Navitas Revenue Rises 38% To $14.0 Million, Its First Year-Over-Year Gain Since 2024
The chipmaker guides fourth-quarter revenue to $16.0 million and expects AI infrastructure to top 40% of sales by year-end.
Navitas Semiconductor, which designs gallium nitride and silicon carbide power chips, said in an 8-K filed Tuesday that third-quarter revenue rose 38% from a year earlier to $14.0 million, its first year-over-year gain since 2024. Revenue was up 33% from the second quarter, as its pivot from mobile chargers to AI and grid power chips began to show in the numbers.
Sales up, losses still deep
Third-quarter revenue compared with $10.5 million in the second quarter and $10.1 million a year earlier. Chief Financial Officer Tonya Stevens said revenue from high-power markets grew more than 50% from the prior quarter.
Adjusted gross margin, which excludes items such as stock pay and amortization of intangibles, was 40.0%, against 39.5% in the second quarter. Under standard accounting, gross margin jumped to 21.5% from 0.4%, because certain developed-technology intangible assets became fully amortized during the quarter.
The bottom line remains red. The standard-accounting net loss was $37.1 million, or $0.14 per share, against a $19.2 million loss a year earlier. The operating loss was $34.4 million, compared with $19.4 million a year earlier. On an adjusted basis, the operating loss was $10.9 million, slightly narrower than the prior quarter's $11.4 million.
Cash and equivalents stood at $531.5 million on September 30, up from $236.9 million at the end of 2025.
Betting the company on AI power
Navitas has de-emphasized mobile and consumer products to focus on AI data centers, energy and grid infrastructure, performance computing and industrial electrification, an overhaul it calls Navitas 2.0. Mobile and low-end consumer represented a large majority of revenue last year, Stevens said, and is heading to effectively zero.
At the midpoint of fourth-quarter guidance, the company expects full-year growth of 7%, with high-power revenue up 125%. AI infrastructure is expected to account for more than 40% of sales by year-end.
Navitas closed its acquisition of Claros, which makes integrated voltage regulation technology that delivers power directly to processors, on October 6. CEO Chris Allexandre said it completes a portfolio spanning "grid-to-xPU." The company also cited work with NVIDIA on an 800 V-to-12 V power delivery board, a U.S. government selection to develop 10 kV silicon carbide chips, and first shipments of Gen 5 GaN devices made through GlobalFoundries.
Fourth-quarter guidance includes Claros
Navitas guided fourth-quarter revenue to $16.0 million, plus or minus $0.5 million, which at the midpoint is 14% above the third quarter and 119% above a year earlier. Adjusted gross margin is expected at 40.5%, plus or minus one percentage point.
Adjusted operating expenses are guided to $25.0 million, plus or minus $1.0 million, up from $16.5 million in the third quarter because they now include Claros. Stevens said backlog extends into mid-2027.
Navitas hosts its earnings call at 5:00 p.m. Eastern on Tuesday.
Sources
- 8-K Filing — Navitas Semiconductor Corp (NVTS) — SEC EDGAR
- Exhibit exhibit991-navitassemicond.htm — Navitas Semiconductor Corp 8-K exhibit — SEC EDGAR
- Exhibit exhibit992-navitas3q26ea.htm — Navitas Semiconductor Corp 8-K exhibit — SEC EDGAR
