Navitas Q3 revenue $21.7M, flat YoY; non-GAAP loss widens; cost cuts and new GaN platform

Navitas Semiconductor Corp

2024-Q3 EPS reported -$0.25 revenue$65,324,000

Revenue $21.7M (-1.4% YoY, +5.9% QoQ); GAAP operating loss $29.0M vs $28.6M YoY.
Non-GAAP operating loss $12.7M, wider than $8.7M in Q3 2023; cash $98.6M.
New 80-200V GaN platform for 48V AI data center, EV, robotics; strategic dual-sourcing with Infineon.
Cost reduction plan: 14% headcount reduction (~45 employees), expected $2M quarterly savings.
Q4 guidance: revenue $18-20M; non-GAAP gross margin ~40%; operating expenses ~$20.5M.

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