The following is a summary of the Power Integrations, Inc. (POWI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue increased sequentially by 16% to $106 million.

• Non-GAAP earnings were $0.28 per diluted share, better than expected due to improvements in gross margin and operating expenses.

• Non-GAAP gross margin for Q2 was 54.1%, driven by a favorable dollar yen exchange rate and higher backend manufacturing volumes.

• Inventory days reduced by 37 days from the previous quarter.

Business Progress:

• Released BridgeSwitch 2, expanding the addressable power range for BLDC motors to 1 horsepower.

• Introduced InnoMux-2, increasing efficiency by eliminating multiple DC-to-DC conversion stages.

• Expect significant growth in GaN technology usage, forecasting GaN revenue potential of $100 million by 2028.

• Closed the acquisition of Odyssey Semiconductor assets to enhance vertical GaN technology.

Opportunities:

• Growth opportunities in the GaN market as new products like InnoMux-2 enter production.

• Expansion in automotive sector with about 20 electric vehicle OEMs expected to begin production by the end of the year.

Risks:

• Macro conditions and limited visibility impacting the slope of recovery.

• Consumer demand for appliances remains soft, potentially impacting revenue growth in the short term.

More details: Power Integrations IR

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