Navitas announces 22% growth in Q2 2026
SiC and GaN specialist Navitas Semiconductor has announced unaudited financial results for its Q2 2026 ended June 30, 2026 with a total revenue of $10.5m in Q2 of 2026, compared to $8.6m in Q1 2026 and $14.5m in Q2 of 2025.
Commenting on the results, Navitas' CFO Tonya Stevens (pictured above) said: “Our Q2 results reflect the company’s continued strong momentum and growth in high-power markets with total revenue growing 22 percent sequentially to $10.5m, and gross margin expanding 50 basis points on a non-GAAP basis."
GAAP gross margin Q2 was 0.4 percent, compared to (9.3 percent) in Q1 2026 and (11.8 percent) in Q2 of 2025 (margin for current and prior periods includes around $4m of cost associated with amortisation of intangibles). On a non-GAAP basis, gross margin for the quarter was 39.5 percent compared to 39.0 percent in the prior quarter and 38.5 percent in Q2 of 2025.
Q2 GAAP loss from operations was $27.2m, compared to a loss of $27.8m for Q1 2026 and an operating loss of $21.7m for Q2 of 2025. On a non-GAAP basis, loss from operations for Q2 was $11.4m compared to a loss of $11.7m for the prior quarter and a loss of $10.6m in Q2 of 2025.
GAAP net loss was $228.2m in Q2 of 2026, which included a non-cash charge of $203.1m from the final re-measurement of earnout liabilities, compared to a net loss of $33.8m in Q1 2026 and a net loss of $49.1m in Q2 of 2025. On a non-GAAP basis, net loss for the quarter was $9.3m, compared to a net loss of $9.8m for the prior quarter and a net loss of $9.8m in Q2 of 2025.
Cash and cash equivalents were $557.4m as of June 30, 2026, compared to $236.9m as of December 31, 2025.
Chris Allexandre, president and CEO of Navitas commented: “Our strong Q2 results and expectations for continued double-digit quarterly growth in the second half of the year demonstrate the increasing traction of our strategic shift to Navitas 2.0 and focus exclusively on high-power markets."
“With the rapid adoption of AI, we are seeing accelerated market demand to overcome critical power bottlenecks in AI infrastructure, both within AI data centres as well as the requisite grid and energy infrastructure needed to power them. By the end of the year, Navitas will complete its transition with revenue from mobile and low-end consumer being insignificant and nearly all sales coming from high-power markets."
He added: “Underpinning our growing momentum is Navitas’ unique ability to deliver high-power products with both GaN and high-voltage SiC technologies, enabling the distinct power requirements across AI infrastructure applications. We are seeing an expanding backlog, record level book-to-bill, and shipping volume production samples of our GaN and SiC-based solutions in support of multiple customer new program ramps.
"These production samples across GaN, HV SiC and UHV SiC include shipments in support of existing customer engagements for next-generation AI data centres targeting 800 V architectures. We expect selected hyperscalers and XPU platforms to ramp in 2027 as well as accelerated uptake of new grid infrastructure products. As we execute toward a series of inflection points that will drive explosive GaN and SiC content growth in years to come, we are confident in Navitas’ ability to capitalise on the substantial and growing market opportunity for high-power solutions.”
2026 Outlook
Predicting a strong year ahead, CFO Tonya Stevens said: “We expect to deliver continued double-digit sequential growth in the third quarter, which will also represent a return to year-over-year revenue growth as well as position the company to achieve mid-single-digit revenue growth for the full year, highlighting the completed transformation to Navitas 2.0 as a high-power company.”
Q3 2026 net revenues are expected to increase to $13.5m, plus or minus $0.5m, which at the midpoint represents 28 percent sequential growth and would mark a return to year-over-year growth. Non-GAAP gross margin is expected to be 39.7 percent, plus or minus 100 basis points, which at midpoint represents a 20 basis point increase, and non-GAAP operating expenses are expected to be in a range between $15.5 and $17.5m.
