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High Voltage Returns: Navitas Rewires AI Data CentersNavitas Semiconductor NASDAQ: NVTS said its completed acquisition of Claros expands its power-semiconductor portfolio to address AI infrastructure from electrical-grid conversion through processor-level power regulation.

During a webinar focused on AI data-center power requirements, President and CEO Chris Allexandre described the transaction as a defining step in the company’s “Navitas 2.0” strategy, which has shifted away from consumer markets toward high-power applications. He said Navitas expects mobile revenue to be insignificant by the end of 2026, with nearly all revenue coming from high-power markets.

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Sovereign AI: Palantir and Nebius Cut the Cloud Cord“Power has become a bottleneck for AI compute,” Allexandre said. “Delivering more usable power, more efficiently is an enabler of more compute output.”

The company said its focus includes AI data centers, grid and energy infrastructure, high-performance computing, and industrial electrification. Its portfolio now combines gallium nitride, or GaN, devices for high-frequency power conversion; silicon carbide, or SiC, products for high-voltage applications; and Claros’ integrated voltage-regulator, or IVR, technology for delivery of power close to processors.

Grid-to-XPU Strategy
Power Struggle: Wolfspeed Sues Navitas Over AI ChipsNavitas presented its “grid-to-XPU” architecture as a response to what it calls the AI infrastructure power wall: cumulative power losses, heat, power-density constraints and material requirements that arise across a data center’s electrical path.

Chief Marketing Officer Llew Vaughan-Edmunds said traditional systems face limitations at several stages, including line-frequency transformers, AC-to-DC power supplies, 48-volt power distribution, intermediate bus conversion and final processor power delivery. At lower voltages, rising rack power requires higher current, increasing resistive losses and copper requirements, he said.

Navitas outlined an architecture centered on 800-volt DC distribution, fewer conversion stages and higher power density. In its presentation, the company said solid-state transformers could convert grid power directly to 800-volt DC while supporting bidirectional power flow and integration with battery-energy storage systems.

Within the data center, Navitas described power sidecars that would support high-power IT racks exceeding 1 megawatt, replacing distribution of 48 volts through a backplane with 800-volt DC delivery closer to compute trays. The company said this approach could reduce current, heat, resistive losses and copper use.

Vaughan-Edmunds also cited Navitas’ recent collaboration with NVIDIA on 800-volt-to-6-volt and 800-volt-to-12-volt DC-to-DC power-delivery boards. According to the company, those designs eliminate the traditional 48-volt intermediate bus converter stage and are intended to improve system efficiency, reliability, cost and compute density.

Processor-Level Power Delivery
Navitas said processor power requirements are creating a particularly acute challenge because AI processors operate at less than one volt while demanding thousands of amps. Vaughan-Edmunds said processor power is projected to grow from about 1.4 kilowatts in 2025 to 4.4 kilowatts in 2028, and to exceed 10 kilowatts in subsequent years.

Dan Kultran, vice president and general manager of Navitas’ IVR business unit and former Claros CEO, said conventional voltage regulators are typically placed beside processors. This requires current to travel across a circuit board, creating electrical losses, heat and board-space constraints.

Kultran said lateral power delivery can lose as much as 30% of power before it reaches the processor. Claros’ technology is designed to move voltage regulation beneath the processor through vertical power delivery, or VPD, and eventually into the processor package or substrate through embedded power delivery, or EPD.

“VPD gets us closer today, and EPD takes integration further as processor architectures evolve,” Kultran said.

The company introduced two products based on Claros’ IVR technology stack: packaged IVR, or P-IVR, designed to sit underneath a processor, and embedded IVR, or E-IVR, which integrates chiplets and passive components into a processor substrate. Navitas said its platform uses repeatable 10-amp building blocks that can be combined into 40-amp or 160-amp chips and then scaled across a system.

Expanded Addressable Market
Allexandre said Navitas’ identified 2030 serviceable addressable market has expanded from $3.5 billion for GaN and SiC to more than $8 billion with the addition of JFET and Claros IVR opportunities. He said approximately $1 billion of that expansion is tied to SiC JFET technology and at least $3.5 billion to vertical and integrated voltage-regulation opportunities.

AI infrastructure accounts for more than $6.9 billion, or nearly 85%, of that identified market, according to the company. Allexandre emphasized that the figures represent addressable market rather than revenue guidance.

Navitas said the Claros acquisition does not materially change its previously stated plan for reaching break-even. The company said its next priority is translating its expanded product portfolio into customer adoption and sustainable growth as AI data-center power architectures evolve.

About Navitas Semiconductor (NASDAQ:NVTS)Navitas Semiconductor Corporation NASDAQ: NVTS develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.

Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.

Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways NVTS and Microchip developed an 800V-to-6V reference design with up to 96% peak efficiency.The design delivers 2,100 watts per cubic inch using NVTS' GaN devices and Microchip's digital controls.NVTS' high-power markets grew over 50% year over year in the second quarter of 2026. Navitas Semiconductor (NVTS - Free Report) is expanding its AI data center opportunity through its collaboration with Microchip Technology. The companies have developed an 800V DC-to-6V DC reference design for next-generation AI data center racks. The solution combines Microchip’s digital power control and security technologies with NVTS’ GaN power devices and is aligned with the Open Compute Project’s 800V DC standard. The reference design includes hardware, software and design documentation to help data center developers reduce design time and bring new power systems to market faster.

The reference design uses NVTS’ 650V GaNFast FETs and Microchip’s dsPIC33AK digital signal controllers and TA100 CryptoAuthentication device. The system is designed to deliver up to 96% peak efficiency at full load, with a power density of 2,100 watts per cubic inch. It directly converts 800V DC to 6V DC by combining the 800V-to-50V and 50V-to-6V stages into a single converter. This approach is aimed at improving power conversion efficiency while supporting compact rack power systems.

The collaboration comes as AI data centers require higher power density and more efficient power delivery. Navitas has been focusing on this market as part of its broader shift toward high-power applications. In the second quarter of 2026, NVTS’ high-power markets grew more than 50% year over year, while AI infrastructure is expected to account for more than one-third of total sales by the end of 2026. The company is also working on multiple AI data center programs tied to the transition toward 800V architectures.

The Microchip collaboration could help NVTS strengthen its position as more data center operators adopt 800V power systems. By combining NVTS’ GaN technology with Microchip’s digital control and security capabilities, the companies are offering customers a more complete solution for AI rack power. As 800V adoption expands, the new reference design could help NVTS gain additional design opportunities in the growing AI data center market.

How Competitors Fare Against NVTSThe company faces strong competition from ON Semiconductor (ON - Free Report) and STMicroelectronics (STM - Free Report) in the race to supply high-voltage solutions for AI data centers.

ON is expanding its presence in AI data center power as the industry moves toward 800V DC architectures. The company expects AI data center revenues to more than double in 2026, while silicon carbide revenues from AI data center applications are expected to grow nearly 60% year over year. The company expects its high-voltage revenues to accelerate as data centers adopt 800V DC distribution, increasing demand for its power solutions across the AI power tree.

STMicroelectronics is another semiconductor company gaining from rising AI data center power demand. The company reported 50% year-over-year growth in communication equipment and computer peripherals in the second quarter, supported by its AI-related customer programs. STM is already supplying microcontrollers, high-voltage power and analog products for the power stage of cloud AI systems and is building a pipeline for low-voltage power solutions. The company expects data center revenues to exceed $1 billion in 2026 and $2 billion in 2027 if current trends continue.

NVTS' Price Performance, Valuation & EstimatesShares of Navitas Semiconductor have rallied 51% year to date compared with the Zacks Electronics – Semiconductors industry’s growth of 31%.

NVTS YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Navitas Semiconductor trades at a forward price-to-sales ratio of 43.71X, significantly higher than the industry’s average of 4.91X. The Zacks Value Score of F suggests that NVTS stock is overvalued.

NVTS Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Navitas Semiconductor’s 2026 bottom line is pegged at a loss of 14 cents per share. The estimates for 2026 loss per share have remained unchanged over the past 30 days.

Image Source: Zacks Investment Research

Navitas Semiconductor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Navitas Semiconductor Corp. (NASDAQ:NVTS) are trading flat Wednesday afternoon as investors weigh a major defense contract and fresh antitrust clearance.

Here’s what investors need to know.

Navitas Semiconductor shares are under pressure. What’s pulling NVTS shares down? FTC Clears $232.8M Claros AcquisitionOn Wednesday, Navitas secured early termination of the Hart-Scott-Rodino antitrust review from the U.S. Federal Trade Commission regarding its pending $232.8 million acquisition of Claros.

The regulatory clearance removes a primary closing hurdle for the transaction. Management has highlighted the Claros integration as a critical step in expanding Navitas’s total addressable market and scaling its footprint across high-voltage infrastructure applications.

U.S. Army Silicon Carbide ContractThe antitrust nod follows another significant corporate milestone announced late Monday, when the U.S. government selected Navitas to develop next-generation 10 kilovolt silicon carbide power semiconductors.

Backed by the U.S. Army under the ALATTIS award, the program is designed to advance power technology for mission-critical defense systems.

"The ALATTIS award marks a significant milestone in advancing ultra-high-voltage silicon carbide (SiC) power devices and recognizes Navitas’ over 20 years of innovation in delivering reliable, ultra-high-voltage, high-power SiC technologies," said Siddarth Sundaresan, SVP and Chief Technology Officer at Navitas.

"This program enables Navitas to extend its leadership beyond SiC MOSFETs by developing next-generation 10 kV SiC IGBTs built on our unique, patented trench-assisted planar architecture and integrated with advanced PiN diode technologies," Sundaresan added.

NVTS Stock Pauses Wednesday AfternoonNVTS Price Action: Navitas Semiconductor shares were down 0.85% at $11.64 at the time of publication on Wednesday, according to Benzinga Pro data.

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Combining Navitas’ proprietary Gen 5 GaNFast™ technology and expertise with GlobalFoundries’ advanced U.S. 200mm manufacturing and process baseline strengthens U.S. leadership in GaN and secures the domestic supply chain for next-generation AI and critical infrastructure

TORRANCE, Calif., Sept. 01, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced that the first shipments of U.S.-manufactured 5th Generation GaNFast™ technology, in partnership with GlobalFoundries (GF), will begin in September, marking a major milestone in strengthening the domestic GaN ecosystem for AI infrastructure and critical national security applications.

In November 2025, Navitas and GF announced a long-term strategic partnership to accelerate U.S. GaN innovation and domestic manufacturing. Navitas developed its Gen 5 GaNFast FETs and power integrated circuits (ICs) for production at GF’s US based 200mm GaN-on-Si manufacturing facility in Burlington, Vermont.

The first shipment of the Gen 5 GaNFast family marks a major milestone in the Navitas-GF collaboration, bringing Navitas’ next-generation GaNFast technology into a U.S. production foundry for AI infrastructure, performance computing, industrial electrification, and critical national security applications.

Since 2014, Navitas has pioneered GaN power semiconductor innovation, establishing industry leadership in GaNFast FETs and power ICs that integrate power, drive, control, sensing and protection. With more than 300 issued and pending patents across GaN and SiC, Navitas has built deep proprietary expertise in GaN process design kits (PDKs), device architectures and integrated power technologies.

Working closely with GF, Navitas applied this expertise to optimize its proprietary Gen 5 GaNFast technology and device architectures for manufacturing on GF’s advanced 200 mm GaN-on-silicon platform. Combined with GF’s decades of semiconductor manufacturing expertise and high-volume production capabilities, the partnership delivers a trusted U.S.-based supply of advanced GaN power semiconductors for AI infrastructure and other critical applications.

“This milestone demonstrates the strength of American innovation and manufacturing,” said Chris Allexandre, President and CEO of Navitas. “Together with GlobalFoundries, we have established a trusted US-domestic manufacturing source for our GaNFast Gen 5 and future generations, which will play a critical role in powering AI infrastructure and high-performance computing while strengthening the resilience of the U.S. semiconductor ecosystem.”

“The first shipment from our U.S. manufacturing line demonstrates how GF and Navitas are turning advanced GaN innovation into a secure, scalable domestic supply,” said Kannan Soundarapandian, senior vice president of GF’s power business. “By combining Navitas’ power semiconductor leadership with GF’s manufacturing expertise, we are enabling the high-efficiency power solutions needed for AI infrastructure and other critical applications while strengthening the resilience of the U.S. semiconductor ecosystem.”

The initial product family is expected to include 650 V GaN FETs with RDS(ON) values of 11mΩ, 18mΩ, 50mΩ, 120mΩ, and 150mΩ, with first wafers scheduled to ship in September, internal samples in October, and strategic customer samples before the end of the year.

To learn more about Navitas’s capabilities in GaN technology, please contact a Navitas Representative or email: [email protected].

About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide-bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented ‘trench-assisted planar technology’ to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

About GlobalFoundries
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, https://gf.com/.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information
Navitas Semiconductor
Vipin Bothra
[email protected]

GlobalFoundries
Stephanie Gonzalez
[email protected]

Navitas Investor Contacts
Leanne Sievers | Brett Perry
Shelton Group
[email protected]

Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas and, forward-looking statements are subject to a number of uncertainties. Our businesses are subject to certain risks that could materially and adversely affect our respective business, financial condition, results of operations, or the value of our securities. For Navitas, these and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13ece1b8-bb44-4193-967f-12611bb3a173

It has been about a month since the last earnings report for Navitas Semiconductor Corporation (NVTS - Free Report) . Shares have added about 24.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Navitas Semiconductor due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Navitas Semiconductor Corporation before we dive into how investors and analysts have reacted as of late.

NVTS Q2 Earnings Meet Estimates, Revenues Beat on High-Power GrowthNavitas Semiconductor reported second-quarter 2026 non-GAAP loss of 4 cents per share, in line with the Zacks Consensus Estimate. The figure was narrower than the year-ago quarter’s loss of 5 cents.

Navitas Semiconductor’s second-quarter 2026 revenues of $10.5 million declined 27.3% year over year but beat the consensus estimate by 5.8%. The top line increased 22% sequentially as revenues from high-power markets grew more than 50% year over year. Management also highlighted an expanding backlog and record book-to-bill, reflecting stronger demand across AI data centers and grid and energy infrastructure.

NVTS Builds Momentum in High-Power MarketsHigh-power products accounted for the majority of second-quarter revenues, while mobile and low-end consumer sales declined both sequentially and year over year. Both gallium nitride, or GaN, and silicon carbide, or SiC, contributed to the sequential improvement.

The company expects mobile and low-end consumer revenues to become insignificant by year-end. AI infrastructure, which combines data centers with grid and energy infrastructure, is projected to represent more than one-third of fourth-quarter sales.

NVTS Targets Multiple AI Power InflectionsThe first growth phase is already underway as higher rack power and density requirements drive silicon-to-SiC replacement in AC/DC power supply units. Management expects this trend to accelerate in the second half of 2026 and the first half of 2027.

A second phase is expected around mid-2027 as power shelves and battery backup units move into 800-volt sidecar racks. Native 800-volt power delivery to compute trays should follow, increasing GaN content near GPUs and other processors, while solid-state transformers could expand ultra-high-voltage SiC and GaN opportunities from 2028.

Navitas Improves Mix and Gross MarginNon-GAAP gross margin expanded 50 basis points sequentially and 100 basis points year over year to 39.5%. The improvement reflected a greater contribution from higher-value high-power products and better scale.

Non-GAAP operating expenses were $15.5 million, down from $16.1 million a year earlier. The company recorded a non-GAAP operating loss of $11.4 million compared with a loss of $11.7 million in the prior quarter and $10.6 million in the year-ago period.

NVTS Strengthens Liquidity Ahead of GrowthNavitas ended the first quarter of 2026 with $557 million in cash and cash equivalents, up from $221 million at the end of the first quarter, primarily due to approximately $373 million of capital raised during the period. Navitas remained debt-free.

Inventory increased to $19.5 million from $14.9 million as the company began building TSMC wafer buffers. Prepaid expenses and other current assets also rose by roughly $15 million, reflecting planned wafer purchases to support expected AI data center demand and the transition to U.S.-based GaN manufacturing.

NVTS’ Outlook Calls for Continued Sequential Growth in Q3For the third quarter of 2026, Navitas expects revenues of $13 million to $14 million. The $13.5 million midpoint implies 28% sequential growth and a return to year-over-year expansion. The Zacks Consensus Estimate for revenues is currently pegged at $11.38 million, indicating a 12.5% increase from the year-ago reported quarter.

Non-GAAP gross margin is projected at 38.7% to 40.7%. Non-GAAP operating expenses are expected between $15.5 million and $17.5 million as the company increases spending on product development, customer support and supply-chain readiness.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.

The consensus estimate has shifted 25% due to these changes.

VGM ScoresAt this time, Navitas Semiconductor has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Navitas Semiconductor has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Navitas Semiconductor Corporation (NVTS) Q2 2026 Earnings Call July 27, 2026 5:00 PM EDT

Company Participants

Chris Allexandre - CEO, President & Director
Tonya Stevens - SVP, Chief Financial Officer &Treasurer

Conference Call Participants

Brett Perry - Shelton Group
Quinn Bolton - Needham & Company, LLC, Research Division
Jonathan Tanwanteng - CJS Securities, Inc.
Madison de Paola - Rosenblatt Securities Inc., Research Division
Joseph Moore - Morgan Stanley, Research Division
Richard Shannon - Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Hello, and thank you for standing by. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor Second Quarter '26 Earnings. [Operator Instructions]

I would now like to turn the call over to Brett Perry of Shelton Group Investor Relations. Please go ahead.

Brett Perry
Shelton Group

Good afternoon, and welcome to Navitas Semiconductor Second Quarter 2026 Financial Results Conference Call. Joining us today are Navitas's President and CEO, Chris Allexandre; and CFO, Tonya Stevens. I'd like to remind listeners that management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions.

Therefore, the company claims the protection of the safe harbor for forward-looking statements that's contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

In addition, any projections as to the company's future performance represent management's estimates as of today, July 27, 2026. Navitas assumes no obligation to update these projections in the future as market conditions may or may not change except to the extent required by applicable

Total revenue grew 22% sequentially with high-power markets growing more than 50% year-over-year and driving expanded gross marginRevenue growth expected to accelerate in the third quarter, with the mid-point of guidance representing sequential growth of 28% coupled with further margin expansionStrong backlog and demand support continued double-digit growth in the fourth quarter, contributing to anticipated achievement of mid-single-digit revenue growth for the full year, while simultaneously having substantially exited the mobile market and completing the Navitas 2.0 transition to a high-power companyGrowth increasingly driven by AI Infrastructure markets, including AI Data Centers and Grid and Energy Infrastructure, which will represent more than one-third of total sales by year end and generate strong momentum into 2027 TORRANCE, Calif., July 27, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor, (Nasdaq: NVTS), an industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced unaudited financial results for its second quarter 2026 ended June 30, 2026.

“Our strong second quarter results and expectations for continued double-digit quarterly growth in the second half of the year demonstrate the increasing traction of our strategic shift to Navitas 2.0 and focus exclusively on high-power markets,” stated Chris Allexandre, President and CEO of Navitas. “With the rapid adoption of AI, we are seeing accelerated market demand to overcome critical power bottlenecks in AI infrastructure, both within AI data centers as well as the requisite grid and energy infrastructure needed to power them. By the end of the year, Navitas will complete its transition with revenue from mobile and low-end consumer being insignificant and nearly all sales coming from high-power markets.

“Underpinning our growing momentum is Navitas’ unique ability to deliver high-power products with both GaN and high-voltage SiC technologies, enabling the distinct power requirements across AI infrastructure applications. We are seeing an expanding backlog, record level book-to-bill, and shipping volume production samples of our GaN and SiC-based solutions in support of multiple customer new program ramps. These production samples across GaN, HV SiC and UHV SiC include shipments in support of existing customer engagements for next-generation AI data centers targeting 800 V architectures. We expect selected hyperscalers and XPU platforms to ramp in 2027 as well as accelerated uptake of new grid infrastructure products. As we execute toward a series of inflection points that will drive explosive GaN and SiC content growth in years to come, we are confident in Navitas’ ability to capitalize on the substantial and growing market opportunity for high-power solutions.”

Commenting on the results, Tonya Stevens, CFO of Navitas, stated, “Our second quarter results reflect the Company’s continued strong momentum and growth in high-power markets with total revenue growing 22% sequentially to $10.5 million, and gross margin expanding 50 basis points on a non-GAAP basis. Additionally, we capitalized on the opportunity to further strengthen the balance sheet – ending the quarter with $557 million in cash, increasing our flexibility to make focused strategic investments in our portfolio and capacity expansion as well as support accelerated market penetration across AI infrastructure. We expect to deliver continued double-digit sequential growth in the third quarter, which will also represent a return to year-over-year revenue growth as well as position the Company to achieve mid-single-digit revenue growth for the full year, highlighting the completed transformation to Navitas 2.0 as a high-power company.”

Second Quarter 2026 Financial Highlights

Revenue: Total revenue was $10.5 million in the second quarter of 2026, compared to $8.6 million in the first quarter of 2026 and $14.5 million in the second quarter of 2025.
Gross Margin: GAAP gross margin for the quarter was 0.4%, compared to (9.3%) in the first quarter of 2026 and (11.8%) in the second quarter of 2025. GAAP gross margin for the current and prior periods includes approximately $4 million of cost associated with amortization of intangibles. On a non-GAAP basis, gross margin for the quarter was 39.5% compared to 39.0% in the prior quarter and 38.5% in the second quarter of 2025.
Results from Operations: GAAP loss from operations for the quarter was $27.2 million, compared to a loss of $27.8 million for the first quarter of 2026 and an operating loss of $21.7 million for the second quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $11.4 million compared to a loss of $11.7 million for the prior quarter and a loss of $10.6 million in the second quarter of 2025.
Net Results: GAAP net loss was $228.2 million in the second quarter of 2026, which included a non-cash charge of $203.1 million from the final remeasurement of earnout liabilities, compared to a net loss of $33.8 million in the first quarter of 2026 and a net loss of $49.1 million in the second quarter of 2025. On a non-GAAP basis, net loss for the quarter was $9.3 million, compared to a net loss of $9.8 million for the prior quarter and a net loss of $9.8 million in the second quarter of 2025.
Cash: Cash and cash equivalents were $557.4 million as of June 30, 2026, compared to $236.9 million as of December 31, 2025. Recent Business, Customer and Technology Highlights:

Introduced breakthrough Isolated TO product family purpose‑built for 1.2 kV to 3.3 kV SiC MOSFETs, enabling direct-cooled thermal management and delivering module‑like performance in a compact discrete form factor.Expanded existing SiC portfolio with newly introduced 1.2 kV JFET product line, to be released by early 2027 – initially targeting AI data centers, solid-state transformer and energy grid infrastructure applications, which are estimated to represent an incremental $1 billion SAM.Deepened collaboration with NVIDIA MGX™ Ecosystem in support of accelerating 800 V DC rack architectures for next-generation AI data centers with demonstration of 800 V-to-6 V DC-DC power delivery board at COMPUTEX 2026.Continued advancement of growing engagements for both SiC and GaN-based high-power solutions in support of numerous customers’ design programs and architectures across AI Infrastructure, including next-generation applications in AI Data Centers and Grid and Energy Infrastructure. Third Quarter 2026 Business Outlook

Third quarter 2026 net revenues are expected to increase to $13.5 million, plus or minus $0.5 million, which at the midpoint represents 28% sequential growth and would mark a return to year-over-year growth. Non-GAAP gross margin is expected to be 39.7%, plus or minus 100 basis points, which at midpoint represents a 20 basis point increase, and non-GAAP operating expenses are expected to be in a range between $15.5 and $17.5 million. A reconciliation of our forward-looking non-GAAP gross margin and non-GAAP operating expenses to the most directly comparable GAAP measures is not provided because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude, including stock-based compensation expense and restructuring charges.

Second Quarter 2026 Financial Results Conference Call and Webcast Information:

When: Monday, July 27, 2026
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Toll Free Dial-in: 1-800-715-9871 or 1-646-307-1963
Conference ID: 1184638
Webcast: Click Here

Additionally, a live and archived audio webcast of the conference call as well as supporting presentation materials will be accessible from the Investor Relations section of the Company’s website at ir.navitassemi.com.

Non-GAAP Financial Measures

This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain items, which for the periods presented include stock-based compensation and associated employer payroll taxes; amortization of acquisition-related intangible assets; changes in the fair value of earnout liabilities; restructuring and impairment charges; legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business; equity method investment losses or gains; and certain other items identified in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. These items are generally non-cash in nature, relate to discrete events or activities, or vary in amount and frequency for reasons independent of our underlying operating performance. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release, including the paragraph headed “Third Quarter 2026 Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.

Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:

Risks Related to High-Power Markets: Last year, we announced an enhanced focus on AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. We may not successfully execute our strategic transition to these new markets and customer applications, which could adversely affect our business, results of operations, and financial condition. This strategic realignment entails significant operational, technical, and market risks. Our success in these markets depends on factors including our ability to (i) develop and scale semiconductor solutions that meet demanding power, efficiency, and performance requirements of our customers; (ii) compete against established incumbents with substantial R&D and manufacturing resources; (iii) anticipate rapidly evolving customer needs and technological standards in these high-power and high-performance segments; and (iv) secure design wins and long-term supply agreements in new and unfamiliar market segments.Market Acceptance and Addressable Market Uncertainty: The demand for our products, and our customers’ products, in new or emerging markets is difficult to forecast, as customer preferences may not be fully known and can evolve rapidly. Further, demand for our products depends on the acceptance of underlying new and developing system architectures. For example, our predictions for the use of GaN- and SiC-based products in 800 V AI data center power applications depend on assumptions regarding the acceptance and growth of 800 V systems themselves. Our forecasts are based on market opportunities across a “Serviceable Addressable Market” or “SAM”, which is based on a number of assumptions and predictions. We could be wrong about the size or timing of our SAM, which could in turn diminish the market opportunities available to us.Unpredictable Historical Data and Competitive Dynamics: In established markets, revenue projections can be supported by trends from prior periods. In contrast, there is little or no precedent for products aimed at new use cases, rendering traditional forecasting methods less reliable. To the extent our products reshape or create new market landscapes, the competitive environment may evolve in unexpected ways. For example, new competitors may emerge, or traditional competitors with established R&D and manufacturing resources, and long-standing customer relationships, may choose to offer competitive GaN or high-voltage SiC solutions.Other Risk Factors: Other risk factors related to our business include our ability to achieve design wins and to convince our current and prospective end customers to design our products into their product offerings, the risk that revenues from design wins may not materialize, the possibility that we may fail to accurately anticipate and respond to rapid technological change in the industries in which we operate or adapt to emerging industry standards, our dependence on a few key customers and distributors for a significant portion of our revenue, and the fact our business is subject to volatile demand and seasonal fluctuations. In addition, our supply chain is also subject to risks, including our reliance on single sources of supply for certain essential services, the risk that our suppliers may have quality, yield or capacity issues, the fact that we are exposed to fluctuations in prices for raw materials and components, and the risk that our products will not meet the reliability standards expected of high-power semiconductor devices. This is not a summary of all of the risks that could affect our business and you are encouraged to review the full list of risk factors in our SEC filings.

Note Regarding Customer Pipeline and Design Wins

In our investor and other communications we may refer to the terms “customer pipeline” and “design wins” in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitutes “forward-looking statements” as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, “customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue, and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer’s ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, energy and grid infrastructure, performance computing and industrial electrification. With more than 30 years of combined expertise in wide-bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
[email protected]

NAVITAS SEMICONDUCTOR CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended June 30, Six Months Ended June 30,   2026   2025   2026   2025 Net revenues $10,529  $14,490  $19,127  $28,508 Cost of revenues (exclusive of amortization of intangible assets included below)  6,451   12,162   11,813   20,873 Operating expenses:        Research and development  13,152   11,496   27,719   24,164 Selling, general and administrative  13,038   7,751   24,290   19,491 Amortization of intangible assets  4,734   4,734   9,468   9,468 Restructuring expense  344   —   794   1,469 Total operating expenses  31,268   23,981   62,271   54,592 Loss from operations  (27,190)  (21,653)  (54,957)  (46,957)Other income (expense), net:        Interest income (expense), net  274   131   538   93 Dividend income  1,827   647   3,515   1,391 Loss from change in fair value of earnout liabilities  (203,068)  (27,964)  (210,981)  (19,851)Other income  10   37   20   55 Total other income (expense), net  (200,957)  (27,149)  (206,908)  (18,312)Loss before income taxes  (228,147)  (48,802)  (261,865)  (65,269)Income tax provision  71   48   138   130 Equity method investment loss  —   (225)  —   (505)Net loss $(228,218) $(49,075) $(262,003) $(65,904)Net loss per common share        Basic $(0.95) $(0.25) $(1.11) $(0.34)Diluted $(0.95) $(0.25) $(1.11) $(0.34)Shares used in per share calculation:        Basic  240,643   198,956   235,874   193,462 Diluted  240,643   198,956   235,874   193,462  NAVITAS SEMICONDUCTOR CORPORATIONRECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended June 30, Six Months Ended June 30,   2026  2025  2026  2025RECONCILIATION OF GROSS PROFIT MARGIN        GAAP Net revenues $10,529  $14,490  $19,127  $28,508 Cost of revenues (exclusive of amortization of intangibles)  (6,451)  (12,162)  (11,813)  (20,873)Cost of revenues (amortization of intangibles)  (4,037)  (4,035)  (8,073)  (8,067)GAAP Gross profit  41   (1,707)  (759)  (432)GAAP Gross margin  0.4% (11.8 )% (4.0 )% (1.5 )%Cost of revenues (amortization of intangibles)  4,037   4,035   8,073   8,067 China SiC inventory reserve  —   3,174   —   3,174 Stock-based compensation expense  82   71   200   107 Non-GAAP Gross profit $4,160  $5,573  $7,514  $10,916 Non-GAAP Gross margin  39.5%  38.5%  39.3%  38.3%RECONCILIATION OF OPERATING EXPENSES        GAAP Research and development $13,152  $11,496  $27,719  $24,164 Advanced R&D NRE Impairment  —   (2,238)  —   (2,238)Organization transformation costs  —   (395)  —   (395)Stock-based compensation (expense) income3  (3,917)  364   (9,129)  (3,474)Non-GAAP Research and development  9,235   9,227   18,590   18,057 GAAP Selling, general and administrative  13,038   7,751   24,290   19,491 Governance costs  —   (1,556)  —   (1,556)Stock-based compensation (expense) income3  (4,386)  620   (9,395)  (2,478)Other income (expense)1  (2,377)  95   (2,962)  (213)Non-GAAP Selling, general and administrative  6,275   6,910   11,933   15,244 Total Non-GAAP Operating expenses $15,510  $16,137  $30,523  $33,301 RECONCILIATION OF LOSS FROM OPERATIONS        GAAP Loss from operations $(27,190) $(21,653) $(54,957) $(46,957)GAAP Operating margin (258.2 )% (149.4 )% (287.3 )% (164.7 )%Add: Stock-based compensation expense (income)3included in:        Research and development  3,917   (364)  9,129   3,474 Selling, general and administrative  4,386   (620)  9,395   2,478 Cost of goods sold  82   71   200   107 Total  8,385   (913)  18,724   6,059 Amortization of acquisition-related intangible assets  4,734   4,734   9,468   9,468 China SiC inventory reserve  —   3,174   —   3,174 Advanced R&D NRE Impairment  —   2,238   —   2,238 Governance costs  —   1,556   —   1,556 Organization transformation costs  —   395   —   395 Restructuring, impairment and other expense (income)2  2,721   (95)  3,756   1,682 Non-GAAP Loss from operations $(11,351) $(10,564) $(23,009) $(22,385)Non-GAAP Operating margin (107.8 )% (72.9 )% (120.3 )% (78.5 )%         RECONCILIATION OF NET LOSS PER SHARE        GAAP Net loss $(228,218) $(49,075) $(262,003) $(65,904)Adjustments to GAAP Net loss        Total stock-based compensation expense (income)3  8,385   (913)  18,724   6,059 Loss from change in fair value of earnout liabilities  203,068   27,964   210,981   19,851 Amortization of acquisition-related intangible assets  4,734   4,734   9,468   9,468 Restructuring, impairment and other expense (income)2  2,721   (95)  3,756   1,682 Equity method investment loss  —   225   —   505 China SiC inventory reserve  —   3,174   —   3,174 Advanced R&D NRE Impairment  —   2,238   —   2,238 Governance costs  —   1,556   —   1,556 Organization transformation costs  —   395   —   395 Non-GAAP Net loss $(9,311) $(9,797) $(19,074) $(20,976)Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted)  240,643   198,956   235,874   193,462 Non-GAAP Net loss per share (basic and diluted) $(0.04) $(0.05) $(0.08) $(0.11) (1) Includes employer payroll taxes on stock-based compensation and legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business.

(2) Includes restructuring and impairment charges and the other expense described in note (1).

(3) The 2025 periods include the reversal of stock-based compensation expense due to award forfeitures following an employee termination.

NAVITAS SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED(dollars in thousands)  June 30, 2026
 December 31, 2025
ASSETS      Current assets      Cash and cash equivalents $557,409  $236,857 Accounts receivable, net  4,767   3,621 Inventories  19,510   13,283 Prepaid expenses and other current assets  19,840   4,399 Restricted cash  863   1,745 Total current assets  602,389   259,905 Property and equipment, net  8,570   9,779 Operating lease right of use assets  4,109   5,166 Finance lease right of use assets  602   766 Intangible assets, net  43,790   53,258 Goodwill  163,215   163,215 Other assets  9,754   8,380 Total assets $832,429  $500,469 LIABILITIES AND STOCKHOLDERS’ EQUITY      Current liabilities      Accounts payable and other accrued expenses $19,506  $22,350 Accrued compensation expenses  5,970   4,949 Operating lease liabilities, current  1,835   1,866 Finance lease liabilities, current  331   323 Earnout liability, current  —   22,632 Total current liabilities  27,642   52,120 Operating lease liabilities noncurrent  2,681   3,827 Finance lease liabilities noncurrent  289   456 Deferred tax liabilities  405   405 Total liabilities  31,017   56,808 Stockholders' equity  801,412   443,661 Total liabilities and stockholders’ equity $832,429  $500,469           A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ef6eb56-0dbe-49d2-953e-ef272c7f5ef4

License agreement provides Magnachip access to Navitas’ GeneSiC™ Gen 4 and Gen 5 SiC technologies spanning 1200 V, 2300 V, 3300 V and higher voltages, supported by Navitas’ supply chain and materials ecosystem

Targeting energy and grid infrastructure, energy storage, industrial electrification, automotive and other high-power systems in Korea

TORRANCE, Calif. and SEOUL, South Korea, July 23, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), an industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, and Magnachip Semiconductor Corporation (NYSE: MX), a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions, today announced a strategic partnership to accelerate adoption of SiC technologies in high-voltage (HV) and ultra-high-voltage (UHV) power markets. 

Under the terms of the agreement, Magnachip will license Navitas’ GeneSiC™ Trench-Assisted Planar™ (TAP) technology to enter the HV and UHV SiC markets. The license covers 1200 V, 2300 V, 3300 V and higher voltage GeneSiC technologies, enabling Magnachip to build on Navitas’ proven SiC device platforms for next-generation power conversion applications.  

Magnachip will also gain access to Navitas’ SiC supply chain and materials ecosystem, supporting faster market entry. At the same time, the technology is planned to be ported, qualified, and internalized at Magnachip’s fab in  South Korea. The companies expect this approach to help accelerate Magnachip’s entry into SiC while maintaining continuity with Navitas’ established technology and materials base. The licensed technologies are expected to support next-generation applications including energy and grid infrastructure, energy storage, industrial electrification, automotive and other high-power systems. 

The companies also stated that the agreement encompasses broader engagement beyond SiC. Additional areas of partnership are expected to be detailed and announced later. 

“This strategic partnership with Magnachip reflects our long-term vision to broaden GeneSiC adoption across high-voltage and ultra-high-voltage power markets,” said Chris Allexandre, President and CEO of Navitas. “By licensing our proven GeneSiC technologies and supporting Magnachip through our supply-chain and materials ecosystem, we are creating a path to scale advanced SiC solutions more rapidly while enabling a deeper, long-term collaboration between our companies.” 

“This agreement opens an important new market opportunity for Magnachip in high-voltage and ultra-high-voltage SiC,” said Chae Lee, Chief Executive Officer of Magnachip. “The addition of GeneSiC technology complements our existing MOSFET and power semiconductor portfolio and positions Magnachip to serve customers that require higher efficiency, higher voltage capability and more reliable power conversion solutions.” 

For more information about the partnership and related products, please contact a Navitas representative or write to [email protected]. 

Navitas Contact Information

Vipin Bothra
[email protected]

Navitas Investor Contacts

Leanne Sievers | Brett Perry | Shelton Group
[email protected]

Magnachip Contact Information

Kyeongah Cho
[email protected]

Magnachip Investor Contact

Mike Bishop | Bishop IR, LLC
[email protected]

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited or affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

About Magnachip Semiconductor

Magnachip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for a range of applications including industrial, automotive, communications, consumer and computing. Magnachip’s power solutions portfolio includes MOSFET and power IC technologies designed to improve power efficiency and system performance across high-value electronic systems.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements are not predictions of actual future performance. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and expectations. For Navitas, these and other risk factors are discussed in the Risk Factors section of its most recent annual report on Form 10-K, as updated in its most recent quarterly report on Form 10-Q, and in other documents filed with the SEC. Magnachip’s risks are discussed in its most recent annual report on Form 10-K, as updated in its most recent quarterly report on Form 10-Q, and other documents filed with the SEC. If any of these risks materialize or if assumptions underlying forward-looking statements prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Statements may be identified by the use of words such as “we expect,” “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and current indications of customer interest, all of which are based on various assumptions. All such statements are based on current expectations of the management of Navitas and Magnachip

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6918420e-4157-4ff2-8510-67143d055ea5

Key Takeaways NVTS is targeting 800V AI power systems with new GaN and SiC products for AI power systems.NVTS launched new GaN and SiC products, with multiple AI projects advancing toward commercial production.NVTS' AI infrastructure revenues rose 50% sequentially as high-power markets drove first-quarter growth. Navitas Semiconductor (NVTS - Free Report) is positioning itself to benefit from the growing shift toward 800-volt (800V) power architecture in AI data centers. As AI workloads become more power-intensive, hyperscalers are moving to higher-voltage power systems to improve efficiency and support higher power levels. This shift is expected to increase the demand for NVTS' gallium nitride (GaN) and silicon carbide (SiC) power chips and create a significant growth opportunity for the company's high-power business.

The move to 800V power systems increases the amount of GaN and SiC content used in each AI system. Management expects power supply units to increase from about 5-10 kilowatts to 18.5 kilowatts for NVIDIA systems and up to 25-30 kilowatts for other hyperscalers. As power levels increase, Navitas expects the amount of SiC content per rack to increase by about 2.5 times. GaN demand is expected to rise as more power conversion moves inside AI racks, where higher efficiency and faster switching are needed. These factors create a larger revenue opportunity per AI system for NVTS.

To support this opportunity, Navitas has launched new GaN and SiC products for AI power systems. During the first quarter of 2026, the company launched a 20-kilowatt 800V-to-6V GaN platform for AI data centers and introduced new Gen 5 SiC products for AI power supplies. The above-mentioned products are being tested by OEMs and power supply vendors, and several projects have moved from device-level testing to board-level testing, bringing them closer to commercial production.

The AI opportunity is already supporting the company's business. Revenues in the first quarter increased 18% sequentially, driven by growth in high-power markets. Further, AI infrastructure revenues grew 50% sequentially, and the company expects this business to continue growing through 2026. As more AI data centers adopt 800V power systems, Navitas is well-positioned to benefit from higher chip content and increasing demand for its power semiconductor products.

How Competitors Fare Against NVTSThe company faces strong competition from ON Semiconductor (ON - Free Report) and STMicroelectronics (STM - Free Report) in the race to supply high-voltage solutions for AI data centers.

In June 2026, ON Semiconductor introduced GaNEXUS, a new GaN power semiconductor portfolio designed for AI data centers, industrial automation, robotics and energy infrastructure applications. This new portfolio includes GaNEXUS FETs with voltage ratings from 40V to 650V, along with 650V GaNEXUS Smart devices that include built-in protection features to simplify system design and improve reliability. The new devices provide faster switching speeds, lower switching losses, higher power density and better thermal performance than conventional silicon-based power devices to help customers build smaller and more efficient power systems.

STMicroelectronics introduced new 700V GaN power semiconductors in May 2026, designed to improve energy efficiency and power density in AI servers, robotics, industrial systems and advanced consumer applications. The new PowerGaN devices are designed for high-voltage power supplies and support reliable operation in high-power applications. The devices should help improve power conversion efficiency beyond what is possible with conventional silicon-based technologies.

NVTS' Price Performance, Valuation & EstimatesShares of Navitas Semiconductor have rallied 95.9% year to date compared with the Zacks Electronics – Semiconductors industry’s growth of 46%.

NVTS YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Navitas Semiconductor trades at a forward price-to-sales ratio of 55.9X, significantly higher than the industry’s average of 9.13X.

NVTS Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Navitas Semiconductor’s 2026 bottom line is pegged at a loss of 17 cents per share. The estimates for 2026 loss per share have remained unchanged over the past 30 days.

Image Source: Zacks Investment Research

Navitas Semiconductor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Navitas' AI infrastructure unit grew 50% sequentially in Q1, including data centers and grid infrastructure.Navitas sees energy and grid as a $1-$1.8B serviceable market by 2030, driven by power demand.NVTS has no debt, $221M in cash, and a 2030 serviceable market outlook of $3.5B across GaN and SiC. Most investors know Navitas Semiconductor (NVTS - Free Report) for its artificial intelligence (AI) story. The company has attracted much attention through its partnership with NVIDIA (NVDA - Free Report) , its 800V data center power architecture, and its gallium nitride (GaN) technology aimed at next-generation AI infrastructure.

But there's another growth driver taking shape in the background. As AI data centers consume ever-larger amounts of electricity, the need to upgrade and modernize the power grid is becoming increasingly urgent. And that's creating a meaningful opportunity for Navitas' silicon carbide (SiC) business.

Navitas' $1.8B Grid OpportunityOn the company's last earnings call, management revealed that its AI infrastructure segment—which includes both data centers and grid infrastructure—grew 50% sequentially. CEO Chris Allexandre emphasized that the two markets are closely linked.

The opportunity could be larger than many investors appreciate. Traditional transformers were designed decades ago and are increasingly being stretched by today's power requirements. As AI data centers proliferate and electricity consumption rises, utilities may need more efficient solutions capable of handling higher power loads. Management believes solid-state transformers and other advanced power-conversion technologies could become an important part of that transition.

In other words, the AI boom is creating a massive new demand for electricity, and that demand is forcing utilities and infrastructure providers to invest in grid upgrades. Customer engagement in the U.S. grid infrastructure accelerated in the first quarter of 2026. Navitas is already seeing interest from customers involved in grid-scale solar, megawatt power conversion, and other energy infrastructure projects, with adoption expected to build through 2026 and 2027 before accelerating further later in the decade. Importantly, Navitas sees the energy and grid segment alone representing a $1-$1.8 billion serviceable market by 2030.

Navitas’ 2.3kV and 3.3kV SiC modules are designed for applications like battery energy storage systems, utility solar farms, and solid-state transformers. Its 250kW solid-state transformer demonstration uses GeneSiC technology for scalable 800V DC distribution.

NVTS Combined TAM Makes the Real CaseNavitas puts its total serviceable addressable market at $3.5 billion by 2030— split roughly 50-50 between GaN and high-voltage SiC technologies, with a combined CAGR exceeding 60%. Management is laser-focused on data centers and grid opportunity, which it identifies as the largest portion of that total addressable market.

Navitas maintains a strong balance sheet with no debt and substantial liquidity. The company ended the first quarter of 2026 with $221 million in cash and cash equivalents. This financial position provides flexibility to continue investing in research and development, customer engagements, and product commercialization without immediate financing pressure. 

Basically, the AI and grid infrastructure are not separate investment themes. They are, in fact, two sides of the same story. AI is driving an unprecedented increase in power demand, while grid modernization is the response required to support that demand.

Because Navitas has exposure to both data center power systems through GaN and grid infrastructure through high-voltage SiC, it sits at the intersection of these trends. Investors focused solely on the AI narrative may be missing a second growth engine that could become increasingly important over the next several years.

Competitive Landscape: onsemi & STMicroelectronicsonsemi (ON - Free Report) has built a strong position in energy storage systems (ESS), with management citing market share approaching 60% in string ESS and microgrid applications, and expecting revenues from these segments to grow more than 40% year over year in 2026. onsemi’s GaNEXUS power portfolio— targeting AI data center infrastructure and industrial power—recognizes the big opportunity in these areas.

STMicroelectronics (STM - Free Report) is similarly making grid and energy infrastructure a strategic priority, investing heavily in silicon carbide technologies while expanding relationships with solar, battery storage and power-conversion customers. As renewable energy deployment accelerates globally, STMicroelectronics is positioning its high-efficiency SiC portfolio to capture growing demand across industrial electrification and grid modernization.

NVTS' Price Performance, Valuation & EstimatesShares of Navitas have rallied 232% year to date compared with the industry’s growth of 66%.

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From a valuation standpoint, Navitas trades at a forward price-to-sales ratio of roughly 97X, significantly higher than the industry’s 10X.

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The Zacks Consensus Estimate for Navitas’ 2026 and 2027 bottom line is pegged at a loss of 17 cents/share and 15 cents/share, respectively. See how the loss estimates have been revised over the past 90 days.

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Navitas currently carries a Zacks Rank #4 (Sell).

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