Monolithic Power Systems, Inc.

Welcome everyone to the MPS First Quarter 2025 Earnings Webinar. My name is Genevieve Cunningham and I will be the moderator for this webinar. Joining me today are Michael Singh, CEO and Founder of MPS, Bernie Blagan, EVP and CFO, and Tony Ballo, Vice President of Finance. Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. both documents can be found on our website before we begin i would like to remind everyone that in the course of today's presentation we may make forward-looking statements and projections within the meaning of the private securities litigation reform act of nineteen ninety five that involve risk and uncertainty Risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q1 2025 earnings release and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information. Now, I'd like to turn the call over to Bernie Blagan.

Thanks, Jen. Good afternoon and welcome to our Q1 2025 earnings call. In Q1, NPS achieved record quarterly revenue of $637.6 million, slightly higher than the fourth quarter of 2024 and 39.2% higher than Q1, 2024. This performance reflected the ongoing strength of our diversified market strategy, consistent execution, continued innovation and strong customer focus. Let me call out a few highlights from the first quarter. In our March 20th Investor Day, we showcased MPS innovation across a range of areas, including new opportunities in robotics, automotive, data center, building automation, medical, and audio. In Q1, storage and computing segment revenue increased 38% quarter over quarter on strong demand for both memory and notebook solutions. We continue to win designs across all major enterprise data customers with revenue ramps expected in the second half of this year. Finally, Q1 25 automotive revenue increased 13% from Q4 24, the third consecutive quarter of sequential double-digit growth. MPS continues to focus on innovation, solving our customers' most challenging problems and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets and to diversify our end market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability and swiftly adapt to market changes as they occur. Our proven long-term growth strategy remains intact as we continue our transformation from being a chip-only semiconductor supplier to a full-service silicon-based solutions provider. I will now open the webinar up for questions.

Thank you, Bernie. Analysts, I would now like to begin our Q&A session. As a reminder, if you would like to ask a question, please click on the participants icon on the menu bar and then click the raise hand button. Our first question is from Tori Svanberg of Stiefel. Tori, your line is now open.