For medium voltage applications, multilevel inverters are used. One of its classic topologies is the Cascaded H-Bridge, which requires isolated DC voltages to work. Depending on the DC voltage ratio used in the Cascaded H-bridge can be classified into symmetric and asymmetric. In comparison between symmetric and asymmetric inverters, the latter can generate an AC output voltage with more output voltage levels. DC voltage ratio most documented are binary and trinary. The last can generate an AC voltage of 3n = 27 levels is obtained, using n = 3 inverters in cascade and NLM modulation, which generates a flow power of the load to the inverters (regeneration). This work analyzes the semiconductor losses (switching and conduction) and the THD of the AC output voltage in function of index modulation, considering a non-regenerative modulation technique for a 27-level single-phase asymmetric inverter. To confirm the theoretical analyzes, simulation and experimental results are shown.