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MPWRMonolithic Power Systems

Technology · Semiconductors · Nasdaq
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The 10-K against last year's

131 changes: 11 added, 11 removed, 107 reworded, 2 quiet changes

10-K Feb 27, 2026 vs Mar 3, 2025
Risk FactorsRedline ↓
11.6%
of the text changed · 16,032 words now
24.0%
of the text changed · 3,466 words now
Legal ProceedingsRedline ↓
15.8%
of the text changed · 345 words now
Accounting PoliciesRedline ↓
15.2%
of the text changed · 3,125 words now

10-K 0001437749-26-006113 (2026-02-27) vs 10-K 0001437749-25-005903 (2025-03-03)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 258 words changed in this paragraph; it is 57% similar to last year's version.
Certain software we use is from open-source open source code sources, which, under certain circumstances, may lead to unintended consequences and, therefore, could materially adversely affect our business, financial condition, operating results and cash flows. We use open-source open source software in connection with certain of our products and services, and we intend to continue to use open-source open source software in the future. From time Some open source software licenses require the source code of derivative works of the open source software be made available to time, there have been claims challenging the ownership public and modifications of open-source the open source software against companies that incorporate open-source software into their products or services or alleging that these companies have violated be licensed under the terms of an open-source license. As a result, same restrictive terms. If we could be subject to lawsuits by parties claiming ownership of what we believe to be open-source software or alleging that we have violated the terms of an open-source license. Litigation could be costly for us to defend, have a negative effect on our operating results and financial condition or require us to devote additional research and development resources to change our solutions. In addition, if we were to combine our proprietary software solutions with open-source open source software in certain circumstances, ways, we could, under certain open-source open source licenses, be required to publicly release the source code of our proprietary software, and make our proprietary software solutions, available under the same open source licenses, which could harm our business and ability to compete. If In the event that potions of our proprietary software are determined to be subject to an open source license, we inappropriately use open-source software, we may could be required to release the affected portions of our source code to the public at no cost, re-engineer all or a portion of our software solutions, discontinue the sale of our solutions, release or otherwise be limited in the source code commercial licensing of our proprietary software to the public at no cost or take other remedial actions, solutions, each of which could reduce or eliminate the value of our intellectual property, increase our costs, harm our ability to compete and have a material adverse effect on our business, operating results and financial condition. There is also a risk that open-source open source licenses could be construed by the courts in a way manner that could impose unanticipated conditions or restrictions on our ability to commercialize our software solutions, which could adversely affect our business, operating results and financial condition.

Source: Item 1A, 10-K 0001437749-26-006113 vs Item 1A, 10-K 0001437749-25-005903

MD&A 232 words changed in this paragraph; it is 43% similar to last year's version.
For By end market, full year 2025 revenue for storage and computing of $732.5 million increased $230.9 million, or 46.0%, from the year ended December 31, 2024, revenue same period in 2024. This increase was primarily driven by increased sales of power solutions for memory, storage, notebooks and graphic cards. Revenue from the enterprise data market increased $393.3 decreased $14.4 million, or 121.8%, 2.0%, from the same period in 2023. This increase was primarily due to higher sales 2024. Full year 2025 automotive revenue of our power management solutions for AI applications. Revenue from the communications market $592.5 million increased $21.0 $178.5 million, or 10.2%, 43.1%, from the same period in 2023. The increase was a result of higher sales of power solutions for optical modules and routers, partially offset by lower sales of networking solutions. Revenue from the automotive market increased $19.3 million, or 4.9%, from the same period in 2023. 2024. This increase was broad-based and primarily driven by increased sales of our highly integrated applications supporting advanced driver assistance systems, partially offset by lower sales of applications supporting body electronics systems and infotainment. Revenue from the storage and computing market Communications revenue of $309.1 million increased $10.4 $83.2 million, or 2.1%, 36.8%, from the same period in 2023. This increase was primarily driven by increased 2024 due to higher sales of products power solutions for notebooks. Revenue from the optical modules and routers. Full year 2025 consumer market decreased $32.6 revenue of $255.2 million increased $53.2 million, or 13.9%, 26.3%, from the same period in 2023. 2024. This decrease increase was a result of broad market weakness. higher sales of products for home appliances and gaming. Revenue of $199.4 million from the industrial market decreased $25.4 increased $52.0 million, or 14.7%, 35.3%, from the same period in 2023. This decrease primarily reflected lower 2024 due to higher sales of products related to industrial meter for power sources and security instrumentation applications.

Source: Item 7, 10-K 0001437749-26-006113 vs Item 7, 10-K 0001437749-25-005903

Accounting Policies 210 words changed in this paragraph; it is 43% similar to last year's version.
The Company is a party to actions and proceedings in the ordinary course of business, including challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. The Company has also been is subject to litigation initiated by its stockholders. The pending proceedings involve complex questions of fact and law and will require the expenditure of significant funds and the diversion of other resources to prosecute and defend. In addition, from time to time, the Company becomes aware that it is subject to other contingent liabilities. When this occurs, the Company will evaluate the appropriate accounting for the potential contingent liabilities to determine whether a contingent liability should be recorded. In making this determination, management may, depending on the nature of the matter, consult with internal and external legal counsel and technical experts. Based on the facts and circumstances in each matter, the Company uses its judgment to determine whether it is probable that a contingent loss has occurred and whether the amount of such loss can be estimated. If the Company determines a loss is probable and estimable, the Company records a contingent loss. In determining the amount of a contingent loss, the Company takes into account advice received from experts for each specific matter regarding the status of legal proceedings, settlement negotiations, prior case history and other factors. Should the judgments and estimates made by management need to be adjusted as additional information becomes available, the Company may need to record additional contingent losses. Alternatively, if the judgments and estimates made by management are adjusted, for example, if a particular contingent loss does not occur, the contingent loss recorded would be reversed.

Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001437749-26-006113 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001437749-25-005903

Legal Proceedings 35 words changed in this paragraph; it is 84% similar to last year's version.
The Company is a party to actions and proceedings in the ordinary course of business, including challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. The Company has is also been subject to litigation initiated by its stockholders. These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend. The Company defends itself vigorously against any such claims. As Based on current information, the Company does not believe that a material loss from known matters is probable as of December 31, 2024, there were no material pending legal proceedings to which the Company was a party. 2025.

Source: Item 3, via Note 14 – COMMITMENTS AND CONTINGENCIES, 10-K 0001437749-26-006113 vs Item 3, via Note 13 – COMMITMENTS AND CONTINGENCIES, 10-K 0001437749-25-005903

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of MPWR's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-03-03. Each links to the text at sec.gov.

RemovedRisk Factors
We currently depend on third-party suppliers to provide us with wafers for our products. If any of our wafer suppliers are acquired, become insolvent or capacity constrained, or are otherwise unable to provide us sufficient wafers at acceptable yields or at anticipated costs, our revenue and gross margin may decline or we may not be able to fulfill our customer orders.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedRisk Factors
Privacy, cyber security, and data protection are becoming increasingly significant issues. To address these issues, the Standing Committee of the National People’s Congress promulgated the Cyber Security Law of the People’s Republic of China (the “Cyber Security Law”), which took effect on June 1, 2017. The Cyber Security Law sets forth various requirements relating to the collection, use, storage, disclosure and security of data, among other things. On June 10, 2021, the National People’s Congress passed the Data Security Law of the People’s Republic of China (the “Data Security Law”), which became effective on September 1, 2021. The Data Security Law is the first comprehensive data security legislation in China, which becomes a key supplement to the Cyber Security Law and aims to regulate a wide range of issues in relation to the collection, storage, processing, use, provision, transaction and publication of any kind of data. Various Chinese agencies are expected to issue additional regulations in the future to define these requirements more precisely. For example, the Personal Information Protection Law (“PIPL”), took effect on November 1, 2021. PIPL is aimed at protecting and controlling the use and transfer of personal data in China. There is significant uncertainty in how regulators will interpret and enforce the law, and it contains provisions that allow substantial government oversight and include fines for failure to obtain required approval from China’s cyber and data protection regulators for cross-border transfers of personal data.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedRisk Factors
Effective May 25, 2018, the European Union (“EU”) implemented the General Data Protection Regulation (“GDPR”), a broad data protection framework that expands the scope of EU data protection law to non-European Union entities that process, or control the processing of, the personal data of EU subjects. The GDPR allows for the imposition of fines and corrective action on entities that improperly use, disclose or secure the personal data of EU subjects, including through a data security breach. In addition, an increasing number of states in the U.S. have enacted laws containing similar requirements to the GDPR for businesses collecting or processing personal data. For example, the State of California enacted the California Consumer Privacy Act of 2018 (“CCPA”), which was significantly amended by the California Privacy Rights Act, and sets forth comprehensive privacy and security obligations regarding the collection and processing of personal data of eligible California residents. Other states have, or are expected to, enact similar or more expansive legislation regarding the collection and processing of personal data. These regulatory requirements may increase our costs of compliance. Any failure to fully comply with the Cyber Security Law, the Data Security Law, PIPL, GDPR, CCPA, and other applicable laws and regulations could lead to significant fines and regulatory corrective actions, along with reputational damage or third-party lawsuits, which could adversely affect our business and results of operations. In addition, data security breaches experienced by us could result in the loss of trade secrets or other intellectual property, public disclosure of sensitive commercial data, and the exposure of personal data (including sensitive personal data) of our employees, customers, suppliers and others. Such incidents could subject us to significant monetary damages, regulatory enforcement actions and/or criminal prosecution, and cause us to lose customers and their related revenue in the future.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedMD&A
Inventories are stated at the lower of standard cost (which approximates actual cost determined on a first-in first-out basis) and estimated net realizable value. We write down excess and obsolete inventories based on their age and forecasted demand, which includes estimates taking into consideration our revenue forecast, outlook on market and economic conditions, technology changes, new product introductions and changes in strategic direction. If actual demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Conversely, if actual demand or market conditions are more favorable, inventories may be sold that were previously written down.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedMD&A
In December 2023, Bermuda Corporate Income Tax Act of 2023 (the “Bermuda CIT Act”) was enacted and signed into law. The Bermuda CIT Act includes a 15% corporate income tax (“CIT”) applicable to Bermuda businesses that are multinational enterprise (“MNE”) groups with annual revenue of €750M or more beginning in 2025. As the Bermuda CIT Act is not effective until January 1, 2025, and we do not expect to realize material taxable income in Bermuda in 2025, no changes to income tax expense related to the Bermuda CIT Act have been recorded as of December 31, 2024.

Read it in 10-K 2025-03-03 at sec.gov ↗

Show the other 3
RemovedMD&A
In May 2022, we entered into a long-term supply agreement in order to secure manufacturing production capacity for silicon wafers over a four-year period. As of December 31, 2024, we had remaining prepayments under this agreement of $60.0 million reported in other long-term assets on the Consolidated Balance Sheets.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedMD&A
The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the “2017 Tax Act”). As permitted by the 2017 Tax Act, we have elected to pay the tax liability in installments on an interest-free basis through 2025. As of December 31, 2024, the remaining liability totaled $6.2 million, all of which was short-term.

Read it in 10-K 2025-03-03 at sec.gov ↗

RemovedMD&A
Operating lease obligations represent the undiscounted remaining lease payments primarily for our leased facilities and equipment. As of December 31, 2024, these obligations totaled $15.8 million, of which $3.6 million was short-term.

Read it in 10-K 2025-03-03 at sec.gov ↗

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