12 November 2020
Transphorm’s Q3 revenue almost doubles year-on-year
For third-quarter 2020, Transphorm Inc of Goleta, near Santa Barbara, CA, USA — which designs and manufactures JEDEC- and AEC-Q101-qualified high-voltage (HV) gallium nitride (GaN) field-effect transistors (FETs) for high-voltage (HV) power conversion applications — has reported revenue of $1.9m, up on $1m a year ago. Revenue last quarter was $6.3m, but that included $5m in licensing revenue from manufacturing partner Nexperia. For the first nine months of 2020, revenue was $9.4m, up from $2m a year previously.
Operating expenses have risen from $3.9m a year ago and $4.2m last quarter to $4.3m, with general & administrative (G&A) expenses mor than doubling from $1.27m a year ago to $2.69m while sales & marketing expenses remained about $0.55m and R&D expenses almost halved from $2.04m to $1.07m.
Net loss was $6.7m ($0.19 per share), up from $2.3m ($0.06 per share) last quarter and $5.4m ($0.19 per share) a year ago. However, for the first nine months of 2020, year-to-date net loss improved to $13.2m ($0.39 per share) from $17.7m ($0.63 per share) for the same period of 2019.
During the quarter, cash and equivalents fell further, from $9.4m to $4.4m.
“We continued to execute on our plans and make notable progress on our product development and design-win traction during the third quarter, despite the challenging environment,” notes CEO Mario Rivas. During the quarter, Transphorm secured a new volume order with a strategic adapter customer.
“We have expanded our pipeline of customer engagements in the fast-charging power adapter market and also broadened our portfolio of high-voltage GaN power conversion devices, all of which continue to demonstrate excellent reliability in the field,” says Rivas. During the quarter, Transphorm announced its latest high-voltage GaN quality and reliability (Q+R) data, including a failure in time (FIT) rate of <1 failure per billion hours on more than 10 billion field hours of operation. It also launched its second 900V GaN power FET device to production, for broad industrial and renewable energy applications, and released a 4kW analog-controlled bridgeless totem-pole GaN evaluation board for phase AC-to-DC power conversion solutions.
“Transphorm’s strong patent and product portfolio, partnerships and government programs uniquely position the company for meaningful growth in the coming year,” believes Rivas.