$POWI

POWER INTEGRATIONS INC

CIK:0000833640|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 118,939	$ 115,852	$ 227,247	$ 221,381
Cost of revenue	54,302	51,898	105,672	99,192
Gross profit	64,637	63,954	121,575	122,189
Operating expenses:
Research and development	27,163	25,991	53,418	50,086
Selling, general and administrative	28,052	30,157	52,496	57,579
Other operating expenses (income)	522	9,151	(897)	9,151
Restructuring and related charges	0	0	6,204	0
Total operating expenses	55,737	65,299	111,221	116,816
Income (loss) from operations	8,900	(1,345)	10,354	5,373
Other income	2,333	2,690	4,799	5,857
Income before income taxes	11,233	1,345	15,153	11,230
Provision for (benefit from) income taxes	1,400	(24)	2,020	1,071
Net income	$ 9,833	$ 1,369	$ 13,133	$ 10,159
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.02	$ 0.24	$ 0.18
Diluted (in dollars per share)	$ 0.17	$ 0.02	$ 0.23	$ 0.18
Shares used in per share calculation:
Basic (in shares)	55,748	56,274	55,627	56,571
Diluted (in shares)	56,696	56,387	56,335	56,787

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,133	$ 10,159
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,619	14,246
Amortization of intangible assets	351	415
Loss on disposal of property and equipment	495	0
Stock-based compensation expense	17,565	18,760
Accretion of discount on investments	(300)	(721)
Deferred income taxes	1,758	(854)
Decrease in accounts receivable allowance for credit losses	0	(381)
Change in operating assets and liabilities:
Accounts receivable	(8,524)	(30)
Inventories	9,097	(2,784)
Prepaid expenses and other assets	3,925	6,405
Accounts payable	(7,210)	248
Other accrued liabilities	(884)	9,995
NET CASH PROVIDED BY OPERATING ACTIVITIES	42,025	55,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(6,300)	(11,652)
Purchases of investments	(24,076)	(47,696)
Proceeds from sales and maturities of investments	21,355	96,492
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(9,021)	37,144
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock under employee stock plans	2,690	2,787
Repurchase of common stock	0	(55,658)
Payments of dividends to stockholders	(23,837)	(23,768)
Proceeds from borrowings on line of credit	0	13,000
Repayments on line of credit	0	(13,000)
NET CASH USED IN FINANCING ACTIVITIES	(21,147)	(76,639)
NET INCREASE IN CASH AND CASH EQUIVALENTS	11,857	15,963
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	58,755	50,972
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 70,612	$ 66,935

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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	95,271
Other non-current assets	63,535	64,827
TOTAL ASSETS	779,006	772,207
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
Other liabilities	31,830	29,001
TOTAL LIABILITIES	98,478	99,362
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY:
Common stock, $0.001 par value, 140,000 shares authorized; and 55,783 and 55,339 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	20	20
Additional paid-in capital	20,230	0
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	$ 779,006	$ 772,207