Navitas Semiconductor (NASDAQ: NVTS) reported first-quarter 2026 results that beat revenue expectations and triggered a sharp share price move in extended trading, with the company posting 8.6 million dollars in quarterly revenue against a consensus estimate of 8.18 million dollars. The result represented an 18 percent sequential increase from the 7.3 million dollars recorded in the fourth quarter of 2025, though it remained well below the 14 million dollars generated in the same period a year earlier.
The stock surged by more than 27 percent following one version of the earnings release, while a separate set of extended-hours data showed shares reaching 16.19 dollars, up around 10 percent after hours. The divergence in reported figures reflects the volatility that has defined NVTS trading throughout its remarkable run over the past 12 months, during which the stock climbed from around 2 dollars to its current range.
Loss per share on a non-GAAP basis came in at 0.04 dollars, better than the 0.05 dollar loss analysts had anticipated. GAAP results were considerably weaker, with the company reporting a net loss of 33.8 million dollars compared to 16.8 million dollars in the same period last year, reflecting a 7.9 million dollar loss from a change in the fair value of earnout liabilities and 10.3 million dollars in stock-based compensation.
Non-GAAP gross margin expanded to 39 percent in the quarter from 38.7 percent in the prior quarter, a positive trajectory that management attributed to a revenue mix increasingly tilted toward higher-margin high-power products. The GAAP gross margin remains deeply negative at minus 9.3 percent, a reflection of the accounting treatment applied to certain costs that are excluded under the company’s non-GAAP framework.
The strategic pivot the company calls Navitas 2.0 is the central narrative here. High-power revenue grew 35 percent year-over-year in the first quarter, and AI data centre and grid infrastructure revenue grew 50 percent sequentially from the fourth quarter to the first. Management described this as the first clear proof point that the transition away from mobile and consumer-facing business is working. Mobile contribution is expected to become insignificant by year end.
The company ended the quarter with 221 million dollars in cash and no debt, providing a financial cushion that gives the strategy room to play out without immediate funding concerns. Second-quarter revenue guidance was issued at 10 million dollars plus or minus 500,000 dollars, comfortably ahead of the prior Wall Street estimate of 8.93 million dollars.
Tonya Stevens has been named as the company’s new CFO, a change that signals management is building out its leadership team ahead of what it projects as a more significant revenue ramp in calendar 2027. Whether that ramp materialises on schedule will determine whether the stock’s extraordinary run over the past year was justified by fundamentals or built largely on anticipation.
