Navitas Semiconductor guides Q4 revenue up 119% on AI demand, with growth funded by stock sales
Navitas filed its first year-over-year growth quarter since 2024 on November 3: $14.0 million of revenue, a $16.0 million fourth-quarter guide, and AI infrastructure passing 40% of sales. The same 800-volt rack is filling with onsemi and Monolithic Power, who bring free cash flow where Navitas brings a shareholder-funded $531.5 million cash pile.
Vincent Jiang · 3 min read
The AI pivot finally shows up in revenue
Navitas Semiconductor+15.21% — Navitas Semiconductor, up 15.21 percent today (Nasdaq: NVTS), the Torrance, California maker of gallium-nitride and silicon-carbide power chips, filed third-quarter results on November 3, 2026, and for the first time since 2024 the pivot reads in the revenue line 1. Revenue was $14.0 million, up 33% sequentially and 38% year over year, at a 40.0% non-GAAP gross margin; the GAAP net loss was $37.1 million, $6.9 million on a non-GAAP basis 1.
The quarter extended the NVIDIA+3.71% — NVIDIA, up 3.71 percent today rack slot with an 800-volt-to-12-volt power delivery board, alongside an 800-volt reference design with Microchip 1. AI infrastructure, meaning AI data centers plus grid equipment, is expected to pass 40% of sales by year-end, with book-to-bill well above one and backlog into mid-2027 1.
The turn follows a long fall: revenue slid from $18.0 million in late 2024 to $7.3 million in the fourth quarter of 2025 as mobile exited 7.
The mobile exit more than halved Navitas revenue; the guided rebuild has not regained late-2024 levels
- Revenue
- Estimate
Data
| Revenue | |
|---|---|
| Q4 2024 | $17.98M |
| Q1 2025 | $14.02M |
| Q2 2025 | $14.49M |
| Q3 2025 | $10.11M |
| Q4 2025 | $7.3M |
| Q1 2026 | $8.6M |
| Q2 2026 | $10.53M |
| Q3 2026 | $13.99M |
| Q4 2026 guide (estimate) | $16M |
Shareholders financed the wait
The cash came from issuing stock while operations lost money. Cash tripled to $531.5 million at September 30 from $236.9 million at year-end 1, and the share count used for per-share math rose 23% in a year, to 261.5 million 1.
In May 2026 Navitas filed a $125 million at-the-market equity program, its proceeds earmarked for general purposes including potential acquisitions 6. In October it closed the Claros purchase, about $216 million at closing out of up to $233 million, adding integrated voltage regulators that deliver power directly into AI processors 15.
Full-year 2026 revenue grows only 7% at the guidance midpoint, with high-power up 125% and mobile and consumer falling to effectively zero 1.
Richer rivals moved into the same rack
The market re-rated the story before the numbers: NVTS rose as much as 14.5% intraday on onsemi's report, at about 34 times forward sales against a three-year average of 31 2.
onsemi+4.41% — onsemi, up 4.41 percent today (Nasdaq: ON) grew AI data center revenue 175% year over year on $489 million of quarterly free cash flow, and agreed to pay $600 million for Ferric, which does the processor-side power job Navitas bought Claros to do 3. Monolithic Power Systems+7.32% — Monolithic Power Systems, up 7.32 percent as of its last quote (Nasdaq: MPWR) booked $1.2 billion of quarterly revenue, with enterprise data up 164.6%, and is sampling gallium-nitride parts for the same 800-volt racks 4.
The guide clears the bar
Analysts had put the bar near $15 million of fourth-quarter revenue to hold full-year estimates 2. Navitas guided $16.0 million, plus or minus $0.5 million, up 119% year over year, at a 40.5% non-GAAP gross margin 1. The call runs tonight at 5 p.m 1. Eastern 1. The open question is demand proof: no end customer stands behind the backlog by name, and Claros is not expected to drive growth until around 2028 or 2029 2. Until a customer is named, the multiple rests on a $14 million quarter 2.
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