Q2 2024 Navitas Semiconductor Corp Earnings Call Transcript
Key Points
- Navitas Semiconductor Corp (NVTS) reported Q2 revenue of $20.5 million, at the top end of their guidance, marking a nearly 40% revenue increase compared to the prior year.
- The company’s GaNSafe ICs and Gen-3 Fast silicon carbide technology are driving new business, with over 100 customer projects in the pipeline for each technology.
- Navitas Semiconductor Corp (NVTS) announced seven new data center design wins in Q2, with their data center pipeline doubling since December.
- The company has a strong customer pipeline in the electric vehicle segment, with over 200 customer projects and 15 new design wins in Q2.
- Navitas Semiconductor Corp (NVTS) continues to see strong growth in mobile markets, with significant adoption of their GaN technology by major OEMs like Samsung, Xiaomi, and Oppo.
- Gross margin in Q2 was 40.3%, down from 41.5% in the same quarter last year, primarily due to product mix in the mobile market.
- The company reported a Q2 loss from operations of $13.3 million.
- Despite strong revenue growth, the solar industry segment experienced a significant slowdown due to higher interest rates over the last 18 months.
- Navitas Semiconductor Corp (NVTS) is facing challenges in maintaining gross margins due to the increasing share of lower-margin mobile market revenue.
- The company has put on hold the expansion of their internal silicon carbide epi capacity due to slower market growth rates.
Thank you for standing by. My name is Kat, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor second-quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Stephen Oliver, Vice President of Investor Relations. Please go ahead.
Good afternoon, everyone. I'm Stephen Oliver, Vice President of Investor Relations. Thank you for joining Navitas Semiconductor's Second Quarter 2024 Results Conference Call. I'm joined today by Gene Sheridan, our Chairman, President, CEO and Co-Founder; and Janet Chou, EVP CFO, and Treasurer. A replay of this webcast will be available on our website approximately one hour following this conference cal.
And the recorded webcast will be available for approximately 30 days following the call. Additional information related to our business is also posted on the Investor Relations section of our website. Our earnings
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