Navitas Semiconductor (NVTS) investor relations material

Executive summary

• Revenue grew 18% sequentially to $8.6 million in Q1 2026, driven by high-power markets such as AI data centers, grid infrastructure, performance computing, and industrial electrification, while mobile and consumer segments declined.

• High-power market revenue grew 35% year-over-year and now constitutes the majority of total revenue.

• Strategic shift away from mobile and low-end consumer business continues, supported by the Navitas 2.0 Restructuring Plan and expanded customer engagements.

• Completed organizational realignment and leadership transformation, including appointment of a new CFO and Board member.

• Operations remain global, with a fabless model and reliance on third-party manufacturing partners.

Financial highlights

• Q1 2026 revenue was $8.6 million, up from $7.3 million in Q4 2025 but down from $14.0 million in Q1 2025.

• Non-GAAP gross margin improved to 39.0%, up from 38.7% in Q4 2025 and 38.1% in Q1 2025; GAAP gross margin was (9.3)%.

• Non-GAAP loss from operations was $11.7 million, slightly better than $12.1 million in Q4 2025; GAAP loss from operations was $27.8 million.

• Net loss for Q1 2026 was $33.8 million, compared to $16.8 million in Q1 2025.

• Cash and cash equivalents stood at $221 million as of March 31, 2026, down from $236.9 million at year-end 2025.

Outlook and guidance

• Q2 2026 revenue expected at $10.0 million (±$0.5 million), representing over 16% sequential growth.

• Non-GAAP gross margin projected at 39.25% (±75 bps); operating expenses to remain flat at $14.5–$15.5 million.

• Management anticipates continued sequential revenue growth and gross margin expansion throughout 2026, driven by high-power markets.

• Current cash levels are considered sufficient to fund operations and capital requirements for the foreseeable future.

• Management expects continued net operating losses and negative cash flows from operations in the near term.