Summary by Futu AI
Navitas Semiconductor reported Q2 2024 revenue of $20.5 million, up 13% year-over-year, driven by strong mobile and consumer markets. Cost of revenues increased 18% to $12.5 million due to lower gross margin mobile sales. The company posted a net loss of $22.3 million, significantly improved from a $58.5 million loss in Q2 2023.Research and development expenses rose 13% to $19.0 million as the company expanded product development in EV, enterprise and solar segments. Selling, general and administrative costs increased 17% to $15.4 million, reflecting higher stock compensation and expanded global sales force. The company maintained strong liquidity with $112.0 million in cash and cash equivalents.Management continues to invest in growth initiatives while implementing remediation plans to address internal control weaknesses. The company expects operating expenses to increase as it expands operations, product offerings and customer base. Navitas believes current cash levels are sufficient to fund operations and capital requirements for the foreseeable future.
