Exhibit 99.1

NAVITAS SEMICONDUCTOR LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP)

(dollars in thousands, except per-share amounts)

	Year ending December 31, 2021						Year ending December 31, 2020
	First     Quarter			Second     Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
NET REVENUES	$	5,317		$	5,450		$	1,180		$	2,516		$	3,500		$	4,653		$	11,849
COST OF REVENUES		2,959			2,971			972			1,871			2,184			3,107			8,134
GROSS PROFIT		2,358			2,479			208			645			1,316			1,546			3,715
OPERATING EXPENSES:
Research and development		4,254			6,267			2,444			2,636			3,062			4,907			13,049
General and administrative		5,369			14,794			1,496			1,887			2,241			3,845			9,469
Total operating expenses		9,623			21,061			3,940			4,523			5,303			8,752			22,518
INCOME FROM OPERATIONS		(7,265	)		(18,582	)		(3,732	)		(3,878	)		(3,987	)		(7,206	)		(18,803	)
INTEREST INCOME (EXPENSE), net		(61	)		(63	)		(53	)		(56	)		(63	)		(64	)		(236	)
INCOME BEFORE PROVISION FOR INCOME TAXES		(7,326	)		(18,645	)		(3,785	)		(3,934	)		(4,050	)		(7,270	)		(19,039	)
PROVISION (BENEFIT) FOR INCOME TAXES		19			5			6			—			—			(1	)		5
NET INCOME (LOSS)	$	(7,345	)	$	(18,650	)	$	(3,791	)	$	(3,934	)	$	(4,050	)	$	(7,269	)	$	(19,044	)
EARNINGS PER SHARE:
Basic and diluted	$	(0.41	)	$	(0.98	)	$	(0.26	)	$	(0.27	)	$	(0.27	)	$	(0.49	)	$	(1.28	)
SHARES USED IN PER-SHARE CALCULATION
Basic and diluted		18,038			19,097			14,804			14,835			14,841			14,899			14,847
SUPPLEMENTAL INFORMATION:
Stock-based compensation expenses included in:
Net revenues	$	113		$	50		$	—		$	—		$	—		$	331		$	331
Research and development		206			1,424			12			12			151			302			477
General and administrative		1,516			11,255			22			12			12			182			228
Total stock-based compensation expense	$	1,835		$	12,729		$	34		$	24		$	163		$	815		$	1,036
Research and development includes:
Amortization of acquisition-related intangible assets	$	99		$	89		$	—		$	—		$	84		$	83		$	167

NAVITAS SEMICONDUCTOR LIMITED

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS

(in thousands, except per-share amounts)

	Year ending December 31, 2021						Year ending December 31, 2020
	First     Quarter			Second     Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
RECONCILIATION OF GROSS PROFIT MARGIN
GAAP gross profit	$	2,358		$	2,479		$	208		$	645		$	1,316		$	1,546		$	3,715
GAAP gross profit margin		44.3	%		45.5	%		17.6	%		25.6	%		37.6	%		33.2	%		31.4	%
Stock-based compensation expense included in net revenues		113			50			—			—			—			331			331
Non-GAAP gross profit		2,471			2,529			208			645			1,316			1,877			4,046
Non-GAAP gross profit margin		45.5	%		46.0	%		17.6	%		25.6	%		37.6	%		37.7	%		33.2	%
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS
GAAP income (loss) from operations	$	(7,265	)	$	(18,582	)	$	(3,732	)	$	(3,878	)	$	(3,987	)	$	(7,206	)	$	(18,803	)
GAAP operating margin		-136.6	%		-341.0	%		-316.3	%		-154.1	%		-113.9	%		-154.9	%		-158.7	%
Less: Stock-based compensation expenses included in:
Net revenues		113			50			—			—			—			331			331
Research and development		206			1,424			12			12			151			302			477
General and administrative		1,516			11,255			22			12			12			182			228
Total		1,835			12,729			34			24			163			815			1,036
Amortization of acquisition-related intangible assets		99			89			—			—			84			83			167
Non-GAAP income from operations		(5,331	)		(5,764	)		(3,698	)		(3,854	)		(3,740	)		(6,308	)		(17,600	)
Non-GAAP operating margin		-100.3	%		-105.8	%		-313.4	%		-153.2	%		-106.9	%		-135.6	%		-148.5	%
RECONCILIATION OF NET INCOME(LOSS) PER SHARE
GAAP net income (loss)	$	(7,345	)	$	(18,650	)	$	(3,791	)	$	(3,934	)	$	(4,050	)	$	(7,269	)	$	(19,044	)
Adjustments to GAAP net income (loss)
Total stock-based compensation		1,835			12,729			34			24			163			815			1,036
Amortization of acquisition-related intangible assets		99			89			—			—			84			83			167
Non-GAAP net income (loss)		(5,411	)		(5,832	)		(3,757	)		(3,910	)		(3,803	)		(6,371	)		(17,841	)
Average shares outstanding for calculation of non-GAAP income per share (basic and diluted)		18,038			19,097			14,804			14,835			14,841			14,899			14,847
Non-GAAP income per share	$	(0.30	)	$	(0.31	)	$	(0.25	)	$	(0.26	)	$	(0.26	)	$	(0.43	)	$	(1.20	)

Note on use of non-GAAP financial measures:

In addition to the company’s consolidated financial statements, which are prepared according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recognized under ASC 718-10, as well as certain acquisition-related expenses and other items. The company uses these non-GAAP measures in its own financial and operational decision-making processes.

Further, the company believes that these non-GAAP measures offer an important analytical tool to help investors understand the company’s core operating results and trends, and to facilitate comparability with the company’s historical results and with the operating results of other companies that provide similar non-GAAP measures.

These non-GAAP measures have certain limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information.

NAVITAS SEMICONDUCTOR LIMITED

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	June 30, 2021			March 31, 2021			Dec. 31, 2020			Dec. 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	23,848		$	32,292		$	38,869		$	6,118
Accounts receivable, net		4,501			3,793			4,152			698
Inventories		7,924			5,059			3,404			699
Prepaid expenses and other current assets		2,902			321			522			236
Total current assets		39,175			41,465			46,947			7,751
PROPERTY AND EQUIPMENT, net		1,180			943			722			882
INTANGIBLE ASSETS, net		344			423			515			—
OTHER ASSETS		438			317			323			326
Total assets	$	41,137		$	43,148		$	48,507		$	8,959
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable and other accrued expenses	$	7,688		$	4,183		$	3,698		$	871
Accrued compensation expenses		1,582			1,118			1,668			259
Current portion of long-term debt		2,200			1,600			1,000			2,400
Other liabilities		—			—			—			288
Total current liabilities		11,470			6,901			6,366			3,818
LONG-TERM LIABILITIES:
LONG-TERM DEBT		3,778			4,375			4,971			2,400
OTHER LIABILITIES		66			78			88			68
Total liabilities		15,314			11,354			11,425			6,286
REDEEMABLE CONVERTIBLE PREFERRED STOCK		109,506			109,506			109,506			57,127
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock		3			3			2			1
Additional paid-in capital		18,295			6,797			3,557			2,483
Accumulated other comprehensive loss		(4	)		(2	)		(1	)		—
Notes receivable – shareholders		—			(1,183	)		—
Accumulated deficit		(101,977	)		(83,327	)		(75,982	)		(56,938	)
Total stockholders’ equity (deficit)		(83,683	)		(77,712	)		(72,424	)		(54,454	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	41,137		$	43,148		$	48,507		$	8,959