AES Semigas


22 February 2024

Transphorm quarterly product revenue falls by 11% due to short-term demand pushouts

For its fiscal third-quarter 2024 (to end-December 2023), 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 — has reported revenue of $4. 67m, up 3.9% on $4.49m a year ago but down 6.8% on $5m last quarter.

Product revenue was $3.2m, down 11% on last quarter and down 20% on a year ago, due to short-term demand pushouts. Government revenue was $1.5m, roughly level with last quarter but up 180% on a year ago.

Gross margin was 1.6%, an improvement on –59.4% a year ago but down from 23.4% last quarter, impacted by a $250,000 consumption tax adjustment and $170,000 in non-recurring scrap.

On a non-GAAP basis, operating expenses have risen further, from $6.42m last quarter to $7.35m. However, this increase is driven largely by legal expenses related to the definitive agreement announced on 10 January for Transphorm to be acquired by a subsidiary of Japan-based Renesas Electronics Corp for about $339m.

Net loss was $10m ($0.20 per share), up from $7.13m ($0.12 per share) last quarter but cut slightly from $10.46m ($0.18 per share) a year ago.

Adjusted EBITDA was –$6.9m ($0.11 per share), compared with –$4.98m ($0.08 per share) last quarter but an improvement on --$8.52m ($0.15 per share) a year ago.

During the quarter, cash, cash equivalents and restricted cash rose from $6.152m to $7.95m. However, this was only after Transphorm raised $3m through the exercise of existing warrants and $2.1m of short-term debt.

“While our third quarter product revenue decreased marginally on a sequential basis, we continued to experience strong momentum in building our revenue pipeline and securing design-ins,” says CEO & co-founder Primit Parikh.

Highlights during the quarter are listed as:

High-power segment

  • Increased total design-ins for higher power (300W–7.5kW) to over 120 (with over 35 in production), an increase of 20% from the prior update in November of 100.
  • Announced two new SuperGaN devices in a 4-lead TO-247 package, a drop-in replacement for SiC FETs and offering a 35mΩ and 50mΩ on-resistance and a benefit of more efficient, switching capabilities with 25% lower energy losses in recent internal tests, increasing socket penetration opportunities with new and existing solutions.
  • Announced a collaboration with Allegro MicroSystem’s AHV85110 Isolated Gate Driver and Transphorm’s SuperGaN FETs to increase GaN power system performance for high-power applications, using Transphorm’s recently released 650V/70mΩ TOLL device.
  • Launched three Transphorm FETs in surface-mount devices (SMD) TOLL packages supporting higher-power applications for power-hungry artificial intelligence (AI) applications, server power, energy and industrial markets, positioning GaN as optimal devices for these kilowatt-class power-hungry applications and proving its high-voltage, high-power dynamic reliability.
  • Launched the SuperGaN TOLT FET, which is claimed to be the industry’s first top-sided-cooled surface-mount GaN device in the JEDEC-standard (MO-332) TOLT package, delivering superior thermal and electrical performance for computing, AI, energy and automotive power systems.
  • Released two battery charger reference designs for electric vehicle (EV) charging applications, suitable for two- and three-wheeled EVs.
  • On track for 1200V engineering samples by the middle of calendar year 2024.

Low-power segment

  • Increased total design-ins for power adapters and fast chargers (<300W) to over 125 (with over 30 in production), an increase in ongoing design-ins of 8% from the prior update in November of 115.
  • Announced with Weltrend Semiconductor Inc a 100W USB-C PD power adapter reference design, using Transphorm’s WT7162RHUG24A SuperGaN system-in-package to achieve 92.7% efficiency in a quasi-resonant flyback topology.

See related items:

Transphorm launches two 4-lead TO-247 GaN FETs for high-power server, renewable, industrial power conversion

Renesas to acquire GaN device maker Transphorm for $339m

Transphorm and Weltrend make available 100W USB-C PD power adapter reference design

Transphorm quarterly product revenue grows 18% sequentially to higher-than-expected $3.55m

Transphorm quarterly revenue grows 14% year-on-year to $5.9m, boosted by Government contract revenue

Transphorm’s full-year product revenue grows 21%

Transphorm’s product revenue grows 25% in December quarter

Tags: Transphorm GaN-on-Si GaN HEMT


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