MPS(US:MPWR)2025-05-01 20:01Revenue Performance - Q1 2025 revenue reached $637.6 million, up 2.6% quarter-over-quarter and 39.2% year-over-year[11] - Automotive revenue increased 12.9% from Q4 2024 to $144.9 million, representing 22.7% of total revenue, and up 66.4% year-over-year[14] - Storage and Computing revenue was $188.5 million, up 38.1% quarter-over-quarter and 77.7% year-over-year, accounting for 29.6% of total revenue[12] - The company forecasts Q2 2025 revenue between $640 million and $660 million, with a GAAP gross margin of 54.9% to 55.5%[28] Income and Profitability - GAAP net income for Q1 2025 was $133.8 million, a significant decrease of 90.8% from Q4 2024, while non-GAAP net income was $193.8 million, down 2.3% from the previous quarter[22] - Net income for Q1 2025 was $133.791 million, up from $92.541 million in Q1 2024, representing a 44.5% increase[33] - Non-GAAP net income for Q1 2025 was $193.813 million, compared to $137.492 million in Q1 2024, reflecting a 40.9% growth[33] - Gross profit for Q1 2025 reached $353.230 million, with a gross margin of 55.4%, slightly up from 55.1% in Q1 2024[35] - Non-GAAP gross profit for Q1 2025 was $355.060 million, maintaining a non-GAAP gross margin of 55.7%[35] - The company reported a total operating income of $168.759 million for Q1 2025, up from $95.487 million in Q1 2024[38] - Non-GAAP operating income for Q1 2025 was $221.534 million, compared to $151.613 million in Q1 2024, marking a 46.1% increase[38] Expenses and Cash Flow - Total operating expenses for Q1 2025 were $184.471 million, an increase from $156.954 million in Q1 2024[36] - Non-GAAP operating expenses for Q1 2025 were $133.526 million, compared to $103.426 million in Q1 2024, indicating a 29.1% rise[36] - Total stock-based compensation and related expenses for Q1 2025 were $53.8 million, down from $56.3 million in Q4 2024[21] - Operating cash flow for Q1 2025 was $256.4 million, an increase from $167.7 million in Q4 2024[24] Margins and Projections - The gross margin for Q1 2025 was 55.4% under GAAP and 55.7% under non-GAAP, with the latter down 0.1 percentage points from Q4 2024[19] - Projected gross margin for Q2 2025 is expected to be between 54.9% and 55.5%[43] - Non-GAAP operating expenses for Q2 2025 are projected to range from $132.600 million to $136.600 million[45] Strategic Initiatives - The company continues to invest in new technology and expand into new markets to capture future growth opportunities[9] - Days of sales outstanding increased to 31 days in Q1 2025, up from 25 days in Q4 2024[25]