News: Microelectronics
28 November 2023
Navitas’ revenue grows 22% sequentially in Q3
For third-quarter 2023, gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor Corp of Torrance, CA, USA has reported revenue of $22m, up 22% on $18.1m last quarter. This is also up 115% on $10.2m a year ago, aided somewhat by the acquisition in August 2022 of silicon carbide power semiconductor device designer and manufacturer GeneSiC Semiconductor Inc of Dulles, VA, USA.
“Our gallium nitride and silicon carbide technologies continue to displace legacy power silicon in traditional markets and enable and accelerate new energy markets,” says CEO & co-founder Gene Sheridan.
On a non-GAAP basis, gross margin has grown further, from 38.4% a year ago and 41.5% last quarter to 42.1%.
Operating expenses have risen further, from $14.2m a year ago and $17m last quarter to $18m, due to R&D spending rising from $6.3m to $10.5m, while selling, general & administrative (SG&A) expenses were cut from $7.9m to $7.4m.
Net loss has been cut further, from $9.2m ($0.07 per share) a year ago and $8.65m ($0.05 per share) last quarter to $7m ($0.04 per share).
During the quarter, cash and cash equivalents fell slightly, from $177.7m to $176.7m.
Market, customer and technology highlights during Q3/2023
“GaN is moving from a beachhead to the mainstream for mobile fast chargers, with continued strength and upside led by major China OEMs Xiaomi and Oppo,” notes Navitas. “We expect 30% of their total mobile charger shipments in 2024 will utilize GaN, and GaN has been adopted by Samsung for the latest Galaxy S23 and other models, contributing to Q3 and expected Q4/2023 revenue ramp,” it adds.
New Gen-4 GaNSense half-bridge ICs, targeting ultra-fast chargers of 100W or more, are projected to contribute another $10m per year in revenue ramping in 2024. “The new GaNSense products replace dozens of components with a single GaN IC and enable switching frequencies up to 2MHz to reduce footprint and simplify designs,” the firm says.
Launched in September, GaNSafe is claimed to be the world’s most protected, most reliable and highest-performance GaN power semiconductor, with advanced sensing, protection, higher-power capability and cool operation, enabling GaN to enter high-power, high-reliability markets such as artificial intelligence (AI) data centers, solar, electric vehicles (EVs) and industrial. GaNSafe power ICs are featured in a new 6.6kW, 800V on-board charger (OBC) platform from Navitas’ dedicated EV system design center, which claims to set industry benchmarks in system efficiency, density and cost. The OBC is a ‘hybrid’ platform, featuring GaNSafe and a new, Gen-3 Fast (G3F) GeneSiC MOSFET platform, with silicon carbide power and switching performance that is claimed to be up to 50% better than competition.
Rapid adoption of AI has created unprecedented demand for more power, higher efficiency and greater power density, notes Navitas. The firm’s data-center design center has developed a new 4.5kW AC–DC system platform design, with efficiency exceeding the 96% ‘Titanium Plus’ standard, and with twice the power density of previous, best-in-class, legacy silicon designs, it is reckoned. GaNSafe and Gen-3 Fast SiC are again used to optimize these high-power applications, with significant growth in the number of customer pipeline projects.
Solar, appliance and industrial markets also show robust growth in the customer pipeline, with broad interest in the new Gen-3 Fast MOSFETs, says Navitas. The Gen-4 GaNSense half-bridge portfolio now includes new application-specific ICs for motor drives, compressors and pumps up to 1kW, with sensing, autonomy and programming functionality for easy EMI.
Fourth-quarter 2023 will also see the introduction of new bi-directional GaN. Each GaN power IC will replace up to four discrete power transistors, dramatically reducing component count, cost and complexity, and delivering major speed and efficiency benefits, says Navitas. Bi-directional GaN technology is expected to usher in major advances in energy storage, grid infrastructure, motor drives and many other emerging topologies and architectures across multiple markets.
Revenue growth to far exceed market growth rate
For fourth-quarter 2023, Navitas forecasts revenue to grow to $25 - 26m. Gross margin is expected to rise to 42.5% (plus or minus 30 basis points), with operating expenses increasing further to about $20m.
“It’s a very exciting time at Navitas as we launch four major new technology platforms across GaN and SiC,” comments Sheridan. “We expect Navitas’ revenues to far exceed market growth rates in 2024 and for years to come.”
Navitas’ GaNFast 25W fast charger adopted for Samsung’s flagship Galaxy S23 phone
Navitas launches GaNSafe power platform
Navitas’ revenue grows 35% in Q2
Navitas doubles Q1 revenue year-on-year, boosted by acquisitions
Navitas’ Q4 revenue up 68% year-on-year, boosted by acquisitions
