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Navitas Semiconductor reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, outlining progress in its transition to a high-power-focused strategy branded as “Navitas 2.0.”
President and CEO Chris Allexandre said the company accelerated its pivot toward high-power GaN and high-voltage SiC solutions during the quarter, with high-power markets contributing a majority of revenue for the first time. He highlighted a long-term strategic foundry and technology partnership with GlobalFoundries aimed at expanding U.S.-based GaN manufacturing, along with streamlined go-to-market efforts targeting AI data centers, energy and grid infrastructure, performance computing and industrial electrification.
Allexandre also noted the initiation of customer sampling for new 650 V GaN devices targeting AI data center applications, expanded sampling of mid-voltage 100 V GaN devices, and ultra-high-voltage 2300 V and 3300 V SiC modules. He said the company expects a return to sequential top-line growth beginning in the first quarter of 2026, supported by increased revenue from high-power markets and reduced exposure to mobile and consumer segments.
Fourth Quarter 2025 Financial Highlights
- Revenue: $7.3 million, compared to $10.1 million in Q3 2025 and $18.0 million in Q4 2024.
- GAAP Loss from Operations: $41.4 million, compared to $19.4 million in Q3 2025 and $39.0 million in Q4 2024.
- Non-GAAP Loss from Operations: $12.1 million, compared to $11.5 million in Q3 2025 and $12.7 million in Q4 2024.
- Q4 GAAP results included a $16.6 million restructuring and impairment charge, of which $3.8 million was non-cash.
- Cash and Cash Equivalents: $236.9 million as of December 31, 2025, up from $150.6 million at September 30, 2025.
- In November 2025, Navitas completed a private placement of common stock, generating net proceeds of $95.6 million to support its strategic shift toward higher-power markets.
Recent Market and Technology Highlights
- Announced a long-term strategic technology and manufacturing partnership with GlobalFoundries to accelerate U.S.-based GaN production, with availability targeted for late 2026.
- Accelerated sampling of 100 V and new 650 V GaN devices for AI data center 800 V HVDC and 48 V IBC architectures.
- Introduced an all-GaN 10 kW 800 V–to–50 V DC-DC platform delivering 98.5% peak efficiency.
- Expanded sampling of 2300 V and 3300 V ultra-high-voltage SiC products featuring Trench-Assisted Planar technology.
- Launched its 5th-generation GeneSiC™ platform to extend performance and reliability in AI data centers, grid and energy infrastructure, and industrial electrification.
- Formed a partnership with Cyient Semiconductors to co-develop GaN products and strengthen the ecosystem in India.
- Consolidated its Asian distribution channel and established global partnerships with WT Microelectronics and Avnet to accelerate adoption in AI data centers and high-performance computing markets.
First Quarter 2026 Outlook
For the first quarter of 2026, Navitas expects:
- Revenue between $8.0 million and $8.5 million.
- Non-GAAP gross margin of approximately 38.7%, ±25 basis points.
- Non-GAAP operating expenses of approximately $15 million.
Management said the company believes continued execution of its Navitas 2.0 strategy, combined with cost optimization and an accelerated product roadmap, positions it for renewed revenue growth and gradual improvement in margins over the coming year.
Original – Navitas Semiconductor
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Analog Devices, Inc. reported fiscal first quarter 2026 results for the period ended January 31, 2026, posting revenue of $3.16 billion with year-over-year growth across all end markets, led by Industrial and Communications.
On a trailing twelve-month basis, the company generated operating cash flow of $5.1 billion and free cash flow of $4.6 billion, representing 43% and 39% of revenue, respectively.
During the first quarter, Analog Devices returned $1.0 billion to shareholders through dividends and share repurchases. The company also increased its quarterly dividend by 11% to $1.10 per share, marking its twenty-second consecutive year of dividend increases.
CEO and Chair Vincent Roche said the company’s first-quarter performance built on strong momentum entering the year, attributing results to sustained innovation and continued investment in R&D and customer experience. CFO Richard Puccio noted that bookings growth continued during the quarter, driven by broad strength in Industrial markets and record orders in the Data Center segment. Despite ongoing macroeconomic and geopolitical uncertainty, he said the company’s second-quarter outlook reflects a new high watermark for ADI.
For the second quarter of fiscal 2026, Analog Devices expects:
- Revenue of $3.5 billion, ± $100 million
- Reported operating margin of approximately 36.4%, ± 150 basis points
- Adjusted operating margin of approximately 47.5%, ± 100 basis points
- Reported EPS of $2.19, ± $0.15
- Adjusted EPS of $2.88, ± $0.15
The adjusted results are non-GAAP financial measures, with reconciliations provided in the company’s financial tables. The company stated that actual results may differ based on various risk factors and that the outlook supersedes prior forward-looking statements.
Original – Analog Devices
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Axcelis Technologies, Inc. reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting quarterly performance that exceeded the company’s outlook and another record quarter in Customer Support, Installations & Services (CS&I).
For the fourth quarter, Axcelis reported revenue of $238 million. GAAP gross margin was 47.0%, while non-GAAP gross margin was 47.3%. GAAP operating margin came in at 15.2%, with non-GAAP operating margin at 21.1%. GAAP diluted earnings per share were $1.10, and non-GAAP diluted EPS were $1.49.
President and CEO Russell Low said Axcelis “exited 2025 on a strong note,” pointing to fourth-quarter results that exceeded expectations and a record quarter of CS&I revenue. He attributed CS&I performance to the company’s expanding installed base and its focus on upgrades and service contracts. Low added that Axcelis continues to operate with discipline as customers navigate mixed demand conditions in Power and General Mature markets, while demand trends in the Memory market are showing improvement, which the company expects to continue into 2026.
Low also said the company remains focused on completing its pending merger with Veeco Instruments and reiterated confidence in the strategic rationale for the combination. He noted that the combined company is expected to be better positioned to benefit from long-term growth drivers including AI, electrification and next-generation device architectures, leveraging complementary portfolios and teams.
Executive Vice President and CFO Jamie Coogan said the company’s fourth-quarter execution included record CS&I performance and gross margins that came in above expectations, supported by operational discipline, favorable mix and the strength of Axcelis’ aftermarket strategy. For the full year, Coogan highlighted double-digit CS&I growth, gross margin expansion and more than $100 million of free cash flow, while continuing investment in innovation and returning more than $120 million of capital to shareholders.
Original – Axcelis Technologies
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Siltronic AG has issued its financial guidance for 2026 via an ad hoc announcement, warning of another challenging year marked by exchange rate headwinds and continued price pressure outside existing long-term agreements.
The Executive Board expects sales in 2026 to decline in the mid-single-digit % range compared with the preliminary 2025 figure of €1,347 million, with a subdued start to the year. The outlook is based on an assumed EUR/USD exchange rate of 1.18, compared with 1.13 in 2025.
On a comparable basis — excluding exchange rate effects and the closure of the SD line — revenue is expected to be roughly in line with the previous year.
While demand for 300 mm wafers is supported by AI-driven end markets, Siltronic anticipates a decline in 200 mm wafers due to intensified inventory reduction by customers in the power segment. Additionally, the full-year impact of the SD line closure will weigh on 2026 results for the first time.
“2026 will still be a challenging year, even though AI-driven end markets are clearly supporting our 300 mm volume,” said CEO Dr. Michael Heckmeier. He noted that positive developments in the memory segment have not yet fully translated into wafer demand, as customers remain capacity-constrained and inventory dynamics continue to affect downstream markets such as smartphones and PCs.
Siltronic expects its EBITDA margin to range between 20% and 24%, compared with a preliminary 23.5% in 2025.
Depreciation is projected to increase significantly in 2026 due to prior investments in the 300 mm business, reaching between €490 million and €520 million. As a result, EBIT is expected to be significantly below the 2025 preliminary figure of -€26 million.
Capital expenditures will be substantially reduced to between €180 million and €220 million, down from €369 million in 2025. However, as capex-related payments will exceed this level, net cash flow is expected to remain around the prior year’s preliminary figure of -€85 million.
Siltronic will publish its full audited Annual Report for 2025 on March 12, 2026.
Original – Siltronic
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Applied Materials, Inc. reported results for its first quarter ended January 25, 2026, highlighting strong performance driven by accelerating investments in AI computing and advanced semiconductor technologies.
Applied generated revenue of $7.01 billion in the quarter. On a GAAP basis, the company reported:
- Gross margin of 49.0%
- Operating income of $1.83 billion, representing 26.1% of net revenue
- Earnings per share (EPS) of $2.54
On a non-GAAP basis, results included:
- Gross margin of 49.1%
- Operating income of $2.11 billion, or 30.0% of net revenue
- EPS of $2.38
The company generated $1.69 billion in cash from operations and returned $702 million to shareholders, including $337 million in share repurchases and $365 million in dividends.
“Applied Materials delivered strong results in our fiscal first quarter, fueled by the acceleration of industry investments in AI computing,” said Gary Dickerson, President and CEO. “The need for higher performance and more energy-efficient chips is driving high growth rates for leading-edge logic, high-bandwidth memory and advanced packaging. These are areas where Applied is the process equipment leader, and we expect to grow our semiconductor equipment business over 20% this calendar year.”
Brice Hill, Senior Vice President and CFO, added that the company has nearly doubled its system manufacturing capability in recent years, strengthened its supply chain and increased inventories to support anticipated market growth.
Compared with Q1 FY2025, revenue declined 2% year-on-year to $7.01 billion, while gross margin improved slightly to 49.0%. GAAP net income rose 71% to $2.03 billion, with diluted EPS increasing 75% to $2.54.
On a non-GAAP basis, gross margin increased to 49.1%, operating margin was 30.0%, and diluted EPS remained flat at $2.38. Non-GAAP free cash flow rose 91% year-on-year to $1.04 billion.
During the quarter, Applied announced several strategic and technology milestones:
- Samsung Electronics will join Applied’s new EPIC Center in Silicon Valley, aimed at accelerating commercialization of breakthrough semiconductor technologies.
- Introduced new deposition, etch and materials modification systems to enhance energy-efficient performance of Gate-All-Around (GAA) transistors at 2nm and beyond, including:
- Viva™, a radical treatment system to smooth GAA silicon nanosheets with atomic precision.
- Sym3™ Z Magnum™, a conductor etch system enabling angstrom-level 3D trench profile control.
- Spectral™, an atomic layer deposition system replacing tungsten contacts with molybdenum to reduce electrical resistance.
- Received 2025 TSMC Excellent Performance Awards for technology development, production support and green manufacturing.
- Recognized by Micron Technology with a 2025 Outstanding Performance in Sustainability Award.
Applied said demand for leading-edge logic, high-bandwidth memory and advanced packaging continues to strengthen, positioning the company to benefit from ongoing AI-driven semiconductor investment.
Original – Applied Materials
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GLOBALFOUNDRIES Inc. reported preliminary financial results for the fourth quarter and full year ended December 31, 2025, highlighting strong execution, margin expansion and strategic portfolio growth.
GF generated revenue of $1.830 billion in the fourth quarter. Gross margin was 27.8%, with Non-IFRS gross margin at 29.0%. Operating margin reached 13.9%, while Non-IFRS operating margin was 18.3%.
Net income totaled $200 million, with Non-IFRS net income of $310 million. Diluted earnings per share were $0.36, compared with Non-IFRS diluted EPS of $0.55. Non-IFRS adjusted EBITDA came in at $641 million.
The company ended the quarter with $4.0 billion in cash, cash equivalents and marketable securities. Net cash provided by operating activities was $374 million, and Non-IFRS adjusted free cash flow totaled $264 million.
For the full year, GF reported revenue of $6.791 billion. Gross margin was 24.9%, with Non-IFRS gross margin at 26.1%. Operating margin reached 11.7%, and Non-IFRS operating margin was 15.7%.
Net income for the year was $888 million, with Non-IFRS net income of $965 million. Diluted EPS came in at $1.59, while Non-IFRS diluted EPS was $1.72. Non-IFRS adjusted EBITDA reached $2.357 billion.
Net cash provided by operating activities totaled $1.731 billion for the year, with Non-IFRS adjusted free cash flow of $1.157 billion.
“GF delivered a strong fourth quarter, with revenue, gross margin, operating margin and earnings per share at or above the high end of the guidance ranges,” said Tim Breen, CEO of GF. He highlighted nearly 400 basis points of year-over-year improvement in Non-IFRS gross margin during the fourth quarter, driven by disciplined cost management and strong execution. He also noted that recent acquisitions are expanding GF’s capabilities as a diversified technology solutions provider aligned with AI data center, Physical AI and on-shoring megatrends.
GF’s Board of Directors approved a new share repurchase authorization of up to $500 million of common stock. The program is valid for 12 months and allows the company to repurchase shares through open market transactions, privately negotiated transactions or other permitted methods. The timing and amount of repurchases will depend on market conditions and other factors.
In January 2026, GF announced a definitive agreement to acquire Synopsys’ ARC Processor IP Solutions business. The acquisition includes ARC-V, ARC-Classic, ARC VPX-DSP and ARC NPX NPU product lines, along with ASIP processor tools. These assets will be integrated with MIPS, a GlobalFoundries company, to create a comprehensive processor IP suite tailored for physical AI applications. The transaction is expected to close in the second half of 2026.
In November 2025, GF announced a long-term strategic partnership with Navitas to accelerate U.S.-based gallium nitride (GaN) technology, design and manufacturing for high-power applications such as AI data centers, performance computing, grid infrastructure and industrial electrification.
That same month, GF acquired Advanced Micro Foundry (AMF), a Singapore-based silicon photonics manufacturer, to accelerate its silicon photonics roadmap and expand its footprint in AI data centers and advanced telecom networks. GF also acquired Infinilink, an Egypt-based design company specializing in high-speed connectivity chips and silicon photonics, enhancing its in-house design capabilities and strengthening customer optical roadmaps.
Original – GlobalFoundries
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onsemi reported fourth quarter revenue of $1,530 million, alongside strong cash generation and continued investment in intelligent power and sensing technologies.
For the fourth quarter, GAAP gross margin was 36.0%, with non-GAAP gross margin at 38.2%. GAAP operating margin came in at 13.1%, while non-GAAP operating margin reached 19.8%. GAAP diluted earnings per share were $0.45, compared with non-GAAP diluted EPS of $0.64.
For full-year 2025, onsemi generated $1.8 billion in cash from operations and $1.4 billion in free cash flow, achieving a record free cash flow margin of 24%.
“We remained disciplined in our execution and met expectations in the fourth quarter as we saw increasing signs of stabilization in our key markets,” said Hassane El-Khoury, President and CEO of onsemi. “We continue to invest in intelligent power and sensing technologies that position us to win in the most critical technology transitions shaping our industry. Our strategy is clear: lead in automotive, industrial, and AI data center power with innovation that delivers higher-value solutions for our customers and long-term returns for our shareholders.”
Thad Trent, EVP and CFO of onsemi, added that the company returned 100% of its annual free cash flow to shareholders through share repurchases in 2025. He noted that with major investment cycles largely complete and new technologies ramping, the company is focused on cost structure improvements, operational excellence and margin expansion as market conditions recover.
During the quarter, onsemi authorized a new share repurchase program of up to $6 billion over the next three years. The company also introduced vertical gallium nitride (vGaN) power semiconductors, targeting higher power density, improved efficiency and enhanced ruggedness.
In addition, onsemi signed a memorandum of understanding with Innoscience to explore expanded production of GaN power devices using Innoscience’s 200 mm GaN-on-silicon process. The company further strengthened its GaN roadmap by establishing a collaboration agreement with GlobalFoundries (GF) to develop and manufacture next-generation GaN power devices, beginning with 650 V products.
Original – onsemi
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Renesas Electronics reported solid underlying profitability on a non-GAAP basis for the year ended December 31, 2025, reflecting resilient margins and disciplined cost control, even as IFRS results were impacted by non-recurring charges and amortization.
Full-Year 2025 Highlights (Non-GAAP):
- Revenue: ¥1,318.5 billion
- Gross profit: ¥759.9 billion (57.6% margin)
- Operating profit: ¥386.9 billion (29.3% margin)
- Profit attributable to owners: ¥329.3 billion (25.0% margin)
- EBITDA: ¥464.1 billion (35.2% margin)
Q4 2025 Performance (Non-GAAP):
- Revenue: ¥350.9 billion
- Operating profit: ¥108.0 billion (30.8% margin)
- Profit attributable to owners: ¥90.0 billion
- EBITDA: ¥127.8 billion
IFRS Results Reflect One-Time Impacts:
- Full-year IFRS operating profit: ¥201.2 billion
- IFRS net loss attributable to owners: ¥51.8 billion
- IFRS gross margin: 57.1%
The IFRS loss was primarily driven by amortization of acquired intangible assets, stock-based compensation, and other non-recurring adjustments.
Despite the IFRS loss, Renesas maintained industry-leading gross margins near 58%, underscoring the strength of its product mix in automotive, industrial, and embedded processing markets.
The company continues to benefit from scale in automotive electronics, industrial automation, and data-centric applications, while integration-related costs and accounting adjustments weighed on reported IFRS earnings.
Overall, Renesas’ 2025 results highlight a clear divergence between accounting impacts and operational performance, with strong cash-generating capability and profitability on an underlying basis positioning the company well for long-term growth.
Original – Renesas Electronics
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ROHM reported solid improvement in financial performance for the nine months ended December 31, 2025, reflecting higher sales, structural cost reforms, and strengthening demand in automotive, industrial, and data-center-related markets.
Key Financial Highlights (9M FY2025):
- Net sales: ¥369.5 billion, up 7.2% year-on-year
- Operating profit: ¥9.7 billion (vs. operating loss of ¥11.1 billion a year earlier)
- Ordinary profit: ¥15.1 billion
- Profit attributable to owners: ¥14.8 billion
- EBITDA: ¥51.3 billion, up 1.6% YoY
- Equity ratio: 63.8%, up from 61.7% at FY2024 year-end
Business Drivers:
- Automotive: Continued growth, particularly in xEV-related and power semiconductor products
- Industrial & Consumer: Recovery supported by inventory normalization and strong demand in amusement, factory automation, and server markets
- Data centers & AI: Rising investment driving demand for power devices
- SiC power devices: Sales momentum improving, though temporary quality-assurance costs weighed on near-term profitability
Cash Flow & Financial Position:
- Operating cash flow: ¥71.3 billion
- Net cash at period end: ¥300.9 billion
- Reduced capital intensity and disciplined cost controls supported balance-sheet strength
Accounting Change Impact:
- Transition to straight-line depreciation reduced depreciation expense and boosted operating and ordinary profit for the period
Revised Full-Year FY2026 Outlook (ending March 31, 2026):
- Net sales: ¥480.0 billion (+7.0% YoY)
- Operating profit: ¥6.0 billion
- Ordinary profit: ¥11.0 billion
- Profit attributable to owners: ¥10.0 billion
- Improvement expected as temporary SiC quality-related costs subside
Strategic Focus:
ROHM continues executing its “MOVING FORWARD to 2028” mid-term plan, emphasizing:- Structural reforms and manufacturing optimization
- Portfolio reshaping toward automotive, power, and SiC technologies
- Profitability improvement and resilience against market volatility
Overall, ROHM’s results signal a clear earnings recovery trajectory, with automotive electrification, AI-driven infrastructure, and disciplined cost management positioning the company for improved profitability in FY2026 and beyond.
Original – ROHM
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Vishay Intertechnology, Inc. reported fourth-quarter 2025 revenues of $800.9 million, with gross margin of 19.6% that included an approximately 130-basis-point headwind related to Newport. GAAP EPS was $0.01. The quarter’s book-to-bill was 1.20, including 1.27 for semiconductors and 1.13 for passive components, and backlog exited the quarter at 4.9 months.
Management noted that Q4 capped a year of steady improvement, with revenue up 1.3% sequentially on broadening demand in industrial and AI-related power applications and strength across all channels, led by distribution. Orders reached a three-year high, positioning the company for 2026 with a focus on competitive lead times, market outperformance, and continued execution on its strategy to accelerate revenue growth, elevate profitability, and enhance returns.
Outlook for Q1 2026:
- Revenue expected between $800 million and $830 million
- Gross margin expected at 19.9% ± 50 bps, including an estimated 50–75 bps negative impact related to Newport
Original – Vishay Intertechnology
