Navitas Semiconductor Corporation Q1 FY2026 earnings call

Company is focused on high-power markets including AI data center, energy and green infrastructure, performance computing, and industrial electrification. Q1 achieved return to growth with revenue up 18% sequentially driven by high-power markets. Continues to innovate in GAN and high-voltage SIC with R&D efforts. Operational efficiency improved with restructuring action substantially completed and new leadership team in place. Committed to financial discipline with focus on high-power programs.

Q1 revenue increased 18% sequentially to $8.6 million on a GAAP basis. Revenue from high-power business grew 25% year-over-year. High-power markets now represent a large majority of total revenue. Gross margin improved to 39.0% from 38.1% in Q1 2025.

Expect continued sequential growth in Q2 with revenue to $10.0 million plus or minus half a million. Non-GAAP gross margin expected to be 39.25% plus or minus 75 basis points. Non-GAAP operating expenses expected to remain approximately flat sequentially between $14.5 to $15.5 million.

Q: Could you talk about the dollar content that we could expect per WAC for silicon carbide on the first generation 800-volt architecture?

A: Chris responded referring to prior communication about content per megawatt for GAN and ACDC PSU.

Q: Specific to silicon carbide, do you expect pricing to stabilize?

A: Chris said they don't participate in low-voltage SIC business inside centers and customers focus on execution and power density.

Q: Can you provide more color on how having both Gann and Sick capabilities is helping in customer discussions?

A: Chris explained about different markets and architectures where both capabilities enable customers to have choices.

Q: What are key specs that matter most to hyperscalers when evaluating GAN products?

A: Chris said they've done samples of high-voltage and mid-voltage GAN and feedback is technology and packaging offering is adequate.

Q: Why would customers want to upgrade transformers not connecting to data centers?

A: Tyler Anderson's question was answered about need for SST due to grid rollout of AI and transformer inefficiencies.

Q: Sequential improvement heading into Q2, is it mostly data center driven?

A: Tanya and Chris discussed high power markets growth, AI infrastructure growth being stronger than expected and confidence in Q2 guidance.