Navitas Semiconductor (NASDAQ: NVTS) reported Q2 2026 revenue of $10.5 million, down from $14.5 million in the same quarter a year earlier. The figure beat analysts' consensus estimate of $9.8 million.
The company posted non-GAAP net income of $9.3 million, or $0.95 per share, for the quarter, compared with a non-GAAP net loss of $9.8 million in Q2 2025. Analysts had expected an adjusted net loss of $0.04 per share.
Non-GAAP net income per share for Q2 2026.
Reports of the results were mixed: one source said the company missed earnings by $0.91 per share, while another indicated a reported profit of $0.95 per share against an expected loss of $0.04. The discrepancy may stem from different metrics (GAAP vs non-GAAP).
Navitas stock plummeted by 12% on the day following the earnings release. Despite the drop, CEO Chris Allexandre said: the results demonstrate the 'increasing traction of our strategic shift to Navitas 2.0'.
The increasing traction of our strategic shift to Navitas 2.0
The company is shifting away from low-margin consumer products toward high-power applications for clients including AI data center operators, a strategy it calls Navitas 2.0.
For Q3 2026, Navitas provided revenue guidance of $13 million to $14 million. It expects adjusted gross margin to land just below 40%.
Sequentially, Q2 2026 revenue grew 22% compared to Q1 2026.