Track market-moving stories before they get noisy

Navitas Semiconductor Corporation (NVTS) Presents at Citi's 2026 Global TMT Conference Transcript

TORRANCE, Calif., Sept. 03, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor, the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, today announced the Company will participate at the Citi 2026 Global TMT Conference to be held at the New York Hilton Midtown Hotel. Navitas’ President and CEO, Chris Allexandre, and Tonya Stevens, Chief Financial Officer, are scheduled to host a fireside chat at 1:15 p.m. Eastern Time on Tuesday, September 8, 2026, and will be available to meet with attending investors throughout the day.

A live and archived audio webcast of the Company’s fireside chat will be available in the Events section of Navitas’ Investor Relations website. Portfolio managers and analysts who would like to request a meeting with management should contact their Citi representative.

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]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35f4f970-5caf-4be9-842a-30ead6e11f60

The shift to 800-volt AI rack architectures is quietly creating winners in a corner of the chip market most investors overlook, and three small-cap semiconductor names under $50 each carry real exposure to that buildout alongside risks that could make…

The AI power infrastructure buildout is quietly rewriting the demand curve for wide-bandgap semiconductors. Gallium nitride (GaN) and silicon carbide (SiC) suppliers sit at the center of the transition from 48-volt to 800-volt DC rack architectures, and three small-cap names give investors direct exposure at entry prices well under $50. Each has AI-data-center leverage in its bull case, a fresh earnings report, and identifiable execution risk. Here is how they stack up in August.

Navitas Semiconductor (NVTS) Navitas Semiconductor (NASDAQ:NVTS) is the purest AI-power play on this list. Shares closed at $12.23 on August 24, up 71.29% year to date and 90.2% over the past year, though the stock fell 16.12% in the past week as the group cooled off.

Navitas reported Q2 FY26 revenue of $10.5 million, up 22% sequentially, with non-GAAP gross margin of 39.5% and cash of $557 million against no debt. Q3 revenue is guided to $13.5 million, plus or minus $0.5 million. CEO Chris Allexandre told investors that "high-power markets grew more than 50% year-over-year" and that "AI infrastructure market will represent more than one-third of our total sales by year-end."

The bull case is architectural. Navitas is designed into the NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) MGX 800V DC rack ecosystem, and management flagged a new 1.2 kV JFET product line targeting an incremental $1 billion of SAM by 2030. Fuse's model puts a one-year base-case target of $16.18, or 32.3% upside.

The risk: this is a story stock. Beta sits at 3.882, TTM EPS is -$1.34, and quarterly revenue is still down 27.3% year over year. The 2027 hyperscaler ramp has to land.

Alpha and Omega Semiconductor (AOSL) Alpha and Omega Semiconductor (NASDAQ:AOSL) is the mix-shift story. Shares last traded at $25.89, up 30.69% year to date but down 16.67% over the past week. Forward P/E is a striking 8, and the analyst target sits at $43.75.

The Q4 FY26 report delivered revenue of $170.4 million, with non-GAAP gross margin expanding to 23.7% from 21.7% the prior quarter. Non-GAAP loss per share was $0.13, a meaningful improvement from the $0.28 loss in the March quarter. The September-quarter guide calls for revenue of approximately $176 million plus or minus $10 million and non-GAAP gross margin of 24.5% plus or minus 1%. AI and server revenue is expected to grow more than 60% sequentially.

CEO Stephen Chang said, "Advanced computing is now a clear and growing contributor to both revenue and earnings." The joint-venture divestiture closed with the final $15 million installment, leaving cash at $180.8 million. Fuse's one-year base case projects $51.32, or 98.22% upside.

The caveat is the September consumer segment, which is guided down approximately 25% sequentially. Traditional PC weakness tied to memory and CPU shortages, plus typhoon and Shanghai flooding impacts, will pressure the quarter even as the AI mix improves.

Wolfspeed (WOLF) Wolfspeed (NYSE:WOLF) is the post-restructuring wildcard. Shares closed at $24.76, up 42.22% year to date but down a sharp 29.18% over the past week following the Q4 report.

The numbers were mixed. Fiscal Q4 revenue came in at $150 million, with non-GAAP EPS of -$2.26 versus -$1.465 expected, missing expectations by a wide margin. Non-GAAP gross margin stayed at minus 19.9%. Guidance for Q1 FY27 is revenue of $140 million to $160 million, with gross margin expected to remain negative.

The bull case is the AI pivot. CEO Robert Feurle said AI data center revenue more than doubled from fiscal 2025 to fiscal 2026 and grew approximately 20% sequentially in Q4. Wolfspeed launched its fifth-generation SiC MOSFET, a commercially ready 10 kilovolt SiC MOSFET recognized as the top innovation at PCIM 2026, and signed an MoU with GE Aerospace. Balance sheet cash sits at $576.3 million, and management said gross-margin breakeven arrives at roughly an $800 million annual run rate. Fuse's base case is $31.76 for 28.28% upside, with a bear case at $14.60.

Wolfspeed is the highest-risk, highest-optionality name here. Materials revenue fell to $43.3 million from $78.4 million, TTM EPS is -$11.39, and analyst sentiment skews cautious with one hold and one strong sell. This one only works if AI data center demand ramps faster than the legacy materials business erodes.

What to Watch Next All three tickers trade under $50, all three have real AI-power exposure, and all three run on cash cushions large enough to fund another year of ramp. Navitas offers the cleanest thesis, AOSL offers the cheapest multiple, and Wolfspeed offers the deepest turnaround optionality. The next catalysts arrive with Q3 earnings reports and any additional 800V design-win disclosures heading into 2027. Power and cooling suppliers keep showing up on our radar for the same reason, and we rounded up seven of them in a free report on the AI infrastructure names that aren’t chipmakers.

Contact [email protected] for any questions or corrections.

Shares of Navitas Semiconductor (NVTS -8.15%) rose on Tuesday after the designer of next-generation power chips struck a deal to acquire Claros, a provider of innovative energy management solutions for artificial intelligence (AI) data centers.

Image source: Getty Images.

Terms of the deal Navitas is offering to purchase Claros for up to $232.8 million, with $216 million paid at closing in cash and stock, and the remainder paid if certain business milestones are achieved.

Premium Feature

Moneyball Superscore

57/100

Today's Change

(

-8.15

%) $

-1.02

Current Price

$

11.49

Breaking through the power wall The most advanced AI chips are so powerful that traditional energy delivery systems can't keep up. These ultra-high-performance chips require massive amounts of electricity and near-instant response times.

"The future of AI depends on delivering thousands of amps to increasingly power-hungry processors with unprecedented speed and precision," Navitas CEO Chris Allexandre said.

Claros stacks multiple power technologies into a single, compact package and places it closer to AI chips. In turn, the power they require needs to travel only millimeters instead of inches.

That might not sound like much of a difference, but it's enough to slash response times and heat production, while boosting efficiency and power density, thereby significantly reducing the costs of operating an AI data center.

Navitas estimates that acquiring Claros will more than double its addressable market to over $8 billion. The deal is projected to close by the end of the year, subject to regulatory approval.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

I'm reiterating Navitas Semiconductor as a buy with a revised $22 price target. Q2 2026 results showed 22% sequential revenue growth and over 50% y/y high-power revenue growth, with Q3 guidance 17% above prior estimates. AI infrastructure is set to exceed one-third of Q4 2026 revenue, with an expanding backlog and 800V AI data center ramping expected from 2027.

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.

As the global AI revolution moves rapidly from cloud software to physical infrastructure, many investors are eyeing niche specialists like Navitas Semiconductor (NVTS -2.58%) and Rezolve AI (RZLV +2.04%) to determine which firm offers the better path to long-term growth.

Navitas designs advanced power chips that improve energy efficiency in data centers and electric vehicles. Rezolve AI provides retail software designed to streamline product discovery and mobile checkouts for global consumers. While one builds the essential hardware and the other develops the software, both companies are competing for space in modern tech portfolios.

Navitas Semiconductor designs specialized power semiconductors like gallium nitride (GaN) and silicon carbide (SiC) for high-voltage applications. These chips are essential for semiconductor stocks that serve AI data centers and industrial electrification markets where efficiency is critical. While it partners with firms like Magnachip Semiconductor, its focus on large Tier-1 manufacturers means customer concentration like this adds a layer of risk to the business.

In FY 2025, revenue reached nearly $45.9 million, representing a decrease of approximately 44.9% compared to the prior year. This revenue decline contributed to a net loss of roughly $117.0 million for the period. The net margin was nearly -254.7%, indicating the company is spending significantly more to operate than it currently generates in sales.

As of its December 2025 balance sheet, the debt-to-equity ratio is 0.0x, meaning the company carries no debt relative to shareholder equity. The current ratio is nearly 5.0x, which measures the ability to cover short-term obligations with current assets. Free cash flow was approximately negative $44.4 million in FY 2025.

The case for Rezolve AIRezolve AI provides AI-powered commerce software, including its Brain Commerce and Brain Checkout platforms for retailers. Although it does not disclose specific major customers, it reports serving over 650 enterprise customers in fashion and financial services. This broad customer base suggests its software has significant applications across various sectors of the global digital economy as mobile commerce continues to expand.

In FY 2025, revenue reached nearly $46.8 million, marking an increase of roughly 24,821.8% from a small base. Despite this growth, the company reported a net loss of approximately $101.4 million. The net margin was nearly -216.7%, illustrating that the company is in a high-burn phase common for early stage software firms prioritizing expansion.

As of its December 2025 balance sheet, the debt-to-equity ratio is 0.6x, indicating moderate debt relative to shareholder equity. The current ratio is roughly 0.7x, meaning current liabilities exceed current assets and suggesting a tighter liquidity situation. Free cash flow was approximately negative $87.1 million for FY 2025 as the company funded development to keep pace with the rapidly evolving artificial intelligence landscape.

Risk profile comparisonNavitas Semiconductor faces legal challenges, including patent infringement lawsuits involving Wolfspeed and Renesas Electronics. Its pivot to high-power markets involves execution risk, while a shift in manufacturing partners like TSMC could lead to delays or higher costs. These factors, combined with widening net losses, have negatively impacted market sentiment.

Rezolve AI operates in a competitive software market against deep-pocketed rivals like Alphabet and Amazon. The lack of transparency regarding its customer base and a high cash burn rate create risks for long-term investors. Furthermore, a low current ratio suggests the company may eventually need to raise more capital, which could dilute shareholders.

Valuation comparisonMetricNavitas SemiconductorRezolve AIP/S ratio94.1x21.2xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?I'd go with Navitas Semiconductor, though I want to be upfront: Neither of these companies is a comfortable pick for most investors. Both are unprofitable, early stage, and asking investors to bet on technologies that are still proving themselves commercially.

Rezolve AI's revenue growth headline is one of the more striking numbers in the market right now. Revenue surged dramatically in the first half of the year, and the company reaffirmed an ambitious full-year outlook. A partnership with Microsoft adds credibility, but the agentic commerce market Rezolve is targeting is still taking shape.

Navitas is a steadier, more grounded company right now. The chips it makes are increasingly in demand for powering AI data centers and clean energy systems, the pivot away from its old consumer electronics business is almost done, and the company has enough cash to keep executing on its vision. I like that the technology moat here is defensible in a way that software platforms often aren't. For a long-term investor comfortable with early stage risk, Navitas offers a clearer technology foundation and a more auditable growth story.

TORRANCE, Calif., Aug. 13, 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 the Company will participate and host one-on-one meetings with investors and analysts registered to attend the following upcoming investor conferences:

The stock of next-generation chip company Navitas Semiconductor (NVTS -12.27%) was looking like yesterday's news on Tuesday. Many investors gave the company the heave-ho after disseminating its latest set of quarterly results, which were marked by a big miss on the bottom line. The share price eroded by more than 12% that trading session.

A quarter to forget Navitas published its second-quarter figures after market close on Monday, divulging that it earned revenue of $10.5 million. That was down notably from the $14.5 million in the same quarter of 2025. Net income not under generally accepted accounting principles (non-GAAP, or adjusted) narrowed to $9.3 million ($0.95 per share) from the year-ago deficit of $9.8 million.

Image source: Getty Images.

Analysts tracking the chip stock were expecting a significantly better bottom-line result. While Navitas beat their consensus top-line estimate of $9.8 million, the company missed badly on the average adjusted net loss projection of $0.04 per share.

Focusing on its sequential, rather than year-over-year, revenue growth of 22%, Navitas put a positive spin on its performance. It quoted CEO Chris Allexandre as saying that the quarter's results "demonstrate the increasing traction of our strategic shift to Navitas 2.0 and focus exclusively on high-power markets."

That shift is a move away from low-margin consumer products, such as fast smartphone chargers, toward high-power applications for clients, including artificial intelligence (AI) data center operators.

Today's Change

(

-12.27

%) $

-1.40

Current Price

$

10.01

Guiding for growth Navitas also proffered guidance for its current (third) quarter. It's expecting $13 million to $14 million in revenue, which would be quite an improvement over the $10.1 million in the same period in 2025. Adjusted gross margin is forecast to land just below 40%; the company did not provide net income guidance.

No investor likes a steep revenue decline or a monster bottom-line miss, especially in the same quarter. Hopefully, for Navitas and its investors, it can execute its business pivot well and start delivering meaningful growth again.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways NVTS highlighted its shift to high-power markets, with AI infrastructure as a central growth driver.NVTS' Q2 revenues rose 22% sequentially to $10.5M, supported by high-power demand.NVTS expects AI infrastructure to exceed one-third of sales by year-end amid growth into 2027. Navitas Semiconductor Corporation (NVTS - Free Report) used its second-quarter earnings call to highlight a major business transition toward high-power markets, with management pointing to AI infrastructure as a central growth driver.

The company outlined progress on its Navitas 2.0 transformation, including stronger revenue momentum, expanding product opportunities, and a shift away from mobile and low-end consumer exposure.

NVTS Targets AI Infrastructure GrowthCEO Chris Allexandre said Navitas has accelerated its transition into a high-power semiconductor company, with revenues increasingly driven by AI data center and energy infrastructure opportunities. He noted that high-power markets grew more than 50% year over year in the quarter.

Allexandre highlighted that second-quarter revenues increased 22% sequentially to $10.5 million, supported by higher demand across high-power markets. The company expects mobile and low-end consumer revenue contribution to become insignificant by year-end.

Management emphasized that AI infrastructure is expected to represent more than one-third of total sales by the end of the year, supporting continued growth momentum into 2027.

Navitas Builds GaN and SiC PositionNavitas said its advantage comes from offering both gallium nitride (GaN) and high-voltage silicon carbide (SiC) solutions across AI power systems. Allexandre said that this combination allows the company to participate across multiple stages of data center power evolution.

NVTS discussed several AI infrastructure opportunities, including AC/DC power supplies, DC/DC conversion systems, battery backup units and future 800V architectures. Management said that these programs involve multiple customers and platforms rather than a single deployment opportunity.

Navitas also introduced additional SiC products, including JFET technology aimed at AI data centers and energy grid infrastructure. Management said the product line expands its addressable market by nearly $1 billion by 2030.

NVTS Advances 800V Data Center RoadmapDuring Q&A, a Needham analyst asked about potential delays to 800V AI data center architectures. Allexandre said that the company’s outlook remains supported by multiple adoption stages, including earlier SiC and GaN opportunities before native 800V systems.

Management described a phased transition, beginning with higher-density AC/DC power systems and progressing toward broader 800V adoption across computing architectures. Allexandre said that the company expects several programs across hyperscalers, OEMs and ODMs to contribute over time.

Navitas also noted that AI infrastructure growth is already occurring ahead of the full 800V transition, with current demand supported by increasing power requirements in data centers.

Navitas Expands Technology and CapacityNavitas continued investing in its technology roadmap, including new SiC products, GaN platforms, and expanded manufacturing partnerships. Management said its partnership with Magnachip supports broader adoption of GeneSiC technology and additional supply chain flexibility.

CFO Tonya Stevens said the company ended the quarter with $557 million in cash and no debt after raising approximately $373 million during the period. The additional capital is intended to support capacity expansion, supply initiatives, and strategic investments.

The company also increased inventory and prepaid expenses to support anticipated AI data center demand and maintain supply readiness for future customer programs.

NVTS Raises Q3 OutlookNavitas guided third-quarter 2026 revenues to $13.5 million, plus or minus $0.5 million, indicating a 28% sequential increase at the midpoint. Management expects growth to come from high-power markets and a continued shift in revenue mix.

Gross margin guidance for the third quarter was set at 39.7%, plus or minus 100 basis points, as the company continues moving toward higher-value products. Operating expenses are expected between $15.5 million and $17.5 million as Navitas increases targeted investments.

The company reported second-quarter non-GAAP loss per share of $0.04, in line with the Zacks Consensus Estimate. Revenues of $10.5 million exceeded the Zacks Consensus Estimate of $10 million.

Navitas Focuses on Execution AheadManagement said that the Navitas 2.0 transformation is substantially complete, with the focus shifting toward execution, scaling operations and progressing toward profitability. Allexandre emphasized that growth opportunities span multiple customers, platforms and power applications.

The company’s near-term priorities remain revenue expansion, gradual gross margin improvement, and disciplined investment in products supporting AI infrastructure demand.

Zacks Signals Point to a Balanced ViewNVTS carries a Zacks Rank #3 (Hold) at present, which indicates the stock currently has a neutral Zacks Rank classification. The Zacks Rank focuses on earnings estimate revisions and can change as analysts update their outlook following new financial information. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The company currently has a Momentum Score of A, a Growth Score of C, a Value Score of F and a VGM Score of D. The Zacks Style Score evaluates value, growth, momentum and combined characteristics, with higher grades representing stronger relative attributes within each style category.

Navitas Semiconductor (NASDAQ: NVTS) shares fell about 10% in premarket trading on Tuesday after investors focused on the company's large GAAP net loss, despite second-quarter revenue topping Wall Street expectations.

The power semiconductor company reported an adjusted loss of $0.04 per share for the second quarter, matching analyst estimates.

Revenue rose sequentially to $10.53 million from $8.6 million in the first quarter, exceeding consensus expectations of approximately $9.84 million to $10 million.

On a GAAP basis, Navitas posted a net loss of $228.2 million, or $0.95 per share, compared with a net loss of $33.8 million in the prior quarter.

The company said the result included a non-cash charge of $203.1 million related to the final remeasurement of earnout liabilities. Excluding certain items, non-GAAP net loss was $9.3 million.

Navitas CEO Chris Allexandre wrote that the quarter's performance reflected the company's transition toward higher-power markets, highlighting growing demand tied to artificial intelligence infrastructure.

“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,” Allexandre said.

“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.”

The company said high-power markets grew more than 50% year over year and expects AI infrastructure, including AI data centers and grid and energy infrastructure, to account for more than one-third of total sales by the end of 2026.

For the third quarter, Navitas forecast revenue of $13.5 million, plus or minus $0.5 million, implying approximately 28% sequential growth at the midpoint and a return to year-over-year revenue growth. The company also projected non-GAAP gross margin of about 39.7%, plus or minus 100 basis points.

Jefferies wrote that the results showed the company's "Navitas 2.0" transformation is running roughly a quarter ahead of schedule, citing stronger-than-expected second quarter revenue, expanding margins and guidance for a return to year-over-year growth in the third quarter.

The firm noted that near-term growth is being driven by silicon carbide products used in AC/DC power supplies, which it said reduces dependence on the timing of the industry's transition to 800-volt architectures.

The analysts added that while the company's dual gallium nitride and silicon carbide portfolio positions it across multiple AI infrastructure applications, the larger opportunity from 800-volt gallium nitride designs remains a late-2027 to 2028 story, with market share gains in a competitive field still a key question.

Navitas Semiconductor Corporation (NVTS - Free Report) came out with a quarterly loss of $0.04 per share in line with the Zacks Consensus Estimate. This compares to a loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.04, delivering a surprise of +20%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Navitas Semiconductor, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $10.53 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.82%. This compares to year-ago revenues of $14.49 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Navitas Semiconductor shares have added about 52.9% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Navitas Semiconductor?While Navitas Semiconductor has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Navitas Semiconductor was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.04 on $11.38 million in revenues for the coming quarter and -$0.17 on $42.85 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Qualcomm (QCOM - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This chipmaker is expected to post quarterly earnings of $2.22 per share in its upcoming report, which represents a year-over-year change of -19.9%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.

Qualcomm's revenues are expected to be $9.71 billion, down 6.3% from the year-ago quarter.

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

NVTS stock is up ahead of earnings. See the chart and price action here.  Consensus calls for revenue of $9.97 million and losses per share of four cents, according to estimates from Benzinga Pro. 

Options pricing implies an expected move of 15.46% around the report, well above the stock’s typical single-session swing and signaling traders expect another volatile reaction regardless of direction.

The stakes are elevated because shares have already fallen hard. Navitas dropped from a June 30 close of $17.92 to $10.92 by last Friday, a decline of 39.06% in less than a month, touching an intraday low of $10.74 on July 17. 

The sell-off has been driven by a patent infringement lawsuit filed by rival Wolfspeed and broader concerns about power semiconductor demand.

Navitas has struggled to satisfy Wall Street on the bottom line even when revenue comes in ahead of forecasts. In the first quarter, the company posted actual revenue of $8.6 million against a consensus estimate of $8.2 million, a top-line beat. 

Earnings per share came in at a loss of eight cents versus a consensus estimate for a loss of five cents, a miss that helped drive shares down 4.96% the following session. 

The pattern shows investors have been more sensitive to earnings quality than revenue growth alone heading into tonight’s print.

Experts Weigh InWall Street sentiment has turned cautious in the second quarter. Of the nine analysts covering the stock, three rate it Buy, five rate it Hold, and one rates it Sell, giving Navitas a consensus rating of Buy despite the split. 

The average consensus price target sits at $9, implying a downside of 17.4% from current levels, according to Benzinga data — a shift from the bullish targets analysts held in the first quarter and a signal that some on the Street see further room to fall even before tonight’s numbers land.

The setup leaves Navitas at a pivotal moment. A revenue beat paired with a narrower loss could stabilize sentiment and slow the drawdown. Another EPS miss, however, could extend the month’s steep slide and test the stock’s 52-week low of $5.44.

NVTS Stock Price Activity: Navitas Semiconductor shares were up 1.56% at $11.09 at the time of publication on Monday, according to data from Benzinga Pro.

Photo: Shutterstock

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Navitas Semiconductor (NVTS -9.23%) is chasing one of AI's least obvious opportunities: power delivery. As data centers get hotter, denser, and more expensive to run, Navitas' GaN and SiC technology could become more important if the company turns design wins into real adoption.

Stock prices used were the market prices of July 10, 2026. The video was published on July 20, 2026.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

Navitas Semiconductor heads into second-quarter earnings on strong AI data center momentum, amid near-term revenue transition risks and a rich valuation.

Shares in Navitas Semiconductor (NVTS 4.50%) rose by an incredible 151% in the first half of 2026, according to the data from S&P Global Market Intelligence. The performance comes down to a transformative bet that its management took in recent years, and the good news is it's working.

Navitas pivots toward high-growth markets The company's roots lie in lower-margin power chips for mobile and consumer electronics applications. However, its future lies in gallium nitride (GaN) and silicon carbide (SiC) power chips and devices for high-power, higher-margin end markets. These markets include AI data centers, energy infrastructure, high-performance computing, and electrification.

Today's Change

(

-4.50

%) $

-0.63

Current Price

$

13.36

While these end markets appear to be a list of buzzwords that define the investment themes that have worked this year, Navitas isn't a latecomer to these markets, nor did it fall into them by accident. In contrast, management has deliberately focused on transitioning the business toward these end markets.

Navitas pivots to high-growth end markets However, as exciting as the pivot is, it hasn't come without challenges, and the chart below shows what you might call a "valley of death" as its traditional revenue declined, pushing the company from profit to loss.

NVTS Revenue (TTM) data by YCharts

Where next for Navitas Semiconductor The company undoubtedly has exciting long-term growth prospects, not least due to its partnership with Nvidia and its potential to grow sales through power conversion solutions for a new generation of data centers that Nvidia is developing an architecture for. The new 800-volt high-voltage direct current (HVDC) centers have a radically different structure that leverages the advantages of Navitas solutions.

In addition, Navitas has a major growth opportunity in grid infrastructure. As CEO Chris Allexandre noted at a Morgan Stanley conference earlier in the year, "without a change of the grid infrastructure, you cannot enable the size and the magnitude of the AI data center rollout that we're going to see in the future."

Image source: Getty Images.

That said, Navitas isn't currently profitable, and according to Wall Street analysts, it won't be until at least 2029. As such, the stock is often treated as a proxy for how the market is feeling about the momentum behind the AI investment boom on any given day, week, or month.

Still, the stock's massive outperformance in 2026 is a clear indication that expectations for spending on AI data centers, grid modernization, and electrification have increased significantly throughout the year. That's a major plus for Navitas, but you will have to be patient before it shows up in its numbers.

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.

I rate Navitas Semiconductor a Buy with a $19 price target, implying 31.4% upside from the current level of $14.46. NVTS's new mix can become more valuable if AI data center power, grid and energy infrastructure and industrial electrification scale as expected. In my model, I have estimated these drivers add roughly $0.36 of incremental EPS by 2029, helping NVTS move from a 2026 normalized EPS of ($0.17) to a 2029 EPS of +$0.19.

Navitas Semiconductor plunges 41% in a month, as premium valuation, revenue pressure and intense competition weigh on its near-term outlook.

Nvidia, AMD, and Micron still dominate the AI stock conversation, but one much smaller semiconductor name has quietly stolen the performance spotlight in 2026.

Navitas Semiconductor NASDAQ:NVTS, which trades under the ticker NVTS, recently changed hands near $17 and carried a market value of about $4.3 billion.

That makes it tiny compared with the giants of the AI trade, but its share-price move has been anything but small.

The reason is simple. Navitas is not trying to build the next GPU, but solve a different problem inside AI data centres: how to move huge amounts of power more efficiently.

That has turned the stock into one of the market’s more interesting AI infrastructure bets and valuation much harder to ignore.

Navitas makes power semiconductors. That sounds less exciting than GPUs, but it matters more as AI data centres get bigger.

Modern AI systems consume enormous amounts of electricity. That power has to be converted, stepped down and delivered efficiently inside server racks.

If too much energy is lost along the way, data centres become more expensive, hotter and harder to scale.

That is where Navitas is trying to fit in.

In March, the company introduced an 800V-to-6V DC-DC power delivery board, which converts very high-voltage power down to a level that can be used closer to the chips inside AI servers.

The key point is that Navitas says it can do this in one stage, removing the traditional 48V intermediate conversion step.

That matters because every efficiency gain counts when AI data centres are trying to feed more power into systems without wasting energy, space or cooling capacity.

That is also where the Nvidia comparison becomes more useful as Navitas is not competing with Nvidia, and it is certainly not a bigger AI business.

Nvidia remains the centre of the AI chip universe, with a market value above $4.7 trillion, while Navitas is still a small-cap name worth roughly $4.1 billion.

But in stock-market terms, Navitas has done something unusual in 2026: it has outpaced Nvidia while riding the same AI infrastructure wave.

Navitas was up roughly 148% year-to-date as of June 29, far ahead of Nvidia’s roughly 8% to 12% gain over the same broad period.

The stock’s surge has not been driven only by retail excitement.

Analysts have also moved quickly to reset their expectations. Morgan Stanley lifted its price target on Navitas to $12.50 from $4.20 in May.

Baird followed with an even more aggressive move, raising its target to $20 from $9.

The revisions show that Wall Street is taking the AI power-delivery story more seriously than it did a few months ago.

The reason is that Navitas sits at the intersection of two hot themes: AI infrastructure and energy efficiency. Data centres need more power, but they also need to waste less of it.

A company that can improve conversion efficiency inside AI racks has a clean story to tell investors.

But the stock is volatile. Its 52-week range runs from $5.44 to $34.17, which tells you how quickly expectations have moved.

This is not a sleepy industrial supplier, but a small-cap semiconductor stock being repriced around a fast-changing AI narrative.

This is where the story gets more complicated.

Navitas may be exciting, but the stock is no longer cheap. As per market data, the Navitas Semiconductor stock trades at about 92 times sales, compared with a five-year average price-to-sales ratio of 11.8.

That means the stock is trading at roughly eight times its historical valuation multiple.

That is a serious premium for a company still trying to prove how much revenue it can generate from AI data-centre demand.

The analyst picture is also more mixed than the headlines suggest.

Some firms have raised targets, but several consensus trackers still show the average price target below the current share price.

That is the tension investors need to sit with.

AAOI stands out over NVTS owing to a favorable valuation picture and the absence of near-term revenue pressure amid AI infrastructure demand.

Navitas Semiconductor (NVTS +5.27%) stock posted a day of strong gains in Friday's trading, rising 5.3% in the session. Meanwhile, the S&P 500 closed out the day up 0.5%, and the Nasdaq Composite was up 0.6%.

The stock market enjoyed broadly positive momentum in today's session, and the recent SpaceX initial public offering (IPO) likely played a role in the bullish backdrop. Navitas stock is now up 227.5% across this year's trading.

Image source: Getty Images.

Navitas surges in green day for the market The stock market was highly volatile this week, with the latest round of Consumer Price Index (CPI) data and developments connected to the Iran war spurring substantial valuation swings. SpaceX's IPO was also a factor in the market volatility.

With SpaceX setting a valuation of $1.77 trillion for its IPO, there was some anxiety in the market as the company approached its record-setting public debut. Some investors viewed the IPO as a potential referendum on valuations for highly growth-dependent tech plays, and the stock's strong debut seemingly sent buying signals for growth stocks.

Today's Change

(

5.27

%) $

1.17

Current Price

$

23.38

SpaceX could continue to be a catalyst for Navitas SpaceX closed out Friday's trading up 19.2%, helping to spur bullish momentum for other growth-dependent tech plays. But while fluctuations for the space tech company's valuation could continue to have a near-term impact on Navitas and other growth stocks, Elon Musk's newly public company could create catalysts for Navitas along more fundamental lines.

While SpaceX is best known for its rocket launching services and Starlink internet and mobile service offerings, the company is making artificial intelligence a huge part of its growth strategy. With SpaceX aiming to rapidly expand its positioning in the AI compute space, there's a fair chance that Navitas will see demand catalysts as SpaceX spends big to build out its artificial intelligence infrastructure.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways Navitas unveiled 20kW 800V-to-6V and 10kW DC-DC boards for higher-density AI data centers.Navitas' AI infrastructure revenue surged 50% sequentially in Q1 2026 as evaluations advance.NVTS demoed a 250kW GeneSiC solid-state transformer and 2.3kV/3.3kV SiC modules for grid upgrades. Navitas Semiconductor Corporation (NVTS - Free Report) is reshaping its story around power conversion, where artificial intelligence (AI) workloads are forcing new architectures in the data center and beyond. Higher power density, tighter efficiency targets and new distribution approaches are lifting demand for wide-bandgap devices, particularly gallium nitride and silicon carbide.

That backdrop matters because Navitas is pushing designs that span both sides of the power chain, from rack-level conversion to higher-voltage modules positioned for the supporting grid. The opportunity is real, but so are the execution and scaling hurdles.

NVTS Tracks the Move to High-Voltage AI PowerAI data centers are migrating toward higher power density and higher-voltage direct-current architectures. That shift expands wide-bandgap content across both alternating-current to direct-current and direct-current to direct-current conversion, where efficiency gains translate into lower energy loss and reduced cooling needs.

Navitas is positioning its portfolio to capture more of that power chain. The company’s view is that high-voltage distribution and rising power-supply demands should broaden its content opportunity as conversion moves closer to the rack and power-density requirements rise.

Navitas Product Demos Point to Future DesignsTwo recent proof points offer clear “what to watch” signals for the next design cycle. Navitas introduced a 20-kilowatt 800-volt to 6-volt direct-current to direct-current power delivery board using GaNFast technology. The platform is designed to support higher-density data center architectures and is cited with up to 97.5% peak efficiency at a 1 megahertz switching frequency.

Separately, the company unveiled a 10-kilowatt direct-current to direct-current power platform aimed at next-generation AI data centers. Navitas cited up to 98.5% peak efficiency and a 1-megahertz switching frequency, framing it as a path to unprecedented power density for large-scale deployments.

NVTS AI Infrastructure Momentum Is Early but ImprovingThe commercialization path in AI power is still defined by evaluations, qualification programs and system-level validation. Navitas has emphasized progress moving from device-level testing to system and board-level evaluation, along with delivered “final samples” intended to support production ramps and customer validation work.

That language points to an adoption curve that is building, not finished. The encouraging part is that engagement is translating into better mix and sequential growth. Management noted that “AI infrastructure,” which combines data center and grid efforts, grew 50% sequentially from the fourth quarter of 2025 to the first quarter of 2026.

Navitas’ SiC Pitch Expands Beyond the Data CenterThe grid side can become the other half of the AI power narrative. Navitas has linked rising AI-driven electricity demand to upgrades in power grids and energy infrastructure, where higher-voltage silicon carbide devices can enable new distribution concepts and more compact, efficient systems.

A key example is the company’s demonstration of a 250-kilowatt solid-state transformer solution using its GeneSiC technology to enable scalable 800-volt direct-current distribution. Navitas has also positioned its 2.3-kilovolt and 3.3-kilovolt silicon carbide modules for energy infrastructure applications such as battery energy storage systems, utility solar projects and solid-state transformers.

NVTS News Flow That Can Shift SentimentThe near-term catalyst list is tied to both leadership moves and product cadence. Navitas announced two board appointments, adding Davin Lee effective immediately and Gregory M. Fischer effective immediately.

On the operating side, the company named Tonya Stevens as chief financial officer, effective March 30. The same update cycle included new GeneSiC form factors, including a top-side cooled QDPAK and a low-profile TO-247-4L with asymmetrical leads, and a fifth-generation GeneSiC technology platform launch.

Navitas Supply Chain Choices Can Become a ThemeNavitas operates a fabless model, which supports scaling without the burden of building capital-intensive manufacturing facilities. The structure can also sharpen speed of execution by leaning on established foundry partners for wafer fabrication and related steps.

That model comes with dependency risk because external partners ultimately control capacity and production continuity. The company’s manufacturing relationships include Taiwan Semiconductor Manufacturing Company for gallium nitride products and X-Fab for silicon carbide manufacturing, with other partnerships that include GlobalFoundries. This blend can feed a supply-chain “security” narrative around U.S.-based partners, while still leaving Navitas exposed to third-party operational realities.

NVTS: What Could Derail the Trend TradeThe biggest fundamental risk is that Navitas remains deeply unprofitable with limited revenue scale. In the first quarter of 2026, the company generated $8.6 million in revenue and reported a non-GAAP net loss of $13.8 million, underscoring how far this Zacks Rank #4 (Sell) company must go before sustained profitability becomes realistic.

Timing risk is also material. AI and industrial projects can involve long design and qualification cycles, and management has stressed engagements and qualification programs rather than large production wins.

Competition is the final pressure point. Larger power and semiconductor players are investing aggressively, including Infineon Technologies AG, Texas Instruments Incorporated and ON Semiconductor Corporation, which can pressure pricing and slow share capture.

Investors looking for a cleaner near-term earnings backdrop may prefer established equipment names tied to the same AI buildout, such as Applied Materials (AMAT - Free Report) and Lam Research (LRCX - Free Report) , both carrying Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Navitas' 250% YTD surge has it trading at 104.75x forward P/S. AI infrastructure momentum is real, but shares look priced for perfection.