Navitas Semiconductor Corp (NASDAQ:NVTS) reported second-quarter financial results Monday after the market close. Here’s what you need to know from the report.
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Q2 Earnings: Navitas Semiconductor reported second-quarter revenue of $14.49 million, beating analyst estimates of $14.38 million, according to Benzinga Pro. The company reported a second-quarter adjusted loss of five cents per share, in line with analyst estimates.
Navitas Semiconductor ended the period with $161.2 million in cash and cash equivalents.
“Despite industry-wide headwinds, I am pleased with our teams’ Q2 performance. We are sharpening our focus on AI data centers and energy infrastructure, built on our collaboration with NVIDIA and other leaders in the sector,” said Gene Sheridan, co-founder and CEO of Navitas Semiconductor.
“We were successful in creating an all-new market for GaN mobile chargers over the past five years, and now we intend to create an even bigger new market encompassing both GaN and SiC for AI data centers and related, critically-needed energy infrastructure.”
Guidance: Navitas Semiconductor expects third-quarter revenue to be between $9.5 million and $10.5 million versus estimates of $15.67 million. The company said the lower guidance is largely due to China tariff risks and a more selective mobile strategy. Weak guidance for the third quarter appears to be dragging shares lower after hours.
Management will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.
NVTS Price Action: Navitas Semiconductor shares were down 13.70% in Monday’s after-hours session, trading at $6.95 at the time of publication, according to Benzinga Pro.
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