Navitas Semiconductor announced unaudited financial results for the fourth quarter and full year ended December 31, 2024.

“I am proud of our team’s efforts to deliver growth in 2024, despite significant headwinds with an industry-wide slow-down in some major markets,” said Gene Sheridan, CEO and co-founder. “We achieved record GaN revenues from mobile, consumer and appliance sectors, while both GaN and SiC started shipping into data centers in the second half of 2024. We closed the year with an extraordinary $450 million of customer design-wins, which gives us increased confidence to resume a healthier growth rate in late ‘25 and beyond and continue to grow significantly faster than the overall power semiconductor market.”

4Q24 Financial Highlights

  • Revenue: Total revenue was $18.0 million in the fourth quarter of 2024, compared to $26.1 million in the fourth quarter of 2023 and compared to $21.7 million in the third quarter of 2024.
  • Loss from Operations: GAAP loss from operations for the quarter was $39.0 million, compared to a loss of $26.8 million for the fourth quarter of 2023 and a loss of $29.0 million for the third quarter of 2024. On a non-GAAP basis, loss from operations for the quarter was $12.7 million compared to a loss of $9.7 million for the fourth quarter of 2023 and a loss of $12.7 million in the third quarter of 2024.
  • Cash: Cash and cash equivalents were $86.7 million as of December 31, 2024.

FY 2024 Financial Highlights

  • Revenue: Total revenue grew to $83.3 million in 2024, a 5% increase from $79.5 million in 2023.
  • Loss from Operations: GAAP loss from operations for the year was $130.7 million, compared to a loss of $118.1 million for 2023. On a non-GAAP basis, loss from operations for the year was $49.7 million compared to a loss of $40.3 million for 2023.

Market, Customer and Technology Highlights:

  • Customer pipeline: increased 92% from $1.25 billion in December 2023, to $2.4 billion in December 2024.
  • Data Center: AI driving fastest-growing end-market within customer pipeline, now valued at $165 million, up more than 100% vs. 2023; Navitas-designed 2.7 kW to 8.5 kW system platforms fueling 40 customer wins in 2024 with GaN and SiC AC-DC power supplies; now expanding into 48 V DC-DC converters with new 80-120 V GaN technology.
  • EV: Over 40 customer wins in 2024 from US, Europe, Korea and China regions primarily with SiC in onboard and roadside chargers; first GaN EV win announced for 2026 production – extending driving range and reducing charging costs vs. traditional silicon on-board chargers.
  • Mobile: Over 180 customer wins in 2024; continue to supply 10 of top 10 smartphone / notebook OEMs with Navitas GaN ICs; GaN reaches 10% adoption globally vs. silicon in mobile chargers and expands reach into Middle East, Africa, Latin America and India.
  • Solar/Appliance/Industrial: On-track for GaN solar micro-inverter launch this summer expected to improve solar energy efficiencies, weight, size and cost; over 170 customer wins across solar, appliance and industrial. 

Technology Announcement (March 12th live-stream event):

  • Navitas will unveil a breakthrough in power conversion that will create a paradigm shift across multiple, major end markets. This includes both semiconductor and system-level innovations, and is expected to drive major improvements in energy efficiency and power density, further accelerating GaN and SiC adoption vs. legacy silicon devices. For more details, refer to: https://navitassemi.com/navitas-to-unveil-a-new-paradigm-in-power/.

Business Outlook 

  • First quarter 2025 net revenues are expected to be $13.0 to $15.0 million. Non-GAAP gross margin for the first quarter is expected to be 38% plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately $18.0 million in the first quarter of 2025. 

Original – Navitas Semiconductor