Navitas Semiconductor Revenue Tops Estimates as AI Pivot Continues
The power chip maker beat Q2 2024 revenue expectations while narrowing its per-share loss, though the transition away from mobile chargers weighs on near-term results.
Navitas Semiconductor reported second-quarter 2024 revenue of $20.5 million, surpassing the consensus estimate of $20.02 million. The power chip maker posted a non-GAAP loss of $0.07 per share, in line with analyst expectations, as it continues pivoting from mobile chargers toward AI data center applications.
The results reflect a company in deliberate transition. Navitas has been exiting low-margin mobile charger businesses to focus on higher-value applications in AI data centers and electric vehicles—a shift that has contributed to revenue volatility but aims to improve long-term profitability.
Revenue Beat Masks Transition Costs
The Q2 2024 revenue beat contrasted with subsequent performance. By Q2 2025, revenue had declined to $14.5 million from $20.5 million a year earlier, underscoring the near-term impact of Navitas's portfolio restructuring.
Navitas specializes in advanced power integrated circuits, silicon carbide (SiC) devices, and digital isolators—technologies critical for power management in data centers and electric vehicles. The pivot toward AI infrastructure represents an attempt to capitalize on surging demand for efficient power delivery in machine learning workloads.
Profitability Remains Elusive
Despite the revenue beat, Navitas continues to grapple with profitability. The company has reported significant cash burn and net losses in recent fiscal years, a common pattern for semiconductor firms investing heavily in next-generation technology while scaling production.
The non-GAAP loss of $0.07 per share was either inline with consensus estimates of $0.07 or represented a slight beat against a $0.09 loss expectation, according to earnings call transcripts and multiple sources.
Why It Matters
The divergence between revenue performance and earnings underscores the broader challenge facing specialty chip makers: scaling technology and market position while managing the cash requirements of semiconductor development and manufacturing.
For Navitas, the stakes are particularly high. Success in AI data center applications could determine whether its strategic gambit pays off before cash reserves are depleted. Investors will be watching subsequent quarters for evidence that the mobile charger exit is complete and that AI-related revenue is gaining traction sufficient to reverse the cash burn trajectory.
The Q2 2024 results suggest the transition is underway but incomplete. Revenue exceeded expectations, yet the year-over-year decline by Q2 2025 indicates the company has not yet found stable footing in its new focus areas.