Goleta-based Transphorm saw revenue increase for the seventh consecutive quarter and also reported a profit for the quarter ended Sept. 30.
Transphorm, a supplier of gallium nitride power conversion products, reported net income of $6 million, or 15 cents per share, compared to a net loss of $7.1 million in the same quarter a year ago.
Revenue also grew substantially in the most recent quarter, from $1.9 million last year to $11.3 million.
Transphorm said in a news release the increase was driven by a combination of licensing revenue related to ongoing development work with a manufacturing partner as well as record product sales from ramping shipments of its devices for a broad range of power conversion applications, including fast chargers and adapters, gaming, data center and crypto-mining.
Shares of Transphorm, which trades on an over-the-counter marketplace, were trading 14% higher on Nov. 11, a day after the company released its financial results. The price closed at $7.34 on Nov. 11, its highest trading price in nearly two years.
Transphorm’s strategic partner, Yaskawa, also converted $15.6 million of debt to Transphorm common stock valued at $5 a share during the quarter.
Transphorm also closed $33 million private placement in November 2021, including follow-on investments of $5 million by KKR and $10 million by Sino-American Silicon Products as well as participation by institutional investors, the company said in a statement.
The company closed the quarter with $2.5 million in cash and cash equivalents.