Navitas Semiconductor Corporation reported a significant decline in its financial performance for the fiscal year ending December 31, 2025, with net revenues of $45.9 million, a decrease of 45% from $83.3 million in 2024. The company attributed this drop primarily to a downturn in the mobile and consumer markets, particularly in China. Despite the revenue decline, the cost of revenues also fell by 42% to $31.7 million, reflecting lower sales volumes and the absence of a prior year's inventory reserve related to a distributor disengagement.
The company's operating expenses decreased by 23% to $122 million, driven by reductions in research and development (R&D) and selling, general, and administrative (SG&A) expenses, which fell by 34% and 44%, respectively. The restructuring efforts, including a workforce reduction and a strategic pivot towards high-power markets, resulted in a restructuring and impairment expense of $18 million. This restructuring plan, termed "Navitas 2.0," aims to enhance focus on AI data centers, energy and grid infrastructure, performance computing, and industrial electrification, while de-emphasizing mobile and consumer products.
Operationally, Navitas has shipped over 300 million GaN devices and nearly 30 million SiC devices as of December 31, 2025. The company has also seen a shift in its customer base, with 47% of revenues coming from China in 2025, down from 60% in 2024, while the U.S. market increased to 28% from 16%. The company’s workforce consisted of approximately 190 employees, with a significant portion located in Asia, reflecting its global operational footprint.
Looking ahead, Navitas is focused on leveraging its expertise in GaN and SiC technologies to capture growth in high-power markets. The company has raised approximately $100 million through private placements and at-the-market offerings to support its strategic initiatives. However, the outlook remains cautious due to the inherent risks associated with transitioning to new markets, including potential delays in product development and the need to secure design wins in unfamiliar segments. The company has also highlighted the importance of maintaining financial discipline and a strong balance sheet to navigate these challenges effectively.
About Navitas Semiconductor Corp
Navitas Semiconductor designs and markets next-generation power semiconductors, including GaN power ICs and SiC devices, for applications such as mobile charging, data centers, solar, and electric vehicles. Its products deliver higher efficiency, faster charging, and smaller form factors, serving global markets with a focus on sustainability and innovation. The company leverages proprietary IP, integrated solutions, and strategic partnerships to displace silicon-based power electronics across diverse high-growth sectors.
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