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].

Navitas Semiconductor Corporation (NASDAQ:NVTS) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET Company Participants Stephen Oliver - VP, IR Gene Sheridan - Chairman, President, CEO and Co-Founder Janet Chou - EVP, CFO, and Treasurer Conference Call Participants Ross Seymore - Deutsche Bank Blayne Curtis - Jefferies Quinn Bolton - Needham Jack Egan - Charter Equity Research Kevin Cassidy - Rosenblatt Joseph Moore - Morgan Stanley Jon Tanwanteng - CJS Securities Richard Shannon - Craig-Hallum Oper ...

Revenue and Financial Performance - Q2 2024 revenue grew to $20.5 million, a 13% increase from $18.1 million in Q2 2023[2] - Net revenues for Q2 2024 increased to $20.47 million, up 13.3% from $18.06 million in Q2 2023[11] - Q3 2024 net revenues are expected to be $22.0 million plus or minus $500 thousand, with non-GAAP gross margin expected to be 40% plus or minus 50 basis points[4] Operating Loss and Expenses - GAAP loss from operations for Q2 2024 was $31.1 million, compared to a loss of $27.2 million in Q2 2023[2] - Non-GAAP loss from operations for Q2 2024 was $13.3 million, compared to a loss of $9.6 million in Q2 2023[2] - Non-GAAP loss from operations was $13.31 million in Q2 2024, up 39.4% from $9.55 million in Q2 2023[12] - Research and development expenses increased to $18.97 million in Q2 2024, up 13.0% from $16.79 million in Q2 2023[11] - Non-GAAP operating expenses totaled $21.55 million in Q2 2024, up 26.4% from $17.04 million in Q2 2023[12] - Total stock-based compensation expenses were $13.09 million in Q2 2024, up 4.1% from $12.57 million in Q2 2023[12] Gross Margin and Profitability - Gross margin improved to 19.7% in Q2 2024 compared to 19.5% in Q2 2023[11] - Non-GAAP gross margin reached 40.3% in Q2 2024, slightly down from 41.5% in Q2 2023[12] Net Loss and Earnings Per Share - Net loss attributable to controlling interest decreased to $22.33 million in Q2 2024 from $58.53 million in Q2 2023[11] - Net loss per share improved to $0.12 in Q2 2024 from $0.35 in Q2 2023[11] - Non-GAAP net loss for the period was $(12,047) thousand, compared to $(8,648) thousand in the previous period[13] - Non-GAAP net loss per share (basic and diluted) was $(0.07), compared to $(0.05) in the previous period[13] - Average shares outstanding for the calculation of non-GAAP net loss per share were 183,127 thousand[13] Cash and Assets - Cash and cash equivalents were $112.0 million as of June 30, 2024, with no debt[2] - Total current assets as of December 31, 2023, were $207,109 thousand, including $152,839 thousand in cash and cash equivalents[14] - Intangible assets, net, stood at $91,099 thousand as of December 31, 2023[14] - Goodwill was reported at $163,215 thousand as of December 31, 2023[14] - Total assets as of December 31, 2023, were $485,546 thousand[14] - Stockholders' equity was reported at $380,617 thousand as of December 31, 2023[14] Liabilities and Equity - Total liabilities amounted to $104,929 thousand, with current liabilities at $48,487 thousand[14] Customer Pipeline and Design Wins - Customer pipeline for AI data centers doubled since December 2023, with over 60 customer projects in development and 7 new data center design wins in Q2[3] - EV/eMobility customer pipeline now includes over 200 projects, with 15 design wins in Q2 and first GaN revenues in EV expected by the end of 2025[3] - Appliance/Industrial customer pipeline grew beyond $380 million, with 25 new project wins expected to ramp production in 2025 or 2026[3] - Solar/Energy Storage customer pipeline includes over 100 projects, with 6 new commercial design wins in Q2 and expected US GaN-based micro-inverter ramp next year[3] - Mobile/Consumer GaN adoption at Xiaomi and OPPO is expected to reach 30% in 2024, with 16 new GaNFast chargers launched in Q2, bringing the total to over 470 designs[3] Shares and Amortization - Shares used in per share calculation increased to 183,127 in Q2 2024 from 165,606 in Q2 2023[11] - Amortization of acquisition-related intangible assets was $4,774 thousand, compared to $4,773 thousand in the previous period[13]

TORRANCE, Calif., Aug. 05, 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 that Samsung had expanded adoption of Navitas' GaNFast ICs from the original flagship Galaxy S22, S23 and S24 to the mainstream Galaxy A, and revolutionary Galaxy Z Fold6 and Galaxy Z Flip6 smartphones with enhanced Galaxy AI features. GaN runs up to 20x faster than legacy silico ...

TORRANCE, Calif., Aug. 01, 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 extended its new portfolio of Gen-3 'Fast' (G3F) 650 V SiC MOSFETs into a thermally-enhanced, rugged, high-speed, surface-mount TOLL (Transistor Outline Leadless) package designed for demanding, high-power, high-reliability applications. Combining high-power capability and best-in-class lo ...

Core Viewpoint - Navitas Semiconductor will report its second quarter 2024 financial results on August 5, 2024, followed by a conference call and webcast for financial analysts [1][2]. Company Overview - Navitas Semiconductor (Nasdaq: NVTS) is a pure-play, next-generation power-semiconductor company, celebrating its 10th anniversary in 2024 [3]. - The company specializes in GaNFast™ power ICs that integrate gallium nitride (GaN) technology for faster charging, higher power density, and energy savings, alongside GeneSiC™ power devices for high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions [3]. - Key markets for Navitas include electric vehicles (EV), solar energy, energy storage, home appliances, industrial applications, data centers, and consumer electronics [3]. - As of August 2023, Navitas has shipped over 125 million GaN units and 12 million SiC units, holding over 250 patents [3]. - The company is recognized for its commitment to sustainability, being the first semiconductor company to achieve CarbonNeutral® certification [3].

TORRANCE, Calif., July 23, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS) today announced that it will report second quarter 2024 financial results after the market close on Monday, August 5th, 2024. Management will host a conference call and live webcast to present the company's financial results and answer questions from the financial analyst community at 2:00 p.m. Pacific / 5:00 p.m. Eastern that same evening. Navitas Q2 2024 Financial Results Conference Call and Webcast Information: When: ...

Core Viewpoint - The 1Q24 earnings report from Navitas Semiconductor indicates a slowdown in revenue growth for 2024, with management expressing less confidence in achieving previous growth targets due to market conditions and demand fluctuations [2][18][27]. Financial Performance - The company reported a revenue guidance of $20 million for 2Q24, reflecting only a 10% year-over-year growth and a sequential decline from 1Q24 [18]. - To achieve operating margin breakeven, Navitas needs quarterly revenues between $50 million to $55 million [20]. - The financial forecasts for 2024 estimate revenue at $132 million, with a year-over-year growth of 27% [26]. Customer Pipeline and Market Demand - The customer pipeline has grown by 28% from December 2023 to $1.6 billion, indicating strong future potential despite current challenges [18][28]. - Significant growth in the EV pipeline, which increased by over 50% to $400 million, is driven by interest from various electric vehicle segments [9]. - The data center segment is experiencing increased demand due to developments in AI, with expectations of millions in revenue in 2024 and $10 million to $20 million in 2025 [3][14]. Technology and Product Development - Navitas Semiconductor's GaNSafe technology allows for increased server power from 3.2 kilowatts to 8-10 kilowatts, meeting new energy efficiency standards [9]. - The company has launched a new 22-kilowatt onboard charger platform, which offers three times faster charging and double the power density [9]. - The mobile and consumer markets remain strong, with major OEMs adopting GaN technology, leading to the production of 20 new fast chargers in 1Q24 [25]. Long-term Outlook - The new CFO is focused on driving profitable growth and improving working capital efficiencies, with a long-term goal of achieving 50% gross margins and 20% operating margins [10][20]. - Despite short-term challenges, the company maintains a positive outlook on its long-term growth potential, particularly in the data center and EV markets [27][28].