MPS(US:MPWR)2025-10-30 20:01Revenue and Income - Revenue for Q3 2025 was $737.2 million, a 10.9% increase from $664.6 million in Q2 2025 and an 18.9% increase from $620.1 million in Q3 2024[2] - Revenue for the nine months ended September 30, 2025, was $2,039.3 million, a 28.6% increase from $1,585.4 million in the same period of 2024[4] - Revenue for Q3 2025 was $737.2 million, a 19% increase from $620.1 million in Q3 2024[18] - Gross profit for Q3 2025 was $406.2 million, with a gross margin of 55.1%, compared to $343.4 million and 55.4% in Q3 2024[22] - GAAP net income for Q3 2025 was $178.3 million, or $3.71 per diluted share, compared to $144.4 million, or $2.95 per diluted share in Q3 2024[3] - Non-GAAP net income for Q3 2025 was $227.1 million, or $4.73 per diluted share, compared to $198.8 million, or $4.06 per diluted share in Q3 2024[3] - Net income for Q3 2025 reached $178.3 million, up 23.5% from $144.4 million in Q3 2024[18] - Non-GAAP net income for Q3 2025 was $227.1 million, compared to $198.8 million in Q3 2024, reflecting a 14.2% increase[20] Operating Performance - GAAP operating income for Q3 2025 was $195.2 million, compared to $164.0 million in Q3 2024[2] - Non-GAAP operating income for Q3 2025 was $260.6 million, compared to $220.8 million in Q3 2024[2] - Total operating expenses for Q3 2025 were $211,045,000, up from $179,415,000 in Q3 2024, representing a 17.6% increase[24] - Non-GAAP operating expenses for Q3 2025 were $148,339,000, up from $125,169,000 in Q3 2024, indicating a 19% increase[24] - Total income before income taxes for Q3 2025 reached $205,575,000, an increase from $174,306,000 in Q3 2024, marking a 17.9% rise[29] - Non-GAAP income before income taxes for Q3 2025 was $267,193,000, up from $227,183,000 in Q3 2024, representing a 17.6% growth[29] Future Projections - Projected revenue for Q4 2025 is expected to be between $730.0 million and $750.0 million[7] - Projected GAAP gross margin for Q4 2025 is expected to be between 54.9% and 55.5%[7] - Non-GAAP gross margin for Q4 2025 is projected to be between 55.2% and 55.8%[31] - Operating expenses for Q4 2025 are expected to be between $206,800,000 and $212,800,000[33] - Total stock-based compensation and related expenses for Q4 2025 are estimated to be between $63.2 million and $65.2 million[7] Research and Development - Research and development expenses for Q3 2025 were $98.2 million, a 15.4% increase from $85.1 million in Q3 2024[18] - The company continues to invest in R&D, with a total of $286.7 million spent in the first nine months of 2025, up from $239.0 million in the same period of 2024[18] Balance Sheet and Cash Flow - Total current assets increased to $2.1 billion as of September 30, 2025, from $1.6 billion at the end of 2024[16] - Cash and cash equivalents rose to $1.1 billion, up from $691.8 million at the end of 2024[16] - Total liabilities increased to $638.4 million from $471.3 million at the end of 2024[16] Stock-Based Compensation - Stock-based compensation and related expenses for Q3 2025 amounted to $60,875,000, compared to $52,416,000 in Q3 2024, a 16.5% increase[26] - Total other income, net for Q3 2025 was $10,392,000, compared to $10,278,000 in Q3 2024, reflecting a 1.1% increase[28] - Non-GAAP other income, net for Q3 2025 was $6,600,000, slightly up from $6,383,000 in Q3 2024, showing a 3.4% increase[28] Company Strategy - MPS continues to transition from a chip-only supplier to a full-service, silicon-based solutions provider[5]