Navitas Semiconductor announced unaudited financial results for the second quarter ended June 30, 2024.

“We are pleased with our Q2 results at the high end of our guidance, major new design wins, and significant technology advances and launches,” said Gene Sheridan, CEO and co-founder. “Our leading- edge technology is fueling robust customer pipeline growth in each end market, led by AI data centers with multiple customers ramping production with our GaN and SiC-based power systems.”

2Q24 Financial Highlights

  • Revenue: Total revenue grew to $20.5 million in the second quarter of 2024, a 13% increase from $18.1 million in the second quarter of 2023.
  • Loss from Operations: GAAP loss from operations for the quarter was $31.1 million, compared to a loss of $27.2 million for the second quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was $13.3 million compared to a loss of $9.6 million for the second quarter of 2023. 
  • Cash: Cash and cash equivalents were $112.0 million as of June 30, 2024, with no debt.

Market, Customer and Technology Highlights

  • Enterprise / AI Data Center: Growing family of AC-DC power platforms up to 10 kW to meet nVidia’s Hopper-Blackwell-Rubin roadmap, with up to 480 kW power demand per rack. Optimized combination of industry-leading Gen-3 Fast SiC and GaNSafe™ technologies sets new AC-DC efficiency (97%) and power density (140 W/in3) benchmarks. Customer pipeline doubled since December ’23 investor day, with over 60 customer projects in development, and another 7 data center design wins in Q2.
  • EV / eMobility: Strong growth in customer pipeline, now with over 200 projects. Strong interest in 22 kW on-board charger platform, contributing to 15 design wins in Q2, and on-track for first GaN revenues in EV by the end of 2025.
  • Appliance / Industrial: Customer pipeline grew beyond the $380 million stated in December, with revenue ramp expected in 2025 across diverse customers and regions, including 7 of the top 10 appliance leaders. 25 new project wins expected to ramp production in 2025 or 2026, including haircare, washers, dryers, refrigerators, heat pumps, industrial HVAC, robotics and automation applications.
  • Solar / Energy Storage: As displacement technologies, SiC (for string inverters and storage) and GaN (for micro-inverters) are replacing legacy silicon chips, with over 100 customer projects, including the majority of the top 10 solar players. 6 new commercial design wins in Q2, and on track for expected US GaN-based micro-inverter ramp next year.
  • Mobile / Consumer: Mobile customers increasing GaN adoption for their fast-charger portfolios. GaN adoption at Xiaomi and OPPO is expected to be 30% in 2024. Following wins for Samsung’s Galaxy S23 and S24 phones, Navitas now powers chargers for Samsung’s new Galaxy Z Flip6, Z Fold6 and all A-series phones. In notebook PCs, GaNFast was adopted again by Lenovo and Dell. Overall, another 16 GaNFast chargers launched in Q2, bringing the all-time total to over 470 designs, and Navitas remains #1 in mobile fast charging.
  • New GaNSlim™ Portfolio: with integration, ease-of-use and low-cost manufacturing methods – continues to grow the customer pipeline, now with over 50 customer projects across mobile, consumer and home appliance markets.

Business Outlook 

Third quarter 2024 net revenues are expected to be $22.0 million plus or minus $500 thousand. Non-GAAP gross margin for the third quarter is expected to be 40% plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $21.5 million.

Original – Navitas Semiconductor