Navitas Semiconductor's Q4 2024: Contradictory Signals on Silicon Carbide, Data Center Growth, and Market Recovery

These are the key contradictions discussed in Navitas Semiconductor Corporation's latest 2024Q4 earnings call, specifically including: Silicon Carbide Market Outlook and Competition, Data Center Revenue Trajectory, and Market Recovery Timing:



Revenue and Market Growth:
- Navitas Semiconductor Corporation reported revenue of $83 million for 2024, up 5% from $79.5 million in 2023.
- The growth was driven by the significant adoption of GaN technology in the mobile, consumer, and appliance segments, with data center revenues starting in the second half of the year.

Design Wins and Customer Pipeline Expansion:
- The company achieved extraordinary $450 million in design wins in 2024, reflecting expected lifetime revenues for new customer programs.
- This expansion is attributed to strong adoption in mobile, consumer, appliance, data center, and EV sectors, leading to increased visibility and confidence in future growth.

Data Center Sector Momentum:
- Navitas' data center sector saw 40 customer project wins in 2024, at top ODMs targeting major Tier 1 data centers.
- The growth is driven by the adoption of system reference designs and the use of GeneSiC and GaNSafe technologies, enabling high energy efficiency and power density in AC to DC power supply units.

EV and Mobile Sector Performance:
- The EV sector saw over 40 design wins in 2024, focusing on onboard chargers and roadside chargers, with the latter being a silicon carbide innovation.
- In the mobile sector, there were over 180 design wins, with significant growth in the adoption of GaN chargers, reaching over 10% adoption rate of all mobile chargers in 2025.

Operational Efficiency and Cost Management:
- Navitas reduced operating expenses sequentially to $19.9 million in Q4 2024, demonstrating operational efficiency while continuing investments in technology development.
- The company forecasts operating expenses to further reduce to $18 million in Q1 2025 and approximately $15.5 million per quarter thereafter, indicating effective cost management.