Navitas and Tianyue Advanced released their Q1 financial results: revenue under pressure, technological breakthroughs

The announcement shows that Navitas Semiconductor’s total revenue for the first quarter of 2025 amounted to $14 million, down from $23.2 million in the same period of 2024 and $18 million in the fourth quarter of 2024. GAAP operating loss for the quarter was $25.3 million—narrower than the $31.6 million loss in the same period of 2024 and the $39 million loss in the fourth quarter of 2024. Non-GAAP operating loss stood at $11.8 million—unchanged year-on-year but lower than the $12.7 million in the previous quarter. As of March 31, 2025, cash and cash equivalents totaled $75.1 million. Regarding business outlook, Navitas Semiconductor expects net revenue for the second quarter of 2025 to range between $14 million and $15 million. Non-GAAP gross margin is projected at 38.5%, with a ±0.5% variance, and non-GAAP operating expenses are expected to be approximately $15.5 million. Additionally, Navitas Semiconductor stated that over the next 12 months, its GaN (gallium nitride) solutions will achieve application growth in emerging mainstream markets including AI data centers, solar microinverters, and electric vehicles. Gene Sheridan, CEO and co-founder of Navitas Semiconductor, said: “In Q1, Navitas achieved several industry-first milestones—including the world’s first mass-produced bidirectional GaN power chip, a 12 kW reference design for AI data center power supplies, and unprecedented reliability standards jointly achieved by GaN and SiC technologies.” Founded in 2014, Navitas Semiconductor is the only company fully dedicated to next-generation power semiconductors, targeting key markets such as mobile devices, consumer electronics, data centers, electric vehicles, solar and wind energy, smart grids, and industrial applications. In March, Navitas launched the world’s first mass-producible 650 V bidirectional GaNFast™ gallium nitride power chip alongside a high-speed isolated gate driver. In April, Navitas announced a formal strategic partnership with GigaDevice Semiconductor (Group) Co., Ltd. 02. Tianyue Advanced: Slight revenue decline, increased R&D investment On April 30, #Tianyue Advanced released its first-quarter 2025 financial report. The report shows that the company’s total operating revenue for Q1 2025 was RMB 408 million, down 4.25% year-on-year; net profit attributable to shareholders was RMB 8.5182 million, down 81.52% year-on-year; and non-GAAP net profit was RMB 3.5958 million, down 91.75% year-on-year.

[Tianyue Advanced] First A-share company under the new regulatory framework; CITIC Securities co-leading the offering

The company is a silicon carbide (SiC) substrate manufacturer, founded in 2010 and listed on the STAR Market in 2022 (stock code: 688234). Controlling shareholder Zong Yanmin holds 38.48% of equity directly and through two employee stock ownership platforms. Its core technologies cover the entire crystal growth process. In 2023, it achieved mass production of 8-inch substrates; in 2024, it launched 12-inch products—a major technological breakthrough in the industry. Industry analysis: Based on 2024 revenue, the company ranks third globally among SiC substrate suppliers, with a 16.7% market share; the top five players collectively control 68% of the market. The fastest-growing downstream applications are electric vehicles (where SiC modules improve driving range), AI data centers (enhancing power supply efficiency), and photovoltaic systems. Frost & Sullivan forecasts a 35.8% CAGR for the power semiconductor market through 2030—indicating strong industry momentum. Financial performance: As an A-share listed company, we directly adopt its A-share financial data—more detailed than even its IPO prospectus—and include the newly released Q1 2025 report: Revenue has quadrupled over three years—from RMB 417 million in 2022 to RMB 1.768 billion in 2024—though Q1 2025 saw a slight 4.2% year-on-year decline. More encouragingly, gross margin improved significantly—from a gross loss of 7.9% in 2022 to a gross profit of 24.6% in 2024—reflecting cost reductions driven by scale-up of mass production. However, net profit remains volatile: RMB 179 million in 2024, but only RMB 8.5182 million in Q1 2025—primarily due to a sharp rise in R&D expenses (jumping from RMB 22 million to RMB 45 million).

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