Reports › MPWR › 10-Q FY2025

SEC filings, compared

What changed in Monolithic Power Systems,'s 10-Q for the quarter ended September 30, 2025

Compared with the 10-Q for the quarter ended September 30, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: MONOLITHIC POWER SYSTEMS, INC. · MPWR
This filing: 0001437749-25-033332 ↗ · filed Nov 5, 2025
Compared with: 0001437749-24-033608 ↗ · filed Nov 6, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

45 material changes among 64 changed paragraphs

12 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	737,176,000USD · Jul 1, 2025 to Sep 30, 2025	620,119,000USD · Jul 1, 2024 to Sep 30, 2024	+117,057,000+18.9%
Net income or lossus-gaap:NetIncomeLoss	178,274,000USD · Jul 1, 2025 to Sep 30, 2025	144,430,000USD · Jul 1, 2024 to Sep 30, 2024	+33,844,000+23.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	1,081,251,000USD · at Sep 30, 2025	700,347,000USD · at Sep 30, 2024	+380,904,000+54.4%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	733,292,000USD · Jan 1, 2025 to Sep 30, 2025	620,729,000USD · Jan 1, 2024 to Sep 30, 2024	+112,563,000+18.1%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001437749-25-033332 · FY2024: 0001437749-24-033608

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

2 material additions

Part I, Item 2 · MD&A

2 of 2 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Overview

Summary · quote-checked

Added an overview describing semiconductor cyclicality, third-party manufacturing, product ramp timing, supply-chain lead times, and customer order flexibility.

The new paragraph discloses substantive industry exposure, manufacturing dependency, customer-order flexibility, and forecasting uncertainty; it is not merely a presentation or period update.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] We operate in the cyclical semiconductor industry. We are subject to industry downturns, but we have targeted product and market areas that we believe allow us to operate at above average industry performance levels over the long term. We work with third parties to manufacture and assemble our ICs. This has enabled us to limit our capital expenditures and fixed costs, while focusing our engineering and design resources on our core strengths. Following the introduction of a product, our sales cycle generally takes a number of quarters after we receive an initial customer order for a new product to ramp up. Typical supply chain lead times for orders are generally 16 to 26 weeks. These factors, combined with the fact that our customers can cancel or reschedule orders without incurring a significant penalty, make the forecasting of our orders, revenue and expenses difficult.

Cite this change

"We operate in the cyclical semiconductor industry."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

02AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure of the H.R.1 Act’s tax-law modifications and their estimated impact on current-year tax provision.

The new paragraph identifies enacted tax changes, specific provisions affecting the company, and their estimated impact on reported tax expense, introducing a substantive tax obligation disclosure.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] The budget reconciliation bill H.R.1 ("H.R.1 Act") signed into law on July 4, 2025 makes permanent certain expiring provisions of the 2017 Tax Cuts and Jobs Act and makes modifications to the existing tax framework. The modifications that primarily impact us for the current year are the immediate expensing of domestic R&D and 100% bonus depreciation. Our tax provision for the three and nine months ended September 30, 2025 includes the estimated impact of the H.R.1 Act.

Cite this change

"The budget reconciliation bill H.R.1 ("H.R.1 Act") signed into law on July 4, 2025 makes permanent certain expiring provisions of the 2017 Tax Cuts and Jobs Act and makes modifications to the existing tax framework. The modifications that primarily impact us for the current year are the immediate expensing of domestic R&D and 100% bonus depreciation. Our tax provision for the three and nine months ended September 30, 2025 includes the estimated impact of the H.R.1 Act."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2

Summary · quote-checked

Removed disclosure of the company’s ability to adequately remediate its material weakness.

The removed text addresses remediation of a material weakness, an obligation and control-related risk, rather than a date, formatting, or wording update.

Filing text · FY2024 10-Q · filed Nov 6, 2024

~~[removed] • | our ability to adequately remediate our material weakness.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"• | our ability to adequately remediate our material weakness."

Monolithic Power Systems,, Form 10-Q for FY2024, Part I, Item 2, accession 0001437749-24-033608, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774924033608/mpwr20240930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that customers can cancel or reschedule orders without significant penalties, making orders, revenue and expenses difficult to forecast.

The removed paragraph disclosed a customer dependency affecting forecasting of orders, revenue and expenses; its substance is no longer stated.

Filing text · FY2024 10-Q · filed Nov 6, 2024

We are a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS's mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages are designed to enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. We operate in the cyclical semiconductor industry. We are subject to industry downturns, but we have targeted product and market areas that we believe have the ability to offer above average industry performance over the long term. Historically, our revenue has generally been higher in the second half of the year than in the first half although various factors, such as market conditions and the timing of key product introductions, could impact this trend. We work with third parties to manufacture and assemble our ICs. This has enabled us to limit our capital expenditures and fixed costs, while focusing our engineering and design resources on our core strengths. Following the introduction of a product, our sales cycle generally takes a number of quarters after we receive an initial customer order for a new product to ramp up. Typical supply chain lead times for orders are generally 16 to 26 weeks. [removed] These factors, combined with the fact that our customers can cancel or reschedule orders without significant penalty to the customer, make the forecasting of our orders, revenue and expenses difficult.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"These factors, combined with the fact that our customers can cancel or reschedule orders without significant penalty to the customer, make the forecasting of our orders, revenue and expenses difficult."

Monolithic Power Systems,, Form 10-Q for FY2024, Part I, Item 2, accession 0001437749-24-033608, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774924033608/mpwr20240930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

03RemovedPart I, Item 2 › Other Income, Net

Summary · quote-checked

The MD&A discussion of other income, including its year-over-year increase and stated drivers, was removed.

Removing a results narrative eliminates disclosure of the change in other income and the factors attributed to it, which is substantive under the MD&A rule.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] Other income, net, was $27.3 million for the nine months ended September 30, 2024, compared with $14.1 million for the nine months ended September 30, 2023. The increase in other income was primarily due to an increase in amortization of discount on available-for-sale securities, and an increase in income related to changes in the value of deferred compensation plan investments, partially offset by an increase in charitable contributions.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Other income, net, was $27.3 million for the nine months ended September 30, 2024, compared with $14.1 million for the nine months ended September 30, 2023. The increase in other income was primarily due to an increase in amortization of discount on available-for-sale securities, and an increase in income related to changes in the value of deferred compensation plan investments, partially offset by an increase in charitable contributions."

Monolithic Power Systems,, Form 10-Q for FY2024, Part I, Item 2, accession 0001437749-24-033608, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774924033608/mpwr20240930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

04RemovedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Removed disclosure of a foreign tax credit, related valuation allowance, realization assessment, and potential one-time noncash tax benefit.

The removed paragraph described a tax credit, deferred tax asset realization uncertainty, valuation allowance, and potential tax benefit, changing the disclosed tax obligation and exposure.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] In September 2024, one of our subsidiaries was granted a tax credit with a ten-year life by a foreign jurisdiction. The tax credit may be utilized beginning in tax year 2025 to offset income tax liabilities in that jurisdiction, subject to various criteria as outlined by the granting authorities. As of September 30, 2024, we have evaluated the sources of income necessary to benefit from the tax credit and have determined that we currently do not meet the more likely than not criteria for realization of this deferred tax asset. As a result, we have recorded a full valuation allowance on this deferred tax asset. We are evaluating the steps necessary, some of which are not within our immediate control, to generate sufficient future taxable income in the required jurisdiction and will reassess the realizability of this deferred tax asset each reporting period. A release of the valuation allowance could result in a significant one-time noncash tax benefit.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"In September 2024, one of our subsidiaries was granted a tax credit with a ten-year life by a foreign jurisdiction. The tax credit may be utilized beginning in tax year 2025 to offset income tax liabilities in that jurisdiction, subject to various criteria as outlined by the granting authorities. As of September 30, 2024, we have evaluated the sources of income necessary to benefit from the tax credit and have determined that we currently do not meet the more likely than not criteria for realization of this deferred tax asset. As a result, we have recorded a full valuation allowance on this deferred tax asset. We are evaluating the steps necessary, some of which are not within our immediate control, to generate sufficient future taxable income in the required jurisdiction and will reassess the realizability of this deferred tax asset each reporting period. A release of the valuation allowance could result in a significant one-time noncash tax benefit."

Monolithic Power Systems,, Form 10-Q for FY2024, Part I, Item 2, accession 0001437749-24-033608, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774924033608/mpwr20240930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

05RemovedPart I, Item 2 › Cash Requirements

Summary · quote-checked

Removed disclosure of the transition tax liability, installment payment arrangement, remaining balance, and short-term classification.

The removed paragraph disclosed a tax obligation, its payment schedule, and outstanding amount, changing the stated obligations and liquidity-related information.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the "2017 Tax Act"). As permitted by the 2017 Tax Act, we have elected to pay the tax liability in installments on an interest-free basis through 2025. As of September 30, 2024, the remaining liability totaled $6.2 million, all of which was classified as short-term.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the "2017 Tax Act")."

Monolithic Power Systems,, Form 10-Q for FY2024, Part I, Item 2, accession 0001437749-24-033608, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774924033608/mpwr20240930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

38 material changes

Part I, Item 2 · MD&A

5 of 38 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Cash Requirements

Summary · quote-checked

Added tariffs and retaliatory measures to liquidity risks, updated cash balances and date, and narrowed the stated sufficiency horizon to at least 12 months.

The paragraph adds a specific liquidity risk and changes management’s stated coverage from 12 months and beyond to at least 12 months; the updated figure and date also reflect the new period.

Why the model ranked it here

The disclosure adds tariff-related liquidity risk while narrowing the stated period for which cash and operating flows are expected to satisfy requirements.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Although consequences of economic uncertainties and macroeconomic ~~[removed] conditions~~ and other factors could adversely affect our liquidity and capital resources in the future, and ~~[removed] our~~ cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of ~~[removed] $1,462.4~~ million as of September 30, ~~[removed] 2024,~~ along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 ~~[removed] months and beyond.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

Although consequences of economic uncertainties and macroeconomic [added] conditions, including tariffs and retaliatory measures and announcements regarding same, and other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of [added] $1,269.5 million as of September 30, [added] 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for [added] at least the next 12 [added] months.

Cite this change

"Although consequences of economic uncertainties and macroeconomic conditions, including tariffs and retaliatory measures and announcements regarding same, and other factors could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of $1,269.5 million as of September 30, 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for at least the next 12 months."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

02ChangedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that a majority of revenue came from DC to DC converter products serving specified markets.

The prior paragraph disclosed a revenue and product-market dependency; removing it changes the stated concentration and dependency exposure, beyond the wording change from “market segments” to “markets.”

Why the model ranked it here

Removing the statement that a majority of revenue came from a specified product removes a central product and market dependency from the risk picture.

Filing text · FY2024 10-Q · filed Nov 6, 2024

We [removed] derive a majority of our revenue from the sales of our DC to DC converter products which serve the enterprise data, storage and computing, automotive, communications, consumer and industrial markets. We believe our ability to achieve revenue growth will depend, in part, on our ability to develop new products, enter new ~~[removed] market segments,~~ gain market share, manage litigation risk, diversify our customer base and continue to secure manufacturing capacity.

Filing text · FY2025 10-Q · filed Nov 5, 2025

We believe our ability to achieve revenue growth will depend, in part, on our ability to develop new products, enter new [added] markets, gain market share, manage litigation risk, diversify our customer base and continue to secure manufacturing capacity.

Cite this change

"We believe our ability to achieve revenue growth will depend, in part, on our ability to develop new products, enter new markets, gain market share, manage litigation risk, diversify our customer base and continue to secure manufacturing capacity."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

03ChangedPart I, Item 2 › Overview

Summary · quote-checked

The paragraph rolls forward Asia revenue percentages and removes disclosure that one customer represented specified revenue percentages from indirect AI-related sales.

Although the geographic percentages are period updates, removing the one-customer revenue concentration and AI-application sales disclosure changes the stated customer dependency and exposure.

Why the model ranked it here

Removing the disclosure of substantial sales to a customer eliminates a specific customer and artificial-intelligence-related concentration from the reported exposure.

Filing text · FY2024 10-Q · filed Nov 6, 2024

We derive most of our revenue from sales through distribution arrangements and direct sales to customers in Asia, where our products are incorporated into end-user products. Our revenue from sales to customers in Asia was ~~[removed] 94% and 89%~~ of our total revenue for the three months ended September 30, ~~[removed] 2024 and 2023,~~ respectively, and 93% ~~[removed] and 86%~~ of our total revenue for [removed] the nine months ended September 30, 2024 and 2023, respectively. Our revenue from indirect sales to one customer, which primarily comprised power management solutions for artificial intelligence ("AI") applications, was 15% and 12% of our total revenue for the three months ended September 30, 2024 and 2023, respectively, and 18% and 7% of our total revenue for the nine months ended September 30, ~~[removed] 2024 and 2023, respectively.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

Cite this change

"Our revenue from sales to customers in Asia was 91% and 94% of our total revenue for the three months ended September 30, 2025 and 2024, respectively, and 93% of our total revenue for each of the nine months ended September 30, 2025 and 2024."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

04Figures updatedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Updated liquidity figures show lower total cash, cash equivalents and short-term investments and lower working capital for the reported periods.

Although the table is recurring, the changed liquidity figures alter the filing’s assertion about available resources and working capital, so the reader may draw a different liquidity conclusion.

Why the model ranked it here

The lower reported cash, short-term investments and working capital change the reader’s assessment of available liquidity.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Filing text · FY2025 10-Q · filed Nov 5, 2025

September 30, | December 31,2025 | 2024(In thousands, except percentages)Cash and cash equivalents | $ | 1,081,251 | $ | 691,816Short-term investments | 188,233 | 171,130Total cash, cash equivalents and short-term investments | $ | 1,269,484 | $ | 862,946Percentage of total assets | 30.2 | % | 23.9 | %|Total current assets | $ | 2,112,745 | $ | 1,565,053Total current liabilities | (442,804 | ) | (294,567 | )Working capital | $ | 1,669,941 | $ | 1,270,486

Cite this change

"Total cash, cash equivalents and short-term investments | $ | 1,269,484 | $ | 862,946"

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

05ChangedPart I, Item 2 › Cash Requirements

Summary · quote-checked

Estimated future purchase commitments and the related prepayment and near-term amount changed.

The updated figures change the disclosed purchase-commitment exposure, prepayment, and amount due within a year, allowing a different conclusion about obligations and near-term cash requirements.

Why the model ranked it here

The revised purchase commitments, prepayment and near-term amount change the company’s disclosed supplier obligations and cash requirements.

Filing text · FY2024 10-Q · filed Nov 6, 2024

As of September 30, ~~[removed] 2024,~~ total estimated future unconditional purchase commitments to all suppliers and other parties, net of the ~~[removed] $120.0~~ million prepayment, were ~~[removed] $586.9~~ million, of which ~~[removed] $470.9~~ million was ~~[removed] classified as short-term.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

As of September 30, [added] 2025, total estimated future unconditional purchase commitments to all suppliers and other parties, net of the [added] $60.0 million prepayment, were [added] $499.3 million, of which [added] $443.2 million was [added] due within a year.

Cite this change

"As of September 30, 2025, total estimated future unconditional purchase commitments to all suppliers and other parties, net of the $60.0 million prepayment, were $499.3 million, of which $443.2 million was due within a year."

Monolithic Power Systems,, Form 10-Q for FY2025, Part I, Item 2, accession 0001437749-25-033332, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1280452/000143774925033332/mpwr20250930_10q.htm

Comparison: https://yearover.com/reports/mpwr/0001437749-25-033332?ref=quote

Show all 38 in Part I, Item 2 (33 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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