You might also like
Navitas Semiconductor Corporation (NVTS) is a U.S.-based company that specializes in designing, developing, and marketing next-generation power semiconductors. The company focuses on gallium nitride (GaN) power integrated circuits (ICs) and silicon carbide (SiC) power devices, which are used in power conversion and charging applications. Navitas operates under a fabless business model, relying on third-party manufacturers for production, and aims to provide superior efficiency, performance, and sustainability compared to traditional silicon-based technologies.
- Gallium Nitride (GaN) Power Integrated Circuits (ICs) - Used in power conversion and charging applications, including mobile devices, data centers, and electric vehicles (EVs), known for high efficiency and compact size.
- Silicon Carbide (SiC) Products - Includes SiC MOSFETs and Schottky MPS diodes for high-power applications such as EVs, solar inverters, and industrial systems, recognized for high voltage and temperature performance.
- High-Speed Silicon System Controllers and Digital Isolators - Enhance performance and reliability in power conversion systems.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gene Sheridan ExecutiveBoard | President and Chief Executive Officer | Executive Chairman of Empower Semiconductor | Gene Sheridan is the President and Chief Executive Officer of Navitas Semiconductor Corporation since 2014. He co-founded the company and brings over 30 years of semiconductor industry experience, while also serving as Executive Chairman at Empower Semiconductor. | View Report → |
Todd Glickman Executive | Senior Vice President, Chief Financial Officer, and Treasurer | Todd Glickman serves as the Senior Vice President, Chief Financial Officer, and Treasurer at NVTS, having been appointed on October 4, 2024. He joined NVTS in 2015 and previously served as Interim Chief Financial Officer from October 2021 to May 2022 and as Corporate Controller from 2015 to 2018. |
- Based on recent discussions, can you elaborate on how escalating tariffs have specifically impacted your silicon carbide business in China and what concrete contingency plans you have in place if these pressures intensify?
- Could you provide a detailed breakdown of your design wins pipeline between GaN and silicon carbide technologies, and explain how shifts in this mix might affect your revenue growth in high-power versus mobile markets?
- With noticeable delays due to channel inventory overhang in the silicon carbide segment, what specific measures are you taking to accelerate inventory normalization, and what is your revised timeline for seeing these effects?
- Given the sequential decline in revenue and the deliberate maintenance of operating expenses at $15.5 million, how do you plan to manage your cost structure to sustain progress toward EBITDA breakeven in 2026 under the current market headwinds?
- As you ramp up the production of your bidirectional GaN switch, could you discuss how this technology differentiates itself competitively from legacy solutions, and what key performance metrics you expect will drive sustainable growth next year?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This competitor is mentioned as a primary rival in both GaN-based and SiC-based power semiconductors. They are also noted for a GaN-IP cross-licensing arrangement with Navitas in Q4 2024, which enabled drop-in, 'dual sourcing' and is expected to accelerate GaN adoption in AI data centers. | |
This competitor is identified as a supplier of GaN-based power semiconductors, offering discrete solutions that require additional components for drive, control, and protection. | |
This competitor is listed as a supplier of GaN-based power semiconductors, focusing on discrete solutions rather than integrated GaN ICs. | |
Innoscience (Suzhou) Semiconductor Co., Ltd. | This competitor is mentioned as a supplier of GaN-based power semiconductors, providing discrete solutions. |
Renesas Electronics Corp. | This competitor is noted as a supplier of GaN-based power semiconductors, offering discrete solutions. |
Efficient Power Conversion Corporation (EPC) | This competitor is identified as a supplier of GaN-based power semiconductors, focusing on discrete solutions. |
This competitor is mentioned as a primary rival in SiC-based power semiconductors. | |
This competitor is listed as a supplier of SiC-based power semiconductors and also competes in silicon-based power devices. | |
This competitor is noted as a supplier of SiC-based power semiconductors. | |
This competitor is mentioned as a supplier of SiC-based power semiconductors. | |
This competitor is identified as a supplier of both SiC-based and silicon-based power semiconductors. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Distributor A | Distributor of NVTS products | All | Revenue: 56% of net revenues in 2024 , 45% in 2023 <br> Accounts Receivable: 44% as of Dec. 31, 2024 , down from 77% as of Dec. 31, 2023 <br> Bad Debt: $7.5M in 2024 <br> Inventory Write-down: $5.0M in 2024 <br> R&D Charge: $1.7M in 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Halo Microelectronics International Corporation (minority interest in joint venture) | 2023 | Acquisition of the remaining minority interest in the silicon control IC joint venture was completed in February 2023 for $22.4 million in Navitas stock, also obtaining rights to certain intellectual property including an intangible asset valued at $4.4 million. This deal consolidated Navitas’ control over the joint venture originally formed in 2021 and enhanced its technology portfolio. |
GeneSiC Semiconductor Inc. | 2022 | Completed on August 15, 2022, the deal involved approximately $246.2 million of total consideration (including about $99.3 million in cash, 24.9 million shares of Navitas common stock valued at $146.3 million, and potential future earn-out payments up to $25 million). Strategically, it positioned Navitas as a pure-play next-generation power semiconductor company by combining its GaN strengths with GeneSiC’s SiC expertise to serve markets including EVs, solar, and energy storage. |
VDDTech srl | 2022 | Completed on June 10, 2022, this acquisition was executed for a total consideration of approximately $1.9 million in cash and stock, involving the issuance of 414,207 shares (including time- and performance-based restricted shares). The deal provided advanced digital isolator technology optimized for high-speed GaN and SiC applications, supporting Navitas’ strategy to deliver a complete power stage solution with potential market expansion up to $1 billion per year. |
Recent press releases and 8-K filings for NVTS.
- Navitas pivots to AI data center market, leveraging its GaN and SiC technologies to address hyperscale power needs; shares have climbed 125% YTD.
- Achieved a 10× power density increase, scaling from 1 kW (silicon) to 12 kW in 24 months by combining SiC-based PFC and GaN-based DC-DC stages plus new IntelliWeave control topology.
- Partnering with NVIDIA on an 800 V data center roadmap for next-gen GPUs (Blackwell, Rubin), including development of high-voltage solid-state transformers to step down grid voltages efficiently.
- Running 40 customer development programs for 48 V data centers, securing design wins with major OEMs and forming a secondary sourcing agreement with Infineon to ensure volume scale-up.
- Navitas targets high-voltage data centers with 40 GaN/SiC design wins, sampling 650 V GaN chips in early 2025 and anticipating commercial ramp in late 2026–2027.
- Named in NVIDIA’s announcement for 800 V server rack architecture, driving demand for SiC and GaN power semiconductors in megawatt-scale data centers.
- GaN mobile charger segment delivered 50% revenue growth in 2024, serving top OEMs, while SiC sales saw a slowdown due to inventory corrections in solar and EV markets.
- Proprietary GAN SAFE GaN ICs integrate drivers and protections for high reliability and ultra-high voltage SiC devices up to 6.5 kV, backed by over 200 patents.
- Established a broad cross-license agreement with Infineon to enable dual-sourcing and standardize footprints for large hyperscaler deployments.
- Navitas has been selected by NVIDIA to collaborate on its next-generation 800 V HVDC data center power infrastructure, targeting 1 MW IT racks powered by GPUs like Rubin Ultra.
- The new 800 V HVDC approach directly converts 13.8 kV AC grid power to high-voltage DC at the data center perimeter, eliminating multiple conversion stages for greater efficiency and reliability.
- Higher voltage delivery allows up to 45% reduction in copper wire thickness compared to traditional 54 V systems, enabling scalable power densities beyond current 200 kW limits.
- Navitas will supply its GaNFast™ gallium nitride and GeneSiC™ silicon carbide power technologies, featuring integrated protection, high-speed switching and up to 25 °C lower case temperatures.
- NVIDIA’s 800 V HVDC design is expected to improve end-to-end power efficiency by up to 5% and reduce maintenance costs by 70%, driven by fewer PSU failures and lower cooling requirements.