Navitas Semiconductor announced unaudited financial results for the first quarter ended March 31, 2025.

“Our first quarter featured many industry firsts, including the world’s first production release of GaN bi-directional ICs, a 12 kW AI data center power supply platform and unprecedented reliability standards for both GaN and SiC technology,” said Gene Sheridan, CEO and co-founder. “These technology and reliability achievements, combined with our $450M of design wins announced for last year, positions the company for important growth later this year and in 2026 and beyond. ”

1Q25 Financial Highlights

  • Revenue: Total revenue was $14.0 million in the first quarter of 2025, compared to $23.2 million in the first quarter of 2024 and $18.0 million in the fourth quarter of 2024.
  • Loss from Operations: GAAP loss from operations for the quarter was $25.3 million, compared to a loss of $31.6 million for the first quarter of 2024 and a loss of $39.0 million for the fourth quarter of 2024. On a non-GAAP basis, loss from operations for the quarter was $11.8 million compared to a loss of $11.8 million for the first quarter of 2024 and a loss of $12.7 million in the fourth quarter of 2024.
  • Cash: Cash and cash equivalents were $75.1 million as of March 31, 2025.

Market, Customer and Technology Highlights:

  • Announced the world’s first production-released 650 V bi-directional GaN ICs and IsoFast™ high-speed isolated gate-drivers creating a paradigm shift in power by enabling the transition from two-stage to single-stage topologies; targeted applications range widely across EV charging, solar micro-inverters, energy storage, and motor drives.
  • Announced a new 12 kW platform design for data centers utilizing the latest GeneSiC™ and GaNSafe™ ICs including Intelliweave™ control technology to enable a doubling of total rack power up to 500 kW to support new generations of AI processors.
  • Announced cumulative GaN shipments of over 250M since 2018 across four generations demonstrating unprecedented 100 ppb field reliability track record.
  • Announced GeneSiC reliability demonstrated beyond auto-grade with new AEC Plus testing setting new industry standard.
  • Announced GaNSafe technology qualification to the challenging Q101 standard and adoption in the industry’s first GaN EV on-board charger production design with Changan, a top EV maker in China and is on-track for a production ramp in early ’26.
  • GeneSiC ultra-high voltage 2.3 kV to 6.5 kV targets megawatt-level new energy markets for EV roadside fast chargers, energy storage, renewable and grid infrastructure upgrades.

Business Outlook

  • Second quarter 2025 net revenues are expected to be $14.0 to $15.0 million. Non-GAAP gross margin for the second quarter is expected to be 38.5% plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately $15.5 million in the second quarter of 2025.

Original – Navitas Semiconductor