0001628280-26-030524 | 10-Q | XBRL Viewer | Navitas Semiconductor Corp

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
(in thousands)	2026	2025
Weighted-average common shares - basic common stock	229,988	187,784
Stock options and other dilutive awards	—	—
Weighted-average common shares - diluted common stock	229,988	187,784

Shares excluded from diluted weighted-average shares:
Dilutive shares excluded ¹	4,538	1,430

¹ The Company’s potentially dilutive securities, which include unexercised stock options, unvested restricted stock units, and ESPP shares have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share for the three months ended March 31, 2026

BALANCE SHEET COMPONENTS - Accounts Receivable Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (468)	$ (468)	$ (135)
Accounts receivable, net	3,727	3,621
Billed
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Unbilled receivables, gross	3,697	3,352
Unbilled
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Unbilled receivables, gross	$ 498	$ 737

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting Disclosure	13. SEGMENT INFORMATION As of March 31, 2026, the Company operates in a single operating and reportable segment. The following table sets forth the Company’s revenue, cost of revenues, total operating expenses, and net income by its single operating and reportable segment:

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Reclassification [Line Items]
Inventories	$ 14,925	$ 13,283
Prepaid expenses and other current assets	4,227	4,399
Other assets	8,457	8,380
Accounts payable and other accrued expenses	$ 18,437	$ 22,350

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Tables)

3 Months Ended

Mar. 31, 2026

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk

The following customers represented 10% or more of the Company’s net revenues for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
Customer	2026		2025
Distributor A	59	%	*
Distributor B	*		51	%
Distributor C	*		12	%

Revenues for the three months ended March 31, 2026 and 2025 were attributable to the following regions (in thousands):


	Three Months Ended March 31,				Three Months Ended March 31,
Region	2026				2025
Hong Kong	$	6,583	76	%	$	8,270	59	%
United States	1,109		13		1,262		9
Rest of Asia	682		8		2,523		18
China	177		2		981		7
Europe	47		1		561		4
All others	—		—		421		3
Total	$	8,598	100	%	$	14,018	100	%

The following customers represented 10% or more of the Company’s accounts receivable (in thousands).


Customer	March 31, 2026				December 31, 2025
Distributor A	$	2,143	58	%	$	860	26	%
Distributor B	$	386	10	%	$	386	12	%
Distributor C	$	357	10	%	$	108	*

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Hong Kong [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	76.00%	59.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| UNITED STATES
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%	7.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Rest Of Asia [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	8.00%	18.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| CHINA
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	9.00%
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| All Others [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%	4.00%
Distributor A \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	58.00%

SHARE BASED COMPENSATION - Schedule of Stock Option Outstanding (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stock Options
Balance at the beginning (in shares)	100
Awards granted (in shares)	758
Exercised (in shares)	(10)
Balance at the end (in shares)	848	100
Vested and exercisable at the end ( in shares)	89
Weighted- Average Exercise Price
Balance at the beginning (in dollars per share)	$ 0.72
Weighted- Average Exercise Price	8.82
Exercised (in dollars per share)	1.06
Balance at the end (in dollars per share)	7.97	$ 0.72
Vested and exercisable at the end (in dollars per share)	$ 0.68
Weighted-Average Remaining Contractual Term (In years)
Weighted average remaining contractual term (in years)	9 years 2 months 12 days	3 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 1 month 6 days

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Right-of-Use Assets and Operating Lease Liabilities

Information related to the Company’s right-of-use assets and related operating and finance lease liabilities was as follows (in thousands):


	Three Months Ended March 31,
Operating Leases	2026		2025
Cash paid for operating lease liabilities	$	559	$	569
Right-of-use assets obtained in exchange for new operating lease liabilities	$	400	$	137


	Three Months Ended March 31,
Finance Lease	2026		2025
Cash paid for principal portion of finance lease	$	79	$	—
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	—


	Operating Leases	Finance Lease
Weighted-average remaining lease term in years	3.0	2.1
Weighted-average discount rate	5.1%	5.0%


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	534	$	547
Finance lease amortization	$	82	$	—
Finance lease interest expense	$	9	$	—

Schedule of Lessee, Operating Lease, Liability, Maturity


Fiscal Year Ending December 31,	Operating Leases		Finance Lease
2026 (remainder of fiscal 2026)	$	2,177	$	353
2027	1,938		353
2028	1,479		29
2029	386		—
2030	71		—
Thereafter	19		—
	6,070		735
Less imputed interest	(432)		(35)
Total lease liabilities	$	5,638	$	700

Schedule of Finance Lease, Liability, to be Paid, Maturity


Fiscal Year Ending December 31,	Operating Leases		Finance Lease
2026 (remainder of fiscal 2026)	$	2,177	$	353
2027	1,938		353
2028	1,479		29
2029	386		—
2030	71		—
Thereafter	19		—
	6,070		735
Less imputed interest	(432)		(35)
Total lease liabilities	$	5,638	$	700

EARNOUT LIABILITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Equity [Abstract]
(Loss) Gain from change in fair value of earnout liabilities	$ (7,914)	$ 8,113
Earnout Liability	$ 30,546		$ 22,632

SHARE BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10,338	$ 6,972
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	117	36
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,212	3,838
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,009	$ 3,098

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

SHARE BASED COMPENSATION - Unvested Earnout Shares - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,338,000	$ 6,972,000
Earnout Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated grant date fair value	$ 19,100,000
Fair value (in dollars per share)	$ 11.52
Stock-based compensation expense	$ 0.0
Unrecognized compensation expense	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

The Company has entered into operating leases primarily for corporate offices, sales offices, research and development facilities, and a finance lease for equipment.

Information related to the Company’s right-of-use assets and related operating and finance lease liabilities was as follows (in thousands):


	Three Months Ended March 31,
Operating Leases	2026		2025
Cash paid for operating lease liabilities	$	559	$	569
Right-of-use assets obtained in exchange for new operating lease liabilities	$	400	$	137


	Three Months Ended March 31,
Finance Lease	2026		2025
Cash paid for principal portion of finance lease	$	79	$	—
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—	$	—


	Operating Leases	Finance Lease
Weighted-average remaining lease term in years	3.0	2.1
Weighted-average discount rate	5.1%	5.0%


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	534	$	547
Finance lease amortization	$	82	$	—
Finance lease interest expense	$	9	$	—

Maturities of operating and finance lease liabilities were as follows (in thousands):


Fiscal Year Ending December 31,	Operating Leases		Finance Lease
2026 (remainder of fiscal 2026)	$	2,177	$	353
2027	1,938		353
2028	1,479		29
2029	386		—
2030	71		—
Thereafter	19		—
	6,070		735
Less imputed interest	(432)		(35)
Total lease liabilities	$	5,638	$	700

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net revenues	$ 8,598	$ 14,018
Cost of revenues (exclusive of amortization of intangible assets included below)	5,361	8,711
Operating expenses:
Research and development	14,567	12,668
Selling, general and administrative	11,252	11,740
Amortization of intangible assets	4,734	4,734
Restructuring expense	450	1,469
Total operating expenses	31,003	30,611
Loss from operations	(27,766)	(25,304)
Other income (expense), net:
Interest income (expense), net	264	(38)
Dividend income	1,688	744
(Loss) Gain from change in fair value of earnout liabilities	(7,914)	8,113
Other income	10	18
Total other income (expense), net	(5,952)	8,837
Loss before income taxes	(33,718)	(16,467)
Income tax provision	67	82
Equity method investment loss	0	(280)
Net loss	$ (33,785)	$ (16,829)
Net loss per common share
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.15)	$ (0.09)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ (0.15)	$ (0.09)
Weighted average common shares used in net loss per share attributable to common shareholders
Basic common shares (in shares)	229,988	187,784
Diluted common shares (in shares)	229,988	187,784

NET LOSS PER SHARE (Details) - shares shares in Thousands	3 Months Ended
NET LOSS PER SHARE (Details) - shares shares in Thousands	Mar. 31, 2026	Mar. 31, 2025
Weighted Average Number of Shares Outstanding Reconciliation
Weighted-average common shares - basic common stock (in shares)	229,988	187,784
Stock options and other dilutive awards (in shares)	0	0
Weighted-average common shares - diluted common stock (in shares)	229,988	187,784
Dilutive shares excluded
Shares excluded from diluted weighted-average shares:
Antidilutive securities (in shares)	4,538	1,430
Common Stock
Shares excluded from diluted weighted-average shares:
Securities Excluded From Computation of Earnings Per Share, Amount	1,300
Earnout Shares [Member]
Shares excluded from diluted weighted-average shares:
Securities Excluded From Computation of Earnings Per Share, Amount	10,000	10,000

LEASES - Schedule of Maturities Of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating Leases
2026 (remainder of fiscal 2026)	$ 2,177
2027	1,938
2028	1,479
2029	386
2030	71
Thereafter	19
Operating lease, liability, to be paid	6,070
Less imputed interest	(432)
Total lease liabilities	5,638
Finance Lease
2026 (remainder of fiscal 2026)	353
2027	353
2028	29
2029	0
2030	0
Thereafter	0
Finance lease, liability, to be paid	735
Less imputed interest	(35)
Total lease liabilities	$ 700

LEASES - Schedule of Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for operating lease liabilities	$ 559	$ 569
Right-of-use assets obtained in exchange for new operating lease liabilities	400	137
Cash paid for principal portion of finance lease	79	0
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	0
Finance Lease, Weighted Average Remaining Lease Term	3 years
Operating Lease, Weighted Average Discount Rate, Percent	5.10%
Finance Lease, Weighted Average Discount Rate, Percent	5.00%
Finance lease amortization	$ 82	0
Finance lease interest expense	9	0
Operating Lease, Cost	$ 534	$ 547
Finance Lease, Weighted Average Remaining Lease Term	2 years 1 month 6 days

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Basic income (loss) per share is calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding during the period using the two-class method because the Company’s sponsor earnout shares are a participating security since these shares contain a non-forfeitable right to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed. As the Company incurred net losses during the three months ended March 31, 2026 and 2025 and these securities are not contractually required to fund the Company’s losses, there is no allocation to the participating securities in the years presented. Diluted earnings per share are calculated by dividing net income (loss) by the weighted-average shares of common stock and dilutive common equivalent shares outstanding during the period. Dilutive common equivalent shares included in this calculation consist of dilutive shares issuable upon the assumed exercise of outstanding common stock options, the assumed vesting of outstanding RSUs and restricted stock awards, and the assumed issuance of awards for contingently issuable performance-based awards, as computed using the treasury stock method. Performance-based RSUs and restricted stock awards are included in the number of shares used to calculate diluted earnings per share after evaluating the applicable performance criteria as of period end and under the assumption the end of the reporting period was the end of the contingency period, and the effect is dilutive. The Company has no plans to declare dividends.


	Three Months Ended March 31,
(in thousands)	2026	2025
Weighted-average common shares - basic common stock	229,988	187,784
Stock options and other dilutive awards	—	—
Weighted-average common shares - diluted common stock	229,988	187,784

Shares excluded from diluted weighted-average shares:
Dilutive shares excluded ¹	4,538	1,430

As of March 31, 2026, the Company did not exclude any restricted stock awards from the diluted weighted average share count, as the individuals associated with those awards are no longer employed by the Company. As of March 31, 2025, the Company excluded an immaterial amount of restricted stock awards from the diluted weighted average share count as their performance conditions have not been achieved. As of March 31, 2026 and 2025, the Company excluded 10.0 million Earnout shares from the diluted weighted average share count as their performance and/or market conditions have not been achieved. As of March 31, 2026, there have been no Long Term Incentive Plan options (“LTIP options”) excluded from the diluted weighted average share count as these options have all been forfeited. As of March 31, 2025, 6.5 million LTIP options had been excluded from the diluted weighted average share count as their performance and/or market conditions have not been achieved.

As of March 31, 2026, the Company excluded 1.3 million of outstanding Class A common stock from basic and diluted weighted average share count as these shares are subject to forfeiture based on market conditions that have not been achieved. These shares relate to certain shares of Class A common stock held by the Company’s SPAC sponsor that as part of the business combination were placed under market conditions requirements that if not met, would result in forfeiture. These requirements are consistent with the Earnout Milestones noted in Note 11 - “Earnout Liability” and these shares are participating securities with the same voting and dividend rights as the Company’s other Class A common stock.

EARNOUT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Valuation Assumptions

The valuation model utilized the following assumptions:


	March 31, 2026		December 31, 2025
Risk-free interest rate	3.72	%	3.52	%
Equity volatility rate	100	%	93	%

SHARE BASED COMPENSATION - Other Share Awards - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,338	$ 6,972

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHARE BASED COMPENSATION - Stock Options - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,338	$ 6,972
Employee Stock Option \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period	10 years
Employee Stock Option \| 2020 Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio	0.25
Employee Stock Option \| 2020 Equity Incentive Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting ratio	0.02

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

GOODWILL AND INTANGIBLES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 4,734	$ 4,734

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

BALANCE SHEET COMPONENTS - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,576	$ 20,353
Accumulated depreciation	(11,453)	(10,574)
Property and equipment, net	9,123	9,779
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 351	295
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years
Computers and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,813	15,675
Computers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Computers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,412	$ 4,383
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	6 years

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The short-term nature of the Company’s cash and cash equivalents, accounts receivable and current liabilities causes each of their carrying values to approximate fair value for all periods presented.

The following table presents the Company’s fair value hierarchy for financial instruments (in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	186,738	$	—	$	—	$	186,738	$	185,050	$	—	$	—	$	185,050
Total	$	186,738	$	—	$	—	$	186,738	$	185,050	$	—	$	—	$	185,050

Liabilities:
Earnout liability	$	—	$	—	$	30,546	$	30,546	$	—	$	—	$	22,632	$	22,632
Total	$	—	$	—	$	30,546	$	30,546	$	—	$	—	$	22,632	$	22,632

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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+ Details

GOODWILL AND INTANGIBLES

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

INTANGIBLES

The following table presents the Company’s finite-lived intangible asset balances by asset class (in thousands):


	March 31, 2026						December 31, 2025
Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Cost		Accumulated Amortization		Net Book Value
Trade Names	$	900	$	(900)	$	—	$	900	$	(900)	$	—
Developed Technology	54,677		(48,157)		6,520		54,677		(44,741)		9,936
Patents	34,900		(8,909)		25,991		34,900		(8,294)		26,606
Customer Relationships	24,300		(8,809)		15,491		24,300		(8,201)		16,099
Non-Competition Agreements	1,900		(1,378)		522		1,900		(1,283)		617
Other	658		(658)		—		658		(658)		—
Total	$	117,335	$	(68,811)	$	48,524	$	117,335	$	(64,077)	$	53,258

Total future amortization expense of intangible assets is estimated to be as follows (in thousands):


Fiscal Year Ending December 31,	Total
2026 (remainder of fiscal 2026)	$	9,586
2027	5,641
2028	4,996
2029	4,690
2030	4,690
Thereafter	18,921
Total	$	48,524

EARNOUT LIABILITY - Schedule of Valuation Model and Assumptions (Details) - Earnout Shares [Member]	Mar. 31, 2026	Dec. 31, 2025
Risk-free interest rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	0.0372	0.0352
Equity volatility rate
Class of Warrant or Right [Line Items]
Earnout liability, measurement input	1	0.93

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Navitas Semiconductor Corporation (“The Company”) was founded in 2014 and has since been developing next-generation power semiconductors including gallium nitride (“GaN”) power integrated circuits (“ICs”), silicon carbide (“SiC”) and associated high-speed silicon system controllers and digital isolators used in power conversion and charging. The Company presently operates as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers. Navitas maintains its operations around the world, including the United States, Philippines, China, Taiwan, and South Korea, with principal executive offices in Torrance, California. The Company has two authorized classes of common stock: Class A common stock, par value of $0.0001 per share (“Class A common stock”) and Class B common stock, par value of $0.0001 per share (“Class B common stock”). Both classes have identical voting, dividend, and liquidation rights. There were no outstanding Class B shares as of March 31, 2026 and 2025. The Company also has authorized 1.0 million shares of preferred stock, par value of $0.0001 per share (“preferred stock”), with no amounts outstanding as of March 31, 2026 and 2025. The preferred stock may be issued with terms, rights, and preferences determined by the board of directors at the time of issuance. Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In our opinion, they include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of results for the interim periods. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These Consolidated Financial Statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may differ materially from these estimates under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. We describe our accounting methods and practices in more detail in our 2025 10-K. There have been no changes to the significant accounting policies, procedures, or general information described in our 2025 10-K that have had a material impact on our condensed consolidated financial statements and the accompanying notes, except as described in Note 15 - “Related Party Transactions.” Reclassifications

BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2026

Balance Sheet Components [Abstract]

BALANCE SHEET COMPONENTS

Accounts Receivable

Accounts receivable are non-interest-bearing and stated net of an allowance for expected lifetime credit losses, as detailed in our 2025 annual report on Form 10-K. Accounts receivable, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accounts receivable, gross	$	3,697	$	3,352
Unbilled receivables	498		737
Allowance for credit losses	(468)		(468)
Accounts receivable, net	$	3,727	$	3,621

Allowance for credit losses activity (in thousands):


	Allowance for Credit Losses
Balance at December 31, 2024	$	(135)
Provision for credit losses	(844)
Accounts written-off	511
Balance at December 31, 2025	$	(468)
Provision for credit losses	—
Recovery of prior accounts written off	—
Balance at March 31, 2026	$	(468)

Inventories

Inventories consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	2,545	$	1,224
Work-in-process	7,196		7,920
Finished goods	5,184		4,139
Total	$	14,925	$	13,283

Property and equipment, net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025		Useful Life
Furniture and fixtures	$	351	$	295	3 — 7 years
Computers and other equipment	15,813		15,675		2 — 5 years
Leasehold improvements	4,412		4,383		2 — 6 years

	20,576		20,353
Accumulated depreciation	(11,453)		(10,574)
Total	$	9,123	$	9,779

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 221,008	$ 236,857
Accounts receivable, net of allowance of $468 as of March 31, 2026 and December 31, 2025	3,727	3,621
Inventories	14,925	13,283
Prepaid expenses and other current assets	4,227	4,399
Restricted Cash, Current	2,362	1,745
Total current assets	246,249	259,905
Property and equipment, net	9,123	9,779
Operating lease right of use assets	5,115	5,166
Finance lease right of use assets	684	766
Intangible assets, net	48,524	53,258
Goodwill	163,215	163,215
Other assets	8,457	8,380
Total assets	481,367	500,469
Current liabilities
Accounts payable and other accrued expenses	18,437	22,350
Accrued compensation expenses	5,592	4,949
Operating lease liabilities, current	1,949	1,866
Finance lease liabilities, current	327	323
Earnout liability	30,546	22,632
Total current liabilities	56,851	52,120
Operating lease liabilities noncurrent	3,689	3,827
Finance lease liabilities noncurrent	373	456
Deferred tax liabilities	405	405
Total liabilities	61,318	56,808
Commitments and contingencies (Note 14)
Stockholders' equity
Additional paid-in capital	955,554	945,381
Accumulated other comprehensive loss	(7)	(7)
Accumulated deficit	(535,524)	(501,739)
Total stockholders’ equity	420,049	443,661
Total liabilities and stockholders’ equity	481,367	500,469
Class A Common Stock
Stockholders' equity
Common stock, par value	26	26
Class B Common Stock
Stockholders' equity
Common stock, par value	$ 0	$ 0

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Liabilities Fair Value Disclosure [Abstract]
Earnout Liability	$ 30,546	$ 22,632

PROVISION FOR INCOME TAXES (Details) - USD ($)	3 Months Ended
PROVISION FOR INCOME TAXES (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	(0.20%)	(0.50%)
Unrecognized tax benefits	$ 0	$ 0
Interest and penalties on unrecognized tax benefits	$ 0	$ 0

BALANCE SHEET COMPONENTS - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Components [Abstract]
Raw materials	$ 2,545	$ 1,224
Work-in-process	7,196	7,920
Finished goods	5,184	4,139
Total	$ 14,925	$ 13,283

COMMITMENTS and CONTINGENCIES (Details) $ in Millions	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Recorded Unconditional Purchase Obligation, Quarterly Installment, Amount	$ 0.8

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Outstanding

A summary of stock options outstanding, excluding LTIP Options as of March 31, 2026, and activity during the three months then ended, is presented below:


Stock Options	Shares (In thousands)	Weighted- Average Exercise Price			Weighted-Average Remaining Contractual Term (In years)
Outstanding at December 31, 2025	100	$	0.72		3.5








Granted	758	$	8.82		—
Exercised	(10)	$	1.06		—

Outstanding at March 31, 2026	848	$	7.97		9.2
Vested and Exercisable at March 31, 2026	89	0.68		`	3.1

Schedule of Restricted Stock Units Outstanding

A summary of RSUs outstanding as of March 31, 2026, and activity during the three months then ended, is presented below:


Restricted Stock Unit Awards	Shares (In thousands)	Weighted-Average Grant Date Fair Value Per Share
Outstanding at December 31, 2025	8,702	$	6.04
Granted	2,841	9.04
Vested	(1,301)	6.42
Forfeited	(676)	3.72








Outstanding at March 31, 2026	9,567	$	7.04

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

3 Months Ended

Mar. 31, 2026

Risks and Uncertainties [Abstract]

SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

. SIGNIFICANT CUSTOMERS AND CREDIT CONCENTRATIONS

Customer Concentration

A majority of the Company’s revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a range of end users, including OEMs and merchant power supply manufacturers.

The following customers represented 10% or more of the Company’s net revenues for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
Customer	2026		2025
Distributor A	59	%	*
Distributor B	*		51	%
Distributor C	*		12	%

Revenues by Geographic Area

Revenues for the three months ended March 31, 2026 and 2025 were attributable to the following regions (in thousands):


	Three Months Ended March 31,				Three Months Ended March 31,
Region	2026				2025
Hong Kong	$	6,583	76	%	$	8,270	59	%
United States	1,109		13		1,262		9
Rest of Asia	682		8		2,523		18
China	177		2		981		7
Europe	47		1		561		4
All others	—		—		421		3
Total	$	8,598	100	%	$	14,018	100	%

Concentration of Credit Risk

The following customers represented 10% or more of the Company’s accounts receivable (in thousands).


Customer	March 31, 2026				December 31, 2025
Distributor A	$	2,143	58	%	$	860	26	%
Distributor B	$	386	10	%	$	386	12	%
Distributor C	$	357	10	%	$	108	*

* Customer revenues or accounts receivable represented less than 10% of total revenues or accounts receivable.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable current, allowance	$ 468
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	740,000,000	740,000,000
Common stock shares issued (in shares)	232,004,922	230,525,464
Common stock, shares outstanding (in shares)	232,004,922	230,525,464
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Restructuring and Related Activities	3 Months Ended
Restructuring and Related Activities	Mar. 31, 2026
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	RESTRUCTURINGOn January 20, 2025, the Company announced a cost-reduction plan (“2025 Restructuring Plan”) aimed at further streamlining operations and enhancing its focus on AI data centers, EV, and mobile applications. The plan included a 19% reduction in workforce, with most associated costs related to severance and stock-based compensation. No restructuring-related liabilities under the 2025 Restructuring Plan remain as of March 31, 2026. During the three months ended March 31, 2025, the Company incurred $1.5 million in restructuring costs related to this plan.

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections, clarifications, and other minor improvements to various Topics within the Accounting Standards Codification. The amendments are intended to improve the consistency and usability of U.S. GAAP and do not introduce significant new accounting requirements. ASU 2025-12 is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, it does not expect adoption to have a material impact on its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the application of interim reporting guidance and improves the organization of disclosure requirements within Topic 270. The amendments do not change the underlying principles of interim reporting or require additional disclosures. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, it does not expect adoption to have a material impact on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments eliminate references to software development project stages, making the guidance neutral across various software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating its potential impact on its Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which mandates enhanced disclosure of specific costs and expenses within the notes to the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is evaluating the impact that this ASU will have on the presentation of its consolidated financial statements, thus there was no impact related to adoption of this standard. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets arising from revenue transactions within the scope of ASC 606. Companies that elect this expedient must disclose both the election and the date through which subsequent cash collections are considered in the estimate. The Company adopted this standard on January 1, 2026 and has not elected the practical expedient. This Form 10-Q does not include any other newly implemented accounting standards or pronouncements beyond those detailed above. Such exclusions were made because they either do not apply to the Company or are not anticipated to materially impact the condensed consolidated financial statements.

Segment Reporting (Details)	3 Months Ended
Segment Reporting (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of Operating Segments	1

COMMITMENTS and CONTINGENCIES	3 Months Ended
COMMITMENTS and CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Purchase Obligations As of March 31, 2026, the Company had non-cancellable contractual agreements that were due beyond one year related to the Company’s lease obligations, see Note 9 - “Leases”. In December 2024, the Company entered into an agreement with a vendor for the purchase of equipment wherein the Company will make quarterly installment payments of $0.8 million during 2026. As of March 31, 2026 and December 31, 2025, $2.3 million and $3.2 million is recorded within accounts payable and other accrued expenses, respectively. Legal proceedings and contingencies From time to time in the ordinary course of business, the Company may become involved in lawsuits, or end customers, distributors, suppliers or other third parties may make claims against the Company. The Company records a provision when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is not currently subject to any pending actions or regulatory proceedings that either individually or in the aggregate are expected to have a material impact on its condensed consolidated financial statements.

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		24 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity method investment loss	$ 0	$ 280
Investment in preferred interest			$ 2,500
Affiliated Entity \| Joint Venture Investment
Related Party Transaction [Line Items]
Investment balance	$ 7,800

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE BASED COMPENSATION - 2022 Employee Stock Purchase Plan - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Aug. 31, 2022	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 10,338,000	$ 6,972,000
2022 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at the time of offering, percent	15.00%	15.00%
Weighted average price at purchase (in dollars per share)	$ 2.07					$ 4.71
Remaining authorized shares available for purchase (in shares)				1,074,104
Stock-based compensation expense				$ 200,000	$ 0.3
2022 Employee Stock Purchase Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at the time of offering, percent			85.00%
Fair value at the time of purchase, percent			85.00%
Offering period			6 months
ESPP purchased shares (in shares)				168,363	400,431
Cash proceeds				$ 800,000	$ 0.8

SHARE BASED COMPENSATION - Restricted Stock Units - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,338	$ 6,972
Accrued Bonuses, Current	$ 1,500
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued based on stock price (in shares)	167,144
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 50,200
Unrecognized compensation expense, period of recognition	2 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In our opinion, they include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of results for the interim periods. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These Consolidated Financial Statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, the actual results that we experience may differ materially from these estimates under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. We describe our accounting methods and practices in more detail in our 2025 10-K. There have been no changes to the significant accounting policies, procedures, or general information described in our 2025 10-K that have had a material impact on our condensed consolidated financial statements and the accompanying notes, except as described in Note 15 - “Related Party Transactions.” Reclassifications
Recently Issued Accounting Standards	Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections, clarifications, and other minor improvements to various Topics within the Accounting Standards Codification. The amendments are intended to improve the consistency and usability of U.S. GAAP and do not introduce significant new accounting requirements. ASU 2025-12 is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, it does not expect adoption to have a material impact on its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the application of interim reporting guidance and improves the organization of disclosure requirements within Topic 270. The amendments do not change the underlying principles of interim reporting or require additional disclosures. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, it does not expect adoption to have a material impact on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments eliminate references to software development project stages, making the guidance neutral across various software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating its potential impact on its Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which mandates enhanced disclosure of specific costs and expenses within the notes to the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is evaluating the impact that this ASU will have on the presentation of its consolidated financial statements, thus there was no impact related to adoption of this standard. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets arising from revenue transactions within the scope of ASC 606. Companies that elect this expedient must disclose both the election and the date through which subsequent cash collections are considered in the estimate. The Company adopted this standard on January 1, 2026 and has not elected the practical expedient. This Form 10-Q does not include any other newly implemented accounting standards or pronouncements beyond those detailed above. Such exclusions were made because they either do not apply to the Company or are not anticipated to materially impact the condensed consolidated financial statements.

GOODWILL AND INTANGIBLES - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Cost		$ 117,335
Accumulated Amortization	$ (68,811)	(64,077)
Net Book Value	48,524	53,258
Total, Cost	117,335
Total, Net Book Value	48,524	53,258
Trade Names
Finite-Lived Intangible Assets [Line Items]
Cost	900	900
Accumulated Amortization	(900)	(900)
Net Book Value	0	0
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Cost	54,677	54,677
Accumulated Amortization	(48,157)	(44,741)
Net Book Value	6,520	9,936
Patents
Finite-Lived Intangible Assets [Line Items]
Cost	34,900	34,900
Accumulated Amortization	(8,909)	(8,294)
Net Book Value	25,991	26,606
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	24,300	24,300
Accumulated Amortization	(8,809)	(8,201)
Net Book Value	15,491	16,099
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Cost	1,900	1,900
Accumulated Amortization	(1,378)	(1,283)
Net Book Value	522	617
Other
Finite-Lived Intangible Assets [Line Items]
Cost	658	658
Accumulated Amortization	(658)	(658)
Net Book Value	$ 0	$ 0

SHARE BASED COMPENSATION - Schedule of Restricted Stock (Details) - Restricted Stock Unit Awards shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Shares
Outstanding balance at the beginning (in shares) \| shares	8,702
Granted (in shares) \| shares	2,841
Vested (in shares) \| shares	(1,301)
Forfeited (in shares) \| shares	(676)
Outstanding balance at the end (in shares) \| shares	9,567
Weighted-Average Grant Date Fair Value Per Share
Outstanding balance at the beginning ( in dollars per share) \| $ / shares	$ 6.04
Granted (in dollars per share) \| $ / shares	9.04
Vested (in dollars per share) \| $ / shares	6.42
Forfeited (in dollars per share) \| $ / shares	3.72
Outstanding balance at the end ( in dollars per share) \| $ / shares	$ 7.04

ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Business Combination [Line Items]
Preferred stock, authorized (in shares)	1,000,000.0		1,000,000.0
Preferred Stock, Shares Outstanding	0		0
Class A Common Stock
Business Combination [Line Items]
Common stock, outstanding (in shares)	232,004,922	230,525,464
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Class B Common Stock
Business Combination [Line Items]
Common stock, outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Joint Venture Investment \| Affiliated Entity
Business Combination [Line Items]
Investment balance	$ 7.8

GOODWILL AND INTANGIBLES - Schedule Of Changes in Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Roll Forward]
Beginning balance	$ 53,258
Amortization of Intangible Assets	(4,734)	$ (4,734)
Ending balance	$ 48,524

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (33,785,000)	$ (16,829,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	978,000	807,000
Amortization of intangible assets	4,734,000	4,734,000
Non-cash lease expense	465,000	461,000
Stock-based compensation expense	10,338,000	6,972,000
Allowance for expected credit losses	0	346,000
Equity method investment loss	0	280,000
Loss (gain) from change in fair value of earnout liability	7,914,000	(8,113,000)
Deferred income taxes	0	(13,000)
Change in operating assets and liabilities:
Accounts receivable	(106,000)	1,209,000
Inventories	(1,642,000)	(585,000)
Prepaid expenses and other current assets	173,000	(609,000)
Other assets	(77,000)	7,000
Accounts payable, accrued compensation and other accrued expenses	(4,700,000)	(1,729,000)
Operating lease liability	(469,000)	(471,000)
Deferred revenue	(185,000)	0
Net cash used in operating activities	(16,362,000)	(13,533,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(388,000)	(41,000)
Net cash used in investing activities	(388,000)	(41,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock in connection stock option exercises	804,000	131,000
Proceeds from employee stock purchase plan	793,000	818,000
Payments on finance lease obligations	(79,000)	0
Net cash provided by financing activities	1,518,000	949,000
NET INCREASE (DECREASE) IN CASH	(15,232,000)	(12,625,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	238,602,000	88,240,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	223,370,000	75,615,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	25,000	64,000
Cash paid for interest	9,000	0
Capital expenditures in accounts payable	$ 0	$ 314,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 221,008	$ 75,132
Restricted cash	2,362	483
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$ 223,370	$ 75,615

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 450	$ 1,469
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 450	$ 1,469

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Components [Abstract]

Schedule of Accounts Receivable Trade, Net

Accounts receivable, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Accounts receivable, gross	$	3,697	$	3,352
Unbilled receivables	498		737
Allowance for credit losses	(468)		(468)
Accounts receivable, net	$	3,727	$	3,621

Schedule of Allowance for Credit Losses

Allowance for credit losses activity (in thousands):


	Allowance for Credit Losses
Balance at December 31, 2024	$	(135)
Provision for credit losses	(844)
Accounts written-off	511
Balance at December 31, 2025	$	(468)
Provision for credit losses	—
Recovery of prior accounts written off	—
Balance at March 31, 2026	$	(468)

Schedule of Inventories

Inventories consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	2,545	$	1,224
Work-in-process	7,196		7,920
Finished goods	5,184		4,139
Total	$	14,925	$	13,283

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025		Useful Life
Furniture and fixtures	$	351	$	295	3 — 7 years
Computers and other equipment	15,813		15,675		2 — 5 years
Leasehold improvements	4,412		4,383		2 — 6 years

	20,576		20,353
Accumulated depreciation	(11,453)		(10,574)
Total	$	9,123	$	9,779

GOODWILL AND INTANGIBLES - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (remainder of fiscal 2026)	$ 9,586
2027	5,641
2028	4,996
2029	4,690
2030	4,690
Thereafter	18,921
Net Book Value	$ 48,524	$ 53,258

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock [Member] Class A Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance, common stock (in shares) at Dec. 31, 2024			188,114,000
Beginning balance, common stock at Dec. 31, 2024	$ 348,013		$ 22	$ 732,784	$ (384,786)	$ (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock award plans (in shares)			3,649,000
Issuance of common stock under employee stock option and stock award plans	3,979			3,979
Stock-based compensation expense related to employee and non-employee stock awards	7,003			7,003
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	(346)			(346)
Net loss	(16,829)				(16,829)
Ending balance, common stock (in shares) at Mar. 31, 2025			191,763,000
Ending balance, common stock at Mar. 31, 2025	341,820		$ 22	743,420	(401,615)	(7)
Beginning balance, common stock (in shares) at Dec. 31, 2025		230,525,464	230,525,000
Beginning balance, common stock at Dec. 31, 2025	443,661		$ 26	945,381	(501,739)	(7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock option and stock award plans (in shares)			1,480,000
Issuance of common stock under employee stock option and stock award plans	803			803
Stock-based compensation expense related to employee and non-employee stock awards	9,370			9,370
Net loss	(33,785)				(33,785)
Ending balance, common stock (in shares) at Mar. 31, 2026		232,004,922	232,005,000
Ending balance, common stock at Mar. 31, 2026	$ 420,049		$ 26	$ 955,554	$ (535,524)	$ (7)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

GOODWILL AND INTANGIBLES (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table presents the Company’s finite-lived intangible asset balances by asset class (in thousands):


	March 31, 2026						December 31, 2025
Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Cost		Accumulated Amortization		Net Book Value
Trade Names	$	900	$	(900)	$	—	$	900	$	(900)	$	—
Developed Technology	54,677		(48,157)		6,520		54,677		(44,741)		9,936
Patents	34,900		(8,909)		25,991		34,900		(8,294)		26,606
Customer Relationships	24,300		(8,809)		15,491		24,300		(8,201)		16,099
Non-Competition Agreements	1,900		(1,378)		522		1,900		(1,283)		617
Other	658		(658)		—		658		(658)		—
Total	$	117,335	$	(68,811)	$	48,524	$	117,335	$	(64,077)	$	53,258

Schedule of Indefinite-Lived Intangible Assets

The following table presents the Company’s finite-lived intangible asset balances by asset class (in thousands):


	March 31, 2026						December 31, 2025
Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Cost		Accumulated Amortization		Net Book Value
Trade Names	$	900	$	(900)	$	—	$	900	$	(900)	$	—
Developed Technology	54,677		(48,157)		6,520		54,677		(44,741)		9,936
Patents	34,900		(8,909)		25,991		34,900		(8,294)		26,606
Customer Relationships	24,300		(8,809)		15,491		24,300		(8,201)		16,099
Non-Competition Agreements	1,900		(1,378)		522		1,900		(1,283)		617
Other	658		(658)		—		658		(658)		—
Total	$	117,335	$	(68,811)	$	48,524	$	117,335	$	(64,077)	$	53,258

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Total future amortization expense of intangible assets is estimated to be as follows (in thousands):


Fiscal Year Ending December 31,	Total
2026 (remainder of fiscal 2026)	$	9,586
2027	5,641
2028	4,996
2029	4,690
2030	4,690
Thereafter	18,921
Total	$	48,524

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39755
Entity Registrant Name	Navitas Semiconductor Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2560226
Entity Address, Address Line One	3520 Challenger Street
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90503-1640
City Area Code	844
Local Phone Number	654-2642
Title of 12(b) Security	Class A Common Stock,par value $0.0001 per share
Trading Symbol	NVTS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001821769
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		233,713,166
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BALANCE SHEET COMPONENTS - Allowance for Credit Losses (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (468,000)	$ (135,000)	$ (135,000)
Provision for credit losses	0	$ (346,000)	(844,000)
Recovery of prior accounts written off	0		(511,000)
Ending balance	$ (468,000)		$ (468,000)

SHARE BASED COMPENSATION - Equity Incentive Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Aug. 17, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10,338	$ 6,972
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized shares (in shares)			16,334,527
Shares of common stock subject to awards forfeited, expire or lapse (in shares)			15,802,050
Shares of common stock outstanding, percentage			4.00%
Employee Stock Option \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value for Financial Assets and Liabilities

The following table presents the Company’s fair value hierarchy for financial instruments (in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	186,738	$	—	$	—	$	186,738	$	185,050	$	—	$	—	$	185,050
Total	$	186,738	$	—	$	—	$	186,738	$	185,050	$	—	$	—	$	185,050

Liabilities:
Earnout liability	$	—	$	—	$	30,546	$	30,546	$	—	$	—	$	22,632	$	22,632
Total	$	—	$	—	$	30,546	$	30,546	$	—	$	—	$	22,632	$	22,632

SHARE BASED COMPENSATION - Long-term Incentive Plan Stock Options - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	758
Weighted average remaining contractual term (in years)	9 years 2 months 12 days		3 years 6 months
Stock-based compensation expense	$ 10,338	$ 6,972

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details