Navitas Semiconductor (US:NVTS) GlobeNewswire News Room·2024-11-04 21:03Core 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]