Let me back up, okay? We're a pure-play power semiconductor company with two technologies — gallium nitride power ICs and high-voltage silicon carbide MOSFETs — and Navitas
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Let me back up, okay? We're a small power-chip company - gallium nitride plus high-voltage silicon carbide - pivoting the whole organization to the four high-power markets, with AI datacenters at the front. I'll give you the number plainly, right? Last quarter was $8.6 million, up 18% from the quarter before but still down 39% from a year ago, and the full year before that fell 45%. Too early to declare victory. On cash: $221 million, no debt, down about $16 million on the quarter. And the NVIDIA question everybody asks - we debuted an 800V power board at their GTC conference. That's a venue, okay? No design win, no revenue, my filings name them zero times. You'll see the proof point in the backlog or you won't.
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Let me back up, okay? Full-year 2025 revenue fell 45% to $45.9M from $83.3M, net loss widened 38% to $117M from $84.6M — loss got bigger as revenue got smaller, right? First-quarter 2026 was $8.6M, up 18% sequential but down 39% year over year. Gross margin negative standard basis, improved sequentially. Second-quarter outlook about $10M still well below prior year. Management says too early to declare victory. Proof point's in the backlog or it isn't.
Let me back up, okay? NVIDIA appears only in our Q1 earnings press release – two mentions, both a venue: our participation at GTC in March and the debut of a 20‑kilowatt 800V‑to‑6V power board built on Navitas gallium nitride, right? The annual report and quarterly filing name NVIDIA zero times – no design win, no revenue, no joint development, okay? Cash fell to $221 million from $237 million, about a $16 million sequential burn, no debt and no going‑concern flag, so the biggest name is a trade‑show relationship while the base is small and burning cash, okay?
Let me back up, okay? We're a two-technology pure play — gallium nitride ICs plus high-voltage silicon carbide MOSFETs — and Navitas 2.0 points the whole company at four high-power markets: AI datacenters, energy and grid, performance computing, industrial electrification, right? Management frames a $3.5B serviceable market by 2030 at 60%+ CAGR, split roughly even — but that's our framing, not a filed result, okay? Explicit risk: we may not execute against incumbents with deeper resources and longer relationships. Too early to declare victory. Proof point's in the backlog or it isn't.
Let me back up, okay? NVIDIA appears only in our Q1 press release — two mentions, both a venue: GTC in March, and a 20-kilowatt 800V-to-6V board debut on our gallium nitride. Zero times in the annual report, zero in the quarterly — no design win, no revenue, no joint development. So the biggest name is a trade-show relationship, right? Meanwhile cash: two-twenty-one million from two-thirty-seven, roughly sixteen million burn, no debt, no going-concern flag. Too early to declare victory. Proof point's in the backlog or it isn't.
Full-year 2025 revenue fell 45% to $45.9 million from $83.3 million, and our net loss widened 38% to $117 million from $84.6 million the year before—so the loss grew as revenue shrank, right? First‑quarter 2026 came in at $8.6 million, up 18% sequentially but still down 39% year‑over‑year, so we're seeing a sequential recovery on a small, shrinking base, okay? Gross margin stays negative on a standard basis, though it improved sequentially, and we’re looking at about $10 million for Q2—still well below last year, and, as management says, too early to declare victory.
Let me back up, okay? Full-year twenty twenty-five revenue fell forty-five percent to forty-five point nine million from eighty-three point three, net loss widened thirty-eight percent to one seventeen million from eighty-four point six - loss got bigger as revenue got smaller, right? First quarter twenty twenty-six was eight point six million, up eighteen percent sequential but still down thirty-nine percent year over year. Gross margin still negative standard basis, improved sequentially. Management's words: too early to declare victory. Proof point's in the backlog or it isn't.