• Like a specialized Texas Instruments (TI), focused entirely on designing the chips that efficiently manage power for electronic devices.
• Think of them as the 'power experts' of the semiconductor world, similar to how Analog Devices (ADI) provides various precision analog solutions, but purely for optimizing power delivery.

• DC/DC Converters: Integrated circuits that efficiently convert direct current (DC) from one voltage level to another, crucial for powering electronic devices.
• LED Drivers: Power management integrated circuits designed to regulate current and voltage for various light-emitting diode (LED) lighting applications.
• Battery Management Units (BMU): Integrated circuits that monitor and control the charging, discharging, and overall health of battery packs in electronic devices.
• Motor Drivers: Integrated circuits used to precisely control the speed, direction, and torque of electric motors in various applications.
• Power Modules: Highly integrated solutions combining power management ICs with other components into a compact, ready-to-use package for simplified power supply design.

Monolithic Power Systems (symbol: MPWR)

Monolithic Power Systems (MPWR) primarily sells its high-performance analog and mixed-signal integrated circuits (ICs) to other companies (B2B model), rather than directly to individual consumers. These chips are essential components used in a wide range of electronic systems.

Based on the company's public filings, specifically its 2023 Form 10-K, Monolithic Power Systems does not have any single customer that accounted for 10% or more of its net revenues in 2023, 2022, or 2021. This indicates a diversified customer base across numerous manufacturers rather than a small number of publicly identified "major customers."

Therefore, while specific customer names are not disclosed, MPWR's products are sold to companies operating in the following major end markets:

• Enterprise Data, Storage & Computing: Manufacturers of servers, data center equipment, solid-state drives (SSDs), laptops, and desktop computers. These companies integrate MPWR's power management and control solutions into their computing platforms.
• Automotive: Companies involved in the production of electric vehicles (EVs), traditional automobiles, and various automotive subsystems such as infotainment systems, advanced driver-assistance systems (ADAS), and LED lighting.
• Industrial: Manufacturers of industrial Internet of Things (IoT) devices, motor control systems, power tools, robotics, home appliances, and other industrial automation and equipment.
• Communications: Companies producing 5G infrastructure, networking equipment, telecommunications systems, and other communication devices.
• Consumer: Producers of various consumer electronics, including gaming consoles, wearables, mobile devices, televisions, and other personal electronic gadgets.

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Semiconductor Manufacturing International Corporation (0981.HK)
• Vanguard International Semiconductor Corporation (5347.TW)
• ASE Technology Holding Co., Ltd. (ASX)

Michael Hsing, Chairman, President, and Chief Executive Officer

Michael Hsing founded Monolithic Power Systems in 1997, where he pioneered the development of a proprietary, single-chip BCD (Bipolar-CMOS-DMOS) process technology that integrates an entire power system onto one monolithic die. He has been instrumental in leading MPS from a startup to a multi-billion dollar global semiconductor powerhouse. Prior to founding MPS, he gained experience as a senior silicon process engineer at Supertex and a design engineer at Linear Technology. He also served as President at MPH Consulting, LLC from 2008 to present, and at Azen Energy, LLC from 2009 to 2013, as well as Director of Information Technology Compliance at CIBER, Inc. from 2004 to 2008.

Bernie Blegen, Executive Vice President and Chief Financial Officer

Bernie Blegen has served as the Chief Financial Officer of Monolithic Power Systems since July 2016, overseeing finance, accounting, tax, treasury, and investor relations. Before his appointment as CFO, he held the positions of Corporate Controller from August 2011 to March 2016 and interim Chief Financial Officer from March 2016 to July 2016 at MPS. His career includes over 25 years of experience in corporate strategy, mergers and acquisitions, tax, finance, and accounting, with prior senior finance and executive accounting roles at other publicly traded technology companies such as Xilinx, Inc. and Credence Systems.

Deming Xiao, Executive Vice President, Global Operations

Deming Xiao currently serves as the Executive Vice President of Global Operations and has also held the role of President of MPS Asia Operations since January 2008. He joined Monolithic Power Systems in May 2001 and has since held various executive positions including Senior Vice President of Operations and Foundry Manager. Before joining MPS, he was an Engineering Account Manager at Chartered Semiconductor Manufacturing, Inc. from 2000 to 2001 and spent six years as the Manager of Process Integration Engineering at Fairchild Imaging Sensors.

Maurice Sciammas, Executive Vice President, Worldwide Sales and Marketing

Maurice Sciammas has been the Executive Vice President of Worldwide Sales and Marketing since 2007. He joined MPS in July 1999 and previously served as Vice President of Products and Vice President of Sales (excluding greater China). Prior to his time at MPS, Mr. Sciammas was the Director of IC Products at Supertex from 1990 to 1999 and also held positions at Micrel, Inc.

Saria Tseng, Executive Vice President, Strategic Corporate Development, General Counsel & Corporate Secretary

Saria Tseng holds the titles of Secretary, Executive Vice President of Strategic Corporate Development, and General Counsel. She has been Vice President of Strategic Corporate Development since 2009, and General Counsel and Corporate Secretary since 2004.

The increasing adoption and technological maturity of wide-bandgap semiconductors, specifically Gallium Nitride (GaN) and Silicon Carbide (SiC), pose a clear emerging threat. These materials offer superior performance characteristics, such as higher efficiency, faster switching speeds, and smaller form factors, compared to traditional silicon-based power management integrated circuits that form a significant portion of Monolithic Power Systems' product portfolio. The rise of pure-play GaN and SiC manufacturers, and the increasing investment by larger semiconductor companies in these technologies, could lead to market share erosion and increased competitive pressure if MPWR's transition and innovation in these advanced materials do not keep pace with industry adoption in high-growth segments like electric vehicles, data centers, and fast chargers.

Monolithic Power Systems (MPWR) focuses on high-performance, semiconductor-based power electronics solutions, including power management switching converters and controllers, DC-to-DC products, power modules, motor drivers and controllers, battery management systems, isolation products, analog, sensors, AC-DC, and inductors. These solutions are applied across various sectors such as cloud computing, telecom infrastructures, automotive, industrial applications, and consumer electronics.

For the automotive sector, Monolithic Power Systems identifies a serviceable addressable market (SAM) of $7 billion. This market size is global and encompasses applications like Advanced Driver Assistance Systems (ADAS), Digital Cockpit, Body Control, Electrification, and Lighting.

Monolithic Power Systems (MPWR) is expected to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Growth in the Enterprise Data Market, fueled by AI and Data Center Demand: Monolithic Power Systems anticipates significant growth from its Enterprise Data segment, largely driven by increasing demand for power management solutions in AI applications and data centers. The company forecasts 30-40% growth in the enterprise data sector for 2026. This is further supported by strong demand for memory and notebook solutions, and strategic partnerships, such as supplying power solutions for NVIDIA's next-generation GPUs (like Blackwell), which have higher power demands.
2. Expansion within the Automotive Market, particularly in ADAS and Electrification: The automotive market is projected to be a substantial growth driver for MPWR, with expectations of 40-50% annual growth. The company is securing incremental design wins in Advanced Driver Assistance Systems (ADAS) across both electric and combustion engine vehicles. Additionally, MPWR has achieved its first design win for a full Battery Management System (BMS) solution on a robotics platform, indicating further penetration into automotive electrification and related emerging sectors.
3. Diversification and Penetration into New End Markets and Applications: MPWR's strategy includes continuous investment in new technologies, expansion into emerging markets, and diversification of end-market applications. This broadens its revenue streams beyond traditional areas. The company has demonstrated diversified revenue growth across all its end markets, with improved performance also noted in the industrial sector, contributing to momentum expected to continue into 2026.
4. Transition to a Full-Service Silicon-Based Solutions Provider: Monolithic Power Systems is actively transforming from being solely a chip supplier to a comprehensive silicon-based system and solution provider. This strategic shift involves offering integrated power solutions rather than just individual components, which enables the company to address more complex customer challenges and potentially capture greater value per customer, as evidenced by design wins in advanced systems like BMS for robotics platforms.

Share Repurchases

• Monolithic Power Systems' Board of Directors authorized a new stock repurchase program of up to $500 million in February 2025, set to expire on February 4, 2028.
• A previous $640 million stock repurchase program, authorized in October 2023, was fully utilized by December 31, 2024.
• The company repurchased approximately $636.2 million of its common stock in 2024 and $3.7 million in 2023.

Share Issuance

• Under its employee stock purchase plans, Monolithic Power Systems issued 17,000 shares in 2023, 14,000 shares in 2022, and 17,000 shares in 2021, with intrinsic values of $1.4 million, $1.6 million, and $2.4 million, respectively.
• As of December 31, 2020, 6.0 million shares remained available for future issuance under the Amended and Restated 2014 Equity Incentive Plan.
• In October 2025, 135,520 shares of common stock were acquired by an EVP upon the vesting of market-based restricted stock units granted in October 2022.

Outbound Investments

• In February 2024, Monolithic Power Systems acquired Axign B.V., a Netherlands-based fabless semiconductor startup specializing in programmable multicore digital signal processors for automotive and consumer audio systems.

Capital Expenditures

• Monolithic Power Systems reported capital expenditures of approximately $150.2 million in 2024, $60.4 million in 2023, and $60.9 million in 2022.
• For the first nine months of 2025, the company invested in increasing inventories, capacity, and operations.
• The company's capital allocation includes investments in research and development and expanding manufacturing partnerships.