Navitas Semiconductor (NVTS) investor relations material

Executive summary

• Achieved Q2 2026 revenue of $10.5M, up 22% sequentially, driven by high-power markets, especially AI infrastructure and data center applications, with over 50% year-over-year growth.

• Strategic transformation to high-power markets is nearly complete, with mobile and low-end consumer revenue becoming insignificant by year-end.

• AI infrastructure is expected to represent over one-third of total sales by year-end, supporting continued double-digit growth into 2027.

• Multiple inflection points in AI data center power architecture and new program ramps are expected to drive multi-year growth through 2028 and beyond.

• Net loss of $228.2M in Q2 2026, primarily due to a $203.1M non-cash charge from earnout liabilities.

Financial highlights

• Q2 2026 revenue increased 22% sequentially to $10.5M, up from $8.6M in Q1, but down from $14.5M in Q2 2025.

• Gross margin expanded to 39.5% non-GAAP in Q2 2026, up from 39.0% in Q1 and 38.5% in Q2 2025.

• Operating expenses were $15.5M in Q2 2026, with Q3 guidance of $15.5M–$17.5M.

• GAAP net loss included a $203.1M non-cash charge for earnout liabilities; non-GAAP net loss was $9.3M.

• Cash and cash equivalents at $557.4M as of June 30, 2026, up from $236.9M at year-end 2025, with no debt.

Outlook and guidance

• Q3 2026 revenue guidance: $13.5M ±$0.5M, representing 28% sequential growth and a return to year-over-year growth.

• Non-GAAP gross margin expected at 39.7% ±100 bps; non-GAAP operating expenses projected at $15.5M–$17.5M.

• Full-year 2026 revenue growth projected at mid-single digits, with high-power markets driving momentum into 2027.

• Management expects continued net operating losses and negative cash flows from operations as investments in R&D and strategic markets continue.