$Navitas Semiconductor Corp(NVTS)$ the industry leader in next-generation power semiconductors, today announced unaudited financial results for the second quarter ended June 30, 2020.
Revenue up 110% from prior year, and up 35% from prior quarter.
Customer pipeline increased 30% to over $1 billion, with growth across all markets.
Cumulative shipments now exceed 100 million GaN and 12 million SiC devices.
Business Outlook
Third-quarter 2023 net revenues are expected to increase to $21 million plus or minus 2%. Given expected continued strength in the lower-margin mobile market, gross margin for the third quarter is expected to be relatively flat compared to the second quarter of 2023. Operating expenses, excluding stock-based compensation and amortization of intangible assets, are expected to be approximately $18.5 to $19.5 million in the third quarter of 2023. Weighted-average basic share count is expected to be approximately 175 million shares at the end of the third quarter of 2023.
More can be found here:
www.benzinga.com/amp/content/33843186
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
