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Navitas Semiconductor Announces Fourth Quarter and Full Year 2024 Financial Results
NVTSNavitas Semiconductor (NVTS) Newsfilter·2025-02-24 21:03

Core Insights - Navitas Semiconductor reported unaudited financial results for Q4 and FY 2024, highlighting growth in GaN revenues despite industry challenges [1][2] - The company achieved record GaN revenues, particularly in mobile, consumer, and appliance sectors, and secured 450millionincustomerdesign−wins,indicatingstrongfuturegrowthpotential[2][6]Q42024FinancialHighlights−TotalrevenueforQ42024was450 million in customer design-wins, indicating strong future growth potential [2][6] Q4 2024 Financial Highlights - Total revenue for Q4 2024 was 18.0 million, a decrease from 26.1millioninQ42023and26.1 million in Q4 2023 and 21.7 million in Q3 2024 [7] - GAAP loss from operations for Q4 2024 was 39.0million,comparedtoalossof39.0 million, compared to a loss of 26.8 million in Q4 2023 [7] - Cash and cash equivalents stood at 86.7millionasofDecember31,2024[7]FY2024FinancialHighlights−TotalrevenueforFY2024increasedby586.7 million as of December 31, 2024 [7] FY 2024 Financial Highlights - Total revenue for FY 2024 increased by 5% to 83.3 million from 79.5millionin2023[7]−GAAPlossfromoperationsfortheyearwas79.5 million in 2023 [7] - GAAP loss from operations for the year was 130.7 million, up from a loss of 118.1millionin2023[7]−Customerpipelinegrewby92118.1 million in 2023 [7] - Customer pipeline grew by 92% to 2.4 billion by December 2024 [7] Market, Customer, and Technology Highlights - The data center market is the fastest-growing segment, now valued at 165million,drivenbyAIapplications[7]−Over40customerwinsintheEVsectorwerereported,withafocusonSiCtechnologyforonboardandroadsidechargers[7]−GaNtechnologyadoptioninmobilechargersreached10165 million, driven by AI applications [7] - Over 40 customer wins in the EV sector were reported, with a focus on SiC technology for onboard and roadside chargers [7] - GaN technology adoption in mobile chargers reached 10% globally, with over 180 customer wins in 2024 [7] Business Outlook - For Q1 2025, net revenues are expected to be between 13.0 million and $15.0 million, with a non-GAAP gross margin projected at 38% [8]