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Power Integrations Inc. (POWI-3.25%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $419.0 million for 2024, a decrease from $444.5 million in 2023. The decline was attributed to lower sales in the communications end-market.
Gross profit for 2024 was $224.8 million, representing a gross margin of 54%. This is an increase from the 52% gross margin reported in 2023.
Operating expenses for the year totaled $206.8 million, up from $193.9 million in 2023. The increase was driven by higher stock-based compensation and salary expenses.
The company reported net income of $32.2 million for 2024, down from $55.7 million in 2023.
Power Integrations continues to focus on expanding its market presence through the development of new products and technologies, including those targeting the electric vehicle market.
The company completed the acquisition of Odyssey Semiconductor Technologies in July 2024, enhancing its capabilities in gallium-nitride transistor technology.
International sales accounted for 98% of the company's net revenues in 2024, consistent with the previous year.
The company declared cash dividends of $0.21 per share for the fourth quarter of 2024, with plans to continue this dividend rate in 2025.
Power Integrations maintains a $75 million revolving line of credit with Wells Fargo Bank, with no outstanding advances as of the end of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Power Integrations Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.