$Navitas Semiconductor Corp(NV

* Doubling of revenue from prior year with expanding gross margins

* Strong growth in all target markets with 50% backlog growth in the quarter

* Acquisitions performing well, contributing to diversified and synergistic growth

TORRANCE, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor Corporation (Nasdaq: NVTS), the industry leader in next-generation power semiconductors, today announced unaudited financial results for the first quarter ended March 31, 2023.

Net revenues for the first quarter of 2023 increased to $13.4 million, approximately double from the first quarter of 2022 and up 8% from the fourth quarter of 2022. GAAP and non-GAAP gross margin for the first quarter of 2023 increased to 41.1%, compared to 40.6% for the fourth quarter of 2022.

More info at:

https://finance.yahoo.com/news/navitas-semiconductor-announces-first-quarter-200500795.html

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