Summary by Moomoo AI
Navitas Semiconductor reported Q3 2024 revenue of $21.7 million, slightly down 1% from $22.0 million in Q3 2023, with gross margin improvement as cost of revenues decreased 12% to $13.1 million. The company continued significant R&D investment at $17.8 million, representing 82% of revenue, focused on expanding its GaN and SiC power semiconductor portfolio.The company maintained a strong balance sheet with $98.6 million in cash and cash equivalents as of September 30, 2024. Operating loss was $29.0 million, while net loss reached $18.7 million after including a $9.2 million gain from change in earnout liability fair value. Research and development expenses increased 8% year-over-year as the company expanded development in EV, enterprise and solar markets.Management announced a cost-reduction plan in October 2024, including a 14% workforce reduction to streamline operations and accelerate path to profitability. The company continues to focus on mobile and consumer charging applications, with products now in mass production with 10 of the top 10 worldwide mobile OEMs across smartphones and laptops.
