Monolithic Power Systems, Inc. (NASDAQ:MPWR) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET

Company Participants

Genevieve Cunningham - Senior Manager, Marketing Communications
Bernie Blegen - Executive Vice President and Chief Financial Officer
Michael Hsing - Chairman of the Board, President and Chief Executive Officer
Tony Balow - Vice President of Finance

Conference Call Participants

Rick Schafer - Oppenheimer
Tore Svanberg - Stifel
Joshua Buchalter - Cowen
Chris Caso - Wolfe
William Stein - Truist
Ross Seymore - Deutsche Bank
Quinn Bolton - Needham

Genevieve Cunningham

Welcome, everyone, to the MPS Third Quarter 2024 Earnings Webinar. My name is Genevieve Cunningham and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; Bernie Blegen, EVP and CFO; and Tony Balow, Vice President of Finance.

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both of these documents can be found on our website.

Before we begin, I would like to remind everyone, that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty.

Risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q3 earnings release and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today and we assume no obligation to update this information.

Now I'd like to turn the call over to Bernie Blegen.

Bernie Blegen

Thanks, Gen. Good afternoon, and welcome to our Q3 '24 earnings call. MPS achieved record quarterly revenue of $620.1 million, 22% higher than revenue in the second quarter of 2024 and 30% higher than revenue in the third quarter of 2023.

Our performance during the quarter reflected the strength of our diversified market strategy as we experienced improved ordering trends across most end markets and additionally benefited from initial revenue ramps associated with design wins secured in prior years.

Let me call out a few highlights. Q3 2024 automotive revenue was up 28% sequentially with improvements in infotainment, lighting, ADAS, and body controls. Communication revenue was up 65% from the prior quarter, reflecting new product ramps for Wi-Fi, optical, networking, and router solutions.