TORRANCE, California, May 13, 2026, 10:06 PDT
Navitas Semiconductor pulled in approximately $122.0 million in net proceeds from its latest at-the-market share offering, according to a securities filing. The move comes just two days after it kicked off a $125.0 million program. As of May 12, the company had sold 6,529,666 Class A shares. Some trades are still pending settlement.
Timing is key here. Navitas wants investors looking past its legacy mobile-charger segment, aiming instead at the bigger play: high-power chips for AI data centers, grid systems, and factories. By moving quickly with an equity sale, the company converts a stock surge into new funds—though that means more shares hitting the market.
Navitas jumped 10.5% to $21.28 in U.S. trading, pushing the Torrance, California firm’s market cap near $4.9 billion. Shares moved in a range from $19.68 to $21.98, with more than 26 million changing hands over the session.
With an at-the-market offering, a company can drip shares into public markets instead of unloading a huge block all at once. Navitas named Craig-Hallum Capital Group and UBS Securities to handle the sales, paying as much as 3.0% of gross proceeds, a May 11 filing shows.
The stock got another jolt after a deal in India. On May 11, Cyient Semiconductors announced it launched seven gallium nitride power devices for the Indian market, all built with Navitas technology. Gallium nitride—known as GaN—is used in power chips that handle electricity more efficiently and run cooler than standard silicon, depending on the application.
Cyient announced plans to license Navitas’s GaN technology in India and serve as a secondary supplier for selected GaN devices that Navitas already mass-produces. Navitas president and CEO Chris Allexandre described India as “a key market” for its high-power approach. For Cyient Semiconductors, CEO Suman Narayan called the debut its “first family of GaN power ICs.” PR Newswire
Navitas remains a minor player in the semiconductor space. For the first quarter, revenue dropped to $8.6 million from $14.0 million the previous year. GAAP operating loss came in at $27.8 million. As of March 31, cash and cash equivalents stood at $221.0 million, excluding the funds from the latest share sale.
Management is calling this phase a reset. Allexandre pointed to the first quarter as a sign of “return to top-line sequential growth,” highlighting Navitas’s shift away from “mobile and consumer” markets. CFO Tonya Stevens described “strong momentum” in their core high-power segments, adding that the company anticipates sequential revenue gains continuing into the rest of 2026.
Navitas finds itself up against some heavyweights. Its annual report names Infineon Technologies, Power Integrations, and Texas Instruments as the main rivals in GaN—each one bigger, each with a much thicker wallet.
That context sheds light on why investors are piling in. According to Reuters on Wednesday, semiconductor stocks have fueled much of the latest U.S. equity surge, AI infrastructure spending driving up demand not just for Nvidia but across the sector. Still, a few voices caution this trade might be looking overextended.
The risks aren’t exactly hidden. Navitas is tapping the equity markets while still running at a loss, banking on its AI power, grid, and industrial projects turning development into actual revenue. The company’s filings flag the uncertainty: these markets are newer, demand swings are harder to gauge, standards keep shifting, and rivals could outpace Navitas or simply outspend it.
At this stage, investors see the capital raise as backing a strategic shift rather than a signal of trouble. But if the fresh funds don’t deliver on orders, margins, or a route to profitability, that perception could flip in a hurry.
