Total Revenue

+39% (from $457.9M to $637.6M)

Total Revenue saw a robust 39% increase YoY, driven by significant gains in key segments such as Automotive (+66%), Storage and Computing (+~74%), Communications (+54%) and Consumer (+49%). This turnaround reflects both a strong recovery compared to Q1 2024 and an improved product mix with new innovations and increased order volumes consistent with the previous period’s momentum. " " " "

Storage and Computing

+74–78% (from $106.1M to $188.5M)

The Storage and Computing segment surged by approximately 74–78% YoY due to a strong rebound in demand for power solutions specifically for storage and notebook applications. This growth follows previous period successes and further expands its contribution to total revenue, reflecting increased customer adoption and improved market conditions. " " " "

Enterprise Data

–11% (from $149.7M to $132.9M)

Enterprise Data revenue declined by about 11% YoY, indicating a temporary softness in demand—possibly arising from order slowdowns or competitive pressures—that contrasts with earlier periods where growth was more robust. This decline suggests a rebalancing of the revenue mix as other segments outpaced previous high-growth levels. " " " "

Automotive

+66% (from $87.1M to $144.9M)

The Automotive segment experienced a 66% YoY increase, fueled by enhanced sales in critical areas such as ADAS, body electronics, and infotainment power solutions. This strong performance builds on previous period gains and reflects an expanding customer base and the company’s successful positioning within evolving automotive technologies. " " " "

Industrial

+41% (from $30.2M to $42.6M)

Industrial revenue increased by 41% YoY, driven by higher sales in industrial meter applications and broader market recovery. Compared to the previous period’s lower volumes, this growth indicates a positive trend in industrial demand and diversification of applications which helped offset earlier declines. " " " "

Communications

+54% (from $46.6M to $71.8M)

The Communications segment grew by 54% YoY thanks to a rebound in demand for power solutions in optical modules and networking. This improvement reflects a recovery from previous weaker periods, as new product offerings and expanded penetration in optical and wireless segments drive higher revenue growth. " " " "

Consumer

+49% (from $38.1M to $56.9M)

Consumer revenue increased by nearly 49% YoY, indicating an improvement over the previous period’s lower performance. This surge likely results from a rebound in TV solutions and a partial offset from the gaming segment, suggesting evolving consumer preferences and a recovering market environment. " " " "

Gross Margin

Q2 2025

no prior guidance

Expected to tick down by about 20 basis points "

no prior guidance

Segment Performance

Q2 2025

no prior guidance

Expected variance of ±5 percentage points "

no prior guidance

Tariffs and Pricing

Q2 2025

no prior guidance

No direct or indirect impacts "

no prior guidance

Gross Margin Expansion

Q2 2025

no prior guidance

Room for gross margin expansion exists, with no price increase planned "

no prior guidance

Design Wins and Revenue Ramp Potential

Q4 2024 discussion focused on “greenfield design wins” across automotive, communications, and enterprise data with long-term ramp expectations ( " " " ). In Q2 2024, design wins—especially in AI/AR, automotive, and enterprise data—were highlighted as drivers for future revenue over 2–3 years ( " " " " " ).

Q1 2025 call emphasized robust design wins across multiple segments (Enterprise Data, Storage, Automotive) with increased visibility and confidence for revenue ramps later in the year ( " " " " " ).

Recurring emphasis with improved sentiment: The narrative remains consistent with increased clarity and stronger visibility in Q1 2025.

Transformation to Silicon-Based Solutions Provider

Q4 2024 featured statements on evolving from a chip-only model to integrated silicon-based solutions as a long-term strategy ( " " ). Q2 2024 detailed the shift toward plug-and-play solutions with a growing share of revenue from modules ( " ).

Q1 2025 reaffirmed the commitment to transform through integrated solutions (modules and systems) that command higher values and more comprehensive customer engagement ( " ).

Steady narrative: The strategic transformation is consistently reinforced with a continued focus on integration and higher-value offerings.

Automotive Segment Growth and Execution Risks

Q4 2024 discussions noted growth driven by EV design wins and overcoming prior ramp delays, with long design cycles and regional nuances ( " " ). Q2 2024 highlighted content gains with key customers and mentioned near-term uncertainties tied to ADAS and power transitions ( " " " ).

Q1 2025 reported 13% sequential growth driven by earlier design wins, strong regional performance in North America and Europe, and acknowledgement of execution risks (e.g. unit volume concerns) ( " " " ).

Consistent positive growth with managed risks: Growth continues across periods while execution challenges are known and actively addressed.

Enterprise Data Segment Performance and Uncertainty

In Q4 2024, expectations were set for a flattish start in 2025 with a weighted back-half ramp―coupled with challenges in predicting volatile customer demand ( " " " ). In Q2 2024, significant growth was noted, driven by AI and new product ramps, although with a slowing rate due to previous substantial gains ( " " ).

Q1 2025 maintained a cautious optimism; design wins boost expectations for a strong second half, yet uncertainty remains regarding the exact timing of product ramps ( " " " " ).

Cautiously optimistic but uncertain: The long‑term potential is clear yet short‑term timing remains unpredictable, a trend seen across periods.

Communications Sector Expansion (Fiber Optics)

Q4 2024 saw early-stage revenue ramping in fiber optics with a focus on customer diversification ( " " ). In Q2 2024, general comments on communications growth were made—without exclusive focus on fiber optics—but noted share gains in wireless, 5G and other areas ( " " " ).

Q1 2025 included fiber optics as part of a balanced communications portfolio that also covers network telecom, routers, and wireless modems, indicating steady progress in this area ( " ).

Balanced focus maintained: Fiber optics remain a growth area but are integrated within a broader, diversified communications strategy.

AI/Data Center Market Expansion and Vertical Power Delivery Solutions

Q4 2024 highlighted enterprise data growth with emphasis on AI-related product ramps and a lead position in hyperscale programs ( " " ). In Q2 2024, significant emphasis was placed on AI/data center growth with details on silicon carbide for power supplies and vertical power delivery technology ( " " " " ).

Q1 2025 reinforced increased confidence in the enterprise data segment fueled by AI opportunities and detailed the rollout of vertical power solutions (such as the 400‑volt rack power solution) to meet data center demand ( " " " " ).

Heightened emphasis and product innovation: There is a clear evolution toward integrating advanced power solutions alongside growing AI/data center opportunities.

Diversification into New High-Growth Markets

Q4 2024 provided detailed coverage of diversification into markets such as SiC, data converters, DSP audio, and battery management systems ( " " ). In Q1 2025, the discussion focused on diversifying efforts globally and noted battery management systems in automotive and enterprise data but did not mention SiC, DSP audio, or data converters explicitly ( " ).

Q1 2025 mentioned diversification primarily via Battery Management Systems and enterprise data engagements, with less emphasis on previously detailed areas like SiC, DSP audio, and data converters.

Reduced specificity: While diversification remains a strategic priority, some specific new market areas mentioned earlier receive less focus in Q1 2025.

Inventory Management and Margin Discipline

In Q4 2024, limited discussion noted low inventory levels with a continued emphasis on adhering to gross margin models and strategic ramping ( " " ). Q2 2024 did not offer detailed comments on these topics.

Q1 2025 provided a focused discussion highlighting lean inventory levels (even described as “unhealthy”) and reiterated a disciplined approach to margin management to avoid low-margin business ( " " " " ).

Increased concern and transparency: There is a more explicit focus in Q1 2025 on managing low inventory and maintaining margin discipline, indicating heightened operational awareness.

Forecasting Uncertainty and Demand Seasonality

Q4 2024 discussed difficulties in forecasting due to unpredictable customer behavior and atypical seasonal trends (e.g. notebook segment strength), with emphasis on volatile demand patterns ( " " ). Q2 2024 stressed uncertainty driven by inventory oscillations and short customer lead times ( " ).

Q1 2025 echoed similar challenges; uncertainty remains around timing of product ramps and seasonality, with remarks on atypical seasonal uplifts in storage and computing and variability across segments ( " " " ).

Persistent unpredictability: The challenges in forecasting and variable seasonality are consistently recognized across periods with subtle acknowledgment of atypical uplift in certain segments.

Lack of Detailed Guidance on Revenue Metrics

Q4 2024 highlighted the blurring lines between AI and non-AI segments due to overlapping applications and customer sensitivity, limiting detailed guidance ( " " ). Q2 2024 noted AI’s influence on various segments but did not provide detailed splits.

Q1 2025 maintained the approach of not disclosing detailed revenue splits between AI and non‑AI products, emphasizing the overlapping nature of its offerings and customer confidentiality ( " " ).

Consistent opacity: The company continues to refrain from providing detailed revenue metrics, citing product overlap and customer confidentiality as ongoing challenges.