Monolithic Power Systems, Inc. Q3 2026 Earnings Recap

MPS reported record quarterly revenue of $1.2 billion, up 22% sequentially and 63% year over year. Shares rose 1.1% after earnings, a roughly flat reaction; management cited ongoing demand and growth opportunities but did not provide 2027 guidance.

Key Takeaways

• Revenue topped $1 billion for the first time; management said quarterly capacity now supports more than $6 billion in annual revenue and expects $8 billion by the second half of 2027.
• Enterprise data demand was strong across existing customers, which management expects to continue into 2027. DDR5 PMIC was identified as the biggest growth driver in storage and compute.
• Management said notebook demand was weaker amid downstream memory constraints, though it remains bullish on the market over the longer term.
• Automotive 48-volt solutions received first orders, while robotics products began ramping. Management expects 48-volt and zonal architectures to contribute to growth in 2027.
• MPS repurchased more than $450 million of stock in Q3. 800-volt GaN products are sampling; management still expects architecture ramps late in 2027, with more activity in 2028.