Navitas Q3 GAAP net loss widens to $37.1M
Fourth-quarter guidance calls for $16.0 million in revenue at the midpoint and a 40.5% non-GAAP gross margin.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Navitas Semiconductor Corp. reported third-quarter 2026 revenue of $14.0 million, up 38% year over year and 33% sequentially. GAAP gross margin was 21.5%, versus (2.0%) a year earlier; non-GAAP gross margin was 40.0%, compared with 38.7%. GAAP net loss was $37.1 million, compared with $19.2 million a year earlier, while non-GAAP net loss was $6.9 million, compared with $10.2 million. Cash and cash equivalents were $531.5 million as of September 30, 2026.
For fourth-quarter 2026, Navitas expects revenue of $16.0 million, plus or minus $0.5 million, representing 14% sequential growth at the midpoint; non-GAAP gross margin is expected to be 40.5%, plus or minus 100 basis points. The company expects AI infrastructure to account for more than 40% of total sales by year-end and high-power revenue to grow 125% for full-year 2026. Navitas closed its Claros acquisition on October 6, adding IVR technology. Fourth-quarter non-GAAP operating expenses are expected to be $25.0 million, plus or minus $1.0 million, including expenses associated with Claros.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointRevenue increased 38% year over year to $14.0 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.High-power revenue is expected to grow 125% in full-year 2026.
Negative
- Moderate pointGAAP net loss widened to $37.1 million from $19.2 million a year earlier.
Filing Explained
Q3 GAAP gross-margin expansion was primarily attributed to lower amortization as certain technology assets became fully amortized, and to higher revenue.
Navitas expects mobile and low-end consumer revenue to be effectively zero by year-end, leaving high-power markets as the focus of its revenue mix.
The release says the prior quarter’s GAAP net loss included a
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $14.0 million
GAAP gross margin: 21.5%
Non-GAAP gross margin: 40.0%
+5 more
8 metrics
Revenue
$14.0 million
Third quarter 2026; up 38% year over year and 33% sequentially
GAAP gross margin
21.5%
Third quarter 2026, compared with (2.0%) in the third quarter of 2025
Non-GAAP gross margin
40.0%
Third quarter 2026, compared with 38.7% in the third quarter of 2025
GAAP net loss
$37.1 million
Third quarter 2026, compared with $19.2 million in the third quarter of 2025
Non-GAAP net loss
$6.9 million
Third quarter 2026, compared with $10.2 million in the third quarter of 2025
Cash and cash equivalents
$531.5 million
As of September 30, 2026
Fourth-quarter revenue guidance
$16.0 million, plus or minus $0.5 million
Fourth quarter 2026; midpoint represents 14% sequential growth
Fourth-quarter non-GAAP gross margin guidance
40.5%, plus or minus 100 basis points
Fourth quarter 2026
Key Terms
non-GAAP gross margin, book-to-bill ratio, earnout liabilities, integrated voltage regulation (IVR)
4 terms
non-GAAP gross margin financial
"Non-GAAP gross margin for the quarter was 40.0%"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
book-to-bill ratio financial
"a strong book-to-bill ratio well above one"
The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.
earnout liabilities financial
"final remeasurement of earnout liabilities"
Payments a buyer has promised to make to the seller of a business only if future milestones or financial targets are met; they are recorded as liabilities because the buyer may owe cash later. Think of it like a conditional bonus or installment that depends on the purchased business performing as expected. Investors watch these closely because they create uncertainty about future cash outflows and can change the effective price and risk of an acquisition.
integrated voltage regulation (IVR) technical
"integrated voltage regulation (IVR)"
Earnings Snapshot
Revenue: $14.0 million · Guidance included
Third quarter 2026
Revenue
$14.0 million
Up 38% year over year and 33% sequentially
GAAP gross margin
21.5%
Compared with (2.0%) in the third quarter of 2025
Non-GAAP gross margin
40.0%
Compared with 38.7% in the third quarter of 2025
GAAP net loss
$37.1 million
Compared with $19.2 million in the third quarter of 2025
Non-GAAP net loss
$6.9 million
Compared with $10.2 million in the third quarter of 2025
Guidance
For the fourth quarter of 2026, revenue is expected to be $16.0 million, plus or minus $0.5 million; non-GAAP gross margin is expected to be 40.5%, plus or minus 100 basis points; and non-GAAP operating expenses are expected to be $25.0 million, plus or minus $1.0 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did NVTS report in Q3 2026?
NVTS reported third-quarter 2026 revenue of $14.0 million, up 38% from $10.1 million in the third quarter of 2025 and 33% from $10.5 million in the second quarter of 2026.
What is NVTS's Q4 2026 gross margin and operating expense guidance?
NVTS expects fourth-quarter non-GAAP gross margin of 40.5%, plus or minus 100 basis points, and non-GAAP operating expenses of $25.0 million, plus or minus $1.0 million. The operating-expense outlook includes expenses associated with the acquired Claros business.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| of incorporation) | ||||||||||||||
| 3520 Challenger Street, | Torrance, | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (844 ) 654-2642
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
par value $0.0001 per share | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 3, 2026 , Navitas Semiconductor Corporation issued a press release announcing its unaudited consolidated financial results for the quarterly period ended September 30, 2026. The press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
On November 3, 2026 , Navitas Semiconductor Corporation issued its 3Q26 earnings call presentation, which is attached as Exhibit 99.2 to this report and is incorporated by reference herein.
The information provided under Items 2.02 and 7.01 of this Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor subject to the liabilities of that section. In addition, such information and exhibits shall not be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, unless specifically stated otherwise.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||||
| 99.1 | Press release, dated November 3, 2026 | ||||
| 99.2 | Navitas 3Q26 earnings call presentation, dated November 3, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NAVITAS SEMICONDUCTOR CORPORATION | |||||||||||
Dated: | |||||||||||
| By: | /s/ Chris Allexandre | ||||||||||
| Chris Allexandre | |||||||||||
| President and Chief Executive Officer | |||||||||||
Exhibit 99.1
Navitas Semiconductor Announces Third Quarter 2026 Financial Results
•Total revenue grew 33% sequentially and 38% year-over-year, driven by high-power markets and contributing to continued gross margin expansion
•Anticipate another quarter of double-digit sequential growth in the fourth quarter to represent the highest quarterly revenue in the past 7 quarters, while having simultaneously substantially exited the mobile and low-end consumer market
•Mid-point of fourth quarter guidance represents full-year growth of 7%, with 125% revenue growth from high-power markets, more than offsetting the exit from mobile and low-end consumer business
•Growth and record backlog increasingly driven by AI Infrastructure markets, including AI Data Centers and Grid and Energy Infrastructure, which are expected to represent more than 40% of total sales by year-end and contribute to sustained momentum in 2027
TORRANCE, Calif., Nov. 3, 2026 – Navitas Semiconductor (Nasdaq: NVTS), a leader in next-generation power semiconductors and power delivery solutions, pioneering GaN, high-voltage and ultra-high-voltage SiC, and IVR technologies, today announced unaudited financial results for its third quarter 2026 ended September 30, 2026.
“Our strong third quarter results and the continued acceleration in high-power markets reflect the successful execution of our Navitas 2.0 transformation,” stated Chris Allexandre, President and CEO of Navitas. “By year-end, we expect mobile and low-end consumer revenue to be essentially eliminated from our mix, further positioning the Company as a high-power business with AI Infrastructure, composed of AI Data Centers and energy grid infrastructures that power them, expected to account for more than 40% of total revenue.
“The timing of our transformation coincides with AI infrastructure undergoing a fundamental re-architecture. Power is rapidly becoming the single largest constraint to the growth of AI compute, making efficiency the critical enabler of increased capacity – every watt saved in power conversion and delivery is another watt available for AI compute. Realizing this increased capacity requires breaking the power wall with new technologies, including 800 V architectures as well as integrated voltage regulation (IVR), which are fundamental to scaling the higher-density power demands of next-generation AI platforms. The recent acquisition of Claros completes our strategic portfolio for powering AI infrastructure from grid-to-xPU by combining high- and ultra-high-voltage SiC, GaN, and IVR technology stack serving both Vertical Power Delivery (VPD) and Embedded Power Delivery (EPD) architectures, aimed at unlocking the last step of power delivery to meet the rising current demands of xPUs. We believe this uniquely positions Navitas at the forefront of a multi-year secular growth opportunity as customers seek to convert more of every available megawatt into useful AI compute.”
Commenting on the results, Tonya Stevens, CFO of Navitas, stated, “Our third quarter results demonstrate the sustained momentum from our Navitas 2.0 transformation, with revenue of $14 million representing 33% sequential growth and 38% year-over-year growth—the first quarter of year-over-year growth since 2024. Revenue contribution from high-power markets grew more than 50% sequentially, driving GAAP gross margin to 21.5% and non-GAAP gross margin to 40%, which was above the midpoint of guidance and marked another quarter of gross margin expansion. At the midpoint of our fourth quarter guidance, we expect to deliver the fourth consecutive quarter of double-digit sequential revenue growth and exit 2026 as a high-power company with a strong book-to-bill ratio well above one and backlog that extends into mid-2027. Also based on our guidance, we anticipate achieving revenue growth of 7% for the full year 2026 with our core high-power business continuing to deliver triple-digit growth, even with our mobile and low-end consumer business dropping to effectively zero after representing a large majority of total revenue last year.”
Third Quarter 2026 Financial Highlights
•Revenue: Total revenue was $14.0 million in the third quarter of 2026, compared to $10.5 million in the second quarter of 2026 and $10.1 million in the third quarter of 2025.
•Gross Margin: GAAP gross margin for the quarter was 21.5%, compared to 0.4% in the second quarter of 2026 and (2.0%) in the third quarter of 2025. GAAP gross margin includes approximately $2.5 million of cost associated with amortization of intangibles for the current quarter and $4.0 million for each of the prior periods. The increase in GAAP gross margin primarily reflects lower amortization of intangible assets included in cost of revenues, as certain developed technology intangible assets became fully amortized during the third quarter, and higher revenue. On a non-GAAP basis, gross margin for the quarter was 40.0% compared to 39.5% in the prior quarter and 38.7% in the third quarter of 2025.
•Results from Operations: GAAP loss from operations for the quarter was $34.4 million, compared to a loss of $27.2 million for the second quarter of 2026 and an operating loss of $19.4 million for the third quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $10.9 million compared to a loss of $11.4 million for the prior quarter and a loss of $11.5 million in the third quarter of 2025.
•Net Results: GAAP net loss was $37.1 million in the third quarter of 2026, compared to a net loss of $228.2 million in the second quarter of 2026, which included a non-cash charge of $203.1 million from the final remeasurement of earnout liabilities, and a net loss of $19.2 million in the third quarter of 2025. On a non-GAAP basis, net loss for the quarter was $6.9 million, compared to a net loss of $9.3 million for the prior quarter and a net loss of $10.2 million in the third quarter of 2025.
•Cash: Cash and cash equivalents were $531.5 million as of September 30, 2026, compared to $236.9 million as of December 31, 2025.
Recent Business, Customer and Technology Highlights:
•Closed the acquisition of Claros, advancing the Company’s grid-to-xPU strategy by adding an IVR technology stack serving both Vertical Power Delivery (VPD) and Embedded Power Delivery (EPD) architectures to existing GaN and high-voltage and ultra-high-voltage SiC portfolio.
•Collaborated with NVIDIA on an 800 V-to-12 V power delivery board to support next-generation AI infrastructure architectures requiring higher power density and efficiency, complementing the Company’s previously announced 800 V-to-6 V and 800 V-to-50 V solutions.
•Partnered with Microchip to deliver an 800 V reference design for next-generation AI data centers, enabling higher-power rack architectures.
•Selected by the U.S. government to develop next-generation 10 kV SiC power semiconductors, reinforcing technology leadership and resilient domestic supply-chain capabilities.
•Announced first shipments of the latest Gen 5 GaNFast devices manufactured in the United States through GlobalFoundries to accelerate AI infrastructure deployments.
•Announced a strategic partnership with Magnachip to accelerate adoption of high-voltage and ultra-high-voltage SiC, including licensing of GeneSiC technology and longer-term foundry support.
Fourth Quarter 2026 Business Outlook
•Fourth quarter 2026 net revenues are expected to increase to $16.0 million, plus or minus $0.5 million, which at the midpoint represents 14% sequential growth and 119% year-over-year growth. Non-GAAP gross margin is expected to be 40.5%, plus or minus 100 basis points, which at the midpoint represents a 50-basis point increase. Non-GAAP operating expenses are expected to be $25.0 million, plus or minus $1.0 million, which includes the operational expenses associated with the acquired Claros business.
A reconciliation of our forward-looking non-GAAP gross margin and non-GAAP operating expenses to the most directly comparable GAAP measures is not provided because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude, including stock-based compensation expense, restructuring charges, and acquisition-related costs. These items could have a significant impact on our GAAP results.
Third Quarter 2026 Financial Results Conference Call and Webcast Information:
•When: Tuesday, November 3, 2026
•Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
•Toll-Free Dial-in: 1-800-715-9871 or 1-646-307-1963
•Conference ID: 5069224
•Webcast: https://edge.media-server.com/mmc/p/6wj6m3sz
Additionally, a live and archived audio webcast of the conference call as well as supporting presentation materials will be accessible from the Investor Relations section of the Company’s website at ir.navitassemi.com.
Non-GAAP Financial Measures
This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles (“GAAP”), which we refer to as “non-GAAP financial measures,” including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain items, which for the periods presented include stock-based compensation and associated employer payroll taxes; amortization of acquisition-related intangible assets; changes in the fair value of earnout liabilities; restructuring and impairment charges; acquisition-related transaction costs; legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business; losses or gains on equity investments, including impairments; and certain other items identified in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. These items are generally non-cash in nature, relate to discrete events or activities, or vary in amount and frequency for reasons independent of our underlying operating performance. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-
GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Cautionary Statement Regarding Forward-Looking Statements
This press release, including the paragraph headed “Fourth Quarter 2026 Business Outlook,” includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.
Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section of our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:
•Risks Related to High-Power Markets: Last year, we announced an enhanced focus on AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. We recently acquired Claros, which focuses on the IVR market. We may not successfully execute our strategic transition to these new markets and customer applications, which could adversely affect our business, results of operations, and financial condition. This strategic realignment entails significant operational, technical, and market risks. Our success in these markets depends on factors including our ability to (i) develop and scale semiconductor solutions that meet demanding power, efficiency, and performance requirements of our customers; (ii) compete against established incumbents with substantial R&D and manufacturing resources; (iii) anticipate rapidly evolving customer needs and technological standards in these high-power and high-performance segments; and (iv) secure design wins and long-term supply agreements in new and unfamiliar market segments.
•Acquisition and Integration of Claros: On October 6, 2026, we closed our acquisition of Claros, Inc. The successful integration of acquired businesses like Claros may involve significant challenges, including integrating personnel, operations, technologies, products, information technology systems, financial reporting processes, internal controls, and sales and distribution channels. We may also face challenges retaining customers, suppliers, and strategic partners or meeting revenue and other operational milestones. For example, Claros' IVR business represents a new market and technology for us, and we may have difficulty integrating it into our overall
operations. The integration process may be complex, costly, and time-consuming and could result in unanticipated expenses, operational disruptions, delays in product development or commercialization, difficulties coordinating manufacturing and supply chain activities, the loss of key employees, customers or strategic partners, or the diversion of management’s attention from our existing business. In addition, we may discover liabilities, contractual obligations, operational deficiencies or other issues that were not identified or fully evaluated prior to completing an acquisition. We cannot assure you that we will successfully integrate Claros, and any failure to successfully integrate Claros, or any delay or unexpected difficulty in doing so, could disrupt our operations, impair our ability to execute our business strategy and have a material adverse effect on our business, financial condition and results of operations.
•Market Acceptance and Addressable Market Uncertainty: The demand for our products, and our customers’ products, in new or emerging markets is difficult to forecast, as customer preferences may not be fully known and can evolve rapidly. Further, demand for our products depends on the acceptance of underlying new and developing system architectures. For example, our predictions for the use of GaN- and SiC-based products in 800 V AI data center power applications depend on assumptions regarding the acceptance and growth of 800 V systems themselves. Our acquisition of Claros was similarly based on assumptions about the market for IVR products. Our forecasts are based on market opportunities across a “Serviceable Addressable Market” or “SAM”, which is based on a number of assumptions and predictions. We could be wrong about the size or timing of our SAM, which could in turn diminish the market opportunities available to us.
•Unpredictable Historical Data and Competitive Dynamics: In established markets, revenue projections can be supported by trends from prior periods. In contrast, there is little or no precedent for products aimed at new use cases, rendering traditional forecasting methods less reliable. To the extent our products reshape or create new market landscapes, the competitive environment may evolve in unexpected ways. For example, new competitors may emerge, or traditional competitors with established R&D and manufacturing resources, and long-standing customer relationships, may choose to offer competitive GaN, high-voltage/ultra-high voltage SiC or IVR solutions.
•Other Risk Factors: Other risk factors related to our business include our ability to achieve design wins and to convince our current and prospective end customers to design our products into their product offerings, the risk that revenues from design wins may not materialize, the possibility that we may fail to accurately anticipate and respond to rapid technological change in the industries in which we operate or adapt to emerging industry standards, our dependence on a few key customers and distributors for a significant portion of our revenue, and the fact our business is subject to volatile demand and seasonal fluctuations. In addition, our supply chain is also subject to risks, including our reliance on single sources of supply for certain essential services, the risk that our suppliers may have quality, yield or capacity issues, the fact that we are exposed to fluctuations in prices for raw materials and components, and the risk that our products will not meet the reliability standards expected of high-power semiconductor devices.
This is not a summary of all of the risks that could affect our business, and you are encouraged to review the full list of risk factors in our SEC filings.
Note Regarding Customer Pipeline and Design Wins
In our investor and other communications, we may refer to the terms “customer pipeline” and “design wins” in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitutes “forward-looking statements” as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, “customer pipeline”
reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer’s end product. A “design win” reflects an end customer’s selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer’s end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company’s current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer’s ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is a leader in next-generation power semiconductors and power delivery solutions, pioneering GaN, high-voltage and ultra-high-voltage SiC, and IVR technologies for AI infrastructure, including data centers and energy and grid systems, as well as additional markets such as high-performance computing and industrial electrification. Collectively, these technologies address the complete grid-to-xPU power architecture, breaking the AI infrastructure power wall and enabling higher efficiency, greater power density, and increased performance across the entire power chain. Navitas’ GaNFast™ FETs deliver industry-leading power density, efficiency, and high-speed performance, while GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection to enable faster, more efficient power conversion, leading to smaller and more reliable systems. The GeneSiC™ portfolio combines proprietary trench-assisted planar (TAP) SiC technology with leading-edge discrete packaging and SiCPAK™ power modules to deliver industry-leading efficiency, ruggedness and performance. Claros™ IVR technologies extend power delivery directly to the xPU, enabling customers to implement vertical power delivery (VPD) and embedded power delivery (EPD) architectures with high-density power conversion beneath or within millimeters of the processor, minimizing power-delivery losses and impedance while enabling ultra-fast transient response, higher efficiency and maximum power density. Navitas has over 450 patents issued or pending and is a leader in 800 VDC and the advanced AI power infrastructure ecosystem.
Navitas™, GaNFast™, GeneSiC™, Claros™, SiCPAK™, GaNSafe™, DrGaN™, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited or 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.
Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
nvts-ir@sheltongroup.com
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED | ||||||||||||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net revenues | $ | 13,991 | $ | 10,112 | $ | 33,118 | $ | 38,620 | ||||||||||||||||||
| Cost of revenues (exclusive of amortization of intangible assets included below) | 8,486 | 6,281 | 20,299 | 27,154 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Research and development | 15,090 | 13,280 | 42,809 | 37,444 | ||||||||||||||||||||||
| Selling, general and administrative | 18,390 | 5,230 | 42,680 | 24,721 | ||||||||||||||||||||||
| Amortization of intangible assets | 3,203 | 4,735 | 12,671 | 14,203 | ||||||||||||||||||||||
| Restructuring expense | 3,200 | — | 3,994 | 1,469 | ||||||||||||||||||||||
| Total operating expenses | 39,883 | 23,245 | 102,154 | 77,837 | ||||||||||||||||||||||
| Loss from operations | (34,378) | (19,414) | (89,335) | (66,371) | ||||||||||||||||||||||
| Other income (expense), net: | ||||||||||||||||||||||||||
| Interest income (expense), net | 427 | 401 | 965 | 494 | ||||||||||||||||||||||
| Dividend income | 3,985 | 985 | 7,500 | 2,376 | ||||||||||||||||||||||
| Loss from change in fair value of earnout liabilities | — | (844) | (210,981) | (20,695) | ||||||||||||||||||||||
| Other (expense) | (7,163) | (59) | (7,143) | (4) | ||||||||||||||||||||||
| Total other income (expense), net | (2,751) | 483 | (209,659) | (17,829) | ||||||||||||||||||||||
| Loss before income taxes | (37,129) | (18,931) | (298,994) | (84,200) | ||||||||||||||||||||||
| Income tax provision (benefit) | (21) | (19) | 117 | 111 | ||||||||||||||||||||||
| Equity method investment loss | — | (322) | — | (827) | ||||||||||||||||||||||
| Net loss | $ | (37,108) | $ | (19,234) | $ | (299,111) | $ | (85,138) | ||||||||||||||||||
Net loss per common share | ||||||||||||||||||||||||||
| Basic | $ | (0.14) | $ | (0.09) | $ | (1.23) | $ | (0.43) | ||||||||||||||||||
| Diluted | $ | (0.14) | $ | (0.09) | $ | (1.23) | $ | (0.43) | ||||||||||||||||||
| Shares used in per share calculation: | ||||||||||||||||||||||||||
| Basic | 261,529 | 212,681 | 243,865 | 199,931 | ||||||||||||||||||||||
| Diluted | 261,529 | 212,681 | 243,865 | 199,931 | ||||||||||||||||||||||
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||||||||||||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | ||||||||||||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||||||||||||||||||||
| GAAP Net revenues | $ | 13,991 | $ | 10,112 | $ | 33,118 | $ | 38,620 | ||||||||||||||||||
| Cost of revenues (exclusive of amortization of intangibles) | (8,486) | (6,281) | (20,299) | (27,154) | ||||||||||||||||||||||
| Cost of revenues (amortization of intangibles) | (2,501) | (4,038) | (10,574) | (12,105) | ||||||||||||||||||||||
| GAAP Gross profit | 3,004 | (207) | 2,245 | (639) | ||||||||||||||||||||||
| GAAP Gross margin | 21.5 | % | (2.0) | % | 6.8 | % | (1.7) | % | ||||||||||||||||||
| Cost of revenues (amortization of intangibles) | 2,501 | 4,038 | 10,574 | 12,105 | ||||||||||||||||||||||
| China SiC inventory reserve | — | — | — | 3,174 | ||||||||||||||||||||||
| Stock-based compensation expense | 89 | 81 | 289 | 188 | ||||||||||||||||||||||
| Non-GAAP Gross profit | $ | 5,594 | $ | 3,912 | $ | 13,108 | $ | 14,828 | ||||||||||||||||||
| Non-GAAP Gross margin | 40.0 | % | 38.7 | % | 39.6 | % | 38.4 | % | ||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||||||||
| GAAP Research and development | $ | 15,090 | $ | 13,280 | $ | 42,809 | $ | 37,444 | ||||||||||||||||||
| Advanced R&D NRE Impairment | — | — | — | (2,238) | ||||||||||||||||||||||
| Organization transformation costs and other | (293) | — | (293) | (395) | ||||||||||||||||||||||
Stock-based compensation expense 3 | (4,408) | (4,991) | (13,537) | (8,465) | ||||||||||||||||||||||
| Non-GAAP Research and development | 10,389 | 8,289 | 28,979 | 26,346 | ||||||||||||||||||||||
| GAAP Selling, general and administrative | 18,390 | 5,230 | 42,680 | 24,721 | ||||||||||||||||||||||
| CEO Transition Costs | — | (2,462) | — | (2,462) | ||||||||||||||||||||||
| Governance costs | — | — | — | (1,556) | ||||||||||||||||||||||
Stock-based compensation expense 3 | (4,547) | 4,605 | (13,942) | 2,127 | ||||||||||||||||||||||
Other income (expense) 1 | (7,715) | (221) | (10,677) | (434) | ||||||||||||||||||||||
| Non-GAAP Selling, general and administrative | 6,128 | 7,152 | 18,061 | 22,396 | ||||||||||||||||||||||
| Total Non-GAAP Operating expenses | $ | 16,517 | $ | 15,441 | $ | 47,040 | $ | 48,742 | ||||||||||||||||||
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||||||||||||||||||||
| GAAP Loss from operations | $ | (34,378) | $ | (19,414) | $ | (89,335) | $ | (66,371) | ||||||||||||||||||
| GAAP Operating margin | (245.7)% | (192.0)% | (269.7)% | (171.9)% | ||||||||||||||||||||||
Add: Stock-based compensation expense 3 included in: | ||||||||||||||||||||||||||
| Research and development | 4,408 | 4,991 | 13,537 | 8,465 | ||||||||||||||||||||||
| Selling, general and administrative | 4,547 | (4,605) | 13,942 | (2,127) | ||||||||||||||||||||||
| Cost of goods sold | 89 | 81 | 289 | 188 | ||||||||||||||||||||||
| Total | 9,044 | 467 | 27,768 | 6,526 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 3,203 | 4,735 | 12,671 | 14,203 | ||||||||||||||||||||||
| China SiC inventory reserve | — | — | — | 3,174 | ||||||||||||||||||||||
| CEO Transition Costs | — | 2,462 | — | 2,462 | ||||||||||||||||||||||
| Advanced R&D NRE Impairment | — | — | — | 2,238 | ||||||||||||||||||||||
| Governance costs | — | — | — | 1,556 | ||||||||||||||||||||||
| Organization transformation costs and other | 293 | — | 293 | 395 | ||||||||||||||||||||||
Restructuring, impairment and other expense 2 | 10,915 | 221 | 14,671 | 1,903 | ||||||||||||||||||||||
| Non-GAAP Loss from operations | $ | (10,923) | $ | (11,529) | $ | (33,932) | $ | (33,914) | ||||||||||||||||||
| Non-GAAP Operating margin | (78.1) | % | (114.0) | % | (102.5) | % | (87.8) | % | ||||||||||||||||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||||||||||||||||||||
| GAAP Net loss | $ | (37,108) | $ | (19,234) | $ | (299,111) | $ | (85,138) | ||||||||||||||||||
| Adjustments to GAAP Net loss | ||||||||||||||||||||||||||
Total stock-based compensation expense 3 | 9,044 | 467 | 27,768 | 6,526 | ||||||||||||||||||||||
| Loss from change in fair value of earnout liabilities | — | 844 | 210,981 | 20,695 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 3,203 | 4,735 | 12,671 | 14,203 | ||||||||||||||||||||||
Restructuring, impairment and other expense 2 | 17,667 | 221 | 21,423 | 1,903 | ||||||||||||||||||||||
| CEO Transition Costs | — | 2,462 | — | 2,462 | ||||||||||||||||||||||
| Equity method investment loss | — | 322 | — | 827 | ||||||||||||||||||||||
| China SiC inventory reserve | — | — | — | 3,174 | ||||||||||||||||||||||
| Advanced R&D NRE Impairment | — | — | — | 2,238 | ||||||||||||||||||||||
| Governance costs | — | — | — | 1,556 | ||||||||||||||||||||||
| Organization transformation costs and other | 293 | — | 293 | 395 | ||||||||||||||||||||||
| Non-GAAP Net loss | $ | (6,901) | $ | (10,183) | $ | (25,975) | $ | (31,159) | ||||||||||||||||||
| Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | 261,529 | 212,681 | 243,865 | 199,931 | ||||||||||||||||||||||
| Non-GAAP Net loss per share (basic and diluted) | $ | (0.03) | $ | (0.05) | $ | (0.11) | $ | (0.16) | ||||||||||||||||||
(1) Includes employer payroll taxes on stock-based compensation, acquisition-related transaction costs, and legal and related professional fees associated with matters that are extraordinary, non-recurring, or outside the ordinary course of business.
(2) Includes restructuring and impairment charges and the other expense described in note (1).
(3) The 2025 periods include the reversal of stock-based compensation expense due to award forfeitures following an employee termination.
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 531,479 | $ | 236,857 | ||||||||||
Accounts receivable, net | 5,717 | 3,621 | ||||||||||||
Inventories | 21,151 | 13,283 | ||||||||||||
Prepaid expenses and other current assets | 16,600 | 4,399 | ||||||||||||
| Restricted cash | 363 | 1,745 | ||||||||||||
Total current assets | 575,310 | 259,905 | ||||||||||||
Property and equipment, net | 5,563 | 9,779 | ||||||||||||
| Operating lease right of use assets | 5,549 | 5,166 | ||||||||||||
| Finance lease right of use assets | 520 | 766 | ||||||||||||
| Inventories, noncurrent | 11,237 | — | ||||||||||||
Intangible assets, net | 40,587 | 53,258 | ||||||||||||
| Goodwill | 163,215 | 163,215 | ||||||||||||
Other assets | 8,078 | 8,380 | ||||||||||||
| Total assets | $ | 810,059 | $ | 500,469 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable and other accrued expenses | $ | 24,260 | $ | 22,350 | ||||||||||
Accrued compensation expenses | 7,298 | 4,949 | ||||||||||||
Operating lease liabilities, current | 2,179 | 1,866 | ||||||||||||
Finance lease liabilities, current | 335 | 323 | ||||||||||||
Earnout liability, current | — | 22,632 | ||||||||||||
Total current liabilities | 34,072 | 52,120 | ||||||||||||
| Operating lease liabilities noncurrent | 3,886 | 3,827 | ||||||||||||
| Finance lease liabilities noncurrent | 203 | 456 | ||||||||||||
| Deferred tax liabilities | 274 | 405 | ||||||||||||
Total liabilities | 38,435 | 56,808 | ||||||||||||
Stockholders' equity | 771,624 | 443,661 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 810,059 | $ | 500,469 | ||||||||||
Proprietary - Navitas Semiconductor - All Rights Reserved Navitas Semiconductor Investor Update NOVEMBER 2026 Q3 2026
2 Confidential and/or Proprietary - Navitas Semiconductor Notice Cautionary Statement Regarding Forward-Looking Statements This investor presentation includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this presentation. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward- looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties. Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section of our annual report on Form 10-K for the most recent fiscal year, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Intellectual Property Notice This investor presentation is the intellectual property of Navitas Semiconductor and its affiliates. No unauthorized reproduction, distribution or use is permitted. All rights reserved. Any third-party names, logos, marks or products are the intellectual property of their respective owners and no endorsement or affiliation is implied. Information from third party sources is believed to be reliable and is provided as of the original publication date. Navitas undertakes no obligation to update this presentation.
3 Confidential and/or Proprietary - Navitas Semiconductor Non-GAAP Financial Highlights 2026 Q2 Q3 Q4(1) FY(1) Actual Guidance Revenue $10.5M $14.0M $16.0M +/- $0.5M $49.1M +/- $0.5M QoQ Growth 22% 33% 14% YoY Growth (27%) 38% 119% ~7% Gross Margin 39.5% 40.0% 40.5% +/- 1.0% ~39.9% QoQ Expansion 0.5% 0.5% 0.5% YoY Expansion 1.0% 1.3% 1.8% ~1.5% OpEx $15.5M $16.5M With Claros $25M +/- $1M $72M +/- $1M Cash $557M $531M • Revenue: Anticipate continued sequential double digit revenue growth in the fourth quarter - the highest dollar level in the past seven quarters • Q4 2026(1) – fourth quarter of continued double digits revenue growth and margin expansion • Q4 2026(1) sales expected to be 40%+ AI Infrastructure • FY26(1) YoY : High power markets expected to grow 125% YoY vs FY-25 • Exiting mobile in Q4 <5% of mix • Margin: Favorable product mix change and scale driving gross margin expansion • Cash & OpEx: Deploying stronger cash position to invest in grid-to-xPU technology (UHV / HV SiC, GaN, IVR) and build strategic inventory for sustained growth, while maintaining disciplined OpEx investment and clear path to profitability Accelerating Momentum (1) Bolded numbers, growth rates and expansion %s are assuming midpoint of Q4 2026E guide as of Nov 3, 2026 NOTE: See the GAAP to Non-GAAP reconciliation at the end of the slide deck for more information.
4 Confidential and/or Proprietary - Navitas Semiconductor Financial Pivot: Back to YoY Growth Driven by High Power $10.1 $7.3 $8.6 $10.5 $14.0 $15.5 $16.5 0% 10% 20% 30% 40% 50% 60% 70% 80% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 $13.0 $14.0 $15.0 $16.0 $17.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026E Guide Actual Revenue Estimated Revenue Power (% Mobile & Low End Consumer) $ in millions 33% QoQ Revenue Growth (Q2-26 v. Q3-26) ~14% QoQ Revenue Growth (Q3-26 v. Q4-26E(1)) 125% YoY High-Power Revenue Growth (FY-25 v. FY-26E(1)) 40%+ AI Infrastructure(2) (Q4 2026E Revenue) Single Digit Est. YoY Revenue Growth (FY-25 v. FY-26E)Non-GAAP Gross Margin 38.7% 38.7% 39.0% 39.5% 40.0% 40.5% +/- 1.0% Trendline: % Mobile & Low-End Consumer 18% 22% 33% (1) Midpoint of Q4 2026E revenue guide as of Nov 3, 2026. (2) AI Infrastructures = AI Data Centers + Energy & Grid Infrastructures NOTE: See the GAAP to Non-GAAP reconciliation at the end of the slide deck for more information. % QoQ Revenue Growth Vast majority Minority (under 25%) Insignificant (Low single digits) 14%(1)
5 Confidential and/or Proprietary - Navitas Semiconductor Navitas 2.0 – Right Strategy at the Right Time THE TRANSFORMATION 2025 Mobile / Low-end consumer Q4 2026 High-power Four high-power markets AI Data Centers Energy & Grid Performance Computing Industrial Electrification AI Infrastructure AI INFRASTRUCTURE MOMENTUM >40% expected share of revenue exiting 2026 ~3x AI infrastructure revenue growth expected in 2027 COMPLETE AI POWER PORTFOLIO Grid-to-xPU GRID HV / UHV SiC › RACK GaN + SiC › xPU IVR Breaking the AI Infrastructure Power Wall: From Grid to xPU POWER EFFICIENCY IS COMPUTE CAPACITY Every watt saved in conversion and delivery can become another watt available for AI compute.
6 Confidential and/or Proprietary - Navitas Semiconductor Navitas 2.0 Pillars of Transformation Market Focus Navitas 2.0 transformation is essentially complete – High Power company focused on AI Infrastructure with grid to xPU power portfolio – Key markets : AI Data Centers, Grid and Energy Infrastructure, Performance Computing, and Industrial Electrification Complete reallocation of resources from mobile & low-end consumer to high-power, particularly AI Infra (85%+ of SAM), expected to be 40%+ of total sales by Q4 and the key driver of multi-year secular growth Acceleration of design conversions as OEM/ODM programs and applications gain traction (Grid : BESS, SST; AI D/C : AC/DC, DC/DC, BBU) Navitas has a complete platform with GaN, HV & UHV SiC and IVR technology Technology Leadership NVIDIA MGX Ecosystem partner, announcing cutting edge 800V-12V DC/DC conversion boards, complimenting existing portfolio of 800V-6V and 800V-50V power delivery boards Awarded the ALATTIS (Accelerated, Large-Area, 10 kV SiC IGBT) program to develop next-generation 10 kV silicon carbide (SiC) power semiconductor technology Navitas and Magnachip partnered to accelerate HV/UHV SiC adoption through GeneSiC technology licensing, expanding manufacturing scale and market reach Claros is an integrated IVR platform combining digital control, power transistors, high-density capacitors, embeddable inductors and packaging in one architecture Financial Discipline Clear path to profitability remains a priority – proven through consistent history of delivering QoQ & YoY revenue growth & gross margin improvements Leveraging OpEx while revenue accelerates – opportunistically investing to accelerate revenue growth, grow technological leadership, enable deeper customer support and fortify supply chain Flexible balance sheet for strategic investment in product portfolio, capacity expansion, supply reservation agreements, inorganic growth and more Operational Efficiency Integrated Fabless Manufacturing strategic operating model designed to selectively own, invest and partner – retaining ownership of technology and process IP while leveraging partners for manufacturing scale Initial deliveries of U.S.-produced Gen-5 GaNFast devices from GlobalFoundries to Navitas, strengthening domestic supply chain resilience for AI infrastructure Strategically building inventory to support expected ramp of the second and third data center inflection points and enable fab transition Continuing to leverage AI to drive operating efficiency
7 Confidential and/or Proprietary - Navitas Semiconductor Breaking the AI Infrastructure Power Wall
8 Confidential and/or Proprietary - Navitas Semiconductor 4 2 O U R I M P A C T 2014 FOUNDED ~$3B MARKET CAP(1) NASDAQ: NVTS 350M+ UNITS SHIPPED 450+ PATENTS ISSUED / PENDING US HEADQUARTERED, R&D & FOUNDRY AI INFRASTRUCTURE FOCUSED S T R A T E G I C P R I O R I T I E S 1 Market Focus AI Infrastructure (AI Data Center + Energy & Grid Infra) • High Perf Computing • Industrial. Pivoted away from Consumer Technology Leadership Pioneer in GaN, high-voltage & ultra-high voltage SiC, breakthrough IVR technology stack 3 Operational Efficiency Resilient U.S.-based manufacturing and supply chain enabled by a foundry plus model and long-term strategic partnerships Financial Discipline Strengthen financial model and commitment to profitability through revenue scale and margin expansion F R O M G R I D T O x P U B R E A K I N G T H E A I I N F R A S T R U C T U R E P O W E R W A L L Navitas 2.0 : Strategic Shift to High-Power Markets O U R T E C H N O L O G I E S Gallium Nitride Power FETs & ICs FAST • EFFICIENT • INTEGRATED Silicon Carbide FETs & Modules HV / UHV • ROBUST • RELIABLE IVR Package & Embedded HIGHLY INTEGRATED • HIGH DENSITY Navitas 2.0 is focused on breaking the AI Infrastructure Power Wall, combining GaN, HV/UHV SiC, & IVR technologies to deliver higher efficiency, greater power density & increased performance from Grid-to-xPU. 3 (1) Trailing 90-day average.
9 Confidential and/or Proprietary - Navitas Semiconductor Doubling SAM with a Focus on AI Infrastructure Four focus markets 1 AI Datacenters GaN / SiC / IVR $5.3 B 2030 SAM 2 Grid & Energy Infrastructure HV / UHV SiC $1.6 B 3 High Performance Computing GaN $0.4 B 4 Industrial Electrification GaN / SiC $0.7 B Source: McKinsey & Company, Navitas AI INFRASTRUCTURE Doubling Navitas’ SAM to over $8 billion GaN & SiC $3.5 B SiC JFET $1.0 B IVR $3.5 B $0 $1 $2 $3 $4 $5 $6 $7 $8 2030 GaN • SiC • IVR $1.8 B $2.7 B $3.5 B $6.9 B
10 Confidential and/or Proprietary - Navitas Semiconductor Navitas’ GaN, SiC & IVR Portfolio Is Positioned Across Every Major AI Power Inflection 800V DC is inevitable as AI rack power and density increase, driving higher GaN + SiC content across four inflection points. IVR adoption enables the last step to high current demanding xPU 1 2 3 4 SiC in AC/DC PSUs 800V Power Sidecar New AI Factory Power Architecture SST / Grid-to-Core Higher rack power drives silicon-to- SiC replacement in high-density PSUs, even at 50V output. SiC immediate growth replacing silicon in high power PSU Power shelves and BBUs move to sidecar racks; 800V output adds SiC + GaN/SiC in DC/DC and BBU. SiC + GaN content expands as moving to 800V Native 800V in compute trays via busbar. GaN enables high- density DC/DC conversion closer to GPU/xPU loads. xPU speed & power increases, requiring IVR solutions for highest performance, density, & efficiency. GaN content accelerates with 800V bus bar IVR adoption & growth, replacing traditional architectures Solid-state transformers convert MVAC directly to 800V DC across data- center power distribution. UHV SiC platform to modernize the grid Content per system increases at every inflection Increasing GaN/SiC/IVR content per system 1 2 3 4
11 Confidential and/or Proprietary - Navitas Semiconductor GAAP to Non-GAAP Reconciliation A reconciliation of our forward-looking non-GAAP gross margin and non-GAAP operating expenses to the most directly comparable GAAP measures is not provided because such items cannot be reasonably calculated without unreasonable efforts due to the unpredictability of the amounts and timing of events affecting the items we exclude, including stock-based compensation expense and restructuring charges. NAVITAS SEMICONDUCTOR CORPORATION RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (dollars in thousands) Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 RECONCILIATION OF GROSS PROFIT MARGIN GAAP Net revenues 14,490$ 10,112$ 7,296$ 8,598$ 10,529$ 13,991$ Cost of revenues (exclusive of amortization of intangibles) (12,162) (6,281) (4,514) (5,361) (6,451) (8,486) Cost of revenues (amortization of intangibles) (4,035) (4,038) (4,035) (4,036) (4,037) (2,501) GAAP Gross profit (1,707) (207) (1,253) (799) 41 3,004 GAAP Gross margin (11.8)% (2.0)% (17.2)% (9.3)% 0.4% 21.5% Cost of revenues (amortization of intangibles) 4,035 4,038 4,035 4,036 4,037 2,501 China SiC inventory reserve 3,174 - - - - - Stock-based compensation expense 71 81 42 117 82 89 Non-GAAP Gross profit 5,573$ 3,912$ 2,824$ 3,354$ 4,160$ 5,594$ Non-GAAP Gross margin 38.5% 38.7% 38.7% 39.0% 39.5% 40.0% Three Months Ended Three Months Ended June 30, 2026 September 30, 2026 RECONCILIATION OF OPERATING EXPENSES GAAP Operating Expenses 31,268$ 39,883$ Stock-based compensation expenses (8,303) (8,955) Other expense (2,377) (7,715) Amortization of intangible assets (4,734) (3,203) Restructuring and impairment expense (344) (3,200) Organization transformation costs and other - (293) Total Non-GAAP Operating Expenses 15,510$ 16,517$