Navitas Semiconductor Corporation ( (NVTS) ) has released its Q3 earnings. Here is a breakdown of the information Navitas Semiconductor Corporation presented to its investors.
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Navitas Semiconductor Corporation is a leading company in the power semiconductor industry, specializing in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) technology. The company focuses on applications in electric vehicles, data centers, and consumer electronics.
Navitas Semiconductor has announced its financial results for the third quarter of 2024, marking record sales in the GaN mobile fast-charger sector. The company introduced a new low-voltage GaN technology targeting data centers, electric vehicles, and robotics markets, alongside a strategic dual-sourcing partnership with Infineon Technologies.
The company’s financial highlights for the third quarter include a total revenue of $21.7 million, a slight decrease from the previous year. Despite reporting a GAAP loss from operations of $29.0 million, Navitas achieved a non-GAAP loss from operations of $12.7 million. The company’s cash reserves stood at $98.6 million by the end of the quarter.
Navitas is implementing a cost-reduction plan aimed at saving $2 million per quarter, involving a 14% reduction in headcount. This strategy is expected to streamline operations and expedite the path to profitability. The company also highlighted significant technological advancements and partnerships, including over 60 active customer projects in the data center sector.
Looking ahead, Navitas anticipates fourth-quarter net revenues between $18.0 and $20.0 million. With ongoing strategic initiatives and market expansions, the company is poised to enhance its market presence and financial performance in the coming quarters.
