Name: Monolithic Power Systems Inc. (NASDAQ:MPWR) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Monolithic Power Systems Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,207,100)	1,821,072)	1,794,148)	1,207,798)	844,452)
Cost of revenue	(986,230)	(799,953)	(745,596)	(522,339)	(378,498)
Gross profit	1,220,870)	1,021,119)	1,048,552)	685,459)	465,954)
Research and development	(324,748)	(263,643)	(240,171)	(190,627)	(137,598)
Selling, general and administrative	(356,764)	(275,740)	(281,596)	(232,415)	(169,474)
Operating expenses	(681,512)	(539,383)	(521,767)	(423,042)	(307,072)
Operating income	539,358)	481,736)	526,785)	262,417)	158,882)
Interest income	27,093)	23,363)	14,369)	11,637)	9,327)
Amortization of discount (premium) on available-for-sale securities, net	20,145)	5,277)	(4,375)	(4,674)	(2,979)
Gain (loss) on deferred compensation plan investments	9,400)	8,505)	(6,600)	4,563)	4,592)
Charitable contributions	(23,742)	(14,850)	(5,900)	(1,500)	(766)
Gain on sale of equity investment	—)	1,424)	—)	—)	—)
Other	658)	386)	658)	(224)	286)
Other income (expense), net	33,554)	24,105)	(1,848)	9,802)	10,460)
Income before income taxes	572,912)	505,841)	524,937)	272,219)	169,342)
Income tax (expense) benefit, net	1,213,788)	(78,467)	(87,265)	(30,196)	(4,967)
Net income	1,786,700)	427,374)	437,672)	242,023)	164,375)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Revenue exhibited a consistent upward trajectory from 2020 through 2024, growing from 844.4 million USD to 2.2 billion USD. While the most significant growth occurred between 2020 and 2022, a brief period of stabilization was observed in 2023 before revenue accelerated again in 2024. Gross profit followed a similar pattern, increasing from 465.9 million USD in 2020 to 1.22 billion USD in 2024, maintaining a relatively stable gross margin percentage throughout the period.

Operational Expense Trends: Operating expenses grew steadily from 307.1 million USD in 2020 to 681.5 million USD in 2024. Research and development expenditures showed a persistent increase every year, rising from 137.6 million USD to 324.7 million USD, indicating a sustained commitment to product innovation. Selling, general, and administrative expenses also trended upward, with a slight contraction in 2023 followed by a significant increase in 2024 to 356.8 million USD.
Operating Income Performance: Operating income grew substantially from 158.9 million USD in 2020 to a peak of 526.8 million USD in 2022. A slight decline occurred in 2023 to 481.7 million USD, coinciding with a period of slower revenue growth. However, operating income recovered in 2024, reaching 539.4 million USD, reflecting an improved capacity to scale operations relative to expenses.
Non-Operating Items and Other Income: Interest income increased progressively from 9.3 million USD in 2020 to 27.1 million USD in 2024. Other income, net, showed volatility, recording a dip into negative territory in 2022 before surging to 33.6 million USD in 2024. This volatility was influenced by fluctuations in deferred compensation plan investments and an increase in charitable contributions, which rose from 766 thousand USD in 2020 to 23.7 million USD in 2024.
Net Income and Tax Impact: Net income demonstrated a significant anomaly in the final year of the period. From 2020 to 2023, net income grew from 164.4 million USD to 427.4 million USD, largely mirroring operating performance. In 2024, net income spiked to 1.79 billion USD. This surge is not attributable to operational growth, but rather to a substantial income tax benefit of 1.21 billion USD, which offset the operational tax expenses seen in previous years.

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