KIRKLAND, Wash., May 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 March 31, 2024.

• Revenue was $457.9 million for the quarter ended March 31, 2024, a 0.9% increase from $454.0 million for the quarter ended December 31, 2023 and a 1.5% increase from $451.1 million for the quarter ended March 31, 2023.  

• GAAP gross margin was 55.1% for the quarter ended March 31, 2024, compared with 57.4% for the quarter ended March 31, 2023.  

• Non-GAAP gross margin (1) was 55.7% for the quarter ended March 31, 2024, excluding the impact of $1.9 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with 57.7% for the quarter ended March 31, 2023, excluding the impact of $1.1 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense.   

• GAAP operating expenses were $157.0 million for the quarter ended March 31, 2024, compared with $134.5 million for the quarter ended March 31, 2023.  

• Non-GAAP operating expenses (1) were $103.4 million for the quarter ended March 31, 2024, excluding $49.9 million for stock-based compensation and related expenses and $3.6 million for deferred compensation plan expense, compared with $96.0 million for the quarter ended March 31, 2023, excluding $35.9 million for stock-based compensation expense and $2.6 million for deferred compensation plan expense.  

• GAAP operating income was $95.5 million for the quarter ended March 31, 2024, compared with $124.3 million for the quarter ended March 31, 2023.  

• Non-GAAP operating income (1) was $151.6 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $4.1 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with $164.1 million for the quarter ended March 31, 2023, excluding $37.0 million for stock-based compensation expense and $2.8 million for deferred compensation plan expense.  

• GAAP other income, net, was $9.5 million for the quarter ended March 31, 2024, compared with $5.3 million for the quarter ended March 31, 2023.  

• Non-GAAP other income, net (1) was $5.5 million for the quarter ended March 31, 2024, excluding $4.0 million for deferred compensation plan income, compared with $2.8 million for the quarter ended March 31, 2023, excluding $2.5 million for deferred compensation plan income.  

• GAAP income before income taxes was $105.0 million for the quarter ended March 31, 2024, compared with $129.6 million for the quarter ended March 31, 2023.

• Non-GAAP income before income taxes (1) was $157.1 million for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses and $0.3 million for amortization of acquisition-related intangible assets, compared with $166.9 million for the quarter ended March 31, 2023, excluding $37.0 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense.  

• GAAP net income was $92.5 million and $1.89 per diluted share for the quarter ended March 31, 2024. Comparatively, GAAP net income was $109.8 million and $2.26 per diluted share for the quarter ended March 31, 2023.  

• Non-GAAP net income (1) was $137.5 million and $2.81 per diluted share for the quarter ended March 31, 2024, excluding $51.8 million for stock-based compensation and related expenses, $0.3 million for amortization of acquisition-related intangible assets and $7.2 million for related tax effects, compared with $146.0 million and $3.00 per diluted share for the quarter ended March 31, 2023, excluding $37.0 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $1.1 million for related tax effects.

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

The following is a summary of revenue by product family (in thousands):