AES Semigas


16 March 2021

Transphorm grows revenue in Q4

For fourth-quarter 2020, Transphorm Inc of Goleta, near Santa Barbara, CA, USA — which designs and manufactures JEDEC- and AEC-Q101-qualified 650V and 900V gallium nitride (GaN) field-effect transistors (FETs) for high-voltage power conversion applications — has reported revenue of $2m, up on $1.9m in Q3/2020. Revenue a year ago was $9.9m, but that included $9m in licensing revenue. Full-year revenue was $11.4m in 2020, down on 2019’s $11.9m.

Operating expenses were $4.5m in Q4, comprising R&D expenses of $1.5m and sales, general & administrative (SG&A) expenses of $3.1m. This was down from $5m a year ago but up from $4.3m in Q3//2020.

Full-year net loss has risen from $15.3m ($0.54 per share) in 2019 to $17.9m ($0.56 per share) for 2020. However, quarterly net loss has been cut from $6.7m ($0.19 per share) in Q3 to $4.7m ($0.13 per share) in Q4.

Cash and equivalents have risen further, from $2.9m at the end of 2019 to $4.4m at the end of Q3/2020 then $14.7m at the end of 2020, after completing a private placement of common stock (generating gross proceeds of $15m).

“The fourth quarter marked a strong finish to a successful year, as we continued to make significant progress on our design-win momentum, strategic partnerships and go-to-market initiatives,” says CEO Mario Rivas.

During the quarter, Transphorm:

  • announced that its high-voltage GaN FETs are being incorporated by Bel Power Solutions into a family of 1.5-3.2kW Titanium efficiency power supplies;
  • fulfilled a purchase order for high-volume power adapter applications and secured new wins for seven-figure unit volumes;
  • secured an order for a Gen 4 GaN device in a power supply targeted at crypto mining application;
  • demonstrated a new Gen 5 SuperGaN device, featuring what is reckoned to be the world’s lowest on-resistance packaged GaN device and 25% lower power loss over silicon carbide (SiC) in a standard TO247 package, and began sampling for electric vehicle (EV) applications;
  • made available a new power supply reference design virtual prototype, in collaboration with partner Keysight Technologies; and
  • entered into an expanded $4m, multi-year cooperation and development agreement with Yaskawa Electric.

“The compelling combination of high reliability and high performance offered by Transphorm’s GaN power devices is contributing to increased adoption across an expanded customer base and target applications in fast-charging adapters, data-center servers and crypto mining, as well as electric vehicles,” says Rivas. “As a result, we’ve entered 2021 with strong momentum and a healthy order backlog that we believe will drive meaningful product revenue growth as we continue to ramp volume shipments for an increasing number of design wins throughout the coming year.”

See related items:

Keysight and Transphorm create power supply reference design

Bel Power and Transphorm announce family of Titanium efficiency AC-to-DC power supplies

Transphorm raising $15m in private placement

Transphorm expands multi-year development agreement with Yaskawa

Transphorm sampling first Gen V FET under SuperGaN brand

Transphorm’s Q3 revenue almost doubles year-on-year

Tags: Transphorm GaN-on-Si GaN HEMT Power electronics



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