Kelsey Chia

Kelsey Chia of Citi Research asked about the competitive landscape, particularly concerning material technologies like gallium nitride (GaN) and silicon carbide (SiC). She inquired about MPS's positioning in these areas, especially given partnerships between MPS's largest enterprise data customer and other semiconductor companies, and the importance of these materials for next-generation power modules and chips. She also asked how MPS's sentiment today compares to a quarter ago, considering market share changes, ASIC visibility, mega partnerships, and supply chain maturity.

Answer

Michael Hsing, CEO and Founder, confirmed that MPS develops its own silicon carbide and is building modules, while also evaluating GaN at a very early stage. He noted that silicon power MOSFETs have evolved significantly and can be very cost-effective, competing effectively with silicon carbide. Regarding sentiment, Michael Hsing stated he measures performance over multiple years, not quarter by quarter. Bernie Blegen, EVP and CFO, added that MPS is broadly indexed across various vendors and opportunities, still very early in the process, and well-positioned in the market.

Kelsey Chia inquired about the competitive landscape, particularly regarding gallium nitride (GaN) and silicon carbide (SiC) materials, and MPS's positioning and view on their importance for next-generation power modules and chips. She also asked about management's sentiment compared to a quarter ago, considering market share changes, ASIC visibility, mega partnerships, and supply chain maturity.

Answer

Michael Hsing (CEO and Founder) confirmed that MPS develops its own silicon carbide and is evaluating gallium nitride, while also noting that silicon power MOSFETs are evolving to be cost-effective and competitive. Regarding sentiment, Michael Hsing stated he measures performance over multiple years, not quarter-by-quarter. Bernie Blegen (EVP and CFO) added that MPS is broadly indexed across various opportunities and well-positioned in the market.

Kelsey Chia asked if the ramp of new ASIC platforms would lead to a return to a more diversified customer base with no single customer over 5% of sales. She also questioned if a growth rate near 20% for 2026 was a reasonable assumption based on market recovery and MPS's outperformance targets.

Answer

EVP & CFO Bernie Blegen confirmed that the recent high customer concentration was an 'aberration' and he expects a return to a more normal, diversified customer profile. Regarding 2026 growth, Blegen agreed that the analyst's assumptions were accurate within a few percentage points, with enterprise data expected to be a key contributor to that growth.