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Russian (RU) Sat, Sep 13, 2025, 3:00 PM 5 min read
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Navitas’ growth stalled out over the past two years.
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A new Nvidia partnership could help it break out of that rut.
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But too much of its future growth is baked into its current valuations.
In April, Navitas Semiconductor's (NASDAQ: NVTS) stock sank to an all-time low of $1.52 per share. That marked a 92% drop from its all-time high of $20.16 in November 2021. The chipmaker's stock plummeted as it broadly missed its own long-term forecasts.
Before Navitas went public by merging with a special purpose acquisition company (SPAC) in October 2021, it claimed its revenue would surge from $12 million in 2020 to $308 million in 2024. But in 2024, the company only generated $83 million in revenue.
Yet Navitas' stock now trades at about $6. It soared over the past five months as it secured a new data center deal with Nvidia, but are those gains sustainable? Let's review what Navitas does, why the Nvidia deal lit a fire under its stock, and if it's worth buying.
Navitas produces gallium nitride (GaN) and silicon carbide (SiC) power chips, which are faster, more power-efficient, and more resistant to higher temperatures and voltages than traditional silicon chip devices. That makes them well-suited for electric vehicle (EV) chargers, data center power supplies, solar inverters, industrial motor drives, and mobile chargers. Unlike Wolfspeed, which is grappling with soaring costs as it manufactures its own SiC and GaN chips at its first-party foundries, Navitas is a fabless chipmaker that outsources its production to third-party foundries.
Navitas generates most of its revenue from its GaNFast Power ICs, which bundle together switching, sensing, control, and security features on a single chip. But in 2022, it significantly increased its exposure to the SiC market with its acquisition of GeneSiC, which develops SiC chips for the EV and data center markets.
Navitas' top customers include PC makers like Dell and Lenovo, smartphone leaders like Samsung and Xiaomi, and Chinese EV makers like BYD and Changan. This May, Nvidia partnered with Navitas to develop more power-efficient delivery systems for its next-gen artificial intelligence data centers.
Navitas' sales surged in 2022 and 2023 as the GaN and SiC markets heated up, but that growth spurt ended in 2024 as it dissolved a partnership with a key distributor. Its revenue continued to decline in the first half of 2025 as its mobile and consumer markets faced seasonal headwinds and its EV, solar, and industrial customers reined in their orders to resize their inventories. Its sales in China, which accounted for 60% of its top line in 2024, are also exposed to unpredictable tariffs.
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