News: Microelectronics
24 August 2021
Transphorm’s revenue grows 33% in June quarter, driven by GaN demand for fast chargers
For its fiscal first-quarter 2022 (ended 30 June 2021), Transphorm Inc of Goleta, near Santa Barbara, CA, USA — which designs and manufactures JEDEC- and AEC-Q101-qualified gallium nitride (GaN) field-effect transistors (FETs) for high-voltage power conversion applications — has reported revenue of $3.2m, up 33% on $2.4m last quarter. Growth was driven by record product sales from ramping shipments of GaN devices for fast chargers and adapters as well as increased traction for higher-power conversion applications including gaming, data centers and crypto-mining. Year-ago revenue was $6.3m, but that included $5m of licensing revenue from manufacturing partner Nexperia (related to funding of technology development).
“We achieved another consecutive quarter of strong sequential growth and record product revenue,” notes president & co-founder Primit Parikh. “We more than doubled shipments of Transphorm’s GaN power devices for the third consecutive quarter to fulfill growing customer demand in the consumer adapter and high-power markets,” he adds.
On a non-GAAP basis, operating expenses have grown further, from $3.9m a year ago and $4.5m last quarter to $4.6m.
Net loss has grown further, from $0.3m ($0.01 per share) a year ago and $5.2m ($0.13 per share) last quarter to $5.3m ($0.13 per share). However, this includes a $1.5m loss in joint ventures. Operating loss was $4.6m.
Net cash used in operating activities was $4.8m, while $2m was invested in joint ventures and $0.35m in purchases of property and equipment. So, during the quarter, cash and equivalents fell by about $7m, from $9.5m to $2.5m. However, in a subsequent private placement transaction completed on 13 August, the firm closed $5m of equity financing at $5 per share from a multi-billion-dollar public company in Asia with international operations in the semiconductor ecosystem.
“We recently completed the planned transition of our AFSW wafer fab into a new JV with a strong strategic financial partner that shares our goals of accelerating GaN adoption,” says Parikh. “Looking ahead, our team remains focused on expanding capacity over the coming quarters, as we continue to secure and ramp a growing pipeline of design wins,” he adds.
“Along with the strong operating performance, the company remains committed to its previously communicated ambition to uplist on the NASDAQ later in the calendar year,” states CEO Mario Rivas. “In July, we were also excited to strengthen our board, with the addition of Ms Kelly Smales as an independent director, with an extensive semiconductor finance background.”
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