Navitas Semiconductor Corporation Common Stock Citi’s 2026 Global TMT Conference

Welcome to Citi's 2026 GlobalFoundries TMT Conference. My name is Kelsey, one of the analysts here at Citi covering U.S. semis. We are very pleased to have Chris Allexandre from Navitas Semiconductor here with us today. Chris, it's been roughly a year since you stepped in as CEO and launched the Navitas 2.0, shifting Navitas away from lower margin consumer markets to higher power, higher value applications. Perhaps we can start there. Tell us where are we in the transformation strategy?

Okay. Thank you for having me, and welcome, everybody. As you said, when I came on board a year ago, the prime goal was to transform and pivot the company from mobile, low, and consumer to high power. What I would say today is that pivot is pretty much done. Now the job is to basically, from there, scale the company to, of course, bigger, scaled, more valuable, and profitable company ultimately.

The change was first go-to-market. As we move from mobile, essentially focused on China, OEM, ODM- Right moving to the high power market, which are AI data center, grid infrastructure, high performance compute, and industrial electrification.

We had to complete pivot the go-to-market. Focusing on the hyperscalers, the XPUs companies, the ODM, OEM, merchant power companies, as well as anybody in the ecosystem. That was a big change. The other change was capitalizing on the underlying technology of the company, i.e. GaN, because we were one of the leader or pioneer in GaN, as well as high voltage and ultra-high voltage SiC to basically use those technologies to drive the disruption that we're going to talk about in the- Yeah infrastructure.

That was fundamentally more accelerating some of the investment that we already made, partly in getting GaN pivoted from mobile, as I said, to AI infrastructure as well as the ultra-high voltage SiC. The last thing was to kind of make sure the team is in place. So a lot of work was done into upgrading the application team and the leadership team.

Okay to build the culture.

I said earlier that essentially today the pivot is done, and you can see that in the revenue. I am sure you are going to ask question about where are we in that transition, right?

Yeah. At the end of the year, we started the journey where mobile was nearly almost the entire company.

up to 85% of the company. At the end of the year, mobile will be insignificant. Okay? Okay. So basically essentially gone despite having grown double digit per quarter for the last few quarters.

That is kind of where we are. Year one was transition the company, and now we can start to build from there.

Okay. So before we head into the details, perhaps can you give us a simple version of why is GaN and silicon carbide gaining traction today?

Okay. Why now? Also, if there is a rule of thumb to think about which part of the power stack are we using GaN, which part of the power stack are we using silicon carbide, and how do you see both materials accelerating from here?

I assume you want answers without getting into a EE type of class.

Yeah, no. I get it.