Navitas releases Q4 and FY results
GaN and SiC company Navitas Semiconductor has announced unaudited financial results for the Q4 and full year ended December 31, 2024.
Q4 total revenue was $18.0m, compared to $26.1m in the Q4 of 2023 and compared to $21.7m in the Q3 2024.GAAP loss from operations for Q4 was $39.0m, compared to a loss of $26.8m for Q4 of 2023 and a loss of $29.0m for Q3 2024.
On a non-GAAP basis, loss from operations for Q4 was $12.7m compared to a loss of $9.7m for Q4 of 2023 and a loss of $12.7m in Q4 2024.
Cash and cash equivalents were $86.7m as of December 31, 2024.
Full year 2024 revenue grew to $83.3m in 2024, a 5 percent increase from $79.5m in 2023. GAAP loss from operations for the year was $130.7m, compared to a loss of $118.1m for 2023. On a non-GAAP basis, loss from operations for the year was $49.7m compared to a loss of $40.3m for 2023.
“I am proud of our team’s efforts to deliver growth in 2024, despite significant headwinds with an industry-wide slow-down in some major markets,” said Gene Sheridan, CEO and co-founder.
“We achieved record GaN revenues from mobile, consumer and appliance sectors, while both GaN and SiC started shipping into data centres in the second half of 2024. We closed the year with an extraordinary $450m of customer design-wins, which gives us increased confidence to resume a healthier growth rate in late ‘25 and beyond and continue to grow significantly faster than the overall power semiconductor market.”
Navitas also says it is poised to unveil a breakthrough in power conversion that will impact multiple, major end markets. This includes both semiconductor and system-level innovations, and is expected to drive major improvements in energy efficiency and power density, further accelerating GaN and SiC adoption vs. legacy silicon devices.
Business Outlook
First quarter 2025 net revenues are expected to be $13.0m to $15.0m. Non-GAAP gross margin for the first quarter is expected to be 38 percent plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately $18.0m in the first quarter of 2025.
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