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Navitas Semiconductor Announces Third Quarter 2023 Financial Results
Revenue grows 115% year-over-year, 22% sequentially.Launching four new technology platforms. GaN and SiC continue rapid displacement of legacy silicon power
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Revenue grows 115% year-over-year, 22% sequentially.Launching four new technology platforms. GaN and SiC continue rapid displacement of legacy silicon power chips. TORRANCE, Calif., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the third quarter ended September 30, 2023. “I am pleased to announce another record quarter for Navitas as our gallium nitride and silicon carbide technologies continue to displace legacy power silicon in traditional markets and enable and accelerate new energy markets,” said Gene Sheridan, CEO and co-founder. “It’s a very exciting time at Navitas as we launch four major new technology platforms across GaN and SiC. We expect Navitas’ revenues to far exceed market growth rates in 2024 and for years to come.” Financial Highlights Revenue: Total revenue grew to $22.0 million in the third quarter of 2023, a 115% increase from $10.2 million in the third quarter of 2022 and a 22% increase from $18.1 million in the second quarter of 2023.Gross Margin: GAAP gross margin for the third quarter of 2023 was 32.3%, impacted by inventory adjustments, compared to 3.8% in the third quarter of 2022 and 41.5% for the second quarter of 2023. Non-GAAP gross margin for the third quarter of 2023 was 42.1% compared to 38.4% for the third quarter of 2022 and 41.5% for the second quarter of 2023.Loss from Operations: GAAP loss from operations for the quarter was $28.6 million, compared to a loss of $37.4 million for the third quarter of 2022 and a loss of $27.2 million for the second quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was $8.7 million compared to a loss of $10.3 million for the third quarter of 2022 and a loss of $9.6 million for the second quarter of 2023.Cash: Cash and cash equivalents were $176.7 million as of September 30, 2023. Market, Customer and Technology Highlights GaN is moving from a beachhead to the mainstream for mobile fast chargers, with continued strength and upside led by major China OEMs Xiaomi and Oppo. We expect 30% of their total mobile charger shipments in 2024 will utilize GaN, and GaN has been adopted by Samsung for the latest Galaxy S23 and other models, contributing to Q3 and expected Q4 2023 revenue ramp. New Gen-4 Ga...