TORRANCE, Calif. - Navitas Semiconductor (NASDAQ:NVTS), a power semiconductor company with a market capitalization of approximately $582 million, announced today the appointment of Dr. Ranbir Singh, a seasoned expert in silicon carbide (SiC) technology, to its board of directors. Dr. Singh, who joined Navitas following its acquisition of GeneSiC Semiconductor, which he founded, brings over two decades of experience in SiC innovation to the company's leadership.
The move comes as Navitas, known for its advancements in gallium nitride (GaN) power integrated circuits and SiC technology, continues to focus on providing next-generation, clean-energy power solutions. According to InvestingPro data, the company has demonstrated strong revenue growth of 39% over the last twelve months, while maintaining a healthy balance sheet with more cash than debt. Dr. Singh's expertise is expected to further Navitas's growth in markets such as artificial intelligence, electric vehicles, and mobile technology.
Dr. Singh's career includes significant contributions to the field of power electronics, with over 200 published journal and conference papers, a book, and more than 40 U.S. patents. His previous experience includes eight years at Wolfspeed (NYSE:WOLF) (formerly Cree, Inc.), enhancing his profile as a respected figure in the power electronics community. The company's stock has shown significant momentum recently, with InvestingPro reporting an impressive 18% return over the past week, though investors should note its beta of 2.36 indicates higher volatility than the market.
Gene Sheridan, Chairman, President, and CEO of Navitas, expressed confidence in Dr. Singh's ability to contribute to the company's innovation and growth. Dr. Singh himself highlighted the importance of Navitas's role in transforming the semiconductor industry with its wide band-gap technology. The company maintains a strong financial position with a current ratio of 5.59, indicating robust liquidity to support its growth initiatives. For detailed financial analysis and additional insights, investors can access comprehensive research reports available on InvestingPro.
Navitas Semiconductor, celebrating its tenth year since its founding in 2014, has positioned itself as a leader in power semiconductor technology. The company holds over 300 patents issued or pending and offers a 20-year warranty on its GaNFast products. It was also the first semiconductor company to achieve CarbonNeutral® certification.
This strategic appointment is based on a press release statement from Navitas Semiconductor and reflects the company's commitment to leadership in the development of power semiconductor technology.
In other recent news, Navitas Semiconductor reported a Q3 revenue of $21.7 million, despite an operational loss of $12.7 million. The company attributed its failure to meet its own guidance for the fourth consecutive time to market challenges in the Industrial and Solar sectors, along with contract delays. To address this, Navitas has initiated a cost reduction strategy, including a 14% workforce reduction, aimed at decreasing operating expenses by approximately $2 million each quarter.
Needham has maintained its Buy rating on Navitas but reduced the price target to $4.00 from $5.00. Similarly, Baird has adjusted its outlook on Navitas, lowering the price target to $5.00 from the previous $7.00, while maintaining an Outperform rating. Both firms anticipate a revenue rebound for Navitas in the upcoming years, with Baird projecting growth in the latter half of 2025.
In addition to these developments, Navitas has recently launched a new low-voltage GaN product and entered a strategic partnership with Infineon (OTC:IFNNY) for dual sourcing. The company expects Q4 revenues to range between $18 million and $20 million, despite its recent challenges. These are among the recent developments at Navitas Semiconductor.
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