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Power Integrations Inc. - Power Integrations Reports Second-Quarter Financial Results
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Power Integrations Reports Second-Quarter Financial Results
08/05/2026
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Revenue increased ten percent sequentially to $118.9 million; GAAP earnings were $0.17 per diluted share; non-GAAP earnings were $0.37 per diluted share
Cash flow from operations was $22.0 million
SAN JOSE, Calif.--(BUSINESS WIRE)--
Power Integrations (NASDAQ: POWI) today announced financial results for the quarter ended June 30, 2026. Revenue for the second quarter was $118.9 million, up ten percent from the prior quarter and up three percent from the second quarter of 2025. GAAP net income for the second quarter was $9.8 million or $0.17 per diluted share compared to $0.06 per diluted share in the prior quarter and $0.02 per diluted share in the second quarter of 2025. Cash flow from operations for the second quarter was $22.0 million.
In addition to its GAAP results, the company provided certain measures not calculated according to GAAP. Non-GAAP results exclude stock-based compensation, amortization of acquisition-related intangible assets, accrual for a judgment in a legal matter, a restructuring charge recognized in the first quarter of 2026 and the tax effects of these items. Non-GAAP net income for the second quarter of 2026 was $20.9 million or $0.37 per diluted share compared to $0.25 per diluted share in the prior quarter and $0.35 per diluted share in the second quarter of 2025. A reconciliation of GAAP to non-GAAP financial results and outlook is included with the tables accompanying this press release.
Power Integrations CEO Jen Lloyd commented: "We delivered strong second-quarter results, highlighted by continued growth in industrial markets, improved profitability, and lower inventories in the distribution channel and on our balance sheet. The demand drivers behind our business remain compelling, as investment in renewable energy, grid infrastructure and AI data centers drives customer demand for higher efficiency, reliability and power density. Our new 2200 V PowiGaN™ technology extends our capabilities in high-voltage GaN and positions us to support customer roadmaps in these markets over the long term."
Power Integrations paid a dividend of $0.215 per share on June 30, 2026 to stockholders of record as of May 29, 2026. A dividend of $0.215 per share will be paid on September 30, 2026, to stockholders of record as of August 31, 2026.
Financial Outlook
The company issued the following outlook for the third quarter of 2026:
Revenue is expected to be in a range of $122 million to $130 million.
GAAP gross margin is expected to be between 53.3 percent and 54.4 percent, and non-GAAP gross margin is expected to be between 54 percent and 55 percent.
GAAP operating expenses are expected to be between $55 million and $56 million, and non-GAAP operating expenses are expected to be between $45 million and $46 million.
GAAP operating margin is expected to be between 8.3 percent and 10.9 percent, and non-GAAP operating margin is expected to be between 17 percent and 19 percent.
Conference Call Information and Supplemental Materials
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. A live webcast of the call will be available on the company's investor web page,
http://investors.power.com
, along with supplemental materials related to today’s earnings release.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission, conversion and consumption of power in applications ranging from milliwatts to megawatts including AI data centers, EVs and energy infrastructure. For more information, please visit
www.power.com
.
Note Regarding Use of Non-GAAP Financial Measures
The non-GAAP measures provided in this press release, including non-GAAP earnings per diluted share, non-GAAP net income, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating margin, should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP) in the United States. The non-GAAP financial measures are presented only as supplemental information to understand the Company’s operating results. In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, accrual for a judgment in a legal matter, a restructuring charge recognized in the first quarter of 2026, and the tax effects of these items. The company considers these non-GAAP financial measures to be important because they provide additional insight into the company’s on-going performance; the company uses these measures in its financial and operational decision-making and, with respect to non-GAAP operating income, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, to enable more meaningful and consistent period-to-period comparisons, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools, do not have any standardized meanings and are therefore unlikely to be comparable to similarly titled measures presented by other companies, and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future but is not reflected in the non-GAAP measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.
Note Regarding Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and are sometimes accompanied by words such as “believe,” “continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,” “potential,” “seem,” “seek,” “outlook,” and similar expressions that concern the Company’s expectations, strategy, priorities, plans, or intentions, predict or indicate future events or trends, or that are not statements of historical matters. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, without limitation, the Company’s outlook for the third quarter of 2026, the trends and assumptions underlying such outlook, including the continuation of growth and demand drivers, the Company's expectations regarding new technology, and the Company’s anticipated upcoming dividend, including the timing and amount of such dividend, among others. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of the Company. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risks that the demand drivers behind the Company’s business may not continue to the extent anticipated, or at all; (ii) the risks that the investments in renewable energy, grid infrastructure, and AI data centers may not drive Company customer demand to the extent or in the time frame anticipated, or at all; (iii) the risks that the Company’s new 2200 V PowiGaN™ technology may not extend the Company’s capabilities in high-voltage GaN nor position the Company to support customer roadmaps over the long term to the extent or in the time frame anticipated, or at all; (iv) the risks that the Company may not be in a position to pay the $0.215 per share dividend on September 30, 2026 as currently anticipated due to unforeseen circumstances; (v) the Company’s ability to forecast its performance; (vi) changes in trade policies, in particular the escalation and imposition of new and higher tariffs, which could reduce demand for end products that incorporate the Company's integrated circuits and/or place pressure on the Company's prices as the Company's customers seek to offset the impact of increased tariffs on their own products; (vii) the Company’s ability to supply products and its ability to conduct other aspects of its business, such as competing for new design wins; (viii) changes in global economic and geopolitical conditions, including such factors as inflation, armed conflicts, and trade negotiations, which may impact the level of demand for the Company’s products; (ix) potential changes and shifts in customer demand away from end products that utilize the Company's integrated circuits to end products that do not incorporate the Company's products; (x) the effects of competition, which may cause the Company’s revenue to decrease or cause the Company to decrease its selling prices for its products; (xi) unforeseen costs and expenses, and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates; and (xii) product development delays and defects and market acceptance of the new products. These risks and uncertainties may be amplified by current or future global conflicts and current and potential trade restrictions, trade tensions, and tariffs, all of which continue to cause economic uncertainty. You should carefully consider the foregoing factors and the other risks and uncertainties, including those more fully described in the "Risk Factors" section of the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q that the Company has caused to be filed with the U.S. Securities and Exchange Commission, or the SEC, and other documents filed by the Company or that will be filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements in this press release are based only on information currently available to the Company and speak only as of the date they are made.
Investors are cautioned not to put undue reliance on forward-looking statements, and the Company disclaims any obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. The Company gives no assurance that the Company will achieve any of its expectations.
Power Integrations, PowiGaN and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except per-share amounts)
Three months ended
Six months ended
June 30,
2026
March 31,
2025
Net revenue
$
118,939
108,308
115,852
227,247
221,381
Cost of revenue
54,302
51,370
51,898
105,672
99,192
Gross profit
64,637
56,938
63,954
121,575
122,189
Operating expenses:
Research and development
27,163
26,255
25,991
53,418
50,086
Selling, general and administrative
28,052
24,444
30,157
52,496
57,579
Other operating expenses (income)
522
(1,419
)
9,151
(897
Restructuring and related charges
—
6,204
Total operating expenses
55,737
55,484
65,299
111,221
116,816
Income (loss) from operations
8,900
1,454
(1,345
10,354
5,373
Other income
2,333
2,466
2,690
4,799
5,857
Income before income taxes
11,233
3,920
1,345
15,153
11,230
Provision for (benefit from) income taxes
1,400
620
(24
2,020
1,071
NET INCOME
9,833
3,300
1,369
13,133
10,159
Earnings per share:
Basic
0.18
0.06
0.02
0.24
Diluted
0.17
0.23
Shares used in per share calculation:
55,748
55,506
56,274
55,627
56,571
56,696
55,874
56,387
56,335
56,787
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands)
December 31,
ASSETS
Current assets:
Cash and cash equivalents
70,612
58,755
Short-term investments
192,001
190,755
Accounts receivable, net
26,778
18,254
Inventories
157,790
166,887
Prepaid expenses and other current assets
23,983
23,678
Total current assets
471,164
458,329
Property and equipment, net
142,143
146,536
Intangible assets, net
6,893
7,244
Goodwill
95,271
Other non-current assets
63,535
64,827
TOTAL ASSETS
779,006
772,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
28,645
33,963
Accrued payroll and related expenses
13,104
13,840
Other accrued liabilities
24,899
22,558
Total current liabilities
66,648
70,361
Long-term liabilities
Other liabilities
31,830
29,001
TOTAL LIABILITIES
98,478
99,362
STOCKHOLDERS’ EQUITY:
Common stock
20
Additional paid-in capital
20,230
Accumulated other comprehensive loss
(2,948
(1,105
Retained earnings
663,226
673,930
TOTAL STOCKHOLDERS' EQUITY
680,528
672,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended
Six Months Ended
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
6,239
7,002
12,619
14,246
Amortization of intangible assets
168
208
351
415
Loss on disposal of property and equipment
446
495
Stock-based compensation expense
11,258
10,077
17,565
18,760
Accretion of discount on investments
(144
(375
(300
(721
Deferred income taxes
711
1,683
1,758
(854
Decrease in accounts receivable allowance for credit losses
(381
Change in operating assets and liabilities:
Accounts receivable
(12,371
(4,777
(8,524
(30
5,192
672
9,097
(2,784
Prepaid expenses and other assets
1,558
3,036
3,925
6,405
(3,138
(3,754
(7,210
248
2,228
13,931
(884
9,995
Net cash provided by operating activities
21,980
29,072
42,025
55,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(4,302
(5,926
(6,300
(11,652
Purchases of investments
(9,269
(42,066
(24,076
(47,696
Proceeds from sales and maturities of investments
10,700
80,610
21,355
96,492
Net cash provided by (used in) investing activities
(2,871
32,618
(9,021
37,144
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under employee stock plans
2,787
Repurchase of common stock
(32,560
(55,658
Payments of dividends to stockholders
(11,887
(11,809
(23,837
(23,768
Proceeds from borrowings on line of credit
13,000
Repayments on line of credit
(13,000
Net cash used in financing activities
(44,369
(21,147
(76,639
NET INCREASE IN CASH AND CASH EQUIVALENTS
7,222
17,321
11,857
15,963
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
63,390
49,614
50,972
CASH AND CASH EQUIVALENTS AT END OF PERIOD
66,935
SUPPLEMENTAL INFORMATION (Unaudited)
Stock-based compensation expense included in:
707
469
592
1,176
1,249
1,904
3,190
4,940
5,440
6,993
3,526
6,295
10,519
12,071
1,827
Total stock-based compensation expense
6,307
Cost of revenue includes:
Amortization of acquisition-related intangible assets
147
146
294
293
Revenue Mix by End Market
Communications
10
%
11
Computer
12
Consumer
36
38
37
41
Industrial
43
40
42
RECONCILIATION OF FREE CASH FLOW
Cash flows from operations
Free cash flow
35,725
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS (Unaudited)
RECONCILIATION OF GROSS PROFIT
GAAP gross profit
GAAP gross margin
54.3
52.6
55.2
53.5
Less:
Stock-based compensation included in cost of revenue
Restructuring and related charges in cost of revenue (b)
365
Total
854
981
738
1,835
1,542
Non-GAAP gross profit
65,491
57,919
64,692
123,410
123,731
Non-GAAP gross margin
55.1
55.8
55.9
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses
Stock-based compensation unrelated to restructuring
10,029
5,430
9,485
15,459
17,511
Other operating expenses (income) (a)
Restructuring and related charges (b)
10,551
10,215
18,636
20,766
26,662
Non-GAAP operating expenses
45,186
45,269
46,663
90,455
90,154
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS
GAAP income (loss) from operations
GAAP operating margin
7.5
1.3
(1.2
%)
4.6
2.4
Add:
10,736
5,899
16,635
6,569
11,405
11,196
19,374
22,601
28,204
Non-GAAP income from operations
20,305
12,650
18,029
32,955
33,577
Non-GAAP operating margin
17.1
11.7
15.6
14.5
15.2
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision for (benefit from) income taxes
GAAP effective tax rate
12.5
15.8
(1.8
13.3
9.5
Tax effect of adjustments to GAAP results (c)
(363
(611
(871
(974
(632
Non-GAAP provision for income taxes
1,763
1,231
847
2,994
1,703
Non-GAAP effective tax rate
7.8
8.1
4.1
7.9
4.3
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income
Adjustments to GAAP net income:
Total stock-based compensation unrelated to restructuring
11,042
10,585
18,503
21,627
27,572
Non-GAAP net income
20,875
13,885
19,872
34,760
37,731
Average shares outstanding for calculation of non-GAAP net income per share (diluted)
GAAP net income per share (diluted)
Non-GAAP net income per share (diluted)
0.37
0.25
0.35
0.62
0.66
____________________
(a)
Other operating expenses (income) consists of stock-based compensation expense (benefit) resulting from modification of equity awards associated with an executive's employment transition and retirement arrangements as well as a judgment in a legal matter.
(b)
Restructuring and related charges are associated with the Company's February 2026 restructuring action and consist primarily of employee severance.
(c)
Tax effect of items excluded from non-GAAP results relate to the tax effect of non-GAAP adjustments using a non-GAAP effective tax rate of 7.8% and 7.9% for the three and six months ended June 30, 2026, respectively.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP IN THIRD-QUARTER 2026 OUTLOOK
(dollar amounts in millions)
RECONCILIATION OF GROSS MARGIN OUTLOOK
LOW
HIGH
GAAP gross margin outlook
53.3
54.4
Adjustments to reconcile GAAP to non-GAAP
0.6
0.5
0.1
Non-GAAP gross margin outlook
54.0
55.0
RECONCILIATION OF OPERATING EXPENSE OUTLOOK
GAAP operating-expense outlook
56.0
Stock-based compensation
(10.0
Non-GAAP operating-expense outlook
45.0
46.0
RECONCILIATION OF OPERATING MARGIN OUTLOOK
GAAP operating margin outlook
8.3
10.9
8.6
8.0
Non-GAAP operating margin outlook
17.0
19.0
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
Source: Power Integrations, Inc.
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