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MPWRMonolithic Power Systems

Technology · Semiconductors · Nasdaq

Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. 10-K, Item 1

MPWR quote by TradingView
Employees
4,501
Headquarters
West Palm Beach, FL
CEO
Michael Hsing
Next results
around Feb 4, 2027
Compare with peers → Embed

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

SectionCompared textWords nowChanged
Risk FactorsItem 1A16,032 11.6%
MD&AItem 73,466 24.0%
Legal ProceedingsItem 3, via Note 14 – COMMITMENTS AND CONTINGENCIES345 15.8%
Accounting PoliciesItem 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES3,125 15.2%

The redline: what was cut and what was added

In each section, the paragraph that changed most, 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 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.

All 131 Added 11Removed 11Reworded 107Quiet changes 2

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
risks in connection with our internal control over financial reporting, the identified material weakness and the restatement of our prior financial statements;

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
The restatement of our 2024 annual financial statements and our 2025 quarterly financial statements may affect investor confidence and raise reputational issues and may subject us to additional risks and uncertainties, including increased professional costs and the increased possibility of legal proceedings and regulatory inquiries.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
As discussed in Notes 2 and 17 to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, we restated our audited consolidated financial statements for the fiscal year ended December 31, 2024 and our unaudited condensed consolidated financial statements for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025 after we determined that we had not appropriately accounted for deferred income taxes associated with a one-time tax incentive granted by a certain foreign jurisdiction. As a result of this error and the resulting restatement of our audited consolidated financial statements and unaudited condensed consolidated financial statements for the impacted periods, we have incurred, and may continue to incur, unanticipated accounting and legal fees in connection with or related to the restatement, and are subject to a number of additional risks and uncertainties, including the increased possibility of litigation and regulatory inquiries. The restatement may adversely affect investor confidence in the accuracy of our financial disclosures, may harm our reputation and our business and could cause our stock price to decline.

Read it in 10-K 2026-02-27 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 ↗

RewordedRisk Factors
Governments around Federal and state agencies in the world U.S. have adopted, and may continue to adopt, enacted or are considering enacting new laws and regulations related to regarding the use of AI, including the European Union’s AI Act, and several U.S. government agencies have there are increased investigations and enforcement efforts related to the use of AI technology, all of which could increase our compliance costs and limit affect our ability to use AI in the development of our products and in our operations.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
While we attempt to restrict the use of third-party and open-source open source AI tools, such as ChatGPT, our employees and consultants may use these tools on an unauthorized basis and our partners may also use these tools, which poses risks relating to the potential exposure of our proprietary confidential information to unauthorized recipients and the misuse of our or third-party intellectual property. tools.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
In addition, if 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.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Although we were able to successfully execute our contingency plan and our operations were not materially and adversely disrupted by the events, we We cannot guarantee that we will be able to mitigate the operational risks caused by extreme weather conditions or other events.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Moreover, our customers and end users could decide not to use our products, and products due to the threat of infringement claims, even if unfounded and, if we are found to infringe, our products and our customers’ accounts payable to us could be seized.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
All of these factors continue to be exacerbated by the adverse effects of macroeconomic factors, including inflation, increased interest rates, decreased economic output, fluctuations in currency rates, and geopolitical tensions, such as global tariffs and retaliatory measures and announcements regarding the Russia-Ukraine conflict and the Middle East conflict. same.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Our ability to mitigate these risks will depend on our continued effective maintaining, maintenance, training, monitoring and enforcement of appropriate policies and procedures governing the use of AI tools, and the results of any such use, use by us or our partners. partners, and the compliance with such policies and procedures by our workforce.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Specifically, our top three customers, all of which are distributors, accounted for 61%, an aggregate of 54%, 61% and 55% and 52% of our revenue in each of the years ended December 31, 2024, 2023 2025, 2024 and 2022, 2023, respectively.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The potential impact, if any, to impact on our provision for income taxes, net income, and cash flows could be materially impacted by the implementation global minimum tax of the Pillar Two 15% in our international jurisdictions where we have significant business operations.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
In addition, events such as the Russia-Ukraine conflict, the Middle East conflict current and potential global conflicts and supply chain disruptions may materially impact our assembly or testing suppliers’ ability to operate.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Remote working arrangements, the Russia-Ukraine conflict, the Middle East conflict, current and potential global conflicts, and AI-powered cybersecurity threats have also heightened our potential exposure to cyberattacks, which could put the sensitive data we store on our internal or third-party systems at risk.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Many aspects of Pillar Two are were effective for tax years beginning in January 2024, with certain impacts to be effective in 2024 and 2025.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
The budget reconciliation bill H.R.1 (“H.R.1 Act”) signed into law on July 4, 2025, makes permanent certain expiring provisions of the 2017 Tax Cuts and Jobs Act and makes modifications to the existing tax framework. The primary impact for the current year is the immediate tax expensing of prior year unamortized and current year domestic R&D expenses and accelerated depreciation in the year ended December 31, 2025. Our tax provision for the year ended December 31, 2025 includes the estimated impact of the H.R.1 Act.

Read it in 10-K 2026-02-27 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 ↗

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 ↗

RewordedMD&A
The $61.1 $57.6 million increase in R&D expenses was primarily due to a $27.7 $30.1 million increase in cash cash-based compensation expenses and benefits, an $11.0 million increase in stock-based compensation expenses and related payroll taxes, a $7.6 $9.1 million increase in new product development expenses expenses, a $5.8 million increase in laboratory and other supplies, and a $5.0 $4.1 million increase consisting mostly of software licensing fees. in stock-based compensation and related payroll taxes.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The $81.0 $72.0 million increase in SG&A expenses was primarily driven by a $50.1 $37.3 million increase in cash-based compensation and benefits, and a $23.8 million increase in stock-based compensation expenses and related payroll taxes, a $16.4 million increase in cash compensation expenses and benefits, and a $6.7 million increase in professional services. taxes.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The lower effective tax rate relative to the federal statutory rate was partially offset by the inclusion U.S. taxation of the GILTI tax, the addition of a valuation allowance against foreign subsidiaries’ deferred tax assets arising from the indefinite extension of an R&D super deduction policy, earnings and excess tax benefits from non-deductible stock-based compensation.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
As of December 31, 2024, 2025, we had cash and cash equivalents of $1.1 billion and short-term investments of $157.2 million, compared with cash and cash equivalents of $691.8 million and short-term investments of $171.1 million, compared with cash and cash equivalents of $527.8 million and short-term investments of $580.6 million as of December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Cost of revenue was $1,250.7 million, or 44.8% of revenue, for the year ended December 31, 2025, and $986.2 million, or 44.7% of revenue, for the year ended December 31, 2024, and $800.0 million, or 43.9% of revenue, for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
R&D expenses were $382.3 million, or 13.7% of revenue, for the year ended December 31, 2025, and $324.7 million, or 14.7% of revenue, for the year ended December 31, 2024, and $263.6 million, or 14.5% of revenue, for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
SG&A expenses were $428.8 million, or 15.4% of revenue, for the year ended December 31, 2025, and $356.8 million, or 16.2% of revenue, for the year ended December 31, 2024, and $275.7 million, or 15.1% of revenue, for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
December 31, 2025 2024 2023 (As Restated) (In thousands, except percentages) Cash and cash equivalents $ 691,816 $527,843 1,099,302 $691,816 Short-term investments 157,243 171,130 580,633 Total cash, cash equivalents and short-term investments $ 862,946 $1,108,476 1,256,545 $862,946 Percentage of total assets 23.9% 45.5% 30.0% 24.5% Total current assets $ 1,565,053 $1,819,499 2,183,802 $1,565,053 Total current liabilities (369,365) (294,567) (235,035) Working capital $ 1,270,486 $1,584,464 1,814,437 $1,270,486

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
As of For the year ended December 31, 2024 2025 and through the date we filed this Annual Report, no restrictions or requirements have had a material impact on our revenue and operations; however, such restrictions can be enacted quickly and unexpectedly and could impact our business in the future. operations.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Estimates and judgments used in the preparation of our financial statements are, by their nature, uncertain and unpredictable, and depend upon, among other things, many factors outside of our control, including demand for our products, economic conditions and other current and future events, such as macroeconomic factors, global economic uncertainties and geopolitical tensions. control.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Other income, net, was $37.6 million for the year ended December 31, 2025, compared with $33.6 million for the year ended December 31, 2024, compared with $24.1 million for the year ended December 31, 2023. 2024.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Although consequences of economic uncertainties and macroeconomic conditions conditions, including tariffs and retaliatory measures and announcements regarding the same, and many other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of $862.9 million $1.3 billion as of December 31, 2024, 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 months and beyond. months.

Read it in 10-K 2026-02-27 at sec.gov ↗

Quiet changesMD&A
In December 2024, we completed an intercompany transaction that resulted in one of our foreign subsidiaries recording a step up in the tax basis of intangible assets of approximately $23.2 billion.

Read it in 10-K 2026-02-27 at sec.gov ↗

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