TORRANCE, Calif., Nov. 05, 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, has announced the world’s first 8.5 kW power supply unit (PSU), powered by GaN and SiC technologies to achieve 98% efficiency, for next-generation AI and hyperscale data centers. The AI-optimized 54V output PSU complies with Open Compute Project (OCP) and Open Rack ...

Financial Data and Key Metrics - Q3 2024 revenue was $21.7 million, flat YoY but a 6% sequential increase [9][30] - Gross margin for Q3 2024 was 40.1%, down from 42.1% in Q3 2023 due to strong mobile market mix [31] - Operating expenses for Q3 2024 were $21.4 million, with SG&A at $9.9 million and R&D at $11.6 million [32] - Q3 2024 operating loss was $12.7 million [32] - Cash and cash equivalents at quarter-end were $99 million with no debt [33] - Q4 2024 revenue guidance is $18-20 million, with gross margin expected to be around 40% [34][35] Business Line Performance - Mobile business hit an all-time record in Q3 2024, with 26 new design wins, including 3 Tier-1 OEM wins [21] - AI and enterprise data centers saw a new 8.5 kW AI power supply design, with data center revenue starting in Q3 and expected to ramp through 2025 [16][17] - EV segment secured 6 new design wins in Q3, including onboard and roadside chargers, with over 200 active projects [19][20] - Appliance and industrial pipeline added 30 new design wins in Q3, ranging from vacuum cleaners to multi-kilowatt power supplies [22] - Solar and energy segment added 10 new design wins, including a multimillion-dollar win with Generac [22] Market Performance - AI data centers are a key focus, with new low-voltage GaN technology complementing existing high-voltage GaN solutions [17][18] - EV market continues to grow, with new low-voltage GaN technology expected to fit well with 48V battery EV applications [20] - Mobile and consumer market remains strong, with GaNSlim ICs driving design wins and expected multimillion-dollar revenue ramps in Q2 2025 [21] - Solar microinverters are on track for a significant ramp in mid-2025, with new low-voltage GaN providing additional opportunities [23] Strategic Direction and Industry Competition - Company announced a new low-voltage GaN technology optimized for 48V systems, creating a $1 billion market opportunity [12] - Strategic partnership with Infineon to create common GaN specifications, providing dual sourcing options for customers [13] - Focus on AI data centers, mobile, and EV markets, with technologies developed for these markets expected to cross-sell into industrial, appliance, and solar markets [25][26] - Streamlining operations with a 14% headcount reduction and $2 million quarterly OpEx savings, aiming for profitability [24][36] Management Commentary on Operating Environment and Future Outlook - Management noted softness in some end markets and customer project delays, leading to a muted outlook for the next few quarters [26] - Despite near-term challenges, the company expects solid growth to resume later in 2025, driven by a $1.6 billion customer pipeline and design win momentum [27] - New low-voltage GaN technology, Infineon partnership, and organizational efficiency improvements are expected to drive growth and profitability [27] Other Important Information - Company has over 300 patents granted or pending, strengthening its competitive advantage [15] - New low-voltage GaN technology will start sampling this quarter, with first customer designs expected to ramp in H2 2025 [19] - Company is focusing on working capital improvements, with inventory reduced to $21 million from $25 million in the prior quarter [33][34] Q&A Session Summary Question: Dual sourcing agreement with Infineon and IP licensing - The agreement includes a broad-based cross-license, allowing both companies to collaborate without patent conflicts [39] - Dual sourcing is driven by customer demand for supply chain risk reduction and faster adoption of GaN technology [39][40] Question: Gross margin guidance and market mix - Flat gross margin guidance for Q4 is due to strong mobile market performance offsetting muted growth in higher power markets [44] Question: Automotive market trends - EV market is showing signs of recovery, with increased design wins in onboard and roadside chargers [45][46] Question: Silicon carbide market and channel inventory - Channel inventory for silicon carbide is decreasing, with growth expected to resume in 2025 [48] - High-voltage GaN could eventually displace silicon carbide, but cost-effectiveness and reliability remain key factors [49] Question: Restructuring and market focus - Restructuring includes a 14% headcount reduction and $2 million quarterly savings, with a focus on AI data centers, mobile, and EV markets [51] - Technologies developed for these markets will also benefit adjacent markets like industrial, solar, and energy storage [51] Question: Pricing and competition - Market softness has led to more aggressive pricing, but the company has improved cost structures to maintain competitiveness [52] Question: Low-voltage GaN in data centers - GaN is making inroads in 48V data center applications, with potential to push efficiency and frequency beyond traditional silicon levels [54] Question: Liquid cooling in data centers - Liquid cooling is seen as necessary to support higher power levels in AI processors, driving demand for efficient power semiconductors [56] Question: Infineon partnership and revenue expectations - The partnership focuses on low-voltage GaN for AI data centers, with sampling starting this quarter and production ramps expected in late 2025 [70] Question: Solar market focus - While solar remains a niche market, the company sees opportunities in solar microinverters with bidirectional GaN technology [67][68] Question: Smartphone market trends - The company is seeing growth in entry-level smartphones with higher charging power, particularly in emerging markets [64]

Navitas Semiconductor Corporation (NVTS) came out with a quarterly loss of $0.06 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.07, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Navitas Semiconductor, which belo ...

Core Insights - Navitas Semiconductor reported record sales in the mobile fast-charger market and introduced a new low-voltage GaN platform for 48V AI data centers, electric vehicles (EV), and robotics applications [2][4] - The company has formed a strategic dual-sourcing partnership with Infineon Technologies to enhance customer confidence and accelerate the adoption of GaN technology [2][4] - A cost-reduction plan is expected to save $2 million per quarter, including a 14% reduction in headcount, to streamline operations and focus on key markets [2][4] Financial Performance - Total revenue for Q3 2024 was $21.7 million, a slight decrease from $22.0 million in Q3 2023 and an increase from $20.5 million in Q2 2024 [3][14] - GAAP loss from operations was $29.0 million, compared to a loss of $28.6 million in Q3 2023 and a loss of $31.1 million in Q2 2024 [3][14] - Cash and cash equivalents stood at $98.6 million as of September 30, 2024 [3][18] Market and Technology Developments - The new low-voltage GaN platform (80-200V) is optimized for 48V systems in AI data centers, EVs, and motor drives, with sampling expected in Q4 2024 [4] - A new 98%-efficient, 8.5 kW AI power supply reference design has been launched, featuring high-voltage GaN and SiC architecture [4] - The company has secured over 60 active customer projects in the data center segment, with production revenues starting in Q3 2024 [4] Business Outlook - For Q4 2024, net revenues are projected to be between $18.0 million and $20.0 million, with a non-GAAP gross margin expected to be around 40% [5]

TORRANCE, Calif., Oct. 28, 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, has announced it will preview several breakthroughs at electronica 2024 (Hall C 3, booth 129, November 12th- 15th). Aligned with the mission to 'Electrify our World™', the "Planet Navitas" booth invites visitors to discover how next-gen GaN and SiC technology enabl ...

Core Viewpoint - Navitas Semiconductor (NVTS) has shown strong performance in the stock market, outperforming its peers and the broader technology sector, driven by robust sales in Mobile and Consumer markets, as well as growth in Electric Vehicles (EVs) [1] Group 1: Stock Performance - NVTS shares have gained 6.6% over the past month, compared to a 1.8% return for the Zacks Computer and Technology sector [1] - The company has outperformed the Zacks Electronics-Semiconductors industry, which appreciated by 5.1% in the same period [1] - Competitors Cirrus Logic and FormFactor saw declines of 1.8% and 1.4%, respectively, while Ambarella gained 3.1% [1] Group 2: Product Launches and Innovations - NVTS has launched a new portfolio of Gen-3 Fast (G3F) 650 V and 1,200 V SiC MOSFETs, enhancing switching speed, efficiency, and power density for various applications [2] - The introduction of a 4.5 kW AI data center power supply reference design showcases the highest power density of 137 W/in3 and over 97% efficiency [2] - The expanded adoption of GaNFast ICs by Samsung in multiple smartphone models, including Galaxy A and Galaxy Z series, indicates significant market penetration [3] - The launch of GaNSlim, a new generation of highly-integrated GaN power ICs, aims to facilitate the development of small form factor, high-power-density applications [3] Group 3: Financial Guidance and Performance - For Q3 2024, NVTS expects revenues of $22 million, indicating a sequential growth of 7% and a year-over-year growth of 0.41% [4] - The gross margin for Q3 is anticipated to be around 40%, with expectations for margin improvements as demand recovers in higher-margin markets [4] - The Zacks Consensus Estimate for loss is projected at 6 cents per share, unchanged over the past 60 days, compared to a loss of 4 cents in the same quarter last year [5] Group 4: Valuation and Market Position - NVTS currently reflects a stretched valuation with a Value Score of F, indicating caution for potential investors [6] - The company holds a Zacks Rank 3 (Hold), suggesting that investors should wait for a more favorable entry point [6]

TORRANCE, Calif., Oct. 14, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, has announced GaNSlim™, a new generation of highly-integrated GaN power ICs that will further simplify and speed the development of small form factor, high-power-density applications by offering the highest level of integration and thermal performance. GaNSlim enables the simplest, fastest, and ...

TORRANCE, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced the release of a portfolio of third-generation automotive-qualified SiC MOSFETs in D2PAK-7L (TO-263-7) and TOLL (TO-Leadless) surface-mount (SMT) packages. Navitas' proprietary 'trench-assisted planar' technology provides world-leading performance over temperature and delivers ...

Eduardo Fuentes Guevara/E+ via Getty Images Despite operating in the promising semiconductor sector, Navitas Semiconductor (NASDAQ:NVTS) has been one of the worst performers of the year so far with its stock down more than 61% YTD. The main reason for this substantial drop in the company's share price is soft demand for its power semiconductors in light of the current multi-decade high interest rates and weakening EV demand which have caused the company's top line growth to decelerate substantially in the f ...

Core Viewpoint - Navitas Semiconductor is actively engaging with investors through a series of upcoming events, highlighting its leadership in next-generation power semiconductor technology, particularly in gallium nitride (GaN) and silicon carbide (SiC) solutions [1][2][3][4]. Group 1: Upcoming Investor Events - Navitas Semiconductor will participate in the Needham Virtual Semiconductor & SemiCap 1x1 Conference on August 21, featuring 1-on-1 meetings with key executives [1]. - The company will also attend the Jefferies Semiconductor, IT Hardware & Communications Technology Conference on August 27, and the Evercore ISI Semiconductor, IT Hardware & Networking Conference on August 28, both offering 1-on-1 meetings with the CFO and VP of Investor Relations [2]. - A virtual investor meeting hosted by MESH Ventures is scheduled for September 3, featuring a group call with the CEO and CFO [2]. - Additional investor calls in Mandarin and English are planned for September 4 and 5, respectively, with participation from the CFO and other executives [3]. Group 2: Company Overview - Navitas Semiconductor, founded in 2024, is recognized as the only pure-play, next-generation power semiconductor company, specializing in GaNFast™ power ICs and GeneSiC™ power devices [4]. - The company has shipped over 125 million GaN units and 12 million SiC units as of August 2023, and offers the industry's first 20-year warranty on GaNFast products [4]. - Navitas focuses on key markets including AI data centers, electric vehicles (EV), solar energy, energy storage, and consumer electronics, holding over 250 patents [4].