Power Integrations Earnings Call Transcripts
Fiscal Year 2026
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Q1 revenue grew 3% year-over-year to $108.3 million, led by industrial and sequential consumer recovery. Outlook for Q2 is strong, with revenue expected to rise 8.5% sequentially and gross margin to improve, driven by growth in industrial, data center, and automotive markets.
Fiscal Year 2025
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Q4 revenue was $103M with non-GAAP EPS of $0.23; full-year revenue grew 6% and EPS rose 8%. Industrial and GaN products drove growth, while a 7% workforce reduction aims to align costs. Outlook for 2026 is cautious but optimistic, with focus on industrial, data center, and automotive.
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Q3 revenue grew 3% sequentially to $119M, led by industrial and high-power segments, while consumer declined due to appliance softness and inventory adjustments. Q4 revenue is expected to fall to $100–$105M, with normalization in consumer and growth in AI data center and automotive markets anticipated in 2026.
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Q2 revenue grew 9% year-over-year to $116M, driven by industrial and GaN product strength, while consumer appliances faced tariff-related headwinds. Guidance for Q3 is $118M ±$5M, with continued focus on innovation, high-voltage GaN, and expansion in data center and automotive markets.
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The meeting covered director elections, executive compensation, auditor ratification, governance amendments, and a stockholder proposal to separate the Chairman and CEO roles. All company proposals passed, while the stockholder proposal did not. Voting results will be filed with the SEC.
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Q1 revenue grew 15% year over year to $106 million, with strong performance in consumer and industrial segments and robust cash flow supporting share buybacks. Q2 revenue is guided up sequentially, though trade policy and tariffs remain key uncertainties.
Fiscal Year 2024
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Q4 revenue rose 18% year-over-year to $105M, with all segments except communications growing. GaN technology adoption is accelerating, and industrial is expected to lead growth in 2025. CEO succession and board changes were announced.
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The session highlighted a strategic shift toward high-voltage, high-growth markets, with a focus on GaN technology and expanding SAM. Revenue mix is shifting from cell phones to industrial and consumer appliances, and 2025 is expected to see growth across all segments, driven by innovation and strong foundry partnerships.
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Q3 revenue rose 9% sequentially to $116M with strong gross margin, but Q4 guidance reflects soft consumer demand due to inventory buildup at Chinese OEMs. Industrial and GaN products are expected to drive growth in 2025, with GaN projected to reach 20% of revenue in 2-3 years.
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Q2 saw a 16% sequential revenue increase, led by consumer and computer segments, with easing inventory headwinds and strong gross margin. Outlook for Q3 is positive, but visibility remains limited due to macro uncertainty. GaN adoption and new product launches are expected to drive future growth.
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Focuses on high-voltage semiconductors for energy efficiency, with GaN technology driving future growth across computers, industrial, and automotive markets. Communications revenue is declining, but strong R&D and recent acquisitions position the company for expansion in emerging sectors.