NASDAQ: NVTS

About the Company

Navitas Semiconductor Corporation was originally incorporated as Live Oak Acquisition Corp. II. On October 19, 2021, as part of a series of related transactions (which we refer to as the “Business Combination”), the registrant acquired all of the equity interests of Navitas Semiconductor Limited, an Irish private company domesticated in Delaware as Navitas Semiconductor Ireland, LLC (collectively, “Legacy Navitas”) and changed the name of the registrant to Navitas Semiconductor Corporation. As a result, Legacy Navitas became a wholly owned subsidiary of Navitas Semiconductor Corporation effective October 19, 2021.

Legacy Navitas was founded in 2014, and since that time, has successfully harnessed the fundamentally superior material properties of GaN to enable cost savings and enhanced power conversion. With ten-times stronger electrical fields and twice the electron mobility compared to silicon, GaN is ideally suited for disrupting power switching applications, but challenges around process, quality and reliability made commercialization difficult. By developing a fully qualified manufacturing process with over one billion device hours tested, Navitas overcame these key hurdles to successfully and reliably integrate the critical drive, control and protection circuits into a single chip, enabling mainstream GaN adoption and unlocking the full potential of GaN in speed, efficiency, simplicity and cost.

In August 2022, Navitas acquired GeneSiC Semiconductor, adding a broad range of SiC MOSFETs and diodes to the Navitas portfolio. GeneSiC proprietary trench-assisted planar-grade MOSFET technology combines the best of planar SiC (ease of manufacturing, robustness) with the best of trench SiC (low resistance, smaller die sizes). Navitas SiC MOSFETs have lower resistance at higher temperatures, and operate at cooler temperatures, for expected 3x longer device life expectancy.

In late 2025, we announced a strategic pivot that we called “Navitas 2.0,” which entailed an enhanced focus on high-power markets, including AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. In connection with this pivot, we restructured the organization, reallocating resources and priorities in support of these high-power markets.

6

TABLE OF CONTENTS

We believe that the combination of GaN and SiC expertise and technologies makes Navitas particularly well-suited to compete and succeed in these emerging high-power markets. In addition, we have an impressive track record of manufacturing and shipping GaN and SiC devices at scale. As of December 31, 2025, we have shipped over 300 million GaN devices and nearly 30 million SiC devices with proven quality and field-reliability performance.

Navitas is led by a team of veteran power semiconductor industry experts with deep business and technical experience in semiconductor materials, devices, applications, systems and marketing. We maintain operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, Thailand, South Korea and the Philippines. Our principal executive offices are located in Torrance, California and we have satellite offices in Santa Clara, California and Irvine, California. We have a strong legacy of innovation, with over 300 patents issued or pending, and we are proud to be the world’s first semiconductor company to be CarbonNeutral™-certified.

Industry Overview and Market Opportunities

Electronic devices that run on electrical power need power converters to adapt voltage levels required for the particular use case. Depending on the application, there is a huge range of power and voltages, and hence there are various types of power semiconductors and power conversion topologies. Until recently, only silicon (Si) based devices were available, limiting the choices for our customers. With the advent of gallium nitride (GaN) and silicon carbide (SiC), also called wide bandgap (WBG), power semiconductor technologies, there has been a vast improvement in cost of ownership, efficiency, size, and weight of these power converters owing to the superior performance characteristics of WBG devices. Moreover, many new applications are enabled only because of the performance delivered by these devices. In 2025, industry sources indicate that GaN and SiC power semiconductors constituted only a small fraction of the total power semiconductor devices shipped in 2025, leaving the majority of the market still to traditional Si devices. We believe that GaN and SiC devices are on cusp of widespread adoption, particularly in high power applications, and Navitas is focused on pursuing those markets.

Specifically, Navitas has identified four key end markets where we expect rapid and widespread adoption of GaN and SiC technologies: AI data center, energy and grid infrastructure, performance computing and industrial electrification. These markets are driven by major, long-term secular trends including explosive growth in AI computing and data center construction, increasing energy costs and the long overdue need to upgrade electrical grids and power infrastructure.

AI & Data Center. Demand for better power conversion solutions in AI data centers is exploding as GPUs and NPUs demand more power while requiring the same physical space. As server power racks increase the power required per rack, solutions based on wide bandgap devices such as Navitas GaN and SiC devices have become a necessity, replacing older Si-based solutions. Navitas’s capability to engineer GaN and SiC-based devices by investing in system-level know-how makes it a recognized supplier in this market.

Energy and Grid Infrastructure. As demand for datacenter power evolves, so does the need for better solutions for the delivery of power to datacenters. Traditional 50/60Hz transformers no longer meet the efficiency, space, and uptime requirements for modern datacenters. Solid State Transformer is a latest generation of power electronics solution that operates from an input voltage of 11 to 13 KV AC and delivers an output voltage of 800 VDC standard or 1500 VDC standard. These SSTs deliver higher system efficiency compared to a traditional grid solution while also providing better system uptime at a lower cost of ownership in a smaller space. Navitas’s GaN and SiC devices are the leading choice by many OEMs investing in datacenter infrastructure.

Performance Computing. GaN Power devices are generally accepted in high-power-density chargers for high-end computers, replacing their Si-based predecessors. As AI adoption accelerates, more AI functions are expected to be enabled on edge, such as a laptop computer, requiring higher power to operate and hence more advanced charging solutions. Navitas has developed a broad line of GaN power devices and ICs offering optimal choices to customers based on their needs.

Industrial Electrification. GaN-based inverters offer smaller size, lighter weight, and higher efficiency compared to Si-based solutions. These benefits carry much higher value in the case of handheld appliances such as vacuum cleaners.

7

TABLE OF CONTENTS

Navitas has developed dedicated GaN power ICs to target such application providing significantly lower cost of ownership to our customers. Our very high voltage capabilities in SiC devices enable more reliable and cost-effective circuits for applications running on very high voltages such as motor inverters running on 3-phase 480 Vac.

Business Strategy

In late 2025, we announced a strategic pivot that we called “Navitas 2.0,” which entailed an enhanced focus on high-power markets, including AI data centers, energy and grid infrastructure, performance computing and industrial electrification, and a de-emphasis on mobile and consumer products. We intend to build on our heritage of product and technology innovation to pursue sustainable, high-quality growth by targeting markets experiencing structural demand growth driven by AI workloads, electrification and grid modernization.

Our product strategy will focus on GaN and high-voltage SiC for high power markets, leveraging our proven technology and product portfolio of gallium nitride and high-voltage SiC devices. We have intentionally excluded electric vehicles (EV) and low-voltage SiC from our target market, as we intend to focus on high-margin, sustainable opportunities in high power markets. We believe these high power markets are poised for a multi-year growth trend as GaN and SiC replace existing Si devices. The AI datacenter revolution is the primary catalyst of this trend, with strong parallel growth in grid infrastructure, performance computing and industrial electrification.

We will continue to leverage our fabless business model, where we outsource wafer fabrication and other test and assembly functions to third-party partners. We believe that this model will allow us to move faster and scale quicker at lower capital expense than a vertically integrated manufacturing strategy. Our collaboration with third-party suppliers is bidirectional, as Navitas brings extensive process and materials innovation to these partnerships.

Lastly, a key component of our business strategy is to maintain financial discipline and balance sheet strength to allow us to make investments when and as necessary to scale quickly, pursue opportunities or acquire new technologies in service of our mission.

Competitive Advantages

Our status as one of the only pure-play next-generation high-power semiconductor companies positioned at the intersection of AI data center growth and grid modernization provides us with significant competitive advantages as we pursue emerging high-power markets.

Navitas is one of the very few suppliers offering a full spectrum of GaN and high-voltage SiC products and solutions to support impending shifts in power architecture driven by AI computing and grid modernization. This dual-capability is strategically and competitively significant because it allows us to address the full range of high-power use cases and challenges. GaN excels in medium-voltage, high-frequency, high-density power conversion while SiC dominates in high- and ultra-high-voltage, high-power systems. Whereas many of our competitors specialize in one or the other, we are a full-stack next-generation power semiconductor provider of both GaN and high-voltage SiC devices, allowing system-level optimization across voltage tiers.

Beyond technical innovation, Navitas is also unique in that it has shipped both GaN and SiC devices at volume, acquiring essential know-how along the way. As of December 31, 2025, we have shipped over 300 million GaN devices and nearly 30 million SiC devices with proven quality and field-reliability performance.

We believe that Navitas has one of the broadest intellectual property portfolios in the power semiconductor industry, giving us a competitive advantage against both incumbent competitors and new market entrants. We possess a patent portfolio consisting of over 300 patents, issued or pending worldwide, that encompass fundamental aspects of both GaN

8

TABLE OF CONTENTS

and SiC technology. The competitive value of our patent portfolio was validated in October 2024 when we entered into a broad patent cross-license with Infineon Technologies AG.

Our high-power markets encompass a number of end-use applications with national security implications, including both AI computing and grid modernization. As a result, we consider our collaboration with United States based foundry partners, specifically GlobalFoundries for GaN and X-Fabs for SiC, to be a competitive advantage, as we believe that foreign semiconductor companies and companies that rely on foreign supply chains will be disadvantaged in these critical markets.

Finally, we believe that our capital efficiency and financial strength gives us a competitive advantage in our markets. By adopting a fabless manufacturing model, we are able to scale faster with a lower fixed-cost burden than our vertically integrated peers. Similarly, with no debt and a strong balance sheet, we have the ability and optionality to quickly allocate capital towards new opportunities and high-value programs. At Navitas, “speed of execution” is a core value and we believe it gives us a competitive advantage.

Sales, Marketing and End Customer Support

Our go-to-market strategy prioritizes accelerating adoption of GaNFast™ GaN power ICs and GeneSiC™ SiC technologies in high-growth, high-margin markets. We have refocused on four priority markets: (1) AI data centers, (2) and energy and grid infrastructure, (3) performance computing, and (4) industrial electrification. We have de-emphasized mobile charging, low end consumer electronics, and China-based segments to enhance revenue quality and profitability.

We leverage deep design expertise and strategic partnerships with leading hyperscalers, GPU vendors, Tier-1 OEMs and ODMs, and platform providers to develop differentiated solutions for next-generation architectures, including 800 VDC systems.

Comprehensive design support, proprietary process design kits, and dedicated application design centers (standalone or joint labs with partners) accelerate customer adoption and integration.

We collaborate with select global distribution partners for additional field engineering resources, while our direct sales team builds new strategic relationships in our focus markets. We believe that this refined strategy—supported by innovations such in GaN based AI 800VDC platforms and ultra-high-voltage GeneSiC™ technology—positions Navitas to capitalize on AI power demands, grid modernization, and sustainable electrification for scalable, sustainable and profitable growth.

Manufacturing and Operations

We utilize a fabless business model, partnering with third-party foundries, assembly houses, and test facilities to manufacture our gallium nitride (GaN) and silicon carbide (SiC) power semiconductor products. Our manufacturing strategy emphasizes technology leadership, geographic diversification, and supply chain resilience across all stages of production.

Our products move through a multi-stage manufacturing process from raw materials to finished goods:

Epitaxial (Epi) Wafer and Substrate Sourcing: We source epitaxial wafers and silicon substrates from multiple qualified suppliers across the United States and Asia, ensuring supply redundancy and cost competitiveness. These materials form the foundation of our GaN-on-Si and SiC device structures.

Wafer Fabrication: We source processed wafers from multiple foundry partners globally with multiple existing partners in Asia and United States. We work closely with our foundry suppliers to customize technologies to ensure leading edge performance, power, yields, manufacturability and die sizes. For GaN products, our existing wafer fabrication partner is TSMC located in Taiwan. Our US based GaN fabrication partner is GlobalFoundries. We have two additional wafer fabs supporting GaN and CMOS technologies in Asia. Our SiC products are manufactured in the United States by X-Fab using

9

TABLE OF CONTENTS

Navitas developed technologies. This multi-foundry strategy provides supply security and manufacturing flexibility as demand scales.

For GaN wafer fabrication specifically, our devices are built using a layer of gallium nitride deposited on a silicon substrate (GaN-on-Si). We have invested significantly in process development to overcome traditional GaN-on-Si manufacturing challenges—including material incompatibilities, defect management, and yield optimization—achieving predictable, consistent manufacturing results suitable for high-volume applications in harsh environments. Our GaN process integrates seamlessly with standard CMOS foundry equipment through the addition of targeted GaN-specific process modules, enabling us to leverage existing semiconductor infrastructure and qualify additional manufacturing partners as needed.

Assembly and Packaging: Following wafer fabrication, processed wafers are shipped to assembly subcontractors primarily located in Asia, where they undergo dicing, die attach, wire bonding, and packaging operations. We qualify multiple assembly houses for each product family to mitigate concentration risk and maintain production continuity.

Testing and Quality Assurance: Packaged devices undergo comprehensive electrical testing and quality screening at test subcontractors, also primarily in Asia. Final testing validates electrical performance, thermal characteristics, and reliability parameters before products are qualified for shipment to customers. We maintain rigorous quality standards and traceability throughout the test process.

Logistics and Distribution: Finished goods are warehoused and distributed globally through our logistics partners, with inventory positioned strategically to support customer demand across automotive, data center, mobile, and consumer electronics markets.

All manufacturing activities—from foundry procurement and capacity planning to assembly scheduling and quality management—are coordinated through centralized operations functions within Navitas. This centralized model ensures consistent execution, rapid issue resolution, and alignment between manufacturing output and customer commitments. We maintain long-term supply agreements with key partners and actively monitor capacity, lead times, and yield performance to optimize production efficiency and meet growing demand.

Gallium, the primary material in our GaN products, is produced as a byproduct of aluminum refining (bauxite processing). Global gallium production capacity exceeds 2,000 tons annually and is growing approximately 15% per year, sourced from geographically diverse regions. Semiconductor applications—including power electronics, LEDs, and high-speed logic—represent 98% of commercial gallium demand. Each Navitas GaN power IC contains approximately 95 micrograms of gallium; based on our growth projections, we estimate our gallium consumption will represent less than 0.01% of global annual supply through 2026. Gallium is neither rare nor classified as a critical material, providing long-term supply security for our GaN product roadmap.

Competition

Our competitors include suppliers of silicon-based as well as GaN-based and SiC-based power semiconductors. Our competitors include both global semiconductor companies with diversified product portfolios and smaller semiconductor companies with a narrow product or market focus. Similarly, our competitors include companies that outsource manufacturing and foundry services like we do, as well as those that are vertically integrated. Many of our competitors have significantly greater financial resources than we do, meaning they are better positioned to weather adverse market conditions or make opportunistic acquisitions. Most suppliers of GaN-based devices today offer discrete (i.e., non-integrated) GaN solutions, which require silicon-based and other components for drive, control and protection. These solutions, even though they offer some benefits compared to silicon, still do not capture all the advantages of a GaN integrated power IC that Navitas provides. Our primary GaN competitors include Infineon Technologies AG, Power Integrations, Inc., Texas Instruments Incorporated, Innoscience (Suzhou) Semiconductor Co., Ltd., Renesas Electronics Corp., and Efficient Power Conversion Corporation (EPC). Our primary SiC competitors include Infineon, Wolfspeed, Inc., ON Semiconductor Corporation, ROHM Co., Ltd., Qorvo, Inc., and STMicroelectronics International N.V. Our primary silicon-based power semiconductor competitors include Infineon, STMicroelectronics, ON Semiconductor and

10

TABLE OF CONTENTS

Power Integrations, among others. Silicon-based power devices are still the incumbent solutions used for power applications and currently have a lower-cost advantage.

Research and Development

Navitas Semiconductor specializes in wide bandgap technology, developing high-efficiency Gallium Nitride (GaN) and Silicon Carbide (SiC) based high-power products that enable higher power density, and improved energy efficiency for AI data centers , performance computing, industrial electrification and next-generation grid-tied applications like solid-state transformers (SSTs) and Battery Energy Storage System or grid type renewal energy. GaNFast™ power ICs integrate drive, control, and protection to enable 100x faster switching and up to 40% energy savings over incumbent silicon-based technology. GeneSiC™ Technology features patented "trench-assisted planar" MOSFETs for high-voltage (up to 6.5kV) applications. As of 2026, the company is pivoting towards high-power, higher margin applications under "Navitas 2.0", shifting R&D, resources, and product portfolio from consumer mobile electronics towards high-power markets such as AI data centers, energy and grid infrastructure, performance computing and industrial electrification. The company is developing both GaN and high voltage SiC solutions to cover the entire power path from the utility grid to the AI graphics processing unit (GPU) and engaging in strategic partnerships with major industry technology leaders and hyperscalers on 800 V AI factory power architectures.

Intellectual Property

We rely primarily on a combination of patent, trademark, copyright and trade secret protection to protect our intellectual property. We believe we have one of the most robust power semiconductor patent portfolios, with more than 300 issued or pending patents worldwide. In October 2024 we entered into a broad patent cross-license with Infineon Technologies AG, demonstrating the value of our patent portfolio. An additional element of our intellectual property is our GaN IC process design kit (PDK), which we use to facilitate and accelerate product implementation and end customer development. We use confidentiality and license agreements to protect our intellectual property as we collaborate with third parties, and our employees and consultants sign confidentiality and assignment of inventions agreements in connection with their work for us. We believe the mix and duration of our intellectual property rights are sufficient to protect our business and products.

For a discussion of the risks related to intellectual property protection, see “Risk Factors — Risks Related to Intellectual Property” below in this Form 10-K.

Sustainability

We believe we are the first company to publish a sustainability report that comprehensively quantifies the positive impact of GaN power semiconductors on climate change based on global standards. Our report includes a third-party Lifecycle Assessment (LCA) of GaN technology according to ISO14040/14044, the international standard for assessing environmental impacts throughout a product’s life cycle—from raw material acquisition through production, use, end-of-life treatment, recycling and final disposal. The Navitas sustainability report also quantifies corporate greenhouse gas (GHG) impacts through 3rd party assessments. We estimate that each GaN power IC shipped saves a net 4 kg of CO2 emissions, and each SiC MOSFET saves 25 kg. Combined, GaN and SiC are estimated to save an aggregate of 6 Gigatons of CO2 emissions per year by 2050.

¹ DNV “Energy Transition Outlook 2024”

11

TABLE OF CONTENTS

Human Capital

Underpinned by our values and culture, our success depends on our ability to attract, develop and retain our employees to help ensure we deliver for our customers. Our focus on technology, innovation, speed and growth enables us to attract qualified global talent skilled in multiple areas, including science, technology and engineering. We value the diversity of our workforce and actively encourage growth and development opportunities for our employees, embracing collaboration and fostering an inclusive work environment.

As of December 31, 2025, our worldwide workforce consisted of approximately 190 full and part-time employees. We pride ourselves on our global workforce, located in the United States (32%), Asia Pacific (65%) with the remainder in Europe (3%).

Our culture and values serve as an enabling force that helps us execute, transform and scale with speed, urgency, discipline, clarity and focus. Our differentiated culture and workforce are factors in our ability to excel as “One Team Navitas” which results in value for our shareholders, customers, and employees.

Our approach to compensation attempts to align the interests of every employee with the creation of stockholder value over time. The Company offers a wide variety of benefits for employees around the world and invests in tools and resources that are designed to support employees’ individual growth and development. We embrace a high-performance culture and our compensation philosophy is focused on delivering competitive compensation in a way that recognizes performance.

We provide our employees and their families with access to health and wellness programs by using a combination of total rewards and other programs (which vary by region ) to attract and retain our employees, including: annual performance bonuses, stock awards, including an employee stock purchase plan, retirement support, healthcare and insurance benefits; disability insurance, optional insurances, health savings and flexible spending accounts, flexible work schedules, unlimited vacation time, parental leave, paid counseling assistance and employee discount programs.

Employee health and safety training and risk/hazard identification, mitigation and prevention are key components for our sites and labs. Everyone has a responsibility to identify workplace hazards, and employees may raise concerns without fear of reprisal, including through an anonymous hotline.

Our talent strategy is designed to secure the people, skills, and leadership required to support the company’s long term growth. We attract, develop, and retain top critical talent while preparing our workforce for the future by increasing expertise in critical technology areas. We actively seek candidates for employment from a wide range of backgrounds and experiences to tap into the full spectrum of talent available now and in the future to create a culture of belonging for everyone.

Additional Information

Our website is www.navitassemi.com. We make all of our securities filings, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports and all amendments to those reports available for free in the "Investor Relations" section of our website. We endeavor to make these filings available promptly after we electronically file these materials with, or furnish these materials to, the SEC. These filings are also available on the SEC website at www.sec.gov. Please note that information on or accessible through our website is not a part of, nor is it deemed incorporated by reference into, this Form 10-K or any other report filed with or furnished to the SEC.

12

TABLE OF CONTENTS