Navitas Semiconductor Corporation (NASDAQ: NVTS), a leading next-generation power semiconductor company, reported its fourth-quarter and full-year 2024 financial results on Monday. The company met analysts' earnings estimates for the quarter but fell short on revenue expectations, triggering a sharp sell-off in its shares during the after-hours trading session.
For the fourth quarter ended December 31, 2024, Navitas reported a net loss of $0.06 per share, in line with analysts' consensus estimate. However, the company's revenue of $18.0 million missed the consensus estimate of $19.02 million by 5.5%, reflecting the impact of broader industry headwinds and a slowdown in certain end markets.
Despite the revenue miss, Navitas highlighted several positive developments during the quarter. The company's customer pipeline grew by 92% year-over-year to $2.4 billion, driven by strong demand in the data center, electric vehicle (EV), mobile, and solar segments. Navitas secured over 40 customer wins in the data center market, where its GaN and SiC power solutions are gaining traction for AI and autonomous driving applications.
Furthermore, Navitas announced plans to unveil a breakthrough technology on March 12th that could create a "paradigm shift" across multiple major end markets. The company expects this innovation to drive significant improvements in energy efficiency and power density, further accelerating the adoption of GaN and SiC solutions over traditional silicon devices.
Looking ahead, Navitas provided guidance for the first quarter of 2025, expecting net revenues in the range of $13.0 million to $15.0 million. The company also expects non-GAAP gross margin to be around 38% and non-GAAP operating expenses to be approximately $18.0 million in the upcoming quarter.
Despite the positive developments and guidance, Navitas Semiconductor's shares plunged over 13% in after-hours trading on Monday. The sell-off likely reflects investors' concerns about the revenue miss and the broader macroeconomic challenges impacting the semiconductor industry.
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