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Investing.com -- Navitas Semiconductor (NASDAQ:NVTS) reported fourth-quarter 2024 results that fell short of analyst expectations, sending shares plummeting 16% in after-hours trading on Monday.
The gallium nitride (GaN) and silicon carbide (SiC) power semiconductor company posted revenue of $18 million for the quarter, missing the consensus estimate of $23.99 million. Adjusted earnings per share came in at -$0.06, in line with analyst projections.
Navitas also issued disappointing guidance for the first quarter of 2025, forecasting revenue between $13 million and $15 million, below the $15.8 million analysts were expecting.
Despite the weak results, CEO Gene Sheridan highlighted the company’s progress in key markets. "We achieved record GaN revenues from mobile, consumer and appliance sectors, while both GaN and SiC started shipping into data centers in the second half of 2024," he stated.
For the full year 2024, Navitas reported revenue of $83.3 million, up 5% YoY. The company closed the year with $450 million in customer design-wins, which Sheridan said gives them "increased confidence to resume a healthier growth rate in late ’25 and beyond."
Navitas saw significant growth in its customer pipeline, which increased 92% YoY to $2.4 billion. The data center segment emerged as the fastest-growing end-market, with its pipeline value more than doubling to $165 million.
The company ended the quarter with $86.7 million in cash and cash equivalents. Navitas plans to unveil new semiconductor and system-level innovations on March 12th, which it expects will drive improvements in energy efficiency and power density across multiple markets.
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