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Semiconductors · Technology · Fiscal year ends Dec 31
Navitas Semiconductor reported revenue of $46M in the fiscal year ended Dec 2025, down 44.9% from the year before. Operating income was −$108M, an operating margin of −234.7%, and net income was −$117M. Operating cash flow of −$43M less capital expenditure of $1M left free cash flow of −$44M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 23.7 | 37.9 | 79.5 | 83.3 | 45.9 |
| Cost of revenue | 13.1 | 26.0 | 48.4 | 55.0 | 31.7 |
| Gross profit | 10.7 | 11.9 | 31.1 | 28.3 | 14.2 |
| Research & development | 27.5 | 50.3 | 68.8 | 76.0 | 49.8 |
| Selling, general & admin | 51.4 | 78.4 | 61.6 | 62.9 | 35.2 |
| Operating income | −68.5 | −124 | −118 | −131 | −108 |
| Pre-tax income | −153 | 50.1 | −146 | −88.8 | −117 |
| Income tax | 0.0 | −22.8 | −0.5 | −0.3 | 0.1 |
| Net income | −153 | 73.9 | −145 | −84.6 | −117 |
| Diluted EPS | −3.90 | 0.51 | −0.86 | −0.46 | −0.57 |
| Diluted shares | 39.2 | 146 | 169 | 182 | 206 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 268 | 110 | 152 | 86.7 | 237 |
| Receivables | 8.3 | 9.1 | 25.9 | 14.0 | 3.6 |
| Inventory | 12.0 | 19.1 | 22.2 | 15.5 | 13.3 |
| Current assets | 291 | 142 | 206 | 122 | 260 |
| Net PP&E | 2.3 | 6.5 | 9.2 | 15.4 | 9.8 |
| Goodwill | 0.0 | 162 | 163 | 163 | 163 |
| Total assets | 296 | 425 | 486 | 390 | 500 |
| Deferred revenue | 0.0 | 0.5 | 11.0 | 0.0 | 22.6 |
| Current liabilities | 10.7 | 20.4 | 48.5 | 21.1 | 52.1 |
| Short-term debt | 3.2 | 0.0 | – | – | – |
| Long-term debt | 3.7 | 0.0 | – | – | – |
| Total liabilities | 230 | 40.5 | 105 | 42.0 | 56.8 |
| Shareholders' equity | 65.5 | 381 | 381 | 348 | 444 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −41.7 | −44.5 | −41.4 | −58.8 | −42.9 |
| Capital expenditure | 2.1 | 4.6 | 4.8 | 6.8 | 1.5 |
| Free cash flow | −43.8 | −49.1 | −46.2 | −65.6 | −44.4 |
| Depreciation & amortisation | 0.4 | 1.0 | 2.2 | 3.0 | 3.5 |
| Stock-based compensation | 41.4 | 63.3 | 54.0 | 43.0 | 14.5 |
| Acquisitions | 0.0 | 96.4 | 0.0 | – | – |
| Share buybacks | 0.0 | 0.6 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 59.9% | 109.4% | 4.8% | −44.9% |
| EPS growth (YoY) | – | – | −268.6% | – | – |
| Gross margin | 45.0% | 31.5% | 39.1% | 34.0% | 31.0% |
| Operating margin | −288.6% | −325.8% | −148.7% | −156.9% | −234.7% |
| Net margin | −643.3% | 194.8% | −183.0% | −101.6% | −254.7% |
| Return on equityBlank when equity is negative | −233.0% | 19.4% | −38.2% | −24.3% | −26.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −24.0% | −30.5% | −27.0% | −35.4% | −24.0% |
| Free cash flow margin | −184.4% | −129.5% | −58.1% | −78.7% | −96.6% |
| Cash conversion (CFO ÷ net income) | 0.27x | −0.60x | 0.28x | 0.70x | 0.37x |
| Receivable days | 127 | 88 | 119 | 61 | 29 |
| Inventory days | 335 | 268 | 168 | 103 | 153 |
| Debt ÷ equity | 0.11x | 0.00x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −261 | −110 | – | – | – |
| Current ratio | 27.2x | 6.98x | 4.25x | 5.76x | 4.99x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.