Business
Navitas’ 2,129% Increase in 3-Year Revenue Ranks 72nd in 2023 NA Deloitte Technology Fast 500™
Second consecutive ranking, driven by strong demand for next-gen GaN and SiC power semis in EV, solar, appliance / industrial and mobile TORRANCE, Calif.,
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Second consecutive ranking, driven by strong demand for next-gen GaN and SiC power semis in EV, solar, appliance / industrial and mobile\nTORRANCE, Calif., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS) has announced that the company has been ranked 72nd on this year’s North American Deloitte Technology Fast 500™. This is the second year running that Navitas has been featured, improving from 75th to 72nd place, with increased revenue driven by strong demand for its advanced, high-efficiency, wide bandgap (WBG) gallium nitride (GaN) and silicon carbide (SiC) power components, across a growing number of global markets and customers. Now in its 29th year, the Deloitte Technology Fast 500 is an independent ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Based on percentage fiscal year revenue growth from 2019 to 2022, Navitas achieved 2,129% growth as GaN and SiC technology enabled efficient, sustainable applications and displaced legacy silicon chips. Commenting on this year’s ranking, Navitas founder and CEO Gene Sheridan stated: “Our next-gen power-semi technologies are creating significant growth opportunities as we displace silicon in existing multi-$B markets like data centers, consumer, appliance and mobile applications. They also enable new-energy markets that are adopting GaN and SiC from the start, like EV, energy storage and renewable segments. When combined, the growth results are extraordinary, and we appreciate the recognition of the Deloitte Fast 500 listing. We have built a strong foundation for further growth with established 3x-5x capacity increases, technology generational upgrades every 12-18 months, and a customer-focused, complete power-system design center approach, for applications from 20 W to 20 MW addressing a $22B per year opportunity.” About Deloitte Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technol...