Torrance, California, May 12, 2026, 03:04 PDT
Navitas Semiconductor Corp. is looking to unload as much as $125 million in Class A common stock, according to a regulatory filing, seeking to capitalize on a surge in its shares following an India product launch linked to its gallium nitride technology. Shares can be offered periodically through an at-the-market program, which allows companies to sell directly into regular trading instead of dumping a single large chunk.
The clock’s ticking for Navitas. The company’s looking to bankroll its move into bigger-ticket markets—think AI data centers, grid hardware, and large-scale electrification—while trimming back on less exciting consumer and mobile products. A rally in the stock price opens the door for raising extra capital, though it also means dilution is back on the table.
Cyient Semiconductors on Monday announced it has rolled out seven GaN power devices for the Indian market, tapping Navitas technology for the lineup. GaN—gallium nitride—lets manufacturers shrink power conversion systems and boost efficiency. “First family of GaN power ICs,” is how Suman Narayan, the company’s chief executive, described the launch. Navitas CEO Chris Allexandre put it more bluntly: “India is a key market” for the high-power push. Sampling, according to Cyient, should begin by June 2026. PR Newswire
Navitas shares recently changed hands at $22.65, up roughly 24% from their previous close and putting the Torrance, California firm’s market value near $5.2 billion, according to market data. Earlier Monday, Investing.com noted an 18% jump in the stock following Cyient’s announcement.
Craig-Hallum Capital Group and UBS Securities are on deck as sales agents for the share offering, the filing shows. According to the prospectus supplement, the two can sell shares acting either as agents or as principals, with commissions reaching as high as 3% of the gross proceeds. The document also makes clear: there’s no obligation for them to hit any target number or dollar figure in share sales.
The ATM falls under a larger $250 million shelf registration Navitas filed back on May 11. That filing gives the company flexibility to issue common or preferred shares, debt, warrants, rights, or units—details for each offering will come in future supplements.
Navitas turned in first-quarter revenue of $8.6 million—an increase from the previous quarter’s $7.3 million, though still well off the $14.0 million booked a year ago. The GAAP operating loss landed at $27.8 million. As of March 31, cash and cash equivalents totaled $221.0 million. CEO Allexandre called it a “return to top-line sequential growth.” Navitas Semiconductor
Competition is thick. Navitas, in its latest annual filing, flagged Infineon Technologies and Power Integrations as GaN competitors, while Wolfspeed landed on its list of silicon carbide, or SiC, rivals. SiC chips, like GaN, target high-voltage uses. But traditional silicon power devices still dominate the field, Navitas noted, thanks to their lower price tag.
The negatives aren’t hard to spot. Navitas flagged in its prospectus that additional share sales—or just the expectation of them—might drag down the stock price. The company also cautioned that new investors coming in at the offer could see instant dilution: at an assumed sale price of $18.20, the prospectus puts the dilution at $16.83 per share for these buyers.
Next up for the company: proving that demand for AI power and India-based manufacturing translates to revenue before fresh stock weighs too heavily. Navitas put out a second-quarter revenue estimate of $10.0 million, give or take $0.5 million. That, if they hit the midpoint, would be a sequential jump of over 16%.
