26 May 2022
Transphorm’s quarterly revenue doubles year-on-year to record $4.93m
For its fiscal fourth-quarter 2022 (ended 31 March), 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 $4.93m, up on $4.6m last quarter and up 103% on $2.4m a year ago.
In particular, product revenue grew sequentially for the ninth consecutive quarter to a new record of over $4m, up 10% on last quarter and 190% on a year ago, due to ramping shipments of GaN devices for a broad range of power conversion applications.
Full-year revenue grew 89% year-on-year from $12.7m in fiscal 2020 to a new record of $24.1m for fiscal 2022, due to 189% growth in product revenue, based on prior targeted investments in designs for a broader market.
“The demand for our GaN solutions is strong, driven by our products’ unique, easy-to-interface architecture, world-leading GaN product portfolio with a broad range of power capabilities from 45W to 5kW, and leading performance with field reliability,” says president & co-founder Primit Parikh.
During the quarter, Transphorm:
- secured its largest SuperGaN high-power Gen IV FET production order to date for over 500,000 units of 3kW-class power supplies;
- secured a laptop adapter design-win from a tier 1 Fortune 100 company, including an initial purchase order of 50,000 units of SuperGaN Gen IV 240mΩ-class FETs, which are said to provide higher efficiency for 65W fast-charging adapter applications versus competing e-mode GaN FETs that require a larger 150mΩ device for similar applications;
- secured pre-production purchase orders from ODMs for a large Asia mobile phone (65W) and leading worlwide e-retailer (140W) projects and
- announced the first 99%-efficient power switching demonstration from a 1200V GaN power transistor prototype.
On a non-GAAP basis, operating expenses in fiscal Q4/2022 were $4.6m, up from $4.4m last quarter and $4.5m a year ago. Full-year operating expenses rose from $15.6m in fiscal 2021 to $18.1m for fiscal 2022.
Net loss has been cut further, from $5.2m ($0.13 per share) a year ago and $4.3m ($0.09 per share) last quarter to $4m ($0.08 per share) in fiscal Q4/2022. Full-year net loss was cut from $15.5m ($0.42 per share) in fiscal 2021 to $10m ($0.22 per share) in fiscal 2022.
Cash, cash equivalents and restricted cash have hence fallen during the quarter from $41m to $34m (albeit this is still up from $9.5m a year ago, after completing equity financing totalling more than $45m during fiscal Q3).
“During the 2022 fiscal year we completed an uplisting to the NASDAQ [under the ticker symbol TGAN], dramatically improving the company’s liquidity,” notes chief financial officer Cameron McAulay. “Along with the additional capital we raised in fiscal Q3 of 2022, this provides expanded operational flexibility in support of our future anticipated growth.”
“With a strong backlog in place, our current focus is on managing supply chain constraints, expanding our manufacturing capacity, and continuing to grow our ecosystem of solution partners,” concludes Parikh.