Navitas Semiconductor Corp

Second-quarter 2026 revenue was $10.5 million, up 22% sequentially from $8.6 million in Q1. Non-GAAP gross margin was 39.5%, up 50 basis points sequentially and 100 basis points year over year. Non-GAAP operating expenses were $15.5 million, and the company reported a non-GAAP loss per share of $0.04 versus $0.04 in Q1 and $0.05 in the year-ago quarter. For Q3 2026, Navitas expects revenue of $13.5 million, plus or minus $0.5 million, with non-GAAP gross margin of 39.7%, plus or minus 100 basis points, and non-GAAP OpEx of $15.5 million to $17.5 million. The company said full-year revenue should grow mid-single digits and return to year-over-year growth in Q3.

Chris Allexandre framed the quarter as evidence that Navitas 2.0 is nearly complete and that the company is now transitioning from transformation to execution. He emphasized that growth is being driven by AI infrastructure, with multiple hyperscalers, merchant power customers, and programs across AC/DC, DC/DC, BBUs, and later 800V architectures. His tone was upbeat and confident, and he repeatedly argued that having both GaN and SiC gives Navitas an advantage across the different inflection points in AI data center power architectures.

Tonya Stevens highlighted that revenue came in at the high end of guidance, rising $1.9 million sequentially to $10.5 million. She said gross margin expanded to 39.5% from better mix and scale, while OpEx was $15.5 million and is now expected to rise by about $1.0 million to $1.5 million per quarter starting in Q3, or roughly 10%, to fund R&D and customer support. She also noted cash and cash equivalents of $557 million at quarter-end, up from $221 million in Q1 after raising about $373 million at an average stock price of $21.89, with no debt and inventory rising to $19.5 million as the company builds wafer buffers for customer transitions.

Analysts pressed management on whether 800V AI data center architectures are being delayed, and Chris said no change to the outlook, arguing that Navitas benefits from multiple inflection points and multiple customers rather than one program. Questions also focused on the new SiC JFET line, where management said it targets AI data centers and grid/energy infrastructure, including protection applications like eFuses, ORing, and solid-state circuit breakers, and could add nearly $1 billion of incremental SAM by 2030. On the Magnachip license deal, Chris said it is primarily about expanding Navitas’ SAM and creating a future foundry/source option, not just near-term licensing revenue; he also declined to comment on litigation specifics but portrayed the Wolfspeed and Renesas lawsuits as part of a broader competitive fight.