Navitas Semiconductor (NVTS) Q4 2025 earnings summary

Executive summary

• Achieved a strategic pivot to focus on high-power markets, with high-power products representing the majority of Q4 revenue for the first time, while mobile declined to less than 25%.

• Accelerated focus on GaN and high-voltage SiC solutions for high-growth markets such as AI data centers, grid infrastructure, performance computing, and industrial electrification, targeting a $3.5 billion SAM by 2030.

• Completed organizational realignment, including a 19% workforce reduction and consolidation of distribution partners to support the high-power market focus.

• Formalized multiple strategic partnerships, including a long-term foundry and technology agreement with GlobalFoundries to boost U.S.-based GaN manufacturing.

• Raised $96 million in a private placement, ending the quarter with $237 million in cash and no debt.

Financial highlights

• Q4 2025 revenue was $7.3 million, down from $10.1 million in Q3 2025 and $18.0 million in Q4 2024.

• Full year 2025 revenue: $45.9 million, down from $83.3 million in 2024.

• Q4 gross margin: 38.7% non-GAAP; GAAP gross margin was -17.2%.

• Q4 operating loss: $12.1 million non-GAAP; GAAP loss from operations was $41.4 million, including a $16.6 million restructuring and impairment charge ($3.8 million non-cash).

• Cash and cash equivalents rose to $236.9 million as of December 31, 2025, aided by a $95.6 million private placement.

Outlook and guidance

• Q1 2026 revenue expected to increase sequentially to $8–8.5 million, with continued sequential growth anticipated throughout 2026.

• Q1 gross margin expected at 38.7% ±25 bps; operating expenses to remain flat at ~$15 million.

• Mobile revenue expected to become insignificant by end of 2026 as high-power markets drive growth.

• Margin expansion expected as high-power mix increases and scale improves.