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Navitas Semiconductor announced unaudited financial results for the first quarter ended March 31, 2024.
“I am very pleased with our first quarter revenue growth of over 70% from the prior year, despite an overall market slowdown,” said Gene Sheridan, CEO and co-founder. “Response to our latest technologies – GaNSafe™, Gen-3 Fast GeneSiC™ and now GaNSlim technology – has been impressive. Our customer pipeline – which has grown to $1.6 billion – shows that future demand for electrification and energy savings is stronger than ever.”
1Q24 Financial Highlights
- Revenue: Total revenue grew to $23.2 million in the first quarter of 2024, a 73% increase from $13.4 million in the first quarter of 2023.
- Loss from Operations: GAAP loss from operations for the quarter was $31.6 million, compared to a loss of $35.5 million for the first quarter of 2023. On a non-GAAP basis, loss from operations for the quarter was $11.8 million compared to a loss of $12.3 million for the first quarter of 2023.
- Cash: Cash and cash equivalents were $129.7 million as of March 31, 2024.
Market, Customer and Technology Highlights
- AI Data Center: Leading-edge GaNSafe and Gen-3 Fast GeneSiC technologies with unique system design-center solutions enable 3x increase in power capability to support AI-based data centers. Announcing 3 major design wins at the world’s largest power-supply companies, in combination with over 30 customer projects in development. In the coming quarters, we expect to power data centers at AWS, Azure, Google, Supermicro, Inspur and Baidu.
- EV: New 22 kW on-board charger (OBC) platform delivers up to 3x faster charging, 2x power density, 30% greater energy savings and 40% lighter weight relative to current solutions. Now engaged with over 160 EV-related customers across all major regions and increased total pipeline by over 50% since the $400 million reported in December.
- Solar / Energy Storage: Won 6 new designs across US, Europe and Asia for solar optimizers, micro-inverters, string inverters and energy-storage applications for 2025 ramp, with significant increase in pipeline.
- Home Appliance / Industrial: Latest, motor-optimized GaNSense™ half-bridge power ICs in over 15 customer developments. Gen-3 Fast GeneSiC and GaNSafe technologies are achieving rapid industrial adoption with over 25 customer developments.
- Mobile / Consumer: Over 20 new fast chargers added in the last quarter, taking the total released customer products to over 450, across all 10 of the top 10 mobile OEMs. New gen-4 GaN IC projects include Xiaomi launching another two smartphone models (Mi 14 Ultra and the CIVI 4Pro) to support ultra-fast charging, and Lenovo with the ThinkBook 170W desktop 5-port charger and docking station.
Business Outlook
- Second quarter 2024 net revenues are expected to be $20 million plus or minus $500 thousand. Non-GAAP gross margin for the second quarter is expected to be 40% plus or minus 50 basis points and non-GAAP operating expenses are expected to be approximately $21.5 million in the second quarter of 2024.
Original – Navitas Semiconductor
