AES Semigas


11 February 2022

Transphorm’s quarterly revenue up 129% year-on-year

For its fiscal third-quarter 2022 (ended 31 December 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 $4.6m, up 129% on $2m a year ago.

This is down from $11.3m last quarter, but that included $8m of licensing revenue related to a development project with a manufacturing partner.

Excluding this licensing revenue, revenue rose by 39% from $3.3m last quarter, reflecting record product sales of $3.6m (up sequentially for an eighth consecutive quarter, and up 220% year-on-year). The growth in product sales is due to ramping shipments of GaN devices for a broad range of power conversion applications (including shipping more than 1 million SuperGaN Gen IV FETs for 45-300W power adapter and fast-charger applications in December).

“As overall demand for GaN solutions is accelerating, our sales pipeline continues to expand rapidly, driven by our products’ unique, easy-to-interface GaN architecture, our world-leading GaN portfolio with a broad range of power capabilities (45W–5kW already powering our customers’ systems today, scalable to 100kW plus in the future), and our products’ established real-world performance and reliability,” says president & co-founder Primit Parikh.

Highlights during the quarter included increasing total design-ins for power adapters and fast chargers to over 50 (with over 20 in production) and total design-ins for higher power (300W–4kW) to over 30 (with over 20 in production).

“Our emphasis going forward is to capitalize on this momentum, grow our ecosystem of solution partners, and expand our manufacturing capacity, with a strong focus on providing a total supply chain solution to customers,” says Parikh.

On a non-GAAP basis, operating expenses were $4.4m, roughly level with $4.45m last quarter but up 20% on $3.7m a year ago, due primarily to an expansion in the sales and applications team to support increased revenue together with one-off compliance costs tied to a year of change.

Net loss was $4.3m ($0.09 per share), compared with net income of $3.6m ($0.09 per share) last quarter but a cut in net loss from $4.7m ($0.13 per share) a year ago.

In December, Transphorm closed a $12.9m non-brokered private placement of common stock at $7.71 per share, bringing the total amount of equity financings closed during the quarter to more than $45m. Cash and equivalents were hence boosted from $2.5m to $41m.

“Over the past two quarters we have completed multiple equity financings from a combination of strategic and institutional investors, resulting in a significant increase in both the company’s cash position and stockholders’ equity at quarter end,” notes chief financial officer Cameron McAulay. “This additional capital provides expanded operational flexibility in support of our future anticipated growth, and we believe the company’s strengthened balance sheet satisfies all of the financial qualification requirements for uplisting to the NASDAQ. As such, we expect and look forward to providing a definitive update on this important milestone in the near future,” he adds.

See related items:

Transphorm raises $12.9m from MCM Investment

Transphorm turns profit as quarterly product revenue grows 30% year-on-year

SAS makes $15m investment in Transphorm as part of strategic partnership

Transphorm completes $23m private placement with KKR and US institutional investors

Transphorm’s strategic partner Yaskawa converts $15.6m of debt into common stock

Transphorm’s revenue grows 20% in March quarter

Transphorm grows revenue in Q4

Tags: Transphorm GaN-on-Si GaN HEMT


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