0001821769-22-000014 | 10-Q | XBRL Viewer | Navitas Semiconductor Corp

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SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) (“ASU 2016-02”), and also issued subsequent amendments under ASU 2019-10 and ASU 2020-05 (collectively ASC 842). On January 1, 2022, the Company adopted ASC 842 and the related amendments. ASC 842 requires lessees to (i) recognize a right of use asset and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities. The Company recognized approximately $1,634 of operating lease right-of-use assets and $1,685 operating lease liabilities on the consolidated balance sheets upon adoption on January 1, 2022. Credit Losses In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. For non-public business entities, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and will be effective for the Company beginning in 2023. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated financial statements and related disclosures.

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Europe* \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%	0.00%	21.00%	0.00%
China \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	32.00%	78.00%	44.00%	75.00%
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%	13.00%	25.00%	16.00%
Rest of Asia \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	9.00%	10.00%	9.00%
Distributor A \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%
Distributor A \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					44.00%
Distributor B \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	22.00%		12.00%
Distributor B \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					14.00%
Distributor C \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%	23.00%	29.00%	19.00%
Distributor C \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					14.00%
Distributor D \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	32.00%	23.00%	21.00%
Distributor D \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%
Distributor E \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		42.00%		38.00%
Distributor E \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			30.00%
Distributor F \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage				20.00%

EARNOUT LIABILITY

6 Months Ended

Jun. 30, 2022

Warrants and Rights Note Disclosure [Abstract]

EARNOUT LIABILITY

Certain of the Company’s stockholders are entitled to receive up to 10,000,000 Earnout Shares of the Company’s Class A common stock if the Earnout Milestones are met. The Earnout Milestones represents three independent criteria, which each entitles the eligible stockholders to 3,333,333 earn-out shares per milestone met. Each Earnout Milestone is considered met if at any time 150 days following the Business Combination and prior to 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 and (ii) the “Unvested Shares” - those associated with stockholders with unvested equity at the closing

of the Business Combination that will be earned over the remaining service period with the Company on their unvested equity shares and upon achievement of the Earnout Milestones. The Vested Shares are classified as liabilities in the consolidated balance sheet and the Unvested Shares are equity-classified share-based compensation to be recognized over time (see Note 8 - Share-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 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:


	June 30, 2022		December 31, 2021
Risk-free interest rate	3.00	%	1.23	%
Equity volatility rate	65.00	%	55.00	%

At the closing of the Business Combination on October 19, 2021, the earnout liability had an initial fair value of $96,069, which was recorded as a long-term liability and a reduction to additional paid in capital in the consolidated balance sheet. As of June 30, 2022 and December 31, 2021, the earnout liability had a fair value of $15,913 and $134,173, respectively which resulted in a gain due to the decrease in the fair value of the earnout liability of $54,854 and $118,260 for the three and six month ended June 30, 2022, respectively.

LEASES - Maturities Of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 1,502
2024	1,491
2025	1,146
2026	1,149
2027	1,183
Thereafter	1,724
Operating lease, liability, to be paid	8,195
Less imputed interest	1,206
Total lease liabilities	$ 6,989

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results of operations for the three and six months ended June 30, 2022 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2022. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows and stockholders’ equity (deficit). Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commissions (SEC) rules and regulations relating to interim financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K filed with the SEC on March 31, 2022. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its annual report on Form 10-K filed with the SEC on March 31, 2022.
Basis of consolidation	Basis of consolidation The condensed 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Leases In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842) (“ASU 2016-02”), and also issued subsequent amendments under ASU 2019-10 and ASU 2020-05 (collectively ASC 842). On January 1, 2022, the Company adopted ASC 842 and the related amendments. ASC 842 requires lessees to (i) recognize a right of use asset and a lease liability that is measured at the present value of the remaining lease payments, on the consolidated balance sheets, (ii) recognize a single lease cost, calculated over the lease term on a straight-line basis and (iii) classify lease related cash payments within operating and financing activities. The Company recognized approximately $1,634 of operating lease right-of-use assets and $1,685 operating lease liabilities on the consolidated balance sheets upon adoption on January 1, 2022. Credit Losses In June 2016, the FASB amended guidance related to impairment of financial instruments as part of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. This ASU requires entities to measure the impairment of certain financial instruments, including accounts receivable, based on expected losses rather than incurred losses. For non-public business entities, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and will be effective for the Company beginning in 2023. The Company is currently evaluating the impact of the new standard on the Company’s condensed consolidated financial statements and related disclosures.

LEASES (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease, Cost

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


	Six Months Ended June 30, 2022
Cash paid for operating lease liabilities	$	527
Operating lease cost	610
Right-of-use assets obtained in exchange for lease obligations	5,892
Weighted-average remaining lease term	2.26
Weight-average discount rate	4.25% - 5.5%

Lessee, Operating Lease, Liability, Maturity


Maturities of lease liabilities due in 12-month period ending June 30,
2023	$	1,502
2024	1,491
2025	1,146
2026	1,149
2027	1,183
Thereafter	1,724
	$	8,195
Less imputed interest	1,206
Total lease liabilities	$	6,989

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 31, 2021 prior to the adoption of ASC 842, minimum payments under operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows:


	Operating Leases
2022	$	966
2023	585
2024	170
Total minimum payments	$	1,721

DEBT OBLIGATIONS - Payment of Debt Obligation Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining)	$ 1,600
2023	3,200
2024	533
Thereafter	0
Total	$ 5,333	$ 6,933

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION On May 6, 2021, Navitas Semiconductor Limited, a private company limited by shares organized under the laws of Ireland (“Navitas Ireland”) and domesticated in the State of Delaware as Navitas Semiconductor Ireland, LLC, a Delaware limited liability company (“Navitas Delaware” and, together with Navitas Ireland, “Legacy Navitas”), entered into a business combination agreement and plan of reorganization (the “Business Combination Agreement” or “BCA”) with Live Oak Acquisition Corp. II, a Delaware corporation (“Live Oak”). Pursuant to the BCA, among other transactions consummated on October 19, 2021 (collectively, the “Business Combination”), Live Oak acquired all of the capital stock of Navitas Ireland (other than the Navitas Ireland Restricted Shares, as defined below) by means of a tender offer, and a wholly owned subsidiary of Live Oak merged with and into Navitas Delaware, with Navitas Delaware surviving the merger. As a result, Legacy Navitas became a wholly owned subsidiary of Live Oak effective October 19, 2021. At the closing of the Business Combination, Live Oak changed its name to Navitas Semiconductor Corporation. References to the “Company” in these financial statements refer to Legacy Navitas and its predecessors before the consummation of the Business Combination, or to Navitas Semiconductor Corporation after the Business Combination, as the context suggests. The Company was founded in 2013 and has since been developing ultra-efficient gallium nitride (GaN) semiconductors. 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 and the Philippines, with principal executive offices in El Segundo, California. Reorganization Navitas Semiconductor USA, Inc. (f/k/a Navitas Semiconductor, Inc., “Navitas U.S.”) was incorporated in the State of Delaware on October 25, 2013. In 2020 Navitas U.S. initiated a restructuring to streamline its worldwide legal entity structure and more efficiently align its business operations (the “Restructuring”). The Restructuring introduced wholly owned subsidiary in China as well as the addition of Legacy Navitas, an entity registered in Ireland and the U.S., as the parent of Navitas U.S. and the other Navitas subsidiaries. In connection with the Restructuring, effective September 1, 2020, Legacy Navitas acquired certain intellectual property and other intangible assets from Navitas U.S. and, after the Restructuring, contracts directly with customers. The transfer of intellectual property and other intangible assets by Navitas U.S. to Legacy Navitas in connection with the Restructuring was among entities within the same consolidated group and, as a result, did not result in any gain or loss to the Company. Legacy Navitas is treated as a corporation for U.S. federal income tax purposes and is a tax resident in both Ireland and the United States. See Note 13. Business combination Pursuant to the terms of the BCA, the Business Combination was consummated (the “Closing”) on October 19, 2021 (the “Closing Date”) by means of (i) a tender offer to acquire the entire issued share capital of Navitas Ireland (other than Navitas Ireland Restricted Shares (as defined below)) in exchange for the Tender Offer Consideration (as defined below) (the “Tender Offer”) and (ii) the merger of a wholly owned subsidiary of Live Oak (“Merger Sub”) with and into Navitas Delaware (the “Merger”), with Navitas Delaware surviving the Merger. See the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2022 for further information. The Business Combination was accounted for as a reverse recapitalization, in accordance with GAAP. Under this method of accounting, although Live Oak issued shares for outstanding equity interests of Legacy Navitas in the Business Combination, Live Oak was treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of Legacy Navitas issuing stock for the net assets of Live Oak, accompanied by a recapitalization. The net assets of Live Oak were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Navitas. For all periods presented, unless stated otherwise, references to Legacy Navitas common shares and options for common shares outstanding before the Closing and related per share amounts have been retroactively restated to give effect to the reverse recapitalization, specifically, the Exchange Ratio of 1.0944 shares to 1 at Closing. References to share quantities for Legacy Navitas convertible preferred stock related to balances or activity before the Closing reflect the historical quantities and are not adjusted for the Exchange Ratio. Acquisition of VDDTech 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 $1,859 in cash and stock. Based in Mont-saint-Guibert, Belgium, VDDTech creates advanced digital-isolators for next-generation power conversion. VDDTech’s net assets and operating results since the acquisition date are included in the Company’s Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2022, and were not material. The Company issued 113 restricted shares that are subject to time based vesting and issued another 151 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 has recorded a preliminary allocation of the purchase price to tangible assets acquired and liabilities assumed based on their fair values as of the acquisition date. The excess of the purchase price over the fair value of tangible assets and liabilities of $1,177 was recorded as goodwill. Upon a final determination of the purchase price and the final valuation of the intangible assets acquired, primarily including developed technology, the Company will allocate the purchase price to tangible and intangible assets acquired and liabilities assumed, and adjust the excess purchase price allocated to goodwill as needed. Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results of operations for the three and six months ended June 30, 2022 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2022. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows and stockholders’ equity (deficit). Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commissions (SEC) rules and regulations relating to interim financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K filed with the SEC on March 31, 2022. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its annual report on Form 10-K filed with the SEC on March 31, 2022. Basis of consolidation The condensed 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.

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment, net consist of the following:


	June 30, 2022		December 31, 2021
Furniture and fixtures	$	209	$	265
Computers and other equipment	5,007		3,116
Leasehold improvements	929		577
	$	6,145	$	3,958
Accumulated depreciation	(1,879)		(1,656)
Total	$	4,266	$	2,302

For the three and six months ended June 30, 2022, depreciation expense was $186 and $352, respectively. For the three and six months ended June 30, 2021, depreciation expense was $86 and $166. The depreciation method 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 — 5 years

SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the stock-based compensation expense recognized for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues	$	—	$	50	$	—	$	163
Research and development	3,037		1,424		10,531		1,630
Selling, general and administrative	7,999		11,255		25,831		12,771
Total stock-based compensation expense	$	11,036	$	12,729	$	36,362	$	14,564

Summary of Stock Option Outstanding

A summary of stock options outstanding, excluding LTIP options as of June 30, 2022, and activity during the three months then ended, is presented below:


Stock Options	Shares (In thousands)	Exercise Price Per Share	Weighted- Average Exercise Price		Remaining Weighted- Average Remaining Contractual Term (In years)	Per Share Average Intrinsic Value
Outstanding at December 31, 2021	11,253	$.08 - $1.06	$	0.51	6.80	$	3.34
Granted	—	—	—		—	—
Exercised	(3,165)	$.08 - $1.06	0.32		—	3.54
Forfeited or expired	(34)	$1.06	0.76		—	3.10
Cancelled	(1)	$1.06	1.06		—	2.80
Outstanding at June 30, 2022	8,053	$.08 - $1.06	$	0.60	6.88	$	3.26
Vested and Exercisable at June 30, 2022	5,945	$.08 - $1.06	$	0.45	6.40	$	3.41

Schedule of Stock Options, Valuation Assumptions

The valuation model utilized the following assumptions:


Risk-free interest rates	1.47		%
Expected volatility rates	58		%
Expected dividend yield	—
Cost of equity (for derived service period)	9.96		%
Weighted-average grant date fair value of options	$	8.13

Summary of Restricted Stock Unit, Outstanding

A summary of RSUs outstanding as of June 30, 2022, and activity during the six months then ended, is presented below:


Restricted Common Stock Awards	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021	4,468	$	9.62
Granted	3,656	10.20
Vested	(807)	9.52
Forfeited	(119)	10.83
Outstanding at June 30, 2022	7,198	$	9.91

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule Of Related Party Transactions


	June 30, 2022		December 31, 2021
Notes receivable	$	—	$	206

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,145		$ 6,145		$ 3,958
Accumulated depreciation	(1,879)		(1,879)		(1,656)
Total	4,266		4,266		2,302
Depreciation	186	$ 86	352	$ 166
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	209		$ 209		265
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, gross	5,007		$ 5,007		3,116
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, gross	$ 929		$ 929		$ 577
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			5 years

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consists of the following:


	June 30, 2022		December 31, 2021
Raw materials	$	867	$	60
Work-in-process	9,358		9,945
Finished goods	3,770		1,973
Total	$	13,995	$	11,978

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated material subsequent events from the consolidated balance sheet date of June 30, 2022, through August 15, 2022, the date the condensed consolidated financial statements were issued. There were no material subsequent events as of August 15, 2022, except as noted below. Acquisition of GeneSiC Semiconductor On August 15, 2022, the Company acquired GeneSiC Semiconductor Inc., a private Delaware corporation (“GeneSiC”), in exchange for consideration consisting of $100,000 in cash and 24,883,161 shares of Navitas common stock. The acquisition was consummated pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Gemini Acquisition LLC, a Delaware limited liability company and a wholly owned direct subsidiary of the Company (“Merger Sub”), GeneSiC, and the stockholders of GeneSiC. Pursuant to the Merger Agreement and immediately after its execution and delivery, GeneSiC merged with and into Merger Sub (the “Merger”), with Merger Sub as the surviving entity and continuing to operate the GeneSiC business after the Merger as a wholly owned subsidiary of the Company. The Merger Agreement also includes possible earn-out payments of up to $25,000, conditioned on revenue targets for the GeneSiC business over the four fiscal quarters ending September 30, 2023. Due to the limited time since the acquisition date, and the size and complexity of the GeneSiC acquisition, the accounting for the business combination is not yet complete.

DEBT OBLIGATIONS - Narrative (Details)			3 Months Ended		6 Months Ended
DEBT OBLIGATIONS - Narrative (Details)	Aug. 01, 2021 USD ($)	Apr. 29, 2020 USD ($) advance	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs			$ 2,000	$ 3,000	$ 6,000	$ 6,000
Term Loan
Debt Instrument [Line Items]
Debt discount			$ 16,000		$ 16,000
Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage			5.50%		5.50%
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Maximum available amount		$ 8,000,000
Number of term advances \| advance		3
Interest rate, stated percentage		5.50%
Interest rate, effective percentage								5.00%
Letter of credit	$ 2,000,000
Secured Debt \| Term Loan \| Prime Rate
Debt Instrument [Line Items]
Variable interest rate		0.75%
Secured Debt \| First term
Debt Instrument [Line Items]
Maximum available amount		$ 6,000,000
Term advance							$ 29,800,000
Secured Debt \| Second term
Debt Instrument [Line Items]
Maximum available amount							1,000,000
Secured Debt \| Third term
Debt Instrument [Line Items]
Term advance							$ 39,900,000

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents classified as Level 1 instruments	$ 131.5	$ 159.6

SHARE BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Dec. 29, 2021 hurdle $ / shares shares	Oct. 19, 2021 shares	Aug. 25, 2021 segment shares	Aug. 05, 2020 shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Aug. 17, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio		1.0944
Requisite service period							4 years
Stock based compensation expense \| $					$ 11,036	$ 12,729	$ 36,362	$ 14,564
Unrecognized compensation cost \| $					6,100		$ 6,100
Options granted (in shares)							0
Accrued bonus liabilities \| $					$ 3,500		$ 3,500		$ 2,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price (in dollars per share) \| $ / shares					$ 3.86		$ 3.86
Shares to be issued based on stock price (in shares)							907,954
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $					$ 120	208	$ 245	347
Unrecognized compensation cost \| $					900		$ 900
Unrecognized compensation expense, period of recognition							1 year 10 months 24 days
LTIP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $					1,400		$ 2,800
Unrecognized compensation cost \| $					50,100		$ 50,100
Unrecognized compensation expense, period of recognition							9 years 6 months
Weighted-average grant date fair value of options \| $ / shares							$ 8.13
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $					$ 31,300		$ 31,300
Unrecognized compensation expense, period of recognition							2 years 10 days
Granted (in shares)			4,135,000				3,656,000
Option to acquire aggregate shares of common stock (in shares)			4,525,344		7,198,000		7,198,000		4,468,000
Right to receive (in shares)			1
Fair value (in dollars per share) \| $ / shares							$ 10.20
Restricted Stock Units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Awards subject to vesting (in shares)			3,830,400
Installments, vesting \| segment			3
Restricted Stock Units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			6 months
Awards subject to vesting (in shares)			547,200
Restricted Stock Units \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards subject to vesting (in shares)			57,456
Restricted Stock Units \| Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Awards subject to vesting (in shares)			90,288
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $					$ 7,400	$ 12,330	$ 23,300	$ 13,772
Earnout shares (potentially issuable common shares)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $							$ 800
Unrecognized compensation expense, period of recognition							4 months 24 days
Aggregated grant date fair value \| $							$ 19,100
Fair value (in dollars per share) \| $ / shares							$ 11.52
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)				18,899,285
2020 Equity Incentive Plan \| Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				48 months
Options expiration period							10 years
Options issued (in shares)		11,276,706
2020 Equity Incentive Plan \| Option \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio					0.25		0.25
2020 Equity Incentive Plan \| Option \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio					0.02		0.02
2020 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)		4,525,344
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)										16,334,527
Shares of common stock subject to awards forfeited, expire or lapse (in shares)										15,802,050
Shares of common stock outstanding, percentage										4.00%
2021 Equity Incentive Plan \| LTIP Options \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	7 years
Options granted (in shares)	6,500,000
Number of price hurdles \| hurdle	10
Exercise price (in dollars per share) \| $ / shares	$ 15.51
Weighted-average grant date fair value of options \| $ / shares	8.13
2021 Equity Incentive Plan \| LTIP Options \| Minimum \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price hurdles (in dollars per share) \| $ / shares	15
2021 Equity Incentive Plan \| LTIP Options \| Maximum \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price hurdles (in dollars per share) \| $ / shares	$ 60

NET INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A summary of the net income (loss) per share calculation is as follows for the three and six months ended June 30:


	Three Months Ended June 30,				Six Months Ended June 30,
Numerator - basic and diluted:	2022		2021		2022		2021
Net income (loss)	$	33,837	$	(18,650)	$	113,629	$	(25,995)

Denominator
Weighted-average common shares - basic common stock	124,030		20,900		121,827		20,324
Weighted-average common shares - diluted common stock	132,132		20,900		130,882		20,324

Net income (loss) per share - basic common stock	$	0.27	$	(0.89)	$	0.93	$	(1.28)
Net income (loss) per share - diluted common stock	$	0.26	$	(0.89)	$	0.87	$	(1.28)

Denominator
Weighted-average common shares - basic common stock	124,030		20,900		121,827		20,324
Stock options and other dilutive awards	8,102		—		9,055		—
Weighted-average common shares - diluted common stock	132,132		20,900		130,882		20,324

Shares excluded from diluted weighted-average shares:1, 2
Redeemable convertible preferred stock shares	—		54,449		—		54,449
Warrants to purchase redeemable convertible preferred stock	—		176		—		176
Warrants to purchase common shares	—		1,107		—		1,107
Earnout shares (potentially issuable common shares)	10,000		—		10,000		—
Unvested restricted stock units and restricted stock awards	6,858		—		6,256		—
Stock options potentially exercisable for common shares	6,500		11,753		6,500		11,753
Shares excluded from diluted weighted average shares	23,358		67,485		22,756		67,485

(1)The Company’s potentially dilutive securities, which include unexercised stock options, unvested shares, preferred shares, earnout shares, and warrants for common and preferred 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 three and six months ended June 30, 2021. For the three and six months ended June 30, 2022, potentially dilutive securities have been excluded as these securities contain performance metric(s) which have not be satisfied as of June 30, 2022. Therefore, the

weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same.

(2) Balances as of June 30, 2022 retroactively restated to give effect to the October 19, 2021 reverse recapitalization.

LEASES - Operating Lease Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Cash paid for operating lease liabilities	$ 527
Operating lease cost	610
Right-of-use assets obtained in exchange for lease obligations	$ 5,892
Weighted-average remaining lease term	2 years 3 months 3 days
Minimum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	4.25%
Maximum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	5.50%

PROVISION FOR INCOME TAXES (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 100,147
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 82,583

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Accumulated deficit	Notes receivable - shareholder's	Accumulated comprehensive income (loss)	Series A redeemable convertible preferred stock	Series B redeemable convertible preferred stock	Series B-1 redeemable convertible preferred stock	Series B-2 redeemable convertible preferred stock
Beginning balance, redeemable convertible preferred stock (in shares) at Dec. 31, 2020							16,620,000	14,213,000	5,416,000	18,199,000
Beginning balance, redeemable convertible preferred stock at Dec. 31, 2020							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Ending balance, redeemable convertible preferred stock (in shares) at Mar. 31, 2021							16,620,000	14,213,000	5,416,000	18,199,000
Ending balance, redeemable convertible preferred stock at Mar. 31, 2021							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Beginning balance, common stock (in shares) at Dec. 31, 2020		16,774,000
Beginning balance, common stock at Dec. 31, 2020	$ (72,424)	$ 2	$ 3,557	$ (75,982)	$ 0	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		5,843,000
Issuance of common stock under employee stock option and stock award plans	223	$ 1	1,405		(1,183)
Stock-based compensation expense related to employee and non-employee stock awards	1,835		1,835
Foreign currency translation adjustment	0
Net income (loss)	(7,345)			(7,345)
Ending balance, common stock (in shares) at Mar. 31, 2021		22,617,000
Ending balance, common stock at Mar. 31, 2021	(77,711)	$ 3	6,797	(83,327)	(1,183)	(1)
Beginning balance, redeemable convertible preferred stock (in shares) at Dec. 31, 2020							16,620,000	14,213,000	5,416,000	18,199,000
Beginning balance, redeemable convertible preferred stock at Dec. 31, 2020							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2021							16,620,000	14,213,000	5,416,000	18,199,000
Ending balance, redeemable convertible preferred stock at Jun. 30, 2021							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Beginning balance, common stock (in shares) at Dec. 31, 2020		16,774,000
Beginning balance, common stock at Dec. 31, 2020	(72,424)	$ 2	3,557	(75,982)	0	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(4)
Net income (loss)	(25,995)
Ending balance, common stock (in shares) at Jun. 30, 2021		17,888,000
Ending balance, common stock at Jun. 30, 2021	(83,683)	$ 3	18,295	(101,977)	0	(4)
Beginning balance, redeemable convertible preferred stock (in shares) at Mar. 31, 2021							16,620,000	14,213,000	5,416,000	18,199,000
Beginning balance, redeemable convertible preferred stock at Mar. 31, 2021							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2021							16,620,000	14,213,000	5,416,000	18,199,000
Ending balance, redeemable convertible preferred stock at Jun. 30, 2021							$ 14,970	$ 27,371	$ 14,786	$ 52,379
Beginning balance, common stock (in shares) at Mar. 31, 2021		22,617,000
Beginning balance, common stock at Mar. 31, 2021	(77,711)	$ 3	6,797	(83,327)	(1,183)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock award plans	12,729		12,729
Rescission of common stock (in shares)		(4,729,000)
Rescission of common stock	(48)		(1,231)		1,183
Foreign currency translation adjustment	(3)					(3)
Net income (loss)	(18,650)			(18,650)
Ending balance, common stock (in shares) at Jun. 30, 2021		17,888,000
Ending balance, common stock at Jun. 30, 2021	$ (83,683)	$ 3	18,295	(101,977)	0	(4)
Beginning balance, redeemable convertible preferred stock (in shares) at Dec. 31, 2021							0	0	0	0
Beginning balance, redeemable convertible preferred stock at Dec. 31, 2021							$ 0	$ 0	$ 0	$ 0
Ending balance, redeemable convertible preferred stock (in shares) at Mar. 31, 2022							0	0	0	0
Ending balance, redeemable convertible preferred stock at Mar. 31, 2022							$ 0	$ 0	$ 0	$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2021	117,750,608	117,751,000
Beginning balance, common stock at Dec. 31, 2021	$ 65,536	$ 15	294,190	(228,667)	0	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		2,459,000
Issuance of common stock under employee stock option and stock award plans	1,305		1,305
Repurchase of common stock (in shares)		(67,000)
Repurchase of common stock	(550)		(550)
Exercise of warrants (in shares)		3,318,000
Exercise of warrants	29,641		29,641
Stock-based compensation expense related to employee and non-employee stock awards	24,072		24,072
Foreign currency translation adjustment	(60)					(60)
Net income (loss)	79,792			79,792
Ending balance, common stock (in shares) at Mar. 31, 2022		123,461,000
Ending balance, common stock at Mar. 31, 2022	$ 199,736	$ 15	348,658	(148,875)	0	(62)
Beginning balance, redeemable convertible preferred stock (in shares) at Dec. 31, 2021							0	0	0	0
Beginning balance, redeemable convertible preferred stock at Dec. 31, 2021							$ 0	$ 0	$ 0	$ 0
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2022							0	0	0	0
Ending balance, redeemable convertible preferred stock at Jun. 30, 2022							$ 0	$ 0	$ 0	$ 0
Beginning balance, common stock (in shares) at Dec. 31, 2021	117,750,608	117,751,000
Beginning balance, common stock at Dec. 31, 2021	$ 65,536	$ 15	294,190	(228,667)	0	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(60)
Net income (loss)	$ 113,629
Ending balance, common stock (in shares) at Jun. 30, 2022	125,473,437	125,473,000
Ending balance, common stock at Jun. 30, 2022	$ 246,879	$ 16	361,963	(115,038)	0	(62)
Beginning balance, redeemable convertible preferred stock (in shares) at Mar. 31, 2022							0	0	0	0
Beginning balance, redeemable convertible preferred stock at Mar. 31, 2022							$ 0	$ 0	$ 0	$ 0
Ending balance, redeemable convertible preferred stock (in shares) at Jun. 30, 2022							0	0	0	0
Ending balance, redeemable convertible preferred stock at Jun. 30, 2022							$ 0	$ 0	$ 0	$ 0
Beginning balance, common stock (in shares) at Mar. 31, 2022		123,461,000
Beginning balance, common stock at Mar. 31, 2022	199,736	$ 15	348,658	(148,875)	0	(62)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		1,862,000
Issuance of common stock under employee stock option and stock award plans	2,515	$ 1	2,514
Shares issued for business acquisition (in shares)		150,000
Shares issued for business acquisition	1,068		1,068
Stock-based compensation expense related to employee and non-employee stock awards	9,723		9,723
Foreign currency translation adjustment	0
Net income (loss)	$ 33,837			33,837
Ending balance, common stock (in shares) at Jun. 30, 2022	125,473,437	125,473,000
Ending balance, common stock at Jun. 30, 2022	$ 246,879	$ 16	$ 361,963	$ (115,038)	$ 0	$ (62)

SHARE BASED COMPENSATION - Summary of restricted stock (Details) - Restricted Common Stock Awards - $ / shares		6 Months Ended
	Aug. 25, 2021	Jun. 30, 2022
Shares (In thousands)
Outstanding balance at the beginning (in shares)		4,468,000
Granted (in shares)	4,135,000	3,656,000
Vested (in shares)		(807,000)
Forfeited (in shares)		(119,000)
Outstanding balance at the end (in shares)	4,525,344	7,198,000
Weighted Average Grant Date Fair Value Per Share
Weighted average grant date fair value, outstanding balance at the beginning ( in dollars per share)		$ 9.62
Weighted average grant date fair value, granted (in dollars per share)		10.20
Weighted average grant date fair value, vested (in dollars per share)		9.52
Weighted average grant date fair value, forfeited (in dollars per share)		10.83
Weighted average grant date fair value, outstanding balance at the end ( in dollars per share)		$ 9.91

COMMITMENTS and CONTINGENCIES	6 Months Ended
COMMITMENTS and CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES Purchase Obligations At June 30, 2022, the Company had no non-cancelable purchase obligations that were due beyond one year. Employment agreements The Company has entered into agreements with certain employees to provide severance payments to the employees for termination for reasons other than cause, death or disability. Aggregate payments that would be required to be made in the event of termination under the agreements are approximately $1,443. At June 30, 2022, no terminations have occurred or are expected to occur pursuant to these arrangements and, accordingly, no termination benefits have been accrued. Indemnifications 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 June 30, 2022. 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. Legal proceedings and contingencies From time to time in the ordinary course of business, the Company may become involved in lawsuits, or end customers and distributors 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 condensed consolidated financial statements.

NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NET INCOME (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. 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. Restricted stock awards are eligible to receive all dividends declared on the Company’s common shares during the vesting period; however, such dividends are not paid until the restrictions lapse. The Company has no plans to declare dividends.

A summary of the net income (loss) per share calculation is as follows for the three and six months ended June 30:


	Three Months Ended June 30,				Six Months Ended June 30,
Numerator - basic and diluted:	2022		2021		2022		2021
Net income (loss)	$	33,837	$	(18,650)	$	113,629	$	(25,995)

Denominator
Weighted-average common shares - basic common stock	124,030		20,900		121,827		20,324
Weighted-average common shares - diluted common stock	132,132		20,900		130,882		20,324

Net income (loss) per share - basic common stock	$	0.27	$	(0.89)	$	0.93	$	(1.28)
Net income (loss) per share - diluted common stock	$	0.26	$	(0.89)	$	0.87	$	(1.28)

Denominator
Weighted-average common shares - basic common stock	124,030		20,900		121,827		20,324
Stock options and other dilutive awards	8,102		—		9,055		—
Weighted-average common shares - diluted common stock	132,132		20,900		130,882		20,324

Shares excluded from diluted weighted-average shares:1, 2
Redeemable convertible preferred stock shares	—		54,449		—		54,449
Warrants to purchase redeemable convertible preferred stock	—		176		—		176
Warrants to purchase common shares	—		1,107		—		1,107
Earnout shares (potentially issuable common shares)	10,000		—		10,000		—
Unvested restricted stock units and restricted stock awards	6,858		—		6,256		—
Stock options potentially exercisable for common shares	6,500		11,753		6,500		11,753
Shares excluded from diluted weighted average shares	23,358		67,485		22,756		67,485

weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same.

(2) Balances as of June 30, 2022 retroactively restated to give effect to the October 19, 2021 reverse recapitalization.

SHARE BASED COMPENSATION - Schedule of valuation assumption (Details) - LTIP Options	6 Months Ended
	Jun. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	1.47%
Expected volatility rates	58.00%
Expected dividend yield	0.00%
Cost of equity (for derived service period)	9.96%
Weighted-average grant date fair value of options	$ 8.13

SHARE BASED COMPENSATION - Summary of stock option outstanding (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares (In thousands)
Balance at the beginning (in shares)	11,253
Options granted (in shares)	0
Options exercised (in shares)	(3,165)
Options forfeited or expired (in shares)	(34)
Options cancelled (in shares)	(1)
Balance at the end (in shares)	8,053	11,253
Vested and exercisable at the end ( in shares)	5,945
Exercise Price Per Share
Granted (in dollars per share)	$ 0
Forfeited or expired (in dollars per share)	1.06
Cancelled (in dollars per share)	1.06
Weighted- Average Exercise Price
Weighted average exercise price, balance at the beginning (in dollars per share)	0.51
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	0.32
Weighted average exercise price, forfeited or expired (in dollars per share)	0.76
Weighted average exercise price, cancelled (in dollars per share)	1.06
Weighted average exercise price, balance at the end (in dollars per share)	0.60	$ 0.51
Weighted average exercise price, vested and exercisable at the end (in dollars per share)	$ 0.45
Remaining Weighted- Average Remaining Contractual Term (In years)
Weighted average remaining contractual term (in years)	6 years 10 months 17 days	6 years 9 months 18 days
Weighted average remaining contractual term, vested and exercisable options (in years)	6 years 4 months 24 days
Per Share Average Intrinsic Value
Per share intrinsic value, outstanding balance at the beginning (in dollars per share)	$ 3.34
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.54
Forfeited or expired (in dollars per share)	3.10
Cancelled (in dollars per share)	2.80
Weighted-average issuance price , outstanding balance at the end (in dollars per share)	3.26	$ 3.34
Vested and exercisable (in dollars per share)	3.41
Minimum
Exercise Price Per Share
Outstanding, beginning balance (in dollars per share)	0.08
Exercised (in dollars per share)	0.08
Outstanding, ending balance (in dollars per share)	0.08	0.08
Vested and exercisable (in dollars per share)	0.08
Maximum
Exercise Price Per Share
Outstanding, beginning balance (in dollars per share)	1.06
Exercised (in dollars per share)	1.06
Outstanding, ending balance (in dollars per share)	1.06	$ 1.06
Vested and exercisable (in dollars per share)	$ 1.06

EARNOUT LIABILITY - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 19, 2021 USD ($) day $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Class of Warrant or Right [Line Items]
EARNOUT LIABILITY \| $	$ 96,069	$ 15,913		$ 15,913		$ 134,173
Gain from change in fair value of earnout liabilities \| $		$ 54,854	$ 0	$ 118,260	$ 0
Earnout shares (potentially issuable common shares)
Class of Warrant or Right [Line Items]
Earnout, additional shares (in shares) \| shares	3,333,333
Earnout shares (potentially issuable common shares) \| Common Class A
Class of Warrant or Right [Line Items]
Earnout, additional shares (in shares) \| shares	10,000,000
Trading days \| day	20
Consecutive trading days \| day	30
Earnout shares (potentially issuable common shares) \| Common Class A \| Triggering Event 1
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share)	$ 12.50
Earnout shares (potentially issuable common shares) \| Common Class A \| Triggering Event 2
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share)	17.00
Earnout shares (potentially issuable common shares) \| Common Class A \| Triggering Event 3
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share)	$ 20.00

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 113,629	$ (25,995)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	352	166
Amortization of intangibles	171	167
Amortization of deferred rent	0	(22)
Non-cash lease expense	480	0
Other	1,155	(1)
Stock-based compensation expense	36,362	14,564
Amortization of debt discount and issuance costs	6	6
Gain from change in fair value of warrants	(51,763)	0
Gain from change in fair value of earnout liability	(118,260)	0
Change in operating assets and liabilities:
Accounts receivable	(1,144)	(349)
Inventory	(2,017)	(4,520)
Prepaid expenses and other current assets	926	(2,230)
Other assets	418	(121)
Accounts payable, accrued compensation and other liabilities	1,883	4,562
Operating lease liability	(581)	0
Net cash used in operating activities	(18,383)	(13,773)
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisition, net of cash acquired	(645)	0
Asset acquisition	0	(680)
Investment in joint venture	(5,204)	(150)
Purchases of property and equipment	(2,305)	(641)
Receipts on notes receivable	97	2
Net cash used in investing activities	(8,057)	(1,469)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of warrants	(38)	0
Repurchase of common stock	(550)	0
Proceeds from issuance of common stock in connection stock option exercises	880	222
Proceeds from issuance of long-term debt	0	0
Principal payments on long-term debt	(1,600)	0
Net cash provided by financing activities	(1,308)	222
Effect of exchange rate changes on cash	0	(1)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(27,748)	(15,021)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	268,252	38,869
CASH AND CASH EQUIVALENTS AT END OF PERIOD	240,504	23,848
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	188	0
Cash paid for interest	132	60
Shares issued for business acquisition	1,068	0
Capital expenditures in accounts payable	$ 873	$ 254

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2022

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 were $131.5 million and $159.6 million as of June 30, 2022 and December 31, 2021, respectively.

The following table presents the Company’s fair value hierarchy for financial liabilities as of June 30, 2022 :


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	15,913	$	15,913

Total	$	—	$	—	$	15,913	$	15,913

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2021:


	Level 1		Level 2		Level 3		Total
Liabilities:
Public warrants	$	52,361	$	—	$	—	$	52,361
Private warrants	—		29,027		—		29,027
Earnout liability	—		—		134,173		134,173

Total	$	52,361	$	29,027	$	134,173	$	215,561

The liability for the Private Warrants is a level 2 valuation because there is no active market.

- 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 + Details

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	June 30, 2022		December 31, 2021
Furniture and fixtures	$	209	$	265
Computers and other equipment	5,007		3,116
Leasehold improvements	929		577
	$	6,145	$	3,958
Accumulated depreciation	(1,879)		(1,656)
Total	$	4,266	$	2,302


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

EARNOUT LIABILITY - Valuation Model and Assumptions (Details) - Earnout shares (potentially issuable common shares)	Jun. 30, 2022	Dec. 31, 2021
Risk-free interest rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.0300	0.0123
Equity volatility rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.6500	0.5500

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

6 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

Customer Concentration

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 for the respective three and six months ended June 30, 2022 and 2021, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2022		2021		2022		2021
Distributor A	16	%	*		*		*
Distributor B	22	%	*		12	%	*
Distributor C	21	%	23	%	29	%	19	%
Distributor D	16	%	32	%	23	%	21	%
Distributor E	*		42	%	*		38	%
Distributor F	*		*		*		20	%

*Total customer net revenues was less than 10% of total net revenues.

Revenues by Geographic Area

The Company considers the domicile of its end customers, rather than the distributors it sells to directly, to be the basis for attributing revenues from external customers to individual countries. Revenues for the three and six months ended June 30, 2022 and 2021, were attributable to end customers in the following countries:


	Three Months Ended June 30,				Six Months Ended June 30,
Country	2022		2021		2022		2021
Europe*	38	%	—		21	%	—
China	32		78		44		75
United States	18		13		25		16
Rest of Asia	12		9		10		9
Total	100	%	100	%	100	%	100	%

*Impractical to disclose the revenue percentages by individual countries within Europe and therefore Europe is presented in total.

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.


Customer	June 30, 2022		December 31, 2021
Distributor A	*		44	%
Distributor B	*		14	%
Distributor C	*		14	%
Distributor D	13	%	*
Distributor E	30	%	*

*Total customer accounts receivable was less than 10% of net account receivables.

Concentration of Supplier Risk

The Company currently relies on a single foundry to produce wafers for GaN ICs. Loss of the relationship with this supplier 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 third-party foundries that supply 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.

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]

Schedule Of Concentration Risk

The following customers represented 10% or more of the Company’s net revenues for the respective three and six months ended June 30, 2022 and 2021, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2022		2021		2022		2021
Distributor A	16	%	*		*		*
Distributor B	22	%	*		12	%	*
Distributor C	21	%	23	%	29	%	19	%
Distributor D	16	%	32	%	23	%	21	%
Distributor E	*		42	%	*		38	%
Distributor F	*		*		*		20	%

*Total customer net revenues was less than 10% of total net revenues.


	Three Months Ended June 30,				Six Months Ended June 30,
Country	2022		2021		2022		2021
Europe*	38	%	—		21	%	—
China	32		78		44		75
United States	18		13		25		16
Rest of Asia	12		9		10		9
Total	100	%	100	%	100	%	100	%

*Impractical to disclose the revenue percentages by individual countries within Europe and therefore Europe is presented in total.

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


Customer	June 30, 2022		December 31, 2021
Distributor A	*		44	%
Distributor B	*		14	%
Distributor C	*		14	%
Distributor D	13	%	*
Distributor E	30	%	*

*Total customer accounts receivable was less than 10% of net account receivables.

LEASES - Operating Lease Non-Cancelable Lease Term (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 966
2023	585
2024	170
Total minimum payments	$ 1,721

EARNOUT LIABILITY (Tables)

6 Months Ended

Jun. 30, 2022

Warrants and Rights Note Disclosure [Abstract]

Fair Value Of The Warrants

The valuation model utilized the following assumptions:


	June 30, 2022		December 31, 2021
Risk-free interest rate	3.00	%	1.23	%
Equity volatility rate	65.00	%	55.00	%

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Rent expense, including short-term lease cost	$ 364	$ 285	$ 716	$ 552
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term	2 months 12 days		2 months 12 days
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term	6 years 4 months 24 days		6 years 4 months 24 days

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
NET REVENUES	$ 8,611	$ 5,450	$ 15,351	$ 10,767
COST OF REVENUES	5,026	2,971	8,803	5,930
GROSS PROFIT	3,585	2,479	6,548	4,837
OPERATING EXPENSES:
Research and development	9,606	6,267	23,019	10,521
Selling, general and administrative	13,993	14,794	38,537	20,163
Total operating expenses	23,599	21,061	61,556	30,684
LOSS FROM OPERATIONS	(20,014)	(18,582)	(55,008)	(25,847)
OTHER INCOME (EXPENSE), net:
Interest income (expense), net	52	(63)	28	(124)
Gain from change in fair value of warrants	0	0	51,763	0
Gain from change in fair value of earnout liabilities	54,854	0	118,260	0
Other expense	(785)	0	(1,141)	0
Total other income (expense), net	54,121	(63)	168,910	(124)
INCOME (LOSS) BEFORE INCOME TAXES	34,107	(18,645)	113,902	(25,971)
PROVISION FOR INCOME TAXES	270	5	273	24
NET INCOME (LOSS)	$ 33,837	$ (18,650)	$ 113,629	$ (25,995)
NET INCOME (LOSS) PER COMMON SHARE:
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.27	$ (0.89)	$ 0.93	$ (1.28)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.26	$ (0.89)	$ 0.87	$ (1.28)
WEIGHTED AVERAGE COMMON SHARES USED IN NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS:
Basic common shares (in shares)	124,030	20,900	121,827	20,324
Diluted common shares (in shares)	132,132	20,900	130,882	20,324

DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following is a summary of the carrying value of long-term debt as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Note payable	$	5,333	$	6,933
Less: Current portion	(3,200)		(3,200)
Less: Debt discount and issuance costs	(11)		(17)
Note payable, net of current portion	$	2,122	$	3,716

Schedule of Maturities of Long-term Debt

As of June 30, 2022, future scheduled principal payments of debt obligations were as follows:


Fiscal Year
2022 (remaining)	$	1,600
2023	3,200
2024	533
Thereafter	—
Total	$	5,333

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value For Financial Assets And Liabilities

The following table presents the Company’s fair value hierarchy for financial liabilities as of June 30, 2022 :


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	15,913	$	15,913

Total	$	—	$	—	$	15,913	$	15,913

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2021:


	Level 1		Level 2		Level 3		Total
Liabilities:
Public warrants	$	52,361	$	—	$	—	$	52,361
Private warrants	—		29,027		—		29,027
Earnout liability	—		—		134,173		134,173

Total	$	52,361	$	29,027	$	134,173	$	215,561

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2022

RELATED PARTY TRANSACTIONS

Notes Receivable

The Company has outstanding interest-bearing notes receivable from an employee. The notes have various maturity dates through May 1, 2023 and bear interest at rates ranging from 1% to 2.76%. As of June 30, 2022, Note 1 was forgiven for a loss of $109 and Note 2 was paid off in the amount of $88. The Company recognized $0.3 and $0.9 of interest income from the notes for the three and six months ended June 30, 2022, respectively. The Company recognized $0.8 and $1.7 of interest income from the notes for the three and six months ended June 30, 2021.


	June 30, 2022		December 31, 2021
Notes receivable	$	—	$	206

Joint Venture

In 2021, Navitas entered into a partnership with a manufacturer of power management ICs to develop products and technology relating to ac-dc converters. Structured as a joint venture, Navitas’ initial contribution 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). The Company accounts for the investment in the joint venture as an equity-method investment. Total related party revenues recognized by the Company as a result of arrangements with its joint venture were $45 and $658 for the three and six months ended June 30, 2022, respectively, and are included in Net Revenues in the Condensed Consolidated Statements of Operations. As of June 30, 2022, the investment balance of $4.7 million was included in other assets on the consolidated balance sheet.

For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value. For the six months ended June 30, 2022, the Company did not record any impairment charges.

Related Party License Revenue

As of June 30, 2022, Navitas entered into a Patent License Agreement with an entity under common control with the Company’s partner in the joint venture described above. In consideration of the license rights granted, the Company recorded license fee revenue of $850 during the three months ended June 30, 2022. Such amounts are included in Net Revenues in the Condensed Consolidated Statement of Operations.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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)	125,473,437	117,750,608
Common stock, shares outstanding (in shares)	125,473,437	117,750,608

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Oct. 19, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value	$ 0	$ 81,388
Earnouts, fair value	15,913	134,173	$ 96,069
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	15,913	215,561
Fair Value, Recurring \| Public warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		52,361
Fair Value, Recurring \| Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		29,027
Fair Value, Recurring \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnouts, fair value	15,913	134,173
Fair Value, Recurring \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	52,361
Fair Value, Recurring \| Level 1 \| Public warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		52,361
Fair Value, Recurring \| Level 1 \| Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		0
Fair Value, Recurring \| Level 1 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnouts, fair value	0	0
Fair Value, Recurring \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	29,027
Fair Value, Recurring \| Level 2 \| Public warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		0
Fair Value, Recurring \| Level 2 \| Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		29,027
Fair Value, Recurring \| Level 2 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnouts, fair value	0	0
Fair Value, Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	15,913	134,173
Fair Value, Recurring \| Level 3 \| Public warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		0
Fair Value, Recurring \| Level 3 \| Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, fair value		0
Fair Value, Recurring \| Level 3 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnouts, fair value	$ 15,913	$ 134,173

WARRANT LIABILITY	6 Months Ended
WARRANT LIABILITY	Jun. 30, 2022
Warrants and Rights Note Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITYIn connection with the closing of the Business Combination, holders of Live Oak Class A ordinary shares automatically received Class A Common Stock of the Company, and holders of Live Oak warrants automatically received 13,100,000 warrants of the Company with substantially identical terms (“the Warrants”). At the Closing, 8,433,333 Live Oak public warrants automatically converted into 8,433,333 warrants to purchase one share of the Company’s Class A Common Stock at $11.50 per share (the “Public Warrants”), and 4,666,667 Private Placement Warrants held by the Sponsor and certain permitted transferees, each exercisable for one Class A ordinary share of Live Oak at $11.50 per share, automatically converted into warrants to purchase one share of the Company’s Class A Common Stock at $11.50 per share with substantially identical terms as the Public Warrants. On February 4, 2022, the Company gave notice that it would redeem all of the Warrants, as further described below. The Warrants were exercisable only during the period commencing December 7, 2021 (12 months after the consummation of Live Oak’s initial public offering) and ending on the earlier of October 19, 2026 (five years after the Closing of the Business Combination) or, in the event of redemption, the corresponding redemption date. The Company had the right to redeem not less than all of the outstanding Public Warrants on 30 days’ notice, at a redemption price of $0.01 per Warrant, if the reported closing price of the Common Stock was at least $18.00 per share for any 20 of 30 trading days ending three business days before the notice of redemption, subject to certain other conditions. The Company also had the right to redeem not less than all of the outstanding Public Warrants on 30 days’ notice, at a redemption price of $0.10 per Warrant, if the reported closing price of the Common Stock was at least $10.00 per share for any 20 of 30 trading days ending three business days before the notice of redemption, subject to certain other conditions. If the Company elected to exercise the latter right to redeem the Public Warrants for $0.10 per Warrant, and the reported closing price of the Common Stock was less than $18.00 per share for any 20 of 30 trading days ending three business days before the notice of redemption, the Company was required to concurrently redeem the Private Placement Warrants on the same terms. In addition, in such event, holders of Warrants subject to redemption would have the right to exercise their Warrants on a “cashless” basis, whereby they would receive a fractional number of shares of Common Stock per Warrant exercised before the redemption date, based on the volume weighted average price of the Common Stock for the 10 trading days following notice of redemption (the “Redemption Fair Market Value”) and the time period between the redemption date and the original expiration of the Warrants in the absence of redemption. On February 4, 2022, the Company issued a notice of redemption that it would redeem, at 5:00 p.m. New York City time on March 7, 2022 (the “Redemption Date”), all of the Company’s outstanding Public Warrants and Private Placement Warrants to purchase shares of the Company’s Class A Common Stock that were governed by the Warrant Agreement, dated as of December 2, 2020 (the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), at a redemption price of $0.10 per Warrant (the “Redemption Price”). On February 22, 2022, the Company issued a notice that the “Redemption Fair Market Value,” determined in accordance with the Warrant Agreement based on the volume weighted average price of the Common Stock for the 10 trading days immediately following the date on which notice of redemption was sent, was $10.33 and, accordingly, that holders exercising Warrants on a “cashless” basis before the Redemption Date would receive 0.261 shares of Common Stock per Warrant exercised. The Warrants were exercisable by their holders until immediately before 5:00 p.m. New York City time on the Redemption Date, either (i) on a cash basis, at an exercise price of $11.50 per share of Common Stock, or (ii) on a “cashless” basis in which the exercising holder would receive 0.261 shares of Common Stock per Warrant exercised. Between December 7, 2021 (the date the Warrants became exercisable) and the Redemption Date, an aggregate of 12,722,773 Warrants were exercised (including 17,785 on a cash basis and 12,704,988 on a “cashless” basis); an aggregate of 3,333,650 shares of Common Stock were issued upon exercise of the Warrants (including 17,785 shares in respect of cash exercises and 3,315,865 shares in respect of “cashless” exercises). A total of 377,187 Warrants remained outstanding and unexercised at the Redemption Date and were redeemed for an aggregate Redemption Price of $38. Prior to the redemption date, the warrants had an aggregate fair value of $81,388 which resulted in a gain of $0 and $51,763 due to the decrease in the fair value of the warrant liability in the three and six months ended June 30, 2022. There were no outstanding warrants as of June 30, 2022.

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
License fee revenue	$ 8,611	$ 5,450	$ 15,351	$ 10,767
Affiliated Entity \| Note Receivable With An Employee
Related Party Transaction [Line Items]
Loss on extinguishment of debt			109
Related parties, proceeds			88
Interest income	300	800	$ 900	1,700
Affiliated Entity \| Note Receivable With An Employee \| Minimum
Related Party Transaction [Line Items]
Interest rate			1.00%
Affiliated Entity \| Note Receivable With An Employee \| Maximum
Related Party Transaction [Line Items]
Interest rate			2.76%
Affiliated Entity \| Patent License Agreement \| License
Related Party Transaction [Line Items]
License fee revenue	850
Corporate Joint Venture \| Joint Venture Investment
Related Party Transaction [Line Items]
Related party revenues recognized	45	$ 658	$ 45	$ 658
Corporate Joint Venture \| Joint Venture Investment \| Other Assets
Related Party Transaction [Line Items]
Investment balance	$ 4,700		$ 4,700

DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

DEBT OBLIGATIONSOn April 29, 2020, the Company entered into a loan and security agreement with a new bank (the “Term Loan”), which provides for term advances up to $8,000. The loan is divided into three term advances, First Term Advance, Second Term Advance and Third Term Advance. The First Term Advance has a maximum available amount of $6,000. The Second Term Advance has a maximum available amount of $1,000 and is subject to the Company receiving aggregate net proceeds from Series B-2 Preferred Stock of $29,800 by no later than September 30, 2020. The Third Term Advance has a maximum available amount of $1,000 and is subject to the Company receiving aggregate net proceeds from Series B-2 Preferred Stock of $39,900 by no later than September 30, 2020. The Term Loan bears interest at a rate equal to the greater of (i) US Prime Rate plus 0.75% or (ii) 5.5% and is collateralized by all assets of the Company. As of June 30, 2022, the interest rate was 5.5%. The loan is payable in monthly installments beginning September 1, 2021 with a final maturity date of January 1, 2024. Concurrent with the execution of the Term Loan, the Company paid off the outstanding principal balance and accrued interest on its then-existing long-term debt (which bore interest at 5% at December 31, 2019) with a different bank, fully satisfying its obligations. On August 1, 2021, the Company drew down $2,000, the maximum available amount under the Second Term Advance and Third Term Advance.

In connection with execution of the Term Loan, the Company issued warrants to the bank (see Note 9). The fair value of the warrants at the date of issuance was $16 and was recorded as debt discount, subject to amortization using the effective interest rate method over the term of the loan.

Amortization of debt discount and issuance costs for the three and six months ended June 30, 2022 was $2 and $6, respectively. Amortization of debt discount and issuance costs for the three and six months ended June 30, 2021 was $3 and $6, respectively. Amortization of debt discount and issuance costs includes the write-off of unamortized costs as of the date that the prior term loan was extinguished in 2020.

The following is a summary of the carrying value of long-term debt as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Note payable	$	5,333	$	6,933
Less: Current portion	(3,200)		(3,200)
Less: Debt discount and issuance costs	(11)		(17)
Note payable, net of current portion	$	2,122	$	3,716

As of June 30, 2022, future scheduled principal payments of debt obligations were as follows:


Fiscal Year
2022 (remaining)	$	1,600
2023	3,200
2024	533
Thereafter	—
Total	$	5,333

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2022	Aug. 10, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2101 E. El Segundo Blvd., Suite 205
Entity Address, Postal Zip Code	90245
Entity Address, City or Town	El Segundo,
Entity Address, State or Province	CA
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001821769
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		125,700,886
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

SHARE BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 11,036	$ 12,729	$ 36,362	$ 14,564
Net revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	0	50	0	163
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	3,037	1,424	10,531	1,630
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 7,999	$ 11,255	$ 25,831	$ 12,771

WARRANT LIABILITY (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 04, 2022 $ / shares shares	Oct. 19, 2021 day $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Feb. 22, 2022 day $ / shares	Feb. 03, 2022 USD ($)	Dec. 02, 2020 $ / shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			0		0
Initial fair value \| $								$ 81,388
Gain from change in fair value of warrants \| $			$ 0	$ 0	$ 51,763	$ 0
The Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	377,187	13,100,000
Warrants exercised (in shares)	12,722,773
Warrant exercisable after IPO, period		12 months
Warrant exercise period		5 years
Warrants exercised, cash basis (in shares)	17,785
Warrants exercised, cashless basis (in shares)	12,704,988
Redemption, minimum price (in dollars per share) \| $ / shares	$ 38
The Warrants \| Common Class A
Class of Warrant or Right [Line Items]
Warrants, exercisable price (in dollars per share) \| $ / shares	$ 11.50						$ 10.33		$ 0.10
Warrants exercised (in shares)	3,333,650
Volume weighted average price trading days \| day		10					10
Redemption conversion ratio							0.261
Warrants exercised, cash basis (in shares)	17,785
Warrants exercised, cashless basis (in shares)	3,315,865
Public Warrants \| Redemption Option One
Class of Warrant or Right [Line Items]
Written notice of redemption, period		3 days
Public Warrants \| Redemption Option Two
Class of Warrant or Right [Line Items]
Written notice of redemption, period		3 days
Public Warrants \| Redemption Option Three
Class of Warrant or Right [Line Items]
Written notice of redemption, period		3 days
Public Warrants \| LOKB
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		8,433,333
Public Warrants \| Common Class A
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		8,433,333
Number of shares exercisable under warrants (in shares)		1
Public Warrants \| Common Class A \| Redemption Option One
Class of Warrant or Right [Line Items]
Warrants, exercisable price (in dollars per share) \| $ / shares		$ 0.01
Written notice of redemption, period		30 days
Redemption, threshold trading days \| day		20
Redemption, threshold consecutive trading days \| day		30
Public Warrants \| Common Class A \| Redemption Option One \| Minimum
Class of Warrant or Right [Line Items]
Reported closing price of Common Stock (in dollar per share) \| $ / shares		$ 18.00
Public Warrants \| Common Class A \| Redemption Option Two
Class of Warrant or Right [Line Items]
Warrants, exercisable price (in dollars per share) \| $ / shares		$ 0.10
Written notice of redemption, period		30 days
Redemption, threshold trading days \| day		20
Redemption, threshold consecutive trading days \| day		30
Public Warrants \| Common Class A \| Redemption Option Two \| Minimum
Class of Warrant or Right [Line Items]
Reported closing price of Common Stock (in dollar per share) \| $ / shares		$ 10.00
Public Warrants \| Common Class A \| Redemption Option Three
Class of Warrant or Right [Line Items]
Warrants, exercisable price (in dollars per share) \| $ / shares		$ 0.10
Redemption, threshold trading days \| day		20
Redemption, threshold consecutive trading days \| day		30
Public Warrants \| Common Class A \| Redemption Option Three \| Minimum
Class of Warrant or Right [Line Items]
Reported closing price of Common Stock (in dollar per share) \| $ / shares		$ 18.00
Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)		4,666,667
Private Placement Warrants \| Common Class A
Class of Warrant or Right [Line Items]
Number of shares exercisable under warrants (in shares)		1
Warrants, exercisable price (in dollars per share) \| $ / shares		$ 11.50
Private Placement Warrants \| Class A Ordinary Shares
Class of Warrant or Right [Line Items]
Number of shares exercisable under warrants (in shares)		1
Warrants, exercisable price (in dollars per share) \| $ / shares		$ 11.50

DEBT OBLIGATIONS - Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Note payable	$ 5,333	$ 6,933
Less: Current portion	(3,200)	(3,200)
Less: Debt discount and issuance costs	(11)	(17)
Note payable, net of current portion	$ 2,122	$ 3,716

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	Jun. 10, 2022 USD ($) shares	Aug. 25, 2021	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 19, 2021
Business Acquisition [Line Items]
Exchange ratio					1.0944
Goodwill			$ 1,177	$ 0
Restricted Common Stock Awards \| Share-based Payment Arrangement, Tranche One
Business Acquisition [Line Items]
Award vesting period		3 years
Restricted Common Stock Awards \| Share-based Payment Arrangement, Tranche Two
Business Acquisition [Line Items]
Award vesting period		6 months
VDD Tech
Business Acquisition [Line Items]
Total purchase price	$ 1,859
Goodwill	$ 1,177
VDD Tech \| Restricted Common Stock Awards \| Share-based Payment Arrangement, Tranche One
Business Acquisition [Line Items]
Shares issued (in shares) \| shares	113
Award vesting period	4 years
VDD Tech \| Restricted Common Stock Awards \| Share-based Payment Arrangement, Tranche Two
Business Acquisition [Line Items]
Shares issued (in shares) \| shares	151
Award vesting period	3 years

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 33,837	$ (18,650)	$ 113,629	$ (25,995)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax	0	(3)	(60)	(4)
Total other comprehensive loss	0	(3)	(60)	(4)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 33,837	$ (18,653)	$ 113,569	$ (25,999)

- 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

NET INCOME (LOSS) PER SHARE - Summary Of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator - basic and diluted:
Net income (loss)	$ 33,837	$ 79,792	$ (18,650)	$ (7,345)	$ 113,629	$ (25,995)
Denominator
Weighted-average common shares - basic common stock (in shares)	124,030		20,900		121,827	20,324
Weighted-average common shares - diluted common stock (in shares)	132,132		20,900		130,882	20,324
Net income (loss) per share - basic common stock (in dollars per share)	$ 0.27		$ (0.89)		$ 0.93	$ (1.28)
Net income (loss) per share - diluted common stock (in dollars per share)	$ 0.26		$ (0.89)		$ 0.87	$ (1.28)
Stock options and other dilutive awards (in shares)	8,102		0		9,055	0
Weighted-average common shares - diluted common stock (in shares)	132,132		20,900		130,882	20,324
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	23,358		67,485		22,756	67,485
Redeemable convertible preferred stock shares
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	0		54,449		0	54,449
Warrants to purchase redeemable convertible preferred stock
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	0		176		0	176
Warrants to purchase common shares
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	0		1,107		0	1,107
Earnout shares (potentially issuable common shares)
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	10,000		0		10,000	0
Unvested restricted stock units and restricted stock awards
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	6,858		0		6,256	0
Stock options potentially exercisable for common shares
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Antidilutive securities (in shares)	6,500		11,753		6,500	11,753

COMMITMENTS and CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Severance payments, aggregate amount to be paid	$ 1,443

INVENTORY

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORY

Inventory consists of the following:


	June 30, 2022		December 31, 2021
Raw materials	$	867	$	60
Work-in-process	9,358		9,945
Finished goods	3,770		1,973
Total	$	13,995	$	11,978

LEASES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

LEASES:

The Company has entered into operating leases primarily for commercial buildings. These leases have terms which range from 0.2 to 6.4 years. There are no economic penalties for the Company to extend the lease, and it is not reasonably certain the Company will exercise the extension options. The operating leases do not contain material residual value guarantees or material restrictive covenants.

Rent expense, including short-term lease cost, was $364 and $716 for the three and six months ended June 30, 2022, respectively. Rent expense, including short-term lease cost, was $285 and $552 for the three and six months ended June 30, 2021, respectively.

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


	Six Months Ended June 30, 2022
Cash paid for operating lease liabilities	$	527
Operating lease cost	610
Right-of-use assets obtained in exchange for lease obligations	5,892
Weighted-average remaining lease term	2.26
Weight-average discount rate	4.25% - 5.5%


Maturities of lease liabilities due in 12-month period ending June 30,
2023	$	1,502
2024	1,491
2025	1,146
2026	1,149
2027	1,183
Thereafter	1,724
	$	8,195
Less imputed interest	1,206
Total lease liabilities	$	6,989

Supplemental information for comparative periods

As of December 31, 2021 prior to the adoption of ASC 842, minimum payments under operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows:


	Operating Leases
2022	$	966
2023	585
2024	170
Total minimum payments	$	1,721

SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION:

Equity Incentive Plans

The 2020 Equity Incentive Plan, initially adopted by the Company’s board of directors on August 5, 2020 as an amendment and restatement of the 2013 Equity Incentive Plan (“2013 Plan”), was amended and restated at the Closing of the Business Combination as the Amended and Restated Navitas Semiconductor Limited 2020 Equity Incentive Plan (the “2020 Plan”). The 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 has 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.

Stock-Based Compensation

At the Closing of the Business Combination on October 19, 2021, Legacy Navitas’ outstanding vested and unvested share-based compensation awards (as such terms are defined below) were converted into equity, RSUs or options in the Company at a ratio of 1.0944 to 1 share (the “Exchange Ratio”). Share and per share information below has been converted from historical disclosures based on the Exchange Ratio.

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. 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 three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues	$	—	$	50	$	—	$	163
Research and development	3,037		1,424		10,531		1,630
Selling, general and administrative	7,999		11,255		25,831		12,771
Total stock-based compensation expense	$	11,036	$	12,729	$	36,362	$	14,564

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. The Company did not grant any awards during the six months ended June 30, 2022.

A summary of stock options outstanding, excluding LTIP options as of June 30, 2022, and activity during the three months then ended, is presented below:


Stock Options	Shares (In thousands)	Exercise Price Per Share	Weighted- Average Exercise Price		Remaining Weighted- Average Remaining Contractual Term (In years)	Per Share Average Intrinsic Value
Outstanding at December 31, 2021	11,253	$.08 - $1.06	$	0.51	6.80	$	3.34
Granted	—	—	—		—	—
Exercised	(3,165)	$.08 - $1.06	0.32		—	3.54
Forfeited or expired	(34)	$1.06	0.76		—	3.10
Cancelled	(1)	$1.06	1.06		—	2.80
Outstanding at June 30, 2022	8,053	$.08 - $1.06	$	0.60	6.88	$	3.26
Vested and Exercisable at June 30, 2022	5,945	$.08 - $1.06	$	0.45	6.40	$	3.41

During the three and six months ended June 30, 2022, the Company recognized $120 and $245 respectively, of stock-based compensation expense for the vesting of outstanding stock options, excluding $1.4 million related to the LTIP Options described below. During the three and six months ended June 30, 2021, the Company recognized $208 and $347, respectively, of stock-based compensation expense for the vesting of outstanding stock options. At June 30, 2022, unrecognized compensation cost related to unvested awards totaled $0.9 million. The weighted-average period over which this remaining compensation cost will be recognized is 1.9 years.

Long-term Incentive Plan Stock Options

The Company awarded a total of 6,500,000 performance stock options (“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 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 $8.13. The weighted average contractual period remaining is 9.5 years. The Black-Scholes model and a Monte Carlo simulation incorporating 100,000 scenarios. The valuation model utilized the following assumptions:


Risk-free interest rates	1.47		%
Expected volatility rates	58		%
Expected dividend yield	—
Cost of equity (for derived service period)	9.96		%
Weighted-average grant date fair value of options	$	8.13

The Company recognized $1.4 million and $2.8 million of stock-based compensation expense for the three month and six months ended June 30, 2022, respectively. The unrecognized compensations expense related to the LTIP Options is $50.1 million.

Restricted Stock Units

On August 25, 2021, Legacy Navitas granted an aggregate of 4,135,000 Legacy Navitas RSUs under the 2020 Plan to certain members of senior management pursuant to restricted stock unit agreements (collectively, the “RSU Agreements”). At the Closing of the Business Combination, these Legacy Navitas RSUs were assumed by the Company and converted at the Exchange Ratio into RSUs to acquire an aggregate of 4,525,344 shares of common stock. Each RSU represents the right to receive one share of common stock of the Company, subject to the vesting and other terms and conditions set forth in the RSU Agreements and the 2020 Plan. 3,830,400 of these RSU awards are subject to vesting in

three equal installments over a three-year period, subject to the occurrence of an IPO (which includes the Business Combination) and certain valuation targets, and subject to accelerated vesting based on the satisfaction of certain stock price targets. 547,200 of these RSUs were subject to vesting on the six-month anniversary of the grant date, subject to the occurrence of an IPO (which included the Business Combination) and certain valuation targets. 57,456 of these RSUs were subject to vesting upon the occurrence of an IPO (which included the Business Combination), while the remaining 90,288 RSUs are subject to vesting as specified by an RSU Agreement over a period of approximately three years. As of October 19, 2021, the IPO performance condition had been met as a result of the completion of the Business Combination.

A summary of RSUs outstanding as of June 30, 2022, and activity during the six months then ended, is presented below:


Restricted Common Stock Awards	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021	4,468	$	9.62
Granted	3,656	10.20
Vested	(807)	9.52
Forfeited	(119)	10.83
Outstanding at June 30, 2022	7,198	$	9.91

During the three and six months ended June 30, 2022, the Company recognized $7.4 million and $23.3 million of stock-based compensation expense for the vesting of RSAs and RSUs. During the three and six months ended June 30, 2021, the Company recognized $12,330 and $13,772 of stock-based compensation expense for the vesting of RSAs and RSUs. As of June 30, 2022, unrecognized compensation cost related to unvested RSU awards totaled $31.3 million. The weighted-average period over which this remaining compensation cost is expected be recognized is 2.03 years.

The Company accrued $3.5 million and $2.0 million as of June 30, 2022 and December 31, 2021, respectively, related to a stock-based bonus plan that the Company plans to settle by issuing a variable number of fully-vested restricted stock units to employees. Based on the closing share price of the Company’s Class A Common Stock of $3.86 on June 30, 2022, approximately 907,954 shares would have been issued, however, the actual number of shares will be based on the share price at the date of settlement.

Unvested Earnout Shares

A portion of the earnout shares may be issued to individuals with unvested equity awards. While the payout of these shares requires achievement of the volume weighted average price of the Company's common stock, 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 six months ended June 30, 2022, the Company recognized $0.8 million of stock-based compensation expense for the vesting of earnout shares. At June 30, 2022, unrecognized compensation cost related to unvested earnout shares totaled $6.1 million. The weighted-average period over which this remaining compensation cost is expected be recognized is 0.4 years. Refer to Note 10.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 240,504	$ 268,252
Accounts receivable, net	9,407	8,263
Inventory	13,995	11,978
Prepaid expenses and other current assets	2,342	2,877
Total current assets	266,248	291,370
PROPERTY AND EQUIPMENT, net	4,266	2,302
OPERATING LEASE RIGHT OF USE ASSETS	7,039	0
INTANGIBLE ASSETS, net	421	170
GOODWILL	1,177	0
OTHER ASSETS	7,166	1,759
Total assets	286,317	295,601
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	6,300	4,860
Accrued compensation expenses	4,910	2,639
Current operating lease liabilities	1,165	0
Current portion of long-term debt	3,200	3,200
Other liabilities	4	29
Total current liabilities	15,579	10,728
LONG-TERM DEBT	2,122	3,716
OPERATING LEASE LIABILITIES NONCURRENT	5,824	0
WARRANT LIABILITY	0	81,388
EARNOUT LIABILITY	15,913	134,173
OTHER LIABILITIES	0	60
Total liabilities	39,438	230,065
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value, 740,000,000 shares authorized as of June 30, 2022 and December 31, 2021, and 125,473,437 and 117,750,608 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	16	15
Additional paid-in capital	361,963	294,190
Accumulated other comprehensive loss	(62)	(2)
Accumulated deficit	(115,038)	(228,667)
Total stockholders’ equity	246,879	65,536
Total liabilities and stockholders’ equity	$ 286,317	$ 295,601

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 867	$ 60
Work-in-process	9,358	9,945
Finished goods	3,770	1,973
Total	$ 13,995	$ 11,978

SUBSEQUENT EVENTS (Details) - Subsequent Event - GeneSic $ in Thousands	Aug. 15, 2022 USD ($) shares
Subsequent Event [Line Items]
Purchase price, cash	$ 100
Business acquisition, number of shares \| shares	24,883,161
Revenue Targets
Subsequent Event [Line Items]
Possible earn-out payments	$ 25

RELATED PARTY TRANSACTIONS - Notes Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Affiliated Entity \| Note Receivable With An Employee
Related Party Transaction [Line Items]
Notes receivable	$ 0	$ 206

PROVISION FOR INCOME TAXES	6 Months Ended
PROVISION FOR INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES: Income Taxes The Company determined the income tax provision for interim periods using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimated annual effective tax rate, and if the estimated annual effective tax rate changes, a cumulative adjustment is recorded in that quarter. The Company’s quarterly income tax provision and quarterly estimate of the annual effective tax rate are subject to volatility due to several factors, including our ability to accurately predict the proportion of our income (loss) before provision for income taxes in multiple jurisdictions, the tax effects of our stock-based compensation, and the effects of its foreign entity At December 31, 2021, the Company has approximately $100,147 of federal net operating loss (“NOL”) carryforwards and approximately $82,583 of State NOL carryforwards expiring in varying amounts through 2037, with the exception of Federal NOLs arising from the years ended after December 31, 2017 that 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 is also potentially subject to usage limitations due to changes in the Company’s ownership. As of June 30, 2022, the Company continues to maintain a valuation allowance as the Company believes that it is not more likely than not that the deferred tax assets will be fully realized. The Company had no unrecognized tax benefits for the three and six months ended June 30,2022 and 2021. The Company recognizes interest and penalties related to unrecognized tax benefits in operating expenses. No such interest and penalties were recognized during the three and six months ended June 30, 2022 and 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Operating lease, right-of-use asset	$ 7,039		$ 0
Operating lease liability	$ 6,989
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-02
Class of Warrant or Right [Line Items]
Operating lease, right-of-use asset		$ 1,634
Operating lease liability		$ 1,685