Navitas Semiconductor Q1 Report Beats Expectations
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Navitas Semiconductor Corp. (NASDAQ:NVTS) reported Q1 earnings, surpassing expectations with a loss of four cents per share against a consensus of five cents. Revenue reached $8.6 million, exceeding the $8.17 million estimate. The company noted a 35% year-over-year growth in high-power markets. Non-GAAP gross margin improved to 39%. CEO Chris Allexandre highlighted a strategic shift towards high-power markets. For Q2, Navitas projects revenue between $9.5 million and $10.5 million. However, NVTS stock fell 7.32% to $16.27 in after-hours trading.
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