KIRKLAND, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended June 30, 2024.

The financial results for the quarter ended June 30, 2024 were as follows:

• Revenue was $507.4 million for the quarter ended June 30, 2024, a 10.8% increase from $457.9 million for the quarter ended March 31, 2024 and a 15.0% increase from $441.1 million for the quarter ended June 30, 2023.
• GAAP gross margin was 55.3% for the quarter ended June 30, 2024, compared with 56.1% for the quarter ended June 30, 2023.
• Non-GAAP gross margin (1) was 55.7% for the quarter ended June 30, 2024, excluding the impact of $1.6 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense, compared with 56.5% for the quarter ended June 30, 2023, excluding the impact of $1.2 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.
  
• GAAP operating expenses were $164.0 million for the quarter ended June 30, 2024, compared with $135.4 million for the quarter ended June 30, 2023.
  
• Non-GAAP operating expenses (1) were $111.7 million for the quarter ended June 30, 2024, excluding $51.1 million for stock-based compensation and related expenses and $1.3 million for deferred compensation plan expense, compared with $96.0 million for the quarter ended June 30, 2023, excluding $36.8 million for stock-based compensation expense and $2.5 million for deferred compensation plan expense.
  
• GAAP operating income was $116.5 million for the quarter ended June 30, 2024, compared with $112.3 million for the quarter ended June 30, 2023.
  
• Non-GAAP operating income (1) was $171.0 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $1.4 million for deferred compensation plan expense and $0.4 million for amortization of acquisition-related intangible assets, compared with $153.1 million for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense and $2.7 million for deferred compensation plan expense.
  
• GAAP other income, net was $7.5 million for the quarter ended June 30, 2024, compared with $6.5 million for the quarter ended June 30, 2023.
  
• Non-GAAP other income, net (1) was $6.2 million for the quarter ended June 30, 2024, excluding $1.3 million for deferred compensation plan income, compared with $4.1 million for the quarter ended June 30, 2023, excluding $2.5 million for deferred compensation plan income.
  
• GAAP income before income taxes was $124.0 million for the quarter ended June 30, 2024, compared with $118.9 million for the quarter ended June 30, 2023.
  
• Non-GAAP income before income taxes (1) was $177.2 million for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets and $0.1 million for net deferred compensation plan expense, compared with $157.2 million for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense.
  
• GAAP net income was $100.4 million and $2.05 per diluted share for the quarter ended June 30, 2024. Comparatively, GAAP net income was $99.5 million and $2.04 per diluted share for the quarter ended June 30, 2023.
• Non-GAAP net income (1) was $155.1 million and $3.17 per diluted share for the quarter ended June 30, 2024, excluding $52.7 million for stock-based compensation and related expenses, $0.4 million for amortization of acquisition-related intangible assets, $0.1 million for net deferred compensation plan expense and $1.5 million for related tax effects, compared with $137.5 million and $2.82 per diluted share for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $0.3 million for related tax effects.

The financial results for the six months ended June 30, 2024 were as follows:

• Revenue was $965.3 million for the six months ended June 30, 2024, an 8.2% increase from $892.2 million for the six months ended June 30, 2023.
• GAAP gross margin was 55.2% for the six months ended June 30, 2024, compared with 56.8% for the six months ended June 30, 2023.
• Non-GAAP gross margin (1) was 55.7% for the six months ended June 30, 2024, excluding the impact of $3.5 million for stock-based compensation and related expenses, $0.6 million for amortization of acquisition-related intangible assets and $0.5 million for deferred compensation plan expense, compared with 57.1% for the six months ended June 30, 2023, excluding the impact of $2.3 million for stock-based compensation expense and $0.5 million for deferred compensation plan expense.
• GAAP operating expenses were $321.0 million for the six months ended June 30, 2024, compared with $269.9 million for the six months ended June 30, 2023.
• Non-GAAP operating expenses (1) were $215.1 million for the six months ended June 30, 2024, excluding $100.9 million for stock-based compensation and related expenses, $4.9 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets, compared with $192.0 million for the six months ended June 30, 2023, excluding $72.7 million for stock-based compensation expense, $5.1 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
• GAAP operating income was $212.0 million for the six months ended June 30, 2024, compared with $236.6 million for the six months ended June 30, 2023.
• Non-GAAP operating income (1) was $322.6 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $5.4 million for deferred compensation plan expense and $0.7 million for amortization of acquisition-related intangible assets, compared with $317.2 million for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $5.5 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
• GAAP other income, net was $17.1 million for the six months ended June 30, 2024, compared with $11.8 million for the six months ended June 30, 2023.
• Non-GAAP other income, net (1) was $11.8 million for the six months ended June 30, 2024, excluding $5.3 million for deferred compensation plan income, compared with $6.8 million for the six months ended June 30, 2023, excluding $5.0 million for deferred compensation plan income.
• GAAP income before income taxes was $229.1 million for the six months ended June 30, 2024, compared with $248.4 million for the six months ended June 30, 2023.
• Non-GAAP income before income taxes (1) was $334.4 million for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets and $0.2 million for net deferred compensation plan expense, compared with $324.0 million for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $0.5 million for net deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
• GAAP net income was $192.9 million and $3.94 per diluted share for the six months ended June 30, 2024. Comparatively, GAAP net income was $209.3 million and $4.30 per diluted share for the six months ended June 30, 2023.
• Non-GAAP net income (1) was $292.6 million and $5.98 per diluted share for the six months ended June 30, 2024, excluding $104.5 million for stock-based compensation and related expenses, $0.7 million for amortization of acquisition-related intangible assets, $0.2 million for net deferred compensation plan expense and $5.6 million for related tax effects, compared with $283.5 million and $5.82 per diluted share for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $0.5 million for net deferred compensation plan expense, $0.1 million for amortization of acquisition-related intangible assets and $1.4 million for related tax effects.

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

In the second quarter of 2024, the Company reorganized its product family and the amounts for the first quarter of 2024 have been restated to conform with the updates. No other prior-period amounts have been restated due to immateriality.