Exhibit 99.2 Monolithic Power Systems Q1'25 Earnings Commentary The highest quality power solutions for Industrial Applications, Telecom Infrastructures, Cloud Computing, Automotive, and Consumer Applications Monolithic Power Systems to Report First Quarter Results on May 1, 2025 MPS will report its results after the market closes on May 1, 2025 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.u ...

Core Insights - MPS reported record quarterly revenue of $637.6 million for Q1 2025, reflecting a 39.2% increase year-over-year and a 2.6% increase quarter-over-quarter [4][7][19] - The company continues to focus on innovation and expanding into new markets, aiming to capture future growth opportunities [5][6] Financial Performance - Q1 2025 GAAP net income was $133.8 million, a significant decrease of 90.8% from the previous quarter, while non-GAAP net income was $193.8 million, down 2.3% from Q4 2024 [19][21] - Diluted EPS for Q1 2025 was $2.79 (GAAP) and $4.04 (non-GAAP), with the latter showing a 43.8% increase year-over-year [19][30] Revenue Breakdown by End Market - Storage & Computing revenue reached $188.5 million, up 77.7% year-over-year and 38.1% quarter-over-quarter, representing 29.6% of total revenue [3][8] - Automotive revenue was $144.9 million, reflecting a 66.4% year-over-year increase and a 12.9% increase from Q4 2024 [3][9] - Communications revenue increased to $71.8 million, up 53.7% year-over-year [3][10] - Industrial revenue was $42.6 million, up 41.1% year-over-year [3][11] - Consumer revenue decreased slightly to $56.9 million, but still showed a 49.3% increase year-over-year [3][12] - Enterprise Data revenue fell to $132.9 million, down 11.2% year-over-year [3][13] Operating Metrics - GAAP gross margin for Q1 2025 was 55.4%, unchanged from Q4 2024, while non-GAAP gross margin was 55.7%, down 0.1 percentage points [14][16] - Operating expenses increased to $184.5 million (GAAP) and $133.5 million (non-GAAP), reflecting a 1.9% and 5.9% increase quarter-over-quarter, respectively [17][21] Cash Flow and Balance Sheet - Cash, cash equivalents, and short-term investments totaled $1,026.7 million at the end of Q1 2025, up from $862.9 million at the end of Q4 2024 [21][24] - Operating cash flow for Q1 2025 was $256.4 million, compared to $167.7 million in Q4 2024 [21][24] Q2 2025 Outlook - MPS forecasts revenue in the range of $640 million to $660 million for Q2 2025, with GAAP gross margin expected between 54.9% and 55.5% [26][25]

Financial Performance - Monolithic Power Systems, Inc. (MPS) reported revenue of $637.6 million for Q1 2025, a 2.6% increase from $621.7 million in Q4 2024 and a 39.2% increase from $457.9 million in Q1 2024 [1][2] - GAAP gross margin was 55.4% for Q1 2025, compared to 55.1% for Q1 2024 [1] - Non-GAAP gross margin was 55.7% for Q1 2025, unchanged from Q1 2024 [1] - GAAP operating income was $168.8 million for Q1 2025, up from $95.5 million in Q1 2024 [1] - Non-GAAP operating income was $221.5 million for Q1 2025, compared to $151.6 million in Q1 2024 [1] - GAAP net income was $133.8 million, or $2.79 per diluted share, for Q1 2025, compared to $92.5 million, or $1.89 per diluted share, for Q1 2024 [1] Revenue by End Market - Revenue from Storage and Computing was $188.5 million in Q1 2025, up from $106.1 million in Q1 2024 [2] - Automotive revenue increased to $144.9 million in Q1 2025 from $87.1 million in Q1 2024 [2] - Enterprise Data revenue decreased to $132.9 million in Q1 2025 from $149.7 million in Q1 2024 [2] - Communications revenue rose to $71.7 million in Q1 2025 from $46.6 million in Q1 2024 [2] - Consumer revenue increased to $56.9 million in Q1 2025 from $38.1 million in Q1 2024 [2] - Industrial revenue grew to $42.6 million in Q1 2025 from $30.2 million in Q1 2024 [2] Business Outlook - MPS projects revenue for Q2 2025 to be in the range of $640.0 million to $660.0 million [4] - GAAP gross margin is expected to be between 54.9% and 55.5% for Q2 2025 [4] - Non-GAAP gross margin is projected to be between 55.2% and 55.8% for Q2 2025 [4] - GAAP operating expenses are anticipated to be between $189.0 million and $195.0 million for Q2 2025 [4] - Non-GAAP operating expenses are expected to be between $132.6 million and $136.6 million for Q2 2025 [4]

Core Insights - The article emphasizes the importance of investing at the intersection of value and growth, particularly focusing on small-cap companies that can serve as long-term compounders or present special situations [1]. Group 1 - The investment strategy is characterized by a qualitative approach, seeking to identify companies with strong growth potential while also being undervalued [1]. - The analyst expresses a personal interest in both long-term investments and special situations, indicating a diverse investment philosophy [1].

The upcoming report from Monolithic Power (MPWR) is expected to reveal quarterly earnings of $4 per share, indicating an increase of 42.4% compared to the year-ago period. Analysts forecast revenues of $632.18 million, representing an increase of 38.1% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Before a company reve ...

Monolithic Power Systems, Inc. (MPWR) is set to release first-quarter 2025 results on May 1, after the closing bell. In the last reported quarter, adjusted earnings were $4.09 per share.This Kirkland, WA-based company is likely to have recorded higher revenues in the to-be-reported quarter, driven by solid traction in several verticals. Management’s effort to expand and diversify its product portfolio is a positive factor. Factors at PlayMonolithic Power projects e-commerce as the upcoming growth driver. Th ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Monolithic Power (MPWR) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 1, 2025, might help the stock move higher if these key numbers are better than exp ...

Core Viewpoint - Monolithic Power Systems, Inc. (MPS) is set to report its financial results for the first quarter ended March 31, 2025, on May 1, 2025, after market close [1][2]. Financial Reporting - MPS will provide written commentary on its operational results alongside the earnings announcement [2]. - A question-and-answer conference call will be hosted by MPS at 2:00 p.m. PT / 5:00 p.m. ET, accessible via a Zoom webcast [3]. Company Overview - MPS is a fabless global company specializing in high-performance, semiconductor-based power electronics solutions, founded in 1997 by CEO Michael Hsing [4]. - The company's mission focuses on reducing energy and material consumption to enhance quality of life and promote sustainability [4]. - MPS possesses strengths in system-level knowledge, semiconductor design expertise, and proprietary technologies, enabling the delivery of reliable and energy-efficient solutions [4].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Monolithic Power Systems, Inc. due to a class action lawsuit alleging breaches of fiduciary duties by the board of directors [1] Company Overview - Monolithic Power Systems is a provider of power management components used in electronic systems, with Nvidia Corporation as its largest customer [2] Class Action Lawsuit Details - The class action lawsuit claims that Monolithic Power Systems made false or misleading statements regarding the performance and quality control of its voltage regulator modules and power management integrated circuits [3] - Allegations include that these issues negatively impacted Nvidia's products, that Monolithic Power Systems failed to address known performance issues, and that its relationship with Nvidia was irreparably damaged [3] - The lawsuit asserts that Monolithic Power Systems was exposed to significant undisclosed risks affecting its business, financial standing, and reputation [3] Financial Performance - On October 30, 2024, Monolithic Power Systems reported a decline in quarterly revenue for its Enterprise Data segment, falling to $184 million from $187 million, missing estimates by nearly 13% [4] - Following this announcement, the stock price dropped over 17% [4] Customer Relationship Issues - A report from Edgewater Research on November 11, 2024, indicated that Nvidia canceled half of its orders with Monolithic Power Systems due to performance issues, leading Nvidia to seek alternative suppliers [5] - This news resulted in a nearly 15% decline in Monolithic Power Systems' stock price [5]

Company Overview - Monolithic Power (MPWR) shares increased by 23.4% to close at $561.84, following a notable trading volume, contrasting with a 20.2% loss over the past four weeks [1] - The company has a strong growth opportunity due to its diverse product portfolio targeting In-Car connectivity, advanced driver assistance systems (ADAS), and the rapid adoption of LED lighting in vehicles [2] - Monolithic's revenue is significantly derived from China, and the recent U.S. Government decision to suspend higher tariffs for most countries for 90 days (excluding China) is seen as a positive development for the company [2] Financial Performance - Monolithic is expected to report quarterly earnings of $4 per share, reflecting a year-over-year increase of 42.4%, with revenues projected at $632.18 million, up 38.1% from the previous year [3] - The consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days, indicating a positive trend in earnings estimate revisions which typically leads to price appreciation [4] Industry Context - Monolithic operates within the Zacks Semiconductor - Analog and Mixed industry, where another company, Magnachip (MX), recently closed 10.2% higher at $2.92, despite a -34.4% return over the past month [4] - Magnachip's consensus EPS estimate has changed by +40.5% over the past month to -$0.23, indicating a year-over-year change of +17.9% [5]