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Power Integrations announced financial results for the quarter and year ended December 31, 2024. Net revenues for the fourth quarter were $105.2 million, down nine percent from the prior quarter and up 18 percent from the fourth quarter of 2023. GAAP net income for the fourth quarter was $9.1 million or $0.16 per diluted share compared to $0.25 per diluted share in the prior quarter and $0.25 per diluted share in the fourth quarter of 2023. Cash flow from operations for the fourth quarter was $14.7 million.
In addition to its GAAP results, the company provided non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the fourth quarter of 2024 was $17.2 million or $0.30 per diluted share compared to $0.40 per diluted share in the prior quarter and $0.22 per diluted share in the fourth quarter of 2023. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
For the full year, net revenues were $419.0 million, compared to $444.5 million in the prior year. Full-year GAAP net income was $32.2 million or $0.56 per diluted share, compared to $0.97 per diluted share in the prior year. Non-GAAP net income was $1.16 per diluted share, compared to $1.29 per diluted share in the prior year. Cash flow from operations for the full year was $81.2 million.
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Fourth-quarter revenues were up 18 percent year-over-year, and we expect another double-digit increase in the first quarter. While the demand outlook is cloudy, especially in light of uncertainty around trade policy, we expect growth in a variety of end-markets in 2025, including renewable energy, high-voltage DC transmission, metering, automotive, appliances and more. Products featuring our proprietary PowiGaN™ technology should contribute significant growth this year as adoption accelerates across a broad set of high-voltage power-conversion applications.”
Additional Highlights
- Power Integrations paid a dividend of $0.21 per share on December 31, 2024. A dividend of $0.21 per share will be paid on March 31, 2025, to stockholders of record as of February 28, 2025.
- The company utilized $1.9 million for share repurchases during the fourth quarter, leaving $48.1 million remaining on its repurchase authorization as of December 31.
Financial Outlook
The company issued the following forecast for the first quarter of 2025:
- Revenues are expected to be flat compared to the fourth quarter of 2024, plus or minus five percent.
- GAAP gross margin is expected to be between 55 percent and 55.5 percent, and non-GAAP gross margin is expected to be between 55.5 percent and 56 percent. The difference between GAAP and non-GAAP is primarily attributable to stock-based compensation, with a smaller impact from amortization of acquisition-related intangible assets.
- GAAP operating expenses are expected to be approximately $54 million; non-GAAP operating expenses are expected to be approximately $45 million. Non-GAAP operating expenses are expected to exclude approximately $9 million of stock-based compensation.
Original – Power Integrations
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Power Integrations announced that Gregg Lowe will join the company’s board of directors on February 15, 2025.
From 2017 until 2024 Mr. Lowe was CEO of Wolfspeed, Inc., where he led the company’s transition to a pure-play manufacturer of silicon-carbide solutions for high-power applications. Previously, he was CEO of Freescale Semiconductor from 2012 until its 2015 merger with NXP Semiconductors. Earlier, he had a 27-year career at Texas Instruments, serving in a succession of leadership roles across field sales, automotive sales, marketing, and integrated circuits, culminating in the role of senior vice president and manager of the company’s analog business, where he helped direct the acquisition of National Semiconductor.
Mr. Lowe currently serves on the boards of Silicon Labs and North Carolina A&T University, and is chairman of the board of the Rock and Roll Hall of Fame Museum. He holds a Bachelor of Science degree in electrical engineering from the Rose-Hulman Institute of Technology and has completed the Stanford Executive Program at Stanford University.
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “We are delighted to welcome Gregg Lowe to our board. Gregg is an ideal fit thanks to his decades of experience in analog and power semiconductors, particularly his expansive knowledge of the sales and distribution landscape and deep customer relationships in key end markets including automotive and industrial.”
Original – Power Integrations
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Power Integrations announced that Balu Balakrishnan, the company’s CEO since 2002, will retire from that role once a successor is in place. The company’s board of directors has retained an executive search firm to assist in identifying its next CEO; both internal and external candidates will be considered. Mr. Balakrishnan, 70, intends to serve as executive chairman of the company’s board for as long as is needed to ensure a smooth transition to his successor, and is expected to remain on the board of directors thereafter.
Mr. Balakrishnan joined Power Integrations in 1989, shortly after its formation, from National Semiconductor, where he was a product-line manager. He is the inventor of many Power Integrations products including TOPSwitch™, the company’s first commercial product, followed by TinySwitch™, the first product to feature the company’s renowned EcoSmart™ technology for reducing standby-power waste. Mr. Balakrishnan served in a succession of executive roles before being named president and chief operating officer in 2001.
In 2002 he was named CEO and joined the company’s board of directors. He has been awarded more than 200 U.S. patents and has received numerous awards including the Discover Award for Technological Innovation in recognition of the environmental benefits of EcoSmart technology.
Commented Mr. Balakrishnan: “I am incredibly proud of what we have achieved at Power Integrations over the past 35 years. And while it is time for me to turn over leadership of the company to a new CEO, I remain as passionate as ever about the work we are doing, and I believe exciting times are ahead. We have a talented, dedicated workforce and a promising array of products and technologies with which to pursue growth opportunities in a broad range of end markets. I look forward to working with our new CEO to ensure a smooth transition.”
Bala Iyer, lead independent director of Power Integrations’ board, added: “The board and I congratulate Balu for all that he has achieved at Power Integrations, and we are delighted that he will continue to play an important role in the company’s future. Balu is not only one of the great inventors in the history of the power semiconductor industry, but also an outstanding leader who has built a durable franchise with strong intellectual property, a deep reservoir of engineering talent and a culture that nurtures innovation. I am confident that we will identify an outstanding individual to lead the company in its next phase of growth, building on the strong foundation that Balu has put in place.”
Original – Power Integrations
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Power Integrations announced MotorXpert™ v3.0, a software suite for configuration, control and sensing of BLDC inverters that utilize the company’s BridgeSwitch™ motor-driver ICs. The latest release of the software incorporates Power Integrations’ shuntless and sensorless technology for field-oriented control (FOC), adding support for advanced modulation schemes and unconditional startup under any load condition, along with significant improvements to the host user interface and debugging tools.
Cristian Ionescu-Catrina, product marketing manager at Power Integrations said: “MotorXpert simplifies single- and three-phase sensorless motor-drive designs. In this version 3.0 release, we have added a two-phase modulation scheme, which is ideal for applications that work in high temperature environments such as hot-water circulation pumps. The new modulation reduces inverter switching losses by 33 percent. Version 3.0 also features a five-fold improvement to our waveform visualization tool and an enhanced zoom function, giving developers substantially more information for motor tuning and debugging.”
MotorXpert 3.0 comprises three main sections:
- Sophisticated mathematical algorithms resident on the local MCU or DSP construct accurate feedback signals from the BridgeSwitch IC and provide real-time control of the switching patterns.
- A host-side application interprets inverter actions and displays critical data in actionable format for engineering analysis.
- The easy-to-use control interface permits development engineers to experiment and quickly converge to a final product.
MotorXpert suite is MCU-agnostic and includes a comprehensive porting guide to simplify deployment with a wide range of MCUs. It is implemented in common C language to MISRA standards.
The MotorXpert v3.0 host-side application includes a graphical user interface with Power Integrations’ digital oscilloscope visualization tool that makes it easy to design and configure parameters and operation and simplifies debugging. Parameter tool tips and a tuning assistant improve the development process, and the intuitive parameter list provides easy motor tuning.
The new version also features both V/F and I/F control, which permits motor startup in any load condition. A selectable two-phase modulation scheme allows developers to trade off temperature of the inverter vs torque ripple which is beneficial in applications such as hot water circulation pumps, reducing heatsinking requirements and enclosure cost. Development time is greatly reduced by the included single- and three-phase code libraries with sensorless support, reference designs, and other tools such as a power supply design and analysis tool.
The BridgeSwitch IC is a half-bridge motor driver of low RDSON FREDFET switches, controllers and drivers in a thermally efficient package. Sensorless feedback, fault reporting, and self and load protection are also available for applications from 30 W to 1 HP (750 W).
Applications include indoor and outdoor air conditioning fans, refrigerator compressors, fluid pumps, washing machine and dryer drums, range hoods, industrial fans and heat pumps.
MotorXpert v3.0 is available at no cost with an end-user license agreement. The software suite comes with a quick start guide, software manual, MCU porting guide, single- and three-phase software libraries and a video tutorial. For further information, contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors— DigiKey, Newark, Mouser and RS Components, or visit power.com.
Original – Power Integrations
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Power Integrations introduced a new member of its InnoMux™-2 family of single-stage, independently regulated multi-output offline power supply ICs. The new device features the industry’s first 1700 V gallium nitride switch, fabricated using the company’s proprietary PowiGaN™ technology.
The 1700 V rating further advances the state-of-the-art for GaN power devices, previously set by Power Integrations’ own 900 V and 1250 V devices, both launched in 2023. The 1700 V InnoMux-2 IC easily supports 1000 VDC nominal input voltage in a flyback configuration and achieves over 90 percent efficiency in applications requiring one, two or three supply voltages.
Each output is regulated within one percent accuracy, eliminating post regulators and further improving system efficiency by approximately ten percent. The new device replaces expensive silicon carbide (SiC) transistors in power supply applications such as automotive chargers, solar inverters, three-phase meters and a wide variety of industrial power systems.
Radu Barsan, vice president of technology at Power Integrations, said, “Our rapid pace of GaN development has delivered three world-first voltage ratings in a span of less than two years: 900 V, 1250 V and now 1700 V. Our new InnoMux-2 ICs combine 1700 V GaN and three other recent innovations: independent, accurate, multi-output regulation; FluxLink™, our secondary-side regulation (SSR) digital isolation communications technology; and zero voltage switching (ZVS) without an active-clamp, which all but eliminates switching losses.”
Original – Power Integrations
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Power Integrations enhanced its hardware-software bundle for brushless DC motors (BLDC) with BridgeSwitch™-2, a new high-voltage integrated half-bridge (IHB) motor-driver IC family targeting applications up to 1 HP (746 W). The new ICs, which feature high- and low-side drivers and advanced FREDFETs with integrated lossless current sensing, deliver inverter efficiency of up to 99 percent.
The IHB architecture eliminates hot spots, which increases design flexibility and reliability, slashes component count and saves PCB area. BridgeSwitch-2 is supported by Power Integrations’ MotorXpert™ software suite which includes single-phase trapezoidal control and three-phase sensor-less Field Oriented Control (FOC) modules, speeding inverter development.
BridgeSwitch-2 ICs handle operational exceptions in hardware, which permits the use of IEC 60730 Class A safety software, reducing certification time by months. Quiescent BLDC inverters can be ordered into sleep-mode, reducing driver power consumption to less than 10 mW; this leaves more power available under regulated standby power limits to be allocated for loads such as network access and monitoring.
Cristian Ionescu-Catrina, product marketing manager at Power Integrations, said: “The low standby consumption of BridgeSwitch-2-based motor drives enables designers to meet new and emerging EU ERP regulations. BridgeSwitch-2 ICs are also far more efficient than IGBT based IPMs across the entire load range.”
He continued: “From startup to performance optimization, the GUI-based tool, terminal emulator and MISRA C-compliant code library of MotorXpert greatly simplifies the design process, allowing the motor architecture to be optimized in real-time without repeated firmware updates. BridgeSwitch-2 is microprocessor agnostic, easing its adoption into existing systems – this is important as engineers update designs to meet more stringent standby regulations.”
BridgeSwitch-2 ICs address a power range of 30 to 746 W (1 HP), encompassing a broad range of applications including heat exchanger fans, refrigerator compressors, fluid and circulation pumps, gas boiler combustion fans, washing machine drums and kitchen blenders and mixers.
The IHB architecture reduces component count by 50 percent and PCB space by 30 percent over discrete designs by eliminating shunt resistors and associated signal conditioning circuits. Shunt losses are also eliminated, improving efficiency. Precise motor control is achieved with the built-in real-time reporting of phase current (IPH) information.
Accurate turn-on/off gate drive and a soft-body diode result in a typical EMI profile 10 dB lower than existing drivers, so a smaller EMI filter can be selected. BridgeSwitch-2 ICs feature built-in DC overvoltage protection and current limits that protect the inverter and the system without relying on system software.
The choice of error-flag or comprehensive fault bus reporting supports a range of system requirements. Emerging use-cases like failure prediction are now possible with the high accuracy of the built-in IPH information and comprehensive reporting via the fault bus. BridgeSwitch-2 motor drives use built-in, hardware-based low- and high-side over-current protection to meet IEC 60335-1 Class A requirements. BridgeSwitch-2 also works without an auxiliary power supply, further reducing PCB area and component count.
Original – Power Integrations
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Power Integrations announced the launch of the SCALE-iFlex™ XLT family of dual-channel plug-and-play gate drivers for operation of single LV100 (Mitsubishi), XHP™ 2 (Infineon), HPnC (Fuji Electric) and equivalent semiconductor modules up to 2300 V blocking voltage for wind, energy storage and solar renewable energy installations.
This single-board driver enables active thermal management of inverter modules for improved system utilization and reduces the bill-of-material count for increased reliability.
Thorsten Schmidt, product marketing manager at Power Integrations commented: “It’s a real challenge to build a single-board gate driver for these ‘new dual’ style IGBT modules. Our compact new SCALE-iFlex XLT gate drivers fit inside the outline of the module, allowing the drivers to be mounted on the module, which gives converter system designers a high degree of mechanical design freedom.”
SCALE-iFlex XLT dual-channel gate drivers feature Negative Temperature Coefficient (NTC) data reporting – an isolated temperature measurement of the power module – which allows accurate thermal management of converter systems. This enables system designers to optimize thermal design and obtain a 25 to 30 percent converter power increase from the same hardware.
The isolated NTC readout also reduces hardware complexity, eliminating multiple cables, connectors and additional isolation barrier crossing circuits. The new gate drivers employ Power Integrations’ SCALE-2 chip set which minimizes component count, enhancing reliability. The gate driver board also protects the power switches in the event of a short-circuit.
Original – Power Integrations
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Power Integrations announced an agreement to acquire the assets of Odyssey Semiconductor Technologies, a developer of vertical gallium-nitride (GaN) transistor technology. The transaction is expected to close in July 2024, after which all key Odyssey employees are expected to join Power Integrations’ technology organization.
The acquisition supports the company’s ongoing development roadmap for its proprietary PowiGaN™ technology, which is featured in many of the company’s product families including InnoSwitch™ ICs, HiperPFS™-5 power-factor-correction ICs and the recently launched InnoMux™-2 family of single-stage, multiple-output ICs. The company introduced 900- and 1250-volt versions of PowiGaN technology and products in 2023.
Commented Dr. Radu Barsan, Power Integrations’ vice president of technology: “Power Integrations has been at the forefront of GaN development and commercialization since we began shipping products with PowiGaN technology in 2018. We are executing on an ambitious roadmap that includes driving toward cost parity with silicon MOSFETs and expanding the voltage and power capabilities of PowiGaN.
Our goal is to commercialize a cost-effective high-current and high-voltage GaN technology to support higher-power applications currently served by silicon carbide (SiC), at a much lower cost and higher performance enabled by the fundamental material advantages of GaN over SiC. The experience of the Odyssey team in high-current vertical GaN will augment and accelerate these efforts, and we are delighted to add them to our team.”
Added Dr. Richard Brown, Odyssey co-founder and CEO: “The Odyssey team and I are excited to join Power Integrations in accelerating their GaN technology roadmap. As the first company to commercialize high-voltage GaN, Power Integrations continues to lead the industry in driving the technology forward in terms of cost, voltage and current, as well as the design of system-level products that take full advantage of the capabilities of GaN.”
Original – Power Integrations
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Power Integrations announced the InnoMux™-2 family of single-stage, independently regulated multi-output offline power-supply ICs. InnoMux-2 ICs consolidate AC-DC and downstream DC-DC conversion stages into a single chip, providing up to three independently regulated outputs for use in white goods, industrial systems, displays and other applications requiring multiple voltages.
Elimination of separate DC-DC stages slashes component count, reduces PCB footprint and increases efficiency by as much as 10 percentage points compared to traditional two-stage architectures. Efficiency is aided by the ICs’ 750 V PowiGaN™ gallium-nitride transistors, zero-voltage switching (without an active clamp) and synchronous rectification.
Roland Saint-Pierre, vice president of product development at Power Integrations said: “Most modern electronic systems rely on multiple internal voltages to operate various functions such as computing, communication and actuation function – typically heat, light, sound or motion of some kind. But losses in each conversion stage are compounded, degrading system performance and generating heat.
The InnoMux-2 IC overcomes this challenge by providing up to three independently regulated voltage outputs or two voltage output and a constant current output from a single stage, achieving a compact and efficient power sub-system with low component count.”
InnoMux-2 ICs deliver up to 90 watts of output power with accurate regulation of better than ±3 percent across the full input line, load, temperature and differential current step conditions. Total power system efficiency (AC to regulated low-voltage DC segment) is above 90 percent; the advanced InnoMux-2 controller also manages light-load power delivery, avoiding the need for pre-load resistors and reducing no-load consumption to less than 30 mW. This conserves power for necessary functionality in applications subject to the 300 mW allowance for standby usage under the European energy-using product (EuP) regulations.
InnoMux-2 devices leverage Power Integrations’ thermally efficient InSOP™24 and InSOP™28 packages with PCB cooling, so no heatsink is required. Device options include dual- and three-output constant voltage (CV); optionally, one output may be dedicated to constant current (CC) drive, suitable for powering LEDs in displays or for high-speed charging of an internal battery. Typical applications include TVs, monitors, appliances, networking, home and building automation, LED emergency lighting and industrial power supplies.
Original – Power Integrations
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Power Integrations announced financial results for the quarter and year ended December 31, 2023. Net revenues for the fourth quarter were $89.5 million, down 29 percent compared to the prior quarter and down 28 percent from the fourth quarter of 2022. GAAP net income for the fourth quarter was $14.3 million or $0.25 per diluted share compared to $0.34 per diluted share in the prior quarter and $0.40 per diluted share in the fourth quarter of 2022.
For the full year, net revenues were $444.5 million, compared to $651.1 million in the prior year. Full-year GAAP net income was $55.7 million or $0.97 per diluted share compared to $2.93 per diluted share in the prior year. Full-year cash flow from operations was $65.8 million.
In addition to its GAAP results, the company provided non-GAAP measures that for the fourth quarter of 2023 exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the fourth quarter of 2023 was $12.7 million or $0.22 per diluted share compared to $0.46 per diluted share in the prior quarter and $0.48 per diluted share in the fourth quarter of 2022. For the full year, non-GAAP net income was $74.5 million or $1.29 per diluted share compared to $3.29 per diluted share in the prior year. A reconciliation of GAAP to non-GAAP financial results is included with the tables accompanying this press release.
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Fourth-quarter revenues declined as expected, and we project first-quarter sales to be about flat sequentially due to continued soft demand and elevated supply-chain inventories. However, channel inventory fell significantly in the fourth quarter, and we expect a further reduction in the first quarter. Based on lower inventories and seasonal patterns we expect sequential revenue growth beginning in the June quarter. We also expect gross margin to rise in the June quarter driven by the dollar/yen exchange rate, higher manufacturing utilization and end-market mix.”
During the fourth quarter Power Integrations repurchased 680 thousand shares of its common stock for $47.4 million. The company had $26.0 million remaining on its repurchase authorization as of December 31, 2023. Power Integrations paid a dividend of $0.20 per share on December 29, 2023, and will pay a dividend of $0.20 per share on March 29, 2024, to stockholders of record as of February 29, 2024.
Financial Outlook
The company issued the following forecast for the first quarter of 2024:
- Revenues are expected to be $90 million plus or minus $5 million.
- GAAP gross margin is expected to be approximately 51.5 percent; non-GAAP gross margin is expected to be approximately 52.5 percent. The difference between GAAP and non-GAAP gross margins is equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
- GAAP operating expenses are expected to be approximately $49 million; non-GAAP operating expenses are expected to be approximately $42.5 million. Non-GAAP operating expenses are expected to exclude about $6.5 million of stock-based compensation.
Original – Power Integrations
