Navitas revenue grows 18% in Q1
GaN and SiC company Navitas Semiconductor has announced unaudited financial results for Q1 2026, with 18 percent revenue growth sequentially and high-power markets now representing the majority revenue, growing around 35 percent year-over-year.
Total revenue was $8.6m Q1 2026, compared to $7.3m in Q4 2025 and $14.0m in the Q1 2025. GAAP gross margin for the quarter was still negative (9.3 percent), compared to (17.2 percent) in Q4 2025 and 9.1 percent in the Q1 2025. On a non-GAAP basis, gross margin for the quarter was 39.0 percent compared to 38.7 percent in the prior quarter and 38.1 percent in the Q1 2025.
GAAP loss from operations for the quarter was $27.8m, compared to a loss of $41.4m for Q4 2025, which included a $16.6m restructuring and impairment charge, and an operating loss of $25.3m for the Q1 2025. On a non-GAAP basis, loss from operations for the quarter was $11.7m compared to a loss of $12.1m for the prior quarter and a loss of $11.8m in the Q1 2025.
Cash and cash equivalents were $221.0m as of March 31, 2026, compared to $236.9m as of December 31, 2025.
“The first quarter marked a return to top-line sequential growth as we executed on our strategic transformation to Navitas 2.0 by continuing to pivot away from mobile and consumer to focus on high-power markets with our GaN and high-voltage SiC solutions,” said Chris Allexandre, president and CEO of Navitas. “With growth being driven by high-power markets, the company continued to reduce reliance on its historical mobile business with high-power markets representing a growing and larger majority of total revenue."
He continued: “As demonstrated by our participation at NVIDIA GTC and APEC, including the debut of our revolutionary 800V–6V and 800V-50V power delivery boards and our demonstrated 250 kW solid-state transformer solution, Navitas’ GaN and high-voltage SiC technologies are uniquely designed to address the power, density and efficiency needs of the AI revolution. We are targeting a substantial secular growth opportunity across AI data centre, energy and grid infrastructure, performance computing, and industrial electrification, representing a $3.5 billion serviceable available market (SAM) in 2030 and growing at a 60 percent-plus CAGR. Notably, GaN and high-voltage SiC are playing equally vital roles in the AI power revolution, and Navitas is uniquely positioned with both technologies enabling more content, broader applications and a larger portion of the growth opportunity.”
Commenting on the results, Tonya Stevens, newly appointed CFO of Navitas, said: “We are pleased with the strong momentum and growth across our targeted high-power markets, resulting in revenue growing 18 percent sequentially to $8.6m, as well as expanded customer engagements and order backlog. This ongoing strategic shift drove a more favourable revenue mix and a 30 basis point sequential improvement in non-GAAP gross margin for the quarter.
"We continue to expect increased revenue contribution from high-power markets to deliver sequential top-line growth throughout the remainder of the year. Together with our accelerated product roadmap and commitment to disciplined cost management, we aim to achieve a compelling combination of sustainable growth with gradual expansion of gross margin and improving bottom-line results over the coming quarters.”
Business Outlook
Second quarter 2026 net revenues are expected to increase to $10.0m, plus or minus $0.5m, which at the midpoint represents over 16 percent sequential growth. Non-GAAP gross margin is expected to be 39.25 percent, plus or minus 75 basis points, which at midpoint represents 25 basis point increase, and non-GAAP operating expenses are expected to be approximately flat sequentially in a range between $14.5 and $15.5m.
