- **Record Q3 Revenue**: $737M (+18.9% YoY), driven by automotive ADAS, robotics BMS, and enterprise data modules.
- **Gross Margin Stability**: Mid-55% range maintained despite short-term demand volatility.
- **Strategic Wins**: 
  - First full BMS solution for robotics
  - 800V DC power systems targeting 2027
  - EV BMS and traction inverters ramping 2026
- **Growth Catalysts**: 
  - 30-40% 2026 CAGR in enterprise data modules
  - Robotics and EV BMS solutions
  - 48V automotive power systems

**【CFO Financial Overview】**
- Q3 2025 revenue reached $737.2 million, up 10.9% sequentially and 18.9% year-over-year, driven by diversified market strategy.
- Record performance across all end markets, including automotive (new Tier 1 ADAS design win) and robotics (first full BMS solution win).
- Gross margin maintained mid-55% range, with stability due to short-term demand visibility.

**【CEO Strategic Highlights】**
- Transitioning from chip-only supplier to full silicon-based solutions, exemplified by enterprise data modules and zonal automotive electronics.
- Robotics and EV BMS solutions expected to ramp in 2026, with 800V DC power systems targeting 2027+.
- Automotive content expansion: 48V systems, power isolation, and silicon carbide traction inverters.

**【Q&A Key Themes】**
1. **Enterprise Data Growth**: 
- Module shipments growing faster than discrete chips, with 30-40% 2026 revenue CAGR.
- Design wins in AI/ML accelerators and HPC power delivery systems.
2. **Gross Margin Dynamics**: 
- Mid-55% range stable due to short-term order visibility; long-term margin expansion via automation and test equipment.
3. **New Market Opportunities**: 
- Robotics BMS solutions for industrial automation.
- EV BMS and traction inverters targeting 2027+.
4. **Supply Chain & Inventory**: 
- Channel inventory at 5-8 weeks, aligned with quick-turn business model.
5. **Competitive Positioning**: 
- Leading in high-density, high-efficiency power solutions; no material impact from GaN/SiC in near term.

Monolithic Power Systems, Inc. (MPWR) Q3 2025 Earnings Call Transcript

Direct Current to Direct Current Products

Lighting Control Products

Storage and Computing

Automotive

Enterprise Data

Communications

Consumer

Industrial

Mainland China

Taiwan (China)

Europe

Korea

Southeast Asia

Japan

United States

Other

MPWR

MPWR fundamentals

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