Navitas Semiconductor: A Mirage Disguised as a Blessing
Prior to taking the public plunge via a merger with a special purpose acquisition company (SPAC) in October 2021-a move reminiscent of a tightrope walker with a particularly shaky balance-Navitas boasted, with compelling fervor, that its revenue would skyrocket from $12 million in 2020 to a staggering $308 million by 2024. Yet, when the curtains drew back on 2024, the company delivered a rather sobering $83 million, proving once again that dreams are often the distillate of sleep.