Relations@monolithicpower.com Safe Harbor Statement This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the "Q2’25 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, 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 intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the second quarter of fiscal year 2025 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 research and development ("R&D”), expected revenue growth, customers’ 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).
Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, global tariffs and retaliatory measures, 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 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’ 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 its 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 geopolitical uncertainties, including the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption "Risk Factors” and elsewhere in our Securities and Exchange Commission ("SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025.
The live event will be held via a Zoom webcast, which can be accessed at Q1 2025 Financial Summary (Unaudited) GAAP Q1'25 Q4'24 Q1'24 QoQ ChangeYoY ChangeRevenue ($k)$ 637,554 $ 621,665 457,885 Up 2.6%Up 39.2%Gross Margin55.4% 55.4% 55.1% FlatUp 0.3 ptsOpex ($k)$ 184,471 $ 181,101 156,954 Up 1.9%Up 17.5%Operating Margin26.5% 26.3% 20.9% Up 0.2 ptsUp 5.6 ptsNet income ($k)$ 133,791 $ 1,449,363 92,541 Down 90.8%Up 44.6%Diluted EPS$ 2.79 $ 29.88 1.89 Down 90.7%Up 47.6% Non-GAAP Q1'25 Q4'24 Q1'24 QoQ ChangeYoY ChangeRevenue ($k)$ 637,554 $ 621,665 $ 457,885 Up 2.6%Up 39.2%Gross Margin55.7% 55.8% 55.7% Down 0.1 ptsFlatOpex ($k)$ 133,526 $ 126,117 $ 103,426 Up 5.9%Up 29.1%Operating Margin34.7% 35.5% 33.1% Down 0.8 ptsUp 1.6 ptsNet income ($k)$ 193,813 $ 198,401 $ 137,492 Down 2.3%Up 41.0%Diluted EPS$ 4.04 $ 4.09 $ 2.81 Down 1.2%Up 43.8%Tax Rate15.0% 12.5% 12.5% Up 2.5 ptsUp 2.5 pts Revenue by End Market Revenue YoY Change % of RevenueEnd Market ($M) Q1’25Q1’24 $ % Q1’25 Q1’24 Storage & Computing $ 188.5$ 106.1 $ 82.4 77.7% 29.6% 23.2% Automotive 144.987.1 57.8 66.4% 22.7 19.0 Enterprise Data 132.9149.7 (16.8) (11.2%) 20.8 32.7 Communications 71.846.7 25.1 53.7% 11.3 10.2 Consumer 56.938.1 18.8 49.3% 8.9 8.3 Industrial 42.630.2 12.4 41.1% 6.7 6.6 Total $ 637.6$ 457.9 $ 179.7 39.2% 100% 100% Ongoing Business Conditions In Q1 2025, MPS achieved record quarterly revenue of $637.6 million, slightly higher than revenue in the fourth quarter of 2024 and 39.2% higher than revenue in the first quarter of 2024.
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