Navitas’ 571% Increase in 3-Year Revenue Attains Deloitte Technology Fast 500™ Ranking for Third Consecutive Year

Rhea-AI Summary

Navitas Semiconductor (NVTS) has been recognized in Deloitte's Technology Fast 500™ for the third consecutive year, achieving 571% revenue growth from 2020 to 2023. The growth was driven by strong demand for their advanced gallium nitride (GaN) and silicon carbide (SiC) power components across multiple markets. The company is expanding its presence in mobile fast chargers, AI data centers, and EV markets, with new product introductions including GaNSafe™, Gen-3 'Fast' SiC, and a 48V-focused range in partnership with Infineon. These innovations target applications from 20W to 20MW, addressing a market opportunity exceeding $22B annually.

Positive

• 571% revenue growth over three years
• Third consecutive recognition in Deloitte's Technology Fast 500™
• Expanding market presence in AI data centers, EV, and mobile sectors
• Strategic partnership with Infineon for 48V solutions
• Addressable market opportunity of $22B+ annually

Negative

• None.

News Market Reaction – NVTS

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In the trading session that priced this news, NVTS gained 19.80%, reflecting a significant positive market reaction.

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AI Data Centers, EV, and Mobile markets being penetrated by disruptive, next-gen GaN and SiC power semis, displacing legacy silicon chips.

TORRANCE, Calif., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS) has announced that the company’s revenue growth has been acknowledged for the third consecutive year, by Deloitte’s Technology Fast 500™. Navitas growth was driven by strong demand for its advanced, high-efficiency, wide-bandgap gallium nitride (GaN) and silicon carbide (SiC) power components, across a growing number of global markets and customers.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Based on percentage fiscal year revenue growth from 2020 to 2023, Navitas achieved 571% growth as GaN and SiC technology enabled efficient, sustainable applications and displaced legacy silicon chips.

“As a ‘pure-play’, next-gen, semiconductor company, Navitas continues to outperform the overall power semiconductor market, with record sales into mobile fast chargers, now ramping AI data center revenues and a strong customer pipeline for EV opportunities,” said Gene Sheridan, CEO and co-founder. “Recent introductions like GaNSafe™, Gen-3 ‘Fast’ SiC, and a newly-announced, 48V-focused range in partnership with Infineon, have built a strong foundation for further revenue growth in applications from 20W to 20MW, and with a market opportunity of over $22B per year.”

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500^® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact, at www.deloitte.com.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include AI datacenters, EV, solar, energy storage, home appliance / industrial, mobile and consumer. Over 300 Navitas patents are issued or pending, with the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral^®-certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and 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
Stephen Oliver, VP Investor Relations
ir@navitassemi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cffa5421-88e3-46de-8f52-2e8e1815b4ed

FAQ

What was Navitas Semiconductor's (NVTS) revenue growth rate from 2020 to 2023?

Navitas Semiconductor achieved 571% revenue growth from 2020 to 2023.

What new products has Navitas Semiconductor (NVTS) recently introduced?

Navitas has recently introduced GaNSafe™, Gen-3 'Fast' SiC, and a new 48V-focused range in partnership with Infineon.

What is the market opportunity size for Navitas Semiconductor (NVTS)?

Navitas addresses a market opportunity of over $22B per year, covering applications from 20W to 20MW.

What recognition did Navitas Semiconductor (NVTS) receive from Deloitte in 2023?

Navitas was recognized in Deloitte's Technology Fast 500™ for the third consecutive year in 2023.