By Jorge Mercado Tuesday, March 9th, 2021

Goleta based Transphorm suffered a net loss in the fourth quarter of 2020 but more than quadrupled its assets over the past year as it continued to make its name in the semiconductor industry.

Transphorm, a supplier of gallium nitride power conversion products, generated revenue of $2 million in the fourth quarter of 2020, the company said in financial results released March 9.

The $2 million in revenue is down from $9.9 million in the same quarter of 2019. The company also reported a net loss of $4.7 million in the fourth quarter of 2020, compared to net income of $2.4 million in 2019.

Transphorm shares closed at $6.86 before the earnings release and were trading at just over $7 after hours.

For the full year of 2020, Transphorm generated revenue of $11.4 million, compared to $11.9 million in 2019, and had a net loss of $17.9 million, up from a loss of $15.3 million in the previous year.

The company did grow its current assets over the course of the year and especially in the fourth quarter. 

Transphorm ended 2020 with $14.7 million in assets, up from $2.9 million at the end of 2019 and $4.4 million at the end of the third quarter in 2020.

The company also entered into an expanded multi-year cooperation and development agreement with Yaskawa Electric in the fourth quarter in a deal worth $4 million.

Transphorm is making steps to expand into “fast-charging adapters, data center servers and crypto mining, as well as electric vehicles,” according to CEO Mario Rivas.

“We’ve entered 2021 with strong momentum and a healthy order backlog that we believe will drive meaningful product revenue growth as we continue to ramp volume shipments for an increasing number of design wins throughout the coming year,” Rivas said in a news release.