TORRANCE, Calif., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the pure-play industry leader in next-generation GaNFast™ gallium nitride (GaN) and GeneSiC™ silicon carbide (SiC) power semiconductors, secured the 49^th position on Forbes' 2024 America's Successful Small Companies list. The ranking is recognition of the company’s growth based on strong demand for Navitas’ advanced, high-efficiency, wide bandgap (WBG) GaN and SiC power components, across growing and diverse global markets and an expanding customer base.

Forbes evaluated Navitas on earnings growth, sales growth, return on equity, and total stock return over the preceding five years, with a specific focus on the last 12 months, including Navitas’ 115% increase in revenue (Q3’22 to Q3’23).

Looking ahead, Navitas will host an in-person 2023 Investor Day at the company’s new Torrance HQ (with livestream), from 12:30 pm Pacific / 3:30 pm US Eastern on Tuesday 12th December. Highlights include a deep dive into four major new GaN/SiC technology platforms and focus markets, plus customer testimonials and a refresh on the $1B+ customer pipeline, plus 2024 and long-term financial outlook.

“The top 50 ranking is great recognition by Forbes for Navitas’ growth,” said Gene Sheridan, co-founder and CEO. “GaN and SiC are accelerating the transition away from fossil fuels to ‘Electrify Our World™’ with renewable sources and efficient uses of electricity. This disruptive, displacement technology upgrades from legacy silicon chips, to make existing applications more efficient, lighter, faster charging and longer range, with lower system costs.”

About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power semiconductor company, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. GeneSiC™ silicon carbide (SiC) devices offer industry-leading in-circuit performance, robustness and an unprecedented 650 to 6,500 voltage range to address complimentary higher-voltage and higher-power applications. Focus markets include EV, solar, energy storage, home appliance / industrial, data center, mobile and consumer. Over 185 Navitas patents are issued or pending. Over 100 million GaN and 12 million SiC units have been shipped, and with the industry’s first and only 20-year GaNFast warranty. Navitas was the world’s first semiconductor company to be CarbonNeutral^®-certified.

Navitas Semiconductor, GaNFast, GeneSiC and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited and affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact:
Stephen Oliver, VP Corporate Marketing & Investor Relations, ir@navitassemi.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/483e1030-1e70-4a0b-8ba1-34bf7e5762e7