Financial Data and Key Metrics Changes - In Q2 2025, Monolithic Power Systems (MPS) achieved record quarterly revenue of $664.6 million, which is 4.2% higher than Q1 2025 and 31% higher than Q2 2024 [4][5] - The company continues to see diversified revenue growth across all markets, indicating a strong performance driven by consistent execution and innovation [5][6] Business Line Data and Key Metrics Changes - Storage and compute revenue grew sequentially, reflecting strong demand for memory and notebook power solutions [5] - The enterprise data segment is expected to grow between 20% to 30% sequentially in Q3 2025, with a seasonal uplift in consumer markets [10][20] Market Data and Key Metrics Changes - The company is experiencing strong demand across all end markets, with particular growth in enterprise data and AI ASIC programs [12][25] - The automotive segment is anticipated to flatten in the middle of the year but is expected to pick up towards the end of Q3 and Q4 as new content opportunities come online [37] Company Strategy and Development Direction - MPS is transforming from a chip-only semiconductor supplier to a full-service silicon-based solutions provider, focusing on innovation and expanding into new markets [5][6] - The company aims to maintain supply chain stability and adapt swiftly to market changes, which is part of its long-term growth strategy [6] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the outlook for the remainder of the year, citing strong demand across all end markets despite short lead times affecting order patterns [25][26] - The company does not foresee significant changes in customer ordering patterns related to tariffs, believing that the current cycle is driving demand [43][44] Other Important Information - The company is focusing on maintaining a diversified customer base, with expectations to return to a more normal profile of customer contributions by the end of the year [91] - MPS has low inventory levels, which is seen as a positive indicator of operational efficiency [48][81] Q&A Session Summary Question: Can you provide insights on the September setup and growth expectations? - Management indicated enterprise data is expected to grow between 20% to 30% sequentially, with a seasonal uplift in consumer markets [10] Question: What is the outlook for AI ASIC programs? - The company is engaging multiple customers and has numerous design wins, indicating a positive outlook for AI ASIC programs [12] Question: How do you view macroeconomic uncertainties affecting your business? - Management emphasized focusing on internal execution and customer demands, stating that they do not listen to competitors' calls [24][25] Question: What is the growth outlook for the automotive segment? - The automotive segment is expected to flatten in the middle of the year but is anticipated to pick up towards the end of Q3 and Q4 [37] Question: Can you elaborate on the enterprise data segment's growth rates? - Management noted that the lines between traditional CPU and AI are blurring, making it difficult to distinguish growth rates between the two [42] Question: What is the company's capacity and inventory situation? - MPS has the capacity to support $4 billion in revenue, with low inventory levels indicating strong demand [82][81] Question: How is customer concentration evolving with the ASIC ramp? - The company expects to return to a more diversified customer base, with no single customer contributing more than mid to high single digits [91]

Financial Data and Key Metrics Changes - MPS achieved record quarterly revenue of $664.6 million, which is 4.2% higher than Q1 2025 and 31% higher than Q2 2024 [3][4] - The company continues to see diversified revenue growth across all markets, reflecting a strong demand profile [4] Business Line Data and Key Metrics Changes - Storage and compute revenue grew sequentially, driven by demand for memory and notebook power solutions [4] - The enterprise data segment is expected to grow between 20% to 30% sequentially in Q3 2025, with a seasonal uplift in consumer markets [8][16] Market Data and Key Metrics Changes - The company is seeing strong demand across all end markets, with enterprise data and AI ASIC programs starting to ramp up [10][11] - The automotive segment is anticipated to flatten in the middle of the year but is expected to pick up in Q3 and Q4 as new content opportunities come online [32] Company Strategy and Development Direction - MPS is transforming from a chip-only semiconductor supplier to a full-service silicon-based solutions provider, focusing on innovation and solving customer challenges [4][5] - The company is investing in new technology and expanding into new markets to capture future growth opportunities [4] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the outlook for the remainder of the year, citing strong demand across all end markets despite short lead times affecting backlog visibility [21][22] - The company is not currently seeing significant impacts from macroeconomic uncertainties or tariff-related activities [39][40] Other Important Information - The company is focusing on maintaining supply chain stability and adapting swiftly to market changes [5] - Inventory levels are low, and the company is expanding its supply chains to meet customer demand [75][76] Q&A Session Summary Question: Can you provide insights on the September guidance and the six end markets? - Management indicated enterprise data is expected to grow between 20% to 30% sequentially, with other lines of business showing high single-digit growth [8] Question: What is the status of AI ASIC programs? - Multiple customers are engaged, and the company has many design wins, indicating a positive outlook for the enterprise data market [10][11] Question: Can you comment on the enterprise data guidance for the full year? - The market remains dynamic, and while Q4 guidance is not provided, Q3 is expected to grow sequentially [16][18] Question: How does the company view macroeconomic uncertainties? - Management focuses on internal execution and customer demands, stating that market conditions are being managed effectively [20][21] Question: What is the outlook for the automotive segment? - The automotive segment is expected to see growth in Q3 and Q4, driven by new content opportunities [32][33] Question: Can you elaborate on customer concentration and growth opportunities? - The company is returning to a more diversified customer base, with no single customer expected to exceed 5% of sales [80][81] Question: What are the growth drivers for 2026? - The company anticipates broad-based growth, particularly in enterprise data opportunities [85]