0001821769-23-000133 | 10-Q | XBRL Viewer | Navitas Semiconductor Corp

GOODWILL AND INTANGIBLES (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the changes in the Company’s goodwill balance (in thousands):


	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment	1,688
Balance at June 30, 2023	$	163,215

Schedule of Finite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class as of June 30, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(394)	$	506	Straight line	2 years
Developed Technology	53,500		(11,016)		42,484		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	33,900		(1,977)		31,923		Straight line	5-15 years
Customer Relationships	24,300		(2,126)		22,174		Straight line	10 years
Non-Competition Agreements	1,900		(332)		1,568		Straight line	5 years
Other	2,019		(1,004)		1,015		Straight line	5 years
Total	$	117,696	$	(16,849)	$	100,847

The following table presents the changes in the Company’s intangible asset balance (in thousands):


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,499
Amortization expense	(9,272)
Balance at June 30, 2023	$	100,847

Schedule of Indefinite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class as of June 30, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(394)	$	506	Straight line	2 years
Developed Technology	53,500		(11,016)		42,484		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	33,900		(1,977)		31,923		Straight line	5-15 years
Customer Relationships	24,300		(2,126)		22,174		Straight line	10 years
Non-Competition Agreements	1,900		(332)		1,568		Straight line	5 years
Other	2,019		(1,004)		1,015		Straight line	5 years
Total	$	117,696	$	(16,849)	$	100,847

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DEBT OBLIGATIONS	6 Months Ended
DEBT OBLIGATIONS	Jun. 30, 2023
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 provided for term advances up to $8.0 million. As of June 30, 2023, this loan had been paid in full.In connection with execution of the Term Loan, the Company issued warrants to the bank (see Note 10, Warrant Liability). The fair value of the warrants at the date of issuance was not material and was recorded as debt discount, subject to amortization using the effective interest rate method over the term of the loan. All warrants were no longer outstanding by December 31, 2022, and amortization of debt discount and issuance costs was not significant any of the three or six months ended June 30, 2023 or 2022.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

BUSINESS COMBINATIONS - Pro Forma Information (Details) - GeneSiC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 13,720	$ 25,196
Net income	$ 36,615	$ 116,356
Basic net income per share (in dollars per share)	$ 0.24	$ 0.79
Diluted net income per share (in dollars per share)	$ 0.24	$ 0.75

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (120,893)	$ 113,629
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	981	352
Amortization expense	9,272	171
Non-cash lease expense	512	480
Other	0	1,155
Stock-based compensation expense	29,731	36,362
Amortization of debt discount and issuance costs	85	6
Gain from change in fair value of warrants	0	(51,763)
(Gain) loss from change in fair value of earnout liability	59,976	(118,260)
Deferred income taxes	5	0
Change in operating assets and liabilities:
Accounts receivable	(6,026)	(1,144)
Inventory	166	(2,017)
Prepaid expenses and other current assets	(668)	926
Other assets	(1,644)	418
Accounts payable, accrued compensation and other expenses	11,832	1,883
Operating lease liability	(527)	(581)
Net cash used in operating activities	(17,198)	(18,383)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment purchases	(1,000)	(645)
Investment in Joint Venture	0	(5,204)
Purchases of property and equipment	(1,704)	(2,305)
Receipts on notes receivable	0	97
Net cash used in investing activities	(2,704)	(8,057)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of warrants	0	(38)
Repurchase of common stock	0	(550)
Proceeds from issuance of common stock in connection stock option exercises	854	880
Proceeds from issuance of common stock in May 2023 public offering	86,941	0
Payment of May 2023 public offering costs	(482)	0
Principal payments on long-term debt	0	(1,600)
Net cash provided by (used in) financing activities	87,313	(1,308)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	67,411	(27,748)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	110,337	268,252
CASH AND CASH EQUIVALENTS AT END OF PERIOD	177,748	240,504
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	0	188
Cash paid for interest	10	132
Shares issued in connection with buyout agreement (see Note 18)	22,400	0
Shares issued for business acquisition	0	1,068
Capital expenditures in accounts payable	$ 180	$ 873

SHARE BASED COMPENSATION - Restricted Stock (Details) - Unvested restricted stock units and restricted stock awards - $ / shares		6 Months Ended
	Aug. 25, 2021	Jun. 30, 2023
Shares (In thousands)
Outstanding balance at the beginning (in shares)		11,606,000
Granted (in shares)	4,525,344	5,517,000
Vested (in shares)		(2,171,000)
Forfeited (in shares)		(8,000)
Outstanding balance at the end (in shares)		14,944,000
Weighted-Average Grant Date Fair Value Per Share
Outstanding balance at the beginning ( in dollars per share)		$ 5.93
Granted (in dollars per share)		6.18
Vested (in dollars per share)		7.32
Forfeited (in dollars per share)		7.22
Outstanding balance at the end ( in dollars per share)		$ 6.29

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Oct. 19, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	$ 73,040	$ 13,064	$ 96,100
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	73,040	13,064
Fair Value, Recurring \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	73,040	13,064
Fair Value, Recurring \| Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	0
Fair Value, Recurring \| Level 1 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	0	0
Fair Value, Recurring \| Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	0
Fair Value, Recurring \| Level 2 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	0	0
Fair Value, Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	73,040	13,064
Fair Value, Recurring \| Level 3 \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability	$ 73,040	$ 13,064

BUSINESS COMBINATIONS - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 15, 2022	Jun. 30, 2023
Business Acquisition [Line Items]
Fair Value		$ 4,499
GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 110,100
Trade Names
Business Acquisition [Line Items]
Useful Life (in years)		2 years
Trade Names \| GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 900
Useful Life (in years)	2 years
Developed Technology \| GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 49,100
Useful Life (in years)	4 years
Patents \| GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 33,900
Useful Life (in years)	15 years
Customer Relationships
Business Acquisition [Line Items]
Useful Life (in years)		10 years
Customer Relationships \| GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 24,300
Useful Life (in years)	10 years
Non-Competition Agreements
Business Acquisition [Line Items]
Useful Life (in years)		5 years
Non-Competition Agreements \| GeneSiC
Business Acquisition [Line Items]
Fair Value	$ 1,900
Useful Life (in years)	5 years

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
China \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	50.00%	32.00%	53.00%	44.00%
Europe \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	31.00%	38.00%	30.00%	21.00%
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	18.00%	10.00%	25.00%
Rest of Asia \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	12.00%	7.00%	10.00%
Distributor A \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	28.00%	16.00%	23.00%	23.00%
Distributor A \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			26.00%
Distributor B \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Distributor B \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			20.00%		25.00%
Distributor C \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
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			15.00%
Distributor D \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage					19.00%
Distributor E \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		22.00%	10.00%	12.00%
Distributor F \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		21.00%		29.00%
Distributor G \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		16.00%

LEASES (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lease Cost

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


	Six Months Ended June 30,
	2023		2022
Cash paid for operating lease liabilities	$	933	$	527
Operating lease cost	$	930	$	610
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$	560	$	5,892
Weighted-average remaining lease term	4.83 years		2.26 years
Weight-average discount rate	4.25% - 8.25%		4.25% - 5.50%

Schedule of Lessee, Operating Lease, Liability, Maturity


Maturities of lease liabilities are as follows (in thousands):
Remainder of fiscal year 2023	$	936
Fiscal year 2024	1,532
Fiscal year 2025	1,239
Fiscal year 2026	1,183
Fiscal year 2027	1,218
Thereafter	1,118
	7,226
Less imputed interest	904
Total lease liabilities	$	6,322

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following tables summarize the purchase consideration and the purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed (in thousands) at acquisition date:


Merger Consideration	Fair Value
Cash consideration at closing	$	97,116
Equity consideration at closing	146,314
Contingent earn-out	600
Total	$	244,030
Estimate of purchase price allocation
Cash and cash equivalents	$	951
Accounts receivable	823
Inventory	1,539
Fixed assets	226
Other assets	5
Intangible assets	110,100
Goodwill	157,699
Total assets acquired	$	271,343
Liabilities assumed:
Interest bearing debt	16
Other current liabilities	2,749
Deferred tax liabilities	24,548
Total liabilities acquired	27,313
Estimated fair value of net assets acquired	$	244,030

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The fair values of the identifiable intangible assets acquired at the date of Acquisition are as follows (in thousands):

Intangible Asset

Fair Value

Amortization Method

Useful Life

Trade Names

900

Straight line

2 years

Developed Technology

49,100

Straight line

4 years

Patents

33,900

Straight line

15 years

Customer Relationships

24,300

Straight line

10 years

Non-Competition Agreements

1,900

Straight line

5 years

Total Intangibles

110,100

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presented in the table below is provided for illustrative purposes only and is based on the historical financial statements of the Company and presents the Company’s results as if the business combination had occurred as of January 1, 2022 (in thousands):


UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Revenue	$	13,720	$	25,196
Net income	$	36,615	$	116,356
Basic net income per share	$	0.24	$	0.79
Diluted net income per share	$	0.24	$	0.75

SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION:

Equity Incentive Plans

The Navitas Semiconductor Limited 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 had issued an aggregate of 11,276,706 stock options and non-statutory options to its employees and consultants and 4,525,344 RSUs 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 on October 12, 2021. Under the terms of the 2021 Plan, the Company is authorized to issue, pursuant to awards granted under the 2021 Plan, (a) up to 16,334,527 shares of Common Stock; plus (b) up to 15,802,050 shares of Common Stock subject to awards under the 2020 Plan that are forfeited, expire or lapse after October 19, 2021; plus (c) an annual increase, effective as of the first day of each fiscal year up to and including January 1, 2031, equal to the lesser of (i) 4% of the number of shares of Common Stock outstanding as of the conclusion of the Company’s immediately preceding fiscal year, or (ii) such amount, if any, as the board of directors may determine. As of June 30, 2023 the Company has issued 9,750,000 non-statutory stock options under the 2021 Plan.

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, except for long-term incentive performance stock options (“LTIP Options”) discussed below. The Company uses estimates of volatility, expected term, risk-free interest rate and dividend yield in determining the fair value of these awards and the amount of compensation expense to recognize. The Company uses the straight-line method to amortize stock awards granted over the requisite service period of the award, which may be explicit or derived, unless market or performance conditions result in a graded attribution.

The following table summarizes the stock-based compensation expense recognized for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	6,947	$	3,037	$	14,124	$	10,531
Selling, general and administrative	5,624		7,999		15,607		25,831
Total stock-based compensation expense	$	12,571	$	11,036	$	29,731	$	36,362

Stock Options

Generally, stock options granted under the Plans have terms of ten years and vest in 1/4th increments on the anniversary of the vesting commencement date and in 1/48th increments 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 stock option awards during the three or six months ended June 30, 2023 or 2022.

A summary of stock options outstanding, excluding LTIP Options as of June 30, 2023, and activity during the three months then ended, is presented below:


Stock Options	Shares (In thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)
Outstanding at December 31, 2022	6,775	$	0.59	6.20
Granted	—	—		—
Exercised	(1,250)	0.70		—
Forfeited or expired	(136)	1.06		—
Cancelled	—	—		—
Outstanding at June 30, 2023	5,389	$	0.57	5.81
Vested and Exercisable at June 30, 2023	5,389	$	0.57	5.81

During both the three and six months ended June 30, 2023, the Company recognized $0.1 million and $0.2 million of stock-based compensation expense for the vesting of outstanding stock options, excluding $1.9 million and $4.3 million related to the LTIP Options described below. During the three and six months ended June 30, 2022, the Company recognized $0.1 million and $0.2 million of stock-based compensation expense for the vesting of outstanding stock options, excluding $1.4 million related to LTIP options described below. At June 30, 2023, unrecognized compensation cost related to unvested awards totaled $0.4 million. The weighted-average period over which this remaining compensation cost will be recognized is 5.8 years.

Long-term Incentive Plan Stock Options

The Company awarded a total of 6,500,000 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 incentive 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 based on the Black-Scholes model and a Monte Carlo simulation incorporating 500,000 scenarios. The weighted average contractual

period remaining is 8.8 years. The Company utilized the services of a professional valuation firm to finalize these assumptions during the fiscal year ended December 31, 2022. 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

In connection with LTIP Options granted in 2021, the Company recognized $1.6 million and $3.7 million of stock-based compensation expense for the three and six months ended June 30, 2023, respectively. The Company recognized $1.4 million and $2.8 million related to these LTIP Options during the three and six months ended June 30, 2022, respectively. The unrecognized compensation expense related to these LTIP Options is $50.1 million as of June 30, 2023, and compensation expense will be recognized over 2.9 years.

The Company awarded a total of 3,250,000 LTIP Options to a member of senior management on August 15, 2022 pursuant to the 2021 Plan. The options vest in increments subject to achieving certain market and performance conditions, including ten share price hurdles ranging from $15 to $60 per share, coupled with revenue and EBITDA targets, measured over a seven year performance period and expire on the tenth anniversary of the grant date. The options have an exercise price of $10.00 per share and the average fair value on the grant date was $2.51. The weighted average contractual period remaining is 9.1 years. The Black-Scholes model and a Monte Carlo simulation incorporated 100,000 scenarios. The valuation model utilized the following assumptions:


Risk-free interest rates	2.82		%
Expected volatility rates	63		%
Expected dividend yield	—
Cost of equity (for derived service period)	14.64		%
Weighted-average grant date fair value of options	$	2.51

In connection with LTIP Options granted in 2022, the Company recognized 0.3 million and $0.6 million of stock-based compensation expense for the three and six months ended June 30, 2023, respectively. The unrecognized compensation expense related to the LTIP Options is $8.5 million as of June 30, 2023, and compensation expense will be recognized over 3.5 years.

Restricted Stock Units

On August 25, 2021, the Company granted an aggregate of 4,525,344 Legacy Navitas RSUs under the 2020 Plan to certain members of senior management pursuant to restricted stock unit agreements (collectively, the “RSU Agreements”). 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 Plan. 3,830,400 of these RSU awards vest 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, subject to an accelerated vesting schedule based on the satisfaction of certain stock price targets. Up to 500,000 of these RSUs were eligible to vest 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 RSUs vested upon the occurrence of the Business Combination, while the remaining 90,288 RSUs vest 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 due to the Business Combination.

Additionally, the Company regularly grants RSUs to employees as a component of their compensation. A summary of RSUs outstanding as of June 30, 2023, and activity during the six months then ended, is presented below:


	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	11,606	$	5.93
Granted	5,517	6.18
Vested	(2,171)	7.32
Forfeited	(8)	7.22
Outstanding at June 30, 2023	14,944	$	6.29

During the three and six months ended June 30, 2023, the Company recognized $8.1 million and $15.4 million of stock-based compensation expense for the vesting of RSUs, respectively. 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 RSUs, respectively. As of June 30, 2023, unrecognized compensation cost related to unvested RSU awards totaled $83.2 million. The weighted-average period over which this remaining compensation cost is expected be recognized is 2.6 years.

The Company implemented a yearly stock-based bonus plan in 2021 which settles by issuing a variable number of fully-vested restricted stock units to employees in the first quarter of the following fiscal year. The $4.1 million accrued as of June 30, 2023 reflects eligible employees included the Company’s 2023 annual bonus plan and amounts expected to be settled during the first quarter of 2024. The $2.8 million accrued as of December 31, 2022 was for the Company’s 2022 annual bonus plan and a balance of $0.1 million is accrued as of June 30, 2023.

Other Share Awards

In connection with the acquisition of the remaining minority interest of a silicon control IC joint venture, as described in Note 18, the Company issued 841,729 fully vested shares to certain former employees of the joint venture with a grant date fair value totaling $4.5 million. Such amount has been recognized as stock-based compensation expense during the six months ended June 30, 2023.

On June 10, 2022, the Company’s wholly owned subsidiary, Navitas Semiconductor Limited, acquired all of the stock of VDDTECH srl, a private Belgian company (“VDDTech”) for approximately $1.9 million in cash and stock. Among shares issued in the transaction, the Company issued approximately 113,000 restricted shares that are subject to time based vesting and issued approximately 151,000 restricted shares that are subject to time and performance based vesting over the next four and three years, respectively. These restricted shares are subject to certain individuals maintaining employment with the Company and, therefore, are accounted for under ASC 718. The Company recognized $0.1 million and $0.6 million of stock-based compensation expense related to the vesting of these shares during the three and six months ended June 30, 2023, respectively.

Unvested Earnout Shares

A portion of the earnout shares related to the Business Combination (discussed in Note 11 below) may be issued to individuals with unvested equity awards. While the payout of these shares requires achievement of share price targets based on 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, 2023 the Company recognized $0.3 million of stock-based compensation expense for the vesting of earnout shares. As of the beginning of the second quarter of fiscal year 2023, these earnout shares had fully vested. 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, 2023, there was no remaining compensation cost related to unvested earnout shares. Refer to Note 11, Earnout Liability.

EARNOUT LIABILITY - Narrative (Details)		3 Months Ended		6 Months Ended
EARNOUT LIABILITY - Narrative (Details)	Oct. 19, 2021 USD ($) day $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Aug. 15, 2022 USD ($)
Class of Warrant or Right [Line Items]
Earnout liability	$ 96,100,000	$ 73,040,000		$ 73,040,000		$ 13,064,000
(Gain) loss from change in fair value of earnout liability		32,224,000	$ (54,854,000)	59,976,000	$ (118,260,000)
Estimate of Fair Value Measurement
Class of Warrant or Right [Line Items]
Earnout liability		73,000,000		73,000,000		$ 12,500,000
(Gain) loss from change in fair value of earnout liability		32,600,000		60,000,000
GeneSiC
Class of Warrant or Right [Line Items]
Earnout liability		0		0
Possible earn-out payments		$ 25,000,000		$ 25,000,000			$ 25,000,000
GeneSiC \| Estimate of Fair Value Measurement
Class of Warrant or Right [Line Items]
Possible earn-out payments							$ 600,000
Risk-free interest rate \| GeneSiC
Class of Warrant or Right [Line Items]
Business combination, liability, measurement input		0.031		0.031
Measurement Input, Option Volatility \| GeneSiC
Class of Warrant or Right [Line Items]
Business combination, liability, measurement input		0.999		0.999
Earnout liability
Class of Warrant or Right [Line Items]
Earnout, additional shares (in shares) \| shares	3,333,333
Earnout liability \| 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 liability \| Common Class A \| Triggering Event 1
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	$ 12.50
Earnout liability \| Common Class A \| Triggering Event 2
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	17.00
Earnout liability \| Common Class A \| Triggering Event 3
Class of Warrant or Right [Line Items]
Stock price trigger (in dollars per share) \| $ / shares	$ 20.00

COMMITMENTS and CONTINGENCIES	6 Months Ended
COMMITMENTS and CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES Purchase Obligations At June 30, 2023, the Company had no non-cancelable contractual arrangements that were due beyond one year besides lease obligations. Employment agreements The Company has entered into agreements with certain employees to provide severance payments to the employees in the event of the termination of their employment 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 $2.1 million. At June 30, 2023, no terminations have occurred or are expected to occur pursuant to these arrangements and, accordingly, no termination benefits have been accrued. Indemnification The Company sells products to its distributors under contracts, collectively referred to as Distributor Sales Agreements (“DSAs”). 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, 2023. 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, distributors, suppliers or other third parties may make claims against the Company. The Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not currently subject to any pending actions or regulatory proceedings that either individually or in the aggregate are expected to have a material impact on its condensed consolidated financial statements.

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

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


	June 30, 2023		December 31, 2022
Furniture and fixtures	$	230	$	215
Computers and other equipment	8,833		7,251
Leasehold improvements	2,211		2,054
Construction in Progress	88		—
	11,362		9,520
Accumulated depreciation	(4,107)		(2,988)
Total	$	7,255	$	6,532

For the three and six months ended June 30, 2023, depreciation expense was $0.5 million and $1.0 million, respectively. For the three and six months ended June 30, 2022, depreciation expense was $0.2 million and $0.4 million, respectively, and was determined using the straight-line method over the following estimated useful lives:


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

LEASES - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Cash paid for operating lease liabilities	$ 933	$ 527
Operating lease cost	930	610
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$ 560	$ 5,892
Weighted-average remaining lease term	4 years 9 months 29 days	2 years 3 months 3 days
Minimum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	4.25%	4.25%
Maximum
Lessee, Lease, Description [Line Items]
Weight-average discount rate	8.25%	5.50%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 19, 2023	Jan. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
IC Joint Venture
Related Party Transaction [Line Items]
Purchase price of minority interest	$ 22,400	$ 22,400
Affiliated Entity \| Note Receivable With An Employee
Related Party Transaction [Line Items]
Loss on extinguishment of debt									$ 100
Related parties, proceeds									$ 100
Affiliated Entity \| Note Receivable With An Employee \| Minimum
Related Party Transaction [Line Items]
Interest rate (as percent)							1.00%
Affiliated Entity \| Note Receivable With An Employee \| Maximum
Related Party Transaction [Line Items]
Interest rate (as percent)							2.76%
Affiliated Entity \| Joint Venture Investment
Related Party Transaction [Line Items]
Investment in preferred interest				$ 1,000	$ 1,500
Payment to joint venture partner					$ 1,000		$ 27
Rent obligation			$ 32				32
Corporate Joint Venture \| Joint Venture Investment
Related Party Transaction [Line Items]
Related party revenues recognized			$ 0			$ 0	$ 0	$ 700

GOODWILL AND INTANGIBLES - Schedule Of Intangible Asset (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 105,620
Additions to intangible assets	4,499
Amortization expense	(9,272)	$ (171)
Ending balance	$ 100,847

INVENTORY

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory consists of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw materials	$	4,699	$	4,314
Work-in-process	9,834		9,166
Finished goods	4,362		5,581
Total	$	18,895	$	19,061

SHARE BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,571	$ 11,036	$ 29,731	$ 36,362
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6,947	3,037	14,124	10,531
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,624	$ 7,999	$ 15,607	$ 25,831

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	June 30, 2023		December 31, 2022
Furniture and fixtures	$	230	$	215
Computers and other equipment	8,833		7,251
Leasehold improvements	2,211		2,054
Construction in Progress	88		—
	11,362		9,520
Accumulated depreciation	(4,107)		(2,988)
Total	$	7,255	$	6,532


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

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator - basic and diluted:
Net income (loss)	$ (58,527)	$ 33,837	$ (120,375)	$ 113,629
Denominator
Weighted-average common shares - basic common stock (in shares)	165,606	124,030	161,086	121,827
Weighted-average common shares - diluted common stock (in shares)	165,606	132,132	161,086	130,882
Net income (loss) per share - basic common stock (in dollars per share)	$ (0.35)	$ 0.27	$ (0.75)	$ 0.93
Net income (loss) per share - diluted common stock (in dollars per share)	$ (0.35)	$ 0.26	$ (0.75)	$ 0.87
Stock options and other dilutive awards (in shares)	0	8,102	0	9,055
Weighted-average common shares - diluted common stock (in shares)	165,606	132,132	161,086	130,882
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	20,126	23,358	20,126	22,756
Earnout shares (potentially issuable common shares)
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	10,000	10,000	10,000	10,000
Unvested restricted stock units and restricted stock awards
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	376	6,858	376	6,256
Stock options potentially exercisable for common shares
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	9,750	6,500	9,750	6,500

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2023
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 (“Navitas”). 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 and its consolidated subsidiaries after the Business Combination, as the context suggests. The Company designs, develops and markets next-generation power semiconductors including gallium nitride (“GaN”) power integrated circuits (“ICs”), silicon carbide (“SiC”) and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. Power supplies incorporating the Company’s products may be used in a wide variety of electronics products including fast chargers for mobile phones and laptops, consumer electronics, data centers, solar inverters and electric vehicles, among numerous other applications. The Company’s products provide superior efficiency, performance, size, cost and sustainability relative to existing silicon technology. The Company presently operates as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers. Navitas maintains its operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, Thailand and the Philippines, with principal executive offices in Torrance, 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 subsidiaries in Hong Kong and 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 14, Provision for Income Taxes, for more information. May 2023 Public Offering On May 26, 2023, the Company completed an underwritten public offering (the “May 2023 Public Offering”) of 10,000.000 shares of its Class A Common Stock at a public offering price of $8.00 per share, before deducting underwriting discounts and commissions. In connection with the May 2023 Public Offering, the Company granted the underwriters of the offering a 30-day option to purchase up to an additional 1,500,000 shares of the Company’s Class A Common Stock (the “Option Shares”) from the Company at the same public offering price. On June 1, 2023, the underwriters exercised in full their option to purchase the Option Shares. The sale of the Option Shares closed on June 5, 2023. After deducting underwriting discounts and commissions and before deducting offering expenses payable by the Company, the Company received net proceeds of $75.6 million and $11.3 million from the May 2023 Public Offering and sale of the Option Shares, respectively. The total net proceeds received by the Company after deducting offering expenses was $86.5 million. The Company intends to use the net proceeds for working capital and other general corporate purposes, including potential acquisitions or strategic manufacturing investments. Acquisitions In June 2022, the Company acquired VDDTECH srl, a Belgian private company, for approximately $1.9 million in cash and stock, and in August 2022 the Company acquired GeneSiC for approximately $246.2 million in cash and stock. See Note 17, Business Combinations, for more information. In January 2023, the Company announced an agreement to acquire the remaining minority interest in its silicon control IC joint venture from Halo Microelectronics International Corporation for a purchase price of $22.4 million in Navitas stock. The transaction was completed in February 2023. See Note 18, Noncontrolling Interest, for more information. Basis of Consolidation 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, 2023 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2023. 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 GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“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 for the fiscal year ended December 31, 2022, filed with the SEC on April 3, 2023. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Form 10-K filed with the SEC on April 3, 2023. The Company reports noncontrolling interests of the consolidated entities as a component of equity separate from the Company’s equity. All material intercompany transactions between and among the Company and its consolidated subsidiaries have been eliminated in consolidation. The Company’s net income (loss) excluded income (loss) attributable to the noncontrolling interests. The consolidated financial statements include the accounts of Elevation Semiconductor Inc. (the “Joint Venture”), an entity in which the Company had a controlling interest since August 19, 2022 (see Note 18, Noncontrolling Interest). During the first quarter of fiscal year 2023 the Company acquired the remaining noncontrolling interest in the Joint Venture. The transaction was completed on February 13, 2023. As Navitas already had a controlling interest, financial results from the Joint Venture have already been reflected in Navitas’ historical financial statements. 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates the assumptions used in making estimates, including those related to (i) the collectability of accounts receivable; (ii) write-down for excess and obsolete inventory; (iii) warranty obligations; (iv) the value assigned to and estimated useful lives of long-lived assets; (v) the realization of tax assets and estimates of tax liabilities and tax reserves; (vi) recoverability of intangible assets; (vii) the computation of share-based compensation; (viii) accrued compensation and other expenses; and (ix) the recognition of revenue. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company engages third-party valuation specialists to assist with estimates related to the valuation of intangible assets, stock options, restricted common stock awards, earnout shares and warrants. Such estimates often require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. Actual results could differ from those estimates.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Accumulated deficit	Accumulated comprehensive income (loss)	Noncontrolling interest
Beginning balance, common stock (in shares) at Dec. 31, 2021		117,751,000
Beginning balance, common stock at Dec. 31, 2021	$ 65,536	$ 15	$ 294,190	$ (228,667)	$ (2)	$ 0
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)	(62)	0
Beginning balance, common stock (in shares) at Dec. 31, 2021		117,751,000
Beginning balance, common stock at Dec. 31, 2021	65,536	$ 15	294,190	(228,667)	(2)	0
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		125,473,000
Ending balance, common stock at Jun. 30, 2022	246,879	$ 16	361,963	(115,038)	(62)	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)	(62)	0
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		125,473,000
Ending balance, common stock at Jun. 30, 2022	$ 246,879	$ 16	361,963	(115,038)	(62)	0
Beginning balance, common stock (in shares) at Dec. 31, 2022	153,628,838	153,629,000
Beginning balance, common stock at Dec. 31, 2022	$ 384,760	$ 18	535,875	(154,754)	(7)	3,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		3,082,000
Issuance of common stock under employee stock option and stock award plans	2,925		2,925
Shares issued in connection with buyout agreement / Shares issued in public offering (in shares)		4,232,000
Shares issued in connection with buyout agreement / Shares issued in public offering	4,399		7,509			(3,110)
Stock-based compensation expense related to employee and non-employee stock awards	14,884		14,884
Net income (loss)	(62,365)			(61,847)		(518)
Ending balance, common stock (in shares) at Mar. 31, 2023		160,943,000
Ending balance, common stock at Mar. 31, 2023	$ 344,603	$ 18	561,193	(216,601)	(7)	0
Beginning balance, common stock (in shares) at Dec. 31, 2022	153,628,838	153,629,000
Beginning balance, common stock at Dec. 31, 2022	$ 384,760	$ 18	535,875	(154,754)	(7)	3,628
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	0
Net income (loss)	$ (120,893)
Ending balance, common stock (in shares) at Jun. 30, 2023	173,649,862	173,650,000
Ending balance, common stock at Jun. 30, 2023	$ 383,414	$ 19	658,530	(275,128)	(7)	0
Beginning balance, common stock (in shares) at Mar. 31, 2023		160,943,000
Beginning balance, common stock at Mar. 31, 2023	344,603	$ 18	561,193	(216,601)	(7)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock awards plans (in shares)		1,207,000
Issuance of common stock under employee stock option and stock award plans	633		633
Shares issued in connection with buyout agreement / Shares issued in public offering (in shares)		11,500,000
Shares issued in connection with buyout agreement / Shares issued in public offering	86,459	$ 1	86,458
Stock-based compensation expense related to employee and non-employee stock awards	10,246		10,246
Foreign currency translation adjustment	0
Net income (loss)	$ (58,527)			(58,527)
Ending balance, common stock (in shares) at Jun. 30, 2023	173,649,862	173,650,000
Ending balance, common stock at Jun. 30, 2023	$ 383,414	$ 19	$ 658,530	$ (275,128)	$ (7)	$ 0

SHARE BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands								3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 19, 2023 USD ($) shares	Aug. 15, 2022 hurdle $ / shares shares	Jun. 10, 2022 USD ($) shares	Dec. 29, 2021 hurdle $ / shares shares	Oct. 19, 2021 shares	Aug. 25, 2021 installment shares	Aug. 05, 2020 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Aug. 17, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchange ratio					1.0944
Requisite service period										4 years
Total stock-based compensation expense \| $								$ 12,571	$ 11,036	$ 29,731	$ 36,362
Granted (in shares)										0
Weighted average remaining contractual term (in years)										5 years 9 months 21 days		6 years 2 months 12 days
VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consideration transferred \| $			$ 1,900
Former Employees \| IC Joint Venture
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	841,729
Aggregated grant date fair value \| $	$ 4,500
Restricted Stock \| VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								100		$ 600
Restricted Stock \| Time-Based Vesting \| VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)			113,000
Vesting period (in years)			4 years
Restricted Stock \| Performance-Based Vesting \| VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued (in shares)			151,000
Vesting period (in years)			3 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								100	100	200	200
Unrecognized compensation cost \| $								400		$ 400
Unrecognized compensation expense, period of recognition										5 years 9 months 18 days
LTIP Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								1,900	1,400	$ 4,300	1,400
Exercise price (in dollars per share) \| $ / shares		$ 2.51		$ 8.13
LTIP Options \| December 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								1,600	1,400	3,700	2,800
Unrecognized compensation cost \| $								50,100		$ 50,100
Unrecognized compensation expense, period of recognition										2 years 10 months 24 days
LTIP Options \| August 15, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								300		$ 600
Unrecognized compensation expense, period of recognition										3 years 6 months
Unrecognized compensation cost \| $								8,500		$ 8,500
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $								8,100	$ 7,400	$ 15,400	23,300
Unrecognized compensation expense, period of recognition										2 years 7 months 6 days
Granted (in shares)						4,525,344				5,517,000
Right to receive (in shares)						1
Unrecognized compensation expense \| $								$ 83,200		$ 83,200
Fair value (in dollars per share) \| $ / shares										$ 6.18
Restricted Stock Units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						3 years
Awards subject to vesting (in shares)						3,830,400
Installments, vesting \| installment						3
Restricted Stock Units \| Share-based Payment Arrangement, Tranche One \| VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			4 years
Options issued (in shares)			113,000,000
Restricted Stock Units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						6 months
Awards subject to vesting (in shares)						500,000
Restricted Stock Units \| Share-based Payment Arrangement, Tranche Two \| VDD Tech
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Options issued (in shares)			151,000,000
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 (in years)						3 years
Awards subject to vesting (in shares)						90,288
Earnout liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $										$ 300	$ 800
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 \| Stock options potentially exercisable for common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)							48 months
Options expiration period										10 years
Options issued (in shares)					11,276,706
2020 Equity Incentive Plan \| Stock options potentially exercisable for common shares \| 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 \| Stock options potentially exercisable for common shares \| 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
Options issued (in shares)										9,750,000
Shares of common stock subject to awards forfeited, expire or lapse (in shares)													15,802,050
Shares of common stock outstanding, percentage													4.00%
2021 Equity Incentive Plan \| LTIP Options \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period		7 years		7 years
Granted (in shares)		3,250,000		6,500,000
Number of price hurdles \| hurdle		10		10
Exercise price (in dollars per share) \| $ / shares		$ 10.00		$ 15.51
Exercise price (in dollars per share) \| $ / shares		$ 2.51
Weighted average remaining contractual term (in years)		9 years 1 month 6 days								8 years 9 months 18 days
2021 Equity Incentive Plan \| LTIP Options \| Management \| Black Scholes and Monte Carlo Model Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share) \| $ / 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		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		$ 60
Annual Bonus Plan, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonus liabilities \| $								$ 4,100		$ 4,100
Annual Bonus Plan, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued bonus liabilities \| $								$ 100		$ 100		$ 2,800

EARNOUT LIABILITY

6 Months Ended

Jun. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

EARNOUT LIABILITY

Certain of the Company’s stockholders are entitled to receive up to 10,000,000 aggregate “earnout shares” of the Company’s Class A Common Stock if earnout milestones set forth in the Business Combination Agreement are met. The earnout milestones represent three independent criteria, each of which entitles the eligible stockholders to 3,333,333 aggregate earn-out shares if the milestone is 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, respectively, 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) engaging in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act or otherwise ceasing to be subject to reporting obligations under Sections 13 or 15(d) of the Exchange Act; (ii) the Class A Common Stock ceases 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) a 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 vested equity held by stockholders 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 unvested equity held by stockholders at the closing of the Business Combination that will be earned over the remaining service period with the Company on their Unvested 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 9, 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 earnout liability is recorded as part of Other income (expense), net in the consolidated statements 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, 2023		December 31, 2022
Risk-free interest rate	4.44	%	4.13	%
Equity volatility rate	67.50	%	65.00	%

At the closing of the Business Combination on October 19, 2021, the earnout liability had an initial fair value of $96.1 million, which was recorded as a long-term liability and a reduction to additional paid in capital in the consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the earnout liability had a fair value of $73.0 million and $12.5 million, respectively which resulted in a loss in the fair value of the earnout liability of $32.6 million and $60.0 million for the three and six months ended June 30, 2023, respectively, due to the increase in the fair value of the earnout liability.

GeneSiC Earnout Liability

In connection with the acquisition of GeneSiC as discussed in Note 17, the Company will pay additional contingent consideration of up to $25.0 million, in the form of cash earnout payments to the Sellers and certain employees of GeneSiC, conditioned on the achievement of substantial revenue and gross profit margin targets for the GeneSiC business over the four fiscal quarters beginning on October 1, 2022 and ending on September 30, 2023. The estimated fair value of the earnout liability was determined using a Monte Carlo analysis of 20,000 simulations assuming that GeneSiC’s revenue and gross profit margins follow a geometric Brownian motion over the earnout period. The valuation model utilized an assumption on the risk-free interest rate of 3.1% and equity volatility rate of 99.9%. As of June 30, 2023, the GeneSiC earnout probability is considered remote, and no liability was recorded in earnout liability in the Company’s Condensed Consolidated Balance Sheets.

SHARE BASED COMPENSATION - Valuation Assumption (Details) - LTIP Options - $ / shares	Aug. 15, 2022	Dec. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	2.82%	1.47%
Expected volatility rates	63.00%	58.00%
Expected dividend yield	0.00%	0.00%
Cost of equity (for derived service period)	14.64%	9.96%
Weighted-average grant date fair value of options	$ 2.51	$ 8.13

- Definition

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

+ References

+ Details

EARNOUT LIABILITY - Valuation Model and Assumptions (Details) - Earnout liability	Jun. 30, 2023	Dec. 31, 2022
Risk-free interest rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.0444	0.0413
Equity volatility rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.6750	0.6500

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,362		$ 11,362		$ 9,520
Accumulated depreciation	(4,107)		(4,107)		(2,988)
Total	7,255		7,255		6,532
Depreciation expense	500	$ 200	981	$ 352
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 230		$ 230		215
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years		3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years		7 years
Computers and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,833		$ 8,833		7,251
Computers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years		2 years
Computers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years		5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,211		$ 2,211		2,054
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years		2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years		5 years
Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 88		$ 88		$ 0

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Notes Receivable The Company had outstanding interest-bearing notes receivable from a non-executive employee. The notes had various maturity dates through May 1, 2023 and bore interest at rates ranging from 1% to 2.76%. As of December 31, 2022, Note 1 was forgiven for a loss of $0.1 million and Note 2 was paid off in the amount of $0.1 million. The Company did not recognize significant interest income from the notes for the three and six months ended June 30, 2023 or 2022. Joint Venture In 2021, Navitas entered into a silicon control IC joint venture with Halo Microelectronics Co., Ltd. (“Halo”), a manufacturer of power management ICs, to develop products and technology relating to AC/DC converters. Navitas’ initial contribution to the joint venture was the commitment to sell its GaN integrated circuit die at prices representing cost plus insignificant handling fees, in exchange for a minority interest, with the right to acquire the balance of the joint venture based on the future results of the venture (among other rights and obligations). On January 19, 2023, the Company announced an agreement to acquire the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. Total related party revenues recognized by the Company as a result of arrangements with its joint venture were $0.0 million for both the three and six months ended June 30, 2023, and $0.0 million and $0.7 million for the three and six months ended June 30, 2022, respectively, and are included in Net Revenues in the Condensed Consolidated Statements of Operations. See Note 18, Noncontrolling Interest, for more information. Related Party Investment During the third quarter of 2022, Navitas made a $1.5 million investment in preferred interests of an entity under common control with the Company’s partner in the joint venture described above. During the first quarter of 2023 the Company made an additional investment of $1.0 million in the entity. Such investment is included in Other Assets in the Condensed Consolidated Balance Sheets as of June 30, 2023 and is accounted for as an equity investment under ASC 321 Investments - Equity Securities. In accordance with ASC 321, the Company elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Related Party Advance During the third quarter of 2022, Navitas made a $1.0 million advance to its partner in the joint venture described above in order to facilitate orders of raw materials. The outstanding amount as of June 30, 2023 was not material. Related Party Leases The Company leases certain property from an entity that it is owned by an executive of the Company, which expires in September 2023. During the three and six months ended June 30, 2023, the Company paid an immaterial amount in rental payments in relation to this lease. These payments were made at standard market rates in the ordinary course of business. The total rent obligation as of June 30, 2023 was $27 thousand through September 30, 2023. The Company leases certain property from the family member of a senior executive of the Company, which expires in March 2024. During the three and six months ended June 30, 2023, the Company paid an immaterial amount in rental payments in relation to this lease. These payments were made at standard market rates in the ordinary course of business. The total rent obligation as of June 30, 2023 was $32 thousand through March 31, 2024.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2023

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 $159.3 million and not material as of June 30, 2023 and December 31, 2022, respectively.

The following table presents the Company’s fair value hierarchy for financial liabilities as of June 30, 2023 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	73,040	$	73,040

Total	$	—	$	—	$	73,040	$	73,040

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2022 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	13,064	$	13,064

Total	$	—	$	—	$	13,064	$	13,064

The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3) (in thousands):


	Fair Value Measurements Using Significant Unobservable Inputs
Balance at December 31, 2022	$	13,064
Fair value adjustment	59,976
Balance at June 30, 2023	$	73,040

The Company did not transfer any investments between Level 1 and Level 2 of the fair value hierarchy during the three and six months ended June 30, 2023.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
NET REVENUES	$ 18,062	$ 8,611	$ 31,420	$ 15,351
COST OF REVENUES (exclusive of amortization of intangible assets included below)	10,572	5,026	18,445	8,803
OPERATING EXPENSES:
Research and development	16,791	9,522	34,186	22,847
Selling, general and administrative	13,151	13,993	32,209	38,537
Amortization of intangible assets	4,773	84	9,272	172
Total operating expenses	34,715	23,599	75,667	61,556
LOSS FROM OPERATIONS	(27,225)	(20,014)	(62,692)	(55,008)
OTHER INCOME (EXPENSE), net:
Interest income, net	806	52	1,709	28
Gain from change in fair value of warrants	0	0	0	51,763
Gain (loss) from change in fair value of earnout liabilities	(32,224)	54,854	(59,976)	118,260
Other income (expense)	20	(785)	31	(1,141)
Total other income (expense), net	(31,398)	54,121	(58,236)	168,910
INCOME (LOSS) BEFORE INCOME TAXES	(58,623)	34,107	(120,928)	113,902
INCOME TAX (BENEFIT) PROVISION	(96)	270	(35)	273
NET INCOME (LOSS)	(58,527)	33,837	(120,893)	113,629
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	(518)	0
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS	$ (58,527)	$ 33,837	$ (120,375)	$ 113,629
NET INCOME (LOSS) PER COMMON SHARE:
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.35)	$ 0.27	$ (0.75)	$ 0.93
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.35)	$ 0.26	$ (0.75)	$ 0.87
WEIGHTED AVERAGE COMMON SHARES USED IN NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS:
Basic common shares (in shares)	165,606	124,030	161,086	121,827
Diluted common shares (in shares)	165,606	132,132	161,086	130,882

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash equivalents classified as Level 1 instruments	$ 159.3	$ 0.0

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

Acquisition of VDDTECH srl

On June 10, 2022, the Company’s wholly owned subsidiary, Navitas Semiconductor Limited, acquired all of the stock of VDDTECH srl, a private Belgian company (“VDDTech”) for approximately $1.9 million in cash and stock. 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 Balance Sheets and Condensed Consolidated Statements of Operations. Among shares issued in the transaction, the Company issued approximately 113,000 restricted shares that are subject to time based vesting and issued approximately 151,000 restricted shares that are subject to time and performance based vesting over the next four and three years, respectively. These restricted shares are subject to certain individuals maintaining employment with the Company and, therefore, are accounted for under ASC 718.

The Company recorded an 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 $1.2 million was recorded as goodwill as of June 30, 2022. Subsequent to June 30, 2022, a valuation of the intangible assets acquired was calculated at $1.2 million. During the third quarter of fiscal year 2022, the Company reclassified the goodwill to an intangible asset.

The fair value of the in-process R&D was estimated using the multi-period excess earnings method, an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the acquired technology, which were discounted at a rate of 18% to determine the fair value.

Acquisition of GeneSiC Semiconductor Inc.

On August 15, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire 100% of the outstanding shares of GeneSiC Semiconductor Inc., a silicon carbide (“SiC”) pioneer with deep expertise in SiC power device design and process, based in Dulles, Virginia. Total merger consideration was approximately $244.0 million and consisted of approximately $146.3 million of common stock, $97.1 million of cash consideration, and potential future cash earn-out payments of up to an aggregate of $25.0 million which were fair valued at $0.6 million. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations. The Company has determined fair values of the assets acquired and liabilities assumed.


Merger Consideration	Fair Value
Cash consideration at closing	$	97,116
Equity consideration at closing	146,314
Contingent earn-out	600
Total	$	244,030
Estimate of purchase price allocation
Cash and cash equivalents	$	951
Accounts receivable	823
Inventory	1,539
Fixed assets	226
Other assets	5
Intangible assets	110,100
Goodwill	157,699
Total assets acquired	$	271,343
Liabilities assumed:
Interest bearing debt	16
Other current liabilities	2,749
Deferred tax liabilities	24,548
Total liabilities acquired	27,313
Estimated fair value of net assets acquired	$	244,030

Goodwill represents the excess of the merger price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed, the final amount of the goodwill recorded could differ materially from the amount presented. Goodwill is primarily attributable to assembled workforce, market and expansion capabilities, expected synergies from integration and streamlining operational activities and other factors. Goodwill is not expected to be deductible for income tax purposes.

During the Company’s second quarter of 2023, the Company received information regarding products shipped by GeneSiC to a distributor prior to the Company’s acquisition of GeneSiC. GeneSiC had the option, but not the obligation, to accept returns sold to the distributor. The Company determined that a $1.7 million return liability should have been recorded as of the close of the acquisition on August 15, 2022. The Company recorded the return liability as a purchase price adjustment as of June 30, 2023, resulting in an increase to goodwill and accounts payable and other accrued expenses of $1.7 million.

The Company’s cumulative purchase price allocation adjustment through June 30, 2023 was $1.6 million, primarily due to sales returns discussed above, inventory reserve, working capital adjustment and employee bonuses.

The fair values of the identifiable intangible assets acquired at the date of Acquisition are as follows (in thousands):

Intangible Asset

Fair Value

Amortization Method

Useful Life

Trade Names

900

Straight line

2 years

Developed Technology

49,100

Straight line

4 years

Patents

33,900

Straight line

15 years

Customer Relationships

24,300

Straight line

10 years

Non-Competition Agreements

1,900

Straight line

5 years

Total Intangibles

110,100

The valuations of intangible assets incorporate significant unobservable inputs and require significant judgment and estimates, including the amount and timing of future cash flows. The Company recognized approximately $5.9 million of transaction costs in the fiscal year ended December 31, 2022. These costs were recorded in “Selling, general and administrative expense” in the consolidated statements of operations. The financial results of GeneSiC have been included in the Company's consolidated financial statements since the date of the acquisition.

The fair value of developed technology was estimated using the multi-period excess earnings method, an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the acquired technology, which were discounted at a rate of 15% to determine the fair value.

The fair value of customer relationships was estimated using the distributor method, an income level approach (Level 3), which estimates the value of an asset based upon costs avoided through ownership of the asset. Estimated costs on projected revenues were made using historical data pertaining to sales to new and existing customers. The cash flow impact of projected cost savings, primarily avoidance of legal costs pertaining to new customers and lower commission rates applicable to existing customers than new customers, were discounted at a rate of 16% to determine the fair value.

The fair value of the trade name and trademarks was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets, the Company estimated the benefit of the ownership as the relief from the royalty expense that would be incurred in the absence of ownership A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 1% to determine the fair value.

The fair value of the patents was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets, the Company estimated the benefit of the ownership as the relief from the royalty expense that would be incurred in the absence of ownership. A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 5% to determine the fair value.

The value of the non-competition agreement was estimated using the lost income method (Level 3). Because the non-competition agreement prohibits the covenantor from competing with the Company, the fair value of the non-competition agreement can be determined by estimating cash flows that would be lost if the covenantors were to compete. Based on this method we estimated a discount rate of 16% to determine the fair value.

Discount rates for each respective intangible asset were determined by accounting for the risk associated with each asset, including required technology development and customer acquisition required to support respective projections, the uncertainty of market success and the risk inherent with projected financial results. The estimated useful lives were determined by evaluating the expected economic and useful lives of the assets and of similar intangible assets from comparable business combinations and adjusting accordingly after taking into account circumstances that may be unique to GeneSiC. Net tangible assets and intangibles assets assumed as well as goodwill recognized are presented as continuing operations in the consolidated balance sheets.


UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Revenue	$	13,720	$	25,196
Net income	$	36,615	$	116,356
Basic net income per share	$	0.24	$	0.79
Diluted net income per share	$	0.24	$	0.75

The unaudited pro forma financial information may not be indicative of the results of operations that the Company would have attained had the business combination occurred as of January 1, 2022, nor is the pro forma financial information indicative of the results of operations that may occur in the future.

DEBT OBLIGATIONS (Details)	Apr. 29, 2020 USD ($)
Secured Debt \| Term Loan
Debt Instrument [Line Items]
Maximum available amount	$ 8,000,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended
	Jun. 05, 2023	May 26, 2023	Jan. 19, 2023	Aug. 15, 2022	Jun. 10, 2022	Jan. 31, 2023	Aug. 31, 2022
Business Acquisition [Line Items]
Direct costs related to issuance	$ 86,500
IC Joint Venture
Business Acquisition [Line Items]
Purchase price of minority interest			$ 22,400			$ 22,400
VDD Tech
Business Acquisition [Line Items]
Total					$ 1,900
GeneSiC
Business Acquisition [Line Items]
Total				$ 244,030			$ 246,200
Public Stock Offering
Business Acquisition [Line Items]
Aggregate purchase price	75,600
Option Shares
Business Acquisition [Line Items]
Aggregate purchase price	$ 11,300
Common Class A \| Public Stock Offering
Business Acquisition [Line Items]
Aggregate offer price (in shares)		10,000
Purchase price (in dollars per share)		$ 8.00
Common Class A \| Over-Allotment Option
Business Acquisition [Line Items]
Aggregate offer price (in shares)		1,500,000
Underwriter offering period		30 days

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 4,699	$ 4,314
Work-in-process	9,834	9,166
Finished goods	4,362	5,581
Total	$ 18,895	$ 19,061

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value for Financial Assets and Liabilities

The following table presents the Company’s fair value hierarchy for financial liabilities as of June 30, 2023 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	73,040	$	73,040

Total	$	—	$	—	$	73,040	$	73,040

The following table presents the Company’s fair value hierarchy for financial liabilities as of December 31, 2022 (in thousands):


	Level 1		Level 2		Level 3		Total
Liabilities:
Earnout liability	$	—	$	—	$	13,064	$	13,064

Total	$	—	$	—	$	13,064	$	13,064

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Fair Value Measurements Using Significant Unobservable Inputs
Balance at December 31, 2022	$	13,064
Fair value adjustment	59,976
Balance at June 30, 2023	$	73,040

COMMITMENTS and CONTINGENCIES (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Severance payments, aggregate amount to be paid	$ 2.1

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation 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, 2023 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2023. 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 GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“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 for the fiscal year ended December 31, 2022, filed with the SEC on April 3, 2023. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Form 10-K filed with the SEC on April 3, 2023. The Company reports noncontrolling interests of the consolidated entities as a component of equity separate from the Company’s equity. All material intercompany transactions between and among the Company and its consolidated subsidiaries have been eliminated in consolidation. The Company’s net income (loss) excluded income (loss) attributable to the noncontrolling interests. The consolidated financial statements include the accounts of Elevation Semiconductor Inc. (the “Joint Venture”), an entity in which the Company had a controlling interest since August 19, 2022 (see Note 18, Noncontrolling Interest). During the first quarter of fiscal year 2023 the Company acquired the remaining noncontrolling interest in the Joint Venture. The transaction was completed on February 13, 2023. As Navitas already had a controlling interest, financial results from the Joint Venture have already been reflected in Navitas’ historical financial statements. 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates the assumptions used in making estimates, including those related to (i) the collectability of accounts receivable; (ii) write-down for excess and obsolete inventory; (iii) warranty obligations; (iv) the value assigned to and estimated useful lives of long-lived assets; (v) the realization of tax assets and estimates of tax liabilities and tax reserves; (vi) recoverability of intangible assets; (vii) the computation of share-based compensation; (viii) accrued compensation and other expenses; and (ix) the recognition of revenue. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company engages third-party valuation specialists to assist with estimates related to the valuation of intangible assets, stock options, restricted common stock awards, earnout shares and warrants. Such estimates often require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. Actual results could differ from those estimates.
Business Combinations/Valuation of Contingent Consideration Resulting from a Business Combination	Business Combinations We account for business combinations using the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. Valuation of Contingent Consideration Resulting from a Business Combination In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each quarter thereafter, we revalue these obligations and record increases or decreases in their fair value within our Condensed Consolidated Statements of Operations until such time as the specified milestone achievement period is complete. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones. Significant judgment is employed in determining these assumptions as of the acquisition date and for each subsequent period. Updates to assumptions could have a significant impact on our results of operations in any given period. Actual results may differ from estimates.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“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 replaced 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 companies that qualify under the emerging growth company exemptions, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and is effective for the Company beginning in 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. We pool financial assets based on their risk characteristics, which include class of customer, geographic location of the customer, contractual life of the financial asset, and age of the open receivable balance. The allowance for credit losses pool is estimated based on historical credit loss rates adjusted for management’s reasonable and supportable expectations of future economic conditions, which consider macroeconomic, industry and market trends that could impact future credit loss rates. Additions to the allowance are charged to general and administrative expenses in the consolidated statements of operations. Accounts receivables are written off against the allowance when the probability of collection of an account balance is deemed remote.

EARNOUT LIABILITY (Tables)

6 Months Ended

Jun. 30, 2023

Warrants and Rights Note Disclosure [Abstract]

Schedule of Fair Value of Warrants

The valuation model utilized the following assumptions:


	June 30, 2023		December 31, 2022
Risk-free interest rate	4.44	%	4.13	%
Equity volatility rate	67.50	%	65.00	%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 177,748	$ 110,337
Accounts Receivable, after Allowance for Credit Loss, Current	15,153	9,127
Inventories	18,895	19,061
Prepaid expenses and other current assets	4,291	3,623
Total current assets	216,087	142,148
PROPERTY AND EQUIPMENT, net	7,255	6,532
OPERATING LEASE RIGHT OF USE ASSETS	6,150	6,381
INTANGIBLE ASSETS, net	100,847	105,620
GOODWILL	163,215	161,527
OTHER ASSETS	5,600	3,054
Total assets	499,154	425,262
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	17,683	14,653
Accrued compensation expenses	6,708	3,907
Operating lease liabilities, current	1,403	1,305
Other liabilities	10,158	486
Total current liabilities	35,952	20,351
OPERATING LEASE LIABILITIES NONCURRENT	4,919	5,263
EARNOUT LIABILITY	73,040	13,064
DEFERRED TAX LIABILITIES	1,829	1,824
Total liabilities	115,740	40,502
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS’ EQUITY:
Common stock, $0.0001 par value, 750,000,000 shares authorized as of both June 30, 2023 and December 31, 2022, and 173,649,862 and 153,628,838 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	19	18
Additional paid-in capital	658,530	535,875
Accumulated other comprehensive loss	(7)	(7)
Accumulated deficit	(275,128)	(154,754)
Total stockholders’ equity of Navitas Semiconductor Corporation	383,414	381,132
Noncontrolling interest	0	3,628
Total stockholders’ equity	383,414	384,760
Total liabilities and stockholders’ equity	$ 499,154	$ 425,262

GOODWILL AND INTANGIBLES

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

Goodwill represents the excess of the consideration transferred over the estimated fair value of assets acquired and liabilities assumed in a business combination. Intangible assets are measured at their respective fair values as of the acquisition date and may be subject to adjustment within the measurement period, which may be up to one year from the acquisition date. Goodwill and indefinite-lived intangible assets are tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired.

The following table presents the changes in the Company’s goodwill balance (in thousands):


	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment	1,688
Balance at June 30, 2023	$	163,215

Refer to Note 17, Business Combinations, for further details.

The following table presents the Company’s intangible asset balance by asset class as of June 30, 2023 (in thousands):


Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(394)	$	506	Straight line	2 years
Developed Technology	53,500		(11,016)		42,484		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	33,900		(1,977)		31,923		Straight line	5-15 years
Customer Relationships	24,300		(2,126)		22,174		Straight line	10 years
Non-Competition Agreements	1,900		(332)		1,568		Straight line	5 years
Other	2,019		(1,004)		1,015		Straight line	5 years
Total	$	117,696	$	(16,849)	$	100,847

The following table presents the changes in the Company’s intangible asset balance (in thousands):


	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,499
Amortization expense	(9,272)
Balance at June 30, 2023	$	100,847

The amortization expense was $4.8 million and $9.3 million for the three and six months ended June 30, 2023, respectively. The amortization expense was $0.1 million and $0.2 million for the three and six months ended June 30, 2022, respectively.

There were no impairment charges during the three months ended June 30, 2023 and 2022.

LEASES - Maturities Of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jan. 01, 2022
Leases [Abstract]
Remainder of fiscal year 2023	$ 936
Fiscal year 2024	1,532
Fiscal year 2025	1,239
Fiscal year 2026	1,183
Fiscal year 2027	1,218
Thereafter	1,118
Operating lease, liability, to be paid	7,226
Less imputed interest	904
Total lease liabilities	$ 6,322	$ 1,700

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, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	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 \| $								$ 81,400
Gain from change in fair value of warrants \| $			$ 0	$ 0	$ 0	$ 51,763
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 (in years)		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 (in days)		3 days
Public Warrants \| Redemption Option Two
Class of Warrant or Right [Line Items]
Written notice of redemption, period (in days)		3 days
Public Warrants \| Redemption Option Three
Class of Warrant or Right [Line Items]
Written notice of redemption, period (in days)		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 (in days)		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 (in days)		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

BUSINESS COMBINATIONS - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		1 Months Ended
	Aug. 15, 2022	Aug. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Estimate of purchase price allocation
Goodwill			$ 163,215	$ 161,527
GeneSiC
Business Acquisition [Line Items]
Cash consideration at closing	$ 97,116
Equity consideration at closing	146,314
Contingent earn-out	600
Total	244,030	$ 246,200
Estimate of purchase price allocation
Cash and cash equivalents	951
Accounts receivable	823
Inventory	1,539
Fixed assets	226
Other assets	5
Intangible assets	110,100
Goodwill	157,699
Total assets acquired	271,343
Liabilities assumed:
Interest bearing debt	16
Other current liabilities	2,749
Deferred tax liabilities	24,548
Total liabilities acquired	27,313
Estimated fair value of net assets acquired	$ 244,030

NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2023

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 (but not restricted stock unit 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 (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator - basic and diluted:
Net income (loss) attributable to controlling interests	$	(58,527)	$	33,837	$	(120,375)	$	113,629

Denominator
Weighted-average common shares - basic common stock	165,606		124,030		161,086		121,827
Weighted-average common shares - diluted common stock	165,606		132,132		161,086		130,882

Net income (loss) per share - basic common stock	$	(0.35)	$	0.27	$	(0.75)	$	0.93
Net income (loss) per share - diluted common stock	$	(0.35)	$	0.26	$	(0.75)	$	0.87

Denominator
Weighted-average common shares - basic common stock	165,606		124,030		161,086		121,827
Stock options and other dilutive awards	—		8,102		—		9,055
Weighted-average common shares - diluted common stock	165,606		132,132		161,086		130,882

Shares excluded from diluted weighted-average shares:
Earnout shares (potentially issuable common shares)	10,000		10,000		10,000		10,000
Unvested restricted stock units and restricted stock awards (1)	376		6,858		376		6,256
Stock options potentially exercisable for common shares	9,750		6,500		9,750		6,500
Shares excluded from diluted weighted average shares	20,126		23,358		20,126		22,756

(1)The Company’s potentially dilutive securities, which include unexercised stock options, unvested shares, and earnout 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, 2023.

PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
PROVISION FOR INCOME TAXES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	0.20%	0.80%	0.00%	0.20%
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits, income tax penalties and interest expense	$ 0	$ 0	$ 0	$ 0

GOODWILL AND INTANGIBLES - Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (16,849,000)		$ (16,849,000)
Total, Cost	117,696,000		117,696,000
INTANGIBLE ASSETS, net	100,847,000		100,847,000		$ 105,620,000
Amortization of intangible assets	4,773,000	$ 84,000	9,272,000	$ 172,000
Goodwill, impairment loss	0	$ 0
In-process R&D
Finite-Lived Intangible Assets [Line Items]
Cost and Net Book Value	1,177,000		1,177,000
Trade Names
Finite-Lived Intangible Assets [Line Items]
Cost	900,000		900,000
Accumulated Amortization	(394,000)		(394,000)
Net Book Value	$ 506,000		$ 506,000
Useful Life (in years)	2 years		2 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Cost	$ 53,500,000		$ 53,500,000
Accumulated Amortization	(11,016,000)		(11,016,000)
Net Book Value	$ 42,484,000		$ 42,484,000
Developed Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	4 years		4 years
Developed Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	10 years		10 years
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	$ 33,900,000		$ 33,900,000
Accumulated Amortization	(1,977,000)		(1,977,000)
Net Book Value	$ 31,923,000		$ 31,923,000
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	5 years		5 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	15 years		15 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	$ 24,300,000		$ 24,300,000
Accumulated Amortization	(2,126,000)		(2,126,000)
Net Book Value	$ 22,174,000		$ 22,174,000
Useful Life (in years)	10 years		10 years
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,900,000		$ 1,900,000
Accumulated Amortization	(332,000)		(332,000)
Net Book Value	$ 1,568,000		$ 1,568,000
Useful Life (in years)	5 years		5 years
Other
Finite-Lived Intangible Assets [Line Items]
Cost	$ 2,019,000		$ 2,019,000
Accumulated Amortization	(1,004,000)		(1,004,000)
Net Book Value	$ 1,015,000		$ 1,015,000
Useful Life (in years)	5 years		5 years

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventory consists of the following (in thousands):


	June 30, 2023		December 31, 2022
Raw materials	$	4,699	$	4,314
Work-in-process	9,834		9,166
Finished goods	4,362		5,581
Total	$	18,895	$	19,061

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Level 3 Reconciliation (Details) - Earnout liability - Level 3 - Fair Value, Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	$ 13,064
Fair value adjustment	59,976
45107	$ 73,040

LEASES

6 Months Ended

Jun. 30, 2023

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 5.4 years. As of June 30, 2023 no operating lease agreements contain economic penalties for the Company to extend the lease, and it is not reasonably certain the Company will exercise these extension options. Additionally, these operating lease agreements do not contain material residual value guarantees or material restrictive covenants. As of June 30, 2023 all leases recorded on the Company’s consolidated balance sheets were operating leases.

Upon adoption of ASC 842 on January 1, 2022, the Company recorded operating lease assets of $1.6 million and lease liabilities of $1.7 million in the Company’s consolidated balance sheets. The adoption of this standard did not have a material impact on retained earnings, the consolidated statements of operations, or cash flows. The Company has made the accounting policy election to use certain ongoing practical expedients made available by ASC 842 to: (i) not separate lease components from non-lease components for real estate; and (ii) exclude leases with an initial term of 12 months or less (“short-term” leases) from the consolidated balance sheets and will recognize related lease payments in the consolidated statements of operations on a straight-line basis over the lease term. For leases that do not have a readily determinable implicit rate, the Company uses its estimated secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments.

Rent expense, including short-term lease cost, was $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively. Rent expense, including short term lease cost, was $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively. In addition to rent payments, the Company’s leases include real estate taxes, common area maintenance, utilities, and management fees, which are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component. Total variable expense was not material for the three and six months ended June 30, 2023 and 2022. There were no leases that had not yet commenced as of June 30, 2023, that will create significant additional rights and obligations for the Company.

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


	Six Months Ended June 30,
	2023		2022
Cash paid for operating lease liabilities	$	933	$	527
Operating lease cost	$	930	$	610
Non-cash right-of-use assets obtained in exchange for new operating lease obligations	$	560	$	5,892
Weighted-average remaining lease term	4.83 years		2.26 years
Weight-average discount rate	4.25% - 8.25%		4.25% - 5.50%


Maturities of lease liabilities are as follows (in thousands):
Remainder of fiscal year 2023	$	936
Fiscal year 2024	1,532
Fiscal year 2025	1,239
Fiscal year 2026	1,183
Fiscal year 2027	1,218
Thereafter	1,118
	7,226
Less imputed interest	904
Total lease liabilities	$	6,322

GOODWILL AND INTANGIBLES - Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 161,527
Goodwill, ending balance	163,215
VDD Tech
Goodwill [Roll Forward]
Goodwill, beginning balance	161,527
Purchase price adjustment	1,688
Goodwill, ending balance	$ 163,215

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

NET INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

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 (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator - basic and diluted:
Net income (loss) attributable to controlling interests	$	(58,527)	$	33,837	$	(120,375)	$	113,629

Denominator
Weighted-average common shares - basic common stock	165,606		124,030		161,086		121,827
Weighted-average common shares - diluted common stock	165,606		132,132		161,086		130,882

Net income (loss) per share - basic common stock	$	(0.35)	$	0.27	$	(0.75)	$	0.93
Net income (loss) per share - diluted common stock	$	(0.35)	$	0.26	$	(0.75)	$	0.87

Denominator
Weighted-average common shares - basic common stock	165,606		124,030		161,086		121,827
Stock options and other dilutive awards	—		8,102		—		9,055
Weighted-average common shares - diluted common stock	165,606		132,132		161,086		130,882

Shares excluded from diluted weighted-average shares:
Earnout shares (potentially issuable common shares)	10,000		10,000		10,000		10,000
Unvested restricted stock units and restricted stock awards (1)	376		6,858		376		6,256
Stock options potentially exercisable for common shares	9,750		6,500		9,750		6,500
Shares excluded from diluted weighted average shares	20,126		23,358		20,126		22,756

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Business Combinations We account for business combinations using the acquisition method of accounting, in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. These fair value determinations require judgment and involve the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period (up to one year from the acquisition date) with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred. Valuation of Contingent Consideration Resulting from a Business Combination In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each quarter thereafter, we revalue these obligations and record increases or decreases in their fair value within our Condensed Consolidated Statements of Operations until such time as the specified milestone achievement period is complete. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones. Significant judgment is employed in determining these assumptions as of the acquisition date and for each subsequent period. Updates to assumptions could have a significant impact on our results of operations in any given period. Actual results may differ from estimates. Recently Adopted Accounting Standards Credit Losses In June 2016, the Financial Accounting Standards Board (“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 replaced 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 companies that qualify under the emerging growth company exemptions, this ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, and is effective for the Company beginning in 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. We pool financial assets based on their risk characteristics, which include class of customer, geographic location of the customer, contractual life of the financial asset, and age of the open receivable balance. The allowance for credit losses pool is estimated based on historical credit loss rates adjusted for management’s reasonable and supportable expectations of future economic conditions, which consider macroeconomic, industry and market trends that could impact future credit loss rates. Additions to the allowance are charged to general and administrative expenses in the consolidated statements of operations. Accounts receivables are written off against the allowance when the probability of collection of an account balance is deemed remote.

PROVISION FOR INCOME TAXES	6 Months Ended
PROVISION FOR INCOME TAXES	Jun. 30, 2023
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 during the quarter. The Company’s effective tax rate for the three and six months ended June 30, 2023 was 0.2% and 0.0%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022 was 0.8% and 0.2%, respectively. The effective tax rate was impacted by nondeductible executive compensation and other expenses, stock compensation, state taxes, and the change in valuation allowance in the U.S. and certain foreign jurisdictions. The effective tax rate for 2023 differs from the prior year primarily as a result of tax expense in certain foreign jurisdictions not impacted by valuation allowance. The effective tax rate as of June 30, 2022 is reflective of a full valuation allowance in all jurisdictions. 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 stock-based compensation, and the effects of its foreign entities. The Company had no unrecognized tax benefits for the three and six months ended June 30, 2023 and 2022. 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, 2023 and 2022.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Tables)

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk

The following customers represented 10% or more of the Company’s net revenues for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2023		2022		2023		2022
Distributor A	28	%	16	%	23	%	23	%
Distributor B	14		*		*		*
Distributor C	13		*		*		*
Distributor D	*		*		15		*
Distributor E	*		22		10		12
Distributor F	*		21		*		29
Distributor G	*		16		*		*

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

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, 2023 and 2022 were attributable to end customers in the following countries or regions:


	Three Months Ended June 30,				Six Months Ended June 30,
Country	2023		2022		2023		2022
China	50	%	32	%	53	%	44	%
Europe*	31		38		30		21
United States	9		18		10		25
Rest of Asia	10		12		7		10
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, 2023		December 31, 2022
Distributor A	26	%	*
Distributor B	20		25	%
Distributor C	14		*
Distributor D	*		19	%

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

BUSINESS COMBINATIONS - Narrative (Details) shares in Thousands, $ in Thousands					1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Aug. 15, 2022 USD ($)	Jun. 10, 2022 USD ($) shares	Aug. 25, 2021	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 163,215						$ 163,215	$ 161,527
Fair Value							4,499
Unvested restricted stock units and restricted stock awards \| Share-based Payment Arrangement, Tranche One
Business Acquisition [Line Items]
Award vesting period (in years)				3 years
Unvested restricted stock units and restricted stock awards \| Share-based Payment Arrangement, Tranche Two
Business Acquisition [Line Items]
Award vesting period (in years)				6 months
VDD Tech
Business Acquisition [Line Items]
Total			$ 1,900
Goodwill	163,215						163,215	161,527	$ 1,200
Fair Value						$ 1,200
Purchase price adjustment							1,688
VDD Tech \| Developed Technology \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired			0.18
VDD Tech \| Unvested restricted stock units and restricted stock awards \| Share-based Payment Arrangement, Tranche One
Business Acquisition [Line Items]
Options issued (in shares) \| shares			113,000
Award vesting period (in years)			4 years
VDD Tech \| Unvested restricted stock units and restricted stock awards \| Share-based Payment Arrangement, Tranche Two
Business Acquisition [Line Items]
Options issued (in shares) \| shares			151,000
Award vesting period (in years)			3 years
GeneSiC
Business Acquisition [Line Items]
Total		$ 244,030			$ 246,200
Goodwill		157,699
Fair Value		$ 110,100
Percentage of voting interests acquired		100.00%
Equity consideration at closing		$ 146,314
Purchase price, cash		97,116
Possible earn-out payments	25,000	25,000					25,000
Adjustment for return liability		1,700
Purchase price adjustment	1,700
Accounts payable and other accrued expenses	1,700						$ 1,700
Cumulative purchase price adjustment	$ 1,600
Transaction costs								$ 5,900
GeneSiC \| Developed Technology
Business Acquisition [Line Items]
Fair Value		$ 49,100
GeneSiC \| Developed Technology \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.15
GeneSiC \| Customer Relationships
Business Acquisition [Line Items]
Fair Value		$ 24,300
GeneSiC \| Customer Relationships \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.16
GeneSiC \| Trademarks and Trade Names \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.01
GeneSiC \| Patents \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		5
GeneSiC \| Non-Competition Agreements
Business Acquisition [Line Items]
Fair Value		$ 1,900
GeneSiC \| Non-Competition Agreements \| Measurement Input, Discount Rate \| Level 3 \| Valuation, Income Approach
Business Acquisition [Line Items]
Measurement input of intangible assets acquired		0.16
GeneSiC \| Estimate of Fair Value Measurement
Business Acquisition [Line Items]
Possible earn-out payments		$ 600

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

6 Months Ended

Jun. 30, 2023

Risks and Uncertainties [Abstract]

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

Customer Concentration

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

The following customers represented 10% or more of the Company’s net revenues for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2023		2022		2023		2022
Distributor A	28	%	16	%	23	%	23	%
Distributor B	14		*		*		*
Distributor C	13		*		*		*
Distributor D	*		*		15		*
Distributor E	*		22		10		12
Distributor F	*		21		*		29
Distributor G	*		16		*		*

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

Revenues by Geographic Area


	Three Months Ended June 30,				Six Months Ended June 30,
Country	2023		2022		2023		2022
China	50	%	32	%	53	%	44	%
Europe*	31		38		30		21
United States	9		18		10		25
Rest of Asia	10		12		7		10
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, 2023		December 31, 2022
Distributor A	26	%	*
Distributor B	20		25	%
Distributor C	14		*
Distributor D	*		19	%

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

Concentration of Supplier Risk

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

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company evaluated material subsequent events from the consolidated balance sheet date of June 30, 2023, through August 14, 2023, the date the condensed consolidated financial statements were issued. There were no material subsequent events as of August 14, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (58,527)	$ 33,837	$ (120,893)	$ 113,629
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax	0	0	0	(60)
Total other comprehensive income (loss)	0	0	0	(60)
COMPREHENSIVE INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST	(58,527)	33,837	(120,893)	113,569
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	0	0	(518)	0
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	$ (58,527)	$ 33,837	$ (120,375)	$ 113,569

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

NONCONTROLLING INTEREST (Details) $ in Thousands				6 Months Ended
NONCONTROLLING INTEREST (Details) $ in Thousands	Feb. 13, 2023 USD ($)	Jan. 19, 2023 USD ($)	Aug. 19, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Fair Value				$ 4,499
Goodwill				$ 163,215	$ 161,527
Joint Venture Investment
Noncontrolling Interest [Line Items]
Purchase price of minority interest		$ 22,400
Change in noncontrolling interest	$ 7,500
Joint Venture Investment \| Patents
Noncontrolling Interest [Line Items]
Fair Value			$ 1,000
Amortization period (in years)			5 years
Goodwill			$ 3,100
Joint Venture Investment \| Developed Technology
Noncontrolling Interest [Line Items]
Fair Value	$ 4,400
Joint Venture Investment \| Measurement Input, Discount Rate
Noncontrolling Interest [Line Items]
Joint venture, measurement input			0.30
Joint Venture Investment \| Measurement Input, Royalty Rate \| Developed Technology
Noncontrolling Interest [Line Items]
Joint venture, measurement input	0.10

NONCONTROLLING INTEREST	6 Months Ended
NONCONTROLLING INTEREST	Jun. 30, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTEREST	NONCONTROLLING INTEREST In July 2021, the Company formed a joint venture for the purpose of conducting research and development on technology in the area of AC/DC converters for chargers and adapters. Refer to Note 16 above. On August 19, 2022, the Company obtained control of the joint venture, and no consideration was paid pursuant to the Change of Control Agreement. The Company consolidated the fair value of the net assets of the joint venture as of August 19, 2022, and the Company reports noncontrolling interests of the joint venture as a component of equity separate from the Company’s equity. The fair value of the noncontrolling interest and net assets is based on estimates. The Company’s net income (loss) excludes income (loss) attributable to the noncontrollling interests. The fair value of the joint venture was determined based on a multiple of future annual revenues with a discount rate of 30%. In connection with the consolidation, the Company reacquired a patent license, which was fair valued at $1.0 million based on comparable transactions during the year, and will be amortized over a five year term. Goodwill of $3.1 million was recorded in connection with this transaction. On January 19, 2023, the Company announced an agreement to acquire the remaining minority interest in the joint venture as well as rights to certain intellectual property from Halo and its U.S. affiliate for a total purchase price of $22.4 million in Navitas stock. The transaction was completed on February 13, 2023. In connection with the purchase of intellectual property, the Company recognized developed technology as an intangible asset at its estimated fair value of $4.4 million. As a result of this transaction, the Company recorded a net increase to additional paid in capital of $7.5 million representing the difference between the fair value of share consideration related to the acquisition of the remaining noncontrolling interest and the carrying value of the noncontrolling interest at the date of the transaction. The fair value of the developed technology was estimated using the relief from royalty method, an income approach (Level 3), because of the licensing appeal of these assets The Company estimated the benefit of the ownership as the relief form the royalty expense that would be incurred in the absence of ownership. A royalty rate was applied to the projected revenues associated with the intangible asset to determine the amount of savings, which was at a rate of 10% to determine the fair value.

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2023	Aug. 10, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39755
Entity Registrant Name	Navitas Semiconductor Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2560226
Entity Address, Address Line One	3520 Challenger Street
Entity Address, Postal Zip Code	90503-1640
Entity Address, City or Town	Torrance,
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	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		173,719,862
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 14	$ 0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock shares issued (in shares)	173,649,862	153,628,838
Common stock, shares outstanding (in shares)	173,649,862	153,628,838

SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Expense and Capitalized, Amount

The following table summarizes the stock-based compensation expense recognized for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	6,947	$	3,037	$	14,124	$	10,531
Selling, general and administrative	5,624		7,999		15,607		25,831
Total stock-based compensation expense	$	12,571	$	11,036	$	29,731	$	36,362

Schedule of Stock Option Outstanding

A summary of stock options outstanding, excluding LTIP Options as of June 30, 2023, and activity during the three months then ended, is presented below:


Stock Options	Shares (In thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)
Outstanding at December 31, 2022	6,775	$	0.59	6.20
Granted	—	—		—
Exercised	(1,250)	0.70		—
Forfeited or expired	(136)	1.06		—
Cancelled	—	—		—
Outstanding at June 30, 2023	5,389	$	0.57	5.81
Vested and Exercisable at June 30, 2023	5,389	$	0.57	5.81

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

The valuation model utilized the following assumptions:


Risk-free interest rates	2.82		%
Expected volatility rates	63		%
Expected dividend yield	—
Cost of equity (for derived service period)	14.64		%
Weighted-average grant date fair value of options	$	2.51

Schedule of Restricted Stock Unit, Outstanding

A summary of RSUs outstanding as of June 30, 2023, and activity during the six months then ended, is presented below:


	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	11,606	$	5.93
Granted	5,517	6.18
Vested	(2,171)	7.32
Forfeited	(8)	7.22
Outstanding at June 30, 2023	14,944	$	6.29

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2022
Lessee, Lease, Description [Line Items]
Operating lease asset	$ 6,150		$ 6,150		$ 6,381	$ 1,600
Operating lease liability	6,322		6,322			$ 1,700
Rent expense, including short-term lease cost	$ 500	$ 400	$ 1,000	$ 700
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	2 months 12 days		2 months 12 days
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)	5 years 4 months 24 days		5 years 4 months 24 days

SHARE BASED COMPENSATION - Stock Option Outstanding (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Stock Options
Balance at the beginning (in shares)	6,775
Granted (in shares)	0
Exercised (in shares)	(1,250)
Forfeited or expired (in shares)	(136)
Cancelled (in shares)	0
Balance at the end (in shares)	5,389	6,775
Vested and exercisable at the end ( in shares)	5,389
Weighted- Average Exercise Price
Balance at the beginning (in dollars per share)	$ 0.59
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.70
Forfeited or expired (in dollars per share)	1.06
Cancelled (in dollars per share)	0
Balance at the end (in dollars per share)	0.57	$ 0.59
Vested and exercisable at the end (in dollars per share)	$ 0.57
Weighted- Average Remaining Contractual Term (In years)
Weighted average remaining contractual term (in years)	5 years 9 months 21 days	6 years 2 months 12 days
Weighted average remaining contractual term, vested and exercisable options (in years)	5 years 9 months 21 days

WARRANT LIABILITY	6 Months Ended
WARRANT LIABILITY	Jun. 30, 2023
Warrants and Rights Note Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITY In 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 a total of 13,100,000 warrants of the Company with substantially identical terms (“the Warrants”). Accordingly, 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 of the Business Combination and certain permitted transferees (“Private Placement Warrants”), 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 by the terms of the Public Warrants 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 date 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 $81.4 million which resulted in a gain of $51.8 million due to the decrease in the fair value of the warrant liability in the six months ended June 30, 2022. There were no outstanding warrants as of June 30, 2023.