8-K
Navitas Semiconductor Corp (NVTS)
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, 2025
| Navitas Semiconductor Corporation |
|---|
(Exact name of registrant as specified in its charter)
| Delaware | 001-39755 | 85-2560226 | |
|---|---|---|---|
| (State or other jurisdiction | (Commission File Number) | (IRS Employer Identification No.) | |
| of incorporation) | |||
| 3520 Challenger Street, | Torrance, | California | 90503-1640 |
| --- | --- | --- | --- |
| (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 |
|---|---|---|
| Class A Common Stock, <br>par value $0.0001 per share | NVTS | The Nasdaq Stock Market LLC |
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, 2025, Navitas Semiconductor Corporation issued a press release announcing its unaudited consolidated financial results for the quarterly period ended September 30, 2025. 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, 2025, Navitas Semiconductor Corporation issued its 3Q25 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<br><br>Number | Description |
|---|---|
| 99.1 | Press release, dated November 3, 2025 |
| 99.2 | Navitas 3Q25 earnings call presentation, dated November 3, 2025 |
| 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: November 3, 2025 | ||
| By: | /s/ Chris Allexandre | |
| Chris Allexandre | ||
| President and Chief Executive Officer |
Document
Exhibit 99.1
Navitas Semiconductor Announces Third Quarter 2025 Financial Results
•Navitas 2.0 - strategic pivot to high-power markets with GaN and high-voltage SiC
•Key market focus on AI data center, performance computing, energy & grid infrastructure and industrial electrification
•Decisive actions and reallocation of resources to those high-growth, higher-margin markets
TORRANCE, CA – November 3rd, 2025 — Navitas Semiconductor (Nasdaq: NVTS), the industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ high-voltage silicon carbide (SiC) power semiconductors, today announced unaudited financial results for the third quarter ended September 30, 2025.
“I’m excited to be leading the Navitas 2.0 team at this pivotal moment, as demand accelerates across high-power semiconductor markets for AI data centers, performance computing, energy and grid infrastructure, and industrial electrification,” said Chris Allexandre, President and CEO of Navitas. “Navitas’ decade-long technology leadership in gallium nitride (GaN), and high-voltage silicon carbide (SiC) strongly positions us to capitalize on these global megatrends. We are executing a strategic pivot from consumer and mobile markets to these fast-growing, more profitable, more sustainable higher-power segments. Our rapid and decisive actions around resource reallocation, product roadmap, and go-to-market changes are designed to deliver better results, enhance the scale and quality of our business and create long-term value for our customers, employees, and stockholders.”
3Q25 Financial Highlights
•Revenue: Total revenue was $10.1 million in the third quarter of 2025, compared to $21.7 million in the third quarter of 2024 and $14.5 million in the second quarter of 2025.
•Loss from Operations: GAAP loss from operations for the quarter was $19.4 million, compared to a loss of $29.0 million for the third quarter of 2024 and a loss of $21.7 million for the second quarter of 2025. On a non-GAAP basis, loss from operations for the quarter was $11.5 million compared to a loss of $12.7 million for the third quarter of 2024 and a loss of $10.6 million in the second quarter of 2025.
•Cash: Cash and cash equivalents of $150.6 million as of September 30, 2025.
Market, Customer and Technology Highlights:
•Navitas has been recognized by NVIDIA as a power semiconductor partner for its next-generation 800V DC architecture in AI factory computing. This collaboration highlights Navitas’ leadership in GaN and high-voltage SiC, the critical technologies enabling higher efficiency, greater power density, and superior performance from the utility grid all the way to the GPU.
•A newly introduced portfolio of 100V and 650V discrete GaNFast™ FETs, alongside our GaNSafe™ ICs and high-voltage, high-power SiC products, enable NVIDIA’s next-generation 800V DC AI factory power architecture and the rapid growth of high-power AI markets.
•Sampling new 2.3kV and 3.3kV high-voltage SiC modules to leading energy-storage and grid-infrastructure customers.
Near Term Business Outlook
•Fourth quarter 2025 net revenues are expected to be $7.0 million, plus or minus $0.25 million due the Company’s strategic decision to deprioritize low power, lower profit China mobile & consumer business, as well as streamline our distribution network and reduce channel inventory to pivot to higher power revenue and customers. Non-GAAP gross margin for the fourth quarter is expected to be 38.5% plus or minus 50 basis points, and non-GAAP operating expenses are expected to be approximately $15.0 million in the fourth quarter of 2025.
Navitas Q3 2025 Financial Results Conference Call and Webcast Information:
•When: Monday, November 3, 2025
•Time: 2:00 p.m. Pacific / 5:00 p.m. Eastern
•Toll Free Dial-in: (800) 715-9871 or (646) 307-1963, Conference ID: 1531951
•Live Webcast: https://edge.media-server.com/mmc/p/4ek9czdi.
•Replay: A replay of the call will be accessible from the Investor Relations section of the Company’s website at https://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 are adjusted from GAAP results to exclude certain expenses which are outlined in the “Reconciliation of GAAP Results to Non-GAAP Financial Measures” tables below. 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 “Near Term 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 beginning on p. 15 of our annual report on Form 10-K for the year ended December 31, 2024, 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: We recently announced an enhanced focus on AI data centers, performance computing, energy and grid infrastructure and industrial electrification, and a de-emphasis on mobile and consumer products. 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.
•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 800V AI data center power applications depend on assumptions regarding the acceptance and growth of 800V systems themselves.
•Lack of Historical Data: 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.
•Unpredictable Competitive Dynamics: 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 or high-voltage SiC solutions.
•Cyclical and Volatile Industry Conditions: The semiconductor sector is known for cyclical volatility. This inherent unpredictability is amplified in new and emerging markets, where demand can swing sharply due to macroeconomic events, supply chain shocks, regulatory changes, or technology cycles.
•Other Risk Factors: Other risk factors include Navitas’ ability to predict revenues for the purpose of appropriately budgeting and adjusting Navitas’ expenses; Navitas’ ability to diversify its customer base and develop relationships in new markets or regions; the possibility that the expected growth of our business will not be realized, or will not be realized within expected time periods, due to the above factors as well as others, such as the failure to successfully integrate acquired businesses into our business and operational systems; the effect of acquisitions on customer and supplier relationships, or the failure to retain and expand those relationships; the success or failure of other business development efforts; Navitas’ financial condition and results of operations; Navitas’ ability to scale its technology into new markets and applications; the effects of competition on Navitas’ business, including actions of competitors with an established presence and resources in markets we hope to penetrate or by competitors to take market
share in the markets we are deprioritizing; the level of demand in our customers’ end markets and our customers’ ability to predict such demand, both generally and with respect to successive generations of products or technology; Navitas’ ability to attract, train and retain key qualified personnel; changes in government trade policies, including the imposition of tariffs and the regulation of cross-border investments, particularly involving the United States and China; other regulatory developments in the United States, China and other countries; the impact of events such as epidemics and pandemics in locations where our products are manufactured and sold; and Navitas’ ability to protect its intellectual property rights.
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, constitute “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 next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. With more than 30 years of combined expertise in wide bandgap technologies, GaNFast™ power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC™ high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas Semiconductor, GaNFast, GaNSense, GaNSafe, GeneSiC, 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.
Contact Information
Lori Barker, Investor Relations
ir@navitassemi.com
| NAVITAS SEMICONDUCTOR CORPORATION | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED | ||||||||
| (dollars in thousands, except per share amounts) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Net revenues | $ | 10,112 | $ | 21,681 | $ | 38,620 | $ | 65,324 |
| Cost of revenues (exclusive of amortization of intangible assets included below) | 6,281 | 13,069 | 27,154 | 39,207 | ||||
| Operating expenses: | ||||||||
| Research and development | 13,280 | 17,828 | 37,444 | 57,028 | ||||
| Selling, general and administrative | 5,230 | 15,040 | 24,721 | 46,509 | ||||
| Amortization of intangible assets | 4,735 | 4,717 | 14,203 | 14,265 | ||||
| Restructuring expense | — | — | 1,469 | — | ||||
| Total operating expenses | 23,245 | 37,585 | 77,837 | 117,802 | ||||
| Loss from operations | (19,414) | (28,973) | (66,371) | (91,685) | ||||
| Other income (expense), net: | ||||||||
| Interest income (expense), net | 401 | (39) | 494 | (109) | ||||
| Dividend income | 985 | 1,210 | 2,376 | 4,251 | ||||
| (Loss) Gain from change in fair value of earnout liabilities | (844) | 9,171 | (20,695) | 42,920 | ||||
| Other income (expense), net | (59) | 26 | (4) | 140 | ||||
| Total other income (expense), net | 483 | 10,368 | (17,829) | 47,202 | ||||
| Loss before income taxes | (18,931) | (18,605) | (84,200) | (44,483) | ||||
| Income tax provision (benefit) | (19) | 125 | 111 | 256 | ||||
| Equity method investment loss | (322) | — | (827) | — | ||||
| Net loss | $ | (19,234) | $ | (18,730) | $ | (85,138) | $ | (44,739) |
| Net loss per common share | ||||||||
| Basic | $ | (0.09) | $ | (0.10) | $ | (0.43) | $ | (0.25) |
| Diluted | $ | (0.09) | $ | (0.10) | $ | (0.43) | $ | (0.25) |
| Shares used in per share calculation: | ||||||||
| Basic | 212,681 | 184,672 | 199,931 | 182,551 | ||||
| Diluted | 212,681 | 184,672 | 199,931 | 182,551 | ||||
| RECONCILIATION OF GAAP RESULTS TO NON-GAAP FINANCIAL MEASURES - UNAUDITED | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (dollars in thousands, except per share amounts) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| RECONCILIATION OF GROSS PROFIT MARGIN | ||||||||
| GAAP Net revenues | $ | 10,112 | $ | 21,681 | $ | 38,620 | $ | 65,324 |
| Cost of revenues (exclusive of amortization of intangibles) | (6,281) | (13,069) | (27,154) | (39,207) | ||||
| Cost of revenues (amortization of intangibles) | (4,038) | (3,959) | (12,105) | (11,876) | ||||
| GAAP Gross profit | (207) | 4,653 | (639) | 14,241 | ||||
| GAAP Gross margin | (2.0)% | 21.5% | (1.7)% | 21.8% | ||||
| Cost of revenues (amortization of intangibles) | 4,038 | 3,959 | 12,105 | 11,876 | ||||
| Stock-based compensation expense | 81 | 76 | 188 | 325 | ||||
| China SiC inventory reserve | — | — | 3,174 | — | ||||
| Non-GAAP Gross profit | $ | 3,912 | $ | 8,688 | $ | 14,828 | $ | 26,442 |
| Non-GAAP Gross margin | 38.7% | 40.1% | 38.4% | 40.5% | ||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||
| GAAP Research and development | $ | 13,280 | $ | 17,828 | $ | 37,444 | $ | 57,028 |
| Stock-based compensation expenses | (4,991) | (6,267) | (8,465) | (20,075) | ||||
| Organization transformation costs | — | — | (395) | — | ||||
| Advanced R&D NRE Impairment | — | — | (2,238) | — | ||||
| Non-GAAP Research and development | 8,289 | 11,561 | 26,346 | 36,953 | ||||
| GAAP Selling, general and administrative | 5,230 | 15,040 | 24,721 | 46,509 | ||||
| CEO transition costs | (2,462) | — | (2,462) | — | ||||
| Stock-based compensation expenses* | 4,605 | (5,029) | 2,127 | (17,611) | ||||
| Governance costs | — | — | (1,556) | — | ||||
| Other expense | (221) | (137) | (434) | (1,523) | ||||
| Non-GAAP Selling, general and administrative | 7,152 | 9,874 | 22,396 | 27,375 | ||||
| Total Non-GAAP Operating expenses | $ | 15,441 | $ | 21,435 | $ | 48,742 | $ | 64,328 |
| RECONCILIATION OF LOSS FROM OPERATIONS | ||||||||
| GAAP Loss from operations | $ | (19,414) | $ | (28,973) | $ | (66,371) | $ | (91,685) |
| GAAP Operating margin | (192.0)% | (133.6)% | (171.9)% | (140.4)% | ||||
| Add: Stock-based compensation expenses included in: | ||||||||
| Research and development | 4,991 | 6,267 | 8,465 | 20,075 | ||||
| Selling, general and administrative | (4,605) | 5,029 | (2,127) | 17,611 | ||||
| Cost of goods sold | 81 | 76 | 188 | 325 | ||||
| Total | 467 | 11,372 | 6,526 | 38,011 | ||||
| Amortization of acquisition-related intangible assets | 4,735 | 4,717 | 14,203 | 14,265 | ||||
| CEO transition costs | 2,462 | — | 2,462 | — | ||||
| China SiC inventory reserve | — | — | 3,174 | — | ||||
| Advanced R&D NRE Impairment | — | — | 2,238 | — | ||||
| Governance costs | — | — | 1,556 | — | ||||
| Restructuring expense | — | — | 1,469 | — | ||||
| Organization transformation costs | — | — | 395 | — | ||||
| Other expense | 221 | 137 | 434 | 1,523 | ||||
| Non-GAAP Loss from operations | $ | (11,529) | $ | (12,747) | $ | (33,914) | $ | (37,886) |
| Non-GAAP Operating margin | (114.0)% | (58.8)% | (87.8)% | (58.0)% | ||||
| RECONCILIATION OF NET LOSS PER SHARE | ||||||||
| GAAP Net loss | $ | (19,234) | $ | (18,730) | $ | (85,138) | $ | (44,739) |
| Adjustments to GAAP Net loss | ||||||||
| Amortization of acquisition-related intangible assets | 4,735 | 4,717 | 14,203 | 14,265 | ||||
| CEO transition costs | 2,462 | — | 2,462 | — | ||||
| Loss (Gain) from change in fair value of earnout liabilities | 844 | (9,171) | 20,695 | (42,920) | ||||
| Total stock-based compensation | 467 | 11,372 | 6,526 | 38,011 | ||||
| Equity method investment loss | 322 | — | 827 | — | ||||
| China SiC inventory reserve | — | — | 3,174 | — | ||||
| Advanced R&D NRE Impairment | — | — | 2,238 | — | ||||
| Governance costs | — | — | 1,556 | — | ||||
| Restructuring expense | — | — | 1,469 | — | ||||
| Organization transformation costs | — | — | 395 | — | ||||
| Other expense | 221 | 137 | 434 | 1,440 | ||||
| Non-GAAP Net loss | $ | (10,183) | $ | (11,675) | $ | (31,159) | $ | (33,943) |
| Average shares outstanding for calculation of non-GAAP Net loss per share (basic and diluted) | 212,681 | 184,672 | 199,931 | 182,551 | ||||
| Non-GAAP Net loss per share (basic and diluted) | $ | (0.05) | $ | (0.06) | $ | (0.16) | $ | (0.19) |
*For the three and nine months ended September 30, 2025, stock-based compensation expense is added back to selling, general and administrative (“SG&A”) expenses due to the reversal of approximately $8.5 million and $12.6 million related to forfeitures associated with the Company’s long-term incentive plan award as a result of employee terminations.
| NAVITAS SEMICONDUCTOR CORPORATION | ||||
|---|---|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| (dollars in thousands) | ||||
| (Unaudited) | ||||
| ASSETS | September 30, 2025 | December 31, 2024 | ||
| Current assets | ||||
| Cash and cash equivalents | $ | 150,551 | $ | 86,737 |
| Accounts receivable, net | 9,788 | 13,982 | ||
| Inventories | 14,665 | 15,477 | ||
| Prepaid expenses and other current assets | 3,834 | 4,070 | ||
| Total current assets | 178,838 | 120,266 | ||
| Restricted cash | 670 | 1,503 | ||
| Property and equipment, net | 14,373 | 15,421 | ||
| Operating lease right of use assets | 5,599 | 6,900 | ||
| Finance lease right of use assets | 848 | — | ||
| Intangible assets, net | 57,992 | 72,195 | ||
| Goodwill | 163,215 | 163,215 | ||
| Other assets | 8,672 | 10,478 | ||
| Total assets | $ | 430,207 | $ | 389,978 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities | ||||
| Accounts payable and other accrued expenses | $ | 14,058 | $ | 10,754 |
| Accrued compensation expenses | 6,343 | 8,623 | ||
| Operating lease liabilities, current | 1,817 | 1,767 | ||
| Finance lease liabilities, current | 319 | — | ||
| Total current liabilities | 22,537 | 21,144 | ||
| Operating lease liabilities noncurrent | 4,265 | 5,553 | ||
| Finance lease liabilities noncurrent | 538 | — | ||
| Earnout liability | 30,903 | 10,208 | ||
| Deferred tax liabilities | 371 | 441 | ||
| Other noncurrent liabilities | 608 | 4,619 | ||
| Total liabilities | 59,222 | 41,965 | ||
| Stockholders' equity | 370,985 | 348,013 | ||
| Total liabilities and stockholders’ equity | $ | 430,207 | $ | 389,978 |
exhibit992-navitas3q25ea
Navitas 3Q25 Earnings Call November 3, 2025 Exhibit 99.2
2Copyright Navitas Semiconductor This presentation contains information about future events, our future strategies and our future financial performance, including predictions or trends in our industry and markets. Except for statements of historical fact, the information contained herein constitutes forward-looking statements. Forward-looking statements are provided to allow investors and potential investors the opportunity to understand management’s beliefs and opinions about the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. All forward-looking statements are subject to assumptions, risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements. Important factors that can affect Navitas’ business, including factors that could cause actual results to differ from our forward-looking statements, are described in our earnings release. Please also refer to the risk factors sections in our most recent 10-K and 10-Q. Although forward-looking statements contained in this presentation are based upon assumptions that management believes are reasonable, there can be no assurance that our forward-looking statements will prove to be accurate. Our actual performance may differ from our projections, and our estimates, assumptions and strategies may change. Navitas assumes no obligation to update forward-looking statements to reflect actual results, changed circumstances or other events that may occur except as required by law. Forward-Looking Statements
3Copyright Navitas Semiconductor Leading the Next Chapter of Power Transformation • 25+ years of semiconductor industry experience in analog, power, mixed- signal, and digital products. • Prior leadership experience at Renesas Electronics’ Product Power Division, IDT, NXP, Fairchild Semiconductor, and Texas Instruments. • This is a transformation, not an evolution. • Pivot from a mobile and consumer foundation towards high-growth, high-power markets. • Focus: AI data centers, performance computing, energy and grid infrastructure, and industrial electrification. • Leveraging our foundation - technology leadership and proven reliability at scale in both GaN and high-voltage SiC. • Position Navitas to deliver results that are sustainable, scalable, and higher margin. • Enhance scale and quality of business and create long-term value for customers, employees, and stockholders. Chris Allexandre President and CEO of Navitas Transforming into Next Chapter - Navitas 2.0 Delivering Quality and Results
Navitas is Uniquely Positioned to Win in an Exciting High-Power Market Pioneered the GaN market and delivered in volume High-voltage SiC technology leadership AI DATA CENTERS ENERGY AND GRID INFRASTRUCTURE PERFORMANCE COMPUTING INDUSTRIAL ELECTRIFICATION Acceleration of Global Electrification is Creating an Unprecedented Opportunity for Power Semiconductors Deep partnership with hyperscalers, OEMs and ODMs 300+ patents issued or pending Portfolio provides complete breadth of solutions and system expertise – Grid to GPU Transformation and pivot to high-power markets 4
Who We Are Today and Who We Will Become Pioneered GaN technology and products to scale in power chargers Proven high-volume production and reliability Full breadth of portfolio and system engineering capabilities • New leadership • Resource reallocation and pivot to high power • Financial discipline • Go to market change • Focus on quality of engagements, pruning low quality revenue Navitas 2.0Navitas 1.0 Scalable Profitable Sustainable 5 Innovative and leading high- voltage SiC technology
6Copyright Navitas Semiconductor Decisive actions enabling the pivot to High Power New leadership and organizational structure. Sharp focus on high-power markets: resource reallocation, especially an expansion in US and reduction in mobile segment. Consolidating and streamlining distribution towards high-power centric partners better suited for Navitas 2.0, while adjusting inventory to focus on high-power markets. Resetting Q4 2025 revenue baseline moving away from lower-margin mobile revenue; guiding Q4 as the floor with expected sequential growth and margin expansion through 2026 driven by high-power revenue growth. 2026 is a transition year; focus on high-power markets consistently growing revenue, with less China exposure, and expanding gross margin. Financial discipline with prioritized investments, targeting OpEx reductions to drive higher returns. Leveraging a strong balance sheet to invest and accelerate the transformation.
7Copyright Navitas Semiconductor Non GAAP - Financial Performance & Outlook Q3’25 Q4’25 Revenue $10.1M $7M + / - $0.25M Gross Margin $ 38.7% 38.5% + / - 0.5% 1Q26 and throughout 2026 Continued QoQ sequential Growth Margin gradual expansion through mix improvement to high power • Q3’25: Delivered on revenue, gross margin, and OpEx targets • Q4’25 & Q1’26: Transition period - resetting business focus from mobile and consumer to high-power markets • Disciplined Opex and cash management • Strong balance sheet: ~$150M cash post-Q3 to drive transformation.
8Copyright Navitas Semiconductor Key Developments and Product Roadmap First Entry into the Mid-Voltage GaN Segment: Introduction of new 100V GaN FETs for AI power and high-performance applications. Technology Leadership in High-Voltage SiC: Sampling of new 2.3kV and 3.3kV high-voltage SiC modules to leading energy storage and grid infrastructure customers. NVIDIA Ecosystem Partnership: Navitas is part of the NVIDIA 800V DC ecosystem, positioning the company at the center of next-generation power innovation for AI data centers.
9Copyright Navitas Semiconductor Navitas 2.0: Investor Takeaways New CEO with seasoned industry experience driving transformation, focused on efficiency and cost optimization.1 Strategic pivot to high-power markets: AI data center, performance computing, energy and grid infrastructure, and industrial electrification.2 Decisive actions underway to reduce exposure to China/mobile and exit lower-margin businesses while reallocating resources to accelerate progress in high-power markets.3 2026 is a transition year; restructuring sets up stronger growth with gradual margin expansion and focus on engagements in high-power markets.4 Financial discipline and customer validation will support a clear path to sustainable profitability.5
10Copyright Navitas Semiconductor Appendix Reconciliation of Gross Profit Margin Q325 Actual Q425 Outlook (dollars in thousands) GAAP Net revenues 10,112$ 7,000$ Cost of revenues (exclusive of amortization of intangibles) (6,281) (4,385) Cost of revenues (amortization of intangibles) (4,038) (4,038) GAAP Gross profit (207) (1,423) GAAP Gross margin (2.0%) (20.3%) Cost of revenues (amortization of intangibles) 4,038 4,038 Stock-based compensation 81 81 Non-GAAP Gross profit 3,912$ 2,696$ Non-GAAP Gross margin 38.7% 38.5%