Navitas Semiconductor (NVTS) Q2 2025 10-Q highlights:
- Revenue: $14.5 m, down 29% YoY; H1 2025 revenue $28.5 m, down 35%.
- Gross margin: 16% vs. 39% prior-year as gross profit fell to $2.3 m.
- Operating expenses: Cut 39% YoY to $24.0 m, driven by lower R&D (-39%) and SG&A (-50%) plus restructuring.
- Operating loss: -$21.7 m vs. -$31.1 m; however, a $28.0 m mark-to-market loss on earn-out liabilities pushed net loss to -$49.1 m (EPS -$0.25) versus -$22.3 m (-$0.12).
- Cash: $161.2 m (up 86% from FY-end) after raising $100 m via two at-the-market (ATM) offerings; share count rose to 213.1 m.
- Cash flow: Operating cash burn improved to -$24.8 m (H1 2024: -$34.9 m); financing inflow +$98.5 m.
- Balance sheet: $388.9 m equity; no long-term debt; earn-out liability increased to $30.1 m.
- Customer concentration: Distributor A accounted for 54% of Q2 sales; top two distributors >80% in prior year.
- Supplier risk: Sole GaN wafer supplier TSMC to exit GaN production in July 2027; Navitas accelerating qualification with Powerchip (Q4 2025) and seeking additional sources.
- Cost-cutting: 19% workforce reduction executed in January 2025; restructuring charge $1.5 m YTD.
Key takeaways: Revenue softness and margin compression overshadow expense cuts, driving a wider net loss. Liquidity is robust after the ATM raise, but dilution and supplier transition risk weigh on outlook.
On 28 Jul 2025, Navitas Semiconductor (NVTS) director Ranbir Singh reclassified 18.65 M Class A shares. SiCPower LLC, an entity he controls, logged a Form 4 code “S” disposition of 18,645,603 shares at $8.79, leaving 568,450 shares indirectly held. In a mirror code “P” entry, Singh personally acquired the same 18.65 M shares at the identical price, which are now shown as directly owned.
The exchange was an estate-planning move: the shares were transferred in return for cancelling SiCPower promissory notes. Singh’s aggregate beneficial stake is roughly 19.21 M shares (18.65 M direct, 0.57 M indirect), so no net change in ownership, cash outlay, or shares outstanding occurred. The filing mainly streamlines ownership structure and is unlikely to affect NVTS’s fundamentals or trading dynamics.
Navitas Semiconductor Corp. (NVTS) – Form 4 insider filing: Senior Vice President, Chief Financial Officer and Treasurer Todd Glickman reported the award of 856,962 Class A common shares in the form of restricted stock units (RSUs) on 23 Apr 2025 at a stated acquisition price of $0.00. Following the grant, Glickman’s total beneficial ownership increased to 1,550,453 shares.
The award is split into two tranches: (i) 846,113 RSUs vesting 25 % on each of 20 Sep 2026, 2027, 2028 and 2029, and (ii) 10,849 RSUs vesting in full on 20 Aug 2025. Vesting is contingent on continued employment or certain earlier events. Upon each vesting date, one share of common stock will be delivered per vested RSU, net of any shares withheld to satisfy tax obligations. After the transaction, Glickman directly owns 626,279 unrestricted shares and holds 924,174 unvested RSUs scheduled to vest through 2029.
No open-market purchases or sales were reported; the transaction represents standard equity compensation designed to align executive incentives with long-term shareholder value. While the grant increases potential dilution by approximately 0.6 % of the company’s 153 million basic shares outstanding (latest publicly reported figure), such awards are customary and were previously anticipated under the company’s equity incentive plan.