Navitas Semiconductor Announces Q2 2024 Financial Results

Navitas Semiconductor Announces Q2 2024 Financial Results

Navitas Semiconductor (NASDAQ: NVTS), a leader in next-generation power semiconductors, reported its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Interpretation : Navitas Semiconductor exceeded its revenue consensus estimate for Q2 2024, achieving $20.5 million, a 13% increase from the previous year. Despite the revenue growth, GAAP loss from operations widened to $31.1 million, indicating higher operational costs. Non-GAAP loss from operations also increased significantly to $13.3 million.

Revenue Performance by Segment

Interpretation : Navitas Semiconductor has shown robust segment performance with significant design wins across various sectors. The enterprise and AI data center segment saw the customer pipeline double, while the EV/eMobility segment had 15 design wins, indicating growing market adoption. The appliance/industrial and solar/energy storage segments also reported considerable potential business growth.

Operational Highlights

Officers' Comments

Gene Sheridan, CEO and co-founder, remarked, "We are pleased with our Q2 results at the high end of our guidance, major new design wins, and significant technology advances and launches. Our leading-edge technology is fueling robust customer pipeline growth in each end market."

Dividends and Share Repurchase Program

No dividends or share repurchase program were announced.

Forward Guidance

Navitas projects Q3 2024 net revenues to be $22.0 million, plus or minus $500 thousand. The company expects a non-GAAP gross margin of 40%, plus or minus 50 basis points, and non-GAAP operating expenses of approximately $21.5 million.

Stock Price Movement

Following the earnings release, the stock price decreased by approximately 6.15%.

This comprehensive overview highlights Navitas Semiconductor’s strong revenue growth, segment advancements, and future optimism despite operational losses.