Power Integrations, Inc. reported a net revenue of $443.5 million for the fiscal year ending December 31, 2025, marking an increase of 5.9% from $419.0 million in 2024. The company's gross profit rose to $241.6 million, representing a gross margin of 55%, up from 54% in the previous year. This improvement in profitability was attributed to manufacturing efficiencies and a favorable end-market mix, with a higher percentage of sales coming from higher-margin categories. However, net income decreased to $22.1 million, or $0.39 per diluted share, down from $32.2 million, or $0.56 per diluted share, in 2024.
The company experienced significant changes in its operational landscape, particularly in its customer base. The top ten customers accounted for approximately 81% of net revenue in 2025, compared to 79% in 2024. Notably, sales to distributors represented 69% of total revenue, indicating a slight decrease from 70% in the prior year. International sales continued to dominate, comprising about 98% of total revenue, with a substantial portion generated from the Asia-Pacific region.
Strategically, Power Integrations made a notable acquisition in July 2024, purchasing the assets of Odyssey Semiconductor Technologies for $9.52 million. This acquisition is expected to enhance the company's capabilities in high-power gallium-nitride (GaN) switching technology. Additionally, the company has been focusing on expanding its product offerings, particularly in the electric vehicle (EV) market, and has introduced new products that leverage its proprietary GaN technology.
Operationally, Power Integrations employed 877 full-time personnel as of December 31, 2025, with a significant presence in North America and the Asia-Pacific region. The company has also been proactive in managing its costs, with total operating expenses increasing to $231.5 million, primarily due to higher stock-based compensation and legal expenses. The company anticipates continued growth in its addressable market, particularly in energy-efficient technologies, and aims to leverage its innovations to meet increasing demand for energy-efficient products.
Looking ahead, Power Integrations remains cautious about potential challenges, including macroeconomic conditions, competitive pressures, and supply chain disruptions. The company has expressed optimism about its growth trajectory, particularly in the industrial and automotive sectors, and plans to continue investing in research and development to drive future innovations.
About POWER INTEGRATIONS INC
Power Integrations, Inc. designs and markets high-voltage analog and mixed-signal integrated circuits for power conversion. Its products enable efficient AC-DC power supplies, LED drivers, motor controllers, and gate drivers across consumer, industrial, and automotive markets. The company focuses on energy-efficient solutions, system-level integration, and expanding addressable markets through innovative technologies like GaN transistors, serving OEMs and distributors worldwide.
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