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Navitas Semiconductor Corporation
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$2.2B
Market Cap
6.9
P/E
—
PEG
-44.7%
ROCE
-29.5%
ROE
0.02
D/E
-181.9%
OPM
20
α RS
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About

Navitas Semiconductor Corporation designs, develops, and markets power semiconductors in the United States, Europe, China, rest of Asia, and internationally. The company offers gallium nitride power integrated circuits, silicon carbide power devices, silicon system controllers, and digital isolators for power conversion and charging. Its products are used in automotive, data center, mobile, consumer electronics markets, and various other applications. The company was founded in 2014 and is based in Torrance, California.

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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 3.43M $30.1M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Navitas Q1 2026 revenue $8.6M, up 18% QoQ, pivoting to high-power markets.
Revenue & Profitability
First quarter 2026 GAAP revenue was $8.6 million, above guidance and up 18% sequentially from $7.3 million in Q4 2025, but down from $14.0 million in Q1 2025. Non-GAAP gross margin was 39.0%, up 30 bps sequentially. Non-GAAP operating expenses were $15.0 million, flat sequentially. Non-GAAP loss from operations was $11.7 million, compared to a loss of $12.1 million in the prior quarter. Loss per share was $0.04. Cash and cash equivalents were $221 million, with no debt.
Outlook
Management expects continued sequential top-line growth and gradual gross margin expansion throughout 2026, driven by high-power markets. AI is the primary catalyst accelerating adoption of GaN and SiC across all four target end markets. The aggressive increase in compute power density is accelerating technology adoption in data centers, while grid modernization to support data centers drives high-voltage SiC needs. The company anticipates high-power markets to become essentially 100% of revenue by year-end.
Growth Drivers
Key growth drivers include AI data center and grid infrastructure (combined AI infrastructure grew 50% quarter-over-quarter from Q4 to Q1), performance computing (driven by higher-power chargers for AI notebooks), and industrial electrification (DC/DC converters, megawatt chargers). The company expects AI infrastructure growth to accelerate in Q2 and throughout the year, with content per system increasing in 2027 as 800V HVDC architectures scale. High-power markets grew 35% year-over-year in Q1.
Balance Sheet & CapEx
Not discussed in this earnings call beyond working capital investments to support growth. The balance sheet is strong with $221 million cash and no debt, providing ample liquidity and flexibility. The company has started building appropriate buffers with TSMC for a smooth transition to 8-inch GaN manufacturing with GlobalFoundries in 2027. Selectively adding engineering talent to accelerate customer support.
Margins
Gross margin improved to 39.0% in Q1 from 38.7% in Q4, driven by favorable revenue mix from high-power markets. Management expects sustained gradual improvements throughout 2026 as volume growth drives better fixed cost absorption and mix shifts further toward high-power. Non-GAAP operating expenses are expected to remain flat sequentially at $14.5-15.5 million in Q2. The company targets profitability at revenue levels in the high $30 million range at current gross margin and OpEx levels.
Key Risks
Risks implied by the discussion include execution on technology transitions (800V HVDC adoption, GaN ramp), reliance on AI infrastructure investment, competitive pricing pressures in SiC despite current focus on performance, and the need to achieve scale and profitability. The company notes it is still early in the transformation and not declaring victory. Macro headwinds are not explicitly mentioned.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-27
Q2 2026 saw 22% sequential revenue growth to $10.5M, driven by high-power markets and AI infrastructure, with gross margin rising to 39.5%. The business transformation is nearly complete, with mobile revenue becoming insignificant and AI infrastructure expected to exceed one-third of sales by year-end.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw 18% sequential revenue growth, driven by high-power markets and a strategic pivot away from mobile and low-end consumer segments. Gross margin improved to 39.0%, and AI infrastructure revenue surged 50% quarter-over-quarter. Guidance calls for continued sequential growth and margin expansion.
Q4 2025 Q4 2025 2026-02-24
Q4 marked a strategic shift as high-power markets became the main revenue driver, with mobile declining sharply. Revenue and margins are set to grow sequentially in 2026, supported by new product launches, operational realignment, and a strong liquidity position.
Q3 2025 Q3 2025 2025-11-03
Leadership is executing a rapid pivot from mobile to high-power markets, with Q3 revenue at $10.1M and Q4 expected to mark the bottom at $7M. Strong liquidity and cost controls support the transition, with growth and margin expansion anticipated in 2026 as AI, grid, and industrial segments ramp.
Q2 2025 Q2 2025 2025-08-04
Q2 2025 revenue was $14.5M, matching guidance amid industry headwinds, with a strategic pivot to AI data centers and a major partnership with NVIDIA. Gross margin improved to 38.5%, and $97M was raised to support growth, while near-term revenue is expected to decline before ramping in late 2026.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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