Navitas Semiconductor Faces 50% Q3 Drop, Guides Q4 at $7M
Navitas Semiconductor reported Q3 2025 revenues of $10.1 million, down over 50% year-over-year, and projects Q4 around $7 million as it exits low-margin mobile business. It is sampling 100V GaN and 2.3/3.3kV SiC devices through NVIDIA’s 800V AI factory ecosystem while trading at a 45.9x forward sales multiple.
1. Inclusion in NVIDIA 800V AI Ecosystem
Navitas Semiconductor’s GaN and SiC technologies have been integrated into NVIDIA’s new 800-volt AI factory ecosystem. The company is sampling mid-voltage 100V GaN devices for AI server power conversion and 2.3kV and 3.3kV SiC modules for grid and energy storage applications.
2. Revenue Performance and Guidance
In Q3 2025, Navitas reported revenue of $10.1 million, a drop of more than 50% year-over-year, driven by weak demand and pricing pressure in its mobile segment. Management expects Q4 revenues around $7 million and projects full-year 2026 revenue of $38.36 million, implying a 15.6% year-over-year decline.
3. Strategic Shift and Valuation
The company has exited its lower-margin China mobile business to concentrate on high-power markets, reducing channel inventory and consolidating distributors. Navitas trades at a forward sales multiple of 45.9x, substantially above competitors, reflecting its niche GaN/SiC position but also pricing risk.