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Monolithic Power Systems, Inc. (MPS) is a fabless global company that designs, develops, and markets high-performance, semiconductor-based power electronics solutions. The company focuses on providing innovative power solutions across various markets, including storage and computing, enterprise data, automotive, industrial, communications, and consumer markets . MPS's product offerings are primarily divided into two main families: DC to DC products and Lighting Control products . The company's revenue is predominantly derived from sales to customers outside North America, with a significant portion coming from Asia .
- DC to DC Products - Develops integrated circuits used for voltage conversion and control in a wide range of electronic systems, serving as the most significant contributor to the company's revenue.
- Lighting Control Products - Provides solutions for backlighting and general illumination, contributing to the company's offerings in lighting applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael Hsing ExecutiveBoard | President, CEO, and Chairman of the Board | None | Founder of MPWR in 1997; holds a B.S.E.E. from the University of Florida; inventor on numerous patents in power electronics. | View Report → |
Bernie Blegen Executive | Executive Vice President and CFO | None | Joined MPWR in 2011 as Corporate Controller; became CFO in 2016; oversees finance, accounting, tax, treasury, and investor relations. | |
Deming Xiao Executive | Executive Vice President and President of Asia Operations | None | Joined MPWR in 2001; previously Foundry Manager and SVP of Operations; holds a B.S. in Semiconductor Physics and an M.S.E.E.. | |
Maurice Sciammas Executive | Executive Vice President, Worldwide Sales and Marketing | None | Joined MPWR in 1999; previously VP of Products and VP of Sales; holds a B.S.E.E. from San Jose State University. | |
Saria Tseng Executive | EVP, Strategic Corporate Development, General Counsel, and Corporate Secretary | None | Joined MPWR in 2004; previously VP, General Counsel; holds Master of Laws degrees from UC Berkeley and Chinese Culture University. | |
Carintia Martinez Board | Director | CIO at IHS Towers | Board member since 2021; over 30 years of experience in IT and cybersecurity; previously VP and CIO at Thales Alenia Space. | |
Eileen Wynne Board | Director | None | Board member since 2023; extensive experience in finance and accounting; previously interim CFO at IDEX Biometrics ASA and VP/CAO at Analog Devices. | |
Eugen Elmiger Board | Director | CEO of Maxon Group; Board Member at Kardex | Board member since 2012; over 30 years of experience in international marketing, sales, and strategic planning; CEO of Maxon Group since 2011. | |
Herbert Chang Board | Director | General Partner of GrowStar Partners Group Limited | Board member since 1999; extensive experience in high-tech investments; previously General Manager of Mutto Optronics Corporation. | |
Jeff Zhou Board | Director | None | Board member since 2010; over 40 years of experience in global manufacturing, electronics, and renewable energy industries; previously CEO of MiaSol\u00e9. | |
Victor K. Lee Board | Director | None | Board member since 2006; extensive financial expertise; previously CFO at Ambarella, Inc. and other companies. |
- With your recent disclosure of a customer exceeding 10% of revenue, can you clarify whether this customer concentration is expected to continue, and what risks it might pose to your business strategy?
- Given that the Street is projecting your Enterprise Data segment to reach nearly $1.1 billion in revenue next year, do you believe this expectation is reasonable amidst the competitive pressures and potential pricing challenges you've mentioned?
- Considering that internal inventory days have decreased significantly while channel inventory remains lean, is there a risk that some of your recent growth is driven by inventory fill, and how are you managing inventory levels to prevent future shortages or overages?
- With increasing competition in the AI power market, including aggressive pricing strategies from Chinese suppliers, are you experiencing any pricing pressure, and what measures are you taking to sustain your market position and margins?
- Although you've invested in expanding your data converters product line, revenue from this segment remains small; what challenges are you facing in gaining market share, and how do you plan to accelerate growth in this area?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is identified as a primary competitor in the analog and mixed-signal semiconductor industry, which is highly competitive and characterized by decreasing average selling prices over the life of a product. | |
Infineon Technologies | The company is listed as a direct competitor in the analog and mixed-signal semiconductor market, competing on factors such as product integration, energy efficiency, and cost-effectiveness. |
The company is mentioned as a competitor with substantial financial and other resources, competing in various product lines within the semiconductor industry. | |
The company is noted as a competitor in the analog and mixed-signal semiconductor space, with competition expected to intensify due to industry consolidation. | |
The company is identified as a competitor in the semiconductor market, where competition is based on factors such as product size, energy efficiency, and price points. | |
Renesas Electronics | The company is listed as a competitor in the analog and mixed-signal semiconductor industry, which is characterized by a high level of competition and technological advancements. |
ROHM Semiconductor | The company is mentioned as a competitor in the semiconductor market, competing on product integration and energy efficiency. |
The company is identified as a competitor in the analog and mixed-signal semiconductor industry, where competition is driven by innovation and cost-effectiveness. | |
The company is listed as a competitor in the semiconductor market, competing on factors such as product functionality and energy efficiency. | |
The company is noted as a primary competitor in the analog and mixed-signal semiconductor industry, with substantial resources and a broad range of product offerings. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Distributor A | Third-party distributor | All | 2024: 31% of total revenue , 28% AR. 2023: 26% of total revenue , 42% AR. 2022: 24% of total revenue. |
Distributor B | Third-party distributor | All | 2024: 20% of total revenue , 29% AR. 2023: 19% of total revenue , 13% AR. 2022: 19% of total revenue. |
Distributor C | Third-party distributor | All | 2023: 10% of total revenue , 10% AR. Below 10% in other periods. |
Indirect AI Customer | Indirect customer | All | 2024: 17% of total revenue. Below 10% in 2023 and 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Axign | 2024 | Completed acquisition by Monolithic Power Systems (MPWR) for a purchase consideration of approximately $33.4–33.7 million in cash, including adjustments for escrow and working capital. The deal strategically acquired Axign’s class-D audio IC technology along with key tangible and intangible assets—such as developed technology, in-process R&D, and goodwill from an assembled workforce—with the aim to enhance MPWR's portfolio in consumer and automotive applications. |
Recent press releases and 8-K filings for MPWR.
- The Board approved Amended and Restated Bylaws effective immediately, which include new shareholder rights and procedures for calling special meetings, provided a shareholder holds at least 30% of voting stock continuously for one year.
- The amendments establish detailed procedures for stockholder-nominated director elections and proxy access, outlining disclosure and nomination requirements to ensure clarity in governance.
- Additional provisions cover matters including forum selection for legal disputes and enhanced indemnification for directors and officers, reinforcing the company’s governance framework.
- Executives detailed significant growth since 2018, noting achievements such as delivering over 1 billion devices annually, a 25% CAGR, and returning $1.5 billion to shareholders, underscoring a strong operational performance.
- The call emphasized strategic innovation and diversification across product portfolios, including advanced power solutions for data centers, automotive (48-volt architectures and battery management systems), and green energy applications, positioning the company for future market opportunities.
- Management highlighted a robust supply chain strategy, with diversification in manufacturing partners to mitigate risks from tariffs and capacity constraints, ensuring resilience in global production.
- Updated revenue guidance and strong early momentum for Q1 were discussed, reflecting continued confidence in the company’s market positioning despite broader economic uncertainties.
- MPS showcased its strong organic revenue and operational growth for 2025 with an anticipated non-GAAP EPS of $20 and significant revenue expansion trends, underscoring its robust financial performance.
- The presentation emphasized strategic advancements across key markets including automotive, data centers, robotics, and battery management, highlighting strong design wins and innovative product developments.
- The event also detailed initiatives to expand MPS’s global footprint, improve product miniaturization and efficiency, and deliver enhanced shareholder returns through stock repurchases and increased dividends.
- The company updated its Q1 2025 financial guidance, revising revenue expectations to $630M–$640M and increasing both GAAP and non-GAAP operating expense ranges, as detailed in the revised guidance table.
- An Analyst Day is scheduled for March 20, 2025 at 9:00 am PT, where management will review corporate strategy, product updates, and key financial metrics.