-- Accelerating strategic pivot to Navitas 2.0 with focus on GaN and 
      high-voltage SiC solutions targeting high growth, high-power markets (AI 
      Data Centers, Grid and Energy Infrastructure, Performance Computing and 
      Industrial Electrification) totaling $3.5 billion serviceable available 
      market $(SAM)$ in 2030 
 
   -- High-power markets represented majority of quarterly revenue for the 
      first time in the Company's history with mobile declining to less than 
      25% 
 
   -- Anticipates a return to top-line sequential growth beginning in the first 
      quarter and throughout 2026 driven by high-power markets 

TORRANCE, Calif., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Navitas Semiconductor, (Nasdaq: NVTS), an industry leader in next-generation GaNFast$(TM)$ gallium nitride (GaN) and GeneSiC(TM) silicon carbide (SiC) power semiconductors, today announced unaudited financial results for its fourth quarter and full year 2025 ended December 31, 2025.

"We closed out the year with a productive fourth quarter, as we continued to accelerate our pivot to Navitas 2.0 and align the entire organization's focus on addressing high-power markets with our industry-leading GaN and high-voltage SiC solutions," said Chris Allexandre, President and CEO of Navitas. "As evidence of our progress, high-power markets contributed a majority of revenue for the first time. We also formalized engagements with multiple strategic partners, highlighted by a long-term strategic foundry and technology partnership with GlobalFoundries to accelerate U.S.-based GaN manufacturing. We also streamlined our go-to-market strategy to focus on the growing adoption of high-power GaN and SiC technologies in AI data centers, energy and grid infrastructure, performance computing and industrial electrification. Also during the quarter, we initiated customer sampling of our new 650V GaN for AI data center applications as well as expanded sampling of our mid-voltage 100V GaN and our ultra- high-voltage 2300V and 3300V SiC modules. These solutions deliver high efficiency and best-in-class reliability, targeting modernized energy grid and renewable energy infrastructure.

"Concurrent with our strategic repositioning of the Company, we are increasingly seeing AI as a catalyst that is driving momentum and broadening adoption of high-power solutions across all of our target end markets. Looking ahead, we anticipate a return to top-line sequential growth beginning in the first quarter, driven by increased revenue contribution from our high-power markets while reducing our exposure to mobile and consumer. With continued execution on our Navitas 2.0 strategy and the expected benefits from our optimized cost structure, refined go-to-market strategy and accelerated products roadmap, we believe the Company is on a path to achieve renewed top-line growth combined with gradual improvements in gross margin bottom-line results over the coming year."

Fourth Quarter 2025 Financial Highlights

   -- Revenue: Total revenue was $7.3 million in the fourth quarter of 2025, 
      compared to $10.1 million in the third quarter of 2025 and $18.0 million 
      in the fourth quarter of 2024. 
 
   -- Loss from Operations: GAAP loss from operations for the quarter was $41.4 
      million, compared to a loss of $19.4 million for the third quarter of 
      2025 and a loss of $39.0 million for the fourth quarter of 2024. On a 
      non-GAAP basis, loss from operations for the quarter was $12.1 million 
      compared to a loss of $11.5 million for the third quarter of 2025 and a 
      loss of $12.7 million in the fourth quarter of 2024. 
 
          -- Fourth quarter 2025 GAAP results included a $16.6 million 
             restructuring and impairment charge, of which $3.8 million was 
             non-cash. 
 
   -- Cash: Cash and cash equivalents was $236.9 million as of December 31, 
      2025, compared to $150.6 million as of September 30, 2025. 
 
          -- Completed successful private placement of common stock in November 
             2025, generating net proceeds of $95.6 million in further support 
             of Navitas' strategic shift and acceleration into higher-power 
             markets. 

Recent Market, Customer and Technology Highlights:

   -- Announced long-term strategic technology and manufacturing partnership 
      with GlobalFoundries to accelerate GaN technology manufacturing in the 
      U.S. to address high-power markets with efficient, secure and scalable 
      solutions with availability in late 2026. 
 
   -- Accelerated customer sampling of 100V and new 650V GaN solutions 
      targeting AI data center 800V HVDC architecture and 48V IBC HV buck 
      architecture. 
 
   -- Announced breakthrough all-GaN 10 kW 800V--to--50V DC-DC platform, 
      employing advanced 650V and 100V GaNFast FETs and delivering 
      industry-leading 98.5% peak efficiency. 
 
   -- Accelerated sampling of new 2300V and 3300V ultra-high voltage SiC 
      products, featuring Trench-Assisted Planar technology and innovative 
      packaging, delivering best-in-class performance and reliability. 
 
   -- Recently launched 5th-generation GeneSiC(TM) technology platform that 
      delivers industry-leading performance, reliability and robustness to 
      extend Navitas' lead in AI data centers, grid and energy infrastructure, 
      and industrial electrification. 
 
   -- Forged strategic partnership with Cyient Semiconductors to co-develop GaN 
      products and build a local ecosystem in India, aiming to accelerate 
      adoption and capitalize on industrial electrification under the "Make in 
      India" initiative. 
 
   -- Consolidated Asian distribution channel and forged strategic and global 
      distribution partnership with WT Microelectronics and Avnet to accelerate 
      GaN and high-voltage SiC adoption in AI data centers, high-performance 
      computing and additional target end markets globally. 

First Quarter 2026 Business Outlook

   -- First quarter 2026 net revenues are expected to increase to between $8.0 
      million and $8.5 million. Non-GAAP gross margin is expected to be 38.7% 
      plus or minus 25 basis points, and non-GAAP operating expenses are 
      expected to be approximately $15 million. 

Fourth Quarter and Full Year 2025 Financial Results Conference Call and Webcast Information:

When: Tuesday, February 24, 2026

Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)

Toll Free Dial-in: 1-800-715-9871 or 1-646-307-1963

Conference ID: 4101022

Webcast: Click Here

Additionally, a live and archived audio webcast of the conference call as well as supporting presentation materials will be accessible from the Investor Relations section of the Company's website at ir.navitassemi.com.

Non-GAAP Financial Measures

This press release and statements in our public webcast include financial measures that are not calculated in accordance with generally accepted accounting principles ("GAAP"), which we refer to as "non-GAAP financial measures," including (i) non-GAAP gross profit, (ii) non-GAAP gross margin, (iii) non-GAAP operating expense, (iv) non-GAAP research and development expense, (v) non-GAAP selling, general and administrative expense, (vi) non-GAAP loss from operations, (vii) non-GAAP operating margin, and (viii) non-GAAP net loss and net loss per share. Each of these non-GAAP financial measures are adjusted from GAAP results to exclude certain expenses which are outlined in the "Reconciliation of GAAP Results to Non-GAAP Financial Measures" tables below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance and enable comparison of financial trends and results between periods where certain items may vary independently of business performance. We believe these non-GAAP financial measures offer an additional view of our operations that, when coupled with the GAAP results and the reconciliations from corresponding GAAP financial measures, provide a more complete understanding of the results of operations. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Cautionary Statement Regarding Forward-Looking Statements

This press release, including the paragraph headed "Near Term Business Outlook," includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are attempts to predict or indicate future events or trends or similar statements that are not a reflection of historical fact. Forward-looking statements may be identified by the use of words such as "we expect" or "are expected to be," "estimate," "plan, " "project," "forecast," "intend," "anticipate," "believe," "seek," or other similar expressions. Forward-looking statements are made based on estimates and forecasts of financial and performance metrics, projections of market opportunity and market share and current indications of customer interest, all of which are based on various assumptions, whether or not identified in this press release. All such statements are based on current expectations of the management of Navitas and are not predictions of actual future performance. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations. Many actual events and circumstances that affect performance are beyond the control of Navitas, and forward-looking statements are subject to a number of uncertainties.

Our business is subject to certain risks that could materially and adversely affect our business, financial condition, results of operations, or the value of our securities. These and other risk factors are discussed in the Risk Factors section beginning on our most recent annual report on Form 10-K, as updated in the Risk Factors section of our most recent quarterly report on Form 10-Q, and in other documents we file with the SEC. If any of these risks, as discussed in more detail in our SEC reports, materialize or if our assumptions underlying forward-looking statements prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. Examples of some of these risk factors include:

   -- Risks Related to High-Power Markets: Last year, we announced an enhanced 
      focus on AI data centers, energy and grid infrastructure, performance 
      computing and industrial electrification, and a de-emphasis on mobile and 
      consumer products. We may not successfully execute our strategic 
      transition to these new markets and customer applications, which could 
      adversely affect our business, results of operations, and financial 
      condition. This strategic realignment entails significant operational, 
      technical, and market risks. Our success in these markets depends on 
      factors including our ability to (i) develop and scale semiconductor 
      solutions that meet demanding power, efficiency, and performance 
      requirements of our customers; (ii) compete against established 
      incumbents with substantial R&D and manufacturing resources; (iii) 
      anticipate rapidly evolving customer needs and technological standards in 
      these high-power and high-performance segments; and (iv) secure design 
      wins and long-term supply agreements in new and unfamiliar market 
      segments. 
 
   -- Market Acceptance and Addressable Market Uncertainty: The demand for our 
      products, and our customers' products, in new or emerging markets is 
      difficult to forecast, as customer preferences may not be fully known and 
      can evolve rapidly. Further, demand for our products depends on the 
      acceptance of underlying new and developing system architectures. For 
      example, our predictions for the use of GaN- and SiC-based products in 
      800 V AI data center power applications depend on assumptions regarding 
      the acceptance and growth of 800 V systems themselves. Our forecasts are 
      based on market opportunities across a "Serviceable Addressable Market" 
      or "SAM", which is based on a number of assumptions and predictions. We 
      could be wrong about the size or timing of our SAM, which could in turn 
      diminish the market opportunities available to us. 
 
   -- Unpredictable Historical Data and Competitive Dynamics: In established 
      markets, revenue projections can be supported by trends from prior 
      periods. In contrast, there is little or no precedent for products aimed 
      at new use cases, rendering traditional forecasting methods less 
      reliable. To the extent our products reshape or create new market 
      landscapes, the competitive environment may evolve in unexpected ways. 
      For example, new competitors may emerge, or traditional competitors with 
      established R&D and manufacturing resources, and long-standing customer 
      relationships, may choose to offer competitive GaN or high-voltage SiC 
      solutions. 
 
   -- Other Risk Factors: Other risk factors related to our business include 
      our ability to achieve design wins and to convince our current and 
      prospective end customers to design our products into their product 
      offerings, the risk that revenues from design wins may not materialize, 
      the possibility that we may fail to accurately anticipate and respond to 
      rapid technological change in the industries in which we operate or adopt 
      to emerging industry standards, our dependence on a few key customer and 
      distributors for a significant portion of our revenue, and the fact our 
      business is subject to volatile demand and seasonal fluctuations. In 
      addition, our supply chain is also subject to risks, including our 
      reliance on single sources of supply for certain essential services, the 
      risk that our suppliers may have quality, yield or capacity issues, the 
      fact that we are exposed to fluctuations in prices for raw materials and 
      components, and the risk that our products will not meet the reliability 
      standards expected of high power semiconductor devices. This is not a 
      summary of all of the risks that could affect our business and you are 
      encouraged to review the full list of risk factors in our SEC filings. 

Note Regarding Customer Pipeline and Design Wins

In our investor and other communications we may refer to the terms "customer pipeline" and "design wins" in discussions of potential future business opportunities. Each of these terms, together with information we may disclose about anticipated future business in relation to these terms, constitute "forward-looking statements" as described above and, accordingly, should be interpreted in light of related risks which, if materialized, could cause actual results to differ materially from those indicated from our view of customer pipeline and design wins today. More specifically, "customer pipeline" reflects estimated potential future business based on interest expressed by potential customers for qualified programs, stated in terms of estimated revenue that may be realized over the life of the customer's end product. A "design win" reflects an end customer's selection of a Navitas product for a specific production program, stated in terms of revenues that may be realized over the life of the customer's end product. However, customer pipeline figures and design wins do not represent customer orders or forecasts, are not proxies for backlog or estimates of future revenue, and should not be considered as any other measure or indicator of financial performance. Rather, Navitas uses these terms to indicate the company's current view of future potential business and related changes across various end markets. Time horizons vary based on product type and application. As a result, actual business realized will depend on several factors, including (i) whether potential customers ultimately choose the Navitas solution, (ii) the portion of the customer program awarded to the Navitas solution as compared to other sources in dual- or multiple-source cases, (iii) successful customer qualification of the selected solution, (iv) the time needed for customers to begin mass production, (v) the duration and pace of the customer's ramp to full production, and (vi) strategic decisions of Navitas throughout the process based on expected revenues, margins and other factors relating to pipeline opportunities and design wins.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is a next-generation power semiconductor leader in gallium nitride (GaN) and IC integrated devices, and high-voltage silicon carbide (SiC) technology, driving innovation across AI data centers, energy and grid infrastructure, performance computing and industrial electrification. With more than 30 years of combined expertise in wide bandgap technologies, GaNFast(TM) power ICs integrate GaN power, drive, control, sensing, and protection, delivering faster power delivery, higher system density, and greater efficiency. GeneSiC(TM) high-voltage SiC devices leverage patented trench-assisted planar technology to provide industry-leading voltage capability, efficiency, and reliability for medium-voltage grid and infrastructure applications. Navitas has over 300 patents issued or pending and is the world's first semiconductor company to be CarbonNeutral$(R)$ -certified.

Navitas Semiconductor, GaNFast, GaNSense, GeneSiC, and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Investor Relations Contacts:

Shelton Group

Leanne Sievers | Brett Perry

nvts-ir@sheltongroup.com

 
 
                NAVITAS SEMICONDUCTOR CORPORATION 
    CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP) - UNAUDITED 
        (dollars in thousands, except per share amounts) 
 
                    Three Months Ended          Year Ended 
                       December 31,            December 31, 
                   --------------------  ------------------------ 
                     2025       2024        2025        2024 
                    -------    -------    --------    -------- 
Net revenues       $  7,296   $ 17,978   $  45,916   $  83,302 
Cost of revenues 
 (exclusive of 
 amortization of 
 intangible 
 assets included 
 below)               4,514     15,756      31,668      54,963 
Operating 
expenses: 
  Research and 
   development       12,386     18,974      49,830      76,002 
  Selling, 
   general and 
   administrative    10,475     16,354      35,196      62,863 
  Amortization of 
   intangible 
   assets             4,734      4,661      18,937      18,926 
  Restructuring 
   and impairment 
   expense           16,580      1,223      18,049       1,223 
                    -------    -------    --------    -------- 
    Total 
     operating 
     expenses        44,175     41,212     122,012     159,014 
Loss from 
 operations         (41,393)   (38,990)   (107,764)   (130,675) 
Other income 
(expense), net: 
  Interest income 
   (expense), 
   net                  369        (40)        863        (150) 
  Dividend income     1,161        981       3,537       5,233 
  (Loss) Gain 
   from change in 
   fair value of 
   earnout 
   liabilities        8,271     (6,276)    (12,424)     36,644 
  Other income 
   (expense), 

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