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Mar 31, 2023
Monolithic Power Q1 2023 Earnings Report
Monolithic Power Systems reported earnings for Q1 2023, with revenue increasing year-over-year but decreasing from the previous quarter. The company's GAAP and non-GAAP profitability metrics showed improvement compared to the previous year.
Key Takeaways
Monolithic Power Systems (MPS) announced its Q1 2023 financial results, revealing a 19.4% increase in revenue compared to Q1 2022, reaching $451.1 million, but a slight decrease compared to the previous quarter. GAAP net income increased to $109.8 million or $2.26 per diluted share, compared to $79.6 million or $1.65 per diluted share for the same period last year. The company remains cautious about near-term business conditions but is focused on long-term growth.
Revenue for Q1 2023 was $451.1 million, up 19.4% year-over-year but down 1.9% from the previous quarter.
GAAP gross margin was 57.4% compared to 57.9% for the quarter ended March 31, 2022.
GAAP operating income increased to $124.3 million, compared to $96.1 million for the same quarter last year.
GAAP net income was $109.8 million, or $2.26 per diluted share, compared to $79.6 million, or $1.65 per diluted share, for the same quarter last year.
Forward Guidance
MPS anticipates revenue between $430.0 million and $450.0 million for the second quarter ending June 30, 2023, with a GAAP gross margin between 55.9% and 56.5%.
Positive Outlook
- Revenue is expected to be in the range of $430.0 million to $450.0 million.
- GAAP gross margin is projected to be between 55.9% and 56.5%.
- Non-GAAP gross margin is expected to be between 56.2% and 56.8%, excluding stock-based compensation expenses.
- Interest and other income is projected to be $3.8 million to $4.2 million.
- Fully diluted shares outstanding are expected to be between 48.6 million and 49.0 million.
Challenges Ahead
- The company remains cautious about near-term business conditions.
- Stock-based compensation expenses are estimated to be between $37.6 million and $39.6 million.
- GAAP research and development and selling, general and administrative expenses are projected to be between $132.5 million and $136.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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