STOCKHOLDERS’ EQUITY:
Common stock	22	21
Class B Common Stock
STOCKHOLDERS’ EQUITY:
Common stock	$ 0	$ 0

PROVISION FOR INCOME TAXES - Reconciliation of Federal Statutory Income Tax Rate to the Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision computed at Federal statutory rate	21.00%	21.00%
Change in valuation allowance	(39.20%)	(19.00%)
Foreign income tax rate and benefit	16.60%	7.70%
Effect of permanent differences	(0.20%)	(0.10%)
Non deductible executive compensation	(1.50%)	(2.30%)
Non deductible expenses - mark to market liabilities	8.70%	(4.80%)
Stock based compensation	(4.30%)	0.30%
State tax, net of federal	0.30%	(2.70%)
Other	(1.00%)	0.20%
Total	0.40%	0.30%

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The accounting guidance on fair value measurements clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices for identical assets in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The short-term nature of the Company’s cash and cash equivalents, accounts receivable, debt and current liabilities causes each of their carrying values to approximate fair value for all periods presented. Cash equivalents classified as Level 1 instruments was $66.5 million for December 31, 2024 and $139.0 million for 2023.

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	10,208	$	10,208

Total	$	—	$	—	$	10,208	$	10,208

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2023:


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	46,852	$	46,852

Total	$	—	$	—	$	46,852	$	46,852

The Company did not transfer any investments between level 1 and level 2 of the fair value hierarchy in the years ended December 31, 2024 and 2023.


	Fair Value Measurements Using Significant Unobservable Inputs
Balance at December 31, 2023	$	46,852
Fair value adjustment	(36,644)
Balance at December 31, 2024	$	10,208

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Schedule of Restricted Stock (Details) - Restricted Stock Unit Awards - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shares (in thousands)
Outstanding balance at the beginning (in shares)	12,872	11,606
Granted (in shares)	5,556	6,184
Vested (in shares)	(7,005)	(4,811)
Forfeited (in shares)	(1,871)	(107)
Outstanding balance at the end (in shares)	9,552	12,872
Weighted Average Grant Date Fair Value Per Share
Balance at the beginning (in dollars per share)	$ 6.70	$ 5.93
Granted (in dollars per share)	5.21	6.30
Vested (in dollars per share)	5.68	5.76
Forfeited or expired (in dollars per share)	6.48	7.47
Balance at the end (in dollars per share)	$ 6.63	$ 6.70

NONCONTROLLING INTEREST	12 Months Ended
NONCONTROLLING INTEREST	Dec. 31, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST In July 2021, the Company formed a joint venture for the purpose of conducting research and development on technology in the area of AC/DC converters for chargers and adapters. On August 19, 2022, the Company obtained control of the joint venture, and no consideration was paid pursuant to the Change of Control Agreement. The Company consolidated the fair value of the net assets of the joint venture as of August 19, 2022, and the Company reports noncontrolling interests of the joint venture as a component of equity separate from the Company’s equity. The fair value of the noncontrolling interest and net assets is based on estimates. The Company’s net loss excludes loss attributable to the noncontrolling interests. The fair value of the joint venture was determined based on a multiple of future annual revenues with a discount rate of 30%. In connection with the consolidation, the Company reacquired a patent license, which was fair valued at $1.0 million based on comparable transactions during the year, and is amortized over a five year term. Goodwill of $3.1 million was recorded in connection with this transaction. On January 19, 2023, the Company completed the acquisition of the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. In connection with the purchase of intellectual property, the Company recognized developed technology as an intangible asset at its estimated fair value of $4.4 million. As a result of this transaction, the Company recorded a net increase to additional paid in capital of $7.5 million representing the difference between the fair value of share consideration related to the acquisition of the remaining noncontrolling interest and the carrying value of the noncontrolling interest at the date of the transaction. The fair value of the developed technology was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets The Company estimated the benefit of the ownership as the relief form the royalty expense that would be incurred in the absence of ownership. A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 10% to determine the fair value.

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) segment shares	Dec. 31, 2023 USD ($) shares	Oct. 19, 2021 shares
Class of Warrant or Right [Line Items]
Number of reportable segments \| segment	1
Expected dividend yield	0.00%
Unrecognized tax benefits	$ 0	$ 0
Accrued interest and penalties	$ 0	$ 0
Period for accounts receivable past due balances that are individually assessed	90 days
Warrants outstanding (in shares) \| shares	0	0
Realized foreign exchange transaction net loss	$ 300,000	$ 400,000
Inventories	15,477,000	22,234,000
Prepaid expenses and other current assets	4,070,000	6,178,000
Other assets	10,478,000	6,701,000
Accounts payable and other accrued expenses	10,754,000	24,740,000
Cash and cash equivalents	86,737,000	151,892,000
Restricted cash	1,503,000	947,000
Accounts payable, accrued compensation and other accrued expenses	(2,803,000)	13,680,000
Proceeds from employee stock purchase plan	2,683,000	1,281,000
Non-cash bonus accruals	$ 7,882,000	2,757,000
Revision of Prior Period, Reclassification Increase (Decrease)
Class of Warrant or Right [Line Items]
Accounts payable and other accrued expenses		(1,900,000)
Accrued royalties noncurrent		1,900,000
Cash and cash equivalents		(900,000)
Restricted cash		900,000
Revision of Prior Period, Reclassification Increase (Decrease) \| Reclassification, Sales Returns Inventory
Class of Warrant or Right [Line Items]
Inventories		(900,000)
Prepaid expenses and other current assets		900,000
Revision of Prior Period, Reclassification Increase (Decrease) \| Reclassification, Indemnity Asset
Class of Warrant or Right [Line Items]
Prepaid expenses and other current assets		(1,400,000)
Other assets		1,400,000
Revision of Prior Period, Reclassification Increase (Decrease) \| Reclassification, Employee Stock Purchase Plan
Class of Warrant or Right [Line Items]
Accounts payable, accrued compensation and other accrued expenses		(1,300,000)
Proceeds from employee stock purchase plan		1,300,000
Revision of Prior Period, Reclassification Increase (Decrease) \| Reclassification, Non-Cash Bonus Accrual
Class of Warrant or Right [Line Items]
Accounts payable, accrued compensation and other accrued expenses		2,800,000
Non-cash bonus accruals		$ 2,800,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares			8,433,333
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares			4,666,667

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	IPO	Class A common stock	Common Stock Class A common stock	Common Stock Class A common stock IPO	Additional paid in capital	Additional paid in capital IPO	Accumulated deficit	Accumulated comprehensive income (loss)	Non-controlling Interest
Beginning balance, common stock (in shares) at Dec. 31, 2022				153,629,000
Beginning balance, common stock at Dec. 31, 2022	$ 384,760			$ 18		$ 535,875		$ (154,754)	$ (7)	$ 3,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)				9,835,000
Issuance of common stock under employee stock option and stock award plans	5,904					5,904
Stock-based compensation expense related to employee and non-employee stock awards	45,043					45,043
Stock issued (in shares)				4,232,000	11,500,000
Stock issued	4,399	$ 86,462			$ 3	7,509	$ 86,459			(3,110)
Net loss	(145,951)							(145,433)		(518)
Ending balance, common stock (in shares) at Dec. 31, 2023			179,196,418	179,196,000
Ending balance, common stock at Dec. 31, 2023	380,617			$ 21		680,790		(300,187)	(7)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)				8,918,000
Issuance of common stock under employee stock option and stock award plans	12,759			$ 1		12,758
Stock issued	39,236					39,236
Net loss	(84,599)							(84,599)
Ending balance, common stock (in shares) at Dec. 31, 2024			188,114,202	188,114,000
Ending balance, common stock at Dec. 31, 2024	$ 348,013			$ 22		$ 732,784		$ (384,786)	$ (7)	$ 0

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

GOODWILL AND INTANGIBLES

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the

acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. Goodwill and indefinite-lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired. As of the annual measurement date on September 30, 2024, the fair market value of the Company's stock continues to exceed its carrying value, with no indicators of impairment as of December 31, 2024.

There were no changes to goodwill during the fiscal year ended December 31, 2024. The following table presents the changes in the Company’s goodwill balance for the fiscal year ended December 31, 2023 (in thousands):


	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment ¹	1,688
Balance at December 31, 2023	$	163,215

¹ In 2023, the Company received information regarding products shipped by GeneSiC to a distributor prior to the Company’s acquisition of GeneSiC. GeneSiC had the option, but not the obligation, to accept returns sold to the distributor. The Company determined that a $1.7 million return liability should have been recorded as of the close of the acquisition on August 15, 2022. The Company recorded the return liability as a purchase price adjustment in 2023, resulting in an increase to goodwill and accounts payable and other accrued expenses of $1.7 million.

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2024 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(900)	$	—	Straight line	2 years
Developed Technology	53,500		(31,074)		22,426		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(5,834)		29,066		Straight line	5-15 years
Customer Relationships	24,300		(5,771)		18,529		Straight line	10 years
Non-Competition Agreements	1,900		(903)		997		Straight line	5 years
Other	658		(658)		—		Straight line	5 years
Total	$	117,335	$	(45,140)	$	72,195

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(619)	$	281	Straight line	2 years
Developed Technology	53,500		(17,703)		35,797		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(3,424)		31,476		Straight line	5-15 years
Customer Relationships	24,300		(3,341)		20,959		Straight line	10 years
Non-Competition Agreements	1,900		(523)		1,377		Straight line	5 years
Other	658		(626)		32		Straight line	5 years
Total	$	117,335	$	(26,236)	$	91,099

The following tables presents the changes in the Company’s intangible asset balance for the fiscal year ended December 31, 2024 and December 31, 2023 (in thousands):


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,299
Amortization expense	(18,820)
Balance at December 31, 2023	$	91,099
Other Adjustments	22
Amortization expense	(18,926)
Balance at December 31, 2024	$	72,195

The amortization expense was $18.9 million for the fiscal year ended December 31, 2024 and was $18.8 million for the fiscal year ended December 31, 2023.

Total future amortization expense of intangible assets is estimated to be as follows (in thousands):


Fiscal Year Ending December 31,	Total
2025	$	18,645
2026	14,042
2027	5,336
2028	4,690
2029	4,690
Thereafter	23,615
Total	$	71,018

There were no impairment charges during the years ended December 31, 2024 and 2023.

NONCONTROLLING INTEREST (Details) $ in Thousands			12 Months Ended
NONCONTROLLING INTEREST (Details) $ in Thousands	Feb. 13, 2023 USD ($)	Aug. 19, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Fair value of intangible asset reacquired			$ 4,299
Goodwill recorded			$ 163,215	$ 163,215	$ 161,527
Joint Venture Investment
Noncontrolling Interest [Line Items]
Purchase price of minority interest	$ 22,400
Change in noncontrolling interest	7,500
Joint Venture Investment \| Patents
Noncontrolling Interest [Line Items]
Fair value of intangible asset reacquired		$ 1,000
Intangible asset amortization period (in years)		5 years
Goodwill recorded		$ 3,100
Joint Venture Investment \| Developed Technology
Noncontrolling Interest [Line Items]
Fair value of intangible asset reacquired	$ 4,400
Joint Venture Investment \| Measurement Input, Discount Rate
Noncontrolling Interest [Line Items]
Joint venture, measurement input		0.30
Joint Venture Investment \| Measurement Input, Royalty Rate \| Developed Technology
Noncontrolling Interest [Line Items]
Joint venture, measurement input	0.10

GOODWILL AND INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Rollforward

The following table presents the changes in the Company’s goodwill balance for the fiscal year ended December 31, 2023 (in thousands):


	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment ¹	1,688
Balance at December 31, 2023	$	163,215

Schedule of Finite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2024 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(900)	$	—	Straight line	2 years
Developed Technology	53,500		(31,074)		22,426		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(5,834)		29,066		Straight line	5-15 years
Customer Relationships	24,300		(5,771)		18,529		Straight line	10 years
Non-Competition Agreements	1,900		(903)		997		Straight line	5 years
Other	658		(658)		—		Straight line	5 years
Total	$	117,335	$	(45,140)	$	72,195

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(619)	$	281	Straight line	2 years
Developed Technology	53,500		(17,703)		35,797		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(3,424)		31,476		Straight line	5-15 years
Customer Relationships	24,300		(3,341)		20,959		Straight line	10 years
Non-Competition Agreements	1,900		(523)		1,377		Straight line	5 years
Other	658		(626)		32		Straight line	5 years
Total	$	117,335	$	(26,236)	$	91,099

The following tables presents the changes in the Company’s intangible asset balance for the fiscal year ended December 31, 2024 and December 31, 2023 (in thousands):


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,299
Amortization expense	(18,820)
Balance at December 31, 2023	$	91,099
Other Adjustments	22
Amortization expense	(18,926)
Balance at December 31, 2024	$	72,195

Schedule of Indefinite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2024 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(900)	$	—	Straight line	2 years
Developed Technology	53,500		(31,074)		22,426		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(5,834)		29,066		Straight line	5-15 years
Customer Relationships	24,300		(5,771)		18,529		Straight line	10 years
Non-Competition Agreements	1,900		(903)		997		Straight line	5 years
Other	658		(658)		—		Straight line	5 years
Total	$	117,335	$	(45,140)	$	72,195

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(619)	$	281	Straight line	2 years
Developed Technology	53,500		(17,703)		35,797		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(3,424)		31,476		Straight line	5-15 years
Customer Relationships	24,300		(3,341)		20,959		Straight line	10 years
Non-Competition Agreements	1,900		(523)		1,377		Straight line	5 years
Other	658		(626)		32		Straight line	5 years
Total	$	117,335	$	(26,236)	$	91,099

The following tables presents the changes in the Company’s intangible asset balance for the fiscal year ended December 31, 2024 and December 31, 2023 (in thousands):


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,299
Amortization expense	(18,820)
Balance at December 31, 2023	$	91,099
Other Adjustments	22
Amortization expense	(18,926)
Balance at December 31, 2024	$	72,195

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Total future amortization expense of intangible assets is estimated to be as follows (in thousands):


Fiscal Year Ending December 31,	Total
2025	$	18,645
2026	14,042
2027	5,336
2028	4,690
2029	4,690
Thereafter	23,615
Total	$	71,018

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

STOCK-BASED COMPENSATION - 2022 Employee Stock Purchase Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Aug. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				$ 43,031	$ 54,028
2022 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at the time of offering, percent	15.00%	15.00%
Weighted average price at purchase (in dollars per share)				$ 4.55	$ 2.19
Remaining authorized shares available for purchase (in shares)				1,940,572
Stock-based compensation				$ 1,800	$ 1,200
2022 Employee Stock Purchase Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)			3,000,000
Fair value at the time of offering, percent			85.00%
Fair value at the time of purchase, percent			85.00%
Offering period			6 months
ESPP purchased shares (in shares)				801,465	257,963
Cash proceeds				$ 2,700	$ 1,300

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ (84,599)	$ (145,433)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

GOODWILL AND INTANGIBLES - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Aug. 15, 2022
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 161,527
Purchase price adjustment	1,688
Balance at December 31, 2023	163,215
Business Acquisition [Line Items]
Purchase price adjustment to increase goodwill	1,688
GeneSiC
Goodwill [Roll Forward]
Purchase price adjustment	1,700
Business Acquisition [Line Items]
Adjustment for return liability		$ 1,700
Purchase price adjustment to increase goodwill	1,700
Purchase price adjustment to increase accounts payable and other accrued expenses	$ 1,700

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 49
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

NET LOSS PER SHARE - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the dilutive weighted average share count	0.0	0.3
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the dilutive weighted average share count	10.0	10.0
LTIP Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the dilutive weighted average share count	6.5	9.8

STOCK-BASED COMPENSATION - Restricted Stock Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 43,031	$ 54,028
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share)	$ 3.57
Shares to be issued based on stock price (in shares)	1.0
Annual Bonus Plan, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonus liabilities	$ 3,700
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	34,000	$ 31,500
Unrecognized compensation expense	$ 46,700
Unrecognized compensation expense, period of recognition	2 years 1 month 6 days

ACCOUNTS RECEIVABLE - Schedule of Accounts Receivable Trade (Details) $ in Thousands	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (135)	$ 0	$ 0
Accounts receivable, net	13,982	25,858
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Unbilled receivables, gross	12,578	25,411
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Unbilled receivables, gross	$ 1,539	$ 447
Number of customers \| customer	2

PROVISION FOR INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 34,000,000	$ 26,500,000
Foreign net operating loss carry forwards	320,300,000	199,700,000
Unrecognized tax benefits	0	0
Interest and penalties expense	0	0
Ireland
Operating Loss Carryforwards [Line Items]
Foreign net operating loss carry forwards	319,500,000
Federal Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	220,900,000	165,000,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 300,000	$ 200,000

PROVISION FOR INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of U.S. and Foreign Components of Loss Before Income Taxes

U.S. and foreign components of loss before income taxes were (in thousands):


	Year Ended December 31,
	2024		2023
U.S. operations	$	31,802	$	(56,198)
Foreign operations	(120,648)		(90,270)
Total loss before income taxes	$	(88,846)	$	(146,468)

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes are as follows (in thousands):


	Year Ended December 31,
	2024		2023
Current benefit:
State	11		47
Foreign	242		226
Total current benefit	$	253	$	273

Deferred benefit:
Federal	$	(114)	$	(1,149)
State	(315)		232
Foreign	(166)		127
Total deferred benefit	$	(595)	$	(790)
Total	$	(342)	$	(517)

Schedule of Effective Income Tax Rate Reconciliation

The provision (benefit) for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows:


	Year Ended December 31,
	2024		2023
Provision computed at Federal statutory rate	21.0	%	21.0	%
Change in valuation allowance	(39.2)	%	(19.0)	%
Foreign income tax rate and benefit	16.6	%	7.7	%
Effect of permanent differences	(0.2)	%	(0.1)	%
Non deductible executive compensation	(1.5)	%	(2.3)	%
Non deductible expenses - mark to market liabilities	8.7	%	(4.8)	%
Stock based compensation	(4.3)	%	0.3	%
State tax, net of federal	0.3	%	(2.7)	%
Other	(1.0)	%	0.2	%
Total	0.4	%	0.3	%

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2024 and 2023, deferred tax assets and liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	86,793	$	59,953
Benefit of tax credit carry-forwards	208		207
Start-up costs	1,132		1,262
Capitalized research costs	17,473		11,629
Stock compensation	8,011		9,005
Lease Liabilities	1,383		1,602
Other	2,251		2,315
Valuation allowance	(100,628)		(66,663)
	$	16,623	$	19,310
Deferred tax liabilities:
Right of Use Asset	(1,300)		(1,528)
Depreciation	(53)		(178)
Intangibles	(15,711)		(18,644)
	$	(17,064)	$	(20,350)
Net deferred tax balance	$	(441)	$	(1,040)

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions					1 Months Ended
	Jun. 05, 2023 USD ($)	Jun. 05, 2023 USD ($)	May 26, 2023 USD ($) $ / shares shares	Feb. 13, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2024 class shares	Dec. 31, 2023 shares
Business Acquisition [Line Items]
Number of classes of common stock \| class						2
Preferred stock, authorized (in shares)						1,000,000
Preferred Stock, outstanding (in shares)						0
Direct costs related to issuance \| $	$ 86.5
Public Stock Offering
Business Acquisition [Line Items]
Aggregate purchase price \| $			$ 75.6
Option Shares
Business Acquisition [Line Items]
Aggregate purchase price \| $		$ 11.3
Class B Common Stock
Business Acquisition [Line Items]
Common stock, outstanding (in shares)						0	0
Class A common stock
Business Acquisition [Line Items]
Common stock, outstanding (in shares)						188,114,202	179,196,418
Class A common stock \| Public Stock Offering
Business Acquisition [Line Items]
Aggregate offering price (in shares)			10,000,000
Purchase price (in dollars per share) \| $ / shares			$ 8.00
Class A common stock \| Over-Allotment Option
Business Acquisition [Line Items]
Aggregate offering price (in shares)			1,500,000
Underwriter offering period			30 days
IC Joint Venture
Business Acquisition [Line Items]
Purchase price of minority interest \| $				$ 22.4	$ 22.4

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Dec. 31, 2024
Postemployment Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company sponsors a 401(k) tax-deferred savings plan for all employees in the United States who meet certain eligibility requirements. Participants may contribute up to the amount allowable as a deduction for federal income tax purposes. The Company contributes a certain percentage of employee annual salaries on a discretionary basis, not to exceed an established threshold. For the fiscal years ended December 31, 2024 and 2023, the Company made $0.7 million and $0.6 million, respectively, in matching contributions to the 401(k) plan.

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	4 years
Total stock-based compensation expense	$ 43,031	$ 54,028
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	328	0
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23,472	26,806
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 19,231	$ 27,222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RESTRUCTURING

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

On October 15, 2024, the Company announced a cost-reduction plan (“2024 Restructuring Plan”) to streamline the organization with increased focus on artificial intelligence data center, EV and mobile applications, accelerating the Company’s path to profitability. The 2024 Restructuring Plan includes a reduction in headcount with the majority of the costs consisting of employee severance and benefits. The Company incurred $1.2 million in the fourth quarter of 2024 related to this plan. The Company does not anticipate further costs associated with the 2024 Restructuring Plan. Restructuring-related liabilities are reported under "Accounts payable and other accrued expenses" on the Company’s Consolidated Balance Sheets.

A summary of the balance sheet activity related to the 2024 Restructuring Plan is as follows:


	Amounts accrued as of December 31, 2023		Costs Incurred		Cash Payments		Amounts accrued as of December 31, 2024
Employee Severance and Benefits	$	—	$	1,217	$	706	$	511
Other	—		6		—		6
	$	—	$	1,223	$	706	$	517

PROPERTY AND EQUIPMENT, NET - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment	$ 15,421	$ 9,154
Operating ROU Assets	6,900	8,268
Other Assets	10,478	6,701
Total	32,799	24,123
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment	12,196	5,669
Operating ROU Assets	3,861	4,831
Other Assets	10,005	6,054
Total	26,062	16,554
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and Equipment	3,225	3,485
Operating ROU Assets	3,039	3,437
Other Assets	473	647
Total	$ 6,737	$ 7,569

EARNOUT LIABILITY - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 19, 2021 day $ / shares	Dec. 31, 2024 USD ($) milestone shares	Dec. 31, 2023 USD ($)
Class of Warrant or Right [Line Items]
Earnout shares, number of milestones \| milestone		3
Number of earnout shares eligible to receive (in shares) \| shares		3,333,333
Earnout liability		$ 10,208	$ 46,852
Gain (loss) from change in fair value of earnout liabilities		36,644	(33,788)
Estimate of Fair Value Measurement
Class of Warrant or Right [Line Items]
Earnout liability		10,200	46,900
Gain (loss) from change in fair value of earnout liabilities		$ 36,700	$ (33,800)
Class A common stock
Class of Warrant or Right [Line Items]
Earnout shares received in transaction (in shares) \| shares		10,000,000
Earnout liability \| Class A common stock
Class of Warrant or Right [Line Items]
Trading days \| day	20
Consecutive trading days \| day	30
Earnout liability \| Class A common stock \| Triggering Event 1
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	$ 12.50
Earnout liability \| Class A common stock \| Triggering Event 2
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	17.00
Earnout liability \| Class A common stock \| Triggering Event 3
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	$ 20.00

GOODWILL AND INTANGIBLES - Changes in Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, net
Beginning balance	$ 91,099	$ 105,620
Additions to intangible assets		4,299
Other Adjustments	22
Amortization expense	(18,926)	(18,820)
Ending balance	$ 72,195	$ 91,099

PROVISION FOR INCOME TAXES - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 86,793	$ 59,953
Benefit of tax credit carry-forwards	208	207
Start-up costs	1,132	1,262
Capitalized research costs	17,473	11,629
Stock compensation	8,011	9,005
Lease Liabilities	1,383	1,602
Other	2,251	2,315
Valuation allowance	(100,628)	(66,663)
Deferred tax assets	16,623	19,310
Deferred tax liabilities:
Right of Use Asset	(1,300)	(1,528)
Depreciation	(53)	(178)
Intangibles	(15,711)	(18,644)
Deferred tax liabilities	(17,064)	(20,350)
Net deferred tax balance	$ (441)	$ (1,040)

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A summary of the net loss per share calculation is as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2024	2023
Weighted-average common shares - basic common stock	182,460	168,927
Stock options and other dilutive awards	—	—
Weighted-average common shares - diluted common stock	182,460	168,927

Shares excluded from diluted weighted-average shares:
Dilutive shares excluded ¹	3,174	9,809
Shares excluded from diluted weighted average shares	3,174	9,809

¹ The Company’s potentially dilutive securities, which include unexercised stock options, unvested restricted stock units, ESPP shares have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share for the fiscal years ended December 31, 2024 and 2023.

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 23,233	$ 14,057
Accumulated depreciation	(7,812)	(4,903)
Total	15,421	9,154
Depreciation expense	2,967	2,160
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 330	244
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Computers and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 11,714	10,339
Computers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Computers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 4,302	2,360
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	6 years
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 6,887	$ 1,114

STOCK-BASED COMPENSATION - Long-term Incentive Plan Stock Options - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended			29 Months Ended
	Aug. 15, 2022 hurdle $ / shares shares	Dec. 29, 2021 hurdle $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			4 years
Weighted average remaining contractual term, Outstanding options exercisable (in years)			4 years 8 months 12 days	5 years 8 months 12 days	6 years 2 months 12 days
Stock-based compensation \| $			$ 43,031	$ 54,028
LTIP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of warrants granted (in dollars per share) \| $ / shares	$ 2.89	$ 9.14
Stock-based compensation \| $			2,500	7,900
LTIP Options \| December 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $			4,000	6,900
Unrecognized compensation cost related to unvested awards \| $			$ 2,200			$ 2,200
Unrecognized compensation expense, period of recognition			2 years 6 months
Incremental cost if all metrics achieved \| $			$ 40,700			40,700
LTIP Options \| August 15, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $			$ 600	$ 1,100		$ (2,100)
Management \| LTIP Options \| 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	3,250,000	6,500,000
Number of price hurdles \| hurdle	10	10
Requisite service period	7 years	7 years
Exercise price (in dollars per share) \| $ / shares	$ 10.00	$ 15.51
Weighted-average fair value of warrants granted (in dollars per share) \| $ / shares	2.89
Management \| LTIP Options \| 2021 Equity Incentive Plan \| December 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term, Outstanding options exercisable (in years)			7 years
Management \| LTIP Options \| 2021 Equity Incentive Plan \| August 15, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term, Outstanding options exercisable (in years)			7 years 7 months 6 days
Management \| LTIP Options \| 2021 Equity Incentive Plan \| Black Scholes And Monte Carlo Model Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of warrants granted (in dollars per share) \| $ / shares		9.14
Management \| LTIP Options \| 2021 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price hurdles (in dollars per share) \| $ / shares	15	15
Management \| LTIP Options \| 2021 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price hurdles (in dollars per share) \| $ / shares	$ 60	$ 60

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	December 31, 2024		December 31, 2023
Furniture and fixtures	$	330	$	244
Computers and other equipment	11,714		10,339
Leasehold improvements	4,302		2,360
Construction in Progress	6,887		1,114
	23,233		14,057
Accumulated depreciation	(7,812)		(4,903)
Total	$	15,421	$	9,154


Furniture and fixtures			3 — 7 years
Computers and other equipment			2 — 5 years
Leasehold improvements			2 — 6 years

See below for the Company’s long-lived assets, net by region as of December 31, 2024:


	United States		International		Total
Property and Equipment	12,196		3,225		15,421
Operating ROU Assets	3,861		3,039		6,900
Other Assets	10,005		473		10,478
Total	$	26,062	$	6,737	$	32,799

The Company’s long-lived assets, net by region as of December 31, 2023:


	United States		International		Total
Property and Equipment	$	5,669	$	3,485	$	9,154
Operating ROU Assets	4,831		3,437		8,268
Other Assets	6,054		647		6,701
Total	$	16,554	$	7,569	$	24,123

COMMITMENTS and CONTINGENCIES (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2022
Other Commitments [Line Items]
Quarterly installment payments for purchase obligation		$ 0.8
Recorded purchase obligation		2.8
University Agreement
Other Commitments [Line Items]
License agreement payment	$ 1.0
License agreement term	3 years
Indemnity, royalty fee receivable				$ 1.0
Current and non-current accrued royalty		$ 1.8	$ 1.9

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Level 3 Reconciliation (Details) - Earnout liability - Level 3 - Fair Value, Recurring $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value Measurements Using Significant Unobservable Inputs
Balance, beginning	$ 46,852
Fair value adjustment	(36,644)
Balance, ending	$ 10,208

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Bad debt expense	$ 7,689	$ 0
Research and development	76,002	68,825
Impairment of other asset	2,014	0
Single Supplier
Concentration Risk [Line Items]
Deposit		$ 2,000
Impairment of other asset	2,000
Distributor A
Concentration Risk [Line Items]
Bad debt expense	7,500
Inventory write-down	5,000
Research and development	$ 1,700

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
NET REVENUES	$ 83,302	$ 79,456
COST OF REVENUES (exclusive of amortization of intangible assets included below)	54,963	48,392
OPERATING EXPENSES:
Research and development	76,002	68,825
Selling, general and administrative	62,863	61,551
Amortization of intangible assets	18,926	18,820
Restructuring expense	1,223	0
Total operating expenses	159,014	149,196
LOSS FROM OPERATIONS	(130,675)	(118,132)
OTHER INCOME (EXPENSE), net:
Interest income (expense)	(150)	1,314
Dividend income	5,233	4,054
Gain (loss) from change in fair value of earnout liabilities	36,644	(33,788)
Other income	102	84
Total other income (expense), net	41,829	(28,336)
LOSS BEFORE INCOME TAXES	(88,846)	(146,468)
INCOME TAX BENEFIT	(342)	(517)
Equity method investment gain	3,905	0
NET LOSS	(84,599)	(145,951)
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(518)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ (84,599)	$ (145,433)
NET LOSS PER COMMON SHARE:
Basic loss per share attributable to common stockholders (in dollars per share)	$ (0.46)	$ (0.86)
Diluted loss per share attributable to common stockholders (in dollars per share)	$ (0.46)	$ (0.86)
WEIGHTED AVERAGE COMMON SHARES USED IN NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS:
Basic common shares (in shares)	182,460	168,927
Diluted common shares (in shares)	182,460	168,927

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 2,422	$ 7,743
Work-in-process	10,465	10,863
Finished goods	2,590	3,628
Total	$ 15,477	$ 22,234

EARNOUT LIABILITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Valuation Assumptions

The valuation model utilized the following assumptions:


	December 31, 2024		December 31, 2023
Risk-free interest rate	4.23	%	4.05	%
Equity volatility rate	90	%	70	%

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents classified as Level 1 instruments	$ 66.5	$ 139.0

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Rent expense, including short-term lease cost	$ 2.6	$ 2.7
Variable expense	$ 0.3	$ 0.1

EARNOUT LIABILITY - Schedule of Valuation Model and Assumptions (Details) - Earnout liability	Dec. 31, 2024	Dec. 31, 2023
Risk-free interest rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.0423	0.0405
Equity volatility rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.90	0.70

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Right-of-Use Assets And Lease Liabilities

Information related to the Company right-of-use assets and related operating lease liabilities were as follows (in thousands):


	Fiscal Years Ended
	December 31, 2024		December 31, 2023
Cash paid for operating lease liabilities	$	2,288	$	1,919
Operating lease cost	$	2,323	$	2,036
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$	650	$	3,230
Weighted-average remaining lease term	4.02		4.88
Weight-average discount rate	4.93%		5.08%

Schedule of Maturities of Lease Liabilities


Maturities of lease liabilities (in thousands) due in the 12-month period ending December 31,
2025	$	2,078
2026	2,010
2027	1,842
2028	1,687
2029	440
	8,057
Less imputed interest	737
Total lease liabilities	$	7,320

STOCK-BASED COMPENSATION - Other Share Awards - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 13, 2023	Jun. 10, 2022	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 43,031	$ 54,028
VDDTech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consideration transferred		$ 1,900
VDDTech \| Dilutive shares excluded
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 600	$ 900
VDDTech \| Dilutive shares excluded \| Time-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		113,000
Vesting period (in years)		4 years
VDDTech \| Dilutive shares excluded \| Performance-Based Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		151,000
Vesting period (in years)		3 years
IC Joint Venture \| Former Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	841,729
Aggregated grant date fair value	$ 4,500

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	659
Auditor Name	Moss Adams LLP
Auditor Location	Los Angeles, CA

SUBSEQUENT EVENTS (Details)	2 Months Ended
SUBSEQUENT EVENTS (Details)	Mar. 31, 2025
Forecast \| Subsequent Event
Subsequent Event [Line Items]
Percentage of reduction in workforce	19.00%

RESTRUCTURING - Schedule of Balance Sheet Activity Related to the Restructuring Plan (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance		$ 0
Costs Incurred	$ 1,200	1,223	$ 0
Cash Payments		706
Ending balance	517	517	0
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Beginning balance		0
Costs Incurred		1,217
Cash Payments		706
Ending balance	511	511	0
Other
Restructuring Reserve [Roll Forward]
Beginning balance		0
Costs Incurred		6
Cash Payments		0
Ending balance	$ 6	$ 6	$ 0

NET LOSS PER SHARE - Summary of the Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Number of Shares Outstanding Reconciliation
Weighted-average common shares - basic common stock	182,460	168,927
Stock options and other dilutive awards	0	0
Weighted-average common shares - diluted common stock	182,460	168,927
Shares excluded from diluted weighted-average shares:
Shares excluded from diluted weighted average shares	3,174	9,809

PROVISION FOR INCOME TAXES - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. operations	$ 31,802	$ (56,198)
Foreign operations	(120,648)	(90,270)
LOSS BEFORE INCOME TAXES	$ (88,846)	$ (146,468)

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable current, allowance	$ 135	$ 0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	740,000,000	740,000,000
Common stock shares issued (in shares)	188,114,202	179,196,418
Common stock, shares outstanding (in shares)	188,114,202	179,196,418
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Balance Sheet Activity Related to the Restructuring Plan

A summary of the balance sheet activity related to the 2024 Restructuring Plan is as follows:


	Amounts accrued as of December 31, 2023		Costs Incurred		Cash Payments		Amounts accrued as of December 31, 2024
Employee Severance and Benefits	$	—	$	1,217	$	706	$	511
Other	—		6		—		6
	$	—	$	1,223	$	706	$	517

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Raw materials	$	2,422	$	7,743
Work-in-process	10,465		10,863
Finished goods	2,590		3,628
Total	$	15,477	$	22,234

ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

ACCOUNTS RECEIVABLE

Accounts receivable trade, net consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Accounts receivable, gross	$	12,578	$	25,411
Unbilled receivables	1,539		447
Allowance for credit losses	(135)		—
Accounts receivable, net	$	13,982	$	25,858

Unbilled receivables relate to two customers.

Allowance for credit losses activity (in thousands):


	Allowance for Credit Losses
Balance at December 31, 2022	$	—
Provision for credit losses, net of recoveries	(314)
Accounts written-off	314
Balance at December 31, 2023	$	—
Provision for credit losses, net of recoveries	(7,619)
Accounts written-off	7,484
Balance at December 31, 2024	$	(135)

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

Navitas operates as a single operating segment under ASC 280 - Segment Reporting, which establishes requirements for public entities to disclose financial information about operating segments. Under ASC 280, an operating segment is defined as a component of a company that generates revenue and expenses, has discrete financial data available, and is regularly reviewed by the Chief Operating Decision Maker (CODM) to assess performance and allocate resources. The Company's CEO, Gene Sheridan, serves as the CODM, overseeing financial performance and making resource allocation decisions at a consolidated level. The CODM primarily evaluates consolidated net income (loss) as the measure of segment profit or loss. While product-level data is available internally, it is not used for performance evaluation or resource allocation. Additionally, the CODM reviews detailed breakdowns of significant expenses, such as selling, general, and administrative (SG&A) expenses and research and development (R&D) costs, which are already disclosed in the income statement. Below is an overview of the specific items reviewed by the CODM.


	Year Ended December 31,
	2024		2023
NET REVENUES	$	83,302	$	79,456
COST OF REVENUES (exclusive of amortization of intangibles included below)	54,963		48,392
OPERATING EXPENSES:
Stock-based compensation	42,703		54,028
Employee	45,693		39,912
Amortization of intangible assets	18,926		18,820
Other	51,692		36,436
Total operating expenses	$	159,014	$	149,196
Operating loss	$	(130,675)	$	(118,132)
Other income (expense)	41,829		(28,336)
Loss before income taxes	$	(88,846)	$	(146,468)
Income tax benefit	(342)		(517)
Equity method investment gain	3,905		—
Net loss	$	(84,599)	$	(145,951)
Less: net loss attributable to noncontrolling interests	—		(518)
Net loss attributable to controlling interests	$	(84,599)	$	(145,433)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Schedule of Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,288	$ 1,919
Operating lease cost	2,323	2,036
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$ 650	$ 3,230
Weighted-average remaining lease term	4 years 7 days	4 years 10 months 17 days
Weight-average discount rate	4.93%	5.08%

EARNOUT LIABILITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EARNOUT LIABILITY

Certain of the Company’s stockholders are entitled to receive an aggregate of up to 10,000,000 Earnout Shares of the Company’s Class A common stock if the Earnout Milestones are met. The Earnout Milestones represent three independent criteria, each of which entitles the eligible stockholders to an aggregate of up to 3,333,333 Earnout Shares per milestone met. Each Earnout Milestone is considered met if at any time between March 18, 2022 (150 days following the Business Combination) and October 19, 2026, the volume-weighted average price of the Company’s Class A common stock is greater than or equal to $12.50, $17.00 or $20.00 for any twenty trading days within any thirty trading day period, respectively. Further, the Earnout Milestones are also considered to be met if the Company undergoes a Sale. A Sale is defined as the occurrence of any of the following: (i) engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise cease to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) Class A common stock cease to be listed on a national security exchange, other than for the failure to satisfy minimum listing requirements under applicable stock exchange rules; or (iii) change of ownership (including a merger or consolidation) or approval of a plan for complete liquidation or dissolution.

These Earnout Shares have been categorized into two components: (i) the “Vested Shares” - those associated with stockholders with vested equity at the closing of the Business Combination that will be earned upon achievement of the Earnout Milestones. Any forfeited shares from unvested holders will be reallocated among the remaining earnout holders and (ii) the “Unvested Shares” - those associated with employee stockholders with unvested equity at the closing of the Business Combination which are subject to forfeiture if the employee left prior to the achievement of the Earnout Milestones. As the implicit service period has passed, these shares now remain contingent solely on meeting the earnout performance condition. The Vested Shares are classified as liabilities in the Consolidated Balance Sheets and the Unvested Shares are equity-classified stock-based compensation to be recognized over time (see Note 10 - “Stock-based Compensation”). The earnout liability was initially measured at fair value at the closing of the Business Combination and subsequently remeasured at the end of each reporting period. The change in fair value of the earn-out liability is recorded as part of “Other income (expense), net” in the consolidated statement of operations.

The estimated fair value of the earnout liability was determined using a Monte Carlo analysis of 20,000 simulations of the future path of the Company’s stock price over the earnout period. The forecasted stock price is a significant input in this analysis. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and risk-free rate. The valuation model utilized the following assumptions:


	December 31, 2024		December 31, 2023
Risk-free interest rate	4.23	%	4.05	%
Equity volatility rate	90	%	70	%

As of December 31, 2024 and 2023, the earnout liability had a fair value of $10.2 million and $46.9 million, respectively which resulted in a gain in the fair value of the earnout liability of $36.7 million and a loss in the fair value of the earnout liability of $33.8 million for the year ended December 31, 2024 and 2023, respectively, due to the fluctuations in the fair value of the earnout liability.

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Hong Kong
Concentration Risk [Line Items]
Concentration risk, percentage	64.00%	53.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Rest of Asia
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%	13.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| US
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	9.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| China
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	15.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Europe
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	10.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| All Other
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	0.00%
Distributor A \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	56.00%	45.00%
Distributor A \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%	77.00%

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during the period using the two-class method because the Company’s sponsor earnout shares are a participating security since these shares contain a non-forfeitable right to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed. As the Company incurred net losses during the years ended December 31, 2024 and 2023 and these securities are not contractually required to fund the Company’s losses, there is no allocation to the participating securities in the years presented. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding restricted stock units and restricted stock awards, the assumed issuance of awards for contingently issuable performance-based awards, as computed using the treasury stock method. Performance-based restricted stock units and restricted stock awards are included in the number of shares used to calculate diluted earnings per share after evaluating the applicable performance criteria as of period end and under the assumption the end of the reporting period was the end of the contingency period, and the effect is dilutive. The Company has no plans to declare dividends.

A summary of the net loss per share calculation is as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2024	2023
Weighted-average common shares - basic common stock	182,460	168,927
Stock options and other dilutive awards	—	—
Weighted-average common shares - diluted common stock	182,460	168,927

Shares excluded from diluted weighted-average shares:
Dilutive shares excluded ¹	3,174	9,809
Shares excluded from diluted weighted average shares	3,174	9,809

As of December 31, 2024 and 2023 the Company excluded 0.0 million and 0.3 million restricted stock awards from the diluted weighted average share count as their performance conditions have not been achieved. As of December 31, 2024 and 2023 the Company excluded 10.0 million Earnout shares from the diluted weighted average share count as their performance and/or market conditions have not been achieved. As of December 31, 2024 and 2023, 6.5 million and 9.8 million LTIP options have been excluded from the diluted weighted average share count, respectively, as their performance and/or market conditions have not been achieved.

As of December 31, 2024, the Company excluded 1.3 million of outstanding Class A common stock from basic and diluted weighted average share count as shares are subject to forfeiture based on market conditions that have not been achieved. These shares relate to certain shares of Class A common stock held by the Company’s SPAC sponsor that as part of the business combination were placed under market conditions requirements that if not met, would result in forfeiture. These requirements are consistent with the Earnout Milestones noted in Note 11 - “Earnout Liability” with each milestone tied to 421,000 shares. Each Earnout Milestone is considered met if at any time between March 18, 2022 (150 days following the Business Combination) and October 19, 2026, the volume-weighted average price of the Company’s Class A common stock is greater than or equal to $12.50, $17.00 or $20.00 for any twenty trading days within any thirty trading

day period, respectively. These shares are participating securities with the same voting and dividend rights as the Company’s other Class A common stock.

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION The Company was founded in 2014 and has since been developing next-generation power semiconductors including gallium nitride (GaN) power integrated circuits (ICs), silicon carbide (SiC) and associated high-speed silicon system controllers and digital isolators used in power conversion and charging. The Company presently operates as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers. Navitas maintains its operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, Thailand, South Korea and the Philippines, with principal executive offices in Torrance, California. The Company has two authorized classes of common stock: Class A and Class B. Both classes have identical voting, dividend, and liquidation rights. There were no outstanding Class B shares as of December 31, 2024 and 2023. The Company also has 1.0 million of preferred stock authorized with no amounts outstanding as of December 31, 2024 and 2023. The preferred stock may be issued with terms, rights, and preferences determined by the board of directors at the time of issuance. May 2023 Public Offering On May 26, 2023, the Company completed an underwritten public offering (the “May 2023 Public Offering”) of 10,000,000 shares of its Class A common stock at a public offering price of $8.00 per share, before deducting underwriting discounts and commissions. In connection with the May 2023 Public Offering, the Company granted the underwriters of the offering a 30-day option to purchase up to an additional 1,500,000 shares of the Company’s Class A common stock (the “Option Shares”) from the Company at the same public offering price. On June 1, 2023, the underwriters exercised in full their option to purchase the Option Shares. The sale of the Option Shares closed on June 5, 2023. After deducting underwriting discounts and commissions and before deducting offering expenses payable by the Company, the Company received net proceeds of $75.6 million and $11.3 million from the May 2023 Public Offering and sale of the Option Shares, respectively. The total net proceeds received by the Company after deducting offering expenses was $86.5 million. The Company intends to use the net proceeds for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments. Acquisitions In February 2023, the Company acquired the remaining minority interest in its silicon control IC joint venture from Halo Microelectronics for a purchase price of $22.4 million in Navitas stock. See Note 18 - “Noncontrolling Interest” for more information. Basis of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates 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. On an ongoing basis, management evaluates the assumptions used in making estimates, including those related to (i) the collectability of accounts receivable; (ii) write-down for excess and obsolete inventory; (iii) warranty obligations; (iv) the value assigned to and estimated useful lives of long-lived assets; (v) the realization of tax assets and estimates of tax liabilities and tax reserves; (vi) recoverability of intangible assets; (vii) the computation of stock-based compensation; (viii) accrued compensation and other expenses; and (ix) the recognition of revenue. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company engages third-party valuation specialists to assist with estimates related to the valuation of intangible assets, stock options, restricted common stock awards, and, earnout shares. Such estimates often require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. Actual results could differ from those estimates.

GOODWILL AND INTANGIBLES - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 18,645
2026	14,042
2027	5,336
2028	4,690
2029	4,690
Thereafter	23,615
Net Book Value	$ 71,018

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 1,200	$ 1,223	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (84,599)	$ (145,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,967	2,160
Amortization of intangibles	18,926	18,820
Non-cash lease expense	1,888	2,036
Impairment of other asset	2,014	0
Other	0	85
Stock-based compensation expense	43,031	54,028
Allowance for expected credit losses	7,689	0
Gain from change in fair value of investment	(3,905)	0
(Gain) loss from change in fair value of earnout liability	(36,644)	33,788
Loss on disposition of property and equipment	148	0
Deferred income taxes	(599)	(784)
Non-cash bonus accruals	(7,882)	(2,757)
Change in operating assets and liabilities:
Accounts receivable	4,187	(16,731)
Inventories	6,757	(3,173)
Prepaid expenses and other current assets	2,108	(2,555)
Other assets	592	(2,546)
Accounts payable, accrued compensation and other accrued expenses	(2,803)	13,680
Operating lease liability	(1,745)	(1,946)
Customer deposit and deferred revenue	(10,953)	10,467
Net cash used in operating activities	(58,823)	(41,379)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment purchases	(2,500)	(1,000)
Purchases of property and equipment	(6,771)	(4,782)
Net cash used in investing activities	(9,271)	(5,782)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock in connection with stock option exercises	812	1,923
Proceeds from issuance of common stock in May 2023 public offering	0	86,941
Payment of May 2023 public offering costs	0	(482)
Proceeds from employee stock purchase plan	2,683	1,281
Net cash provided by financing activities	3,495	89,663
NET INCREASE (DECREASE) IN CASH	(64,599)	42,502
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	152,839	110,337
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	88,240	152,839
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	86,737	151,892
Restricted cash	1,503	947
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	88,240	152,839
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	296	160
Capital expenditures not yet paid	3,110	499
Shares issued in connection with buyout agreement	$ 0	$ 22,400

STOCK-BASED COMPENSATION - Schedule of Stock Option Outstanding (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Balance at the beginning (in shares)	2,657	6,775
Exercised (in shares)	(1,142)	(3,899)
Forfeited or expired (in shares)	(16)	(219)
Balance at the end (in shares)	1,499	2,657	6,775
Vested and exercisable at the end ( in shares)	1,497
Weighted-Average Exercise Price
Balance at the beginning (in dollars per share)	$ 0.72	$ 0.59
Exercised (in dollars per share)	0.71	0.49
Forfeited or expired (in dollars per share)	1.06	1.06
Balance at the end (in dollars per share)	0.74	$ 0.72	$ 0.59
Vested and exercisable at the end (in dollars per share)	$ 0.74
Weighted-Average Remaining Contractual Term (In years)
Weighted average remaining contractual term, Outstanding options exercisable (in years)	4 years 8 months 12 days	5 years 8 months 12 days	6 years 2 months 12 days
Weighted average remaining contractual term, Vested and exercisable options (in years)	4 years 8 months 12 days

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Items Reviewed by the CODM

Below is an overview of the specific items reviewed by the CODM.


	Year Ended December 31,
	2024		2023
NET REVENUES	$	83,302	$	79,456
COST OF REVENUES (exclusive of amortization of intangibles included below)	54,963		48,392
OPERATING EXPENSES:
Stock-based compensation	42,703		54,028
Employee	45,693		39,912
Amortization of intangible assets	18,926		18,820
Other	51,692		36,436
Total operating expenses	$	159,014	$	149,196
Operating loss	$	(130,675)	$	(118,132)
Other income (expense)	41,829		(28,336)
Loss before income taxes	$	(88,846)	$	(146,468)
Income tax benefit	(342)		(517)
Equity method investment gain	3,905		—
Net loss	$	(84,599)	$	(145,951)
Less: net loss attributable to noncontrolling interests	—		(518)
Net loss attributable to controlling interests	$	(84,599)	$	(145,433)

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Consolidation	The consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates 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.
Segment Reporting	Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in next-generation power semiconductors including gallium nitride (“GaN”) power integrated circuits (“ICs”), silicon carbide (“SiC”) devices and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The Company’s Chief Operating Decision Maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance.
Revenue Recognition	Revenue Recognition The Company recognizes revenue under the core principle of depicting the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Product revenues consist of sales to distributors, original equipment manufacturers, or OEMs, and merchant power supply manufacturers. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). If the Company concludes that the customer has the ability to pay, a contract has been established. For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. When the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods, the Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered. The Company has also elected the practical expedient to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year. The majority of sales to international customers that are shipped from the Company’s or its vendor’s facility outside of the United States are pursuant to EX Works, or EXW, shipping terms, meaning that control of the product transfers to the customer upon shipment from the Company’s or its vendors’ foreign warehouse. Sales returns and allowances are estimated based on historical claims data and expected future claims. Provision for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided in the same period the related revenue is recognized, and are netted against revenue. Sales to most distributors are made under terms allowing certain limited rights of return (known as “stock rotation”) of the Company’s products held in their inventory or upon sale to their end customers. Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Stock rotation rights grant the distributor the ability to return certain specified amounts of inventory. Stock rotation adjustments are a form of variable consideration and are estimated using the expected value method based on historical return rates. Historically, distributor stock rotation adjustments have been insignificant. The Company generally provides an assurance warranty that its products will substantially conform to the published specifications for twelve months from the date of shipment. The Company’s liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically not been material. As such, the Company does not record a specific warranty reserve. Revenue received from customers in advance of the Company shipping the related product is considered a contract liability and is included in deferred revenue on the Company’s Consolidated Balance Sheets.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, in accordance with ASC 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, the Company may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred.
Inventories	Inventories Inventories (which consist of costs associated with the purchases of wafers from foundries and of packaged components from offshore assembly manufacturers, as well as internal labor and overhead, including depreciation and amortization, associated with the testing of both wafers and packaged components) are stated at the lower of cost (first-in, first-out) or market. The Company periodically reviews inventory for potential obsolescence and declining values through periodic assessments, considering factors including estimates for future demand and net realizable value. Inventory deemed impaired is written down to its net realizable value. Inventory write-downs are established based on market conditions and trends, expected demand inclusive of sales forecasts, anticipated sales and market prices, and product obsolescence. The Company capitalizes inventory when it is intended for commercial sale or use in production, while costs associated with research and development activities are only capitalized as supplies inventory when an alternative future use has been established.
Stock-based compensation	Stock-based compensation The Company measures and recognizes compensation expense for all stock-based awards based on the grant date fair value of the awards. The Company recognizes compensation expense over the requisite service period in the consolidated statements of operations for restricted stock awards or vesting terms. RSUs - The fair value per unit of each RSU grant award is determined on the grant date based on the Company’s stock price. Stock-based compensation is recognized on a straight-line basis over the requisite service period of the award. Forfeitures are recognized as they occur. ESPP - We currently use the Black-Scholes option-pricing model to estimate the fair value of our Employee Stock Purchase Plan (ESPP) awards and amortize the expense over the requisite service period in the consolidated statements of operations. The option pricing model requires management to make assumptions and to apply judgment in determining fair value of the awards. The most significant assumptions and judgments include the expected volatility, risk-free interest rate, expected dividend rate and expected term of the award. The expected volatility of the awards is determined based on a combination of the Company's own historical volatility and the historical volatility of selected public companies within its industry. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury notes with a term approximately equal to the expected term of the awards. The expected dividend rate is zero as the Company currently has no history or expectation of cash dividends on its common stock. The Company has adopted the practical expedient for determining the expected term of stock option awards, which is the midpoint between the end of the vesting term and the expiration of the award. The Company has elected to account for forfeitures as they occur. The Company elected to treat stock-based payment awards with graded vesting schedules and time-based service conditions as a single award and recognize compensation expense on a straight-line basis over the requisite service period. LTIPs - The fair value for each tranche of the Long-term Incentive Plan Stock Option (“LTIP”) awards was determined using Black-Scholes model and a Monte Carlo simulation estimated at the initial grant date. We utilized the services of a professional valuation firm to develop the grant date fair value. The LTIP awards vest based on the achievement of certain market (stock price hurdles) and performance conditions (revenue and/or EBITDA targets). The most significant assumptions and judgments include management’s forecasts related to award performance conditions, including whether certain performance conditions are probable, which determine the timing and amount of the recognition of the awards. Awards are not recognized until they are deemed to be probable to vest, and awards may be unrecognized if they are determined to be no longer probable.
Income Taxes	Income Taxes Current income tax expense is an estimate of current income taxes payable or refundable in the current fiscal year based on reported income before income taxes. Deferred income taxes reflect the effect of temporary differences and carry-forwards that are recognized for financial reporting and income tax purposes. The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, utilizing the tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes valuation allowances to reduce any deferred tax assets to the amount that it estimates will more likely than not be realized based on available evidence and management’s judgment. In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, it would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operations and financial position. The Company has no unrecognized tax benefits at December 31, 2024 and 2023. The Company’s federal and state income tax returns since inception are open and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. When necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and includes accrued interest and penalties with the related tax liability in the Consolidated Balance Sheets. The Company had no accrued interest and penalties at December 31, 2024 and 2023.
Accounts receivable	Accounts receivable Accounts receivable are recorded at the amounts management expects to collect. To account for potential credit losses, the Company establishes an allowance for current estimated credit losses based on estimated losses from customers' inability to meet payment obligations. In evaluating collectability, management considers factors such as customer creditworthiness, past transaction history, current financial conditions, reasonable forecasts, industry trends, and changes in payment terms, reassessing as necessary. Past-due balances exceeding 90 days and other higher-risk amounts are individually assessed. If a customer’s financial condition deteriorates, impacting their ability to pay, additional allowances may be required. Management conducts a thorough analysis of each customer account to determine the appropriate allowance level. Estimated credit losses are recognized as a charge to earnings with a corresponding credit to the valuation allowance. At each reporting period, the Company reassesses the amount of probable credit losses based on the changes in risk characteristics of the underlying receivables as needed. Outstanding balances that remain uncollected after reasonable collection efforts are written off against the allowance for current estimated credit losses. Accounts receivable also include unbilled receivables, which primarily represent revenue recognized for services performed but not yet invoiced to customers. All unbilled accounts receivables are expected to be billed and collected within twelve months.
Fair Value Measurements	Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes its financial assets and liabilities measured at fair value into a hierarchy that categorizes fair value measurements into the following three levels based on the types of inputs used in measuring their fair value: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market-based inputs or observable inputs that are corroborated by market data; and Level 3: Unobservable inputs reflecting the Company’s own assumptions. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative Liabilities	Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging”. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
Intangible Assets	Intangible Assets Long-lived assets, such as property and equipment and intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Patent Costs	Patent Costs The Company expense external costs, such as filing fees and associated attorney fees, incurred to obtain patents, but capitalized patents obtained through acquisition as intangible assets. The Company also expense costs associated with maintaining and defending patents subsequent to their issuance.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of tangible and intangible assets acquired. The carrying value of goodwill is reviewed for possible impairment in accordance with the authoritative guidance on goodwill, intangibles and other. The Company assesses possible impairments to goodwill at least annually, or more frequently when events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying value.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash invested in highly liquid financial instruments with maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash The Company’s restricted cash consists of funds held in a SAFE account in China, which are legally restricted from withdrawal for general corporate purposes. These funds are designated exclusively for the settlement of employee obligations related to restricted stock unit (RSU) and stock option releases, as well as the remittance of applicable taxes.
Investments	Investments The Company holds an investment in an affiliate over which it has significant influence but does not maintain a controlling interest, the Company applies the equity method of accounting. This investment is reported under "Other assets" in the Consolidated Balance Sheets. The Company’s share of earnings and losses from this investment is recognized under “Equity method investment gain” on the Consolidated Statements of Operations.
Foreign Currency Risk and Foreign Currency Translation	Foreign Currency Risk and Foreign Currency Translation As of December 31, 2024, the Company’s primary transactional currency was U.S. Dollars. Gains and losses arising from the remeasurement of non-functional currency balances are recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. The Company realized a foreign currency transaction net loss of $0.3 million and $0.4 million in 2024 and 2023, respectively. The functional currencies of the Company’s non-U.S. subsidiaries are the U.S. Dollar. Accordingly, all monetary assets and liabilities are translated into U.S. Dollars at the current exchange rates as of the applicable balance sheet date. Non-monetary assets and liabilities into U.S. Dollars at the applicable historical rates. Revenues and expenses are translated at either the average exchange rate prevailing during the period or historical rates as applicable.
Advertising	Advertising Advertising costs, which are included in selling, general and administrative expenses, are expensed as incurred.
Research and Development	Research and Development Costs related to research, design, and development of the Company’s products are expensed as incurred. Research and development expense consists primarily of pre-production costs related to the design and development of the Company’s products and technologies, including costs related to contracted non-recurring engineering services. These expenses include employee compensation, benefits and related costs of sustaining the Company’s engineering teams, project material costs, third party fees paid to consultants, prototype development expenses, and other costs incurred in the product and technology design and development processes.
Reclassifications	Reclassifications 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 twelve months ended December 31, 2024. Dividend income was previously included within interest income (expense), net. 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. 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. Additionally, the Company reclassed $0.9 million from cash and cash equivalents to restricted cash. During the year ended December 31, 2024, the Company revised its presentation of stockholders’ equity to separately present Class A and Class B Common Stock, previously combined in prior periods. This reclassification had no impact on total stockholders’ equity or financial results. In 2023, in the Statement of Cash Flows, the Company reclassified $1.3 million from Accounts Payable within operating activities to financing activities under Proceeds from the Employee Stock Purchase Plan (ESPP), coupled with a $2.8 million reclassification from Accounts Payable to Non-cash Bonus Accruals. There was no impact to net loss and retained earnings as a result of the reclassifications.
Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Standards In December 2023, FASB issued ASU 2023-09, titled Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments address investor requests for enhanced transparency regarding income tax information. Specifically, they improve income tax disclosures related to rate reconciliation and income taxes paid. This updated standard will be effective for annual periods starting in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently assessing the impact of this standard and anticipates that it will result in disclosure changes only. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which mandates enhanced disclosure of specific costs and expenses within the notes to the financial statements. This updated standard will be effective for annual periods starting in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029. Early adoption is permitted. The impact of the updated standard on the financial statement disclosures is currently being assessed.. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) introduced Accounting Standard Update (ASU) 2023-07, titled Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update mandates that all public entities, including those with a single reportable segment, disclose one or more measures of segment profit or loss that the chief operating decision maker (CODM) uses to allocate resources and assess performance during interim and annual reporting periods. Furthermore, the standard requires the disclosure of significant segment expenses, other relevant segment items, and additional qualitative information. The Company adopted ASC 2023-07 and all related subsequent amendments during the current reporting period, as disclosed in Note 3 - “Segment Information” of this Form 10-K. This Form 10-K does not include any other newly implemented accounting standards or pronouncements beyond those detailed above. Such exclusions were made because they either do not apply to the Company or are not anticipated to materially impact the condensed consolidated financial statements.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Equity Incentive Plans

The 2020 Equity Incentive Plan (“2020 Plan”) provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit (RSU) awards, stock appreciation rights, and other stock awards to employees, directors and consultants. Pursuant to the 2020 Plan, the exercise price for incentive stock options and non-statutory stock options is generally at least 100% of the fair market value of the underlying shares on the date of grant. Options generally vest over 48 months measured from the date of grant. Options generally expire no later than ten years after the date of grant, subject to earlier termination upon an optionee’s cessation of employment or service.

Under the terms of the 2020 Plan, the Company is authorized to issue 18,899,285 shares of common stock pursuant to awards under the 2020 Plan. As of October 19, 2021, the Company issued an aggregate of 11,276,706 stock options and non-statutory options to its employees and consultants and 4,525,344 shares of restricted stock to employees, directors and consultants under the 2020 Plan. No awards have or will be issued under the 2020 Plan after October 19, 2021. Shares of common stock subject to awards under the 2020 Plan that are forfeited, expire or lapse after October 19, 2021 will become authorized for issuance pursuant to awards under the 2021 Plan (as defined below).

The Navitas Semiconductor Corporation 2021 Equity Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors on August 17, 2021 and adopted and approved by the Company’s stockholders at the Special Meeting on October 12, 2021. Under the terms of the 2021 Plan, the Company is authorized to issue, pursuant to awards granted under the 2021 Plan, (a) up to 16,334,527 shares of common stock; plus (b) up to 15,802,050 shares of common stock subject to awards under the 2020 Plan that are forfeited, expire or lapse after October 19, 2021; plus (c) an annual increase, effective as of the first day of each fiscal year up to and including January 1, 2031, equal to the lesser of (i) 4% of the number of shares of common stock outstanding as of the conclusion of the Company’s immediately preceding fiscal year, or (ii) such amount, if any, as the board of directors may determine. As of December 31, 2024, the Company has issued 6,500,000 non-statutory stock options under the 2021 Plan.

Stock-Based Compensation

The Company recognizes the fair value of stock-based compensation in its financial statements over the requisite service period of the individual grants, which generally equals a four-year vesting period, except for Long-Term Incentive Plan Stock Options discussed below. The Company uses estimates of volatility, expected term, risk-free interest rate and dividend yield in determining the fair value of these awards and the amount of compensation expense to recognize. The Company uses the straight-line method to amortize stock awards granted over the requisite service period of the award, which may be explicit or derived, unless market or performance conditions result in a graded attribution.

The following table summarizes the stock-based compensation expense recognized for the years ended December 31, 2024 and 2023:


	Years Ended December 31,
(In thousands)	2024		2023
Cost of goods sold	$	328	$	—
Research and development	23,472		26,806
Selling, general and administrative	19,231		27,222
Total stock-based compensation expense	$	43,031	$	54,028

Stock Options

Generally, stock options granted under the Plans have ten year terms and vest 1/4th on the anniversary of the vesting commencement date and 1/48th monthly thereafter. Stock options with performance vesting conditions begin to vest upon achievement of the performance condition. Expense is recognized beginning in the period in which performance is considered probable. The fair value of incentive stock options and non-statutory stock options issued was estimated using the Black-Scholes model.

A summary of stock options outstanding as of December 31, 2024, and activity during the two years then ended, is presented below:


Stock Options	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In years)
Outstanding at December 31, 2022	6,775	$	0.59	6.2
Exercised	(3,899)	0.49
Forfeited or expired	(219)	1.06
Outstanding at December 31, 2023	2,657	$	0.72	5.7
Exercised	(1,142)	0.71
Forfeited or expired	(16)	1.06
Outstanding at December 31, 2024	1,499	$	0.74	4.7
Vested and exercisable at December 31, 2024	1,497	$	0.74	4.7

During the years ended December 31, 2024 and 2023, the Company recognized $0.1 million and $0.5 million, respectively, of stock-based compensation expense for the vesting of outstanding stock options, excluding $2.5 million and $7.9 million, respectively, related to the LTIP Options described below. At December 31, 2024, unrecognized compensation cost related to unvested options was immaterial. The weighted-average period over which this remaining compensation cost will be recognized is 0.0 years.

Long-term Incentive Plan Stock Options

The Company awarded a total of 6,500,000 performance stock options (“2021 LTIP Options”) to certain members of senior management on December 29, 2021, pursuant to the 2021 Plan. These non-statutory options are intended to be the only equity awards for the recipients over the duration of the performance period. The options vest in increments subject to achieving certain market and performance conditions, including ten share price hurdles ranging from $15 to $60 per share, coupled with revenue and EBITDA targets, measured over a seven year performance period and expire on the tenth anniversary of the grant date. The options have an exercise price of $15.51 per share and the average fair value on the grant date was $9.14 based on the Black-Scholes model and a Monte Carlo simulation incorporating 500,000 scenarios. The weighted average contractual period remaining is 7.0 years. The Company utilized the services of a professional valuation firm to finalize these assumptions during the fiscal year ended December 31, 2023. The valuation model utilized the following assumptions:


Risk-free interest rate	1.47	%
Expected volatility rates	67.33	%
Expected dividend yield	—
Cost of equity (for derived service period)	11.77	%
Weighted-average grant date fair value of options	$9.14

On a quarterly basis, management reviews the probable achievement for each of the tranches in the 2021 LTIP Options in regards to revenue and EBITDA, which includes assumptions for forecasted revenue and EBITDA. In connection with the “2021 LTIP Options”, the Company recognized $4.0 million and $6.9 million of stock-based compensation expense for the years ended December 31, 2024 and 2023, respectively. The unrecognized compensation expense related to probable tranches in the 2021 LTIP Options is $2.2 million as of December 31, 2024, and compensation expense will be recognized over 2.5 years. If the Company achieves all revenue and EBITDA performance metrics, the total incremental recognized expense would be $40.7 million.

The Company awarded a total of 3,250,000 performance stock options (“2022 LTIP Options”) to a member of senior management on August 15, 2022 pursuant to the 2021 Plan. The options vest in increments subject to achieving certain market and performance conditions, including ten share price hurdles ranging from $15 to $60 per share, coupled with revenue and EBITDA targets, measured over a seven year performance period and expire on the tenth anniversary of the grant date. The options have an exercise price of $10.00 per share and the average fair value on the grant date was $2.89. The weighted average contractual period remaining is 7.6 years. The Black-Scholes model and a Monte Carlo simulation incorporated 100,000 scenarios. The Company utilized the services of a professional valuation firm to finalize these assumptions during the fiscal year ended December 31, 2023. The valuation model utilized the following assumptions:


Risk-free interest rates	2.82	%
Expected volatility rates	68.48	%
Expected dividend yield	—
Cost of equity (for derived service period)	14.64	%
Weighted-average grant date fair value of options	$2.89

On a quarterly basis, management reviews the probable achievement for each of the tranches in the 2022 LTIP Options in regards to revenue and EBITDA, which includes assumptions for forecasted revenue and EBITDA. In relation to the 2022 LTIP Options, a member of senior management departed the Company prior to December 31, 2024, failing to meet the service requirement for the options. As a result, their options were forfeited, and the Company reversed the associated stock-based compensation. The Company recognized $0.6 million of stock-based compensation through the date of forfeiture in 2024 and $1.1 million of expense for 2023. The Company reversed the cumulative $2.1 million of stock-based compensation for the year ended December 31, 2024. No compensation expense related to the 2022 LTIP Options will be recognized subsequent to December 31, 2024.

Restricted Stock Units

The Company regularly grants RSUs to employees as a component of their compensation. A summary of RSUs outstanding as of December 31, 2024, and activity during the year then ended, is presented below:


Restricted Stock Unit Awards	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	11,606	$	5.93
Granted	6,184	6.30
Vested	(4,811)	5.76
Forfeited	(107)	7.47
Outstanding at December 31, 2023	12,872	$	6.70
Granted	5,556	5.21
Vested	(7,005)	5.68
Forfeited	(1,871)	6.48
Outstanding at December 31, 2024	9,552	$	6.63

During the years ended December 31, 2024 and 2023, the Company recognized $34.0 million and $31.5 million, respectively, of stock-based compensation expense for the vesting of RSUs. At December 31, 2024, unrecognized compensation cost related to unvested RSU awards totaled $46.7 million. The weighted-average period over which this remaining compensation cost is expected to be recognized is 2.1 years.

The Company implemented a yearly stock-based bonus plan in 2021 and plans to settle accrued bonus liabilities of $3.7 million related to fiscal year 2024 (included in “Accrued compensation expenses” on the Consolidated Balance Sheets), by issuing a variable number of fully-vested restricted stock units to its employees in 2024. Based on the closing share price of the Company’s Class A common stock of $3.57 on December 31, 2024, approximately 1.0 million shares would be issued, however the actual number of shares will be based on the share price at the date of settlement.

2022 Employee Stock Purchase Plan

In August 2022, the Company’s board of directors adopted the Company’s 2022 Employee Stock Purchase Plan (the “2022 ESPP”), subject to stockholder approval. The 2022 ESPP was approved by stockholders at the Company’s annual stockholders meeting held November 10, 2022. The Company authorized the issuance of 3,000,000 shares of common stock under the 2022 ESPP.

Under the 2022 ESPP, eligible employees are granted the right to purchase shares of common stock at the lower of 85% of the fair value at the time of offering or 85% of the fair value at the time of purchase, generally over a six-month period. The first offering period under the 2022 ESPP commenced in February 2023 and the second offering in September 2023. For the years ended December 31, 2024 and 2023, employees who elected to participate in the ESPP purchased 801,465 and 257,963 shares of common stock under the 2022 ESPP, resulting in cash proceeds to the Company of $2.7 million and $1.3 million, respectively. The purchase price was $4.55 and $2.19, which was 15% of the fair market value in March and September 2024, respectively. As of December 31, 2024 the Company had 1,940,572 remaining authorized shares available for purchase. During the year ended December 31, 2024 and 2023, the Company recognized $1.8 million and $1.2 million of stock-based compensation expense for the ESPP, respectively.

Other Share Awards

In connection with the acquisition of the remaining minority interest of a silicon control IC joint venture, as described in Note 18 - “Noncontrolling Interest”, the Company issued 841,729 fully vested shares to certain former employees of the joint venture with a grant date fair value totaling $4.5 million. Such amount has been recognized as stock-based compensation expense during the year ended December 31, 2023.

On June 10, 2022, the Company’s wholly owned subsidiary, Navitas Semiconductor Limited, acquired all of the stock of VDDTECH srl, a private Belgian company (“VDDTech”) for approximately $1.9 million in cash and stock. Among shares issued in the transaction, the Company issued approximately 113,000 restricted shares that are subject to time based vesting and issued approximately 151,000 restricted shares that are subject to time and performance based vesting over the next four and three years, respectively. These restricted shares are subject to certain individuals maintaining employment with the Company and, therefore, are accounted for under ASC 718. The Company recognized $0.6 million and $0.9 million of stock-based compensation expense related to the vesting of these shares during the year ended December 31, 2024 and 2023, respectively.

Unvested Earnout Shares

A portion of the earnout shares may be issued to individuals with unvested equity awards. While the release of these shares require achievement of the Earn-out Milestones, the individuals are required to complete the remaining service period associated with these unvested equity awards to be eligible to receive the earnout shares. As a result, these unvested earn-out shares are equity-classified awards and have an aggregated grant date fair value of $19.1 million (or $11.52 per share). During the year ended December 31, 2024 and 2023, the Company recognized $0.2 million and $0.3 million of stock-based compensation expense for the vesting of earnout shares. As of the beginning of the second quarter of fiscal year 2023, these earnout shares had fully vested. At December 31, 2024 and 2023, there was no remaining compensation cost related to unvested earnout shares, except for forfeitures. Refer to Note 11 - “Earnout Liability”.

GOODWILL AND INTANGIBLES - Intangible Assets by Asset Class (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (45,140)	$ (26,236)
Net Book Value	71,018
Total, Cost	117,335	117,335
Total, Net Book Value	72,195	91,099	$ 105,620
In-process R&D
Finite-Lived Intangible Assets [Line Items]
Cost and Net Book Value	1,177	1,177
Trade Names
Finite-Lived Intangible Assets [Line Items]
Cost	900	900
Accumulated Amortization	(900)	(619)
Net Book Value	$ 0	$ 281
Useful Life	2 years	2 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Cost	$ 53,500	$ 53,500
Accumulated Amortization	(31,074)	(17,703)
Net Book Value	$ 22,426	$ 35,797
Developed Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years	4 years
Developed Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years	10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	$ 34,900	$ 34,900
Accumulated Amortization	(5,834)	(3,424)
Net Book Value	$ 29,066	$ 31,476
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years	5 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years	15 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 24,300	$ 24,300
Accumulated Amortization	(5,771)	(3,341)
Net Book Value	$ 18,529	$ 20,959
Useful Life	10 years	10 years
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,900	$ 1,900
Accumulated Amortization	(903)	(523)
Net Book Value	$ 997	$ 1,377
Useful Life	5 years	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Cost	$ 658	$ 658
Accumulated Amortization	(658)	(626)
Net Book Value	$ 0	$ 32
Useful Life	5 years	5 years

GOODWILL AND INTANGIBLES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes to goodwill	$ 0
Amortization of intangible assets	18,926,000	$ 18,820,000
Impairment charges	$ 0	$ 0

COMMITMENTS and CONTINGENCIES	12 Months Ended
COMMITMENTS and CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES Purchase Obligations At December 31, 2024, the Company had non-cancellable contractual agreements that were due beyond one year related to our lease obligations, see Note 9 “Leases”. In December 2024, the Company entered into an agreement with a vendor for the purchase of equipment wherein the Company will make quarterly installment payments of $0.8 million during 2026. The $2.8 million present value of these payments is reflected within “Noncurrent liabilities” at December 31, 2024 in the Consolidated Balance Sheets. Indemnification The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (DSA). Each DSA contains the relevant terms of the contractual arrangement with the distributor, and generally includes certain provisions for indemnifying the distributor against losses, expenses, and liabilities from damages that may be awarded against the distributor in the event the Company’s products are found to infringe upon a patent, copyright, trademark, or other proprietary right of a third party (Customer Indemnification). The DSA generally limits the scope of and remedies for the Customer Indemnification obligations in a variety of industry-standard respects, including, but not limited to, limitations based on time and geography, and a right to replace an infringing product. The Company also, from time to time, has granted a specific indemnification right to individual customers. The Company believes its internal development processes and other policies and practices limit its exposure related to such indemnifications. In addition, the Company requires its employees to sign a proprietary information and inventions agreement, which assigns the rights to its employees’ development work to the Company. To date, the Company has not had to reimburse any of its distributors or end customers for any losses related to these indemnifications and no material claims were outstanding as of December 31, 2024. For several reasons, including the lack of prior indemnification claims and the lack of a monetary liability limit for certain infringement cases, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnifications. Release and license agreement In March 2023, the Company entered into a Release and License Agreement (the “Agreement”) with a university. The Agreement stipulates the Company pay the university a total of $1.0 million over a period of three years, with the final payment by March 1, 2026. The agreement licenses the Company to sell certain products covered by a patent owned by the university, subject to the Company paying a royalty fee on revenues for covered products sold during the term. Based on an indemnity agreement entered into in connection with the Company’s acquisition of GeneSiC Semiconductor Inc. in August 2022, the Company expects to be indemnified by the sellers in that transaction for the royalty amounts up to approximately $1.0 million. The total amount of current and non-current accrued royalty was $1.8 million and $1.9 million as of December 31, 2024 and 2023, respectively. Legal proceedings and contingencies From time to time in the ordinary course of business, the Company may become involved in lawsuits, or end customers, distributors, suppliers or other third parties may make claims against the Company. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not currently subject to any pending actions or regulatory proceedings that either individually or in the aggregate are expected to have a material impact on its consolidated financial statements.

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
NET REVENUES	$ 83,302	$ 79,456
COST OF REVENUES (exclusive of amortization of intangible assets included below)	54,963	48,392
OPERATING EXPENSES:
Stock-based compensation	43,031	54,028
Amortization of intangible assets	18,926	18,820
Total operating expenses	159,014	149,196
LOSS FROM OPERATIONS	(130,675)	(118,132)
Other income (expense)	41,829	(28,336)
LOSS BEFORE INCOME TAXES	(88,846)	(146,468)
Income tax benefit	(342)	(517)
Equity method investment gain	3,905	0
NET LOSS	(84,599)	(145,951)
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(518)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS	(84,599)	(145,433)
Reportable Segment
Segment Reporting Information [Line Items]
NET REVENUES	83,302	79,456
COST OF REVENUES (exclusive of amortization of intangible assets included below)	54,963	48,392
OPERATING EXPENSES:
Stock-based compensation	42,703	54,028
Employee	45,693	39,912
Amortization of intangible assets	18,926	18,820
Other	51,692	36,436
Total operating expenses	159,014	149,196
LOSS FROM OPERATIONS	(130,675)	(118,132)
Other income (expense)	41,829	(28,336)
LOSS BEFORE INCOME TAXES	(88,846)	(146,468)
Income tax benefit	(342)	(517)
Equity method investment gain	3,905	0
NET LOSS	(84,599)	(145,951)
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(518)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ (84,599)	$ (145,433)

STOCK-BASED COMPENSATION - Unvested Earnout Shares - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 43,031,000	$ 54,028,000
Earnout Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated grant date fair value	$ 19,100,000
Fair value (in dollars per share)	$ 11.52
Stock-based compensation	$ 200,000	300,000
Unrecognized compensation expense	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Significant Accounting Policies Segment Reporting The Company is organized and operates as one reportable segment, the design, development, manufacture and marketing of integrated circuits and related components for use primarily in next-generation power semiconductors including gallium nitride (“GaN”) power integrated circuits (“ICs”), silicon carbide (“SiC”) devices and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The Company’s Chief Operating Decision Maker, the Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. See Note 3 - “Segment Information” for more information. Revenue Recognition The Company recognizes revenue under the core principle of depicting the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Product revenues consist of sales to distributors, original equipment manufacturers, or OEMs, and merchant power supply manufacturers. The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). If the Company concludes that the customer has the ability to pay, a contract has been established. For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected the practical expedient to not assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. When the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods, the Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered. The Company has also elected the practical expedient to expense commissions when incurred as the amortization period of the commission asset the Company would have otherwise recognized is less than one year. The majority of sales to international customers that are shipped from the Company’s or its vendor’s facility outside of the United States are pursuant to EX Works, or EXW, shipping terms, meaning that control of the product transfers to the customer upon shipment from the Company’s or its vendors’ foreign warehouse. Sales returns and allowances are estimated based on historical claims data and expected future claims. Provision for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided in the same period the related revenue is recognized, and are netted against revenue. Sales to most distributors are made under terms allowing certain limited rights of return (known as “stock rotation”) of the Company’s products held in their inventory or upon sale to their end customers. Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Stock rotation rights grant the distributor the ability to return certain specified amounts of inventory. Stock rotation adjustments are a form of variable consideration and are estimated using the expected value method based on historical return rates. Historically, distributor stock rotation adjustments have been insignificant. The Company generally provides an assurance warranty that its products will substantially conform to the published specifications for twelve months from the date of shipment. The Company’s liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically not been material. As such, the Company does not record a specific warranty reserve. Revenue received from customers in advance of the Company shipping the related product is considered a contract liability and is included in deferred revenue on the Company’s Consolidated Balance Sheets. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, in accordance with ASC 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, the Company may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. Inventories Inventories (which consist of costs associated with the purchases of wafers from foundries and of packaged components from offshore assembly manufacturers, as well as internal labor and overhead, including depreciation and amortization, associated with the testing of both wafers and packaged components) are stated at the lower of cost (first-in, first-out) or market. The Company periodically reviews inventory for potential obsolescence and declining values through periodic assessments, considering factors including estimates for future demand and net realizable value. Inventory deemed impaired is written down to its net realizable value. Inventory write-downs are established based on market conditions and trends, expected demand inclusive of sales forecasts, anticipated sales and market prices, and product obsolescence. The Company capitalizes inventory when it is intended for commercial sale or use in production, while costs associated with research and development activities are only capitalized as supplies inventory when an alternative future use has been established. Stock-based compensation The Company measures and recognizes compensation expense for all stock-based awards based on the grant date fair value of the awards. The Company recognizes compensation expense over the requisite service period in the consolidated statements of operations for restricted stock awards or vesting terms. RSUs - The fair value per unit of each RSU grant award is determined on the grant date based on the Company’s stock price. Stock-based compensation is recognized on a straight-line basis over the requisite service period of the award. Forfeitures are recognized as they occur. ESPP - We currently use the Black-Scholes option-pricing model to estimate the fair value of our Employee Stock Purchase Plan (ESPP) awards and amortize the expense over the requisite service period in the consolidated statements of operations. The option pricing model requires management to make assumptions and to apply judgment in determining fair value of the awards. The most significant assumptions and judgments include the expected volatility, risk-free interest rate, expected dividend rate and expected term of the award. The expected volatility of the awards is determined based on a combination of the Company's own historical volatility and the historical volatility of selected public companies within its industry. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury notes with a term approximately equal to the expected term of the awards. The expected dividend rate is zero as the Company currently has no history or expectation of cash dividends on its common stock. The Company has adopted the practical expedient for determining the expected term of stock option awards, which is the midpoint between the end of the vesting term and the expiration of the award. The Company has elected to account for forfeitures as they occur. The Company elected to treat stock-based payment awards with graded vesting schedules and time-based service conditions as a single award and recognize compensation expense on a straight-line basis over the requisite service period. LTIPs - The fair value for each tranche of the Long-term Incentive Plan Stock Option (“LTIP”) awards was determined using Black-Scholes model and a Monte Carlo simulation estimated at the initial grant date. We utilized the services of a professional valuation firm to develop the grant date fair value. The LTIP awards vest based on the achievement of certain market (stock price hurdles) and performance conditions (revenue and/or EBITDA targets). The most significant assumptions and judgments include management’s forecasts related to award performance conditions, including whether certain performance conditions are probable, which determine the timing and amount of the recognition of the awards. Awards are not recognized until they are deemed to be probable to vest, and awards may be unrecognized if they are determined to be no longer probable. Income Taxes Current income tax expense is an estimate of current income taxes payable or refundable in the current fiscal year based on reported income before income taxes. Deferred income taxes reflect the effect of temporary differences and carry-forwards that are recognized for financial reporting and income tax purposes. The Company recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, utilizing the tax rates that are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes valuation allowances to reduce any deferred tax assets to the amount that it estimates will more likely than not be realized based on available evidence and management’s judgment. In the event that the Company determines, based on available evidence and management judgment, that all or part of the net deferred tax assets will not be realized in the future, it would record a valuation allowance in the period the determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with the Company’s expectations could have a material impact on the Company’s results of operations and financial position. The Company has no unrecognized tax benefits at December 31, 2024 and 2023. The Company’s federal and state income tax returns since inception are open and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. When necessary, the Company recognizes interest and penalties associated with tax matters as part of the income tax provision and includes accrued interest and penalties with the related tax liability in the Consolidated Balance Sheets. The Company had no accrued interest and penalties at December 31, 2024 and 2023. Accounts receivable Accounts receivable are recorded at the amounts management expects to collect. To account for potential credit losses, the Company establishes an allowance for current estimated credit losses based on estimated losses from customers' inability to meet payment obligations. In evaluating collectability, management considers factors such as customer creditworthiness, past transaction history, current financial conditions, reasonable forecasts, industry trends, and changes in payment terms, reassessing as necessary. Past-due balances exceeding 90 days and other higher-risk amounts are individually assessed. If a customer’s financial condition deteriorates, impacting their ability to pay, additional allowances may be required. Management conducts a thorough analysis of each customer account to determine the appropriate allowance level. Estimated credit losses are recognized as a charge to earnings with a corresponding credit to the valuation allowance. At each reporting period, the Company reassesses the amount of probable credit losses based on the changes in risk characteristics of the underlying receivables as needed. Outstanding balances that remain uncollected after reasonable collection efforts are written off against the allowance for current estimated credit losses. Accounts receivable also include unbilled receivables, which primarily represent revenue recognized for services performed but not yet invoiced to customers. All unbilled accounts receivables are expected to be billed and collected within twelve months. Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes its financial assets and liabilities measured at fair value into a hierarchy that categorizes fair value measurements into the following three levels based on the types of inputs used in measuring their fair value: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market-based inputs or observable inputs that are corroborated by market data; and Level 3: Unobservable inputs reflecting the Company’s own assumptions. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging”. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The 8,433,333 warrants issued in connection with Live Oak’s Initial Public Offering (the “Public Warrants”), the 4,666,667 Private Placement Warrants and the Earnout Shares associated with Vested Shares are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments and earnout shares as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised. The Public Warrant quoted market price was used as the fair value for the Public Warrants and the Private Placement Warrants as of each relevant date. The Earnout shares were valued using a Monte Carlo analysis. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of significant current assets or require the creation of current liabilities. There were no outstanding warrants as of December 31, 2024, and December 31, 2023. Intangible Assets Long-lived assets, such as property and equipment and intangible assets with finite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Patent Costs The Company expense external costs, such as filing fees and associated attorney fees, incurred to obtain patents, but capitalized patents obtained through acquisition as intangible assets. The Company also expense costs associated with maintaining and defending patents subsequent to their issuance. Goodwill Goodwill represents the excess of the purchase price over the fair value of tangible and intangible assets acquired. The carrying value of goodwill is reviewed for possible impairment in accordance with the authoritative guidance on goodwill, intangibles and other. The Company assesses possible impairments to goodwill at least annually, or more frequently when events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying value. Cash and Cash Equivalents The Company considers cash invested in highly liquid financial instruments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash The Company’s restricted cash consists of funds held in a SAFE account in China, which are legally restricted from withdrawal for general corporate purposes. These funds are designated exclusively for the settlement of employee obligations related to restricted stock unit (RSU) and stock option releases, as well as the remittance of applicable taxes. Investments The Company holds an investment in an affiliate over which it has significant influence but does not maintain a controlling interest, the Company applies the equity method of accounting. This investment is reported under "Other assets" in the Consolidated Balance Sheets. The Company’s share of earnings and losses from this investment is recognized under “Equity method investment gain” on the Consolidated Statements of Operations. Foreign Currency Risk and Foreign Currency Translation As of December 31, 2024, the Company’s primary transactional currency was U.S. Dollars. Gains and losses arising from the remeasurement of non-functional currency balances are recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. The Company realized a foreign currency transaction net loss of $0.3 million and $0.4 million in 2024 and 2023, respectively. The functional currencies of the Company’s non-U.S. subsidiaries are the U.S. Dollar. Accordingly, all monetary assets and liabilities are translated into U.S. Dollars at the current exchange rates as of the applicable balance sheet date. Non-monetary assets and liabilities into U.S. Dollars at the applicable historical rates. Revenues and expenses are translated at either the average exchange rate prevailing during the period or historical rates as applicable. Advertising Advertising costs, which are included in selling, general and administrative expenses, are expensed as incurred. They are not material in 2024 and 2023. Research and Development Costs related to research, design, and development of the Company’s products are expensed as incurred. Research and development expense consists primarily of pre-production costs related to the design and development of the Company’s products and technologies, including costs related to contracted non-recurring engineering services. These expenses include employee compensation, benefits and related costs of sustaining the Company’s engineering teams, project material costs, third party fees paid to consultants, prototype development expenses, and other costs incurred in the product and technology design and development processes. Reclassifications 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 twelve months ended December 31, 2024. Dividend income was previously included within interest income (expense), net. 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. 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. Additionally, the Company reclassed $0.9 million from cash and cash equivalents to restricted cash. During the year ended December 31, 2024, the Company revised its presentation of stockholders’ equity to separately present Class A and Class B Common Stock, previously combined in prior periods. This reclassification had no impact on total stockholders’ equity or financial results. In 2023, in the Statement of Cash Flows, the Company reclassified $1.3 million from Accounts Payable within operating activities to financing activities under Proceeds from the Employee Stock Purchase Plan (ESPP), coupled with a $2.8 million reclassification from Accounts Payable to Non-cash Bonus Accruals. There was no impact to net loss and retained earnings as a result of the reclassifications. Recently Issued Accounting Standards In December 2023, FASB issued ASU 2023-09, titled Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments address investor requests for enhanced transparency regarding income tax information. Specifically, they improve income tax disclosures related to rate reconciliation and income taxes paid. This updated standard will be effective for annual periods starting in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently assessing the impact of this standard and anticipates that it will result in disclosure changes only. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which mandates enhanced disclosure of specific costs and expenses within the notes to the financial statements. This updated standard will be effective for annual periods starting in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029. Early adoption is permitted. The impact of the updated standard on the financial statement disclosures is currently being assessed.. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) introduced Accounting Standard Update (ASU) 2023-07, titled Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update mandates that all public entities, including those with a single reportable segment, disclose one or more measures of segment profit or loss that the chief operating decision maker (CODM) uses to allocate resources and assess performance during interim and annual reporting periods. Furthermore, the standard requires the disclosure of significant segment expenses, other relevant segment items, and additional qualitative information. The Company adopted ASC 2023-07 and all related subsequent amendments during the current reporting period, as disclosed in Note 3 - “Segment Information” of this Form 10-K. This Form 10-K does not include any other newly implemented accounting standards or pronouncements beyond those detailed above. Such exclusions were made because they either do not apply to the Company or are not anticipated to materially impact the condensed consolidated financial statements.

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

The Company has entered into operating leases primarily for commercial buildings. As of December 31, 2024 no operating lease agreements contain economic penalties for the Company to extend the lease, and it is not reasonably certain the Company will exercise these extension options. Additionally, these operating lease agreements do not contain material residual value guarantees or material restrictive covenants. As of December 31, 2024, all leases recorded on the Company’s Consolidated Balance Sheets were operating leases.

The Company has made the accounting policy election to use certain ongoing practical expedients made available by ASC 842 to: (i) not separate lease components from nonlease components for real estate; and (ii) exclude leases with an initial term of 12 months or less (“short-term” leases) from the Consolidated Balance Sheets and will recognize related lease payments in the consolidated statements of operations on a straight-line basis over the lease term. For leases that do not have a readily determinable implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments.

Rent expense, including short-term lease cost, was $2.6 million and $2.7 million for the fiscal years ended December 31, 2024 and 2023, respectively. In addition to rent payments, the Company’s leases include real estate taxes, common area maintenance, utilities, and management fees, which are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component. Total variable expense was $0.3 million and $0.1 million for the fiscal years ended December 31, 2024 and 2023, respectively.

Information related to the Company right-of-use assets and related operating lease liabilities were as follows (in thousands):


	Fiscal Years Ended
	December 31, 2024		December 31, 2023
Cash paid for operating lease liabilities	$	2,288	$	1,919
Operating lease cost	$	2,323	$	2,036
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$	650	$	3,230
Weighted-average remaining lease term	4.02		4.88
Weight-average discount rate	4.93%		5.08%


Maturities of lease liabilities (in thousands) due in the 12-month period ending December 31,
2025	$	2,078
2026	2,010
2027	1,842
2028	1,687
2029	440
	8,057
Less imputed interest	737
Total lease liabilities	$	7,320

LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 2,078
2026	2,010
2027	1,842
2028	1,687
2029	440
Operating lease, liability, to be paid	8,057
Less imputed interest	737
Total lease liabilities	$ 7,320

PROVISION FOR INCOME TAXES - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current benefit:
State	$ 11	$ 47
Foreign	242	226
Total current benefit	253	273
Deferred benefit:
Federal	(114)	(1,149)
State	(315)	232
Foreign	(166)	127
Total deferred benefit	(595)	(790)
Total	$ (342)	$ (517)

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 13, 2023	Oct. 31, 2024	Feb. 28, 2023	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity method investment gain						$ 3,905	$ 0
Corporate Joint Venture \| Joint Venture Investment
Related Party Transaction [Line Items]
Revenues						0	0
Affiliated Entity \| Joint Venture Investment
Related Party Transaction [Line Items]
Investment in preferred interest				$ 1,000	$ 1,500
Fair value per share (in dollars per share)		$ 5.55
Equity method investment gain						3,900
Investment balance						$ 8,900	2,500
Rental payments							$ 100
IC Joint Venture
Related Party Transaction [Line Items]
Purchase price of minority interest	$ 22,400		$ 22,400

STOCK-BASED COMPENSATION - Stock Options - Narrative (Details) $ in Thousands		12 Months Ended
	Aug. 05, 2020	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 43,031	$ 54,028
Stock options \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period	10 years	10 years
Stock options \| 2020 Equity Incentive Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio		0.25
Stock options \| 2020 Equity Incentive Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio		0.02
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 100	500
Unrecognized compensation expense, period of recognition		0 years
LTIP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 2,500	$ 7,900

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true