Navitas shares rose 9.0% after the company reported third-quarter revenue of $14 million, up 38% year over year, and said it expects continued revenue growth and margin expansion in Q4. Investors also heard that AI infrastructure is expected to exceed 40% of revenue exiting 2026, with management expecting that business to triple in 2027.
- Revenue was $14 million, up 33% sequentially and 38% year over year; management said it was at the high end of guidance and marked the first year-over-year growth quarter since 2024.
- High-power revenue grew more than 50% sequentially and by triple digits year over year. Mobile and low-end consumer continued to decline, and management expects mobile revenue to be effectively gone in Q4.
- Non-GAAP gross margin was 40%, above the midpoint of guidance and 130 basis points higher than in Q3 2025. Management expects further margin expansion in Q4.
- Book-to-bill has remained well above 1 for several months, with backlog extending into mid-2027, according to management.
- Management expects AI infrastructure to exceed 40% of revenue exiting 2026 and says the business is poised to triple in calendar 2027; the Claros acquisition adds an integrated voltage-regulation technology platform for processor power delivery.
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