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Sep 30, 2024
Navitas Semiconductor Q3 2024 Earnings Report
Announced third quarter 2024 financial results with record sales in GaN mobile fast-charger market.
Key Takeaways
Navitas Semiconductor reported Q3 2024 revenue of $21.7 million, a slight decrease compared to Q3 2023. The company is implementing a cost-reduction plan expected to save $2 million per quarter and streamline the organization.
Record sales achieved in the GaN mobile fast-charger market.
New, low-voltage GaN technology expanded into 48V Al data center, EV, and robotics markets.
Strategic partnership established with Infineon Technologies to enable customer dual sourcing.
Cost structure streamlined to improve the path to profitability.
Forward Guidance
The company expects fourth quarter 2024 net revenues to be between $18.0 and $20.0 million. Non-GAAP gross margin for the fourth quarter is expected to be 40% plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $20.5 million in the fourth quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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