# Monolithic Power Systems (MPWR) Q2 2025 Financial Results Summary
Kirkland, Washington, July 31, 2025 – Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR) has announced its financial results for the second quarter ended June 30, 2025.
### Key Highlights:
– **Revenue**:
– $664.6 million for Q2 2025, a **4.2% increase** from $637.6 million in Q1 2025.
– **31.0% increase** from $507.4 million in Q2 2024.
– **Gross Margin**:
– **GAAP Gross Margin**: 55.1% in Q2 2025, **decreased by 0.2%** compared to 55.3% in Q2 2024.
– **Non-GAAP Gross Margin**: 55.5% in Q2 2025, **decreased by 0.2%** from 55.7% in Q2 2024.
– **Operating Expenses**:
– **GAAP Operating Expenses**: $201.3 million in Q2 2025, an **increase of 22.8%** from $164.0 million in Q2 2024.
– **Non-GAAP Operating Expenses**: $137.6 million in Q2 2025, an **increase of 23.2%** from $111.7 million in Q2 2024.
– **Operating Income**:
– **GAAP Operating Income**: $164.8 million in Q2 2025, **increased by 41.3%** from $116.5 million in Q2 2024.
– **Non-GAAP Operating Income**: $231.2 million in Q2 2025, **increased by 34.8%** from $171.0 million in Q2 2024.
– **Other Income**:
– **GAAP Other Income, Net**: $12.2 million in Q2 2025, **increased by 62.7%** from $7.5 million in Q2 2024.
– **Non-GAAP Other Income, Net**: $6.6 million in Q2 2025, **increased by 6.5%** from $6.2 million in Q2 2024.
– **Income Before Income Taxes**:
– **GAAP Income Before Income Taxes**: $177.0 million in Q2 2025, **increased by 42.7%** compared to $124.0 million in Q2 2024.
– **Non-GAAP Income Before Income Taxes**: $237.9 million in Q2 2025, **increased by 34.2%** from $177.2 million in Q2 2024.
– **Net Income**:
– **GAAP Net Income**: $133.7 million, translating to $2.78 per diluted share in Q2 2025, an **increase of 33.1%** from $100.4 million ($2.05 per diluted share) in Q2 2024.
– **Non-GAAP Net Income**: $202.2 million or $4.21 per diluted share in Q2 2025, **increased by 30.4%** from $155.1 million ($3.17 per diluted share) in Q2 2024.
### Financial Performance Split by End Market:
– **Storage and Computing**:
– Q2 2025: $195.3 million, compared to $115.0 million in Q2 2024 (a **69.0% increase**).
– **Automotive**:
– Q2 2025: $145.1 million, compared to $87.2 million in Q2 2024 (a **66.4% increase**).
– **Enterprise Data**:
– Q2 2025: $144.0 million, compared to $187.2 million in Q2 2024 (a **23.0% decrease**).
– **Communications**:
– Q2 2025: $73.8 million, compared to $43.6 million in Q2 2024 (a **69.3% increase**).
– **Consumer**:
– Q2 2025: $59.7 million, compared to $42.2 million in Q2 2024 (a **41.5% increase**).
– **Industrial**:
– Q2 2025: $46.7 million, compared to $32.3 million in Q2 2024 (a **44.7% increase**).
### Financial Overview for Six Months Ended June 30, 2025:
– **Revenue**: $1,302.1 million, a **34.9% increase** from $965.3 million for the same period in 2024.
– **Net Income**:
– **GAAP**: $267.5 million ($5.57 per diluted share), up **38.8%** from $192.9 million in H1 2024.
– **Non-GAAP**: $396.0 million ($8.25 per diluted share), an **increase of 35.4%** from $292.6 million in H1 2024.
### Dividends and Share Repurchase:
– **Dividends**: The report does not mention any declared quarterly dividend for Q2 2025.
– **Share Repurchase**: No share repurchase program is noted in the report.
### Business Outlook for Q3 2025:
– **Expected Revenue**: Between **$710.0 million and $730.0 million**.
– **GAAP Gross Margin**: Expected between **54.9% and 55.5%**.
– **Non-GAAP Gross Margin**: Expected between **55.2% and 55.8%**.
This summary serves as a comprehensive financial overview of Monolithic Power Systems’ Q2 2025 results, reflecting both successes and challenges in their growth trajectory within the power electronics industry.
Here are the extracted tables in Markdown format:
### Condensed Consolidated Balance Sheets
*(Unaudited, in thousands, except par value)*
| ASSETS | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $787,382 | $691,816 |
| Short-term investments | 358,695 | 171,130 |
| Accounts receivable, net | 194,821 | 172,518 |
| Inventories | 490,642 | 419,611 |
| Other current assets | 87,217 | 109,978 |
| Total current assets | 1,918,757 | 1,565,053 |
| Property and equipment, net | 563,885 | 494,945 |
| Acquisition-related intangible assets, net | 9,364 | 9,938 |
| Goodwill | 25,944 | 25,944 |
| Deferred tax assets, net | 1,309,981 | 1,326,840 |
| Other long-term assets | 144,279 | 194,377 |
| Total assets | $3,972,210 | $3,617,097 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $129,919 | $102,526 |
| Accrued compensation and related benefits | 81,296 | 63,918 |
| Other accrued liabilities | 172,293 | 128,123 |
| Total current liabilities | 383,508 | 294,567 |
| Income tax liabilities | 73,185 | 65,193 |
| Other long-term liabilities | 113,449 | 111,570 |
| Total liabilities | 570,142 | 471,330 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Common stock and additional paid-in capital: | ||
| $0.001 par value; shares authorized: | ||
| 150,000; shares issued and outstanding: | 822,582 | 706,817 |
| Retained earnings | 2,603,177 | 2,487,461 |
| Accumulated other comprehensive loss | (23,691) | (48,511) |
| Total stockholders’ equity | 3,402,068 | 3,145,767 |
| Total liabilities and stockholders’ equity | $3,972,210 | $3,617,097 |
### Condensed Consolidated Statements of Operations
*(Unaudited, in thousands, except per share amounts)*
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $664,574 | $507,431 | $1,302,128 | $965,316 |
| Cost of revenue | 298,558 | 226,853 | 582,882 | 432,297 |
| Gross profit | 366,016 | 280,578 | 719,246 | 533,019 |
| Operating expenses: | ||||
| Research and development | 96,266 | 77,945 | 188,493 | 153,935 |
| Selling, general and administrative | 104,992 | 86,097 | 197,236 | 167,061 |
| Total operating expenses | 201,258 | 164,042 | 385,729 | 320,996 |
| Operating income | 164,758 | 116,536 | 333,517 | 212,023 |
| Other income, net | 12,220 | 7,512 | 17,351 | 17,052 |
| Income before income taxes | 176,978 | 124,048 | 350,868 | 229,075 |
| Income tax expense | 43,252 | 23,682 | 83,351 | 36,168 |
| Net income | $133,726 | $100,366 | $267,517 | $192,907 |
| Net income per share: | ||||
| Basic | $2.79 | $2.06 | $5.59 | $3.96 |
| Diluted | $2.78 | $2.05 | $5.57 | $3.94 |
| Weighted-average shares outstanding: | ||||
| Basic | 47,887 | 48,687 | 47,869 | 48,660 |
| Diluted | 48,019 | 48,945 | 48,012 | 48,935 |
