TLDR
- Navitas Semiconductor (NVTS) stock jumped 20% in after-hours trading Monday.
- The US Army selected Navitas for the ALATTIS program to develop 10 kV silicon carbide power chips.
- The stock rose another 12% to $13.15 in Tuesday’s premarket, still well below its May high above $30.
- The deal follows a rough stretch that included quarterly losses and a patent dispute with Wolfspeed (WOLF).
- No financial terms of the Army contract were disclosed.
Navitas Semiconductor (NVTS) stock jumped 20% in after-hours trading Monday. The move came after the company landed a new contract with the US Army.
Navitas Semiconductor Corp, NVTS
The stock kept climbing Tuesday, rising another 12% to $13.15 in premarket trading. That still leaves it well below the $30 high it briefly touched in May.
The Army selected Navitas for a project called ALATTIS. The name stands for Accelerated, Large-Area, 10 kV SiC IGBT.
The program will fund work on ultra-high-voltage silicon carbide power semiconductors. These chips are rated at 10,000 volts, far higher than standard power chips.
The Army Research Laboratory is sponsoring the project. It falls under the US Army Combat Capabilities Development Command.
Navitas beat out other US silicon carbide companies for the award. The Army pointed to the company’s high-voltage technology and domestic manufacturing base as key factors.
What the Army Wants From the Deal
The goal is to build and test a domestic manufacturing process for these advanced chips. The project covers design, fabrication and testing of the devices.
The work includes 10 kV silicon carbide insulated-gate bipolar transistors, or IGBTs. It also covers related PiN diode technology.
These parts are meant for mission-critical military systems. The Joint Experimentation and Technology Accelerator is also backing the effort.
Navitas did not disclose the dollar value of the contract. The company has not said how much revenue this could bring in.
A Rough Year for Navitas
This deal comes after a difficult stretch for Navitas. The company posted quarterly losses earlier this year.
Navitas has also been locked in a patent dispute with rival chipmaker Wolfspeed (WOLF). That fight has weighed on investor sentiment.
The stock had soared past $30 in May as investors bet heavily on power chips tied to AI data centers. It has fallen sharply since then.
Navitas Chief Technology Officer Siddarth Sundaresan said the award marks a milestone for the company’s high-voltage chip work. He pointed to more than 20 years of development in the space.
The company’s GeneSiC silicon carbide lineup spans voltages from 650 volts up to 6.5 kilovolts. Navitas says it was first to market with several products, including 6.5 kV thyristors in 2010.
It also introduced 10 to 15 kV PiN diodes in 2012 and 6.5 kV silicon carbide MOSFETs in 2021. Those products form the base of its defense and industrial chip business.
For now, most investors still view AI data center demand as the bigger driver of Navitas stock. The Army contract adds a new revenue avenue on top of that business.
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