Navitas Semiconductor Corporation reported a net revenue of $83.3 million for the fiscal year ending December 31, 2024, marking a 5% increase from $79.5 million in the previous year. The growth was primarily driven by increased demand in mobile markets. However, the company experienced a net loss of $84.6 million, a significant improvement from the $146.0 million loss reported in 2023, reflecting a 42% reduction in losses. The cost of revenues rose by 14% to $55.0 million, largely due to a $5.0 million inventory reserve related to a distributor disengagement.
In terms of operational changes, Navitas has been focusing on strategic acquisitions and product development. The company completed the acquisition of GeneSiC Semiconductor in August 2022, which has expanded its portfolio to include silicon carbide (SiC) devices. Additionally, in January 2023, Navitas acquired the remaining minority interest in its silicon control IC joint venture from Halo Microelectronics for approximately $22.4 million. The company also announced a restructuring plan in October 2024 aimed at streamlining operations and enhancing focus on artificial intelligence data centers, electric vehicles, and mobile applications.
Navitas reported a significant shift in its customer base, with 60% of its net revenues in 2024 coming from customers in China, down from 62% in 2023. The company has also seen a notable increase in its employee headcount, which stood at approximately 280 as of December 31, 2024. The company’s strategic initiatives include expanding into new markets and geographies, particularly in data centers and renewable energy sectors, while maintaining its leadership in mobile fast charging applications.
The company’s financial outlook remains cautious, as it anticipates continued net operating losses and negative cash flows from operations. As of December 31, 2024, Navitas had cash and cash equivalents of $86.7 million, a decrease of 43% from the previous year. The company plans to fund its operations through existing cash reserves and may seek additional financing if necessary. Management has also identified material weaknesses in its internal controls over financial reporting, which it is actively working to remediate.
About Navitas Semiconductor Corp
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