10 Best Semiconductor Penny Stocks To Invest In Right Now

5. Navitas Semiconductor Corporation (NASDAQ:NVTS)

Price as of March 5: $2.63

Number of Hedge Fund Holders In Q4 2024: 13

Navitas Semiconductor Corporation (NASDAQ:NVTS) produces and sells silicon carbide technology and gallium nitride (GaN) power integrated circuits (ICs). The technology is used in high-efficiency and high-power density applications in areas such as mobile devices, electric vehicles, and data centers.

Despite an industry-wide slowdown in 2024, Navitas Semiconductor Corporation (NASDAQ:NVTS) posted record revenues from the mobile, consumer, and appliance sectors. Although the company did not provide the specific figure, its GaN revenue grew over 50% to reach a record high. The total revenue for the full year 2024 reached $83.3 million, a 5% increase from $79.5 million in 2023. The company ended the year with a strong balance sheet, reporting $86.7 million in cash and cash equivalents as of December 31, 2024.

One factor behind the company’s robust financial position is its aggressive push to expand its customer base. It closed the calendar year 2024 with $450 million in design wins, and the customer pipeline increased 92% from $1.25 billion in December 2023 to $2.4 billion in December 2024. AI-driven data center applications have emerged as the fastest-growing segment within the customer pipeline, now valued at $165 million.

The company has also announced plans to unveil breakthroughs in power conversion technology and GaN and SiC technologies during demonstrations this March 2025. For these reasons, the company secures the fifth position on our list.