New York, June 10, 2026, 15:02 (ET)
- Navitas shares fell about 9% and traded near session lows. The stock closed Tuesday at $22.85.
- The focus is on a new $500 million at-the-market stock sale program, raising share-supply worries after the Nvidia-driven run in the stock.
- Director Ranbir Singh resigned effective June 9, according to a new 8-K. No reason was given for the move.
Navitas Semiconductor Corporation shares dropped hard Wednesday. Investors seemed less interested in the AI power-chip pitch and more worried about a possible $500 million stock sale. The company filed for the share sale, raising dilution concerns. NVTS last traded at $20.75, off $2.10, after moving more than 22.9 million shares. The stock hovered just above its low for the day at $20.74.
Navitas is now seen as a high-beta AI infrastructure name. Its shares are linked to gallium nitride (GaN) and silicon carbide (SiC) chips, which can move power better than regular silicon in tough setups like data centers and grid gear. The new filing lets the company sell a big slug of fresh stock into the market, opening the door to more shares and possible dilution for current holders.
Navitas in its June 8 registration said it struck a sales deal with UBS Securities, Morgan Stanley and Needham to sell as much as $500 million in Class A common shares “from time to time.” Shares will be sold at market levels using an at-the-market structure, rather than through a single priced transaction.
The company pegged $25.08, its June 5 Nasdaq closing price, as a reference in the prospectus to show a $500 million sale could mean up to 19,936,204 shares. It cautioned that buyers might see dilution right away. More stock sales or just the idea of them could pressure the share price.
Navitas shares trade with tension today as the company looks for cash to shift into higher-power markets. The market wants to know how much dilution will come with that move. Navitas said it would use net proceeds for working capital, general corporate purposes, and possible deals, though it doesn’t have any current agreement or commitment to any acquisition.
Navitas loaded more to the overhang with a new filing. The company said late Tuesday that Dr. Ranbir Singh quit the board effective June 9. Navitas said Singh didn’t give a reason in his resignation letter, citing earlier Schedule 13D filings from April 23 and May 29. Singh joined the board in November 2024 and was chair of the Executive Steering Committee.
Singh isn’t your typical outside director. Navitas’ May proxy said he had 18,667,651 Class A shares, or 8.0% of outstanding common stock as of April 28. His exit stands out for investors watching supply and governance moves.
Navitas’ share supply issue didn’t start this week. On June 4, the company said it issued 3,283,844 Class A shares connected mainly to “Triggering Event II” obligations from its 2021 business combo. That filing also showed Navitas had issued 6,561,282 shares under the deal, and that ex-Legacy Navitas holders and some others still have the right to get up to 10 million more Class A shares if share price goals are hit by October 19, 2026.
Bullish signs remain. Navitas on Monday announced a new isolated through-hole package for GeneSiC SiC MOSFETs, targeting grid, energy and AI data-center markets. According to the company, the package hits over 6,000 volts of integrated isolation and cuts thermal resistance as much as 60% compared to standard non-isolated through-hole solutions.
Paul Wheeler, vice president and general manager for Navitas’ SiC business, called the new package “power module–class performance in a compact discrete form factor.” That type of step is key if Navitas wants to show investors it can play a bigger part in power electronics. Navitas Semiconductor
AI remains central to the long-term story here. Last week, Navitas said it took part in Nvidia’s MGX ecosystem events, where it showed off an 800-volt to 6-volt DC-DC power delivery board aimed at AI infrastructure. DC-DC conversion changes one direct-current voltage to another, which is key for power-hungry server racks. Navitas said its board removes the usual 48-volt intermediate bus converter and targets 97.5% peak efficiency.
Chris Allexandre, president and CEO at Navitas, pointed to AI’s hunger for power, calling “power delivery… one of the most critical challenges” as workloads increase. Investors have bought into that pitch in the past, but today’s drop shows they want to see firmer signs that growth will beat dilution. Navitas Semiconductor
Navitas posted first-quarter revenue of $8.6 million, up from $7.3 million in the fourth quarter but trailing the $14.0 million it brought in a year ago. The company also booked a GAAP operating loss of $27.8 million. As of March 31, Navitas had $221.0 million in cash and equivalents.
Navitas Semiconductor is looking for second-quarter net revenue of $10.0 million, give or take $0.5 million. The company said it expects high-power markets to keep pushing sequential growth through the rest of 2026. But that forecast comes as the potential for a much bigger equity facility is now looming over the stock.
The risk is clear enough. Navitas could issue a big chunk of shares at lower levels, which would dilute current holders while the company remains unprofitable and works to turn AI infrastructure demand into steady sales. If 800-volt AI power architecture rollouts are slow, or customers pick rival power designs, investors could keep focusing on financing worries rather than any potential Nvidia-driven growth for the stock.
Navitas needs more than new AI headlines for its next move. The real test is if orders for its GaN and SiC products come through fast enough to justify the $500 million share-sale plan as growth capital instead of something more cautionary.
