Navitas' 571% Increase in 3-Year Revenue Attains Deloitte Technology Fast 500™ Ranking for Third Consecutive Year
TORRANCE, Calif., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Navitas Semiconductor (NASDAQ:NVTS) has announced that the company's revenue growth has been acknowledged for the third consecutive year, by Deloitte's Technology Fast 500™. Navitas growth was driven by strong demand for its advanced, high-efficiency, wide-bandgap gallium nitride (GaN) and silicon carbide (SiC) power components, across a growing number of global markets and customers.
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Based on percentage fiscal year revenue growth from 2020 to 2023, Navitas achieved 571% growth as GaN and SiC technology enabled efficient, sustainable applications and displaced legacy silicon chips.
"As a ‘pure-play', next-gen, semiconductor company, Navitas continues to outperform the overall power semiconductor market, with record sales into mobile fast chargers, now ramping AI data center revenues and a strong customer pipeline for EV opportunities," said Gene Sheridan, CEO and co-founder. "Recent introductions like GaNSafe™, Gen-3 ‘Fast' SiC, and a newly-announced, 48V-focused range in partnership with Infineon, have built a strong foundation for further revenue growth in applications from 20W to 20MW, and with a market opportunity of over $22B per year."
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 460,000 people worldwide connect for impact, at www.deloitte.com.
About Navitas
Navitas Semiconductor (NASDAQ:NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include AI datacenters, EV, solar, energy storage, home appliance / industrial, mobile and consumer. Over 300 Navitas patents are issued or pending, with the industry's first and only 20-year GaNFast warranty. Navitas was the world's first semiconductor company to be CarbonNeutral®-certified.
Navitas Semiconductor, GaNFast, GaNSense, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact Information
Stephen Oliver, VP Investor Relations
[email protected]
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