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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.

Navitas Semiconductor Corporation (NVTS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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NVTS

NVTS fundamentals

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