Monolithic Power Systems (MPWR) 10-K risk factor changes: FY2025 vs FY2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| --- | --- |

For the fiscal year ended December 31, 2025

or

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| --- | --- |

Commission file number: 000-51026

Monolithic Power Systems, Inc.

(Exact name of registrant as specified in its charter)

| Delaware | 77-0466789 |

| --- | --- |

| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

| 1555 Palm Beach Lakes Blvd., West Palm Beach, Florida 33401 |

| --- |

| (Address of principal executive offices)(Zip Code)(1) |

(561) 839-3999

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class | | Trading Symbol | | Name of each exchange on which registered |

| --- | --- | --- | --- | --- |

| Common Stock, par value $0.001 per share | | MPWR | | The NASDAQ Global Select Market |

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer ☒ | Accelerated filer ☐ |

| --- | --- |

| Non-accelerated filer ☐ | Smaller reporting company ☐ |

[](# "toc")MONOLITHIC POWER SYSTEMS, INC.

FORM 10-K

FOR THE FISCAL YEAR ENDED December 31, 2025

TABLE OF CONTENTS

| | | Page |

| --- | --- | --- |

| [PART I](#parti) | | |

| | | |

| Item 1. | [Business](#item1) | [7](#item1) |

| | [Information about Executive Officers](#infoaboutexec) | [11](#infoaboutexec) |

| Item 1A. | [Risk Factors](#item1a) | [12](#item1a) |

| Item 1B. | [Unresolved Staff Comments](#item1b) | [30](#item1b) |

| Item 1C. | [Cybersecurity](#item1c) | [29](#item1c) |

| Item 2. | [Properties](#item2) | [30](#item2) |

| Item 3. | [Legal Proceedings](#item3) | [31](#item3) |

| Item 4. | [Mine Safety Disclosures](#item4) | [31](#item4) |

| | | |

| [PART II](#partii) | | |

| | | |

| Item 5. | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item5) | [32](#item5) |

| Item 6. | [\[Reserved\]](#item6) | [34](#item6) |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item7) | [34](#item7) |

| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#item7a) | [40](#item7a) |

| Item 8. | [Financial Statements and Supplementary Data](#item8) | [41](#item8) |

| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item9) | [77](#item9) |

| Item 9A. | [Controls and Procedures](#item9a) | [77](#item9a) |

| Item 9B. | [Other Information](#item9b) | [78](#item9b) |

| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c) | [78](#item9c) |

| | | |

| [PART III](#partiii) | | |

| | | |

| Item 10. | [Directors, Executive Officers and Corporate Governance](#item10) | [79](#item10) |

| Item 11. | [Executive Compensation](#item11) | [79](#item11) |

| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item12) | [79](#item12) |

| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#item13) | [79](#item13) |

| Item 14. | [Principal Accountant Fees and Services](#item14) | [79](#item14) |

| | | |

| [PART IV](#partiv) | | |

| | | |

| Item 15. | [Exhibits and Financial Statement Schedules](#item15) | [80](#item15) |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| --- | --- |

For the fiscal year ended December 31, 2024

or

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| --- | --- |

Commission file number: 000-51026

Monolithic Power Systems, Inc.

(Exact name of registrant as specified in its charter)

| Delaware | 77-0466789 |

| --- | --- |

| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

5808 Lake Washington Blvd. NE, Kirkland, Washington 98033

(Address of principal executive offices)(Zip Code)

(425) 296-9956

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class | | Trading Symbol | | Name of each exchange on which registered |

| --- | --- | --- | --- | --- |

| Common Stock, par value $0.001 per share | | MPWR | | The NASDAQ Global Select Market |

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer ☒ | Accelerated filer ☐ |

| --- | --- |

| Non-accelerated filer ☐ | Smaller reporting company ☐ |

| | Emerging growth company ☐ |