By Jorge Mercado Tuesday, August 16th, 2022

Goleta-based Transphorm just missed analysts’ expectations when it reported its first quarter earnings on Aug. 15.

Transphorm, a supplier of gallium nitride power conversion products, reported an adjusted earnings per share loss of 8 cents for the quarter ended June 30, one cent higher than Zacks Consensus Estimate.

The company also reported a loss of $5.4 million in non-adjusted net income, lower than last year’s first quarter loss of $7.1 million.

Transphorm reported revenue of $5.2 million in the first quarter, $2 million more than the same quarter a year ago, as the company said it set “another record in product sales … for a broad range of power conversion applications.”

Product sales increased 101% from the first fiscal quarter of 2021-22.

Transphorm, which was uplisted to trade on the Nasdaq in February, lost 10.3% the day after its earnings release, to close at $5.13 on Aug. 16.

Transphorm ended the first quarter with $43.1 million in the cash and cash equivalents after receiving $16 million from sales of common stock.