The following is a summary of the Navitas Semiconductor Corporation (NVTS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Navitas reported Q1 2024 revenue of $23.2 million, up by 73% YoY, with projected Q2 revenues of approximately $20 million.
The gross margin for Q1 2024 remained stable at 41.1% YoY due to strong product mix in the mobile sector, with expected Q2 gross margin around 40%.
The loss from operations for Q1 2024 was $11.8 million, slightly lesser compared to the loss from operations of $12.3 million in Q1 2023.
Aim is to achieve operating margin level breakeven when revenue reaches between $50 - $55 million.
Business Progress:
Navitas is expanding in multiple sectors including home appliances, AI-based data centers and EV market with GaN technology.
With three major design wins at large power supply companies, Navitas is now developing over 30 customer projects.
Launched a new 22 kilowatt OBC platform for EV market promising faster charging and increased energy efficiency.
A major micro-inverter leader is expected to begin a major transition to GaN starting in first half of 2025, potentially resulting in tens of millions in annual revenue.
Strong momentum anticipated in the mobile space with projected margin expansion in higher margin markets including EVs, industrial, and data centers.
No major shifts in the competitive landscape or any unusual ASP degradation were reported.
More details: Navitas Semiconductor IR
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