Navitas Wins Army Backing for 10-kV SiC Tech, but Wall Street Wants Numbers
Published on 09/29/2026 at 16:30 | Editorial boerse-global.de
Navitas Semiconductor's selection by the U.S. Army for the ALATTIS program briefly lit a fire under the stock — then the rally fizzled out entirely. Shares had jumped 9.6% in pre-market trading to EUR 11.40 following the announcement, only for the gain to evaporate during Tuesday's session, leaving the day's change flat at 0%.
The award, revealed yesterday, taps the Nasdaq-listed company (ticker NVTS) to develop and validate a domestic manufacturing process for silicon carbide components rated at 10 kilovolts or higher. The initiative targets 10-kV SiC IGBTs and associated PiN diodes destined for future defense and infrastructure systems, with sponsorship from the Army Research Laboratory and additional backing from the Joint Experimentation and Technology Accelerator.
A Gap in U.S. Manufacturing
For Navitas, the nod validates a technology roadmap that had no domestic equivalent until now. Manufacturing processes capable of handling such extreme voltage ranges simply weren't available in the United States, and the program is designed to close that gap through successive phases spanning design, chip fabrication, and testing.
The company brings substantial prior experience to the table. Its existing GeneSiC portfolio already spans 650 volts to 6.5 kilovolts, and Navitas brought commercial SiC MOSFETs in the 6.5-kV range to market back in 2021. Chief Technology Officer Sundaresan pointed to more than two decades of innovation in silicon carbide technology as the foundation for the effort.
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Neither side disclosed financial terms or a precise timeline for the government contract — a silence that market participants seized on. According to Bloomberg, there was no separately verifiable explanation for the intraday reversal, and the absence of hard financial figures gave traders little reason to hold onto their initial enthusiasm.
Magnachip Stake Deepens Commercial Ties
While the military project grabbed headlines, Navitas was simultaneously advancing its commercial ambitions through a strategic stake in Magnachip. A mandatory filing with the U.S. Securities and Exchange Commission dated September 18 disclosed an agreement to purchase 1,461,988 shares of common stock at USD 3.42 apiece, for a total consideration of USD 5,000,000. The transaction was slated to close around September 24, subject to customary conditions, and deepens an existing strategic partnership between the two semiconductor firms.
The Magnachip relationship extends beyond equity. Navitas plans to license its GeneSiC fourth- and fifth-generation technologies to Magnachip for qualification at a South Korean fabrication facility — part of a broader push to commercialize its platform in the civilian chip market.
Business Turning a Corner
Operationally, Navitas is showing signs of shaking off a difficult stretch. Management guided toward net revenue of roughly USD 13.5 million for the third quarter of 2026, which would represent sequential growth of 28% and a return to year-over-year expansion. That outlook helped the stock power past yesterday's closing price of EUR 10.40.
The past few weeks have brought a steady stream of strategic moves: management presented at the Citi conference, the company executed a strategic pivot, and it announced delivery of U.S.-manufactured GaNFast chips to initial customers — all within roughly the same three-week window.
Market Still Cautious
Despite the flurry of activity, the share price tells a more measured story. At EUR 10.40, Navitas trades just below its 50-day moving average of EUR 10.49, and over the past seven days the stock has shed 4.6%. Investors, it seems, are waiting for the kind of concrete financial detail that neither the Army program nor the Magnachip deal has yet provided.
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