Navitas Semiconductor reported Q3 2024 revenue of $21.7 million, down 1% YoY. Net loss widened to $18.7 million from $7.5 million profit last year. Cost of revenues decreased 12% to $13.1 million, while operating expenses rose 5% to $37.6 million.R&D expenses increased 8% to $17.8 million due to higher headcount and software costs. SG&A expenses grew 4% to $15.0 million on higher professional fees and salaries. The company recognized a $9.2 million gain from change in fair value of earnout liabilities, down from $34.5 million gain last year.For the nine months ended September 30, revenue rose 22% to $65.3 million on strong mobile and consumer markets. Cash and equivalents stood at $98.6 million as of September 30. Navitas expects operating and capital expenditures to increase as it expands operations and customer base. The company disclosed material weaknesses in internal controls and is implementing remediation plans.

Navitas Semiconductor reported Q3 2024 revenue of $21.7 million, down 1% YoY. Net loss widened to $18.7 million from $7.5 million profit last year. Cost of revenues decreased 12% to $13.1 million, while operating expenses rose 5% to $37.6 million.R&D expenses increased 8% to $17.8 million due to higher headcount and software costs. SG&A expenses grew 4% to $15.0 million on higher professional fees and salaries. The company recognized a $9.2 million gain from change in fair value of earnout liabilities, down from $34.5 million gain last year.For the nine months ended September 30, revenue rose 22% to $65.3 million on strong mobile and consumer markets. Cash and equivalents stood at $98.6 million as of September 30. Navitas expects operating and capital expenditures to increase as it expands operations and customer base. The company disclosed material weaknesses in internal controls and is implementing remediation plans.