Navitas (NASDAQ: NVTS) posts $10.1M Q3 revenue, pivots to high‑power AI and industrial markets

Navitas Semiconductor (NASDAQ: NVTS) reported unaudited results for Q3 ended Sept 30, 2025 as it pivots from mobile/consumer to high-power markets (AI data centers, performance computing, energy & grid, industrial electrification).

Key figures: Q3 revenue $10.1M vs $21.7M in Q3 2024; GAAP loss from operations $19.4M (improved vs $29.0M year-ago); non-GAAP loss from operations $11.5M; cash $150.6M as of Sept 30, 2025. Company highlighted collaboration with NVIDIA on 800V DC AI factory architecture and sampling of 2.3kV/3.3kV SiC modules.

Outlook: Q4 2025 revenue expected $7.0M ± $0.25M; non-GAAP gross margin ~38.5% ±50bps; non-GAAP operating expenses ~ $15.0M.

Navitas Semiconductor (NASDAQ: NVTS) ha riportato risultati non auditati per il terzo trimestre terminato il 30 settembre 2025, mentre passa dai mercati mobili/consumatori a quelli ad alta potenza (AI data center, high-performance computing, energia e reti, electrification industriale).

Indicatori chiave: ricavi del Q3 $10,1M vs $21,7M nel Q3 2024; perdita GAAP da operazioni $19,4M (migliorata rispetto a $29,0M dell’anno precedente); perdita non-GAAP da operazioni $11,5M; liquidità $150,6M al 30 settembre 2025. L’azienda ha evidenziato la collaborazione con NVIDIA sull’architettura di fabbrica DC a 800V per AI e il sampling di moduli SiC da 2,3kV/3,3kV.

Previsioni: ricavi attesi per Q4 2025 di $7,0M ± $0,25M; margine lordo non-GAAP circa 38,5% ± 50 punti base; spese operative non-GAAP di circa $15,0M.

Navitas Semiconductor (NASDAQ: NVTS) presentó resultados no auditados para el tercer trimestre terminado el 30 de septiembre de 2025, mientras se desplaza de los mercados móviles/consumidores a los de alta potencia (AI data centers, computación de alto rendimiento, energía y red, electrificación industrial).

Cifras clave: ingresos del 3T $10.1M frente a $21.7M en el 3T 2024; pérdida GAAP de operaciones $19.4M (mejora frente a $29.0M del año anterior); pérdida de operaciones no-GAAP $11.5M; caja $150.6M al 30 de septiembre de 2025. La compañía destacó la colaboración con NVIDIA en la arquitectura de fábrica AI DC de 800V y el muestreo de módulos SiC de 2.3kV/3.3kV.

Perspectivas: ingresos previstos para Q4 2025 de $7.0M ± $0.25M; margen bruto no-GAAP ~38.5% ±50pb; gastos operativos no-GAAP ~ $15.0M.

Navitas Semiconductor (NASDAQ: NVTS)는 2025년 9월 30일 종료된 3분기에 대한 비감사 결과를 발표했으며 모바일/소비자 시장에서 고전력 시장으로 전환하고 있습니다(AI 데이터 센터, 고성능 컴퓨팅, 에너지 및 그리드, 산업 전기화).

주요 수치: Q3 매출 1,010만 달러 vs 2024년 Q3 2,170만 달러; GAAP 영업손실 1940만 달러(전년 대비 개선: 2900만 달러); 비-GAAP 영업손실 1150만 달러; 현금 1억 5060만 달러(2025년 9월 30일 기준). 회사는 800V DC AI 공장 아키텍처에 대한 NVIDIA와의 협력 및 2.3kV/3.3kV SiC 모듈 샘플링을 강조했습니다.

전망: 2025년 4분기 매출 예상 700만 달러 ± 25만 달러; 비-GAAP 총이익률 약 38.5% ±50bp; 비-GAAP 영업비용 약 1500만 달러.

Navitas Semiconductor (NASDAQ: NVTS) a publié des résultats non audités pour le T3 se terminant le 30 septembre 2025 alors qu’elle pivote des marchés mobiles/consommateurs vers les marchés à haute puissance (AI data centers, informatique haute performance, énergie et réseau, électrification industrielle).

Chiffres clés : chiffre d’affaires du T3 10,1 M$ contre 21,7 M$ au T3 2024 ; perte GAAP d’exploitation de 19,4 M$ (amélioration par rapport à 29,0 M$ l’an dernier) ; perte d’exploitation non-GAAP de 11,5 M$ ; trésorerie 150,6 M$ au 30 septembre 2025. L’entreprise a mis en avant la collaboration avec NVIDIA sur l’architecture d’usine AI DC 800V et l’échantillonnage de modules SiC de 2,3 kV/3,3 kV.

Perspectives : chiffre d’affaires prévu pour le Q4 2025 de 7,0 M$ ± 0,25 M$ ; marge brute non-GAAP d’environ 38,5% ± 50 bp ; dépenses d’exploitation non-GAAP d’environ 15,0 M$.

Navitas Semiconductor (NASDAQ: NVTS) hat ungeprüfte Ergebnisse für das dritte Quartal zum 30. September 2025 vorgelegt, während das Unternehmen sich von Mobil-/Verbraucher-markten zu Hochleistungsmärkten (AI-Datenzentren, Hochleistungsrechnen, Energie & Netz, industrielle Elektrifizierung) verlagert.

Schlüsselkennzahlen: Umsatz im Q3 10,1 Mio. USD gegenüber 21,7 Mio. USD im Q3 2024; GAAP-Betriebsverlust 19,4 Mio. USD (Verbesserung gegenüber 29,0 Mio. USD im Vorjahr); Non-GAAP-Betriebsverlust 11,5 Mio. USD; Barbestand 150,6 Mio. USD per 30.09.2025. Das Unternehmen hob die Zusammenarbeit mit NVIDIA an der 800V DC AI-Fabrikarchitektur und das Sampling von SiC-Modulen 2,3kV/3,3kV hervor.

Aussichten: Umsatz im Q4 2025 erwartet bei 7,0 Mio. USD ± 0,25 Mio. USD; Non-GAAP Bruttomarge ca. 38,5% ± 50 Basispunkte; Non-GAAP Betriebsausgaben ca. 15,0 Mio. USD.

Navitas Semiconductor (NASDAQ: NVTS) أصدرت نتائج غير مدققة للربع الثالث المنتهي في 30 سبتمبر 2025 بينما تتحول من أسواق الأجهزة المحمولة/المستهلكين إلى أسواق الطاقة العالية (مراكز بيانات AI، الحوسبة عالية الأداء، الطاقة والشبكة، الكهرباء الصناعية).

الأرقام الرئيسية: إيرادات الربع الثالث 10.1 مليون دولار مقابل 21.7 مليون دولار في الربع الثالث 2024؛ خسارة GAAP من العمليات 19.4 مليون دولار (تحسن مقارنة بـ 29.0 مليون دولار في العام الماضي)؛ خسارة من العمليات غير-GAAP 11.5 مليون دولار؛ النقد 150.6 مليون دولار حتى 30 سبتمبر 2025. أبرزت الشركة التعاون مع NVIDIA حول بنية مصنع AI DC بجهد 800 فولت وعيّنة وحدات SiC بجهد 2.3kV/3.3kV.

التوقعات: إيرادات الربع الرابع 2025 متوقعة عند 7.0 مليون دولار ± 0.25 مليون دولار؛ الهامش الإجمالي غير-GAAP نحو 38.5% ± 50 نقطة أساس؛ مصروفات التشغيل غير-GAAP نحو 15.0 مليون دولار.

Positive

• Cash balance of $150.6M as of Sept 30, 2025
• GAAP operating loss improved to $19.4M from $29.0M year-ago
• Non-GAAP loss from operations improved to $11.5M from $12.7M year-ago
• Recognized by NVIDIA as a power-semiconductor partner for 800V AI architecture

Negative

• Q3 revenue fell to $10.1M from $21.7M in Q3 2024 (~53% decline)
• Company expects Q4 2025 revenue of $7.0M ± $0.25M, signaling further near-term decline
• Strategic de-emphasis of China mobile & consumer business may reduce near-term sales and distribution channels

Insights

Navitas reports sharply lower revenue, reduced operating losses, and a clear strategic pivot toward high‑power GaN/SiC markets.

Revenue fell to $10.1 million in 3Q25 from $21.7 million year‑over‑year, with GAAP operating loss of $19.4 million and non‑GAAP operating loss of $11.5 million. The company holds $150.6 million in cash as of September 30, 2025. Management is redirecting resources away from low‑power mobile/consumer channels toward AI data center, performance computing, energy/grid, and industrial electrification, and cites a partnership with NVIDIA and sampling of high‑voltage SiC modules as market validation.

The business mechanism is a strategic realignment from lower‑margin consumer markets to higher‑voltage, higher‑margin power segments using GaN and SiC products; near‑term revenue guidance of $7.0 million (±$0.25 million) for 4Q25 and a target non‑GAAP gross margin of 38.5% reflect an active pivot and expected short‑term top‑line contraction. Key dependencies and risks are explicitly operational: successful technical scaling into demanding high‑power applications, securing design wins that convert to production revenue, and competitive dynamics in markets with established incumbents.

Watchable items and timing: monitor reported design‑win conversions and customer qualification milestones tied to the 800V AI factory architecture and the sampling programs for 2.3kV and 3.3kV SiC modules over the next 6–12 months; also watch quarterly revenue and margin execution versus the provided Q4 guidance around Q4 2025. The current facts show a clear strategic pivot with meaningful near‑term revenue decline but improved non‑GAAP operating loss, so the announcement is impactful yet ambiguous on eventual success.

11/03/2025 – 04:04 PM

• Navitas 2.0 – strategic pivot to high-power markets with GaN and high-voltage SiC
• Key market focus on AI data center, performance computing, energy & grid infrastructure and industrial electrification
• Decisive actions and reallocation of resources to those high-growth, higher-margin markets

TORRANCE, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) — Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ high-voltage silicon carbide (SiC) power semiconductors, today announced unaudited financial results for the third quarter ended September 30, 2025.

“I’m excited to be leading the Navitas 2.0 team at this pivotal moment, as demand accelerates across high-power semiconductor markets for AI data centers, performance computing, energy and grid infrastructure, and industrial electrification,” said Chris Allexandre, President and CEO of Navitas. “Navitas’ decade-long technology leadership in gallium nitride (GaN), and high-voltage silicon carbide (SiC) strongly positions us to capitalize on these global megatrends. We are executing a strategic pivot from consumer and mobile markets to these fast-growing, more profitable, more sustainable higher-power segments. Our rapid and decisive actions around resource reallocation, product roadmap, and go-to-market changes are designed to deliver better results, enhance the scale and quality of our business and create long-term value for our customers, employees, and stockholders.”

3Q25 Financial Highlights

• Revenue: Total revenue was $10.1 million in the third quarter of 2025, compared to $21.7 million in the third quarter of 2024 and $14.5 million in the second quarter of 2025.
• Loss from Operations: GAAP loss from operations for the quarter was $19.4 million, compared to a loss of $29.0 million for the third quarter of 2024 and a loss of $21.7 million for the second quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $11.5 million compared to a loss of $12.7 million for the third quarter of 2024 and a loss of $10.6 million in the second quarter of 2025.
• Cash: Cash and cash equivalents of $150.6 million as of September 30, 2025.

Market, Customer and Technology Highlights:

• Navitas has been recognized by NVIDIA as a power semiconductor partner for its next-generation 800V DC architecture in AI factory computing. This collaboration highlights Navitas’ leadership in GaN and high-voltage SiC, the critical technologies enabling higher efficiency, greater power density, and superior performance from the utility grid all the way to the GPU.
• A newly introduced portfolio of 100V and 650V discrete GaNFast™ FETs, alongside our GaNSafe™ ICs and high-voltage, high-power SiC products, enable NVIDIA’s next-generation 800V DC AI factory power architecture and the rapid growth of high-power AI markets.
• Sampling new 2.3kV and 3.3kV high-voltage SiC modules to leading energy-storage and grid-infrastructure customers.

Near Term Business Outlook

• Fourth quarter 2025 net revenues are expected to be $7.0 million, plus or minus $0.25 million due the Company’s strategic decision to deprioritize low power, lower profit China mobile & consumer business, as well as streamline our distribution network and reduce channel inventory to pivot to higher power revenue and customers. Non-GAAP gross margin for the fourth quarter is expected to be 38.5% plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately $15.0 million in the fourth quarter of 2025.

Navitas Q3 2025 Financial Results Conference Call and Webcast Information:

• When: Monday, November 3, 2025
• Time: 2:00 p.m. Pacific / 5:00 p.m. Eastern
• Toll Free Dial-in: (800) 715-9871 or (646) 307-1963, Conference ID: 1531951
• Live Webcast: https://edge.media-server.com/mmc/p/4ek9czdi.
• Replay: A replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.navitassemi.com/.

Non-GAAP Financial Measures

This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures are adjusted from GAAP results to exclude certain expenses which are outlined in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release, including the paragraph headed “Near Term Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.

Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section beginning on p. 15 of our annual report on Form 10-K for the year ended December 31, 2024, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:

• Risks Related to High-Power Markets: We recently announced an enhanced focus on AI data centers, performance computing, energy and grid infrastructure and industrial electrification, and a de-emphasis on mobile and consumer products. We may not successfully execute our strategic transition to these new markets and customer applications, which could adversely affect our business, results of operations, and financial condition. This strategic realignment entails significant operational, technical, and market risks. Our success in these markets depends on factors including our ability to (i) develop and scale semiconductor solutions that meet demanding power, efficiency, and performance requirements of our customers; (ii) compete against established incumbents with substantial R&D and manufacturing resources; (iii) anticipate rapidly evolving customer needs and technological standards in these high-power and high-performance segments; and (iv) secure design wins and long-term supply agreements in new and unfamiliar market segments.
• Market Acceptance and Addressable Market Uncertainty: The demand for our products, and our customers’ products, in new or emerging markets is difficult to forecast, as customer preferences may not be fully known and can evolve rapidly. Further, demand for our products depends on the acceptance of underlying new and developing system architectures. For example, our predictions for the use of GaN- and SiC-based products in 800V AI data center power applications depend on assumptions regarding the acceptance and growth of 800V systems themselves.
• Lack of Historical Data: In established markets, revenue projections can be supported by trends from prior periods. In contrast, there is little or no precedent for products aimed at new use cases, rendering traditional forecasting methods less reliable.
• Unpredictable Competitive Dynamics: To the extent our products reshape or create new market landscapes, the competitive environment may evolve in unexpected ways. For example, new competitors may emerge, or traditional competitors with established R&D and manufacturing resources, and long-standing customer relationships, may choose to offer competitive GaN or high-voltage SiC solutions.
• Cyclical and Volatile Industry Conditions: The semiconductor sector is known for cyclical volatility. This inherent unpredictability is amplified in new and emerging markets, where demand can swing sharply due to macroeconomic events, supply chain shocks, regulatory changes, or technology cycles.
• Other Risk Factors: Other risk factors include Navitas’ ability to predict revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; Navitas’ ability to diversify its customer base and develop relationships in new markets or regions; the possibility that the expected growth of our business will not be realized, or will not be realized within expected time periods, due to the above factors as well as others, such as the failure to successfully integrate acquired businesses into our business and operational systems; the effect of acquisitions on customer and supplier relationships, or the failure to retain and expand those relationships; the success or failure of other business development efforts; Navitas’ financial condition and results of operations; Navitas’ ability to scale its technology into new markets and applications; the effects of competition on Navitas’ business, including actions of competitors with an established presence and resources in markets we hope to penetrate or by competitors to take market share in the markets we are deprioritizing; the level of demand in our customers’ end markets and our customers’ ability to predict such demand, both generally and with respect to successive generations of products or technology; Navitas’ ability to attract, train and retain key qualified personnel; changes in government trade policies, including the imposition of tariffs and the regulation of cross-border investments, particularly involving the United States and China; other regulatory developments in the United States, China and other countries; the impact of events such as epidemics and pandemics in locations where our products are manufactured and sold; and Navitas’ ability to protect its intellectual property rights.

Note Regarding Customer Pipeline and Design Wins

In our investor and other communications we may refer to the terms “customer pipeline” and “design wins” in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitute “forward-looking statements” as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, “customer pipeline” reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue, and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer’s ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited or affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information
Lori Barker, Investor Relations
ir@navitassemi.com

NAVITAS SEMICONDUCTOR CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) – UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended Nine Months Ended  September 30, September 30,   2025   2024   2025   2024 Net revenues $10,112  $21,681  $38,620  $65,324 Cost of revenues (exclusive of amortization of intangible assets included below)  6,281   13,069   27,154   39,207 Operating expenses:        Research and development  13,280   17,828   37,444   57,028 Selling, general and administrative  5,230   15,040   24,721   46,509 Amortization of intangible assets  4,735   4,717   14,203   14,265 Restructuring expense  —   —   1,469   — Total operating expenses  23,245   37,585   77,837   117,802 Loss from operations  (19,414)  (28,973)  (66,371)  (91,685)Other income (expense), net:        Interest income (expense), net  401   (39)  494   (109)Dividend income  985   1,210   2,376   4,251 (Loss) Gain from change in fair value of earnout liabilities  (844)  9,171   (20,695)  42,920 Other income (expense), net  (59)  26   (4)  140 Total other income (expense), net  483   10,368   (17,829)  47,202 Loss before income taxes  (18,931)  (18,605)  (84,200)  (44,483)Income tax provision (benefit)  (19)  125   111   256 Equity method investment loss  (322)  —   (827)  — Net loss $(19,234) $(18,730) $(85,138) $(44,739)Net loss per common share        Basic $(0.09) $(0.10) $(0.43) $(0.25)Diluted $(0.09) $(0.10) $(0.43) $(0.25)Shares used in per share calculation:        Basic  212,681   184,672   199,931   182,551 Diluted  212,681   184,672   199,931   182,551       RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES – UNAUDITED(dollars in thousands, except per share amounts)           Three Months Ended Nine Months Ended  September 30, September 30,  2025
 2024
 2025
 2024
RECONCILIATION OF GROSS PROFIT MARGIN        GAAP Net revenues $10,112  $21,681  $38,620  $65,324 Cost of revenues (exclusive of amortization of intangibles)  (6,281)  (13,069)  (27,154)  (39,207)Cost of revenues (amortization of intangibles)  (4,038)  (3,959)  (12,105)  (11,876)GAAP Gross profit  (207)  4,653   (639)  14,241 GAAP Gross margin   (2.0
)%
  21.5%  (1.7
)%
  21.8%Cost of revenues (amortization of intangibles)  4,038   3,959   12,105   11,876 Stock-based compensation expense  81   76   188   325 China SiC inventory reserve  —   —   3,174   — Non-GAAP Gross profit $3,912  $8,688  $14,828  $26,442 Non-GAAP Gross margin  38.7%  40.1%  38.4%  40.5%RECONCILIATION OF OPERATING EXPENSES        GAAP Research and development $13,280  $17,828  $37,444  $57,028 Stock-based compensation expenses  (4,991)  (6,267)  (8,465)  (20,075)Organization transformation costs  —   —   (395)  — Advanced R&D NRE Impairment  —   —   (2,238)  — Non-GAAP Research and development  8,289   11,561   26,346   36,953 GAAP Selling, general and administrative  5,230   15,040   24,721   46,509 CEO transition costs  (2,462)  —   (2,462)  — Stock-based compensation expenses*  4,605   (5,029)  2,127   (17,611)Governance costs  —   —   (1,556)  — Other expense  (221)  (137)  (434)  (1,523)Non-GAAP Selling, general and administrative  7,152   9,874   22,396   27,375 Total Non-GAAP Operating expenses $15,441  $21,435  $48,742  $64,328 RECONCILIATION OF LOSS FROM OPERATIONS        GAAP Loss from operations $(19,414) $(28,973) $(66,371) $(91,685)GAAP Operating margin  (192.0
)%
  (133.6
)%
  (171.9
)%
  (140.4
)%
Add: Stock-based compensation expenses included in:        Research and development  4,991   6,267   8,465   20,075 Selling, general and administrative  (4,605)  5,029   (2,127)  17,611 Cost of goods sold  81   76   188   325 Total  467   11,372   6,526   38,011 Amortization of acquisition-related intangible assets  4,735   4,717   14,203   14,265 CEO transition costs  2,462   —   2,462   — China SiC inventory reserve  —   —   3,174   — Advanced R&D NRE Impairment  —   —   2,238   — Governance costs  —   —   1,556   — Restructuring expense  —   —   1,469   — Organization transformation costs  —   —   395   — Other expense  221   137   434   1,523 Non-GAAP Loss from operations $(11,529) $(12,747) $(33,914) $(37,886)Non-GAAP Operating margin  (114.0
)%
  (58.8
)%
  (87.8
)%
  (58.0
)%
RECONCILIATION OF NET LOSS PER SHARE        GAAP Net loss $(19,234) $(18,730) $(85,138) $(44,739)Adjustments to GAAP Net loss        Amortization of acquisition-related intangible assets  4,735   4,717   14,203   14,265 CEO transition costs  2,462   —   2,462   — Loss (Gain) from change in fair value of earnout liabilities  844   (9,171)  20,695   (42,920)Total stock-based compensation  467   11,372   6,526   38,011 Equity method investment loss  322   —   827   — China SiC inventory reserve  —   —   3,174   — Advanced R&D NRE Impairment  —   —   2,238   — Governance costs  —   —   1,556   — Restructuring expense  —   —   1,469   — Organization transformation costs  —   —   395   — Other expense  221   137   434   1,440 Non-GAAP Net loss $(10,183) $(11,675) $(31,159) $(33,943)Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted)  212,681   184,672   199,931   182,551 Non-GAAP Net loss per share (basic and diluted) $(0.05) $(0.06) $(0.16) $(0.19)

*For the three and nine months ended September 30, 2025, stock-based compensation expense is added back to selling, general and administrative (“SG&A”) expenses due to the reversal of approximately $8.5 million and $12.6 million related to forfeitures associated with the Company’s long-term incentive plan award as a result of employee terminations.

NAVITAS SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands)   (Unaudited)    ASSETS September 30, 2025  December 31, 2024 Current assets      Cash and cash equivalents $150,551  $86,737 Accounts receivable, net  9,788   13,982 Inventories  14,665   15,477 Prepaid expenses and other current assets  3,834   4,070 Total current assets  178,838   120,266 Restricted cash  670   1,503 Property and equipment, net  14,373   15,421 Operating lease right of use assets  5,599   6,900 Finance lease right of use assets  848   — Intangible assets, net  57,992   72,195 Goodwill  163,215   163,215 Other assets  8,672   10,478 Total assets $430,207  $389,978 LIABILITIES AND STOCKHOLDERS’ EQUITY      Current liabilities      Accounts payable and other accrued expenses $14,058  $10,754 Accrued compensation expenses  6,343   8,623 Operating lease liabilities, current  1,817   1,767 Finance lease liabilities, current  319   — Total current liabilities  22,537   21,144 Operating lease liabilities noncurrent  4,265   5,553 Finance lease liabilities noncurrent  538   — Earnout liability  30,903   10,208 Deferred tax liabilities  371   441 Other noncurrent liabilities  608   4,619 Total liabilities  59,222   41,965 Stockholders’ equity  370,985   348,013 Total liabilities and stockholders’ equity $430,207  $389,978 

FAQ

What were Navitas (NVTS) Q3 2025 revenues and cash balance reported on Nov 3, 2025?

Navitas reported Q3 2025 revenue of $10.1M and $150.6M in cash and cash equivalents as of Sept 30, 2025.

How did Navitas (NVTS) operating losses change in Q3 2025 versus Q3 2024?

GAAP loss from operations improved to $19.4M in Q3 2025 from $29.0M in Q3 2024; non-GAAP loss improved to $11.5M from $12.7M.

What guidance did Navitas (NVTS) give for Q4 2025 revenue and margins on Nov 3, 2025?

Navitas expects Q4 2025 revenue of $7.0M ± $0.25M, non-GAAP gross margin of ~38.5% ±50bps, and non-GAAP operating expenses of ~$15.0M.

What strategic pivot did Navitas (NVTS) announce with the Q3 2025 results?

Navitas is shifting resources from mobile/consumer to high-power markets including AI data centers, performance computing, energy & grid, and industrial electrification.

Does Navitas (NVTS) have any notable customer or technology partnerships announced in Q3 2025?

Yes; Navitas highlighted recognition by NVIDIA as a power-semiconductor partner for its next-generation 800V DC AI factory architecture and is sampling high-voltage SiC modules to energy-grid customers.