Navitas Restores Year-Over-Year Revenue Growth After 2024

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue reached $14.0 million, 38% above a year earlier, as high-power markets grew more than 50% sequentially.

Navitas Semiconductor (NVTS) reported third-quarter 2026 revenue of $14.0 million, 38% above the year-earlier period, the first quarter of year-over-year growth since 2024. Sequential growth accelerated to 33% from 22% in the second quarter.

The power-semiconductor company said revenue contribution from high-power markets grew more than 50% sequentially, after those markets had grown more than 50% year-over-year in the prior quarter. Chief Executive Chris Allexandre said the results and the acceleration in high-power markets reflected execution of the company’s Navitas 2.0 transformation.

GAAP gross margin expanded to 21.5% from 0.4% in the second quarter and (2.0%) a year earlier. The company said the increase primarily reflected lower amortization of intangible assets in cost of revenues, as certain developed-technology intangibles became fully amortized, and higher revenue. Amortization in cost of revenues was about $2.5 million, versus about $4.0 million in each of the prior periods. Non-GAAP gross margin was 40.0%, above the midpoint of guidance.

GAAP loss from operations widened to $34.4 million from $27.2 million in the second quarter and $19.4 million a year earlier. Non-GAAP operating loss narrowed to $10.9 million from $11.4 million. GAAP net loss was $37.1 million, versus a $228.2 million loss in the second quarter that included a $203.1 million non-cash charge from the final remeasurement of earnout liabilities. Non-GAAP net loss narrowed to $6.9 million from $9.3 million.

Selling, general and administrative expense was $18.39 million in the three months ended September 30, 2026, compared with $5.23 million a year earlier. Research and development was $15.09 million. Cash and cash equivalents were $531.5 million as of September 30, 2026, compared with $236.9 million as of December 31, 2025.

Chief Financial Officer Tonya Stevens said the company expects to deliver a fourth consecutive quarter of double-digit sequential revenue growth at the midpoint of fourth-quarter guidance and to exit 2026 as a high-power company with a book-to-bill ratio well above one and backlog that extends into mid-2027. Fourth-quarter 2026 net revenues are expected at $16.0 million plus or minus $0.5 million, which at the midpoint is 14% sequential growth and 119% year-over-year growth. Non-GAAP gross margin is expected at 40.5% plus or minus 100 basis points. Non-GAAP operating expenses are expected at $25.0 million plus or minus $1.0 million, including operational expenses associated with the acquired Claros business.

At the midpoint of that guidance, the company said full-year 2026 revenue growth is expected to be 7%, with 125% revenue growth from high-power markets more than offsetting the exit from mobile and low-end consumer, which is expected to be essentially eliminated from the mix by year-end. AI Infrastructure markets, including AI Data Centers and Grid and Energy Infrastructure, are expected to represent more than 40% of total sales by year-end, up from a prior-quarter expectation of more than one-third.

Navitas closed the acquisition of Claros on October 6, 2026, adding an integrated-voltage-regulation technology stack for vertical and embedded power delivery to its GaN and high-voltage and ultra-high-voltage SiC portfolio. The company said the deal completes a grid-to-xPU stack and that it collaborated with NVIDIA on an 800 V-to-12 V power delivery board, partnered with Microchip on an 800 V reference design, was selected by the U.S. government to develop next-generation 10 kV SiC devices, and announced first shipments of Gen 5 GaNFast devices manufactured in the United States through GlobalFoundries.