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- **Strategic Pivot to High-Power**: Navitas 2.0 focuses on AI data centers, performance computing, and energy infrastructure, with mobile revenue dropping below 50% in Q4 2025.
- **Financial Transition**: Q4 2025 revenue of $7 million marks the bottom, with gradual growth in 2026 driven by high-power markets.
- **Technology Leadership**: Unique combination of GaN and high-voltage SiC enables system-level solutions for hyperscalers like NVIDIA.
- **Cash Strength**: $151 million cash balance supports transition without debt, with operating expenses reduced by 24% YoY.
- **Growth Catalysts**: 100V GaN for AI servers and SiC modules for energy storage to drive margin expansion in 2026+.

**【CEO Summary Section】**
- Introduced Navitas 2.0, a strategic pivot to high-power markets (AI data centers, performance computing, energy, grid infrastructure) with a focus on GaN and high-voltage SiC technologies.
- Mobile and consumer segments will be deprioritized, with mobile revenue expected to drop below 50% in Q4 2025.
- New product launches include 100V GaN for AI servers and 2.3kV/3.3kV SiC modules for energy storage systems.
- Emphasized deeper customer engagements in high-power markets, with design wins expected to accelerate in 2026 and material contributions from 2027.
- Q4 2025 marks the revenue bottom as the company transitions to high-margin, sustainable growth.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $10.1 million (midpoint of guidance), down due to China tariffs and mobile pricing pressures.
- Gross margin: 38.7% (sequential improvement), driven by operational efficiencies.
- Q4 2025 guidance: $7 million revenue (±$250k), with gross margin ~38.5%.
- Operating expenses reduced to $15 million (24% YoY decline), with further realignment to high-power markets.
- Strong cash position of $151 million (no debt), supporting transition and growth.

**【Q&A Highlights】**
- **Mobile Transition**: Mobile revenue will decline steadily, with focus on high-power applications like AI servers and industrial systems.
- **Competitive Differentiation**: Unique combination of GaN and high-voltage SiC expertise, plus proven track record in scaling GaN at volume.
- **Data Center Growth**: 2026 will see gradual revenue contributions from hyperscalers, with exponential growth expected in 2027 with 800V DC architectures.
- **Cash Position**: Sufficient liquidity to fund R&D and customer ramp without external financing.
- **Partnerships**: TSMC collaboration for mid-voltage GaN, with plans to expand foundry partnerships for scale.

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