12 August 2020
Transphorm’s Q2 revenue boosted by licensing to Nexperia
For second-quarter 2020, Transphorm Inc of Goleta, near Santa Barbara, CA, USA — which designs and manufactures JEDEC- and AEC-Q101-qualified high-voltage (HV) gallium nitride (GaN) field-effect transistors (FETs) for high-voltage (HV) power conversion applications — has reported revenue of $6.3m, up from $1.1m last quarter and $0.5m a year ago. This was largely due to $5m of licensing revenue from manufacturing partner Nexperia, related to funding of technology development, as well as $0.7m from Transphorm’s three-year contract with the US Navy. For first-half 2020, revenue was $7.4m, up from just $1m in first-half 2019.
Operating expenses have been cut from $5.1m last quarter to $4.2m in Q2/2020 (level with a year ago), comprising R&D expenses of $1.6m and sales, general & administrative (SG&A) expenses of $2.6m.
Net loss has been cut further, from $5.9m ($0.21 per share) a year ago and $4.2m ($0.13 per share) last quarter to $2.3m ($0.06 per share) for Q2/2020. During the quarter, cash and equivalents have fallen from $14.6m to $9.4m.
Highlights in first-half 2020 are listed as:
- introducing SuperGaN Power FETs with the launch of the Gen IV GaN platform;
- partnering with Microchip Technology Inc to combine high-reliability GaN with a digital signal controller in support of accelerating GaN adoption;
- announcing Hangzhou Zhongheng Electric Co’s development of an ultra-efficient, GaN-based power module using Transphorm’s GaN devices;
- raising $19.7m in net proceeds from a private placement of common stock in February; and
- having its common stock listed on the OTC market and being recently granted DTC eligibility.
“We continue to successfully expand our comprehensive portfolio of high-voltage GaN power conversion devices, while working to drive increased adoption of our products for targeted applications, including the emerging opportunity in fast-charging power adapters,” says CEO Mario Rivas. “Although the COVID-19 pandemic has impacted certain customers, resulting in delays of their internal development programs that could adversely affect the pace of adoption and revenue in the near-term, we are confident that our pipeline of customer engagements and design wins will drive future long-term growth.”