Monolithic Power Q1 2021 Earnings Report
Key Takeaways
Monolithic Power Systems (MPS) announced strong financial results for the first quarter ended March 31, 2021, with revenue reaching $254.5 million, a 53.5% increase year-over-year. The company's GAAP net income was $45.4 million, or $0.95 per diluted share, compared to $35.8 million, or $0.77 per diluted share, in the same quarter of the previous year. MPS provided financial targets for the second quarter ending June 30, 2021, including revenue in the range of $274 million to $286 million.
Revenue increased by 53.5% year-over-year, reaching $254.5 million.
GAAP gross margin was 55.4%, slightly up from 55.2% in the same quarter last year.
GAAP operating income increased to $46.1 million, compared to $31.0 million in the prior year.
GAAP net income was $45.4 million, or $0.95 per diluted share, compared to $35.8 million, or $0.77 per diluted share, in the prior year.
Monolithic Power
Monolithic Power
Forward Guidance
MPS projects revenue between $274 million and $286 million for the second quarter ending June 30, 2021, with GAAP gross margin between 55.1% and 55.7%.
Positive Outlook
- Revenue in the range of $274 million to $286 million.
- GAAP gross margin between 55.1% and 55.7%.
- Non-GAAP gross margin between 55.5% and 56.1%, excluding stock-based compensation expenses.
- Interest income of $1.3 million to $1.7 million.
- Fully diluted shares outstanding between 47.3 million and 48.3 million.
Challenges Ahead
- GAAP research and development and selling, general and administrative expenses between $95.9 million and $99.9 million.
- Non-GAAP R&D and SG&A expenses between $65.5 million and $67.5 million, excluding estimated stock-based compensation expenses.
- Total stock-based compensation expense of $31.4 million to $33.4 million.
- Litigation expenses ranging between $2.3 million and $2.7 million.
- Unspecified risks and uncertainties related to forward-looking statements.