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Mar 31, 2024
Navitas Semiconductor Q1 2024 Earnings Report
Navitas Semiconductor's financial performance improved in Q1 2024, marked by significant revenue growth and strategic technological advancements.
Key Takeaways
Navitas Semiconductor reported a 73% year-over-year increase in revenue for Q1 2024, reaching $23.2 million. The growth was driven by GaN adoption in mobile fast chargers and AI-based data centers, along with SiC sales in EV, solar, and industrial applications. The company's customer pipeline grew to $1.6 billion.
Revenue increased by 73% year-over-year, reaching $23.2 million.
GAAP loss from operations was $31.6 million, an improvement from $35.5 million in Q1 2023.
Customer pipeline grew to $1.6 billion, indicating strong future demand.
Cash and cash equivalents totaled $129.7 million as of March 31, 2024.
Forward Guidance
For the second quarter of 2024, Navitas expects net revenues of $20 million, plus or minus $500 thousand. The company anticipates a non-GAAP gross margin of 40%, plus or minus 50 basis points, and non-GAAP operating expenses of approximately $21.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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