Form 8-K

8-K — MONOLITHIC POWER SYSTEMS, INC.

Accession: 0001628280-26-068202

Filed: 2026-10-29

Period: 2026-10-27

CIK: 0001280452

SIC: 3674 (SEMICONDUCTORS & RELATED DEVICES)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Financial Statements and Exhibits

Documents

8-K — mpwr-20261027.htm (Primary)

EX-99.1 (mpwr-20260930xexx991.htm)

EX-99.2 (mpwr-20260930xexx992.htm)

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8-K

8-K (Primary)

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0001280452false00012804522026-10-272026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):

October 27, 2026

______________________________________________________________________

MONOLITHIC POWER SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Delaware 000-51026 77-0466789

(State or other jurisdiction of

incorporation or organization) (Commission

File Number) (I.R.S. Employer

Identification Number)

1555 Palm Beach Lakes Blvd.,

West Palm Beach, Florida 33401

(Address of principal executive offices)(Zip Code)(1)

(561)839-3999

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per share MPWR The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ___________________________

(1)We have operations in multiple locations in the US, Europe and Asia and have not identified a single location as the Company’s headquarters. We are including this address to comply with the Securities and Exchange Commission’s requirements.

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2026, Monolithic Power Systems, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended September 30, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information under Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), nor shall they be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the 1934 Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Chief Financial Officer

On October 27, 2026, the Board of Directors of the Company (“the Board”) appointed Tony Balow, age 56, as Vice President, Chief Financial Officer, effective immediately.

Mr. Balow served as the Company’s Vice President of Finance from September 2023 to October 2026. Prior to joining the Company, Mr. Balow spent 23 years at Intel, a global semiconductor company, and held a number of senior positions. Mr. Balow holds a Bachelor of Science and a Master of Science in Aerospace, Aeronautical and Astronautical Engineering from the University of Illinois Urbana-Champaign, and a Master of Business Administration from the University of Arizona.

There are no arrangements or understandings between Mr. Balow and any other person pursuant to which he was appointed as the Company’s Chief Financial Officer. Mr. Balow has no family relationship with any of the Company’s directors or executive officers as defined in Item 401(d) of Regulation S-K. Mr. Balow does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.

In accordance with the Company’s customary practice, the Company entered into its standard form of indemnification agreement with Mr. Balow.

Appointment of Chief Accounting Officer

On October 27, 2026, the Board appointed Robert Dean, age 61, as Vice President, Chief Accounting Officer, effective immediately.

Mr. Dean served as the Company’s Interim Chief Financial Officer from February 2026 to October 2026, and Corporate Controller from June 2016 to February 2026. Prior to joining the Company, Mr. Dean held various senior finance and accounting roles for other publicly traded companies, including Netflix, Varian and Applied Materials. Mr. Dean holds a Bachelor of Science in Accounting from San Jose State University and a Master of Business Administration from Santa Clara University.

There are no arrangements or understandings between Mr. Dean and any other person pursuant to which he was appointed as the Company’s Chief Accounting Officer. Mr. Dean has no family relationship with any of the Company’s directors or executive officers as defined in Item 401(d) of Regulation S-K. Mr. Dean does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.

In accordance with the Company’s customary practice, the Company entered into its standard form of indemnification agreement with Mr. Dean.

A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit Description

99.1

Press release issued on October 29, 2026, announcing the financial results of the quarter ended September 30, 2026.

99.2

Press release issued on October 29, 2026, announcing the appointments of Chief Financial Officer and Chief Accounting Officer.

104 Cover Page Interactive Data File (embedded within the Inline XBRL Document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 29, 2026

By: /s/ Saria Tseng

Saria Tseng

Executive Vice President, General Counsel

EX-99.1

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Document

Exhibit 99.1

Monolithic Power Systems

Q3'26 Earnings Commentary

The highest quality power solutions for

Industrial Applications, Telecom Infrastructures,

Cloud Computing, Automotive, and Consumer Applications

Monolithic Power Systems Reports Third Quarter Results on October 29, 2026

Monolithic Power Systems, Inc. (“MPS”) reported its results after market close on October 29, 2026 and will host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The webinar can be accessed from the Investor Relations section of the MPS website at www.monolithicpower.com.

Q3 2026 Financial Summary

(Unaudited)

GAAP

Q3'26 Q2'26 Q3'25 QoQ Change YoY Change

Revenue ($M) $ 1,202.4 $ 980.6 $ 737.2 22.6 % 63.1 %

Gross Margin 55.4 % 55.2 % 55.1 % 0.2 pts 0.3 pts

Opex ($M) $ 307.9 $ 237.2 $ 211.0 29.8 % 45.9 %

Operating Margin 29.7 % 31.0 % 26.5 % (1.3) pts 3.2 pts

Net income ($M) $ 271.1 $ 257.3 $ 179.8 5.4 % 50.8 %

Diluted EPS $ 5.51 $ 5.22 $ 3.74 5.6 % 47.3 %

Non-GAAP

Q3'26 Q2'26 Q3'25 QoQ Change YoY Change

Revenue ($M) $ 1,202.4 $ 980.6 $ 737.2 22.6 % 63.1 %

Gross Margin 55.7 % 55.6 % 55.5 % 0.1 pts 0.2 pts

Opex ($M) $ 205.3 $ 177.6 $ 148.3 15.6 % 38.4 %

Operating Margin 38.6 % 37.5 % 35.4 % 1.1 pts 3.2 pts

Net income ($M) $ 402.7 $ 320.1 $ 227.1 25.8 % 77.3 %

Diluted EPS $ 8.19 $ 6.50 $ 4.73 26.0 % 73.2 %

Tax Rate 15.0 % 15.0 % 15.0 % Flat Flat

Revenue by End Market

Revenue % Change % of Revenue

End Market ($M) Q3'26 Q2'26 Q3'25 QoQ YoY Q3'26 Q2'26

Enterprise Data $ 506.7 $ 380.6 $ 191.5 33.2 % 164.6 % 42.1 % 38.8 %

Storage & Computing 192.2 199.8 186.6 (3.8 %) 3.0 % 16.0 20.4

Communications 187.4 131.5 79.9 42.5 % 134.7 % 15.6 13.4

Automotive 180.7 157.1 151.5 15.0 % 19.2 % 15.0 16.0

Industrial 71.4 54.8 55.3 30.2 % 29.0 % 6.0 5.6

Consumer 64.0 56.8 72.4 12.6 % (11.6 %) 5.3 5.8

Total $ 1,202.4 $ 980.6 $ 737.2 22.6 % 63.1 % 100 % 100 %

Ongoing Business Conditions

In Q3, MPS achieved another significant milestone exceeding $1 billion in quarterly revenue for the first time. Q3 revenue of $1.2 billion was 22.6% higher than the second quarter of 2026 and 63.1% higher than the third quarter of 2025.

During the quarter:

•Our capacity surpassed $6 billion dollars in annual revenue support. We expect to have $8 billion of capacity in place by the second half of 2027 on our way to $10 billion in support of our rapidly expanding business.

In our enterprise data end market:

•We saw strong demand across our existing customers which we expect to continue into 2027.

•In addition, using our in-house developed AI design tools we significantly expanded our customer base in traditional areas, as well as in new applications such as desktop AI designs.

In addition to our rapid Enterprise Data growth:

•In Automotive, we received first orders for our 48V power solutions and expect design wins for 48V and Zonal architectures to be a driver of growth in 2027.

•We started ramping robotics solutions with sensor and motor control products across multiple geographies.

•We landed our first large data converter design win which we expect to ramp 2027.

•We continued to increase our SAM with the ramp of our high speed memory products.

•We continued to build out our high voltage portfolio and began sampling GAN based solutions for use in 800V data center architectures complementing our existing SiC based designs.

Our diversified market strategy remains unchanged:

•MPS focuses on innovation and solving our customers’ most challenging problems.

•We consistently invest in new technologies that open new end markets and applications.

•We continue to transform from a chip-only semiconductor supplier to a full service solution provider.

•We continuously expand and diversify our global supply chain allowing us to capture future growth opportunities, maintain supply stability, and rapidly adapt to market changes as they occur.

“Overall, we see accelerated growth. Our diversified growth strategy is paying off,” said Michael Hsing, CEO and founder of MPS.

Q3 2026 Revenue Results

We had record revenue of $1,202 million in the third quarter, 22.6% higher than the second quarter of 2026 and 63.1% higher than revenue in the third quarter of 2025. Compared with the second quarter of 2026, sales improved sequentially across Communications, Enterprise Data, Industrial, Automotive and Consumer end markets.

In our Communications end market, third quarter revenue of $187.4 million was up 42.5% from the second quarter primarily as a result of higher sales of power solutions for optical modules and switches. Third quarter Communications revenue was up 134.7% year over year. Communications sales represented 15.6% of our total third quarter revenue compared with 13.4% in the second quarter of 2026.

Third quarter Enterprise Data revenue of $506.7 million increased 33.2% from the second quarter. The sequential increase was driven by higher sales of our power management solutions for AI and server applications. Third quarter Enterprise Data revenue was up 164.6% year over year. Enterprise Data revenue represented 42.1% of our total third quarter revenue compared with 38.8% in the second quarter of 2026.

Third quarter Industrial revenue of $71.4 million increased 30.2% from the second quarter primarily as a result of higher sales for power sources. Third quarter Industrial revenue was up 29.0% year over year. Industrial revenue represented 6.0% of our total third quarter revenue compared with 5.6% in the second quarter of 2026.

Third quarter Automotive revenue of $180.7 million increased 15.0% from the second quarter primarily from higher sales of ADAS power solutions. Third quarter Automotive revenue was up 19.2% year over year. Automotive revenue represented 15.0% of our third quarter revenue compared with 16.0% in the second quarter of 2026.

Third quarter Consumer revenue of $64.0 million increased 12.6% from the second quarter. Third quarter Consumer revenue was down 11.6% year over year. Consumer revenue represented 5.3% of our total third quarter revenue compared with 5.8% in the second quarter of 2026.

Third quarter Storage and Computing revenue of $192.2 million decreased 3.8% from the second quarter. Third quarter Storage and Computing revenue was up 3.0% year over year. Storage and Computing revenue represented 16.0% of MPS’s third quarter revenue compared with 20.4% in the second quarter of 2026.

Q3 2026 Gross Margin & Operating Income

GAAP gross margin was 55.4%, 0.2 percentage points higher than the second quarter of 2026. Our GAAP operating income was $357.7 million compared to $303.9 million reported in the second quarter of 2026.

Non-GAAP gross margin for the third quarter of 2026 was 55.7%, 0.1 percentage points higher than the second quarter of 2026. Our non-GAAP operating income was $464.5 million compared to $367.7 million reported in the second quarter of 2026.

Q3 2026 Operating Expenses

GAAP operating expenses were $307.9 million in the third quarter of 2026 compared with $237.2 million in the second quarter of 2026. Non-GAAP operating expenses were $205.3 million, up from $177.6 million in the second quarter of 2026.

The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock-based compensation and related expenses and deferred compensation plan income (expense).

Total stock-based compensation and related expenses, including approximately $3.7 million charged to cost of goods sold, was $106.3 million in the third quarter of 2026 compared with $53.5 million in the second quarter of 2026.

The Bottom Line

Third quarter 2026 GAAP net income was $271.1 million or $5.51 per fully diluted share, compared with $257.3 million or $5.22 per fully diluted share in the second quarter of 2026.

Third quarter 2026 non-GAAP net income was $402.7 million or $8.19 per fully diluted share, compared with $320.1 million or $6.50 per fully diluted share in the second quarter of 2026.

Third quarter 2026 non-GAAP tax rate of 15% was flat to the second quarter of 2026.

There were 49.2 million fully diluted shares outstanding at the end of the third quarter of 2026.

We repurchased $453.4 million of our stock in the third quarter, compared to $4.0 million in the second quarter of 2026.

Balance Sheet and Cash Flow

Cash, cash equivalents and short-term investments were $1,091 million at the end of the third quarter of 2026 compared to $1,414 million at the end of the second quarter of 2026. For the third quarter of 2026, MPS generated operating cash flow of $289.9 million compared with second quarter of 2026 operating cash flow of $227.9 million.

Accounts receivable at the end of the third quarter of 2026 were $461.6 million, representing 35 days of sales outstanding, which was 3 days higher than the 32 days reported at the end of the second quarter of 2026.

Our internal inventories at the end of the third quarter of 2026 were $764.9 million, up from $675.8 million at the end of the second quarter of 2026. Days of inventory of 130 days at the end of the third quarter of 2026 was 10 days lower than at the end of the second quarter of 2026.

Comparing current inventory levels using next quarter’s projected revenue, days of inventory at the end of the third quarter of 117 days was 2 days higher than at the end of the second quarter of 2026.

Selected Balance Sheet and Inventory Data (Unaudited)

Q3'26 Q2'26 Q3'25

Cash, Cash Equivalents, and Short-Term Investments $ 1,091.2 M $ 1,413.8 M $ 1,269.5 M

Operating Cash Flow $ 289.9 M $ 227.9 M $ 239.3 M

Accounts Receivable $ 461.6 M $ 343.6 M $ 241.6 M

Days of Sales Outstanding 35 Days 32 Days 30 Days

Internal Inventories $ 764.9 M $ 675.8 M $ 505.7 M

Days of Inventory (current quarter revenue) 130 Days 140 Days 139 Days

Days of Inventory (next quarter revenue) 117 Days 115 Days 137 Days

Q4 2026 Business Outlook

For the fourth quarter of 2026 ending December 31, we are forecasting:

•Revenue in the range of $1,315 million to $1,385 million.

•GAAP gross margin in the range of 55.2% to 55.8%.

•Non-GAAP gross margin in the range of 55.5% to 56.1%, which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets.

•Total stock-based compensation and related expenses in the range of $121.0 million to $125.0 million including approximately $3.8 million that would be charged to cost of goods sold.

•GAAP operating expenses between $334.0 million and $342.0 million.

•Non-GAAP operating expenses in the range of $216.8 million to $220.8 million. This estimate excludes stock-based compensation and related expenses in the range of $117.2 million to $121.2 million.

•Interest and other income in the range from $7.8 million to $8.2 million before foreign exchange gains or losses.

•Non-GAAP tax rate of 15% for 2026.

•Fully diluted shares outstanding in the range of 48.9 to 49.3 million shares.

Furthermore, in October 2026, our Board of Directors authorized an additional $500 million for stock repurchases, bringing our total current authorization to $1 billion after repurchases made during the third quarter of 2026.

For further information, contact:

Tony Balow

Vice President, Chief Financial Officer

Monolithic Power Systems, Inc.

MPSInvestor.Relations@monolithicpower.com

Safe Harbor Statement

This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that should not be unduly relied upon, including under the “Q4 2026 Business Outlook” section herein, the quote from our Chief Executive Officer regarding our growth and success of our business strategy, our statements regarding our business focus, expected capacity growth and the timing thereof, expected strong demand across our existing customers into 2027, expected design wins as a driver of growth for our Automotive end market in 2027, increasing sales of robotic solutions across multiple geographies, increasing sales of large data converters in 2027, the continued increase in our SAM through increasing sales of our high speed memory products, the build out of our high voltage portfolio and GAN based solutions, investments in new technologies that open new end markets and applications, and the expansion and diversification of our supply chain to allow us to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the fourth quarter of fiscal year 2026 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry trends and prospects, and our goal to expand our capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described above. These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to current and potential global conflicts, global tariffs, export controls and retaliatory measures and announcements regarding same, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our

customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any impact from current and potential global conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy, global tariffs, export controls and retaliatory measures and announcements regarding same, and geopolitical uncertainties, including current and potential global conflicts; the Company’s ability to timely and adequately remediate its material weakness; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on February 27, 2026. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.

Non-GAAP Financial Measures

This earnings commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income, net, and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, operating income, other income, net, and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles

(“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, amortization of acquisition-related intangible assets, net deferred compensation plan expense, and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (expense). Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to Non-GAAP reconciliations in the tables set forth below.

About Monolithic Power Systems

MPS is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible, while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Monolithic Power Systems, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)

September 30, December 31,

2026 2025

ASSETS

Current assets:

Cash and cash equivalents $ 560,544 $ 1,099,302

Short-term investments 530,690 157,243

Accounts receivable, net 461,633 255,626

Inventories 764,879 564,649

Other current assets 54,024 106,982

Total current assets 2,371,770 2,183,802

Property and equipment, net 821,573 627,689

Acquisition-related intangible assets, net 7,929 8,790

Goodwill 25,944 25,944

Deferred tax assets, net 1,183,003 1,182,883

Other long-term assets 262,362 165,091

Total assets $ 4,672,581 $ 4,194,199

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 236,469 $ 138,272

Accrued compensation and related benefits 136,528 85,963

Other accrued liabilities 267,657 145,130

Total current liabilities 640,654 369,365

Income tax liabilities 75,022 75,022

Deferred tax liabilities 90,316 90,480

Other long-term liabilities 132,849 127,835

Total liabilities 938,841 662,702

Commitments and contingencies

Stockholders’ equity:

Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 48,792 and 48,709, respectively 690,429 936,998

Retained earnings 3,034,058 2,609,651

Accumulated other comprehensive income (loss) 9,253 (15,152)

Total stockholders’ equity 3,733,740 3,531,497

Total liabilities and stockholders’ equity $ 4,672,581 $ 4,194,199

Monolithic Power Systems, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Revenue $ 1,202,409 $ 737,176 $ 2,987,236 $ 2,039,304

Cost of revenue 536,870 330,948 1,335,562 913,830

Gross profit 665,539 406,228 1,651,674 1,125,474

Operating expenses:

Research and development 140,581 98,173 359,765 286,666

Selling, general and administrative 167,271 112,872 389,176 310,108

Total operating expenses 307,852 211,045 748,941 596,774

Operating income 357,687 195,183 902,733 528,700

Other income, net 8,936 10,392 32,801 27,743

Income before income taxes 366,623 205,575 935,534 556,443

Income tax expense 95,556 25,809 213,943 106,616

Net income $ 271,067 $ 179,766 $ 721,591 $ 449,827

Net income per share:

Basic $ 5.53 $ 3.75 $ 14.70 $ 9.40

Diluted $ 5.51 $ 3.74 $ 14.66 $ 9.37

Weighted-average shares outstanding:

Basic 49,052 47,898 49,097 47,879

Diluted 49,184 48,042 49,230 48,022

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

(Unaudited, in thousands, except per share amounts)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Net income $ 271,067 $ 179,766 $ 721,591 $ 449,827

Adjustments to reconcile net income to non-GAAP net income:

Stock-based compensation and related expenses 106,288 60,875 208,375 174,966

Amortization of acquisition-related intangible assets 320 320 960 960

Deferred compensation plan expense, net 544 423 1,129 698

Tax effect 24,489 (14,270) 42,043 (3,344)

Non-GAAP net income $ 402,708 $ 227,114 $ 974,098 $ 623,107

Non-GAAP net income per share:

Basic $ 8.21 $ 4.74 $ 19.84 $ 13.01

Diluted $ 8.19 $ 4.73 $ 19.79 $ 12.98

Shares used in the calculation of non-GAAP net income per share:

Basic 49,052 47,898 49,097 47,879

Diluted 49,184 48,042 49,230 48,022

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Gross profit $ 665,539 $ 406,228 $ 1,651,674 $ 1,125,474

Gross margin 55.4% 55.1% 55.3% 55.2%

Adjustments to reconcile gross profit to non-GAAP gross profit:

Stock-based compensation and related expenses 3,702 1,917 7,151 5,538

Amortization of acquisition-related intangible assets 287 287 861 861

Deferred compensation plan expense 261 500 1,731 942

Non-GAAP gross profit $ 669,790 $ 408,932 $ 1,661,418 $ 1,132,815

Non-GAAP gross margin 55.7% 55.5% 55.6% 55.5%

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Total operating expenses $ 307,852 $ 211,045 $ 748,941 $ 596,774

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:

Stock-based compensation and related expenses (102,586) (58,958) (201,224) (169,428)

Amortization of acquisition-related intangible assets (33) (33) (99) (99)

Deferred compensation plan income (expense) 72 (3,715) (6,386) (7,778)

Non-GAAP operating expenses $ 205,306 $ 148,339 $ 541,233 $ 419,469

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

(Unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Total operating income $ 357,687 $ 195,183 $ 902,733 $ 528,700

Adjustments to reconcile total operating income to non-GAAP total operating income:

Stock-based compensation and related expenses 106,288 60,875 208,375 174,966

Amortization of acquisition-related intangible assets 320 320 960 960

Deferred compensation plan expense 189 4,215 8,117 8,720

Non-GAAP operating income $ 464,484 $ 260,593 $ 1,120,185 $ 713,346

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET

(Unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Total other income, net $ 8,936 $ 10,392 $ 32,801 $ 27,743

Adjustments to reconcile other income, net to non-GAAP other income, net:

Deferred compensation plan expense (income) 355 (3,792) (6,988) (8,022)

Non-GAAP other income, net $ 9,291 $ 6,600 $ 25,813 $ 19,721

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES

(Unaudited, in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Total income before income taxes $ 366,623 $ 205,575 $ 935,534 $ 556,443

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:

Stock-based compensation and related expenses 106,288 60,875 208,375 174,966

Amortization of acquisition-related intangible assets 320 320 960 960

Deferred compensation plan expense, net 544 423 1,129 698

Non-GAAP income before income taxes $ 473,775 $ 267,193 $ 1,145,998 $ 733,067

2026 FOURTH QUARTER OUTLOOK

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited)

Three Months Ending

December 31, 2026

Low High

Gross margin 55.2 % 55.8 %

Adjustment to reconcile gross margin to non-GAAP gross margin:

Stock-based compensation and other expenses 0.3 0.3

Non-GAAP gross margin 55.5 % 56.1 %

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)

Three Months Ending

December 31, 2026

Low High

Operating expenses $ 334,000 $ 342,000

Adjustments to reconcile operating expenses to non-GAAP operating expenses:

Stock-based compensation and other expenses (117,200) (121,200)

Non-GAAP operating expenses $ 216,800 $ 220,800

EX-99.2

Filename: mpwr-20260930xexx992.htm · Sequence: 3

Document

Exhibit 99.2

PRESS RELEASE

For Immediate Release

Monolithic Power Systems Announces

Appointments of Chief Financial Officer and Chief Accounting Officer

Schaffhausen, Switzerland, October 29, 2026 -- Monolithic Power Systems, Inc. (“MPS” or the “Company”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced the appointments of Tony Balow as Vice President, Chief Financial Officer (“CFO”) and Robert Dean as Vice President, Chief Accounting Officer (“CAO”), effective immediately.

“I am very pleased to appoint Tony as our new CFO and Rob as our new CAO,” said Michael Hsing, CEO and founder of MPS. “In the past few years, Tony and Rob have become an integral part of the management team. Their deep knowledge of MPS’s business operations and their financial acumen make them highly qualified to take on the CFO and CAO roles and lead our finance team.”

About Monolithic Power Systems

Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible, while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Contact:

Tony Balow

Vice President, Chief Financial Officer

Monolithic Power Systems, Inc.

MPSInvestor.Relations@monolithicpower.com

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