NVTS - Earnings call transcript Q3 2024 | Navitas Semiconductor Corporation

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Operator

Hello, and thank you for standing by. At this time, I would like to welcome you to the Navitas Semiconductor Q3 '24 Earnings Conference Call. All mics have been put on mute to prevent any background noise. After the speakers' remarks there will be a question and answer session. [Operator Instructions] I would now like to turn the conference over to Stephen Oliver, VP of Investor Relations. sir. ahead, go Please

Stephen Oliver

our days. I'm webcast for Vice for conference Quarter XX joining I'm website A hour Gene Conference everyone. and one and Relations. Glickman, approximately be Todd XXXX of and available Thank call approximately Call. CFO. Sheridan, by today you Navitas of joined this President, Stephen afternoon, available CEO President Co-Founder; this Oliver, replay Investor Results Chairman, will Good following Semiconductor's our Third on

Additional our of on website. to information Investor the posted related also is business Relations our section

operating earnings Reconciliations most financial Our the release are quarter these includes GAAP posted comparable and measures. non-GAAP included the in of about on exclude with assets release Relations acquisitions. our website third Navitas, financial financial earnings call, Investor we measures section. including measures amortization of in and nonrecurring non-GAAP In directly about expenses also statements the or our forward-looking compensation, margin future this intangible items. stock-based events future will conference other and of Non-GAAP performance make

our results Important sections XX-K and Please that release. Factors actual our most statements. differ recent to cause risks results You uncertainties by including expectations the described earnings forward-looking cause can to we factors could believe from we statements or that We words subject in forward-looking in caution similar can statements to terms. factors our our affect are differ to statements materially expect or wish could Navitas XX-Qs. such or like also that that business, in Risk to these actual forward-looking expressed refer identify are events you and from

reflect by no other change, required may And Our except update statements now estimates may to assumptions or assumes forward-looking changed forward-looking results, CEO. law. Sheridan, Navitas or obligation as actual occur other to over Gene events that and statements to

Eugene Sheridan

of you us to thanks today. for Thanks, Steve, joining and all

excited pioneer world's shipments. quarter to new technology XXXX. world's a significant our announcements. adoption to within customer the first Our the launch, guidance and corporate announce million, releasing GaN important GaN new and chargers in several QX revenue major ahead prior be for is X also back very ICs I'm Navitas record GaN was driving $XX.X and GaN the a and generations in continue competitors. leader in power mobile starting GaN Navitas ICs fast technology, mainstream first events of

industry standards reliability, new set and integration, ICs performance, use. Our ease efficiency, for of

and dual GaN in aligning mainstream confidence planar proprietary technology and pure-play applications. another sourcing GaN with and of additional carbide property, trench-assisted Navitas' announce leading-edge X to adoption from two customers no new roadmap intellectual proud and power an family, GaN most we're latest for Now centers, common have power giving high-power AI-based giving high-efficiency, also complete solutions. data to Navitas next-generation pleased like compromise to into customers more we're options capabilities EV creates which for our elements for world's as specifications, expanding centers, XX creating XX-volt chargers GaN robotics. platform. high-volume partnership and are fundamental a opening a Infineon microinverters, will platforms Today, to the market as the GaN $X strategic our significant the new new years. announce into Navitas opportunity is our GaN for in systems, reliable new Infineon XXX-volt technology and GaNSafe including solutions billion optimized AI With next-generation footprint accelerate pinout, such data low-voltage Navitas companies. EV solar in range up We AI protected markets increased integrated step This platform packaging, this well believe silicon coming companies as density content low-voltage with I'm technology next-gen on

has platforms advantages. increased of patents Continued now of innovation significant or element portfolio expanding broad to Navitas our key granted competitive another XXX over a pending, range across

we've announced utilizing progress InteliWave of our power me over kilowatts and winning GaNSafe demands road up a Hopper as power a silicon our PFC data Blackwell Gen demanding in combination for X.X rack, XX% let each new the markets. applications. per that and rack turn our record-breaking step Ruben center AI of for well target supply kilowatt in to In centers GPU NVIDIA's Next, AI achieves efficiency as and technology to Fast map peak with X data new design, carbide XXX enterprise architecture

active like featured GaNSafe supplying high-voltage projects AWS, are Our Great ICs users customers over end with Compuware silicon XX customer devices Google. carbide LiteON, like Wall, Azure in Delta, and power direct fast and Gen X and

as a to and DC technologies and ramp new particular, onboard data our and element carbide carbide for and XXXX. of electric in quarter silicon DC DC with power expected expected GaN GaN today for vehicles, in of including using on and this ramps. we existing XXX-volt half QX to XXXX allows technologies critical GaN this These roadside efficiencies to another continue new converters In XXXX based revenue to years throughout the center second a revenue in power solutions announced started Navitas first AI centers, to have rack data a quarter year XXXX. and our the this end-to-end chargers perfect are designs the GaN for ramping demands markets in-circuit The In technology performance, densities recent won low-voltage X and high-voltage exponential power to will existing converters deliver GaN. to our AI best-in-class to both designs other chargers many new in AC is of low-voltage customer QX, high-voltage start will low-voltage order every target with XX requirements doubling data boost for XX-volt Sampling complement these devices. come. for energy to from silicon Our and to centers

tests planar standards active AEC reliability. are projects. largest segment for customer pipeline trench-assisted the devices we're grade, GeneSiC benefits, fully well qualified our extending beyond AECQ-XXX industry best-in-class to these performance be EV with XXX In addition our over to to continues in those and

In technology will in design QX. our new are starting ICs grid-connected in Tier in XX-volt in vacuum be to from Slim X QX, applications the Navitas have next in to breakers, appliance were excellence and mobile of Adding achieved design In middle another cleaners added win wins, which start with wins design pumps. drive circuit a next addition, heat and EV multimillion low-voltage and the is wins solar we in another in wins the including at multi-kilowatt another supplies Samsung ramp which we the In fit OEM future. pipeline, deliver energy, and to production in XX ranging perfect LED year. GaN wins, lighting battery for the featured QX of announced to power we consumer solid-state continues new now a August, to Generac, GaN expected scheduled year. to X market XX XX industrial dollar and multimillion

including bidirectional Next-gen solar significant microinverters. GaN continue for proprietary GaN ICs a track to mid-'XX industry-leading ICs, Navitas ramp in

the content scaling to provide efficiency also GaN panel goal we're our Our of Today, further new low-voltage and our complement gains with as of changes will potential company important our profitability. side perfect inverters to GaN doubling drive silicon these high-voltage opportunities important low-voltage our in announcing some solar carbide, the these to streamline a in company also applications. in and

AI carbide have markets, further explain, and will X will the positive reduced have these time with appliance, our silicon over industrial, As we reduce EBITDA solar, into significant profitability. GaN be Todd largest increased data industry-leading and and on mobile, EV. controllers expenses, markets, create utilizing believe revenue will and three energy coming focus complementary our technology, opportunities our revenue for headcount markets strategic our markets. most and We've threshold and will also We organizational consumer, silicon technologies along storage we which these The our accelerate drivers for for years. to our center, cross-selling isolators

given forward, muted a end our for of in of delays, softness quarters. we customer couple couple project Looking a continued next anticipate combined markets, the more of outlook some with

billion $X.X pipeline continued with later customer plus solid resume design and to However, win of growth next year. we momentum, strength the expect our

new a addition, of an technology, announcements on set and path focused and all organization growth Infineon today's Navitas sourcing with improved our partnership to and low-voltage of efficient profitability. creation GaN dual more In a

Todd over to updates. for Now our financial

Todd Glickman

all Thank nitride of important team to gallium silicon, you, to these I model Gene. was semi world-class I'm you XXXX. choppy in a experience fabless just navigate carbide as driving flexibility in technology, provides plenty Navitas to waters. seasoned talking a has proven as cycles excited leadership to today with trends be that secular and and strong replace silicon

quarter. results, financial in the and into you a stream AI multiple markets, comments and sequential essentially quarter through As expect flat we I'll we the our third and million, today our mobile increase. focus on quarter centers. then outlook increased a X% expand EV with to fourth review continue new from year I'll walk markets Revenue an with our high-growth chargers $XX.X of was my revenue further prior of quarter data XXXX with third into diversify for

our discussed, Gene continues number of macroeconomics a As markets. to impact end

However, our mobile business the third record quarter. in hit an all-time

reconciliations was you measures. in refer I today. will expenses, my Gross non-GAAP release of to non-GAAP GAAP In to the Before margin rest like expense to our I'd addressing refer strong press the due third was to commentary, earlier from flat relatively the XX.X% the XX.X% the in quarter. quarter in margin the third mobile mix. second XX.X% XXXX to gross market compared quarter Sequentially, of in to

reductions while expanded and balance product was $XX.X While expenses quarter operating together, that investing future the $XX.X of comprised million. silicon, sequentially supply expenses sequential all ability XXXX increased market million, competitiveness is held SG&A operating gross from our efficiency operations at of this product $XX.X cost Adding in We the are total million loss million, third expenses and mix demonstrating margin. quarter our R&D mobile in chain offsetting generations. with $X.X us to of relatively growth flat in gross margin allowing for third

quarter share XXX Our third was weighted average for shares. the million count

and end of at were $XX million, debt. Turning to the It carry cash we remains quarter liquidity. levels balance strong very equivalents to no Cash with continue and high sheet.

compared increased million in progress quarter, $XX prior million $XX $XX inventory million to good the in quarter. prior Although to million reducing to from we accounts made on the receivable $XX

calls, capital working discussed to in continuing we've focus are on earnings we improvements. past As

to and $XX delays, the to dynamic XX the approximately market as the Gene near on quarter toward points reflecting quarter term. margin mobile in the be minus continues Moving to same fourth expect guidance is the third the lead million, well Gross guidance or at the $XX revenues business as mobile as nature as lean as of basis million quarter. to in times for our expected customer plus XX%, short the fourth described. the for mix We range our for project currently with

higher in markets. recovery We demand power expect will margin improvement align with

Gene expect in focus our As while employees, a and by streamlining in quarter half about revenue strategic expenses Headcount in reduced we or fully per the should that organization initiated of OpEx described, first XX headcount and most increasing we QX, and reduction XX% was $X be drivers. approximately million realized our of reduction XXXX. our on

operating non-GAAP expected Our $XX.X are million. the approximately expenses fourth to decline to in quarter

For Q&A closing, shares. In count fourth are thoughtfully company, XXXX, Navitas we entire the our pure-play benefits the session. are approximately about expansion. average to power is expect for semiconductor this share weighted are near-term million significant of Operator, that uncertainties opportunities us, provides impacting the and excited advantages, quarter us while with the opportunities, in be we front we growth next-generation of navigating XXX industry. semiconductor let's the only begin and

Operator

Our comes Rosenblatt. question line Cassidy of Kevin from from the first [Operator Instructions]

Kevin Cassidy

a I to licensing this very companies and is, this driven this? driven by IP Infineon any Is interesting have dual by customers? GaN maybe X Yes, the agreement. Or add you customer would is that be our this below-voltage requests? question is on in another And source saying platform there the more value

Eugene Sheridan

Thanks, Good question. Kevin. Yes.

we cross-license. a broad-based have yes, So GaN a It's cross-license.

reasons. like any will the that of sort between X the advanced collaboration that GaN a patent One, to and technology, sourcing. be So love why They we that this us the of gives X. both love gives do certainly confidence this ICs, don't like seen sole it? with freedom they the technology. do conflict really we've free customers And think do collaboration our but I people

go so to markets want high-volume we want And to quicker. We mainstream, into get faster.

GaN strategy been X go suppliers the faster. things done can do has low-voltage can spec InnoScience pretty proven thing credible with It's follow specs, going I a that couple lawsuit patent value-based work for are of entering we're us. causes actually I already with common kind and it's This common times. and high-quality EPC, been case. reputation And different to The and you recently, customers market that I a a also obviously, a think think lot in the but has pricing. of they think footprints, really suppliers, That our embroiled same and Infineon. in for Infineon footprint well our many in hesitation. market fits industry. common And If concerns

So assurance, patent know to reduction, avoid give and that suppliers, worry they're we to free to issues assurance strong them of risk of want also situation risk supply any chain the about. X

Kevin Cassidy

advantage And maybe differentiation design, market? any support that, the to be an aspects might almost in other of other but for just angle opportunity some the you an maybe product you there able counter in or is have it for to just

Eugene Sheridan

support. technical definitely. we our a on and design differentiate Yes, Obviously, lot system

this group technical But also, labs that transferring a giving GaN know-how. while we're center system I say cross-license, have a we maybe DC-to-DC into should close it have customers. We support, space, in collaboration, expanding that joint will the strong be mean us doesn't with data broad-based design

I drive actually think and plenty where benefits to offer that's of continue benchmark and can customers there'll differentiation something dual sole-source selectively choose both But solutions. where spaces where companies. be benefits sourcing does we we'll the

So relationship we'll that pick and dual-sourcing of kind sense. choose where makes

Kevin Cassidy

And taking CFO. for to by position was Todd the congratulations as I give the way, to going

with working forward you. Looking to

Operator

Our next & Quinn Needham question is Bolton from Company. from

Shadi Mitwalli

though Quinn gross gross few down off there to guide. mix? guide? anything even It like is dialing will else Bolton. million. gross due on is you are be guys I'd This Shadi the guiding the Is to revenue in flat a contributing looks Mitwalli this like to margin margins Or for start margin

Eugene Sheridan

Yes, that's a great question.

gone strong. a to we've been has mobile, to our revenue with margins mobile within And product. able be down As little bit, that continues expand

on that's of have were revenue even keep growth. though able been the margins markets some why And muted higher we to power flat our so more

Shadi Mitwalli

is And Navitas then my follow-up on is seeing automotive what market. in the

semi-players weaknesses geographies. Navitas auto if the have talked same. was is and And about strengths of curious Some I seeing the in certain

Eugene Sheridan

seeing Yes. some We're certainly encouraging. pickup that's

the we ago a hybrids. when saw think slowdown year pickup I started, with a

think I see talked a OBC. on We're engaged We progress continuing. seeing we're wins pickup design pure design nice now But I X the about in EV. some mainly that's We with in QX. think new wins.

That going more it's you the little know think, EV. full I on think instrumental infrastructure weak get slowly, improving that roadside chargers roadside that we with And to not our a car, high-voltage chargers, I course, silicon chargers. got going up to continue, is will, spread really at the which the these around. of building is battery reliability potential lot have momentum and of of I of can just out OBC a charged but impressive and for to accelerate of carbide. be your frequency getting the speed to get really with them designs

on work that's time some think all EV. everybody to growth experiencing I rates is through take it the So pretty does of short-term slower but encouraging,

Operator

from comes with Tristan question Gerra Our next Baird.

Unknown Analyst

Tristan. how then you year? This inventories at for the market are channel initially, today for And growth is silicon maybe are next Tyler Where silicon on carbide carbide? looking for

Eugene Sheridan

have Yes. the pockets broad-based, Thanks, solar, earlier to there pockets and we some with in EV. we with industrial not are Anytime this year, last It's first you worked Tyler. that get inventory. change about talked certainly, see but a slowdown through. Yes, in year channel of do rates, certainly, growth it be

down. I think numbers are inventory the coming channel

to the factored on I next year. more strong QX outlook trend bullishness as think QX think they're as So our I and all well growth for And the muted into is good. returning

biggest in chargers, prepared talked well recovering. we're this growth in market chargers XX I as a carbide as and industrial design solar, think So of seen said, my that solar. as We're in onboard as bunch winning, the see wins year. off-board I designs about come We going is to silicon new remarks, we've that's

layer we're So good next the carbide, lot in EV these year, going And for those signs. for you of of solar, markets silicon GaN time, encouraging first then are high-power middle A of know. for GaN are to next end year. as

us outlook all those next together better add so year. And for give going to a to are

Unknown Analyst

Yes. carbide technologies? Great. are as of would hear encroaching applications. Navitas on views And this both your higher of And question. on my that and beginning development? a on What this We're next some silicon how voltage GaN touches kind to affect supplier traditional

Eugene Sheridan

it's an alternate Yes. Yes, lot definitely There's of There's interesting of it. about space. a go a lot ways too. to trade-offs,

you think I So today. get there can

the X,XXX-volt a one the but You higher, but out or performance, is could GaN what's and also effectiveness. the what's go what's announce cost reliability, something

look it If might cost making will bigger you specs but lot just The by a that it effective. not to look it good. handle the be chip voltage, do may good,

we're higher right of study we we combination device taking what's substrate, nail sure path, what's voltage to voltage commercial right really that the what's when launch technical our GaN, So time the the competitiveness. make right right to the the geometry, really and right

So seen think believe over I But a high-voltage I silicon is displacement now But anything approach make of time think in a not think sense. have as do it's I Navitas haven't coming announced to years. when impact. quick could solution. a the technology I carbide basically significant GaN have do it, approaches right that I the we'll going

Operator

from Stanley. Morgan Moore question with Joe next Our comes

Joseph Moore

that the if doing, wonder about you're headcount that that the -- losing end anything cost or away talk of what's you the I losing? you're from restructuring markets sort you're could pulling any of

Eugene Sheridan

Joe. Thanks, Yes.

quarters fully will about X savings As it million take or that. $X Todd per of described, aggregate, X of to about realize XX% headcount quarter, in kind

also functional impact. cutting and both reasonably restructuring a mobile, Todd We reduction AI elevating in so rate the But area sort one balance wasn't we're not good and sharpening was or the headcount there in forward, of in -- were and belt and just pretty data mentioned our tightening Going geographic or broad-based. EV from burn centers, focus. the headcount, but cutting those. I major

increasing people X resources in around areas. those -- So some increasing and and we're cases, promoting promoting

So burn a think reducing rate, impact rate. I focus by while we'll growth on our sharpening have financial I don't our think

our it certainly accelerate do will revenue to rate to I get to to, think accelerate and need time actually it. and growth profitability we the threshold

With into EV -- I really world, centers already technology IC it AI think market. developed, saw Hridge data we the mobile in found and that focus. mobile the [ the good we are mobile appliance homes proven we've bigger So ] and the the broader-based said,

continues And I or secondary adjacent and thing. so going adjacent some we're said, same be us. AI storage think or see industrial. we of secondary will market these And technologies to EV I a for center solar, for The and reuse nice data like consumer, in that have high to markets, the mobile, develop energy

think all update they'll So and design to segments. each continue and pipeline the growth and I you we'll and about wins talk play in of together,

Joseph Moore

pricing about then right And follow-up, Okay. curious I'm a new sockets for for now. just

European impact you competitors with wins? got You've that new empty pricing having Do empty Chinese on design competitors fabs. with see fabs, like-for-like an for

Eugene Sheridan

level everybody fabs on the volumes and when definitely, epi cost little keep The tremendous side full. GaN to going, on the assembly keep a gets the at both aggressive of test. starting material device the packaging market and to level, silicon softens, price success That's we've try the carbide fab that is side. at Yes, the renegotiating more and structures, flip had and side

with margins to markets. weaker keep pace reductions of and we're in but even industrial gives cost market with to more price have improved improve, the us taking which structures, especially the purchasing ability business gross numbers, things incremental the advantage significantly any cite power, higher didn't as we So more with really win leverage then

out. that's playing So how I think it see we

Operator

comes Egan next Jack from Charter Our question Research. from Equity

Jack Egan

the and still GaN for data market XX-volt low-voltage the there like converters believe I the for predominantly intermediate center silicon. bus platform, is So

with. making it tough GaN so effective GaN very at pretty So -- the good mean but it's there your is seems customers? inroads that is like I to such efficiency, focus is silicon compete has cost

real in GaN data using So bus really customers center are about converters? getting those more intermediate

Eugene Sheridan

Jack, the really of of Yes, kind that's like chances. summary, good we and situation, our why a that's

really could the market up But potential be did we lot but compared been our if research, chargers to lot late I on with with a cross a showing we frequency that bit push barrier into taken a efficiency it's products value done, work system low-voltage the entering that lot we see a tremendous combine a think going had were design, not off some of to significant the to think little with in advanced as already silicon. GaN, GaN I and just mobile props of Also problematic. of production, that R&D, there's and transistor.

in critical in from really to we capability. magnetic pushing [Par] to may higher. silicon the that magnetics converters, these like megahertz Just and megahertz, brought pushing will of X in up traditional kilohertz levels chargers, frequencies mobile XX-volt the their DC megahertz, be X DC to be hundreds

So I think got the skills. we've

think got we've road the I map.

I the and Then with common think got technology can combine Navitas, Infineon, some of risks. supply it. suppliers footprints chain IP or with take that you that any care risks we've move specs really X strong

combination powerful to at we're Blackwell place big I we those. and on that to Blackwell right Ruben, a up really the and will in the to right time really work some there's need the challenges to from solving power Ultra it's horizon, as get show going think

Jack Egan

Great.

I a next then. then question my guess helpful. And good segue into That's Okay.

it of and I impacts power general was cooling content. in liquid So curious data on how about thoughts your centers kind

the I time, power cooling think at liquid use the just the sides there power that more semiconductors. liquid that higher reduce cooling levels. both same pushing going to and convergent arguments are keep are processor But higher might for efficient need companies for to to

could or kind So headwind? a power be relates benefit to a see content, bit a power as it Is of semi how for of of do kind it liquid it you companies cooling?

Eugene Sheridan

nailed your latter you comments. with it think I

any it's need. like think I budget, desperately we

power need desperately we industry, bigger an budget. As a

exciting then processors And limited go don't including is keep the to going you're be cooling, to capabilities. able going they're to down everybody stuck and path this of be power, AI and processors. be you not If to liquid going in then to going

cooling liquid inevitable. think I is So

and get up it to whole going necessary, parallel going. that's the energy the it's potential are savings cooling. full power slow thirst just not to We to power accelerates And that keep ability think going with the up. the and industry for to of AI, and for down of and keep liquid going need density I up and it

Operator

Jon comes CJS Securities. from question next Our Tanwanteng from

Jonathan Tanwanteng

Gene, clarify, benefit I power be IP? to does will Infineon wanted using so, manufacturing technologies your if that you? how And

Eugene Sheridan

Yes. We well, benefit. all, -- of first the

GaN faster benefit, sources, first initial So the adoption to love or to where they sort said, go platforms this much the biggest but niche technology, the love GaN is as to kind ICs, love Navitas credible GaN I customer adoption. really advanced technology. X from X That's would mainstream allows of want people see their or the high-performance X X sources sources. high-volume for X into really see It of

common we to separately. it And credible And products, the it X specs, fixed beauty are with benefit that patent focus terms between companies. the the common our these simplest in for for customer, and cross developed have not the with bringing common work. sourcing sourcing infringement it way how customer, at develop said, That's so worry technologies of dual XX-volt the about now least will to the GaN. With describe but sources, areas, of them licensing, is X the footprints, in we're can starts low-voltage which the

Jonathan Tanwanteng

Got it.

only factor makes partnership, form a that it's as that's So shared sense? a if

Eugene Sheridan

Yes.

Jonathan Tanwanteng

was when next occur And into I inflection expect so, negative headwinds. growth near-term to if year? versus the does you we if growth QX? strong as to get wondering returning remain into mentioned heading You

Eugene Sheridan

I various of and a there's year. Yes. know debate opinions lot next

the is X quarters, kicking The lot design feel or from that projects momentum the are push both we've the Those is one we'll those all A is QX, pipeline X outs. next an and seeing. we're wins, the one, market think pushed of in an one QX throughout one. see industrial to out as another decent general three-quarter EV I bullish next about the We win consensus certainly X for design that had recovery last conversion year. two- QX, year.

So instead pushed dollar those in QX. of impacts are or seeing to multimillion QX, QX

With So or of down. a that continuing lot point XX%. down of part typically seasonality even see We magnified. that Last is QX getting year. seasonally things was to year the that said,

So but I looks of a that's QX, guiding a why I we're QX seasonally soft. clear down not growth would quarters. thereafter. on and its expect strong mentioned formally to bit And recovery a We're in couple to then

Jonathan Tanwanteng

I hear into specifically you appliances mobile? lastly, the didn't on equation center mention fits data industrial you're how the appliances. EV that and business, the and wondering I'm And and new where then focusing

Eugene Sheridan

got nice was will was and nice. customers. nice It Yes. continue. programs, not design QX. is XX million tail which short it had medium-sized more admittedly, -- of We know, XX QX. $XX comment, right, did as appliance I That's design with in sorry, in tail. We great. industrial. industrial or mention, big to usually appliance, wins, And or million not it wins as we a It's long a XX small- long but a They're XX had usually that's GaN in silicon and carbide $X

focus energy mentioned markets and as will and for earlier, And So appliance, high that's into increase I develop good. those the reuse industrial, storage solar, AI centers, data on we even we mobile, EV technology have consumer. as

drive but with So those, continue on mobile data EV track drivers, to greater we'll and emphasis our and center. biggest AI

Operator

Our next Kevin from Rosenblatt. question Cassidy comes from

Kevin Cassidy

trend my mid-range week, entry-level smartphone a Last there's supplier smartphones a to phones. that in said there where Thanks taking shifting they're for that phones was follow-up. from

seeing And entry-level can course, kind points. hit or barbell you in market? that phones? they're of us, First, anything are entry-level to your that? you seeing a to mean Are it's that? going phones a maybe does little I matters of now more think change saying of because high-end They're volume What price better bit.

experience, the consumer charging the the XX They're power. be that's but watts charging as super to watts, that to entry-level course, what's you you chargers interesting the not cost, us, not call kind going chargers, then what key we're but is to maximize to know. power slow even guys Of to or XX for a and watt of might of to pushing minimize going XX But going lot level are seeing us them mainstream chargers, higher. is keep

we've of about, much tipping a bringing charging really faster always GaN the lot As talked experience. value, that's bring point a for

not so relevant in sure as exactly in know we're great And not But to doing -- of I'm for the we're really and XX I may progress transient. the regions. work one the they're a as with those So low-cost and highlight making bringing specifics the watt, name prepared watt remarks, in household Africa third point, didn't smartphones, but you chargers not And incredible -- but it other don't cost-effective don't leaders that one announcement. that's world charging. phones. I XX know

So a pleasant adding mobile for mix of numbers. to already. us. They're part was We GaN a high our QX. charger said that that's in been all-time at It's surprise

So example and charging of shows me one that relevant or, let's that's into price-sensitive fast GaN mainstream entry-level fast bring phones charging we and can customer phones. even say, super sort

Operator

comes question Richard next from Our from Shannon Group. Instructions] Capital [Operator Craig-Hallum

Richard Shannon

include I apologize release that ask simple let certain for just discussed sure with a and has don't press jumping I'm of late me refocusing a asking on been here from one, before, here. a markets solar reading that but on question here the kind

to of that area an from want curious that continued we're all? read just just please. I'm So Is space. of -- at about this your I kind thinking Or development team, what this get on

Eugene Sheridan

definitely. Yes,

carbide where focus company, market. a if But being at solar, I smaller silicon look you it's our as given a at key. a is broad-based we're think smaller pretty decent-sized business,

carbide. continue think carbide capture win, applications solar and I broad-based silicon and to we'll so with silicon And

exciting, silicon We've you can the in we our And data strategically one at mobile. most got got carbide bring super where one in the bring we've bear. If centers. centers We've design got look EV. value, GaN can system one to combination Navitas and of where in is

combination mean So uniquely when bets. you we can look mobile, our be aren't system system at deep the focus bring that's niche. And That technologies where there of the and and even to doesn't opportunities. data around going place center, EV we'll biggest knowledge

solar of on in emerging not world So GaN even carbide, commented I within broad-based for promising really is opportunity the solar, solar. microinverters silicon particular,

focus to niches, which sizable can even those we'll and find on areas. continue So niches, there, be we'll our

GaN my a mid-'XX. remarks, example, I think ramp-up for is on I solar reiterated an in prepared So nice bidirectional as track in microinverters, into

So exclusive other markets. very EV strategic, some ignoring in but other of data this on will centers focus important, won't be opportunities it and very and mobile, the be these

Richard Shannon

follow-up And Okay. quick just a maybe here. Fair enough.

You talked voltage dual a I've products with announcement lower is this arrangement here. first sourcing for Infineon Obviously, about seen of the this.

think honestly this with has familiar here. not alluded area before. am to announced I general any in you've Infineon I products voltage it whether

expect to certainly to centers this can just see how hot in do with we for in revenue some opportunity here. partnership dual quickly, Yes. ramp We're been need sourcing it? up, AI you late dual expect problems centers. is efficiency family Generally, a you love works maybe today, in a time it data focused for came what for weeks. quite year. months. just from to in start announcing we're you of how contributions sourcing, the It's Obviously, So the coming being real coming technology actually low-voltage real theirs public That's density discuss their out and when very next first aware announcements, but solve get not particular for time. data to start Infineon's particular. today soon, be sure line There's sampling so first people and first on production Coming expect going especially sure they're about ramps I'm I'm the quarter, advanced coming. of the public and this this but they it the it, really see certainly where will the GaN we to this

Operator

time. We joining. thank further conference no you questions at call. today's for this are this And concludes There

now may disconnect. You

Navitas Semiconductor (NVTS) 4 Nov 242024 Q3 Earnings call transcript