The Army Award That Moved Navitas 20% Carries No Dollar Figure
A prototype grant for a 10 kV chip outside Navitas's commercial catalog, with no disclosed value or timeline, sent the stock up 20% after hours on Monday. By Tuesday's close the gain was gone, and the insiders' ledger still runs one way.
Vincent Jiang · 3 min read
After-hours buyers paid for a headline
Navitas closed Monday at $11.73, down 3.85% on the session 2. After hours, word crossed that the U.S. Army had selected the company to develop next-generation 10 kV silicon carbide power semiconductors 1, and the stock jumped 20% before paring to a 14% gain 2. Stocktwits message volume climbed to "high" and retail sentiment flipped "bullish" 2. Those buyers priced a number nobody has published.
A prototype grant, not an order
The award, named ALATTIS, is sponsored by the Army Research Laboratory under DEVCOM 1. It funds a prototype project: iteratively design, fabricate and test a domestic manufacturing process for 10 kV silicon carbide IGBTs and PiN diodes for future defense systems 1. The program's financial terms were not disclosed 2.
The chip does not exist yet
Navitas's own release calls the domestic 10 kV manufacturing process "currently unavailable" 1. The GeneSiC catalog it sells today stops at 6.5 kV 1. The star of Monday's rally is therefore a device built on a process no U.S. line can run yet, funded at an amount nobody has stated. First-day write-ups ran the release's language without a dollar figure for the award 34.
The fade, a model at $2.97, a ledger of only sales
Tuesday finished the trade: shares touched $12.77, up 8.87%, in the morning 3, then closed roughly flat as the silence on terms gave traders little reason to hold 5. A short base of 16.6% of float likely amplified the move 6. The stock remains up about 64% this year and down about 65% from its 3 June record of $34.17 6.
GuruFocus's fair-value model reads $2.97 against the $11.73 close, a 294.9% premium, with profitability ranked 2 of 10 and valuation 1 of 10 on a median price-to-sales history of 18.3x 7. Insiders sold $150.7 million of stock over the past year and bought nothing 7.
The rally left the stock at a third of its June record and four times the model's value
- Estimate
Data
| Value | |
|---|---|
| 3 June record close | 34.17 |
| Tuesday intraday high | 12.77 |
| Monday close | 11.73 |
| GuruFocus fair value (estimate) | 2.97 |
A $228 million loss on half the old revenue
Revenue has halved since 2024 while the cash burn widened
- Revenue
- Operating cash flow
Data
| Revenue | Operating cash flow | |
|---|---|---|
| Q3 '24 | $21.68M | -$13.72M |
| Q4 '24 | $17.98M | -$10.19M |
| Q1 '25 | $14.02M | -$13.53M |
| Q2 '25 | $14.49M | -$11.23M |
| Q3 '25 | $10.11M | -$10.02M |
| Q4 '25 | $7.3M | -$8.11M |
| Q1 '26 | $8.6M | -$16.36M |
| Q2 '26 | $10.53M | -$31.99M |
The filings beneath the pop: last quarter's revenue was $10.5 million, down 27.3% year over year and half the $21.7 million of late 2024, with operating cash flow negative in all eight quarters 8. The June quarter booked a $228.2 million GAAP net loss against a non-GAAP loss of four cents a share 89, and the company raised roughly $373 million of fresh capital in the period 9.
The bull case, stated fairly
High-power revenue grew more than 50% year over year on AI data center and grid demand, revenue rose 22% sequentially, and management cited record book-to-bill 9. Zacks ranks the stock a Buy, with a value grade of F 9. Navitas shipped commercial 6.5 kV MOSFETs in 2021 and holds two decades of ultra-high-voltage firsts 1. None of it attaches a dollar figure to ALATTIS.
What would make it real
Three readings decide it: a contract value or timeline in an SEC filing, the third-quarter report against the $13-14 million revenue guide 9, and the insider ledger. Until the Army puts a number on paper, ALATTIS is a press release with a ticker.
How this brief was made
01Gathered & sourced392 channels · 2,236 articles▾
Agents swept 392 channels and ingested 2,236 articles, then de-duplicated and ranked them for signal.
02Verified & cross-validated9 claims · 12 data feeds▾
Every one of 9 load-bearing claims was checked against primary sources, with 12 live data feeds reconciling the figures and charts.
- 1GlobeNewswire, U.S. Government Selects Navitas to Develop Next-Generation 10 kV SiC Power Semiconductors, 28 September 2026
- 2Stocktwits via Yahoo Finance, Why NVTS Stock Surged 20% After-Hours, 28 September 2026
- 3Benzinga via MSN, Navitas stock extends gains after Army selects it for SiC power chip development, 29 September 2026
- 4Investing.com, Navitas Semiconductor stock surges 20% on U.S. defense contract, 28 September 2026
- 5Ad Hoc News (boerse-global.de), Navitas Wins Army Backing for 10-kV SiC Tech, but Wall Street Wants Numbers, 29 September 2026
- 6Schaeffer's Investment Research, Semiconductor Stock Pops on U.S. Army Contract, 29 September 2026
- 7GuruFocus, Navitas Semiconductor Corp (NVTS) Stock Down 3.9% but Still Overvalued, GF Score: 65/100, 28 September 2026
- 8Sharadar quarterly fundamentals, from Navitas Semiconductor's SEC filings, retrieved 30 September 2026
- 9Zacks Equity Research via Yahoo Finance, Navitas Semiconductor (NVTS) Up 24.3% Since Last Earnings Report: Can It Continue?, 26 August 2026
03Reviewed & edited1 human editor▾
One editor read the draft against the evidence, tuned the framing, and signed off before it shipped.
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AI-generated from this story and its cited sources. Not investment advice.
