Revenue declined 27.3% sequentially to $10.5M in 2026Q2, with gross margin turning negative at -9.5%, a stark reversal from the 41.1% gross margin in 2024Q1, reflecting severe pricing pressure and inventory write-downs.
Navitas Semiconductor Corp (NVTS) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 36.53M | 45.92M | 83.3M | 79.46M | 37.94M | 23.74M | 11.85M | 1.69M |
| Revenue Growth % | -46.4% | -44.88% | 4.84% | 109.41% | 59.85% | 100.32% | 602.37% | - |
| Cost of Goods Sold | 37.16M | 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 | -620K | 14.25M | 28.34M | 31.06M | 11.95M | 10.69M | 3.71M | 520K |
| Gross Margin % | -1.7% | 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 | 98.11M | 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 | 39.99M | 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 | 53.38M | 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 | 1000K | 18.94M | 20.15M | 18.82M | 6.91M | 345K | 0 | 0 |
| Operating Income | -98.73M | -87.25M | -130.68M | -118.13M | -123.64M | -68.51M | -18.8M | -17.09M |
| Operating Margin % | -270.25% | -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 | -87.47M | -64.86M | -108.78M | -97.15M | -115.8M | -67.75M | -18.29M | -16.71M |
| EBITDA Margin % | -239.42% | -141.27% | -130.59% | -122.27% | -305.19% | -285.44% | -154.38% | -990.46% |
| EBITDA Growth % | 4.57% | 40.37% | -11.97% | 16.1% | -70.91% | -270.4% | -9.47% | - |
| D&A (Non-Cash Add-back) | 11.26M | 22.39M | 21.89M | 20.98M | 7.84M | 755K | 511K | 385K |
| EBIT | -111.41M | -116.04M | -88.7M | -146.47M | 50.08M | -152.64M | -18.8M | -17.09M |
| Net Interest Income | 479K | -863K | -150K | 1.31M | 1.39M | -257K | -236K | 254K |
| Interest Income | 1.39M | 0 | 0 | 1.31M | 1.39M | 22K | 4K | 254K |
| Interest Expense | 907K | 863K | 150K | 0 | 0 | 279K | 240K | 0 |
| Other Income/Expense | -214.26M | -29.65M | 45.73M | -28.34M | 173.71M | -84.13M | -236K | -254K |
| Pretax Income | -312.99M | -116.9M | -84.94M | -146.47M | 50.08M | -152.64M | -19.04M | -17.35M |
| Pretax Margin % | -856.7% | -254.6% | -101.97% | -184.34% | 131.97% | -643.07% | -160.68% | -1028.33% |
| Income Tax | 58K | 50K | -342K | -517K | -22.81M | 47K | 5K | 1K |
| Effective Tax Rate % | -0.02% | -0.04% | 0.4% | 0.35% | -45.56% | -0.03% | -0.03% | -0.01% |
| Net Income | -313.05M | -116.95M | -84.6M | -145.43M | 73.91M | -152.69M | -19.04M | -17.35M |
| Net Margin % | -856.86% | -254.71% | -101.56% | -183.04% | 194.8% | -643.26% | -160.72% | -1028.39% |
| Net Income Growth % | -151.46% | -38.24% | 41.83% | -296.76% | 148.41% | -701.75% | -9.77% | - |
| Net Income (Continuing) | -313.05M | -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) | -1.33 | -0.57 | -0.46 | -0.86 | 0.51 | -3.90 | -0.60 | -1.20 |
| EPS Growth % | -104.68% | -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 | 235.87M | 205.57M | 183.72M | 168.93M | 145.74M | 39.17M | 16.25M | 14.52M |
| Basic Shares Outstanding | 235.87M | 205.57M | 183.72M | 168.93M | 133.67M | 39.17M | 31.63M | 14.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NVTS stock.
For fiscal year 2025, Navitas Semiconductor Corp (NVTS) reported total revenue of $45.9M. This represents a 2621.8% increase compared to $1.7M in 2019.
Navitas Semiconductor Corp (NVTS) reported a net loss of $117.0M for the fiscal year ending 2025.
Navitas Semiconductor Corp (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 Corp (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.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Revenue Slide Shows No Bottom
TTM revenue fell roughly 45% year-over-year, with the latest quarter at $10.5M, down 27.3% sequentially. According to the income statement data, the decline is broad-based, though management's raised guidance suggests a possible near-term stabilization.
The revenue trajectory has been consistently negative for the past five quarters, with the most recent quarter showing a sequential decline of 27.3% to $10.5M. This suggests that the downturn is not yet over, despite management's guidance for double-digit sequential growth in H2. The heavy reliance on mobile/consumer electronics, which is cyclical and geographically concentrated in Asia, likely explains the sharp contraction. Investors should monitor whether the pivot to data center and EV applications can offset the ongoing weakness in the core market.
Gross Margin Collapse Raises Doubts
Gross margin turned negative at -9.5% in the latest quarter, a stark contrast to the 41.1% reported in 2024Q1. As per the financial statements, this deterioration suggests severe pricing pressure or inventory write-downs, undermining the company's fabless model.
The gross margin has swung from a healthy 41.1% in 2024Q1 to -9.5% in 2026Q2, indicating that the company is selling below cost. This could be due to a mix shift toward lower-margin products, excess inventory, or one-time charges. The negative gross margin is unsustainable and suggests that the company lacks pricing power in its current markets. Without a significant improvement in product mix or cost structure, the path to profitability remains elusive.
Operating Losses Outpace Revenue
Operating margin remains deeply negative at -259% in the latest quarter, with operating losses of $27.2M against revenue of $10.5M. Based on the reported figures, the company's cost structure is severely decoupled from its revenue scale, indicating a high-risk spend-ahead-of-growth posture.
The operating loss of $27.2M on revenue of $10.5M implies that the company is spending more than two and a half times its revenue on operating expenses. R&D and SG&A combined totaled $26.2M, nearly equal to the entire revenue base. This suggests that the company is investing heavily in future growth, but the lack of operating leverage means that even a doubling of revenue would not bring it close to breakeven. The negative operating margin is a clear red flag for investors.
Net Loss Widens on Non-Operating Items
Net income of -$228.2M in 2026Q2 is far worse than the operating loss of -$27.2M, implying a massive non-operating charge. According to the income statement data, this may include impairments or fair value adjustments, which are not indicative of core operations.
The net loss of $228.2M is over eight times the operating loss, suggesting a significant one-time charge, possibly related to the GeneSiC acquisition or an impairment. This distorts the underlying earnings quality and makes the EPS of -$0.95 less meaningful. Investors should adjust for these non-operating items to assess the true cash burn. The absence of an EPS disclosure for the quarter further complicates the analysis, but the net margin of -2174% highlights the severity of the loss.
R&D and SG&A Remain Sticky
Combined R&D and SG&A expenses have remained above $20M per quarter for the past year, even as revenue halved. As reported in the financial statements, this indicates a lack of cost flexibility, with R&D spending staying elevated to support the design-win pipeline.
R&D expenses have been relatively stable, ranging from $11.5M to $20.2M, while SG&A has also remained high. This suggests that management is prioritizing long-term growth over near-term cost containment. However, the lack of cost reduction in the face of a 45% revenue decline is concerning, as it implies that the company is not adapting to the current demand environment. The high fixed cost base will continue to pressure margins until revenue scales significantly.
The Bull Case Hinges on a Turnaround
Despite the dire financials, management's raised guidance for double-digit sequential growth in H2 suggests a potential inflection. However, the negative gross margin and deep operating losses indicate that the company is still far from profitability, and the market may be pricing in an overly optimistic recovery.
The most optimistic interpretation is that the company is at the bottom of a cyclical downturn and that the sequential revenue improvement in the latest quarter marks the beginning of a recovery. The raised guidance supports this view, but the absolute revenue base is small, and the gross margin is negative. Even if revenue grows as guided, the company would still be generating significant losses. The market's valuation appears to be a speculative bet on GaN adoption, but the financials do not yet support a fundamental turnaround. Investors should demand evidence of sustained margin improvement before assigning any value to the growth narrative.