Navitas Ranks in Top 75 of Fastest-Growing Companies in North America on the 2022 Deloitte Technology Fast 500™

Three-year revenue growth of 2,300% for next-generation integrated gallium nitride (GaN) ICs that drive up to 3x more power, or 3x faster charging in half the size and weight vs. legacy silicon chips

TORRANCE, Calif., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in GaN power ICs and SiC technology, has been ranked 75^th on the Deloitte Technology Fast 500™. Navitas’ high ranking was driven by demand for the company’s high-speed, high-efficiency GaNFast™ power ICs, which helped the company grow revenue by 2,300% between 2018 and 2021.

Now in its 28^th year, the Fast 500 ranks the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2018 to 2021. Overall, 2022 Technology Fast 500™ companies achieved revenue growth ranging from 241% to 125,138% from 2018 to 2021, with median growth of 611%.

Navitas founder and CEO Gene Sheridan comments: “As the world seeks to address the challenges of climate change and deliver on promises for net-zero emissions there is a critical need for next-gen semiconductors that deliver application benefits of energy savings, small size, light weight, high power and faster charging at a great system cost. With over 65,000,000 GaN units shipped, zero reported GaN field failures, and an industry-first 20-year limited warranty, this next-gen technology is aggressively taking share from legacy silicon.”

He adds: “With the recent addition of the GeneSiC family of advanced, higher voltage silicon carbide technologies to our existing GaN portfolio we can further accelerate company growth by providing comprehensive, small-form-factor, energy-efficient solutions across mobile, consumer, data center, EV, solar, wind, smart grid, and industrial markets.”

About the 2022 Deloitte Technology Fast 500™

Now in its 28^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2018 to 2021.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include mobile, consumer, data center, EV, solar, wind, smart grid, and industrial. Over 185 Navitas patents are issued or pending. Over 65 million GaN units have been shipped with zero reported GaN field failures, and Navitas introduced the industry’s first and only 20-year warranty. Navitas is the world’s first semiconductor company to be CarbonNeutral^®-certified.

Navitas, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor and subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information:
Stephen Oliver, VP Corporate Marketing & Investor Relations, ir@navitassemi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ed67cdc-7dd7-4ce5-8b57-31806d1984a7