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.
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.
Analyze how earnings announcements historically affect stock price performance