LAFOX, Ill. and TORRANCE, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (Nasdaq: RELL) and Navitas Semiconductor (Nasdaq: NVTS) announced today an expanded distribution partnership for next-gen silicon carbide (SiC) power semiconductors for Europe, the Middle East, and Africa (EMEA). Navitas is the only pure-play, next-generation power-semiconductor company and industry leader in next-generation GeneSiC™ silicon carbide (SiC) and GaNFast™ gallium nitride (GaN) power semiconductors. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-39755 Navitas Semiconductor Corporation (Exact name of registrant as specified in its charter) Delaware 85-256 ...

TORRANCE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology, has announced the world’s first 8.5 kW power supply unit (PSU), powered by GaN and SiC technologies to achieve 98% efficiency, for next-generation AI and hyperscale data centers. The AI-optimized 54V output PSU complies with Open Compute Project (OCP) and Open Rack ...

Financial Data and Key Metrics - Q3 2024 revenue was $21.7 million, flat YoY but a 6% sequential increase [9][30] - Gross margin for Q3 2024 was 40.1%, down from 42.1% in Q3 2023 due to strong mobile market mix [31] - Operating expenses for Q3 2024 were $21.4 million, with SG&A at $9.9 million and R&D at $11.6 million [32] - Q3 2024 operating loss was $12.7 million [32] - Cash and cash equivalents at quarter-end were $99 million with no debt [33] - Q4 2024 revenue guidance is $18-20 million, with gross margin expected to be around 40% [34][35] Business Line Performance - Mobile business hit an all-time record in Q3 2024, with 26 new design wins, including 3 Tier-1 OEM wins [21] - AI and enterprise data centers saw a new 8.5 kW AI power supply design, with data center revenue starting in Q3 and expected to ramp through 2025 [16][17] - EV segment secured 6 new design wins in Q3, including onboard and roadside chargers, with over 200 active projects [19][20] - Appliance and industrial pipeline added 30 new design wins in Q3, ranging from vacuum cleaners to multi-kilowatt power supplies [22] - Solar and energy segment added 10 new design wins, including a multimillion-dollar win with Generac [22] Market Performance - AI data centers are a key focus, with new low-voltage GaN technology complementing existing high-voltage GaN solutions [17][18] - EV market continues to grow, with new low-voltage GaN technology expected to fit well with 48V battery EV applications [20] - Mobile and consumer market remains strong, with GaNSlim ICs driving design wins and expected multimillion-dollar revenue ramps in Q2 2025 [21] - Solar microinverters are on track for a significant ramp in mid-2025, with new low-voltage GaN providing additional opportunities [23] Strategic Direction and Industry Competition - Company announced a new low-voltage GaN technology optimized for 48V systems, creating a $1 billion market opportunity [12] - Strategic partnership with Infineon to create common GaN specifications, providing dual sourcing options for customers [13] - Focus on AI data centers, mobile, and EV markets, with technologies developed for these markets expected to cross-sell into industrial, appliance, and solar markets [25][26] - Streamlining operations with a 14% headcount reduction and $2 million quarterly OpEx savings, aiming for profitability [24][36] Management Commentary on Operating Environment and Future Outlook - Management noted softness in some end markets and customer project delays, leading to a muted outlook for the next few quarters [26] - Despite near-term challenges, the company expects solid growth to resume later in 2025, driven by a $1.6 billion customer pipeline and design win momentum [27] - New low-voltage GaN technology, Infineon partnership, and organizational efficiency improvements are expected to drive growth and profitability [27] Other Important Information - Company has over 300 patents granted or pending, strengthening its competitive advantage [15] - New low-voltage GaN technology will start sampling this quarter, with first customer designs expected to ramp in H2 2025 [19] - Company is focusing on working capital improvements, with inventory reduced to $21 million from $25 million in the prior quarter [33][34] Q&A Session Summary Question: Dual sourcing agreement with Infineon and IP licensing - The agreement includes a broad-based cross-license, allowing both companies to collaborate without patent conflicts [39] - Dual sourcing is driven by customer demand for supply chain risk reduction and faster adoption of GaN technology [39][40] Question: Gross margin guidance and market mix - Flat gross margin guidance for Q4 is due to strong mobile market performance offsetting muted growth in higher power markets [44] Question: Automotive market trends - EV market is showing signs of recovery, with increased design wins in onboard and roadside chargers [45][46] Question: Silicon carbide market and channel inventory - Channel inventory for silicon carbide is decreasing, with growth expected to resume in 2025 [48] - High-voltage GaN could eventually displace silicon carbide, but cost-effectiveness and reliability remain key factors [49] Question: Restructuring and market focus - Restructuring includes a 14% headcount reduction and $2 million quarterly savings, with a focus on AI data centers, mobile, and EV markets [51] - Technologies developed for these markets will also benefit adjacent markets like industrial, solar, and energy storage [51] Question: Pricing and competition - Market softness has led to more aggressive pricing, but the company has improved cost structures to maintain competitiveness [52] Question: Low-voltage GaN in data centers - GaN is making inroads in 48V data center applications, with potential to push efficiency and frequency beyond traditional silicon levels [54] Question: Liquid cooling in data centers - Liquid cooling is seen as necessary to support higher power levels in AI processors, driving demand for efficient power semiconductors [56] Question: Infineon partnership and revenue expectations - The partnership focuses on low-voltage GaN for AI data centers, with sampling starting this quarter and production ramps expected in late 2025 [70] Question: Solar market focus - While solar remains a niche market, the company sees opportunities in solar microinverters with bidirectional GaN technology [67][68] Question: Smartphone market trends - The company is seeing growth in entry-level smartphones with higher charging power, particularly in emerging markets [64]

Navitas Semiconductor Corporation (NVTS) came out with a quarterly loss of $0.06 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.07, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Navitas Semiconductor, which belo ...

Exhibit 99.1 Navitas Semiconductor Announces Third Quarter 2024 Financial Results • Record sales in GaN mobile fast-charger market • New, low-voltage GaN technology enters 48V Al data center, EV and robotics markets • Strategic partnership with Infineon Technologies enables customer dual sourcing • Streamlined market focus and cost structure improve path to profitability TORRANCE, Calif., Nov. 04, 2024 — Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next- generation power semiconductor company a ...

Record sales in GaN mobile fast-charger marketNew, low-voltage GaN technology enters 48V AI data center, EV and robotics marketsStrategic partnership with Infineon Technologies enables customer dual sourcingStreamlined market focus and cost structure improve path to profitability TORRANCE, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS) the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (Si ...

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TORRANCE, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology, has announced it will preview several breakthroughs at electronica 2024 (Hall C 3, booth 129, November 12th- 15th). Aligned with the mission to 'Electrify our World™', the "Planet Navitas" booth invites visitors to discover how next-gen GaN and SiC technology enabl ...

Navitas Semiconductor (NVTS) shares have gained 6.6% in a month, outperforming the broader Zacks Computer and Technology sector's return of 1.8%. Over the same time frame, it has also outperformed the Zacks Electronics- Semiconductors industry and peers, including Cirrus Logic (CRUS) , FormFactor (FORM) and Ambarella (AMBA) . Shares of Cirrus Logic and FormFactor have lost 1.8% and 1.4%, respectively, while Ambarella has gained 3.1% in the same time frame. The industry appreciated 5.1% in a month. This outp ...