Navitas Q2 2026 Results: Revenue Beat, Big GAAP Loss

Navitas Semiconductor reported Q2 2026 results on July 27, delivering a revenue beat but a sharply wider GAAP net loss after a non-cash earnout remeasurement. Management highlighted rising AI infrastructure demand and guided for stronger third-quarter revenue.

Quarter Results and Profitability

Navitas Semiconductor (Nasdaq: NVTS) reported unaudited Q2 2026 results for the quarter ended June 30. The company posted total revenue of $10.5 million, up 22% sequentially from $8.6 million but down from $14.5 million a year earlier.

GAAP gross margin improved to 0.4%, including roughly $4 million of intangible amortization. On a non-GAAP basis, gross margin rose to 39.5% from 39.0% in the prior quarter and 38.5% a year earlier.

The company recorded a GAAP loss from operations of $27.2 million and a GAAP net loss of $228.2 million, driven mainly by a $203.1 million non-cash remeasurement of earnout liabilities. Non-GAAP net loss was $9.3 million, with adjusted earnings per share of -$0.04, matching analyst estimates.

Navitas ended the quarter with $557.4 million in cash and cash equivalents. Its July 27 Form 8-K furnished the earnings presentation but disclosed no immediate capital-structure or ownership transactions.

Strategic Pivot and Outlook

Navitas is executing a strategic shift called “Navitas 2.0,” moving away from mobile and low-end consumer charging devices toward high-power applications such as AI data centers, grid and energy infrastructure, and industrial electrification. The company positions itself as a supplier of GaNFast (gallium nitride) and GeneSiC (silicon carbide) power semiconductors.

Management reported that high-power markets grew more than 50% year-over-year and now represent an increasing share of total revenue. AI infrastructure is expected to account for one-third or more of total revenue by the end of 2026.

Consensus estimates before the release ranged from roughly $9.84 million to $9.97 million for the quarter. The reported revenue exceeded this by about 6–7%. Management guided for third-quarter revenue near $13.5 million plus or minus $0.5 million, implying roughly 28% sequential growth if realized.

Shares fell in premarket trading on July 28 after investors focused on the size of the GAAP net loss despite the revenue beat. One transcript-style report cited a non-GAAP loss per share of -$0.95, inconsistent with the company’s adjusted EPS and other coverage.

The combination of the pivot into higher-growth AI power markets, modest non-GAAP margin expansion, and a sizable cash balance places near-term investor focus on execution and whether scaling high-power sales will produce sustained profitability through 2026.

Tonya Stevens, CFO, said, “Our second quarter results reflect the Company’s continued strong momentum and growth in high-power markets.”