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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