---
title: "Navitas Semiconductor guides Q4 revenue up 119% on AI demand, with growth funded by stock sales"
description: "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."
publisher: "The Inference"
section: "Chips"
published: 2026-11-03T22:14:19.528Z
modified: 2026-11-03T22:14:19.528Z
canonical: https://theinference.org/article/navitas-semiconductor-guides-q4-revenue-up-119-on-ai-demand-with-growth-funded-by-stock-sales
language: en
keywords: "Semiconductors, Earnings, Guidance, AI Infrastructure, Stock Moves"
---

# 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.

## The AI pivot finally shows up in revenue

[Navitas Semiconductor](https://theinference.org/markets/companies/navitas-semiconductor) (Nasdaq: NVTS), the Torrance, California maker of gallium-nitride and silicon-carbide power chips, [filed third-quarter results on November 3, 2026](https://www.sec.gov/Archives/edgar/data/1821769/000162828026069489/0001628280-26-069489-index.htm), 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](https://theinference.org/markets/companies/nvidia) 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].

*Chart: **The mobile exit more than halved Navitas revenue; the guided rebuild has not regained late-2024 levels** Column chart of Navitas Semiconductor quarterly net revenue from Q4 2024 through a guided Q4 2026, showing revenue falling by more than half after the mobile exit and then rebuilding.*

*The mobile exit more than halved Navitas revenue; the guided rebuild has not regained late-2024 levels [1][7]*

## 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](https://www.sec.gov/Archives/edgar/data/1821769/000110465926058727/tm2613239d2_424b5.htm), its proceeds earmarked for general purposes including potential acquisitions [6]. In October it [closed the Claros purchase](https://www.msn.com/en-us/news/money/navitas-closes-claros-deal-as-ai-chips-hit-a-power-wall/ar-AA2dLav7), about $216 million at closing out of up to $233 million, adding integrated voltage regulators that deliver power directly into AI processors [1][5].

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](https://markets.businessinsider.com/news/stocks/onsemi-reports-third-quarter-2026-results-1036702830), at about 34 times forward sales against a three-year average of 31 [2].

[onsemi](https://theinference.org/markets/companies/onsemi) (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](https://theinference.org/markets/companies/monolithic-power-systems) (Nasdaq: MPWR) booked [$1.2 billion of quarterly revenue](https://theinference.org/article/monolithic-power-systems-posts-its-first-1-billion-quarter-raises-its-ai-rack-growth-floor-to-150), with enterprise data up 164.6%, and is [sampling gallium-nitride parts for the same 800-volt racks](https://www.securities.io/monolithic-power-systems-q3-revenue-tops-1-billion-for-first-time/) [4].

## The guide clears the bar

[Analysts had put the bar near $15 million](https://finance.yahoo.com/markets/stocks/articles/navitas-soars-8-onsemi-175-195020270.html) 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].

## Takeaway

Navitas returned to year-over-year growth with a $16.0 million fourth-quarter guide and AI infrastructure passing 40% of sales, but the 34-times-forward-sales multiple rests on a $14 million quarter funded by stock sales, while richer rivals onsemi and Monolithic Power push into the same 800-volt rack.

## Sources

1. [Navitas Semiconductor, Form 8-K with Q3 2026 press release, SEC EDGAR, 3 November 2026](https://www.sec.gov/Archives/edgar/data/1821769/000162828026069489/0001628280-26-069489-index.htm)
2. [Yahoo Finance, Navitas Soars 8% on onsemi's 175% AI Data Center Jump Ahead of Its Own Report, 3 November 2026](https://finance.yahoo.com/markets/stocks/articles/navitas-soars-8-onsemi-175-195020270.html)
3. [onsemi press release via GlobeNewswire/Markets Insider, onsemi Reports Third Quarter 2026 Results, 2 November 2026](https://markets.businessinsider.com/news/stocks/onsemi-reports-third-quarter-2026-results-1036702830)
4. [Securities.io, Monolithic Power Systems Q3 Revenue Tops $1 Billion for First Time, 29 October 2026](https://www.securities.io/monolithic-power-systems-q3-revenue-tops-1-billion-for-first-time/)
5. [TheStreet via MSN, Navitas closes Claros deal as AI chips hit a power wall, 7 October 2026](https://www.msn.com/en-us/news/money/navitas-closes-claros-deal-as-ai-chips-hit-a-power-wall/ar-AA2dLav7)
6. [Navitas Semiconductor prospectus supplement, Form 424B5, SEC, 11 May 2026](https://www.sec.gov/Archives/edgar/data/1821769/000110465926058727/tm2613239d2_424b5.htm)
7. [SEC EDGAR, Navitas Semiconductor company filings, quarterly revenue history, retrieved 3 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001821769)


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Navitas Semiconductor guides Q4 revenue up 119% on AI demand, with growth funded by stock sales — The Inference. Canonical: https://theinference.org/article/navitas-semiconductor-guides-q4-revenue-up-119-on-ai-demand-with-growth-funded-by-stock-sales