Monolithic Power Systems (MPWR) Q4 2024 earnings summary

Executive summary

• Achieved 13th consecutive year of growth with 2024 revenue of $2.2B, up 21.2% year-over-year.

• Q4 2024 revenue reached a record $621.7M, up 37% year-over-year and 0.2% sequentially.

• Growth driven by diversified market strategy, innovation, and strong customer focus.

• Introduced new products in silicon carbide, automotive audio, battery management, and high-accuracy converters.

• Q4 GAAP net income was $1.4B, including a $1.3B tax benefit; non-GAAP net income was $198.4M.

Financial highlights

• Full-year 2024 revenue: $2.2B, up 21.2% from 2023.

• Q4 2024 revenue: $621.7M, up 36.9% year-over-year and 0.2% sequentially.

• Quarterly dividend increased 25% to $1.56 per share, effective Q1 2025.

• Completed share repurchases under a $640M authorization in Q4 2024.

• Q4 GAAP gross margin was 55.4%; non-GAAP gross margin was 55.8%.

Outlook and guidance

• Q1 2025 revenue expected between $610M and $630M.

• Automotive and communications segments expected to drive Q1 2025 growth.

• Memory demand strong; notebooks expected to see Q1 uplift.

• Enterprise data expected to be flattish for 2025, with growth weighted to the second half as hyperscaler ramps occur.

• Revenue pattern for 2025 anticipated to be slower in the first half, stronger in the second half.