By Jorge Mercado Monday, August 14th, 2023

Goleta-based Transphorm reported its first-quarter earnings after the markets closed on Aug. 14, noting a slight raise in revenue.

Transphorm, a supplier of gallium nitride power conversion products, generated $5.9 million in revenue in the first quarter up from $5.2 million in the same quarter a year ago.

Moreover, the company’s net loss was $7.4 million for the quarter that ended June 30, higher than last year’s first-quarter loss of 5.4 million.

When accounting for one-time losses, Transphorm had a net loss of $4.5 million, or 13 cents per share, slightly higher than last year’s non-GAAP net loss of $4.2 million of 8 cents per share.

Gross margin in the quarter was 36%, a significant increase from the 5% delivered in the prior quarter, representing an increase of 3100 basis points.

Transphorm’s stock closed at $2.90 on Aug. 14, with shares rising about 5% in after-hours trading.

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