Navitas announces Q3 2024 results
Navitas Semiconductor, a developer of GaN power ICs and SiC technology, has announced unaudited financial results for the third quarter ended September 30, 2024.
Total revenue was $21.7 million in Q3 2024, compared to $22.0 million in 2023, and $20.5 million in Q2 2024. GAAP loss from operations for the quarter was $29.0 million, compared to a loss of $28.6 million for Q3 2023 and a loss of $31.1 million for Q2 2024. On a non-GAAP basis, loss from operations for the quarter was $12.7 million compared to a loss of $8.7 million for Q3 2023, and a loss of $13.3 million in Q2 2024.
Cash and cash equivalents were $98.6 million as of September 30, 2024.
The company announced record sales in the mobile fast-charger market plus a completely new GaN platform for 48V AI data centres, EV and AI robotics applications in conjunction with a new, strategic, dual-sourcing partnership with Infineon.
“Despite macro-economic challenges, we continue to grow faster than the market, and the new, low-voltage GaN platform not only opens up new strategic markets, but also brings customers dual-sourcing options from Navitas and Infineon for added confidence to accelerate adoption of GaN into new mainstream, high-volume applications,” said Gene Sheridan, CEO and co-founder.
In order to save $2 million per quarter, the company is implementing a cost reduction plan to streamline the organisation with increased focus on AI data centre, EV and mobile applications, accelerating the company’s path to profitability. The plan includes a 14 percent reduction in headcount (approximately 45 employees).
Outlook
Fourth quarter 2024 net revenues are expected to be between $18.0 and $20.0 million. Non-GAAP gross margin for the fourth quarter is expected to be 40 percent plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $20.5 million in the fourth quarter of 2024.
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