Navitas Semiconductor reported its second-quarter results after Monday's closing bell, and the numbers tell a story of a company riding the AI wave — but with a twist. Revenue came in at $10.53 million, beating the $9.97 million analysts were expecting, according to MarketDash. That's a 22% jump from the first quarter, and high-power markets grew more than 50% year-over-year. However, total revenue was down from $14.5 million in the same quarter last year, reflecting the company's strategic shift away from mobile and low-end consumer markets.
The adjusted loss was four cents per share, right in line with estimates. Navitas ended the quarter with a hefty $557.4 million in cash and equivalents.
CEO Chris Allexandre framed the results in the context of the AI boom: "With the rapid adoption of AI, we are seeing accelerated market demand to overcome critical power bottlenecks in AI infrastructure, both within AI data centers as well as the requisite grid and energy infrastructure needed to power them."
Looking ahead, Navitas expects third-quarter revenue between $13 million and $14 million, well above the $11.06 million consensus. The midpoint of that range would mark a return to year-over-year revenue growth. The company also said it will complete its exit from mobile and low-end consumer markets by the end of the year, meaning nearly all sales will come from high-power markets.
Despite the upbeat news, shares dipped 3.07% in after-hours trading to $11.06. Executives will discuss the quarter further on an earnings call at 5 p.m. ET.
