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Sep 30, 2023
Navitas Semiconductor Q3 2023 Earnings Report
Reported record revenue with gallium nitride and silicon carbide technologies displacing legacy power silicon.
Key Takeaways
Navitas Semiconductor reported a record quarter with revenue growing 115% year-over-year and 22% sequentially. The company launched four new technology platforms across GaN and SiC and expects revenues to far exceed market growth rates in 2024 and for years to come.
Revenue grew 115% year-over-year and 22% sequentially.
GAAP gross margin was 32.3%, impacted by inventory adjustments.
Non-GAAP gross margin was 42.1%.
Cash and cash equivalents were $176.7 million as of September 30, 2023.
Forward Guidance
Fourth quarter 2023 net revenues are expected to increase to $25.0 - $26.0 million. Gross margin for the fourth quarter is expected to expand to 42.5%, plus or minus 30 basis points, and operating expenses, excluding stock-based compensation and amortization of intangible assets, are expected to be approximately $20.0 million in the fourth quarter of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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