Monolithic Power Systems, Inc.

Welcome everyone to the NPS Second Quarter 2025 earnings webinar. My name is Arthur Lee and I will be the moderator for this webinar. Joining me today are Michael Singh, CEO and founder of NPS, Bernie Blagen, EVP and CFO, and Tony Ballou, Vice President of Finance. Earlier today, along with our earnings announcement, NPS 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 1995 that involve risk and uncertainties. The risk, 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 Q2 2025 earnings release, our Q2 2025 earnings commentary 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 would like to turn the call over to Bernie Blagen.

Thanks Arthur. Good afternoon and welcome to our Q2 2025 earnings call. In Q2, NPS achieved record quarterly revenue of $664.6 million, .2% higher than the first quarter of 2025 and .0% higher than Q2 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 second quarter. We continued to see diversified revenue growth across all of our end markets. We began initial shipments of our power solutions to support our customers' new ASIC-based AI products. Storage and compute revenue grew sequentially off a strong Q1 as we continued to see demand for both memory and notebook power solutions. NPS continues to focus on innovation and solving our customers' most challenging problems. We continue to invest in new technology, expand into new markets and to diversify our end market application and global supply chain. This will allow us to capture future growth opportunities, maintain supply chain 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 participant's icon and the menu bar and then click the raise hand button. Our first question is from Tori Swenberg of Stiefel. Tori, your line is now open.