Navitas Semiconductor Returns to Revenue Growth: AI Infra to Hit 40%+ of Revenue

The Quick Take

• Navitas Semiconductor (NVTS) posted its first year-over-year revenue growth since 2024, with AI infrastructure expected to exceed 40% of revenue as the company exits 2026.
• NVTS makes gallium nitride (GaN) and silicon carbide (SiC) power semiconductors — critical components for high-efficiency AI server power delivery and EV charging.
• The return to revenue growth marks an inflection point for Navitas after two years of digesting post-pandemic inventory corrections in its consumer electronics customer base.

Navitas Semiconductor's first YoY revenue growth since 2024 is a significant milestone in a difficult period for the company. NVTS had been the victim of a classic semiconductor industry inventory correction: post-pandemic over-ordering by consumer electronics OEMs left channel inventory elevated, forcing customers to absorb existing stock before placing new orders. As this correction cycle ends, Navitas is emerging into a structurally different revenue mix — one dominated by AI infrastructure and EV applications rather than consumer electronics.

The projected 40%+ AI infrastructure revenue share exiting 2026 represents a fundamental shift in Navitas' business quality. AI server power delivery is an exceptionally demanding application — data centre power systems must support dense GPU clusters with 95%+ efficiency at high power densities, exactly where GaN's advantages over silicon are most pronounced. NVTS GaN power ICs are designed into Nvidia's AI server ecosystem and hyperscaler custom power architectures, providing durable design-win revenue visibility.

India context: India's rapidly expanding data centre industry (AWS, Google, Microsoft, and domestic hyperscalers are all building in India) will increasingly specify high-efficiency GaN power components in AI-optimised builds. This creates indirect demand for Navitas' products through global supply chains. For India's semiconductor ambitions (India Semiconductor Mission), NVTS's technology trajectory illustrates the gap between legacy silicon power semiconductors and next-generation GaN/SiC — a gap India must bridge to participate in advanced semiconductor manufacturing.

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