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Monolithic Power Systems Announces听Results for the Second听Quarter听Ended June 30, 2025

KIRKLAND, Wash., July 31, 2025 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (鈥淢PS鈥�) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended听June 30, 2025.

The financial results for the quarter ended听June 30, 2025 were as follows:

• Revenue was $664.6听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, a听4.2% 颈苍肠谤别补蝉别听蹿谤辞尘听$637.6 million for the quarter ended March 31, 2025听and a听31.0%听increase from $507.4听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024.
  
  
• GAAP gross margin was 55.1%听for the quarter ended June 30, 2025, compared with听55.3% for the quarter ended June 30, 2024.
  
  
• Non-GAAP gross margin听(1) was 55.5%听for the quarter ended June 30, 2025, excluding the impact of $1.9听尘颈濒濒颈辞苍 for stock-based compensation and related expenses, $0.6听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.3 million for amortization of acquisition-related intangible assets, compared with 55.7%听for the quarter ended June 30, 2024, excluding the impact of $1.6听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.3听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.1听尘颈濒濒颈辞苍 for deferred compensation plan expense.
  
  
• GAAP operating expenses were $201.3听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, compared with $164.0听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024.
  
  
• Non-GAAP operating expenses (1) were $137.6听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, excluding $58.4听尘颈濒濒颈辞苍 for stock-based compensation and related expenses听and $5.3听尘颈濒濒颈辞苍 for deferred compensation plan expense, compared with $111.7听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024, excluding $51.1听尘颈濒濒颈辞苍 for stock-based compensation and related expenses and $1.3听尘颈濒濒颈辞苍 for deferred compensation plan expense.
  
  
• GAAP operating income was $164.8听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, compared with $116.5听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024.
  
  
• Non-GAAP operating income (1) was $231.2听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, excluding $60.3听尘颈濒濒颈辞苍 for stock-based compensation and related expenses, $5.9听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.3 million for amortization of acquisition-related intangible assets, compared with $171.0听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024, excluding $52.7听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$1.4听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.4听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets.
  
  
• GAAP other income, net听was $12.2听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, compared with听$7.5听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024.
  
  
• Non-GAAP other income, net (1) was $6.6听尘颈濒濒颈辞苍听for the quarter ended June 30, 2025, excluding $5.6听尘颈濒濒颈辞苍 for deferred compensation plan income, compared with $6.2听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024, excluding $1.3听尘颈濒濒颈辞苍 for deferred compensation plan income.
  
  
• GAAP income before income taxes was $177.0听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, compared with $124.0听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024.
  
  
• Non-GAAP income before income taxes (1) was $237.9听尘颈濒濒颈辞苍 for the quarter ended June 30, 2025, excluding $60.3听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.3 million for amortization of acquisition-related intangible assets and $0.3听尘颈濒濒颈辞苍 for net deferred compensation plan expense, compared with $177.2听尘颈濒濒颈辞苍 for the quarter ended June 30, 2024, excluding $52.7听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.4听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.1听尘颈濒濒颈辞苍 for net deferred compensation plan expense.
  
  
• GAAP net income was $133.7听尘颈濒濒颈辞苍 and $2.78听per diluted share for the quarter ended June 30, 2025. Comparatively, GAAP net income was $100.4听尘颈濒濒颈辞苍 and $2.05听per diluted share for the quarter ended June 30, 2024.
  
  
• Non-GAAP net income (1) was $202.2听尘颈濒濒颈辞苍 and $4.21听per diluted share for the quarter ended June 30, 2025, excluding $60.3听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.3 million for amortization of acquisition-related intangible assets,听$0.3听尘颈濒濒颈辞苍 for net deferred compensation plan expense听and听$7.6听尘颈濒濒颈辞苍 for related tax effects,听compared with听$155.1听尘颈濒濒颈辞苍 and $3.17听per diluted share for the quarter ended June 30, 2024, excluding $52.7听尘颈濒濒颈辞苍 for stock-based compensation and related expenses, $0.4听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets,听$0.1听尘颈濒濒颈辞苍 for net deferred compensation plan expense听and $1.5听尘颈濒濒颈辞苍 for related tax effects.

The financial results for the听six months ended听June 30, 2025 were as follows:

• Revenue was $1,302.1听尘颈濒濒颈辞苍 for the six months ended June 30, 2025,听a听34.9%听increase from $965.3听尘颈濒濒颈辞苍 for the six months ended June 30, 2024.
  
  
• GAAP gross margin was 55.2%听for the听six months ended June 30, 2025, flat as compared to听the six months ended June 30, 2024.
  
  
• Non-GAAP gross margin听(1) was 55.6%听for the听six months ended June 30, 2025, excluding the impact of $3.6听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.6听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.4听尘颈濒濒颈辞苍 for deferred compensation plan expense, compared with 55.7%听for the six months ended June 30, 2024, excluding the impact of $3.5听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.6听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.5听尘颈濒濒颈辞苍 for deferred compensation plan expense.
  
  
• GAAP operating expenses were $385.7听尘颈濒濒颈辞苍 for the听six months ended June 30, 2025, compared with $321.0听尘颈濒濒颈辞苍 for the six months ended June 30, 2024.
  
  
• Non-GAAP operating expenses (1) were $271.1听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, excluding $110.5听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$4.1听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.1听尘颈濒濒颈辞苍 for amortization of acquisition-related听intangible assets, compared with $215.1听尘颈濒濒颈辞苍 for the six months ended June 30, 2024, excluding $100.9听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$4.9听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.1听尘颈濒濒颈辞苍 for amortization of acquisition-related听intangible assets.
  
  
• GAAP operating income was $333.5听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, compared with $212.0听尘颈濒濒颈辞苍 for the six months ended June 30, 2024.
  
  
• Non-GAAP operating income (1) was $452.8听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, excluding $114.1听尘颈濒濒颈辞苍 for stock-based compensation and related expenses, $4.5听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.6听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets, compared with $322.6听尘颈濒濒颈辞苍 for the six months ended June 30, 2024, excluding $104.5听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$5.4听尘颈濒濒颈辞苍 for deferred compensation plan expense听and听$0.7听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets.
  
  
• GAAP other income, net听was $17.4听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, compared with听$17.1听尘颈濒濒颈辞苍 for the听six months ended June 30, 2024.
  
  
• Non-GAAP other income, net (1) was $13.1听尘颈濒濒颈辞苍听for the six months ended June 30, 2025, excluding $4.2听尘颈濒濒颈辞苍 for deferred compensation plan income, compared with $11.8听尘颈濒濒颈辞苍 for the six months ended June 30, 2024, excluding $5.3听尘颈濒濒颈辞苍 for deferred compensation plan income.
  
  
• GAAP income before income taxes was $350.9听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, compared with $229.1听尘颈濒濒颈辞苍 for the six months ended June 30, 2024.
  
  
• Non-GAAP income before income taxes (1) was $465.9听尘颈濒濒颈辞苍 for the six months ended June 30, 2025, excluding $114.1听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.6听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.3听尘颈濒濒颈辞苍 for net deferred compensation plan expense, compared with $334.4听尘颈濒濒颈辞苍 for the six months ended June 30, 2024, excluding $104.5听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.7听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets and听$0.2听尘颈濒濒颈辞苍 for net deferred compensation plan expense.
  
  
• GAAP net income was $267.5听尘颈濒濒颈辞苍 and $5.57听per diluted share for the six months ended June 30, 2025. Comparatively, GAAP net income was $192.9听尘颈濒濒颈辞苍 and $3.94听per diluted share for the six months ended June 30, 2024.
  
  
• Non-GAAP net income (1) was $396.0听尘颈濒濒颈辞苍 and $8.25听per diluted share for the six months ended June 30, 2025, excluding $114.1听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.6听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets,听$0.3听尘颈濒濒颈辞苍 for net deferred compensation plan expense听and听$13.5听尘颈濒濒颈辞苍 for related tax effects,听compared with听$292.6听尘颈濒濒颈辞苍 and $5.98听per diluted share for the six months ended June 30, 2024, excluding $104.5听尘颈濒濒颈辞苍 for stock-based compensation and related expenses,听$0.7听尘颈濒濒颈辞苍 for amortization of acquisition-related intangible assets,听$0.2听尘颈濒濒颈辞苍 for net deferred compensation plan expense听and $5.6听尘颈濒濒颈辞苍 for related tax effects.

The following is a summary of revenue by end market (in thousands):

鈥淥ur proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,鈥� said Michael Hsing, CEO and founder of MPS.听

Business Outlook

The following are MPS鈥檚 financial targets for the third听quarter ending September 30, 2025:

• Revenue in the range of $710.0听million to $730.0听million.
  
  
• GAAP gross margin between 54.9%听and 55.5%. Non-GAAP gross margin (1) between 55.2%听and 55.8%, which excludes the impact听from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.
  
  
• GAAP operating expenses between $201.3 million and $207.3 million. Non-GAAP operating expenses (1) between $143.0 million and $147.0听million, which excludes estimated stock-based compensation and related expenses in the range of $58.3 million to $60.3 million.
  
  
• Total听stock-based compensation and related expenses of $60.1听million to $62.1听million including approximately $1.8听million that would be charged to cost of goods sold.
  
  
• Interest and other income in the range听of $6.4听million to $6.8听million听before foreign exchange gains or losses.
  
  
• Non-GAAP tax rate of 15% for 2025.
  
  
• Fully diluted shares outstanding between 47.9听million and 48.3听million.

(1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net听and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses,听operating income, other income, net听and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (鈥淕AAP鈥�). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses,听which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense,听amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses,听amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related听expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of听stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of听deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related听expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors鈥� understanding of MPS鈥檚 core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

Earnings Commentary
Earnings commentary on the results of operations for the quarter听ended June 30, 2025听is available under the Investor Relations page on the MPS website.

Earnings Webinar
MPS plans to host a question-and-answer webinar听covering its financial results at听2:00 p.m. PT听/听5:00 p.m. ET,听July 31, 2025. The live event will be held via a Zoom webcast, which can be accessed at: . The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 98147401910. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

Safe Harbor Statement
This press release contains, and statements that will be made during the accompanying earnings webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the 鈥淏usiness Outlook鈥� section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related听intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third听quarter of fiscal year 2025听and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in听research and development (鈥淩&D鈥�), expected revenue growth, customers鈥� acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying earnings webinar听are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties听in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws (including the recent H.R.1 Act signed into law on July 4, 2025) or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers鈥� ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if our听tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption 鈥淩isk Factors鈥� and elsewhere in our Securities and Exchange Commission (鈥淪EC鈥�) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying earnings听webinar.

About听Monolithic Power Systems

Monolithic Power Systems, Inc. (鈥淢PS鈥�) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS鈥檚 mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.听

Contact:
Bernie Blegen
Executive Vice President and听Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
听