18 May 2022
Navitas’ revenue grows by 8.2% in Q1
For first-quarter 2022, gallium nitride (GaN) power IC firm Navitas Semiconductor Corp has reported revenue of $6.74m, up 8.2% on $7.3m last quarter and 27% on $5.3m a year ago.
However, gross margin (on a non-GAAP basis) has fallen further, from 45.5% a year ago and 44.3% last quarter to 44%, while operating expenses have risen further, from $7.8m a year ago and $10.1m last quarter to $12.5m.
Net loss was $9.6m ($0.08 per share), cut from ($0.27 per share) a year ago but up from $6.95m ($0.07 per share) last quarter.
Founded in 2014, Navitas introduced what it claimed to be the first commercial GaN power integrated circuits. Its proprietary GaNFast power ICs monolithically integrate GaN power field-effect transistors (FETs) and GaN drive plus sensing, control and protection circuits in a single SMT package to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new energy markets.
Navitas says that it is in mass production with nine of the top 10 mobile OEMs (with 10 of 10 targeted by the end of 2022). New wins for mobile-phone chargers include:
- Samsung’s flagship Galaxy S22 Ultra and S22+ smartphones (recommended, 45W for fastest charging);
- vivo’s new 8”-folding-screen flagship ‘X Fold’ (in-box, 80W dual USB-C, 0-100% in only 37 minutes);
- Motorola edge+, as featured on the Nasdaq Tower in New York’s Times Square (in-box, 68W, 1W/cc power density, 0-50% charge in only 15 minutes);
- Xiaomi AMG Mercedes Formula 1 version (in-box, 120W ultra-fast, 0-100% in only 37 minutes);
- Realme GT Neo 3, launched at the Mobile World Congress with the world’s fastest charge time – 0-50% in only 5 minutes (in-box, 150W, 1.5W/cc power density).
Laptop wins include:
- Dell’s new XPS Plus, launched in April (in-box, 60W);
- Xiaomi 14” and 15” laptops launched in April (in-box, 100W);
- Lenovo Legion 5 Gen 7 gaming laptops, with Nasdaq co-op promotion (recommended, 135W, 40% smaller, fast charges the massive 80WHr battery 0-100% in only 67 minutes).
“We have reinforced our number-one position in mobile fast and ultra-fast chargers – reaching over 50 million units shipped with zero reported GaN-related field failures – and we are on track with GaN, system R&D and customer developments for our expansion into broader consumer, data-center, solar and electric vehicle (EV) markets,” says CEO & co-founder Gene Sheridan.
Navitas’ highest-power GaN power IC (the NV6169) was launched at Power, Control and Intelligent Motion (PCIM) Europe 2022 in Nuremberg, Germany (10–12 May) with 50% more power capability for TV, game console and some data-center applications. Additional high-power GaNFast ICs are being sampled, with significant customer developments underway at data-center, solar and electric vehicle (EV) customers.
In March, based on field reliability and the results of extensive life testing, Navitas announced the industry’s first 20-year limited warranty, strengthening its position to expand into higher-power and higher-reliability markets.
In January, Navitas published what was claimed to be the wide-bandgap industry’s first sustainability report that comprehensively quantifies the positive impact of GaN power semiconductors on climate change based on global standards.
Now, Navitas has announced that it is the first semiconductor company worldwide to achieve CarbonNeutral status, as accredited by third-party industry-reference Natural Capital Partners.
For second-quarter 2022, Navitas expects revenue to grow to $8-9m. This guidance factors in some short-term impact from China COVID-related shutdown softness in the supply chain, and in demand for smartphones, offset partially by stronger sales from new customers in other regions.
Despite the slightly lower-than-expected Q2 revenue, this will be offset by subsequent accelerated customer wins and regional expansion so Navitas still expects full-year revenue to double from 2021 to 2022.