We recently published 10 Stocks Powering Into 2026 With Explosive Gains. Navitas Semiconductor Corp. is one of the top performers on Friday.
Navitas Semiconductor soared by 17.37 percent on Friday to close at $8.38 apiece as investors resorted to bargain-hunting after falling to a one-month low in the previous trading day.
The rally was supported by an overall optimism for the artificial intelligence industry, despite the lack of fresh developments to spark buying appetite.
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Navitas Semiconductor Corp. develops ultra-efficient gallium nitride (GaN) semiconductors for electric vehicles, data centers, consumer electronics, and renewable energy, among others.
In the recently concluded quarter, the company said that it was targeting to rake in revenues of $7 million at the midpoint, significantly lower than the $18 million in the same period last year.
The outlook reflects its strategic decision to deprioritize low power and pivot to higher power revenue and customers, streamline its distribution network and reduce channel inventory, as well as lower profit expectations from China mobile and consumer business.
In the third quarter of the year, Navitas Semiconductor Corp. widened its net loss by 2.5 percent to $19.2 million from $18.7 million in the same period last year.
Net revenues fell by 53 percent to $10 million from $21.68 million year-on-year.
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This article is originally published at Insider Monkey.
