STOCK TITAN

Navitas Semiconductor Announces Third Quarter 2024 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Navitas Semiconductor (NVTS) reported Q3 2024 revenue of $21.7 million, slightly down from $22.0 million in Q3 2023. The company announced record sales in GaN mobile fast-chargers and introduced a new low-voltage GaN platform for 48V AI data centers, EV, and robotics markets. A strategic partnership with Infineon Technologies was established for customer dual sourcing. The company implemented a cost-reduction plan expected to save $2 million per quarter, including a 14% workforce reduction. Q4 2024 revenue guidance is set at $18.0-20.0 million with an expected non-GAAP gross margin of 40% ±50bps.

Navitas Semiconductor (NVTS) ha riportato un fatturato per il terzo trimestre del 2024 di 21,7 milioni di dollari, leggermente in calo rispetto ai 22,0 milioni di dollari del terzo trimestre del 2023. L'azienda ha annunciato vendite record in caricatori rapidi mobili GaN e ha introdotto una nuova piattaforma GaN a bassa tensione per centri dati AI a 48V, veicoli elettrici e mercati della robotica. È stata stabilita una partnership strategica con Infineon Technologies per il doppio approvvigionamento dei clienti. L'azienda ha implementato un piano di riduzione dei costi previsto per risparmiare 2 milioni di dollari a trimestre, compresa una riduzione del 14% della forza lavoro. Le previsioni di fatturato per il quarto trimestre del 2024 sono fissate tra 18,0 e 20,0 milioni di dollari, con un margine lordo non-GAAP atteso del 40% ±50 punti base.

Navitas Semiconductor (NVTS) reportó ingresos del tercer trimestre de 2024 de 21.7 millones de dólares, ligeramente por debajo de los 22.0 millones de dólares en el tercer trimestre de 2023. La empresa anunció ventas récord en cargadores rápidos móviles GaN e introdujo una nueva plataforma GaN de baja tensión para centros de datos de IA de 48V, mercados de vehículos eléctricos y robótica. Se estableció una asociación estratégica con Infineon Technologies para el abastecimiento dual de clientes. La empresa implementó un plan de reducción de costos que se espera ahorre 2 millones de dólares por trimestre, incluida una reducción del 14% en la fuerza laboral. La guía de ingresos para el cuarto trimestre de 2024 se establece entre 18.0 y 20.0 millones de dólares, con un margen bruto no-GAAP esperado del 40% ±50 puntos básicos.

Navitas Semiconductor (NVTS)는 2024년 3분기 수익이 2170만 달러로, 2023년 3분기 2200만 달러에서 소폭 감소했다고 보고했습니다. 이 회사는 GaN 모바일 고속 충전기에서 기록적인 매출을 발표하고, 48V AI 데이터 센터, 전기차 및 로보틱스 시장을 위한 새로운 저전압 GaN 플랫폼을 소개했습니다. 고객 이중 소싱을 위해 Infineon Technologies와 전략적 파트너십을 체결했습니다. 회사는 분기마다 200만 달러를 절감할 것으로 예상되는 비용 절감 계획을 실행했으며, 이는 14%의 인력 감축을 포함합니다. 2024년 4분기 매출 전망은 1800만 ~ 2000만 달러로 설정되었으며, 예상되는 비-GAAP 총 마진은 40% ±50bps입니다.

Navitas Semiconductor (NVTS) a annoncé un chiffre d'affaires pour le troisième trimestre 2024 de 21,7 millions de dollars, en légère baisse par rapport à 22,0 millions de dollars au troisième trimestre 2023. L'entreprise a annoncé des ventes record de chargeurs rapides mobiles GaN et a introduit une nouvelle plateforme GaN basse tension pour des centres de données IA à 48V, des véhicules électriques et des marchés de la robotique. Un partenariat stratégique a été établi avec Infineon Technologies pour l'approvisionnement dual des clients. L'entreprise a mis en œuvre un plan de réduction des coûts qui devrait permettre d'économiser 2 millions de dollars par trimestre, y compris une réduction de 14% de la main-d'œuvre. Les prévisions de chiffre d'affaires pour le quatrième trimestre 2024 sont fixées entre 18,0 et 20,0 millions de dollars, avec une marge brute non-GAAP attendue de 40% ±50 points de base.

Navitas Semiconductor (NVTS) meldete im dritten Quartal 2024 einen Umsatz von 21,7 Millionen Dollar, leicht zurückgegangen von 22,0 Millionen Dollar im dritten Quartal 2023. Das Unternehmen gab Rekordverkäufe bei GaN-Mobil-Schnellladegeräten bekannt und führte eine neue Niedervolt-GaN-Plattform für 48-V-KI-Rechenzentren, Elektrofahrzeuge und Robotermärkte ein. Eine strategische Partnerschaft mit Infineon Technologies wurde für die doppelte Beschaffung von Kunden etabliert. Das Unternehmen hat einen Kostenreduktionsplan umgesetzt, der Einsparungen von 2 Millionen Dollar pro Quartal erwarten lässt, einschließlich einer Reduzierung der Belegschaft um 14%. Die Umsatzprognose für das vierte Quartal 2024 liegt zwischen 18,0 und 20,0 Millionen Dollar, mit einer erwarteten Nicht-GAAP-Bruttomarge von 40% ±50 Basispunkten.

Positive
  • Record sales achieved in GaN mobile fast-charger market
  • Strategic dual-sourcing partnership established with Infineon Technologies
  • Cost reduction plan to save $2M per quarter
  • Data center production revenues started in Q3
  • New design wins: 26 in mobile, 30 in appliance/industrial, 10 in solar
Negative
  • Revenue declined to $21.7M from $22.0M YoY
  • GAAP operating loss increased to $29.0M from $28.6M YoY
  • Non-GAAP operating loss widened to $12.7M from $8.7M YoY
  • 14% workforce reduction (approximately 45 employees)
  • Q4 revenue guidance suggests sequential decline to $18.0-20.0M

Insights

Q3 results reveal mixed signals for Navitas Semiconductor. $21.7M revenue shows marginal sequential growth but a slight YoY decline. The $29.0M GAAP operating loss and $12.7M non-GAAP loss indicate continued profitability challenges. The cost reduction plan, including 14% workforce reduction, aims to save $2M per quarter but signals near-term pressures.

The $98.6M cash position provides runway, but Q4 guidance of $18-20M revenue suggests sequential decline. The strategic Infineon partnership and expansion into 48V markets could drive future growth, though meaningful revenue impact likely won't materialize until 2025.

The expansion into low-voltage GaN technology for AI data centers and EVs represents a significant strategic pivot. The Infineon dual-sourcing partnership adds credibility and could accelerate adoption in mainstream applications. Notable wins include the 98%-efficient AI power supply design and integration with NVIDIA's AI GPU roadmap.

The diversified approach across mobile, EV and data center segments shows promise, with 26 new GaNSlim design wins and 200+ EV projects in pipeline. However, most revenue impact from these initiatives won't materialize until mid-2025, indicating a lengthy path to meaningful growth.

  • Record sales in GaN mobile fast-charger market
  • New, low-voltage GaN technology enters 48V AI data center, EV and robotics markets
  • Strategic partnership with Infineon Technologies enables customer dual sourcing
  • Streamlined market focus and cost structure improve path to profitability

TORRANCE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS) the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology,  today announced unaudited financial results for the third quarter ended September 30, 2024. 

“I’m pleased to announce record sales in the mobile fast-charger market plus a completely new GaN platform for 48V AI data centers, EV and AI robotics applications in conjunction with a new, strategic, dual-sourcing partnership with Infineon,” said Gene Sheridan, CEO and co-founder. “Despite macro-economic challenges, we continue to grow faster than the market, and the new, low-voltage GaN platform not only opens up new strategic markets, but also brings customers dual-sourcing options from Navitas and Infineon for added confidence to accelerate adoption of GaN into new mainstream, high-volume applications.”

The company also announced a cost-reduction plan that is expected to save $2 million per quarter and streamline the organization with increased focus on AI data center, EV and mobile applications, accelerating the company’s path to profitability. The plan includes a 14% reduction in headcount (approximately 45 employees).

3Q24 Financial Highlights

  • Revenue: Total revenue was $21.7 million in the third quarter of 2024, compared to $22.0 million in the third quarter of 2023, and $20.5 million in the second quarter of 2024.
  • Loss from Operations: GAAP loss from operations for the quarter was $29.0 million, compared to a loss of $28.6 million for the third quarter of 2023 and a loss of $31.1 million for the second quarter of 2024.  On a non-GAAP basis, loss from operations for the quarter was $12.7 million compared to a loss of $8.7 million for the third quarter of 2023, and a loss of $13.3 million in the second quarter of 2024.
  • Cash: Cash and cash equivalents were $98.6 million as of September 30, 2024.

Market, Customer and Technology Highlights

  • New, Low-voltage (LV) GaN Platform (80-200V): Optimized for 48V systems in AI data center, EV, and motor drive, sampling in Q4 2024, with strategic dual-sourcing partnership with Infineon Technologies. Common specifications (packaging, pin-out, footprint and IP) to accelerate customer adoption of GaN into high-volume, mainstream applications.
  • AI Data Center: New 98%-efficient, 8.5 kW AI power supply reference design with high-voltage (HV) GaN+SiC architecture launched as well as proprietary IntelliWeave™ PFC control technique to deliver extreme power density demanded by NVIDA’s Hopper-Blackwell-Rubin AI GPU roadmap. High-voltage GaNSafe power ICs and Gen-3 ‘Fast’ SiC devices are featured in over 60 active customer projects with direct customers such as Delta, GreatWall, Compuware and LiteON, supplying end-users like AWS, Azure and Google. Our data center production revenues started in Q3 as expected and will continue ramping throughout 2025.
  • EV: Leading-edge, trench-assisted, planar-gate Gen-3 ‘Fast’ SiC devices now fully AEC Q101 (automotive) qualified and pushing beyond. Six new on-board and road-side charger design wins in Q3, expected to ramp in 2025 and 2026. Largest pipeline segment, with 200+ projects. New, LV GaN platform optimized for 48V battery EV applications.
  • Mobile & Consumer: GaNSlim ICs achieved another 26 design wins in Q3. Three new tier-1 OEM wins expected to deliver revenue ramping Q2’25, adding to the Samsung wins announced in August.
  • Appliance & Industrial: Thirty new design wins in Q3, ranging from vacuum cleaners and LED lighting, to solid-state, grid-connected circuit-breakers, multi-kW power supplies and heat pumps. New, LV GaN platform addresses 48V industrial motor drives including AI robotics.
  • Solar & Energy Storage: Ten design wins, including at Generac, expected to ramp mid-2025. Next-gen GaN ICs – including Navitas-proprietary, industry-leading bi-directional GaN ICs - continue on track for significant mid-2025 ramp in solar micro-inverters. New, LV GaN doubles TAM in inverters, as complement to HV GaN and SiC.

Business Outlook 
Fourth quarter 2024 net revenues are expected to be between $18.0 and $20.0 million. Non-GAAP gross margin for the fourth quarter is expected to be 40% plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $20.5 million in the fourth quarter of 2024. 

Navitas Q3 2024 Financial Results Conference Call and Webcast Information:
When: Monday, November 4, 2024
Time: 2:00 p.m. Pacific / 5:00 p.m. Eastern
Toll Free Dial-in: (800) 715-9871 or (646) 307-1963, Conference ID: 2158932
Live Webcast: https://edge.media-server.com/mmc/p/ughm3b5i
Replay: A replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.navitassemi.com/.

Non-GAAP Financial Measures
This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP operating expenses, (ii) non-GAAP research and development expense, (iii) non-GAAP selling, general and administrative expense, (iv) non-GAAP loss from operations, (vi) non-GAAP operating margin, and (vi) non-GAAP loss and loss per share. Each of these non-GAAP financial measures are adjusted from GAAP results to exclude certain expenses which are outlined in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independent of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Note Regarding Customer Pipeline Statistic
“Customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized in one or more future periods. All customer pipeline information constitutes forward-looking statements. Customer pipeline is not a proxy for backlog or an estimate of future revenue, nor should it be considered as any other measure or indicator of financial performance. Rather, Navitas uses customer pipeline as a statistical metric to indicate the Company’s current view of relative changes in future potential business across various end markets. Time horizons vary based on product type and application. Accordingly, actual business realized depends on whether potential customers ultimately choose the Navitas solution, the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, successful customer qualification of the selected solution, the time needed for customers to begin production, the duration and pace of the customer’s ramp to full production, and strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities discussed below under “Cautionary Statement Regarding Forward-Looking Statements.”

Cautionary Statement Regarding Forward-Looking Statements 
This press release, including the paragraph headed “Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The term “customer pipeline” and related information constitute forward-looking statements. Other forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Customer pipeline and other forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of risks and uncertainties, including the possibility that the expected growth of our business will not be realized, or will not be realized within expected time periods, due to, among other things, the failure to successfully integrate acquired businesses into our business and operational systems; the effect of acquisitions on customer and supplier relationships, or the failure to retain and expand those relationships; the success or failure of other business development efforts; Navitas’ financial condition and results of operations; Navitas’ ability to accurately predict future revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; Navitas’ ability to diversify its customer base and develop relationships in new markets; Navitas’ ability to scale its technology into new markets and applications; the effects of competition on Navitas’ business, including actions of competitors with an established presence and resources in markets we hope to penetrate, including silicon carbide markets; the level of demand in our customers’ end markets and our customers’ ability to predict such demand, both generally and with respect to successive generations of products or technology; Navitas’ ability to attract, train and retain key qualified personnel; changes in government trade policies, including the imposition of tariffs and the regulation of cross-border investments, particularly involving the United States and China; other regulatory developments in the United States, China and other countries; the impact of the COVID-19 pandemic or other epidemics on Navitas’ business and the economies that affect our business, including but not limited to Navitas’ supply chain and the supply chains of customers and suppliers; and Navitas’ ability to protect its intellectual property rights.

These and other risk factors are discussed in the Risk Factors section beginning on p. 15 of our annual report on Form 10-K for the year ended December 31, 2023, as amended in our Form 10-K/A, filed with the SEC on July 23, 2024, the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of the risks described above, and discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Navitas is not aware of or that Navitas currently believes are immaterial that could also cause actual results to differ materially from those contained in forward-looking statements. In addition, forward-looking statements reflect Navitas’ expectations, plans or forecasts of future events and views as of the date of this press release. Navitas anticipates that subsequent events and developments will cause Navitas’ assessments to change. However, while Navitas may elect to update these forward-looking statements at some point in the future, Navitas specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Navitas’ assessments as of any date subsequent to the date of this press release.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation 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 AI datacenters, EV, solar, energy storage, home appliance / industrial, mobile and consumer. Over 250 Navitas patents are issued or pending, with the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. 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 Investor Relations
ir@navitassemi.com

image1.jpeg



NAVITAS SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED
(dollars in thousands, except per share amounts)
        
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2024   2023   2024   2023 
NET REVENUES$21,681  $21,978  $65,324  $53,399 
COST OF REVENUES (exclusive of amortization of intangible assets included below) 13,069   14,878   39,207   33,322 
OPERATING EXPENSES:       
Research and development 17,828   16,553   57,028   50,740 
Selling, general and administrative 15,040   14,419   46,509   46,629 
Amortization of intangible assets 4,717   4,774   14,265   14,046 
Total operating expenses 37,585   35,746   117,802   111,415 
LOSS FROM OPERATIONS (28,973)  (28,646)  (91,685)  (91,338)
OTHER INCOME (EXPENSE), net:       
Interest income (expense) (39)  47   (109)  1,298 
Dividend income 1,210   1,648   4,251   2,107 
Gain (loss) from change in fair value of earnout liabilities 9,171   34,473   42,920   (25,503)
Other income 26   20   140   50 
Total other income (expense), net 10,368   36,188   47,202   (22,048)
INCOME (LOSS) BEFORE INCOME TAXES (18,605)  7,542   (44,483)  (113,386)
INCOME TAX PROVISION (BENEFIT) 125   23   256   (13)
NET LOSS (18,730)  7,519   (44,739)  (113,373)
LESS: Net loss attributable to noncontrolling interest          (518)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST$(18,730) $7,519  $(44,739) $(112,855)
NET INCOME (LOSS) PER SHARE:       
Basic$(0.10) $0.04  $(0.25) $(0.68)
Diluted$(0.10) $0.04  $(0.25) $(0.68)
SHARES USED IN PER SHARE CALCULATION:       
Basic 184,672   175,103   182,551   165,719 
Diluted 184,672   185,626   182,551   165,719 
        
        
        
NAVITAS SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
(dollars in thousands, except per share amounts)
        
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2024   2023   2024   2023 
RECONCILIATION OF GROSS PROFIT MARGIN       
GAAP Net revenues$21,681  $21,978  $65,324  $53,399 
Cost of revenues (exclusive of amortization of intangibles) (13,069)  (14,878)  (39,207)  (33,322)
Cost of revenues (amortization of intangibles) (3,959)  (3,959)  (11,876)  (11,601)
GAAP Gross profit 4,653   3,141   14,241   8,476 
GAAP Gross margin  21.5%  14.3%  21.8%  15.9%
        
Cost of revenues (amortization of intangibles) 3,959   3,959   11,876   11,601 
Inventory write-off related to discontinued products    2,024      2,024 
Other operational charges    122      122 
Stock-based compensation expense 76      325    
Non-GAAP Gross profit$8,688  $9,246  $26,442  $22,223 
Non-GAAP Gross margin 40.1%  42.1%  40.5%  41.6%
RECONCILIATION OF OPERATING EXPENSES       
GAAP Research and development$17,828  $16,553  $57,028  $50,740 
Stock-based compensation expenses (6,267)  (6,013)  (20,075)  (20,137)
Non-GAAP Research and development 11,561   10,540   36,953   30,603 
GAAP Selling, general and administrative 15,040   14,419   46,509   46,629 
Stock-based compensation expenses (5,029)  (6,066)  (17,611)  (21,673)
Payroll taxes on vesting of employee stock-based compensation (137)  (413)  (687)  (698)
Employee separation and transition       (275)   
Settlement of commercial claim       (450)   
Acquisition-related expenses          (1,485)
Termination of distributor    (483)     (483)
Other    (47)  (111)  (105)
Non-GAAP Selling, general and administrative 9,874   7,410   27,375   22,185 
Total Non-GAAP Operating expenses$21,435  $17,950  $64,328  $52,788 
RECONCILIATION OF LOSS FROM OPERATIONS       
GAAP Loss from operations$(28,973) $(28,646) $(91,685) $(91,338)
GAAP Operating margin (133.6)%  (130.3)%  (140.4)%  (171.0)%
Add: Stock-based compensation expenses included in:       
Research and development 6,267   6,013   20,075   20,137 
Selling, general and administrative 5,029   6,066   17,611   21,673 
Cost of goods sold 76      325    
Total 11,372   12,079   38,011   41,810 
Amortization of acquisition-related intangible assets 4,717   4,774   14,265   14,046 
Payroll taxes on vesting of employee stock-based compensation 137   413   687   698 
Employee separation and transition       275    
Settlement of commercial claim       450    
Acquisition-related expenses          1,485 
Inventory write-off related to discontinued products    2,024      2,024 
Termination of distributor    483      483 
Other    169   111   227 
Non-GAAP Loss from operations$(12,747) $(8,704) $(37,886) $(30,565)
Non-GAAP Operating margin (58.8)%  (39.6)%  (58.0)%  (57.2)%
RECONCILIATION OF NET LOSS PER SHARE       
GAAP Net income (loss) attributable to controlling interest$(18,730) $7,519  $(44,739) $(112,855)
Adjustments to GAAP Net income (loss)       
Loss (Gain) from change in fair value of earnout liabilities (9,171)  (34,473)  (42,920)  25,503 
Total stock-based compensation 11,372   12,079   38,011   41,810 
Amortization of acquisition-related intangible assets 4,717   4,774   14,265   14,046 
Payroll taxes on vesting of employee stock-based compensation 137   413   687   698 
Employee separation and transition       275    
Settlement of commercial claim       450    
Acquisition-related expenses          1,485 
Inventory write-off related to discontinued products    2,024      2,024 
Termination of distributor    483      483 
Other operational charges           
Other expense    149   28   177 
Non-GAAP Net loss$(11,675) $(7,032) $(33,943) $(26,629)
Average shares outstanding for calculation of non-GAAP
Net loss per share (basic and diluted)
 184,672   175,103   182,551   165,719 
Non-GAAP Net loss per share (basic and diluted)$(0.06) $(0.04) $(0.19) $(0.16)
        
        
NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
 (Unaudited)      
 September 30, 2024 December 31, 2023    
ASSETS       
CURRENT ASSETS:       
Cash and cash equivalents$98,614  $152,839     
Accounts receivable, net 21,091   25,858     
Inventories 21,284   22,234     
Prepaid expenses and other current assets 4,161   6,178     
Total current assets 145,150   207,109     
ACCOUNTS RECEIVABLE NONCURRENT, net 5,211        
PROPERTY AND EQUIPMENT, net 13,057   9,154     
OPERATING LEASE RIGHT OF USE ASSETS 7,266   8,268     
INTANGIBLE ASSETS, net 76,856   91,099     
GOODWILL 163,215   163,215     
OTHER ASSETS 8,654   6,701     
Total assets$419,409  $485,546     
LIABILITIES AND STOCKHOLDERS’ EQUITY       
CURRENT LIABILITIES:       
Accounts payable and other accrued expenses$13,593  $24,740     
Accrued compensation expenses 8,497   10,902     
Operating lease liabilities, current 1,868   1,892     
Customer deposit and deferred revenue 2,006   10,953     
Total current liabilities 25,964   48,487     
OPERATING LEASE LIABILITIES NONCURRENT 5,993   6,653     
EARNOUT LIABILITY 3,932   46,852     
DEFERRED TAX LIABILITIES 1,040   1,040     
ACCRUED ROYALTIES NONCURRENT 1,652   1,897     
Total liabilities 38,581   104,929     
STOCKHOLDERS’ EQUITY 380,828   380,617     
Total liabilities and stockholders’ equity$419,409  $485,546     


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e61ca9b-386d-43a1-84fe-1ba8c487a43a


FAQ

What was Navitas Semiconductor's (NVTS) revenue in Q3 2024?

Navitas Semiconductor reported revenue of $21.7 million in Q3 2024, compared to $22.0 million in Q3 2023.

How much will Navitas (NVTS) save from its cost reduction plan in 2024?

Navitas expects to save $2 million per quarter through its cost reduction plan, which includes a 14% reduction in workforce.

What is Navitas' (NVTS) revenue guidance for Q4 2024?

Navitas expects Q4 2024 net revenues to be between $18.0 and $20.0 million, with a non-GAAP gross margin of 40% ±50 basis points.

What new markets is Navitas (NVTS) entering with its low-voltage GaN platform?

Navitas is entering the 48V AI data center, EV, and robotics markets with its new low-voltage GaN platform.

Navitas Semiconductor Corporation

NASDAQ:NVTS

NVTS Rankings

NVTS Latest News

NVTS Stock Data

445.51M
138.64M
25.78%
42.04%
14.9%
Semiconductors
Semiconductors & Related Devices
Link
United States of America
TORRANCE