MONOLITHIC POWER SYSTEMS INC Q2 FY2025 earnings call

• Q2 achieved record quarterly revenue. - Diversified revenue growth across all end markets. - Began initial shipments of power solutions for ASIC-based AI products. - Storage and compute revenue grew sequentially. - Focus on innovation, investing in new technology, expanding into new markets, and diversifying end market applications and global supply chain. - Transformation from chip-only semiconductor supplier to full-service silicon-based solutions provider.

In Q2, MPS achieved record quarterly revenue of $664.6 million, which is 4.2% higher than the first quarter of 2025 and 31.0% higher than Q2 2024. This performance reflects the strength of its diversified market strategy, consistent execution, innovation, and strong customer focus. Diversified revenue growth is seen across all end markets. Initial shipments of power solutions to support ASIC-based AI products began, and storage and compute revenue grew sequentially off a strong Q1.

• Q3 expected to have 8% sequential growth at midpoint. - Enterprise data growing 20 - 30% sequentially in Q3. - Seasonal uplift in consumer. - Most lines of business up high single digits except storage and compute with caution. - Full year automotive growth预计40 - 50%. - Q4 outlook flattish.

• Uncertainty in market changes affecting supply chain stability. - Potential impact of tariffs on customer ordering patterns, but management believes cycle is driving demand.

Q: Congratulations on another record quarter. Could you talk a little bit more about the September quarter, what the setup is there?

A: Sure. When we look at Q3, we've got enterprise data growing between 20 and 30 percent sequentially. We also see a seasonal uplift in consumer. And then with the exception of storage and compute, all of our other lines of business are up high single digits. In storage and compute, we just have a little bit of caution, primarily because you're coming off of 2 very strong quarters in Q1 and Q2.

Q: You mentioned the ASIC program is now starting to ramp. Are we talking about multiple customers?

A: Yes. We see a variety of single sourced and double sourced, multiple sourced, high-cost source and low-cost source, and all source. And we deliver what our customer -- we develop system vertical power, again, and which is more module like solutions and even the chip side, and we do whatever our customers demand.