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Item 1. Business

2026-02-27 compared with 2025-03-19 · 173 added, 203 removed, 16 unchanged (96% of the section changed)

We design, develop and market next-generation power semiconductors including gallium nitride (GaN) power integrated circuits (ICs), silicon carbide (SiC) power devices, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging.

Power supplies incorporating our products may be used in a wide variety of electronics products including fast chargers for mobile phones and laptops, consumer electronics, data centers, solar inverters and electric vehicles, among numerous other applications.

Our products provide superior efficiency, performance, size, cost and sustainability relative to existing silicon technology.

Our solutions offer faster charging, higher power density and greater energy savings compared to silicon-based power systems with the same output power.

By unlocking this speed and efficiency, we believe Navitas is leading a revolution in high-frequency, high-efficiency, high-density, and sustainable power electronics to “Electrify Our World”™ for a cleaner tomorrow.

Industry Overview

Most electronic devices that connect to a wall socket require a power supply to convert energy provided by utilities at 100-240V alternating current (AC) into lower-voltage direct current (DC) required by most electronic devices.

Power supplies can be located inside the devices they are powering, as is the case with many consumer electronics and home appliances, or outside of the device, as is typically the case with devices like mobile phone chargers or laptop computers, typically referred to as wall chargers or power adapters.

In other applications such as electric vehicles, power may be converted from a high-voltage (e.g.

400 or 800V) DC battery to a lower voltage (e.g.

12 V) or, in the case of solar inverters, from low-voltage DC to high-voltage AC.

Additional, even-higher voltage applications are evolving, such as grid-tied converters, circuit breakers, rail, wind turbines, and industrial-scale charging (megawatt) systems.

In electronic devices today, most of these charging and power supply functions are carried out using silicon (Si) power MOSFETs (Metal Oxide Semiconductor Field Effect Transistors) or IGBTs (Insulated Gate Bipolar Transistors), along with related analog peripheral semiconductors.

As the electronic content and functionality of systems have increased over time, existing silicon-based solutions have struggled to achieve high energy efficiency and fast charging, and they require large heat sinks or other thermal management methods, and large or complex form factors.

Two newer “wide band-gap” (WBG) materials have entered the power electronics market—gallium nitride (GaN) and silicon carbide (SiC).

In general terms, devices rated around 700V address applications requiring output power of approximately 20 W to 20 kW, such as smartphone chargers or data center power supplies.

GaN devices rated from 80-120 V optimize and enable 48 V-based systems such as AI data centers, EV, and AI robotics.

Silicon Carbide (SiC) solutions are generally designed for higher power (multi kW to MW+) applications with higher device voltages (up to 6,500 V).

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At the highest level, GaN is a combination of gallium and nitrogen, which forms a powerful bond with materially stronger electric fields and greater electron mobility compared to silicon.

With a GaN power IC, increased power system switching speeds and energy efficiency can be achieved, which translate into notable benefits for power electronics such as smaller size, lighter weight, higher density, faster charging, energy savings and ultimately a lower system cost.

These are significant gains relative to existing Si-based power solutions.

A transistor is at the heart of a power supply, and a discrete (that is, non-integrated) GaN transistor requires a specialized silicon driver and multiple other components to drive and protect that GaN transistor.

This additional circuitry has limited the adoption of GaN over the last decade due to cost, complexity, size, and vulnerability to system transients.

Navitas has solved this problem with the GaN power IC.

The Company is the first to integrate all the drive and protection components along with the GaN transistor in a single GaN chip.

This provides several form-factor improvements and energy savings compared to silicon solutions.

The GaN IC solution also provides several benefits compared to GaN discrete solutions, including a smaller footprint, fewer components, energy savings, and lower cost.

A new, ‘bi-directional’ GaN platform began sampling in 2024, and represents significant size and system-cost reductions, for solar, motor drive and battery-storage applications.

Based on third-party estimates, the GaN device market (all voltages) in 2023 was over $250 million, with a 41% CAGR to 2029, and with the SiC market in 2023 over $2.7 billion.

Based on Navitas’ estimate, Navitas is a market leader in high-voltage (600-700V) GaN, and is focused on growing market share in SiC.

As new, displacement technologies, GaN and SiC market revenues are expected to grow faster than the legacy silicon market.

Combining GaN and SiC, the total potential market opportunity is estimated to be over $22 billion per year by 2026, split $7 billion for GaN, $9.3 billion for SiC, and with $6.1 billion overlapping GaN/SiC market.

By the end of 2029, Yole, which is a consulting firm that specializes in the strategic analysis of markets, estimates that 33% of the legacy power silicon market will have been taken by GaN and SiC.

Company Overview

Converting power efficiently has emerged as a critical challenge as the electrification of our planet continues amid the pursuit of reduced carbon footprints.

Electric vehicles, renewable energy, large-scale data processing and other applications all demand power and charging infrastructures with greater speed and efficiency than status-quo silicon technology.

Navitas’ GaN and SiC products solve complex and demanding challenges that are inherent in power conversion by unlocking both speed and efficiency.

Since our founding in 2014, we have successfully harnessed the fundamentally superior material properties of GaN to enable cost savings and enhanced power conversion through product integration, reducing the amount of space needed to support multiple requirements while dramatically increasing charging speeds.

With ten-times stronger electrical fields and twice the electron mobility compared to silicon, GaN is ideally suited for disrupting power switching applications, but challenges around manufacturing quality and reliability make commercialization difficult.

Navitas Semiconductor Corporation (“we,” us,” “Navitas” or the “Company”) designs, develops and markets next-generation power semiconductors including gallium nitride (GaN) power integrated circuits (ICs), high-voltage silicon carbide (SiC) devices and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging.

We focus on high-power markets including artificial intelligence (“AI”) data centers, energy and grid infrastructure, performance computing and industrial electrification.

Our products are engineered to deliver superior efficiency, performance, power density, and sustainability compared to legacy, silicon-based technologies.

By leveraging the unique properties of wide bandgap (WBG) materials such as GaN and SiC, our solutions enable higher power throughput, higher voltage operation, improved thermal performance, and reduced system size and cost, which are critical advantages for high-power applications such as hyperscale and AI data centers, grid electrification, high-performance computing clusters, and industrial automation.

We operate as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers.

Through this focus on high-power markets, we are positioned to support the global transition to electrification and energy conservation.

Our mission is to drive innovation in high-frequency, high-efficiency, and high-density power electronics, enabling our customers to achieve greater energy savings, operational reliability, and sustainability.

By unlocking new levels of speed and efficiency, Navitas is leading the transformation of power electronics to “Electrify Our World”™ for a cleaner, more connected future.

About the Company

Navitas Semiconductor Corporation was originally incorporated as Live Oak Acquisition Corp.

On October 19, 2021, as part of a series of related transactions (which we refer to as the “Business Combination”), the registrant acquired all of the equity interests of Navitas Semiconductor Limited, an Irish private company domesticated in Delaware as Navitas Semiconductor Ireland, LLC (collectively, “Legacy Navitas”) and changed the name of the registrant to Navitas Semiconductor Corporation.

As a result, Legacy Navitas became a wholly owned subsidiary of Navitas Semiconductor Corporation effective October 19, 2021.

Legacy Navitas was founded in 2014, and since that time, has successfully harnessed the fundamentally superior material properties of GaN to enable cost savings and enhanced power conversion.

With ten-times stronger electrical fields and twice the electron mobility compared to silicon, GaN is ideally suited for disrupting power switching applications, but challenges around process, quality and reliability made commercialization difficult.

By developing a fully qualified manufacturing process with over one billion device hours tested, Navitas overcame these key hurdles to successfully and reliably integrate the critical drive, control and protection circuits into a single chip, enabling mainstream GaN adoption and unlocking the full potential of GaN in speed, efficiency, simplicity and cost.

Navitas estimates show that GaN-based power systems can provide 20x faster switching, up to 3x higher power density, 3x faster charging, up to 40% energy savings and are 3x smaller and lighter compared to silicon-based power systems.

Navitas’ ICs allow end customers to implement GaN technology with a simple, dependable solution to realize groundbreaking power density and efficiency.

We are developing a differentiated GaN power IC platform utilizing decades of power semiconductor technical expertise, robust applications knowledge and strong end customer relationships.

We believe our competitive strengths and robust IP portfolio of over 180 issued and pending GaN patents (over 300 company-wide) enabled us to establish a leading market position in GaN power semiconductors.

In August 2022, Navitas acquired GeneSiC Semiconductor, adding a broad range of SiC MOSFETs and diodes to the Navitas portfolio.

GeneSiC proprietary trench-assisted planar-grade MOSFET technology combines the best of planar SiC (ease of manufacturing, robustness) with the best of trench SiC (low resistance, smaller die sizes).

Navitas SiC MOSFETs have lower resistance than competitors at higher temperatures, and operate at cooler temperatures, for expected 3x longer device life expectancy.

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Navitas is led by a team of power semiconductor industry experts with a combined 300+ years of experience in semiconductor materials, devices, applications, systems and marketing.

Navitas’ Market Opportunities

We believe GaN and SiC will continue to displace silicon-based power semiconductors in a broad range of markets ranging from mobile/consumer to home appliance/industrial, data center, solar/storage, and EV.

These markets are driven by major, long-term secular trends including explosive growth in data traffic, increasing electricity cost, and the transition from fossil fuel-based to sustainable energy sources to help address climate change.

Industry analyst Yole estimates that by the end of 2029, GaN and SiC will have replaced 33% of the legacy silicon market.

• Mobile/Consumer.

With short design-in times, and a strong “portability” value proposition, our initial focus and technology beachhead for GaN was the mobile fast and ultra-fast charging market for smartphones, tablets and laptops.

GaN Power ICs generally can provide up to 3x more power and up to 3x faster charging, with half the size and weight of silicon chargers with the same output power.

With the introduction of USB Type-C universal connectors and charging protocols, and as smartphone screen size, batteries and functions have increased, demand for high-power “ultra-fast” chargers has been established.

For example, GaN-based 240 W chargers supplied with today’s flagship smartphones can enable 0-100% charging in less than 10 minutes.

As over 2.5 billion chargers are shipped every year, each estimated to include potentially approximately $1 of GaN content, the mobile charger market represents a multi-billion-dollar opportunity based on estimates from IDC PC tracker, USB-C research, Yole research and Navitas estimates.

As of December 2023, all of the top-10 mobile OEMs were in production or development with Navitas, and repeat orders have continued, with some customers reaching up to 30% adoption of GaN vs.

legacy silicon-based chargers in 2024.

Non-mobile (non-battery) applications include ultra-thin TVs, high-powered gaming systems, desktop all-in-one PCs, and various smart home internet-connected devices.

• Data Center.

For AI and hyperscale, the key demands are total power, power density and operating costs.

As GPUs from NVIDIA (e.g.

Hopper, Blackwell & Rubin) and others accelerate in power need to over 1 kW, total rack power demand is increasing from 30 kW to 60 kW, with a roadmap to 480 kW per rack.

At the same time, little to no extra space is allocated to the 220V-AC-to-48V-DC ‘silver box’ power supplies.

Here, no-compromise, hybrid SiC+GaN solutions deliver robust, high efficiency, high power density reference designs are available from Navitas’ data center design center, in power levels at 3kW, 4.5kW, 8.5 kW and beyond.

In Q4 2024, a GaN-IP cross-licensing arrangement with Infineon Technologies AG enabled drop-in, ‘dual sourcing’ and is expected to accelerate GaN’s adoption in in AI data centers, plus access to a new, low-voltage (80-120V) platform addresses 48V applications, and doubles the potential revenue up to $10 per kilowatt of power demand.

In addition, nearly 50% of the total cost of ownership of a data center is related to power, which includes the cost of power supplies as well as the cost of electricity for data processing, cooling, lighting and other power needs.

For the data processing component alone, by our estimates a GaN enables a 40% reduction in losses versus legacy silicon-based systems.

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• Solar/Storage .

In residential solar, we believe GaN is well positioned to replace silicon in per-panel micro-inverters (350 – 550 W).

Based on customer feedback, we estimate system cost reductions of approximately 25% compared to legacy silicon solutions, in addition to efficiency-driven energy savings over time.

We estimate this translates into about a 10% improvement in the return on investment in solar systems.

Overall, we estimate the GaN IC opportunity for solar applications to be over $1 billion per year based on Markets and Markets Micro-Inverter Market report and Navitas analysis.

GaN revenue is expected to begin in 2025, starting with standard GaNFast power ICs, then upgrading to a new ‘Bi-directional’ GaN platform for further efficiency upgrades, size and component count reductions.

Meanwhile, higher-power, higher-voltage commercial “string” inverters have adopted SiC to replace legacy silicon IGBTs, with significant savings in weight and size.

To help balance solar supply and electrical demand, and for users to become more grid-independent, the “attach rate” for battery-based energy-storage designs (or “bi-directional” EV) that require SiC, is expected to increase from less than 10% in 2022 to 30%-40% in 2025, according to a leading customer.

• Home Appliance / Industrial.

This market is dominated by high-efficiency motor drive applications, including domestic appliances such as washing machines, vacuum cleaners, dishwasher pumps, refrigerator compressors and heat pumps, plus industrial uses such as water pumps, conveyor systems, robots, and warehouse materials handling systems.

Based on Navitas estimates, high-speed GaN half-bridge power ICs deliver improved energy savings compared to legacy silicon and enable drive-motor integration due to their smaller size and lighter weight.

We estimate the opportunity for GaN in 50-300 W motor drive applications to be around $1.5 billion per year.

As motor drive power increases to over 1 hp (~750 W), the higher current-handling capabilities of SiC come into play.

• Electric Vehicles .

EV demand is increasing, with battery-electric passenger cars expected to be 25% of sales in 2025 and 50% by 2031[i].

EV adoption challenges include three main themes:

the need for faster charging, demand for extended range, and lowering the cost compared to traditional, internal combustion powered cars.

EVs can also act as supplementary energy back-up for your home to balance energy supply (from household AC, solar, generators) and demand (heating, cooling, cooking, device charging and other electronics), and be a critical part of an energy-independent micro-grid in the event of a grid power failure.

This is known as “V2x” (vehicle to anything) charging.

For 400 V-rated EV battery systems, and where 220VAC home charging is available, ~700 V-rated GaN operates at high-speeds in on-board chargers (OBCs) and DC-DC converters.

For example, Navitas’ “3-in-1” platform design includes a 6.6 kW bi-directional charge/discharge and consolidated DC-DC converter.

For higher-power traction inverters, and systems with 800 V-rated batteries, 1,200 V SiC is an optimized solution.

We estimate GaN and SiC content per passenger EV to be approximately $350 per vehicle.

For long-haul trucking, the USA and 26 other countries signed the COP27 MoU, committing to 30% Zero-emission Vehicle (ZEV) sales by 2030 and 100% by 2040, so a significant ramp in production is anticipated.

A new “Megawatt Charging System” (SAE J3271) is being finalized that will fast-charge with up to 3.5 MW of power using a 1,500V cable – requiring high-voltage SiC, where Navitas leads the industry with devices up to 6,500V.

Competitive Strengths

At December 2024, over 240 million Navitas GaN and nearly 30 million SiC devices had shipped, with proven quality and field-reliability performance (failure rates of far less than one part per million).

We believe Navitas is the market and technology leader in high-voltage GaN power ICs, with leading revenue, technology and intellectual property.

We believe our key competitive advantages include:

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• Industry-Leading IP Position and Proprietary Design Support.

Navitas has a broad portfolio of over 300 patents issued or pending, encompassing key aspects of GaN power circuitry analog and digital integration and SiC device design.

Our patents are generally applicable to use cases in all of our targeted market applications.

A key element of our intellectual property is our GaN IC process design kit (PDK), which we use to facilitate and accelerate product implementation and end customer development.

We believe our PDK includes the industry’s first and most mature and comprehensive device and circuit development libraries, characterization and verification tools, and robust simulation models.

• Differentiated GaN Power Solutions.

Our integrated circuit approach to GaN power semiconductors eliminates complexity in driving, controlling and protecting GaN transistors while simultaneously fostering design simplicity.

We have overcome key hurdles to commercialization with our proprietary GaN design and manufacturing test systems and are fully qualified with over one billion device hours tested to underscore reliability.

• Industry-leading, Proprietary SiC Power Solutions.

GeneSiC proprietary trench-assisted planar-gate MOSFET technology combines the best of planar SiC (ease of manufacturing, robustness) with the best of trench SiC (low resistance, smaller die sizes).

Navitas SiC MOSFETs have lower resistance than competitors at higher temperatures, and in head-to-head bench evaluations, run 25°C cooler, for 3x longer device life expectancy.

• Enabling, High-frequency Eco-system Control and Isolation Technology.

For performance- and cost-optimized applications, high-speed GaN and SiC power components are accompanied by high-frequency system control ICs and digital isolators.

Navitas is unique in having a comprehensive eco-system that enables the high levels of integration from 30 W smartphone chargers to 22 kW on-board, and megawatt roadside EV chargers.

• Established Relationships with Key Partners and End Customers.

In support of our technology leadership, we have formed relationships with numerous Tier 1 manufacturers and suppliers, gaining significant traction in mobile and consumer charging applications.

• Dedicated Application-Specific Design Centers.

We believe we are unique in adding application-specific design centers, either standalone or in conjunction with partner customers, for mobile, data centers, and EV, which allow us to develop GaN- and SiC-based power systems working with key customers in each of these segments, driving additional value with these customers and fueling additional system-led integration back in to our products for future generations.

• Proven Leadership Team of Tenured Industry Experts.

Navitas’ management team has over 400 years of combined power semiconductor experience and a track record of shareholder value creation.

Three of Navitas’ founders have worked closely together for over 25 years and are credited with power semiconductor industry achievements and successes that include over 200 issued patents and 200 industry papers and presentations.

We are committed to offering unprecedented speed and efficiency to our end-customers through next-generation power semiconductor solutions, empowering efficient electrification while reducing the carbon footprint of our customers’ products.

Navitas products address a variety of power applications from 20 W to 20 MW, across markets including mobile/consumer, data centers, home appliance/industrial, solar/storage and EV.

With an established track record and over 240 million GaNFast units shipped into mobile fast charging and home appliances, we believe Navitas is well positioned to expand GaN into higher power applications – with the GaNSafe platform - and in parallel, accelerate adoption of our expansive GeneSiC SiC portfolio.

Our key strategic initiatives include:

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• Acceleration of Technology Development and Innovation.

We are focused on bringing to market multiple generations of high-voltage GaN, SiC, and low-voltage Si controller technology that enhance our margin profile while providing further integration benefits and advanced packaging to serve higher power markets.

• Expansion into New End Markets and Geographies.

Building on our initial success in mobile fast charging and consumer electronics, Navitas is poised for expansion into new market applications including data centers, solar and renewable energy as well as electric vehicles and mobility.

Our fabless manufacturing model allows us to scale efficiently into new markets and applications while minimizing capital expenditures.

• Selective Acquisitions of Complementary Technologies.

We plan to continually evaluate acquisition opportunities that are complementary to our existing portfolio and increase power semiconductor content in our targeted applications.

In 2022, Navitas acquired VDDTECH srl, a developer of high-speed digital isolator technology, and GeneSiC Semiconductor Inc., a producer of SiC MOSFETs and diodes.

In 2023, Navitas bought-out the remainder of a joint venture with Halo Microelectronics International Corporation for high-speed, low-voltage silicon system controllers.

• Leadership in Sustainability.

Through Navitas analysis and third-party auditing, we estimate that each GaN power IC shipped saves a net 4 kg of CO2 emissions, and each SiC MOSFET saves 25kg.

To date, over 350,000 tons of CO2 emissions have been saved by GaN alone, as compared to legacy silicon solutions providing the same power output.

Overall, by the target date of the Paris Accord, we estimate that GaN and SiC can reduce CO2 emissions by over 6 Gtons per year.

Navitas was the first semiconductor producer solely focused on GaN and SiC products to publish a quantitative, third-party-verified sustainability report, and the first semiconductor company worldwide to be certified CarbonNeutral® by Climate Impact Partners.

Each customer can adapt the CO2 footprint-reduction value of GaN and SiC to achieve their own sustainability analysis and commitments.

Navitas SiC MOSFETs have lower resistance at higher temperatures, and operate at cooler temperatures, for expected 3x longer device life expectancy.

In late 2025, we announced a strategic pivot that we called “Navitas 2.0,” which entailed an enhanced focus on high-power markets, including AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products.

In connection with this pivot, we restructured the organization, reallocating resources and priorities in support of these high-power markets.

We believe that the combination of GaN and SiC expertise and technologies makes Navitas particularly well-suited to compete and succeed in these emerging high-power markets.

In addition, we have an impressive track record of manufacturing and shipping GaN and SiC devices at scale.

As of December 31, 2025, we have shipped over 300 million GaN devices and nearly 30 million SiC devices with proven quality and field-reliability performance.

Navitas is led by a team of veteran power semiconductor industry experts with deep business and technical experience in semiconductor materials, devices, applications, systems and marketing.

We maintain operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, Thailand, South Korea and the Philippines.

Our principal executive offices are located in Torrance, California and we have satellite offices in Santa Clara, California and Irvine, California.

We have a strong legacy of innovation, with over 300 patents issued or pending, and we are proud to be the world’s first semiconductor company to be CarbonNeutral ™ -certified.

Industry Overview and Market Opportunities

Electronic devices that run on electrical power need power converters to adapt voltage levels required for the particular use case.

Depending on the application, there is a huge range of power and voltages, and hence there are various types of power semiconductors and power conversion topologies.

Until recently, only silicon (Si) based devices were available, limiting the choices for our customers.

With the advent of gallium nitride (GaN) and silicon carbide (SiC), also called wide bandgap (WBG), power semiconductor technologies, there has been a vast improvement in cost of ownership, efficiency, size, and weight of these power converters owing to the superior performance characteristics of WBG devices.

Moreover, many new applications are enabled only because of the performance delivered by these devices.

In 2025, industry sources indicate that GaN and SiC power semiconductors constituted only a small fraction of the total power semiconductor devices shipped in 2025, leaving the majority of the market still to traditional Si devices.

We believe that GaN and SiC devices are on cusp of widespread adoption, particularly in high power applications, and Navitas is focused on pursuing those markets.

Specifically, Navitas has identified four key end markets where we expect rapid and widespread adoption of GaN and SiC technologies:

AI data center, energy and grid infrastructure, performance computing and industrial electrification.

These markets are driven by major, long-term secular trends including explosive growth in AI computing and data center construction, increasing energy costs and the long overdue need to upgrade electrical grids and power infrastructure.

AI & Data Center .

Demand for better power conversion solutions in AI data centers is exploding as GPUs and NPUs demand more power while requiring the same physical space.

As server power racks increase the power required per rack, solutions based on wide bandgap devices such as Navitas GaN and SiC devices have become a necessity, replacing older Si-based solutions.

Navitas’s capability to engineer GaN and SiC-based devices by investing in system-level know-how makes it a recognized supplier in this market.

Energy and Grid Infrastructure .

As demand for datacenter power evolves, so does the need for better solutions for the delivery of power to datacenters.

Traditional 50/60Hz transformers no longer meet the efficiency, space, and uptime requirements for modern datacenters.

Solid State Transformer is a latest generation of power electronics solution that operates from an input voltage of 11 to 13 KV AC and delivers an output voltage of 800 VDC standard or 1500 VDC standard.

These SSTs deliver higher system efficiency compared to a traditional grid solution while also providing better system uptime at a lower cost of ownership in a smaller space.

Navitas’s GaN and SiC devices are the leading choice by many OEMs investing in datacenter infrastructure.

Performance Computing .

GaN Power devices are generally accepted in high-power-density chargers for high-end computers, replacing their Si-based predecessors.

As AI adoption accelerates, more AI functions are expected to be enabled on edge, such as a laptop computer, requiring higher power to operate and hence more advanced charging solutions.

Navitas has developed a broad line of GaN power devices and ICs offering optimal choices to customers based on their needs.

Industrial Electrification .

GaN-based inverters offer smaller size, lighter weight, and higher efficiency compared to Si-based solutions.

These benefits carry much higher value in the case of handheld appliances such as vacuum cleaners.

Navitas has developed dedicated GaN power ICs to target such application providing significantly lower cost of ownership to our customers.

Our very high voltage capabilities in SiC devices enable more reliable and cost-effective circuits for applications running on very high voltages such as motor inverters running on 3-phase 480 Vac.

Business Strategy

We intend to build on our heritage of product and technology innovation to pursue sustainable, high-quality growth by targeting markets experiencing structural demand growth driven by AI workloads, electrification and grid modernization.

Our product strategy will focus on GaN and high-voltage SiC for high power markets, leveraging our proven technology and product portfolio of gallium nitride and high-voltage SiC devices.

We have intentionally excluded electric vehicles (EV) and low-voltage SiC from our target market, as we intend to focus on high-margin, sustainable opportunities in high power markets.

We believe these high power markets are poised for a multi-year growth trend as GaN and SiC replace existing Si devices.

The AI datacenter revolution is the primary catalyst of this trend, with strong parallel growth in grid infrastructure, performance computing and industrial electrification.

We will continue to leverage our fabless business model, where we outsource wafer fabrication and other test and assembly functions to third-party partners.

We believe that this model will allow us to move faster and scale quicker at lower capital expense than a vertically integrated manufacturing strategy.

Our collaboration with third-party suppliers is bidirectional, as Navitas brings extensive process and materials innovation to these partnerships.

Lastly, a key component of our business strategy is to maintain financial discipline and balance sheet strength to allow us to make investments when and as necessary to scale quickly, pursue opportunities or acquire new technologies in service of our mission.

Competitive Advantages

Our status as one of the only pure-play next-generation high-power semiconductor companies positioned at the intersection of AI data center growth and grid modernization provides us with significant competitive advantages as we pursue emerging high-power markets.

Navitas is one of the very few suppliers offering a full spectrum of GaN and high-voltage SiC products and solutions to support impending shifts in power architecture driven by AI computing and grid modernization.

This dual-capability is strategically and competitively significant because it allows us to address the full range of high-power use cases and challenges.

GaN excels in medium-voltage, high-frequency, high-density power conversion while SiC dominates in high- and ultra-high-voltage, high-power systems.

Whereas many of our competitors specialize in one or the other, we are a full-stack next-generation power semiconductor provider of both GaN and high-voltage SiC devices, allowing system-level optimization across voltage tiers.

Beyond technical innovation, Navitas is also unique in that it has shipped both GaN and SiC devices at volume, acquiring essential know-how along the way.

As of December 31, 2025, we have shipped over 300 million GaN devices and nearly 30 million SiC devices with proven quality and field-reliability performance.

We believe that Navitas has one of the broadest intellectual property portfolios in the power semiconductor industry, giving us a competitive advantage against both incumbent competitors and new market entrants.

We possess a patent portfolio consisting of over 300 patents, issued or pending worldwide, that encompass fundamental aspects of both GaN

and SiC technology.

The competitive value of our patent portfolio was validated in October 2024 when we entered into a broad patent cross-license with Infineon Technologies AG.

Our high-power markets encompass a number of end-use applications with national security implications, including both AI computing and grid modernization.

As a result, we consider our collaboration with United States based foundry partners, specifically GlobalFoundries for GaN and X-Fabs for SiC, to be a competitive advantage, as we believe that foreign semiconductor companies and companies that rely on foreign supply chains will be disadvantaged in these critical markets.

Finally, we believe that our capital efficiency and financial strength gives us a competitive advantage in our markets.

By adopting a fabless manufacturing model, we are able to scale faster with a lower fixed-cost burden than our vertically integrated peers.

Similarly, with no debt and a strong balance sheet, we have the ability and optionality to quickly allocate capital towards new opportunities and high-value programs.

At Navitas, “speed of execution” is a core value and we believe it gives us a competitive advantage.

Sales, Marketing and End Customer Support

For GaN, our go-to-market strategy combines robust GaN commercialization and design expertise with validated success in mobile and consumer charging applications to capture market share and expand into new vertical markets.

We partner with numerous platforms and end customers globally and target innovative, Tier 1 suppliers to design differentiated power semiconductor solutions.

To facilitate end customer success, we offer comprehensive design support and utilize a proprietary process design kit tailored to specific engineering needs.

Navitas is unique in operating separate, system-dedicated application design centers, either standalone or as joint labs with customer partners - to accelerate adoption of GaN and SiC into fast chargers, data centers and EV.

Furthermore, our technologies are capable of being integrated into numerous product generations and design architectures, creating a scalable business opportunity.

This technical business-to-business (B2B) approach is supplemented by commercial business-to-consumer (B2C) end-user awareness, and customer co-operative activities across in-person and virtual multi-media platforms.

Key distribution partners provide additional field application engineering resources to assist in introducing our technology to a diversified end customer base and implementing our products in end customers’ products and systems.

In addition, Navitas’ direct sales team works to facilitate development of new end customer partnerships with our distribution partners.

With a focus on leading global clients, we believe Navitas is well positioned to expand both its existing end customer base and enter new markets in the near-term, while maintaining its current market leadership position in mobile fast charging.

Intellectual Property

The core strength of our business lies in our industry-leading IP position in GaN power ICs and SiC MOSFETs.

We invented the first commercial GaN power ICs and along the way have patented many fundamental circuit elements which are needed in most power systems from 20 W to 20 kW and on to 20 MW.

We have more than 300 issued or pending patents, which are expected to expire between the end of 2034 and early 2041.

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A key element of our intellectual property is our GaN IC process design kit (PDK), which we use to facilitate and accelerate product implementation and end customer development.

We believe our PDK includes the industry’s first and most mature and comprehensive device and circuit development libraries, characterization and verification tools, and robust simulation models.

Our go-to-market strategy prioritizes accelerating adoption of GaNFast™ GaN power ICs and GeneSiC™ SiC technologies in high-growth, high-margin markets.

We have refocused on four priority markets:

(1) AI data centers, (2) and energy and grid infrastructure, (3) performance computing, and (4) industrial electrification.

We have de-emphasized mobile charging, low end consumer electronics, and China-based segments to enhance revenue quality and profitability.

We leverage deep design expertise and strategic partnerships with leading hyperscalers, GPU vendors, Tier-1 OEMs and ODMs, and platform providers to develop differentiated solutions for next-generation architectures, including 800 VDC systems.

Comprehensive design support, proprietary process design kits, and dedicated application design centers (standalone or joint labs with partners) accelerate customer adoption and integration.

We collaborate with select global distribution partners for additional field engineering resources, while our direct sales team builds new strategic relationships in our focus markets.

We believe that this refined strategy—supported by innovations such in GaN based AI 800VDC platforms and ultra-high-voltage GeneSiC™ technology—positions Navitas to capitalize on AI power demands, grid modernization, and sustainable electrification for scalable, sustainable and profitable growth.

Manufacturing and Operations

We utilize a fabless business model, partnering with third-party foundries, assembly houses, and test facilities to manufacture our gallium nitride (GaN) and silicon carbide (SiC) power semiconductor products.

Our manufacturing strategy emphasizes technology leadership, geographic diversification, and supply chain resilience across all stages of production.

Our products move through a multi-stage manufacturing process from raw materials to finished goods:

Epitaxial (Epi) Wafer and Substrate Sourcing :

We source epitaxial wafers and silicon substrates from multiple qualified suppliers across the United States and Asia, ensuring supply redundancy and cost competitiveness.

These materials form the foundation of our GaN-on-Si and SiC device structures.

Wafer Fabrication :

We source processed wafers from multiple foundry partners globally with multiple existing partners in Asia and United States.

We work closely with our foundry suppliers to customize technologies to ensure leading edge performance, power, yields, manufacturability and die sizes.

For GaN products, our existing wafer fabrication partner is TSMC located in Taiwan.

Our US based GaN fabrication partner is GlobalFoundries.

We have two additional wafer fabs supporting GaN and CMOS technologies in Asia.

Our SiC products are manufactured in the United States by X-Fab using

Navitas developed technologies.

This multi-foundry strategy provides supply security and manufacturing flexibility as demand scales.

For GaN wafer fabrication specifically, our devices are built using a layer of gallium nitride deposited on a silicon substrate (GaN-on-Si).

We have invested significantly in process development to overcome traditional GaN-on-Si manufacturing challenges—including material incompatibilities, defect management, and yield optimization—achieving predictable, consistent manufacturing results suitable for high-volume applications in harsh environments.

Our GaN process integrates seamlessly with standard CMOS foundry equipment through the addition of targeted GaN-specific process modules, enabling us to leverage existing semiconductor infrastructure and qualify additional manufacturing partners as needed.

Assembly and Packaging :

Following wafer fabrication, processed wafers are shipped to assembly subcontractors primarily located in Asia, where they undergo dicing, die attach, wire bonding, and packaging operations.

We qualify multiple assembly houses for each product family to mitigate concentration risk and maintain production continuity.

Testing and Quality Assurance :

Packaged devices undergo comprehensive electrical testing and quality screening at test subcontractors, also primarily in Asia.

Final testing validates electrical performance, thermal characteristics, and reliability parameters before products are qualified for shipment to customers.

We maintain rigorous quality standards and traceability throughout the test process.

Logistics and Distribution :

Finished goods are warehoused and distributed globally through our logistics partners, with inventory positioned strategically to support customer demand across automotive, data center, mobile, and consumer electronics markets.

All manufacturing activities—from foundry procurement and capacity planning to assembly scheduling and quality management—are coordinated through centralized operations functions within Navitas.

This centralized model ensures consistent execution, rapid issue resolution, and alignment between manufacturing output and customer commitments.

We maintain long-term supply agreements with key partners and actively monitor capacity, lead times, and yield performance to optimize production efficiency and meet growing demand.

Gallium, the primary material in our GaN products, is produced as a byproduct of aluminum refining (bauxite processing).

Global gallium production capacity exceeds 2,000 tons annually and is growing approximately 15% per year, sourced from geographically diverse regions.

Semiconductor applications—including power electronics, LEDs, and high-speed logic—represent 98% of commercial gallium demand.

Each Navitas GaN power IC contains approximately 95 micrograms of gallium;

based on our growth projections, we estimate our gallium consumption will represent less than 0.01% of global annual supply through 2026.

Gallium is neither rare nor classified as a critical material, providing long-term supply security for our GaN product roadmap.

Our competitors include suppliers of silicon-based as well as GaN-based and SiC-based power semiconductors.

Our competitors include both global semiconductor companies with diversified product portfolios and smaller semiconductor companies with a narrow product or market focus.

Similarly, our competitors include companies that outsource manufacturing and foundry services like we do, as well as those that are vertically integrated.

Many of our competitors have significantly greater financial resources than we do, meaning they are better positioned to weather adverse market conditions or make opportunistic acquisitions.

Most suppliers of GaN-based devices today offer discrete (i.e., non-integrated) GaN solutions, which require silicon-based and other components for drive, control and protection.

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Our primary GaN competitors include Infineon Technologies AG, Power Integrations, Inc., Texas Instruments Incorporated, Innoscience (Suzhou) Semiconductor Co., Ltd., Renesas Electronics Corp., and Efficient Power Conversion Corporation (EPC).

Primary SiC competitors include Infineon, Wolfspeed, Inc., ON Semiconductor Corporation, ROHM Co., Ltd., Qorvo, Inc., and STMicroelectronics International N.V.

Our primary silicon-based power semiconductor competitors include Infineon, STMicroelectronics, ON Semiconductor and Power Integrations, among others.

Our primary SiC competitors include Infineon, Wolfspeed, Inc., ON Semiconductor Corporation, ROHM Co., Ltd., Qorvo, Inc., and STMicroelectronics International N.V.

Our primary silicon-based power semiconductor competitors include Infineon, STMicroelectronics, ON Semiconductor and

Power Integrations, among others.

Silicon-based power devices are still the incumbent solutions used for power applications and currently have a lower-cost advantage.

However, given the speed, power and size advantages of an integrated GaN IC over a silicon solution, coupled with expected cost reductions, we estimate that system cost parity for GaN-based (vs.

silicon-based) mobile chargers with output power of 65 W or above was reached in 2023.

In higher-power systems, such as kW-level data center supplies, we believe the cost-parity point was reached even earlier, based on customer feedback.

Although we believe system cost parity for these GaN-based applications was reached in 2023, there are inherent risks that market conditions may change, which include:

• GaN wafer and assembly (packaging) prices may not be reduced by suppliers as fast as expected or committed, especially if global semiconductor shortages occur.

• GaN manufacturing yields, while demonstrated over 90% on a stable, multi-month basis, could deteriorate causing manufacturing costs of GaN ICs to increase.

• The cost of silicon controllers, which are an important complement to GaN power ICs used in all mobile chargers, is expected to decrease, but price increases could occur, particularly if global semiconductor shortages occur.

Such costs are not directly controlled by Navitas.

• Passive and mechanical components (inductors, transformers, capacitors, printed circuit boards (PCBs), plastic housings, and others) are an important complement to GaN power ICs, are used in all mobile chargers and contribute to cost reduction as they generally decrease in size, weight and cost as GaN increases charger switching frequency compared to silicon-based chargers.

Although we expect these cost reductions for passive and mechanical components to continue, it is possible that they will not materialize as expected, and such costs are not directly controlled by Navitas.

Even in the absence of shortages in the semiconductor industry, corresponding components in silicon-based chargers may increase, allowing GaN-based chargers to achieve expected system cost parity on a relative basis.

Manufacturability

We utilize a fabless business model, working with third parties to manufacture, assemble and test our products.

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Navitas devices are fabricated in a layer of GaN sitting on a silicon substrate (known as “GaN-on-Si”).

This combination traditionally posed several challenges due to physical dissimilarities in the materials and resulting defect densities, which translated into poor manufacturing, low yields, high costs, and poor reliability.

We have spent a significant amount of our history working to solve these problems through process and design improvements and test methods.

As a result of these efforts, we have achieved stable, predictable, and consistent yields of well over 90%.

Gallium is produced primarily as a byproduct from the production of bauxite, the chief ore of aluminum.

In 2017 world production capacity was estimated at over 1,000 tons (low-grade and refined), and is estimated to be growing at about 15% per year, with a supply potential of over 2,000 tons sourced from many countries.

Semiconductor applications dominate the commercial demand for gallium, representing 98% of its use, which includes microwave circuits, ultra high-speed logic chips, LEDs, laser diodes and, as is the case for Navitas GaN power ICs, in power electronics.

Gallium is not considered a rare or precious metal.

GaN power ICs typically use only 95 µg (micrograms) of gallium in the manufacture of a device.

On this basis we estimate Navitas will consume less than .01% of the 2,000 tons estimated annual supply potential by 2026.

Our GaN wafer fab partner since inception has been Taiwan Semiconductor Manufacturing Company (TSMC).

We have worked to co-develop GaN-based product manufacturing capabilities with TSMC, which has invested significant capital to develop this capability.

Although we have no volume-contracted commitments with TSMC, and purchase wafers on a purchase-order basis, we believe our volumes of GaN products in TSMC wafer fabs are critical to the utilization and efficiency of TSMC’s GaN-specific infrastructure.

TSMC operates as a leading global supplier, with significant capacity to meet our growth needs.

Our process is compatible with multiple complementary metal-oxide-semiconductor (“CMOS”) foundries with the addition of a small number of GaN-specific process modules.

Navitas’ SiC products are manufactured by XFAB Texas, Inc.

on 150 mm wafers, with high yields and lead times we believe are around half that of competitors.

In 2023, Navitas entered into long-term supply agreements with XFAB and raw wafer suppliers to establish capacity increases.

Research & Development

Navitas has invested its time and effort to carefully develop its proprietary GaN IC chips for power electronics and semiconductor applications.

Our experienced teams around the world have made GaN adoption a reality as many end customers in different end markets start to realize the true potential of our GaN power ICs.

To protect our market leadership in GaN ICs, we continually look to innovate and improve our GaN ICs, to achieve greater efficiency, integration and speed at lower costs.

We evaluate various complementary technologies, look to improve our PDK and hope to keep introducing newer generations of GaN technology.

In 2022, Navitas acquired GeneSiC Semiconductor for SiC MOSFETs and diodes with plans to accelerate research and development and adoption of the expansive GeneSiC SiC portfolio.

Navitas’ research and development activities are located primarily in the U.S., China and Taiwan.

Research and Development

Navitas Semiconductor specializes in wide bandgap technology, developing high-efficiency Gallium Nitride (GaN) and Silicon Carbide (SiC) based high-power products that enable higher power density, and improved energy efficiency for AI data centers , performance computing, industrial electrification and next-generation grid-tied applications like solid-state transformers (SSTs) and Battery Energy Storage System or grid type renewal energy.

GaNFast™ power ICs integrate drive, control, and protection to enable 100x faster switching and up to 40% energy savings over incumbent silicon-based technology.

GeneSiC™ Technology features patented "trench-assisted planar" MOSFETs for high-voltage (up to 6.5kV) applications.

As of 2026, the company is pivoting towards high-power, higher margin applications under "Navitas 2.0", shifting R&D, resources, and product portfolio from consumer mobile electronics towards high-power markets such as AI data centers, energy and grid infrastructure, performance computing and industrial electrification.

The company is developing both GaN and high voltage SiC solutions to cover the entire power path from the utility grid to the AI graphics processing unit (GPU) and engaging in strategic partnerships with major industry technology leaders and hyperscalers on 800 V AI factory power architectures.

Intellectual Property

We rely primarily on a combination of patent, trademark, copyright and trade secret protection to protect our intellectual property.

We believe we have one of the most robust power semiconductor patent portfolios, with more than 300 issued or pending patents worldwide.

In October 2024 we entered into a broad patent cross-license with Infineon Technologies AG, demonstrating the value of our patent portfolio.

An additional element of our intellectual property is our GaN IC process design kit (PDK), which we use to facilitate and accelerate product implementation and end customer development.

We use confidentiality and license agreements to protect our intellectual property as we collaborate with third parties, and our employees and consultants sign confidentiality and assignment of inventions agreements in connection with their work for us.

We believe the mix and duration of our intellectual property rights are sufficient to protect our business and products.

For a discussion of the risks related to intellectual property protection, see “Risk Factors — Risks Related to Intellectual Property” below in this Form 10-K.

Sustainability

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Our report includes a third-party Lifecycle Assessment (LCA) of GaN technology according to ISO14040/14044, the international standard for assessing environmental impacts throughout a product’s life cycle—from raw material acquisition through production, use, end-of-life treatment, recycling and final disposal.

The Navitas report also quantifies corporate greenhouse gas (GHG) impacts through 3rd party assessments.

The Navitas sustainability report also quantifies corporate greenhouse gas (GHG) impacts through 3rd party assessments.

We estimate that each GaN power IC shipped saves a net 4 kg of CO 2 emissions, and each SiC MOSFET saves 25 kg.

Combined, GaN and SiC are estimated to save an aggregate of 6 Gtons of CO 2 emissions per year by 2050.

Combined, GaN and SiC are estimated to save an aggregate of 6 Gigatons of CO 2 emissions per year by 2050.

¹ DNV “Energy Transition Outlook 2024”

Human Capital Resources

Human Capital

Underpinned by our values and culture, our success depends on our ability to attract, develop and retain our employees to help ensure we deliver for our customers.

Our focus on technology, innovation, speed and growth enables us to attract qualified global talent skilled in multiple areas, including science, technology and engineering.

We value the diversity of our workforce and actively encourage growth and development opportunities for our employees, embracing collaboration and fostering an inclusive work environment.

As of December 31, 2025, our worldwide workforce consisted of approximately 190 full and part-time employees.

Our approach to compensation attempts to align the interests of every employee with the creation of company value over time.

We pride ourselves on our global workforce, located in the United States (32%), Asia Pacific (65%) with the remainder in Europe (3%).

Our culture and values serve as an enabling force that helps us execute, transform and scale with speed, urgency, discipline, clarity and focus.

Our differentiated culture and workforce are factors in our ability to excel as “One Team Navitas” which results in value for our shareholders, customers, and employees.

Our approach to compensation attempts to align the interests of every employee with the creation of stockholder value over time.

The Company offers a wide variety of benefits for employees around the world and invests in tools and resources that are designed to support employees’ individual growth and development.

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We embrace a high-performance culture and our compensation philosophy is focused on delivering competitive compensation in a way that recognizes performance.

We provide our employees and their families with access to health and wellness programs by using a combination of total rewards and other programs (which vary by region ) to attract and retain our employees, including:

annual performance bonuses, stock awards, including an employee stock purchase plan, retirement support, healthcare and insurance benefits;

disability insurance, optional insurances, health savings and flexible spending accounts, flexible work schedules, unlimited vacation time, parental leave, paid counseling assistance and employee discount programs.

Employee health and safety training and risk/hazard identification, mitigation and prevention are key components for our sites and labs.

Everyone has a responsibility to identify workplace hazards, and employees may raise concerns without fear of reprisal, including through an anonymous hotline.

Our talent strategy is designed to secure the people, skills, and leadership required to support the company’s long term growth.

We attract, develop, and retain top critical talent while preparing our workforce for the future by increasing expertise in critical technology areas.

We actively seek candidates for employment from a wide range of backgrounds and experiences to tap into the full spectrum of talent available now and in the future to create a culture of belonging for everyone.

Additional Information

Our website is www.navitassemi.com.

We make all of our securities filings, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports and all amendments to those reports available for free in the "Investor Relations" section of our website.

We endeavor to make these filings available promptly after we electronically file these materials with, or furnish these materials to, the SEC.

These filings are also available on the SEC website at www.sec.gov.

Please note that information on or accessible through our website is not a part of, nor is it deemed incorporated by reference into, this Form 10-K or any other report filed with or furnished to the SEC.

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What changed 10-K

Item 1. Business