MPWR Filings — Monolithic Power Systems Inc - FilingSpy
MPWR
Monolithic Power Systems Inc
A fabless chipmaker that designs the power-management chips found inside cloud servers, AI systems, cars, and consumer gadgets. Its "monolithic" approach packs an entire power system—transistors and control logic—onto a single chip, making devices smaller and more energy-efficient. Founded in 1997 by engineer Michael Hsing, who named the company for that very idea of building a whole power system on one piece of silicon rather than wiring many separate parts together.
Enterprise Data revenue more than doubled to $380.6M, reversing 2025's AI-linked decline and driving total revenue up 47.6%.
Enterprise Data rebounded sharply, more than doubling from a year ago. Total revenue rose 47.6% to $980.6M and widened 6.2 points to 31.0% as the AI power management business reignited. The company enters the second half with its largest growth engine back at full throttle, even as legal claims and a tax-related control weakness linger.
Key takeaways
Enterprise Data rose 164.3% to $380.6M, reversing a 2025 decline driven by lower AI power management sales and marking the 's highest quarterly revenue on record.
Total rose 47.6% to $980.6M, with Communications up 78.3% to $131.6M on optical module and switch power solutions, while Automotive grew 8.2% to $157.1M.
widened 6.2 points to 31.0% as operating expenses grew just 15.1% against the 47.6% increase, with R&D up $22.3M and SG&A up $13.6M including $5.7M in higher legal costs.
Section summaries
Management's Discussion and Analysis
Revenue surged 47.6% YoY to $980.6M in Q2 2026, driven by AI-related enterprise data and communications demand.
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Total Q2 2026 rose 47.6% to $980.6M, with enterprise data revenue up 164.3% to $380.6M on higher AI and server power management sales.
Communications grew 78.3% to $131.6M, driven by power solutions for optical modules and switches; automotive rose 8.2% to $157.1M on infotainment and lighting.
was essentially flat at 55.2%, up 0.1 point from 55.1% a year ago, as higher shipment volume and product mix were largely offset in cost of .
for the first half was $478.2M, down $15.9M from a year earlier on higher needs, while fell 23.2% to $145.5M in the quarter.
The company repurchased $4.0M in stock during the quarter and the Board added $500M to the authorization in July 2026.
What changed
Enterprise Data growth accelerated to 164.3% in Q2 2026 from 97.7% in Q1 2026, confirming the AI-linked recovery flagged as a key watch item after the 2025 decline.
Automotive growth decelerated to 8.2% from 66.4% in Q2 2025 and 43.1% for full-year 2025, settling toward a normalized rate as anticipated.
activity remained minimal at $4.0M in Q2, consistent with the slow pace of $6.6M for all of FY2025 under the $500M authorization.
No loss provision or settlement was recorded for the February 2025 securities class action alleging Nvidia misstatements; management does not believe a material loss is probable.
What to watch
Q3 2026 Enterprise Data growth rate to see if the 164.3% Q2 rise is sustained or moderates as AI demand normalizes.
Q3 2026 Automotive growth to see if the deceleration to 8.2% stabilizes or continues toward flat or negative territory.
pace under the expanded $1B total authorization following the July 2026 Board addition of $500M.
Any loss provision, settlement, or adverse development in the February 2025 securities class action or related derivative suits.
was essentially flat at 55.2% in Q2 2026 vs. 55.1% a year ago, as higher shipment volume and product mix drove cost of up 47.2%.
Operating expenses fell sharply as a percentage of (24.2% vs. 30.3%) despite a $22.3M increase in R&D and a $13.6M increase in SG&A, which included $5.7M higher legal costs.
Cash, equivalents, and short-term investments totaled $1.41B at quarter-end; was $478.2M for H1 2026, down $15.9M on higher needs.
The company repurchased $4.0M in stock and paid higher dividends; the Board later added $500M to the authorization in July 2026.
Quantitative and Qualitative Disclosures About Market Risk
For a discussion of market risks, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025. During the three and six months ended June 30, 2026, there were no material changes or develop…
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For a discussion of market risks, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2025. During the three and six months ended June 30, 2026, there were no material changes or developments that would have materially altered, or were reasonably likely to materially alter, the market risk assessment performed as of December 31, 2025.
Our business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 un…
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Our business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, our business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. There have been no material changes to our risk factors since the filing of our Annual Report on Form 10-K for the year ended December 31, 2025.