25 June 2021
Transphorm’s revenue grows 20% in March quarter
Reflecting the firm’s new fiscal year-end period (as part of its preparations for a planned application to uplist to the Nasdaq Capital Market in second-half calendar 2021), for fiscal fourth-quarter 2021 (ended 31 March) Transphorm Inc of Goleta, near Santa Barbara, CA, USA has reported revenue of $2.42m. This is up 20% on the prior quarter’s $2m and almost doubling from $1.1m a year previously, due to record product sales driven by expanding adoption of its gallium nitride (GaN) devices for power conversion applications. Full-year revenue was $12.7m for fiscal 2021, up slightly on $12.5m in fiscal 2020.
On a non-GAAP basis, operating expenses were $4.5m, up from $3.7m last quarter but cut from $4.7m a year previously. Full-year OpEx has been cut from $16.5m in fiscal 2010 to $15.6m for fiscal 2021.
Net loss was $5.2m ($0.13 per share), up from $4.7m ($0.13 per share) last quarter but cut from $6.1m ($0.19 per share) a year previously. Full-year net loss was $15.5m ($0.42 per share) for fiscal 2021, up from $13.6m ($0.47 per share) for fiscal 2020.
During the quarter, cash and equivalents have hence fallen from $14.7m to $9.5m.
“Following our strong results and record product revenue in the March quarter, we have continued to secure new design wins and experience growing customer demand for Transphorm’s GaN power devices,” says president & co-founder Primit Parikh. “Throughout the current quarter our team has been focused on ramping both volume production shipments and future capacity, and we remain on track toward our goal of having the capacity to ship more than 1 million GaN devices for adapters per month by the end of calendar 2021,” he adds. “We are also continuing to leverage the field-proven reliability, quality and performance of Transphorm’s devices to extend our market-leading position in GaN products for high-power applications, including gaming, crypto-mining and data centers – for which Transphorm’s latest Gen 5 product will also be commercially released in the coming quarter.”