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Jun 30, 2025
Power Integrations Q2 2025 Earnings Report
Power Integrations reported its second-quarter financial results for 2025, with revenues increasing year-over-year and strong growth in the industrial sector.
Key Takeaways
Power Integrations announced second-quarter 2025 financial results, with net revenues reaching $115.9 million, a 9% increase year-over-year. GAAP net income was $1.4 million, or $0.02 per diluted share, while non-GAAP net income was $19.9 million, or $0.35 per diluted share. The company saw strong growth in the industrial category and repurchased $32.6 million in shares.
Net revenues for Q2 2025 were $115.9 million, up 9% year-over-year.
GAAP net income was $1.4 million ($0.02 per diluted share), and non-GAAP net income was $19.9 million ($0.35 per diluted share).
The industrial segment was a key driver of revenue growth.
The company repurchased 706 thousand shares for $32.6 million during the quarter.
Revenue by Segment
Forward Guidance
For the third quarter of 2025, Power Integrations expects revenues to be between $113 million and $123 million. GAAP gross margin is projected to be 54.5% to 55%, and non-GAAP gross margin between 55% and 55.5%. GAAP operating expenses are estimated at $72.5 million, with non-GAAP operating expenses around $47.5 million.
Positive Outlook
- Expected revenue increase for Q3 2025 compared to Q2 2025.
- Non-GAAP gross margin is expected to remain strong, between 55% and 55.5%.
- Long-term growth drivers, including automotive business and GaN-based products, are on track.
- GaN-based product revenues grew over 50% in the first half of the year.
- Developing differentiated system-level products for next-generation AI datacenters.
Challenges Ahead
- Near-term visibility is low due to macroeconomic uncertainty.
- GAAP operating expenses are expected to be significantly higher than non-GAAP due to stock-based compensation and a non-cash charge.
- A net non-cash charge of approximately $15 million reflecting immediate expensing of stock awards to former CEO.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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