Live: Navitas Semiconductor Q1 Earnings Tonight. Can the 676% Surge Survive the Print?

The Navitas IR page got hammered tonight with plenty of Cloudflare error pages. However, you can now get the full press release on their Q1 earnings.

Now that we can view their full report, one area that stands out is the company is calling for $10 million in sales next quarter. That’s more than 10% above Wall Street’s expectations of $8.93 million. These are small figures, but they also begin demonstrating a track record of outperformance before Navitas begins truly scaling revenue in calendar 2027.

Here’s the most important section we’ll be parsing before the company’s conference call tonight:

“Recent Business, Customer and Technology Highlights:

• Announced 20 kW 800 V to 6 V DC-DC power delivery board (PDB) at Nvidia’s GTC conference powered by Navitas GaNFast™ technology, enabling higher-density AI data center architectures with direct conversion in one power stage, targeting up to 97.5% peak efficiency at full load with 1Mhz switching frequency.
• Demonstrated a novel 250 kW solid-state transformer solution in partnership with EPFL at APEC 2026, featuring Navitas’ GeneSiC™ 3300V and 1200V SiC devices to enable scalable 800 V DC distribution for next-generation AI data centers.
• Expanded 5th-generation GeneSiC™ 1200 V SiC MOSFET portfolio with the addition of top-side-cooled QDPAK and low-profile TO-247-4L packages tailored for AI Data Centers PSU, delivering industry-leading power density, thermal performance and ruggedness for higher-efficiency, and very compact power systems.
• Appointed ex-Broadcom executive and semiconductor veteran, Gregory Fischer, to the Board of Directors as part of the Company’s strategic transformation and focus on high-power markets.

Second Quarter 2026 Business Outlook

• Second quarter 2026 net revenues are expected to increase to $10.0 million, plus or minus $0.5 million, which at the midpoint represents over 16% sequential growth. Non-GAAP gross margin is expected to be 39.25%, plus or minus 75 basis points, which at midpoint represents 25 basis point increase, and non-GAAP operating expenses are expected to be approximately flat sequentially in a range between $14.5 and $15.5 million.”

With the headline numbers out (revenue $8.6 million, EPS -$0.04) and shares down about 4%, the call at 5:00 PM ET is where the 676.59% one-year run gets stress-tested.

• Top 5 analyst questions: What share of revenue came from high-power markets versus mobile/consumer? Update on the NVIDIA 800V HVDC collaboration (samples Q4 25, volume 2027)? GlobalFoundries late-2026 U.S. GaN readiness? Cash runway given $236.9M cash and FY25 -$107.8M GAAP operating loss? Q2 sequential guide?
• Key topics: Path beyond 38.7% non-GAAP gross margin; design-win pipeline; $3.5B 2030 SAM bridge.
• Buzzwords: “Navitas 2.0,” “800V HVDC,” “design wins,” “sequential growth.”
• Red flags: Soft Q2 guide, opex creep above $15M, China tariff commentary, distributor concentration, mobile wind-down slippage.

With the earnings report now out, here is the refreshed thesis check as shares trade down roughly 4% after hours despite a top- and bottom-line beat.

Bull Case

• Q1 revenue of $8.6 million topped the $8.18 million consensus, and EPS of -$0.04 beat the -$0.0463 estimate.
• The NVIDIA (NASDAQ:NVDA) 800V HVDC collaboration and $3.5B SAM by 2030 anchor the “Navitas 2.0” AI pivot.
• Cash of $236.9M against $56.8M in liabilities provides runway.

Bear Case

• Analyst consensus target sits at $8.15, implying 53.56% downside from $17.55.
• NVIDIA volume production is not targeted until 2027.
• FY2025 revenue fell 44.9%, and the Q1 base remains tiny.
• After a 676.59% one-year run, expectations are stretched.

We’re trying to pull up more information on Navtias Semiconductor’s Q1 earnings but the release on their IR page appears to have crashed.

Navitas Semiconductor earnings are out, here are the main figures moving the stock post-earnings:

• EPS: -$.04
• Revenue: $8.6 million

As a reminder, here’s what Wall Street was expecting tonight:

• EPS: -$.05
• Revenue: $8.18 million

Shares are initially down about 10% in reaction to the earnings. As a reminder, they were up 12% during today’s trading session.

Shares of Navitas sold off yesterday, but are back to rallying today. They’re up 12% today, erasing most of the losses accumulated across the past week. Baird’s upgrade could be a leading catalyst for the gains. On the March 13th episode of the AI Investor Podcast I called power management and the shift to 800V the next AI megatrend.

On that episode, I recommended Aehr Test Systems and On Semi. Both those stocks have done well (see our full portfolio returns below).

However, I also detailed Navitas Semiconductor, Wolfspeed, and STMicro as winners from the trend in that episode and their share prices have run as well. So, this is a space I’m extremely excited about and will be looking forward to what Navitas Semiconductor’s management has to say tonight.