Navitas announces Q2 results
GaN and SiC power semiconductor company Navitas Semiconductor has announced unaudited financial results for the second quarter ended June 30, 2024.
Total revenue grew to $20.5 million in the second quarter of 2024, a 13 percent increase from $18.1 million in the second quarter of 2023. 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 and cash equivalents were $112.0 million as of June 30, 2024, with no debt.
“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 centres with multiple customers ramping production with our GaN and SiC-based power systems.”
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 percent plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $21.5 million.
