Navitas Semiconductor Corp's stock experienced a pre-market plunge of 5.01% on Wednesday, extending losses from the previous trading session.
The sharp decline follows the company's release of its first-quarter 2026 financial results, which revealed a widening net loss of $33.79 million, or $0.15 per share, compared to a loss of $0.06 per share in the same period last year. While adjusted earnings per share of $(0.04) and revenue of $8.598 million beat analyst estimates, sales fell 38.66% year-over-year.
Market sentiment was further weighed down by persistent concerns over demand in the AI industry supply chain. The company's GAAP gross margin remained negative at -9.3%, and operating expenses were high at $31.003 million, contributing to investor concerns despite the company's strategic shift toward high-power markets like AI data centers.