Revenue has contracted sharply from $26.1M in 2023Q4 to $8.6M in 2026Q1, while operating margins remain deeply negative at -3.2% in the most recent quarter.
| Sales/Revenue | 40.5M | 45.92M | 83.3M | 79.46M | 37.94M | 23.74M | 11.85M | 1.69M |
| Revenue Growth % | -45.38% | -44.88% | 4.84% | 109.41% | 59.85% | 100.32% | 602.37% | - |
| Cost of Goods Sold | 33.05M | 31.67M | 54.96M | 48.39M | 26M | 13.05M | 8.13M | 1.17M |
| COGS % of Revenue | - | 68.97% | 65.98% | 60.9% | 68.51% | 54.98% | 68.65% | 69.18% |
| Gross Profit | 7.44M | 14.25M | 28.34M | 31.06M | 11.95M | 10.69M | 3.71M | 520K |
| Gross Margin % | 18.38% | 31.03% | 34.02% | 39.1% | 31.49% | 45.02% | 31.35% | 30.82% |
| Gross Profit Growth % | - | -49.72% | -8.77% | 160.02% | 11.8% | 187.64% | 614.42% | - |
| Operating Expenses | 95.91M | 101.5M | 159.01M | 149.2M | 135.58M | 79.19M | 22.52M | 17.61M |
| OpEx % of Revenue | - | 221.06% | 190.89% | 187.77% | 357.34% | 333.65% | 190.04% | 1044.1% |
| Selling, General & Admin | 34.71M | 32.73M | 62.86M | 61.55M | 78.35M | 51.37M | 9.47M | 6.48M |
| SG&A % of Revenue | - | 71.29% | 75.46% | 77.47% | 206.5% | 216.44% | 79.91% | 384% |
| Research & Development | 51.73M | 49.83M | 76M | 68.83M | 50.32M | 27.48M | 13.05M | 11.14M |
| R&D % of Revenue | - | 108.52% | 91.24% | 86.62% | 132.61% | 115.75% | 110.13% | 660.11% |
| Other Operating Expenses | 2M | 18.94M | 20.15M | 18.82M | 6.91M | 345K | 0 | 0 |
| Operating Income | -93.65M | -87.25M | -130.68M | -118.13M | -123.64M | -68.51M | -18.8M | -17.09M |
| Operating Margin % | -231.25% | -190.03% | -156.87% | -148.68% | -325.85% | -288.62% | -158.69% | -1013.28% |
| Operating Income Growth % | - | 33.23% | -10.62% | 4.45% | -80.47% | -264.35% | -10% | - |
| EBITDA | -76.78M | -64.86M | -108.78M | -97.15M | -115.8M | -67.75M | -18.29M | -16.71M |
| EBITDA Margin % | -189.6% | -141.27% | -130.59% | -122.27% | -305.19% | -285.44% | -154.38% | -990.46% |
| EBITDA Growth % | 24.16% | 40.37% | -11.97% | 16.1% | -70.91% | -270.4% | -9.47% | - |
| D&A (Non-Cash Add-back) | 16.87M | 22.39M | 21.89M | 20.98M | 7.84M | 755K | 511K | 385K |
| EBIT | -72.41M | -116.04M | -88.7M | -118.13M | -123.64M | -68.51M | -18.8M | -17.09M |
| Net Interest Income | -369K | -863K | -150K | 1.31M | 1.39M | 0 | -236K | 254K |
| Interest Income | 0 | 0 | 0 | 1.31M | 1.39M | 0 | 4K | 254K |
| Interest Expense | 633K | 863K | 150K | 0 | 0 | 0 | 240K | 0 |
| Other Income/Expense | -40.23M | -29.65M | 45.73M | -28.34M | 173.71M | -84.13M | -236K | -254K |
| Pretax Income | -133.87M | -116.9M | -84.94M | -146.47M | 50.08M | -152.64M | -19.04M | -17.35M |
| Pretax Margin % | -330.59% | -254.6% | -101.97% | -184.34% | 131.97% | -643.07% | -160.68% | -1028.33% |
| Income Tax | 35K | 50K | -342K | -517K | -22.81M | 47K | 5K | 1K |
| Effective Tax Rate % | -0.03% | -0.04% | 0.4% | 0.35% | -45.56% | -0.03% | -0.03% | -0.01% |
| Net Income | -133.91M | -116.95M | -84.6M | -145.43M | 73.91M | -152.69M | -19.04M | -17.35M |
| Net Margin % | -330.67% | -254.71% | -101.56% | -183.04% | 194.8% | -643.26% | -160.72% | -1028.39% |
| Net Income Growth % | -37% | -38.24% | 41.83% | -296.76% | 148.41% | -701.75% | -9.77% | - |
| Net Income (Continuing) | -133.91M | -116.95M | -84.6M | -145.95M | 72.89M | -152.69M | -19.04M | -17.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 3.63M | 0 | 0 | 0 |
| EPS (Diluted) | -0.60 | -0.57 | -0.46 | -0.86 | 0.51 | -3.90 | -0.60 | -1.20 |
| EPS Growth % | -21.23% | -23.91% | 46.51% | -268.63% | 113.08% | -550% | 50% | - |
| EPS (Basic) | - | -0.57 | -0.46 | -0.86 | 0.56 | -3.90 | -1.17 | -1.20 |
| Diluted Shares Outstanding | 222.34M | 205.57M | 183.72M | 168.93M | 145.74M | 39.17M | 16.25M | 14.52M |
| Basic Shares Outstanding | 222.34M | 205.57M | 183.72M | 168.93M | 133.67M | 39.17M | 31.63M | 14.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Severe Revenue Contraction
As reported in recent financial filings, NVTS experienced a significant revenue decline, with quarterly figures falling from $26.1M in 2023Q4 to $8.6M by 2026Q1, representing a sharp contraction that challenges the company's previous growth narrative and suggests weakening demand within its core consumer electronics end-markets.
The consistent quarter-over-quarter revenue decay indicates that the company's transition toward data center and automotive applications has yet to offset the cyclical downturn in mobile power adapters. Investors should monitor whether this trajectory reflects a permanent loss of market share or merely a temporary inventory correction within the Asian supply chain.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a peak of 42.2% in 2023Q4 to negative territory in 2025Q3, which highlights the company's limited pricing power and vulnerability to manufacturing yield fluctuations in its fabless operating model.
The inability to maintain consistent gross margins suggests that the company is struggling to pass through costs or optimize its product mix effectively. This instability in the gross profit line complicates the path to profitability, as the firm lacks the scale to absorb the high fixed costs inherent in semiconductor R&D.
According to the latest quarterly data, NVTS continues to report deep operating losses, with operating margins reaching -190.03% in 2025Q3, demonstrating that the company's current operating expense structure is entirely decoupled from its diminished revenue base and lacks the necessary scale to achieve operational efficiency.
The persistent reliance on heavy R&D and SG&A spending despite declining top-line performance suggests a high-risk posture that prioritizes long-term market positioning over immediate fiscal discipline. Without a meaningful revenue inflection, the current operating leverage profile appears unsustainable and may necessitate further capital preservation measures.
As evidenced by the income statement, R&D and SG&A expenses remain elevated relative to revenue, with R&D alone often exceeding total gross profit, which indicates that management is aggressively funding future technology development despite the current lack of commercial scale and significant revenue contraction.
The company's cost structure is heavily weighted toward specialized engineering talent, which is essential for maintaining its GaN-on-Si integration lead but creates a rigid expense base. This expense discipline warrants further investigation, as the current burn rate appears to be predicated on growth assumptions that are not currently supported by the reported financial results.
Based on the provided figures, the market's valuation of NVTS appears to be a speculative bet on future GaN adoption, as the company's -44.88% YoY revenue decline and negative operating margins suggest that the firm is currently struggling to compete against more established, profitable power semiconductor incumbents.
Short-sellers may focus on the potential for further margin compression and the risk that the company's core technology may be commoditized by larger, better-capitalized competitors. The reliance on unproven data center and EV revenue streams to justify current valuations remains a significant risk factor that investors should monitor closely.
Quick answers to the most common questions about buying NVTS stock.
For fiscal year 2025, Navitas Semiconductor Corporation (NVTS) reported total revenue of $45.9M. This represents a 2621.8% increase compared to $1.7M in 2019.
Navitas Semiconductor Corporation (NVTS) reported a net loss of $117.0M for the fiscal year ending 2025.
Navitas Semiconductor Corporation (NVTS) reported an operating income of $-87.3M, resulting in an operating profit margin of -190.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Navitas Semiconductor Corporation (NVTS) generated $14.2M in gross profit for the year, representing a gross profit margin of 31.0%. This demonstrates the company's core pricing power and production efficiency.