Power Integrations, Inc. reported its financial results for the third quarter of 2025, revealing a net revenue of $118.9 million, a slight increase from $115.8 million in the same period last year. For the nine months ending September 30, 2025, the company achieved revenues of $340.3 million, up from $313.7 million in 2024. The growth in revenue was primarily attributed to increased sales in the industrial end-market. However, the company experienced a net loss of $1.4 million for the quarter, compared to a net income of $14.3 million in the prior year, reflecting a significant decline in profitability.
The company's gross margin remained stable at 55% for the three months ended September 30, 2025, consistent with the same period in 2024. For the nine-month period, gross margin improved to 55% from 53% in the previous year, driven by a favorable end-market mix that included a higher proportion of revenues from higher-margin sectors. Operating expenses surged to $68.8 million for the third quarter, up from $51.6 million in 2024, largely due to increased stock-based compensation expenses related to the retirement of the former CEO and higher legal and engineering service costs.
Power Integrations' customer concentration remained high, with the top ten customers accounting for approximately 81% of net revenues in both the three and nine months ended September 30, 2025. International sales constituted about 98% of total revenues, with significant contributions from the Asia-Pacific region. The company continues to focus on expanding its addressable market, particularly in high-power applications and electric vehicle technologies, following its acquisition of Odyssey Semiconductor Technologies in July 2024, aimed at enhancing its gallium-nitride technology capabilities.
Looking ahead, Power Integrations expressed caution regarding future performance, citing potential risks from changing trade policies, market demand fluctuations, and competitive pressures. The company emphasized its commitment to innovation and market penetration strategies to drive growth, particularly in energy-efficient technologies that align with global sustainability efforts. As of September 30, 2025, the company had $241.9 million in cash, cash equivalents, and short-term marketable securities, a decrease from $300 million at the end of 2024, indicating a need for careful cash management moving forward.
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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