Navitas Semiconductor (NVTS) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2025 was $14.5 million, a decrease of 29.3% from $20.5 million in Q2 2024, but an increase from $14.0 million in Q1 2025[6] - GAAP loss from operations for Q2 2025 was $21.7 million, improved from a loss of $31.1 million in Q2 2024 and a loss of $25.3 million in Q1 2025[6] - Non-GAAP loss from operations for Q2 2025 was $10.6 million, compared to a loss of $13.3 million in Q2 2024[6] - Net revenues for Q2 2025 were $14,490 million, a decrease of 29.2% from $20,468 million in Q2 2024[21] - The net loss for Q2 2025 was $49,075 million, significantly higher than the net loss of $22,328 million in Q2 2024[21] - Non-GAAP gross profit for Q2 2025 was $5,573 million, with a non-GAAP gross margin of 38.5%, compared to 40.3% in Q2 2024[22] - Total operating expenses for Q2 2025 were $23,981 million, compared to $39,127 million in Q2 2024, reflecting a reduction of 38.6%[21] Cash and Assets - Cash and cash equivalents increased to $161.2 million as of June 30, 2025[6] - Cash and cash equivalents increased to $161,189 million as of June 30, 2025, up from $86,737 million at the end of 2024[25] - Total current assets rose to $192,865 million in Q2 2025, compared to $120,266 million at the end of 2024[25] - Total liabilities increased to $60,564 million as of June 30, 2025, compared to $41,965 million at the end of 2024[25] Market and Growth Potential - The company raised $100 million through the sale of approximately 20 million common shares to support growth in AI data centers and energy infrastructure[2] - Navitas estimates a $2.6 billion market potential for GaN and SiC technologies in AI data centers by 2030, with a 100x increase in server rack power capacity[2] - Partnership with NVIDIA aims to develop next-generation 800V data centers, with a projected $0.5 billion annual SiC market potential by 2030[6] - New manufacturing partnership with Powerchip for 200mm (8") 180nm GaN is expected to lower costs and increase capacity[6] - The company plans to focus on high-end mobile GaN charger markets, including a collaboration with Xiaomi for a 90W charger[11] Future Projections - Third quarter 2025 net revenues are expected to be $10.0 million, with a non-GAAP gross margin of approximately 38.5%[7] - The average shares outstanding for the calculation of non-GAAP net loss per share were 198,956 million for Q2 2025[23] - Non-GAAP net loss per share for Q2 2025 was $0.05, compared to $0.07 in Q2 2024[23]