Navitas Semiconductor Corp (NASDAQ:NVTS) reported financial results for the third quarter after the market close on Monday. Here’s a look at the key details from the report.

Q3 Highlights: Navitas Semiconductor reported third-quarter revenue of $10.11 million, beating analyst estimates of $10.01 million, according to Benzinga Pro. The company reported an adjusted loss of five cents per share for the third quarter, in line with analyst estimates.

Total revenue was down from $21.7 million on a year-over-year basis. The company ended the period with $150.6 million in cash and cash equivalents.

“I’m excited to be leading the Navitas 2.0 team at this pivotal moment, as demand accelerates across high-power semiconductor markets for AI data centers, performance computing, energy and grid infrastructure, and industrial electrification,” said Chris Allexandre, president and CEO of Navitas.

“Navitas’ decade-long technology leadership in gallium nitride (GaN) and high-voltage silicon carbide (SiC) strongly positions us to capitalize on these global megatrends.”

Outlook: Navitas Semiconductor expects fourth-quarter revenue to be between $6.75 million and $7.25 million versus estimates of $10.05 million.

The weak guidance appears to be weighing on shares after hours. Navitas attributed the soft guidance to its decision to deprioritize its low power, lower profit China mobile and consumer business and streamline its distribution network to pivot to higher power revenue and customers.

NVTS Price Action: Navitas Semiconductor shares were down 11.27% in Monday's after-hours session, trading at $10.87 at the time of publication, according to Benzinga Pro.