Monolithic Power Systems, Inc. (MPS) is a fabless global company specializing in high-performance, semiconductor-based power electronics solutions. Founded in 1997, MPS integrates system-level knowledge, semiconductor design expertise, and proprietary technologies to deliver reliable, compact, and monolithic solutions. The company's mission is to reduce energy and material consumption, focusing on more integrated, smaller, energy-efficient, and cost-effective solutions. MPS plans to introduce new products within existing families and new innovative categories, targeting the storage and computing, enterprise data, automotive, industrial, communications, and consumer markets.

• Employees: 3,564 (as of December 31, 2023)
• Geographic Footprint: Asia, Europe, South America, and the United States
• Headquarters: Kirkland, Washington
• Founded: 1997
• Number of locations/facilities: 1,429,000 square feet of owned and leased facilities
• Revenue: $1.82 billion (FY2023)
• Key Subsidiaries/Brands: Not specified in filing

• CEO: Michael Hsing (President, Chief Executive Officer and Director since founding in 1997)
• CFO: Bernie Blegen (Executive Vice President and Chief Financial Officer since July 2016)
• Other Key Executives: Deming Xiao (Executive Vice President and President of Asia Operations since January 2008), Maurice Sciammas (Executive Vice President and Senior Vice President of Worldwide Sales and Marketing since 2007), Saria Tseng (Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary since 2004)

Key executives have extensive experience in the semiconductor industry and have held multiple leadership positions.

• Annual Revenue: $1.82 billion (FY2023)
• Net Income: $427.4 million (FY2023)
• Total Assets: $2.43 billion (as of December 31, 2023)
• Number of Employees: 3,564 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 1.5% year-over-year, driven by average selling prices, partially offset by lower shipment volume. Gross margin was 56.1%.

MPS offers power management ICs differentiated by high integration, accuracy, power efficiency, and longevity. Key product families include:

• Direct Current (DC) to DC Products: Used to convert and control voltages in various electronic systems. These products account for 94% of the total revenue in 2023.
• Lighting Control Products: Used in backlighting and general illumination, accounting for 6% of the total revenue in 2023.

MPS plans to introduce new products within existing and new innovative product categories.

MPS designs and develops products for the following end markets:

• Storage and Computing: 27.0% of revenue in 2023
• Automotive: 21.7% of revenue in 2023
• Enterprise Data: 17.7% of revenue in 2023
• Consumer: 12.9% of revenue in 2023
• Communications: 11.3% of revenue in 2023
• Industrial: 9.4% of revenue in 2023

MPS focuses on improving energy efficiency and reducing circuit board space. Key strategic initiatives include:

• Expanding product portfolio and adding new features.
• Investing in research and development for leading-edge analog power processes.
• Growing sales to customers outside of China, Taiwan, and other Asian markets.
• Expanding customer base and securing manufacturing capacity.

The company aims to innovate and fulfill customer needs, enter new markets, and grow sales while maintaining manufacturing capacity.

The analog and mixed-signal semiconductor industry is highly competitive. MPS competes with domestic and international semiconductor companies, including Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments. The industry is characterized by decreasing average selling prices over the life of a product. MPS believes its products are competitive due to their smaller size, high integration, lower energy consumption, and high performance at lower price points. The company operates in the cyclical semiconductor industry, but targets product and market areas that it believes have the ability to offer above-average industry performance over the long term.

• Market Risks: Dependence on Asian markets, changes in economic conditions in China, fluctuations in currency exchange rates, competition from companies with greater resources, and customers developing products internally.
• Operational Risks: Reliance on key suppliers in China, manufacturing capacity constraints, disruptions in assembly and test subcontractors, and ability to manage inventory levels.
• Financial Risks: Difficulty in predicting revenue and managing expenses, lengthy sales cycles, and potential product liability risks.
• Regulatory Risks: Exposure to anti-corruption laws, export control laws, environmental regulations, and uncertainties in China's legal system.