Goleta-based Transphorm saw net losses continue to mount in its most recent quarter, according to financial results released Aug. 16.
Transphorm, a supplier of gallium nitride power conversion products, reported a loss of $7.1 million, or 17 cents per share, in the first quarter of 2021-22, bigger than its net loss of $6.6 million, or 16 cents per share, in the same quarter a year earlier.
Revenue for the quarter was $3.2 million, a 33% sequential increase from the company’s fourth quarter earnings, but a 50% drop from the same quarter last year. In the year-ago quarter, Transphorm generated $6.3 million, including $5 million from licensing revenue.
Operating expenses were $5.3 million in the first quarter of 2021-22, compared to $5.2 million in the prior quarter and $4.2 million in the first quarter of 2020-21.
The company concluded the quarter ended June 30 with cash and cash equivalents of just $2.5 million compared to $9.5 million at the end of the fourth quarter 2020-21. On Aug. 13, in a private placement transaction, Transphorm closed $5 million of equity financing at $5 per share from a multi-billion dollar public company in Asia with international operations in the semiconductor ecosystem.
Transphorm shares closed at $4.18 on Aug. 16, before the earnings release. The stock trades on an over-the-counter marketplace.