Income Statement
Quarterly Data
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.
Monolithic Power Systems Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
Revenue exhibited a consistent long-term upward trajectory, growing from 165.8 million in March 2020 to 637.6 million by March 2025. This expansion was characterized by rapid growth between 2021 and 2022, a period of relative stagnation and slight volatility throughout 2023, and a renewed acceleration in revenue gains during 2024 and the first quarter of 2025.
- Profitability Margins
- Gross profit margins remained relatively stable throughout the period, generally fluctuating between 55% and 60%. Operating margins showed significant improvement, rising from approximately 18.7% in early 2020 to a peak of 30.7% in September 2022, before stabilizing in the 26% to 27% range by early 2025.
- Operating Expense Trends
- Research and development expenditures scaled steadily, increasing from 25.9 million in March 2020 to 92.2 million in March 2025, reflecting a consistent commitment to product innovation. Selling, general, and administrative expenses followed a similar growth pattern, rising from 34.5 million to 92.2 million over the same period.
- Operating Income Performance
- Operating income demonstrated strong growth, increasing from 31.0 million in the first quarter of 2020 to 168.8 million by the first quarter of 2025. The most substantial gains in operational profitability occurred between 2021 and 2022, aligning with the period of fastest revenue growth.
- Net Income and Tax Anomalies
- Net income generally trended upward in alignment with operating performance, with the exception of a significant outlier in December 2024. During that quarter, net income surged to 1.45 billion, driven by a substantial income tax benefit of approximately 1.28 billion. Excluding this non-operational tax event, net income remained consistent with the broader operational growth trend, ending at 133.8 million in March 2025.
The overall financial pattern indicates a company that has successfully scaled its top-line revenue while maintaining stable gross margins and improving its operational efficiency. The scaling of operating expenses has remained proportional to revenue growth, although the significant net income spike in late 2024 is identified as an accounting anomaly related to tax benefits rather than core operational expansion.
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